Category: Energy

| EMX Royalty Shareholders | Arizona Sonoran Updates Cactus Project Mineral Resource Estimate to 7.3 B lbs of Copper in M&I and 3.8 B lbs of Copper in Inferred – Updated Parks/Salyer Deposit Amenable as an Open Pit

Post author By admin
Post date July 17, 2024

Casa Grande, AZ and Toronto, ON, July 16, 2024 – Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), releases its updated Mineral Resource Estimate (“MRE”) for the Cactus brownfield copper project, located 45 miles south of Phoenix, Arizona (see FIGURES 1-3). The updated and expanded MRE is inclusive of a seven-month drilling program targeting the MainSpring property, which was completed in April 2024. The Cactus Project is wholly owned and located on private land in Arizona with direct road and rail access, infrastructure onsite, is at an advanced permitting stage, and has permitted access to onsite water wells. Highlights and key changes from the updated MRE are listed below.

Highlights:

Updated total Cactus Project Mineral Resource Estimate (“MRE”) including Primary Mineral Resources:
- Measured and Indicated (“M&I”) 632.6 million short tons @ 0.58% Total Copper (“CuT”) for 7.3 billion pounds (“lbs”) of copper
- Inferred 474.0 million short tons @ 0.41% CuT for 3.8 billion lbs of copper
Key Changes:
- Confirms Parks/Salyer and MainSpring as one deposit, renamed to “Parks/Salyer”
  - Parks/Salyer mineral resource contains 339.0 million short tons @ 0.71% CuT for 4.8 billion lbs of copper in the M&I category and 299.3 million short tons @ 0.43% CuT for 2.6 billion lbs of copper in the Inferred category
- Parks/Salyer amenable as an open pit within the pending Preliminary Economic Assessment
  - New Parks/Salyer mineral resource dimensions are 6,400 feet (“ft”)(1,950 meters (“m”) by 3,000 ft (915 m) to a maximum depth of 2,350 ft (716 m) below surface
- 1,904% increase to the Measured Category with inclusion of initial Measured mineral resources at Parks/Salyer, 26% increase to the total M&I and a 60% increase in total Inferred resource, with no change to cut-off grade criteria or underlying price and cost assumptions
  - 42% increase of M&I mineral resources at Parks/Salyer attributed to success of measured infill drilling program, reporting of open pit resources, and reporting based on total copper pounds
  - Parks/Salyer infill drilling (56,907 ft | 17,345 m) converted 55.9 M short tons @ 1.03% CuT for 1.2 billion lbs of copper reported to the measured category
  - 60% increase to the Inferred mineral resources attributed to expansion of Parks/Salyer mineral resource onto the MainSpring property and reporting based on total copper pounds
  - 7-month drilling program at MainSpring (49,193 ft | 14,994 m) delivered 244.9 M short tons @ 0.39% CuT for 1.9 Billion lbs of copper reported to the Inferred mineral resource

Table 1 below reports the July 11, 2024, Cactus Project MRE, containing the combined Parks/Salyer, Cactus West, Cactus East, and Stockpile mineral resource areas. Each mineral resource area is broken out individually in Table 4. Mineral resources defined within this July 11, 2024, the Cactus Project MRE will be used to form the basis of the ASCU Preliminary Economic Assessment (“PEA”), on track for release in early Q3 2024.

TABLE 1: Cactus Project MRE, Contained Copper Separated into Total Copper and Soluble Copper

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)
Measured
Total Leachable	55,200	0.94	0.79	1,032,200	873,800
Total Primary	12,300	0.51	0.05	124,400	13,400
Total Measured	67,500	0.86	0.66	1,156,500	887,200
Indicated
Total Leachable	414,800	0.60	0.53	4,965,000	4,365,700
Total Primary	150,400	0.39	0.04	1,173,300	126,000
Total Indicated	565,200	0.54	0.40	6,138,200	4,491,700
M&I
Total Leachable	470,000	0.64	0.56	5.997,200	5,239,500
Total Primary	162,700	0.40	0.04	1,297,600	139,400
Total M&I	632,600	0.58	0.43	7,294,800	5,378,900
Inferred
Total Leachable	299,600	0.43	0.38	2,572,400	2,262,800
Total Primary	174,500	0.36	0.04	1,267,500	124,700
Total Inferred	474,000	0.41	0.25	3,839,900	2,387,500

NOTES:
1. Total soluble copper grades (Cu TSol) are reported using sequential assaying to calculate the soluble copper grade. Tons are reported as short tons.
2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus mineral resource estimates have an effective date of 29th April, 2022, Parks/Salyer-MainSpring mineral resource estimates have an effective date of 11th July, 2024. All mineral resources use a copper price of US$3.75/lb.
3. Technical and economic parameters defining mineral resource pit shells: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle.
4. Technical and economic parameters defining underground mineral resource: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution. Underground mineral resources are only reported for material located outside of the open pit mineral resource shells. Designation as open pit or underground mineral resources are not confirmatory of the mining method that may be employed at the mine design stage.
5. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, sulphide mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb.
6. Royalties of 3.18% and 2.5% apply to the ASCU properties and state land respectively. No royalties apply to the MainSpring property.
7. Variable cut-off grades were reported depending on material type, potential mining method, potential processing method, and applicable royalties. For ASCU properties – Oxide open pit or underground material = 0.099% or 0.549% TSol respectively; enriched open pit or underground material = 0.092% or 0.522% TSol respectively; primary open pit or underground material = 0.226% or 0.691% CuT respectively.For state land property – Oxide open pit or underground material = 0.098 % or 0.545% TSol respectively; enriched open pit or underground material = 0.092% or 0.518% TSol respectively; primary openpit or underground material = 0.225% or 0.686% CuT respectively.For MainSpring properties – Oxide openpit or underground material = 0.096% or 0.532% TSol respectively; enriched open pit or underground material = 0.089% or 0.505% TSol respectively; primary open pit or underground material = 0.219% or 0.669% CuT respectively. Stockpile cutoff = 0.095% TSol.
8. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors.
9. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification.
10. Totals may not add up due to rounding.

George Ogilvie, Arizona Sonoran Copper Company President and CEO commented, “The new Parks/Salyer deposit, inclusive of MainSpring could be transformational for the Company as we foresee the opportunity to right size a larger operation and rescope Parks/Salyer to an open pit mine. The pending result would lead to reduced mining execution risks and lowered operating costs which could manifest themselves in improved Project economics. The key difference in the larger mineral resource used for the pending PEA, relates to the MainSpring property acquisition and subsequent inferred drilling program identifying the continuation of near surface mineralization south of Parks/Salyer.”

Doug Bowden, Arizona Sonoran Copper Company VP Exploration stated, “Our Cactus Project is a successful copper porphyry growth story resulting from an aggressive exploration program. Our mineral resource journey began with our initial PEA in 2021, and continuously expanded outward from the Cactus Pit area to include Parks/Salyer and most recently MainSpring within the 5.5 km mine trend. The Parks/Salyer discovery includes significant quantities of high-grade (+1.00% CuT) copper, similar to the grades in Cactus East (as shown in FIGURES 2 and 3). Through systematic step out and infill drilling following our first mineral resource in 2021 to today’s update, our Cactus Project MRE indicates an increase to the M&I by an impressive 353%, from 1.61 Billion lbs to 7.29 Billion lbs of copper, while the inferred mineral resources increased 94%, from 1.98 Billion lbs to 3.84 Billion lbs. Lastly, these mineral resource areas have responded favorably and impressively to infill drilling with a consistently high conversion rate into higher resource classifications and will look forward to future infill programs as we move through the technical studies.”

Cactus Mineral Resources Estimate
The Parks/Salyer mineral resources as shown in FIGURE 3, inclusive of MainSpring, indicate 339.0 M short tons @ 0.71% CuT in the M&I category and 299.2 M short tons @ 0.43% CuT in the Inferred Category. Notably, Parks/Salyer is mostly contained within an optimized resource open pit shell indicating the rescoped potential of open pit mining of the deposit with the inclusion of shallower mineralization located on the MainSpring property. Parks/Salyer mineral resources were calculated with a cutoff date of March 31, 2024. There are no material changes to the Cactus East, West and Stockpile deposits as reported within the FEB 21, 2024 PFS.

For the purposes of the MRE, Cactus East reports as open pit mineral resources in compliance with Reasonable Prospects for Eventual Economic Extraction (“RPEEE”). For the purposes of the pending PEA, Cactus East is expected to be exploited as an underground operation.

Table 2 below reports a direct like–for-like comparison of the updated July 11, 2024, MRE, to the MRE comprising the Prefeasibility Study (“PFS”) MRE and illustrates a significant change to the Measured (+1,900%) and Inferred (+60%) categories, as it relates to successful expansion and infill programs at Parks/Salyer, including the MainSpring Property. The Table below calculates a combination of the Soluble Copper grades and Total Copper grades based on the leachable (oxides and enriched) zones, and the primary sulphides, respectively, going forward, mineral resources will calculate both the contained Total Copper and Soluble Copper inventory. Table 2 uses the same notes and assumptions as Table 1.

Table 2: The Cactus Project Mineral Resource Estimate, as of July 11, 2024, as Compared to August 31, 2023

	PREVIOUS MINERAL RESOURCE (As of August 31, 2023)			UPDATED MINERAL RESOURCE (As of July 11, 2024)			VARIANCE
Material Type	Tons kt	Grade Cu%¹	Contained Cu k lbs	Tons kt	Grade Cu%¹	Contained Cu k lbs	Cu Content %
Leachable	9,100	0.23¹	41,900	55,200	0.79¹	873,800	1,985%
Primary	1,300	0.32	8,000	12,300	0.51	124,400	1,455%
Total Measured	10,400	0.24	49,800	67,500	0.74	998,200	1,904%
Leachable	348,500	0.63¹	4,387,200	414,800	0.53¹	4,365,700	0%
Primary	86,800	0.43	737,000	150,400	0.39	1,173,300	59%
Total Indicated	435,300	0.59	5,124,200	565,200	0.49	5,539,000	8%
Leachable	357,600	0.62¹	4,429,000	470,000	0.56¹	5,239,500	18%
Primary	88,000	0.42	745,000	162,700	0.40	1,297,600	74%
Total M&I	445,700	0.58	5,174,000	632,600	0.52	6,537,100	26%
Leachable	107,700	0.61¹	1,307,900	299,600	0.38¹	2,262,800	73%
Primary	126,200	0.36	900,000	174,500	0.36	1,267,500	41%
Total Inferred	233,800	0.47	2,207,900	474,000	0.37	3,530,300	60%

NOTES: refer to TABLE 1
1 Grade shown is Soluble Copper (Cu TSol)

Drilling programs
The updated Cactus Project MRE is supported by a systematic drilling program targeting MainSpring, the near surface southern extension of the Parks/Salyer deposit, and infill to measured drilling at Parks/Salyer, within the 5.5 kilometre (“km”) (~3.5 mile (“mi”)) mine trend. Mineral resources were classified using data of 125 ft (38 m) drill spacing for Measured, 250 ft (76 m) drill spacing for Indicated and 500 ft (~152 m) drill spacing for Inferred. The in-ground mineral resources were calculated using 435 total drillholes including 161 new holes drilled into the Cactus West and East deposits since 2019 and 159 new holes drilled into the Parks/Salyer deposits since 2020. The Stockpile mineral resource was calculated using 514 new holes drilled into the stockpile on a regular grid since 2021. The isolated MainSpring mineral resource estimate containing 244.9 M short tons @ 0.39% CuT, is shown in TABLE 3 below, while each deposit is broken out separately within TABLE 4.

TABLE 3: MainSpring Property Resource contained within New Parks/Salyer Mineral Resource

Material Type	Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)
Inferred
Total Leachable	200,100	0.39	0.34	1,562,700	1,370,300
Total Primary	44,800	0.38	0.04	344,000	33,100
Total Inferred	244,900	0.39	0.29	1,906,700	1,403,500

NOTES: refer to TABLE 1

TABLE 4: Cactus Project Mineral Resources by Resource Area

Material Type		Tons kt	Grade CuT %	Grade Cu Tsol %	Contained Total Cu (k lbs)	Contained Cu Tsol (k lbs)
Measured
Leachable	Parks Salyer O/P	45,000	1.09	0.92	981,200	828,700
	Parks Salyer U/G	5	1.30	0.92	100	100
	Cactus O/P	10,200	0.25	0.22	50,800	45,000
	Cactus U/G	n/a
	Stockpile	n/a
Total Leachable		55,200	0.93	0.79	1,032,100	873,800

Primary	Parks Salyer O/P	10,900	0.53	0.06	115,500	12,200
	Parks Salyer U/G	40	0.77	0.07	700	100
	Cactus O/P	1,300	0.32	0.04	8,200	1,100
	Cactus U/G	n/a
	Stockpile	n/a
Total Primary		12,300	0.51	0.05	124,400	13,400
Total Measured		67,500	0.86	0.66	1,156,500	887,200
Indicated
Leachable	Parks Salyer O/P	201,300	0.75	0.66	3,027,000	2,671,100
	Parks Salyer U/G	1,100	0.96	0.85	21,400	18,900
	Cactus O/P	131,000	0.55	0.49	1,446,100	1,277,000
	Cactus U/G	10,200	1.04	0.89	213,100	181,100
	Stockpile	71,100	0.18	0.15	257,400	217,600
Total Leachable		414,800	0.60	0.53	4,965,000	4,365,700

Primary	Parks Salyer O/P	80,400	0.42	0.04	680,600	69,200
	Parks Salyer U/G	100	0.77	0.12	1,200	200
	Cactus O/P	68,300	0.34	0.03	465,800	45,100
	Cactus U/G	1,600	0.81	0.36	25,700	11,500
	Stockpile	n/a
Total Primary		150,400	0.39	0.04	1,173,300	126,000
Total Indicated		565,200	0.54	0.40	6,138,200	4,491,700
Measured & Indicated
Leachable	Parks Salyer O/P	246,300	0.81	0.71	4,008,200	3,499,800
	Parks Salyer U/G	1,100	0.98	0.86	21,500	19,000
	Cactus O/P	141,200	0.53	0.47	1,496,900	1,322,000
	Cactus U/G	10,200	1.04	0.89	213,100	181,100
	Stockpile	71,100	0.18	0.15	257,400	217,600
Total Leachable		470,000	0.64	0.56	5,997,200	5,239,500

Primary	Parks Salyer O/P	91,300	0.44	0.04	796,100	81,400
	Parks Salyer U/G	100	0.95	0.15	1,900	300
	Cactus O/P	69,600	0.34	0.03	474,000	46,200
	Cactus U/G	1,600	0.80	0.36	25,700	11,500
	Stockpile	n/a
Total Primary		162,700	0.40	0.04	1,297,600	139,400
Total M&I		632,600	0.58	0.43	7,294,800	5,378,900
Inferred
Leachable	Parks Salyer O/P	234,500	0.42	0.38	1,990,200	1,767,500
	Parks Salyer U/G	9,600	0.84	0.76	161,200	146,300
	Cactus O/P	50,400	0.34	0.28	344,600	286,900
	Cactus U/G	3,900	0.94	0.77	72,800	59,100
	Stockpile	1,200	0.15	0.13	3,600	3,000
Total Leachable		299,600	0.43	0.38	2,572,400	2,262,800

Primary	Parks Salyer O/P	54,100	0.39	0.04	427,300	41,000
	Parks Salyer U/G	1,000	0.82	0.26	16,700	5,300
	Cactus O/P	117,800	0.34	0.03	798,700	68,300
	Cactus U/G	1,500	0.82	0.33	24,900	10,200
	Stockpile	n/a
Total Primary		174,500	0.36	0.04	1,267,600	124,800
Total Inferred		474,000	0.41	0.25	3,839,900	2,387,500

NOTES: refer to TABLE 1

Cactus Project Mineral Resource Modelling
The geological modelling, statistical analysis, and resource estimation in respect of the Cactus Project MRE were prepared by the ASCU resource team and by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects (“NI 43-101”).

The Cactus Project MRE updates are based upon updated drilling data and interpretations. The Cactus Mineral Resource model was developed in Vulcan. Drilling data is supported by industry standard quality assurance and quality control programs, with quality control sampling comprising preparation blanks, certified reference materials, and field and pulp duplicate analyses. Review of the QA/QC data indicates it is of a quality suitable for use in resource estimation.

The mineralized domains are consistent with domaining for porphyry copper systems. Mineralized domains represent combinations of rock type and copper mineral zonation associated with secondary copper enrichment weathering processes. The main mineral zones are leached, oxide, enriched, and primary. Mineral zones are determined by logging and the assay attributes of sequential copper analyses.

Physical density measurements have been undertaken across the deposits, both historically by ASARCO, and more recently by ASCU. Density measurements on inground deposits use the wet / dry weight method and comprise 3,372 samples for Cactus and 143 samples for Parks/Salyer. Due to the unconsolidated nature of the stockpile material, physical bulk density measurements were attained by weight and volume calculations. Four test holes were excavated from which the material removed was dried and weight and the volume of each hole calculated.

Copper grades were estimated using Ordinary Kriging, using 20 ft (6.1 m) composites and top cutting determined by log normal probability plots on a per domain basis. Grade estimates were validated using visual and statistical methods including statistical distribution comparisons, visual comparison against the drilling data on sections, swath plots comparing block grades trends against de-clustered composites, and by smoothing checks using change of support. The effective date of the Cactus Project MRE is July 11, 2024. The Cactus Project MRE will form the basis of a PEA technical report prepared in accordance with NI 43-101, and prepared by M3 Engineering, which will be filed on SEDAR+ under the Company’s issuer profile within 45 days of this news release and will also be available at such time on the Company’s website. The PFS will be superseded in all respects once the Company has publicly disclosed the PEA.

Quality Assurance / Quality Control
Drilling completed on the project between 2020 and 2024 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.

Scientific and technical information contained in this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by NI 43-101.

Links from the Press Release
Figures: https://arizonasonoran.com/projects/cactus-mine-project/press-release-images/
February 21, 2024: https://arizonasonoran.com/news-releases/arizona-sonoran-announces-a-positive-pre-feasibility-study-for-the-cactus-mine-project-with-a-us-509m-post-tax-npv-and-55-kstpa/

Neither the TSX nor the regulating authority has approved or disproved the information contained in this news release.

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus Project that could generate robust returns for investors and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the brownfield Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

For more information:

Alison Dwoskin, Director, Investor Relations
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director
416-723-0458
gogilvie@arizonasonoran.com

Forward-Looking Statements
This news release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All information, other than historical fact, are forward-looking information. Generally, statements containing forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans”, “expect”, “is expected”, “in order to”, “is focused on” (a future event), “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, or the negative connotation thereof. Forward looking information includes, but is not limited to, the Company’s future operations, future exploration and development activities or other development plans, the potential of the Cactus Project (including the Parks/Salyer deposit), timing of economic studies and mineral resource estimates including the filing of the technical report in respect of the Cactus Project MRE, the results (if any) of further exploration work to define and or upgrade mineral resources and reserves at the Company’s properties; the anticipated exploration, drilling, development, construction and other activities of ASCU and the result of such activities; the mineral resources and mineral reserves estimates of the Cactus Project including the Cactus Project MRE (and the assumptions underlying such estimates); the ability of exploration work (including drilling) to accurately predict mineralization; the ability of management to understand the geology and potential of the Cactus Project; the completion and timing for the filing of the technical report in respect of the Cactus Project MRE; the timing and ability of the Company to produce a preliminary economic assessment (if at all); the scope of any future technical reports and studies conducted by ASCU; the ability to realize upon mineralization in a manner that is economic; the impact of bringing the Parks/Salyer deposit including the MainSpring property into the mine plan; , and corporate and technical objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties that could affect the outcome include, among others: future prices and the supply of metals; risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; the results of drilling; the ability to access capital on terms acceptable to the Company necessary to incur the expenditures required to retain and advance the properties; changes in exploration, development or mining plans due to exploration results and changing budget priorities of the Company or its joint venture partners; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs or further exploration work; the ability to continue exploration and development of the ASCU properties; changes in any of the assumptions underlying the Cactus Project MRE; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain any required consents, permits or approvals; and the additional risks described in ASCU’s most recently filed Annual Information Form, annual and interim management’s discussion and analysis, copies of which are available on SEDAR+ (www.sedarplus.ca) under ASCU’s issuer profile.

Although ASCU 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 to differ from those anticipated, estimated or intended. The Company considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which may be beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affects the Company and its operations. Accordingly, readers should not place undue reliance on forward-looking information and are urged to carefully consider the foregoing factors as well as other uncertainties and risks outlined in the Company’s public disclosure record. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Energy Junior Mining Project Generators

What Rome’s Currency Debasement Tells us About the Future of the US Dollar…

Post author By admin
Post date July 17, 2024

By David Stockman

July 13, 2024

Well, here’s an interesting historical repeat. Apparently, it took the Roman Empire about 200 years to reduce the value of its currency, the silver Denarius, by 95%. As shown in the chart below, the silver content of the Roman currency had been nearly 100% at the peak of the Empire in 65 AD, but by 268 AD the coin had been clipped and debased so thoroughly that it was comprised of less than 5% silver.

Needless to say, inflation became rampant, causing the financial foundation of the Roman Empire to eventually collapse. In the process, future generations and nations got an unmistakable lesson: Debauching the money is absolutely not the road to sustainable prosperity.

Unfortunately, that has not prevented governments from attempting the currency depreciation route again and again. In our own era, the 111 year history of the Federal Reserve provides a striking case in point. In roughly half the time it took the Romans, the Fed has managed to accomplish the same 95% depreciation of the US dollar.

That’s right. The purchasing power of the consumer dollar as measured by the CPI has dropped from 100 cents when the Fed opened for business in 1914 to barely 3 cents today.

Index of Dollar’s Purchasing Power Since 1914 As Measured By The CPI

And yet and yet. After the most recent surge of inflation, the Fed is at it again. In today’s Congressional testimony, Chairman Powell as much as claimed victory and implied that the next round of rate cuts would soon commence, perhaps as early as September.

Reducing policy restraint too late or too little could unduly weaken economic activity and employment,” Powell said as part of his semiannual update on monetary policy. “More good data would strengthen our confidence that inflation is moving sustainably toward 2 percent.”

Let’s not mince words. What in the hell is he talking about?Schweizer, PeterBest Price: $10.54Buy New $18.15(as of 06:37 UTC – Details)

The implication is that the Fed never has to make amends. If the inflation genie gets out of the bottle and pushes the general price level sharply higher, why the thing to do is to just brake the surge and advise the people to lick their wounds with respect to the depleted value of their savings and the waning purchasing power of their paycheck.

In fact, current Fed policy is simply a one-way ratchet. If inflation exceeds its utterly arbitrary 2.00% target, there is no off-setting correction and restoration of purchasing power. Effectively cumulative inflation is written off as a bad debt.

Unfortunately for main street households and businesses, this embedded inflation-ratchet policy assumes inflation is an equal opportunity cipher. That is to say, even at the Fed’s sacrosanct 2.00% target, the cost of goods and services goes up 2.00% and so, purportedly, wages, rents, profits, interest and all other forms of income rise in lockstep. No one is worse for the inflationary wear—households and businesses just need to keep adjusting both sides of their income statements and balance sheets by the Fed’s preferred PCE deflator and all will be copacetic.

That’s absurd on its face, of course. Right from the get go its obvious that borrowers would get a windfall of depreciated debts and savers would suffer severe confiscation of wealth over even a quarter century—to say nothing of the one and two century debauch of the silver Denarius and dollar shown above. In fact, after 25-years at the Fed’s precise 2.00% target, borrowers would be 40% richer and savers 40% poorer than under a regime of true price stability.

Why in the world today’s central bankers insist upon punishing savers and rewarding borrowers is no mystery. They embrace lock, stock and barrel—whether they acknowledge it or not—the horrid Keynesian fallacy that capitalism is inherently defective because humankind is wont to excessively save and hoard when they should be spending freely and living high on the hog.

It’s really that simple. Even a decent regard for the truism that economic growth and wealth gains are a function of savings and investment would negate the Fed’s pro-inflation policy on its face. Yet as it has happened, the drastic bias of central bank policy in favor of borrowers in all sectors—government, business, households and finance—has essentially extinguished America’s generation of net national savings.

As shown below, the latter measures the entirety of savings in the household and business sectors minus government borrowings. Yet since the Fed began de facto inflation-targeting in the late 1980s, the net national savings rate has headed steadily toward the zero bound. In fact, during Q1 2024 it was actually -0.5% of GDP— a figure on the opposite side of the universe compared to the +7-10% of GDP levels that prevailed during the heyday of middle class prosperity prior to the era of Bubbles Alan Greenspan and his heirs and assigns.

Needless to say, when there is nothing left in the savings till after governments gorge themselves at the borrowing window, where is the investment for productivity and growth supposed to come from?

In truth, the Fed never troubles itself with the question of savings. If the word is even mentioned at all in its post-meeting communiques it’s in the context of a short-run downward blip in household spending levels owing mathematically to what usually amounts to a tiny and transient increase in the savings rate.

Still, seven decades of data do not lie. Systematically and relentlessly, the Fed’s baleful bias against savers and for borrowers has literally dried-up the US economy’s supply of growth oxygen.

Net National Savings Rate. 1955 to 2024

For want of doubt, here is the inflation-adjusted interest rate on a two-years savings instrument, proxied here by the risk-free yield on the two-year UST minus the Y/Y change in the 16% trimmed mean CPI. The chart obviously speaks for itself, but it needs be noted that during the entire 15-year period between July 2008 on the eve of the Great Financial Crisis and July 2023, the geniuses in the Eccles Building had pegged the real yield at negative levels!

Check Amazon for Pricing.Even now after what the acolytes at the Wall Street Journal call the most rapid rise in interest rates in two decades, the real yield in May was just +1.4%. So why in the world is that considered onerous—a threat to the Fed’s alleged twin goal of maximum employment?

Stated differently, if the US economy can’t stand real rates peeking above the zero bound at just 1.4% on two-year instruments and is therefore in dire need of a new round of rate cuts, how in the world can the net national savings rate be lifted out of the economic gutter where it now resides?

Of course, the Fed never mentions real interest rates, either, except for the squirrely extractions it derives by comparing yields on inflation-protected treasuries (TIPS) versus their fixed coupon counterparts. But that has absolutely nothing to do with real yields, and merely reflects trading games played by technicians down in the bond pits.

Inflation-Adjusted Yield On 2-Year USTs, 1984 to 2024

Then again, the Fed subscribes to what amounts to bathtub economics. It thinks growth happens when demand is stimulated up to the brim of potential GDP, and that left to its own devices free market capitalism always whiffs by saving too much and spending too little. So cheap interest rates become the instrument of macro-economic stimulus, purportedly goosing demand until the bathtub of spending is full to the brim and economic growth and employment are maximized.

Alas, in a fully integrated and seamless $110 trillion global economy, the bathtub model of domestic economics is just plain hideous nonsense. Yet here were are again with the Keynesian fools in the Eccles Building itching to restart the printing presses and drive real interest rates and the net national savings rate back into the economic dungeon below the zero bound.

They never learn. Ever.

Reprinted with permission from David Stockman’s Contra Corner.

The Best of David Stockman

Former Congressman David A. Stockman was Reagan’s OMB director, which he wrote about in his best-selling book, . His latest books are The Great Deformation: The Corruption of Capitalism in America and . He’s the editor and publisher of the new David Stockman’s Contra Corner. He was an original partner in the Blackstone Group, and reads LRC the first thing every morning.

Base Metals Energy Junior Mining Project Generators

One Mile Step-Out at Agate Intercepts Favorable Grades and Thickness

Post author By admin
Post date July 16, 2024

Kelowna, British Columbia–(Newsfile Corp. – July 16, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (“Strathmore” or “the Company“) is pleased to announce a new discovery of uranium in the Middle sand, one mile south of the company’s expanding northern trend. All previous drilling encountered uranium mineralization only in the Lower sand. The middle sand was the most prolific producer historically in the Shirley Basin. This exciting southern discovery shows increasing grades and above average thickness.

Southeast Mineralized Trend (Middle Sand, Wind River Formation)
Hole ID	Latitude	Longitude	Depth (ft)	Top (ft)	Bottom (ft)	Thickness (ft)	Grade % eU₃O₈	Grade x Thickness
AG-135-24	42.30389	(106.27831)	120	16.0	32.5	16.5	0.035	0.578
AG-137-24	42.30365	(106.27874)	140	17.5	28.0	10.5	0.032	0.336
AG-138-24	42.30446	(106.27828)	120	36.5	40.5	4.0	0.062	0.248
AG-143-24	42.30500	(106.27869)	120	30.5	44.5	14.0	0.046	0.644
AG-147-24	42.30580	(106.27865)	120	29.0	44.5	15.5	0.051	0.791

Mr. John DeJoia said, “We are excited to hit a mile away. The initial results of the one mile step out to the south has opened a whole new aspect to the agate project. With the discovery of mineralization exhibiting good ISR GT’s (grade thickness), in the middle sand of the Wind River Formation, we now have the potential for a much larger area of mineralization development in an additional sand unit of the Wind River. This is much like the main roll system that was successfully mined to the east. The results of exploration at the Agate Project are responding as our geologic model predicted. We are very excited by this latest step out discovery.”

AGATE PROJECT:

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Mr. Terrence Osier, VP Exploration said, “We are extremely encouraged by the Agate project as we have greatly expanded the length of the northern trend from the 2023 discovery. We encountered uranium mineralization, one mile south, in the Middle sand of the Wind River Formation, the primary sand mined in Shirley Basin. The company had only encountered mineralization in the Lower sand before this. This Middle sand discovery increases our potential to have stacked roll fronts across portions of the property, which will greatly increase our resource potential. I look forward to ongoing work to model the uranium deposits we’ve drilled with results to guide our Phase 2 autumn exploration plans.”

This summer five core holes are planned to compliment groundwater studies from closely located monitor wells. The core will be used for chemical equilibrium studies and by the University of Wyoming for their ongoing geophysical research at the project. In autumn Phase 2 drilling of an additional 100 exploratory holes is scheduled. Planned drilling intends to expand the northern trend into untested ground, including on recently staked claims, and along the newly discovered, shallow Middle zone into deeper ground to the north. The intent of the exploration is to expand the mineralization on the property into a multi-zone deposit, with the potential of stacked roll fronts.

Note: The tabled geophysical results are based on equivalent uranium (eU₃O₈) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized. The reader is cautioned that the reported uranium grades may not reflect actual concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products.

About the Agate Property
The Agate property consists of 85 wholly owned lode mining claims covering 1,756 acres. The uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization. In 2023 and 2024, the Company completed 200 exploration holes on the Project, discovering several areas of potential mineralization. Additional drilling is planned for autumn 2024.

About Strathmore Plus Uranium Corp. Strathmore is focused on discovering uranium deposits in Wyoming, and has three permitted uranium projects including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.

Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.

Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216554

Base Metals Energy Junior Mining Oil & Gas

Peabody to Announce Results for the Quarter Ended June 30, 2024

Post author By admin
Post date July 16, 2024

ST. LOUIS, July 16, 2024 /PRNewswire/ — On Thursday, August 1, 2024, Peabody (NYSE: BTU) will announce results for the quarter ended June 30, 2024. A conference call with management is scheduled for 10 a.m. CT on Thursday, August 1, 2024.

Instructions for the conference call participation and accessing a replay, as well as other investor data will be available at PeabodyEnergy.com prior to the call.

Participants may also access the call using the following phone numbers:

U.S. Toll Free 1 833 816 1387
Canada Toll Free 1 866 284 3684
International Toll 1 412 317 0480

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.

Contact:
Karla Kimrey
314.342.7900

View original content to download multimedia:https://www.prnewswire.com/news-releases/peabody-to-announce-results-for-the-quarter-ended-june-30-2024-302197477.html

SOURCE PeabodyView Comments

Base Metals Energy Junior Mining Precious Metals

Civil War 2.0

Post author By admin
Post date July 15, 2024

Bob Moriarty
Archives
Jul 15, 2024

I’ve done a number of interviews lately because there are a lot of people talking about things they have no understanding of. Such as war and geopolitics.

If you remember back to the Gulf War reporting, the people on the boob tube were breathlessly commenting on “Daisy Cutters” as if they were some sort of giant bombs. While it is so that the Air Force used giant 10,000-pound bombs to clear landing zones, the term “Daisy Cutter” didn’t refer to the bomb but to the 36-inch-long fuse that detonated the bomb before it reached the earth.

As an F-4B pilot and later an O-1C and O-1G Birddog Forward Air Controller I dropped and controlled hundreds of 500-pound Mark-82 bombs and 750-pound Mark-83 bombs which used the Daisy Cutter fuses to clear landing zones. Daisy Cutter is the fuse, not the bomb.

And every time I hear some talking head mumbling about how Russia is the aggressor in the Ukraine war, I get an urge to gag. Have they all forgotten the $5 billion spent by Victoria Nuland to bring Democracy to Ukraine in 2014 by ridding them of their duly elected President in favor of a thug installed by the Neocons? How about the immortal phrase spoken by Nuland when organizing which thug would the US put into power?

Fuck the EU. I hope that is deeply engraved on her tombstone one day because it perfectly shows the US interest in Democracy.

The MSM has failed to even mention the 14,000 dead from the Ukrainians shelling mostly women and children from 2014 to 2022 in Donbas. And none of them mention the 100,000 NATO trained and armed Ukrainian soldiers poised on the border with Donbas ready to invade. It was scheduled for March 10th 2022.

I think Civil War 2.0 began in a meaningless Trump speech in some Podunk town in Pennsylvania on July 13. The dust has yet to settle but this begins to smell like a long dead fish floating on the top of a swamp.

In what appears to be a credible interview of someone attending the Trump rally we are told that numerous watchers saw a young man carrying a rifle go on top of a building a mere 135 meters or so from where former President Trump was speaking. The watchers attempted to notify the Secret Service and police of the dangerous event of a gunman within easy rifle range of Trump but were ignored.

The shooter managed to aim his rifle and fire a number of rounds towards Trump. From the sound of the rifle to me it appears the sniper was firing a .22 caliber rifle probably with .22 Long Rifle rounds. If you make a head shot, the person hit is going down, likely on a permanent basis. I carried a .22 caliber Colt Woodsman pistol in Vietnam as a survival weapon. I could hit someone at 50 meters in the head and kill them. So, someone basically familiar with a .22 rifle at 135 meters is pretty much point-blank range.

Through a total fluke the shooter missed and only nicked Trump’s ear lobe. An inch or two away from a fatal wound. Clearly there was a giant failure on the part of the Secret Service. Much has been made of the numerous viewers who tried and seemingly failed to garner the attention of either local police or the Secret Service.

There is a very famous picture of two counter snipers on another rooftop about 130 meters or so from the assassin’s position. You may wonder why they didn’t see and take down the shooter.

According to someone calling himself Jonathan Willis, he is one of the two counter snipers on the roof to protect Trump. They had to have seen the assassin but took no action.

Jonathan Willis or someone posting as him says they were forbidden by the head of the Secret Service to shoot until the sniper fired. Willis claims he had the sniper in his sights for at least three minutes and his superiors refused to clear him to shoot.

If you listen to any of the many videos of the attempted assassination you can hear the gunman fire a number of rounds from what would probably be a semi-automatic .22 rifle. A mere second or two after he fired you can hear multiple rounds being fired almost certainly from the counter snipers. Many of the reports call the counter snipers members of the Secret Service but I don’t think they were. I think they were local police snipers. Their uniforms were marked Police and what Jonathan Willis wrote in his entry on X he sounds like a policeman.

Certainly, if the Secret Service refused to allow their own snipers to shoot an assassin and the shooter managed to wound Trump the agent would be told to keep his mouth shut. If Jonathan Willis was in fact one of the counter snipers and was police rather than Secret Service, he wasn’t about to allow the world to think the failure to shoot was his fault.

The timing of the various shots being fired suggests he tells the truth. If the counter snipers didn’t know where the shots were coming from, it would take them a few seconds to determine where the threat originated. They couldn’t have acquired the shooter and manage to kill him a couple of seconds after he fired at Trump and did manage to kill someone attending the rally.

If the top agent of the Secret Service at this rally refused to allow the counter snipers to do their jobs, this was a coup. A deliberate coup on the part of the Secret Service to kill Trump.

We will know on July 15th if it was deliberate or a simple but well-meaning mistake. If the Secret Service agent in charge is fired today it could have been a stupid mistake. If the agent is not fired, it means there is a coverup in progress.

I’ve done ten to fifteen interviews in the last month or so. When asked I made it clear that it is my belief that Biden will not be the Democrat candidate for the Presidential election in November. Lots of viewers didn’t agree with me but clearly there is no chance Biden will be the Democrat choice. He can’t complete a rational sentence. He confuses Zelensky with Putin and believes Trump is his black appointment as Vice President. Biden and the Democrats are destroying what remains of the American attempt at Empire.

And I have made it clear in a number of interviews that Donald Trump terrifies the Democrats to the point that there have been a lot of suggestions that the best way to protect America is to assassinate Trump. They are logically afraid that if Trump is elected, he will do the same thing to them that they have done to him for at least eight years. A mere week ago Biden was calling for Trump to be put in the bullseye. On the 13th of July Biden’s wish came true.

Call it Civil War 2.0 or simply a coup d’état but the Deep State operatives have shown their true colors.

This next week is probably going to be one of the most critical weeks in US history. Millions of military age men have been allowed to enter the US illegally, given money, a cell phone, food and accommodations. Some of them have to be double agents brought in by someone or somebody to create panic and chaos at the right time.

It would be no problem for these young men to be given weapons, ammo and targets. All we need for Martial Law to be imposed would be to have a few dozen random attacks by illegals all across the country. Then the Democrats could do what Zelensky did in Ukraine. When his term expired, he simply ignored the law and stayed in office. Biden/Harris might well conclude that’s just a spiffy idea.

If we don’t have migrants running around shooting people another alternative is for the Deep State to start whacking political candidates for office on both sides. If it works in South America, Mexico and Serbia why can’t it work here? In Mexico alone thirty-seven candidates were killed in this latest election in June of 2024. No doubt we can surpass that number in the US with candidates being whacked by the Deep State on both sides.

I’m not a fan of Alex Jones. As far as I can tell he isn’t dealing with a full deck. But in a short video he put out on Saturday he suggests we have had a coup. He might well be right and if so, we will know shortly.

Call it the intro to Civil War 2.0

###

Bob Moriarty
President: 321gold
Archives

Energy Junior Mining Precious Metals

Gold79 Announces Trenching Results from the Tyro Main Zone; Trench 1 Returned 39.7m of 1.14 g/t Au Including 9.5m of 2.08 g/t Au

Post author By admin
Post date July 11, 2024

Ottawa, Ontario–(Newsfile Corp. – July 11, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that it has received the assay results from its recently completed trenching program along the Tyro Main Zone which has confirmed our understanding of the geology, added new potential high-grade targets for the next drill campaign and extended the zone along strike to the northeast.

Highlights from the program include:

Confirmed the geologic model where the White Spar Fault intersects the Tyro Main Zone. Trench 1 (T1) returned 39.7m of 1.14 g/t Au including 9.5m of 2.08 g/t Au. In 2023, drilling returned 51.1 g/t Au over 9.1m (GC23-28) about 40 to 50m below these surface exposures.

Identified new fault structures intersecting the Tyro Main Zone trending north to northwest (similar to the White Spar fault), providing additional high-grade potential zones.
Extended the Tyro Main Zone to the northeast by approximately 40m with Trench 13 (T13) returning 4.7m of 7.64 g/t Au, where it remains open to the northeast.

Derek Macpherson, President and CEO stated, “The data collected in this low-cost exploration effort has improved our understanding of the Tyro Main Zone geology, particularly the impact of the White Spar fault on the SW portion (Decimal Hill Zone) and the high-grades previously drilled at this intersection. With this data, we are starting to plan the next phases of drilling potentially allowing Gold79 to deliver a maiden resource that would be higher-grade and larger than the current deposits in the region.”

A total of 15 trenches were excavated across 358m with a total of 217 chip-channel samples collected. Highlights of the analytical results are presented in Table 1.

Table 1. Summary of the Tyro Main Vein trenching program.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_1.jpg

In addition to the sampling, all trenches were mapped with the results presented in Figure 1.

Figure 1: Geologic map of the Tyro vein system showing recently completed trenches (T1-T15), Phase 1 and Phase 2 drill hole locations and surface rock sample gold values.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_002full.jpg

Summary

The trenching program has provided Gold79 a combination of better geologic control and a higher sample density. The result is greater confidence that the White Spar fault was active at essentially the same time as the Tyro Main vein but movement continued after the Tyro vein allowing for downward offset of the Decimal Hill zone. This better explains the gold values at Decimal Hill (Table 1: T1, T2, T3 and T3B). Additionally, the results serve to better constrain the limits of gold-bearing veins surrounding the shallow pit; important widths and grades have been documented on 3 sides (Table 1: T4, T5, T6 and T15). In the NE Tyro zone, trenches have exposed broad zones of chalcedony veining and breccia with variable widths and grades (Table 1: T7 thru T12). Most importantly, the northernmost trench, T13, identified beneath alluvial cover a zone of silicification hosting quartz veinlets and breccia with 7.64 g/t Au over 4.7 metres. This brings meaningful gold grades closer to our Frisco Graben target where the suspected gold zone is concealed beneath vapor-dominated alteration.

The Tyro Main Zone is composed of several gold-bearing stages emplaced into a NE-trending, steeply dipping structural corridor which has seen repeated movement. This low sulfidation, epithermal vein system can be divided into 3 zones (SW to NE; Figure 1): 1. Decimal Hill; 2. Tyro Mine Zone; and, 3. The Tyro NE Zone. These zones are essentially defined by north-northwest-trending faults which were likely operative both during and after the Tyro mineralizing events.

Figure 2. Geologic map of the Decimal Hill Zone showing mine workings, drill holes, trenches and surface samples.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_003full.jpg

Decimal Hill Zone

The Decimal Hill zone, covering about 300 metres of the Tyro Main vein southwest of the mine, is situated at the intersection of the Tyro and White Spar structural corridors (Figure 2). In addition to the structural intersection, the area hosts the convergence of several rhyolite dikes whose faulted contacts may have provided avenues of ingress to the gold-bearing fluids. This zone is characterized by both north- to northeast-trending veins and breccia and NW-trending veins and breccia. The veins here lack the textural banding, adularia and reveal diminished gold values (i.e. <3 g/t Au; Figure 3).

This trenching campaign, along with the geologic mapping, has confirmed that the Decimal Hill Zone contains both NW- and N-NE-trending veins suggesting that both structural corridors were operative prior to and during the mineralizing stages. The White Spar trend clearly hosted a greater component of post-mineral movement. This later movement is manifested by relatively small offsets of the veins along the Tyro structural corridor resulting in the structural juxtaposition of high-level vein textures and gold grades (Figure 3) with textures and gold grades more indicative of the ‘bonanza’ or boiling zone (i.e. Tyro Mine zone; Figure 4).

Figure 3: Sample No. 0743 (1.15 g/t Au): Hydrothermal breccia composed of Precambrian granite and multi-stage vein fragments including quartz-replaced lattice texture, massive white chalcedony and crustiform-banded chalcedony-adularia rimming massive quartz fragments, Decimal Hill Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_004full.jpg

Tyro Mine Zone

The Tyro Mine Zone, shown in Figure 5, a N30^oE-trending zone of sub-parallel and sub-vertical veins, veinlets and hydrothermal breccia, extends from the White Spar fault intersection to the top of Tyro Hill, a distance of about 430 metres (Figure 5). The zone hosts most of the mining activity conducted between 1915 and 1941 and in the 1980s. This includes the Tyro Shaft, reported to be 500 feet deep, the 200 Level and a slot pit developed on the highest-grade portion of the vein. The 200 Level defines the lowest level of selective production although there was some development along the vein to the 300 Level. The 200 Level defines the bottom of the slot pit and hosts a broad zone, 20 to 30 metres wide, of NE-trending chalcedony-adularia-calcite veins (Figure 4). Only two holes have been drilled beneath the Tyro Mine Zone, Hole Nos. GC23-23 (44.4m at 2.01 g/t Au) and GC23-24 (25.9m at 2.27 g/t Au).

Figure 4. Sample No. 0184 – 13.27 g/t Au: Crustiform-banded quartz-chalcedony-adularia vein with internal hydrothermally brecciated vein fragments cemented by olive-green chalcedony, Tyro Mine Zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_005full.jpg

Figure 5. Geologic map of the Tyro Mine Zone showing mine workings, drill holes, trenches and surface samples.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_006full.jpg

Northeast Tyro Zone

The Northeast Tyro Zone extends from the top of Tyro Hill (Figure 1) at N60^oE for about 300 metres where it disappears beneath an alluvium filled valley before it intersects the Frisco Mine fault, the southwest margin of the Frisco Graben. This zone commences at the intersection of a NNW-trending post-mineral fault (Figure 5) where the Tyro structural corridor rotates clockwise about 30^oand flattens slightly to 70-80 degrees southeast. The initial 100 or so metres of the vein is characterized by a zone of silicified amphibolite and granite with weak to moderate chalcedony veinlets and stockwork. Trenches T7 and T8 were cut across this zone (Figure 5) with locally anomalous gold values. Trenches T9, T10 and T11 traverse a broad zone of strong quartz-chalcedony veins, stockwork and vein breccia with variable gold values, i.e. T11 – 7.6m @ 4.43 g/t Au. Between T10 and T11, a 60 metre segment of the vein complex, up to 5m wide, has been stoped to about 20m below the surface. Drilling beneath this zone by Gold79 in 2021 traversed up to 21.3m @ 2.0 g/t Au (GC21-15). The NE extent of the Tyro vein is obscured by dumps and alluvium where T13 was excavated to identify a concealed extension to the vein. Trench 13 traversed a zone of silicified amphibolite and granite containing quartz-chalcedony veinlets and breccia with 4.7m @ 7.64 g/t Au. The Tyro structure remains concealed by alluvial deposits for about 400 metres to the northeast where it intersects the Frisco Mine fault characterized by high-level silica-clay-hematite alteration.

Figure 6. Geologic map of the Northeast Tyro Zone showing mine workings, drill holes, trenches and surface samples.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5717/216119_69da767954f31a63_007full.jpg

Closing of Private Placement Financing

The Company has closed its non-brokered private placement financing previously announced on April 11, 2024 and May 6, 2024. Gross proceeds of $718,250 was raised through the issuance of 2,873,000 units at $0.25 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant. A total of 1,436,500 whole warrants were issued, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.30 per share until May 3, 2026. The warrants are callable, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company’s common shares meets or exceeds $0.50 for 10 consecutive trading days based on trades on the TSX Venture Exchange 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.

Cash finder’s fees of $4,200 were paid and 16,800 finder warrants were issued. The finder warrants are exercisable at $0.30 per share and expire May 3, 2026.

This private placement is subject to the final approval of the TSX Venture Exchange. All securities issued in the placement are subject to a statutory hold period until Sept. 4, 2024.

Officers and directors of the Company participated in the private placement and acquired 900,000 units for $225,000. The participation of these insiders in the private placement constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The board of directors of the Company, with participating directors abstaining, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related-party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company’s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of the closing of the private placement because insider participation had not been confirmed. The shorter period was necessary in order to permit the Company to close the private placement in a time frame consistent with usual market practice for transactions of this nature.

Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for the trenching program including sample collection, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Gold standards and blanks were inserted into the sample chain along with QAQC procedures conducted by American Assay. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.

For further information regarding this press release contact:

Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

FORWARD-LOOKING STATEMENTS:

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 any future private placement financing, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216119

Base Metals Energy Junior Mining Uncategorized

Strathmore Triples Length of Mineralized Trend at Agate

Post author By admin
Post date July 9, 2024

Kelowna, British Columbia–(Newsfile Corp. – July 9, 2024) – Strathmore Plus Uranium Corporation (TSX: SUU) (OTCQB: SUUFF) (“Strathmore” or “the Company“) is pleased to announce it has extended the mineralization from the Phase 1 drilling for the 2024 exploration season at the Agate project in Wyoming. The Company completed 100 exploration holes across the project area, resulting in the extension of the Lower sand’s northern trend to 3,700 feet in length.

Highlights for the drilling along this trend included holes:

*AG-175-24 (7.5 feet of 0.128% eU₃O₈from 103.5-110.0 feet)
*AG-200-24 (15 feet of 0.116% eU₃O₈ from 82.5-97.5 feet).
*AG-162-24 (16 feet of 0.067% eU₃O₈from 87.5-103.5 feet)

In addition, five piezometer wells were completed for groundwater testing and five holes were prepared for core recovery this summer.

Phase 1 of the 2024 drilling explored the Eocene Wind River Formation, an arkosic-rich sandstone which is noted for its high porosity and permeability, and high groundwater transmissivity. In addition to continued exploration of the Lower sand, the recent drilling discovered shallow mineralization within the overlying Middle sand, which is thicker than the Lower sand, and historically produced most of the uranium in the Shirley Basin district.

Dev Randhawa, CEO commented:

The BOD and I, along with our new Director, Mr. Marion Loomis, and technical advisors Ray Ashley and Sam Hartmann, toured both our Agate and Beaver Rim properties on June 26 & 27^th.

We are excited to see the higher-grade intercepts as we move further SW. at Agate. The drill results are validating our prediction of the Wyoming roll front model as applied to our Agate property. With continued exploration by our field team and geophysical modeling by the University of Wyoming personnel, I expect Strathmore to further define the east side of the mineralized tongue at Agate and move towards a draft ISR resource assessment.

Agate Exploration:

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3282/215737_ae406299f46f3955_002full.jpg

Hole ID	Latitude	Longitude	Depth (ft)	Top (ft)	Bottom (ft)	Thickness (ft)	Grade % eU3O8	Grade x Thickness
AG-101-24	42.30469	(106.29538)	120	80.5	86.0	5.5	0.017	0.094
AG-102-24	42.30502	(106.29534)	120	84.5	98.0	13.5	0.026	0.351
AG-103-24	42.30474	(106.29495)	120	74.5	82.5	8.0	0.035	0.280
AG-104-24	42.30447	(106.29533)	100	81.0	87.0	6.0	0.019	0.114
AG-105-24	42.30500	(106.29573)	120	86.5	98.5	12.0	0.014	0.168
AG-106-24	42.30472	(106.29573)	100	79.0	83.0	4.0	0.037	0.148
				86.5	89.0	2.5	0.046	0.115
AG-107-24	42.30446	(106.29579)	120	80.5	83.5	3.0	0.034	0.102
				88.5	92.5	4.0	0.044	0.176
AG-108-24	42.30529	(106.29531)	120	88.0	90.0	2.0	0.023	0.046
AG-109-24	42.30558	(106.29533)	120	84.5	87.0	2.5	0.031	0.078
				89.5	99.5	10.0	0.032	0.320
AG-110-24	42.30531	(106.29493)	120	82.5	92.5	10.0	0.019	0.190
AG-111-24	42.30477	(106.29610)	120	83.0	92.0	9.0	0.026	0.231
AG-112-24	42.30505	(106.29608)	120	81.5	85.0	3.5	0.023	0.081
AG-113-24	42.30505	(106.29493)	120	83.0	93.0	10.0	0.022	0.219
AG-114-24	42.30528	(106.29573)	120	84.5	95.5	11.0	0.014	0.154
AG-115-24	42.30566	(106.29493)	120	88.0	89.5	1.5	0.031	0.047
AG-116-24	42.30561	(106.29456)	120	83.0	87.5	4.5	0.027	0.122
AG-117-24	42.30590	(106.29494)	120	75.0	87.5	12.5	0.015	0.188
AG-118-24	42.30589	(106.29459)	120	87.0	100.5	13.5	0.024	0.324
AG-119-24	42.30553	(106.29558)	120	87.5	105.5	18.0	0.033	0.594
AG-120-24	42.30293	(106.29702)	140	BARREN
AG-121-24	42.30318	(106.29700)	120	BARREN
AG-122-24	42.30346	(106.29699)	120	89.5	94.5	5.0	0.022	0.110
AG-123-24	42.30322	(106.29739)	140	90.0	92.0	2.0	0.024	0.048
				94.0	101.0	7.0	0.014	0.098
AG-124-24	42.30349	(106.29736)	140	90.0	95.0	5.0	0.017	0.085
AG-125-24	42.30373	(106.29697)	120	91.0	94.0	3.0	0.027	0.081
AG-126-24	42.30319	(106.29662)	120	84.0	88.5	4.5	0.019	0.086
AG-127-24	42.30374	(106.29738)	140	97.0	99.0	2.0	0.015	0.030
AG-128-24	42.30320	(106.29744)	140	92.0	98.0	6.0	0.013	0.078
AG-129-24	42.30370	(106.29668)	120	86.5	88.5	2.0	0.013	0.026
AG-130-24	42.30402	(106.29697)	120	90.0	94.5	4.5	0.059	0.266
AG-131-24	42.30360	(106.27836)	130	19.0	27.0	8.0	0.030	0.242
				31.5	34.0	2.5	0.022	0.055
				41.0	43.0	2.0	0.028	0.056
AG-132-24	42.30414	(106.27911)	100	37.5	42.0	4.5	0.029	0.131
				48.5	50.5	2.0	0.012	0.024
				63.5	65.5	2.0	0.012	0.024
AG-133-24	42.30417	(106.27866)	100	37.5	39.5	2.0	0.013	0.026
				41.5	63.5	22.0	0.013	0.288
				68.0	71.0	3.0	0.015	0.045
AG-134-24	42.30387	(106.27872)	120	42.5	50.5	8.0	0.013	0.105
				56.0	58.5	2.5	0.013	0.033
				62.5	64.5	2.0	0.011	0.022
AG-135-24	42.30389	(106.27831)	120	16.0	32.5	16.5	0.035	0.578
				34.0	36.5	2.5	0.013	0.033
				44.0	48.5	4.5	0.025	0.113
AG-136-24	42.30335	(106.27836)	100	9.5	13.0	3.5	0.013	0.046
				20.0	24.0	4.0	0.012	0.048
				35.5	42.5	7.0	0.014	0.095
				45.0	49.0	4.0	0.014	0.056
AG-137-24	42.30365	(106.27874)	140	17.5	28.0	10.5	0.032	0.336
				32.5	36.0	3.5	0.027	0.095
AG-138-24	42.30446	(106.27828)	120	36.5	40.5	4.0	0.062	0.248
Hole ID	Latitude	Longitude	Depth (ft)	Top (ft)	Bottom (ft)	Thickness (ft)	Grade % eU3O8	Grade x Thickness
AG-139-24	42.30417	(106.27832)	120	43.5	49.0	5.5	0.018	0.099
AG-140-24	42.30387	(106.27802)	120	33.5	36.5	3.0	0.016	0.048
				40.0	44.0	4.0	0.013	0.052
AG-141-24	42.30445	(106.27869)	120	35.0	41.5	6.5	0.013	0.085
				67.0	69.0	2.0	0.012	0.024
AG-142-24	42.30469	(106.27872)	120	34.0	36.0	2.0	0.035	0.070
				62.5	65.0	2.5	0.015	0.038
				70.0	72.0	2.0	0.014	0.028
AG-143-24	42.30500	(106.27869)	120	30.5	44.5	14.0	0.046	0.644
				51.0	56.0	5.0	0.010	0.052
				64.5	71.0	6.5	0.012	0.076
AG-144-24	42.30503	(106.27821)	120	16.0	23.0	7.0	0.013	0.094
				30.5	32.5	2.0	0.041	0.082
				36.5	40.5	4.0	0.038	0.152
AG-145-24	42.30559	(106.27820)	120	18.0	20.0	2.0	0.012	0.024
				23.0	28.0	5.0	0.011	0.055
				33.5	36.0	2.5	0.012	0.030
				44.0	48.5	4.5	0.014	0.063
				53.0	57.0	4.0	0.014	0.056
				61.0	64.5	3.5	0.013	0.044
				71.0	73.5	2.5	0.012	0.030
AG-146-24	42.30535	(106.27869)	120	20.5	23.5	3.0	0.013	0.038
				25.5	48.0	22.5	0.014	0.304
AG-147-24	42.30580	(106.27865)	120	29.0	44.5	15.5	0.051	0.791
				57.0	68.0	11.0	0.013	0.143
AG-148-24	42.30610	(106.27818)	120	28.0	31.5	3.5	0.011	0.037
				35.0	48.0	13.0	0.013	0.165
				54.0	56.5	2.5	0.011	0.027
AG-149-24	42.31234	(106.29066)	140	101.0	104.5	3.5	0.046	0.161
				110.5	116.5	6.0	0.011	0.068
AG-150-24	42.31252	(106.29057)	140	103.5	107.5	4.0	0.010	0.042
AG-151-24	42.31322	(106.29053)	140	95.0	106.0	11.0	0.079	0.869
AG-152-24	42.31321	(106.29016)	160	101.0	105.5	4.5	0.049	0.221
AG-153-24	42.31352	(106.29048)	140	BARREN
AG-154-24	42.31353	(106.29015)	140	93.0	95.5	2.5	0.027	0.068
AG-155-24	42.31353	(106.28978)	140	90.5	93.0	2.5	0.039	0.098
				94.5	100.0	5.5	0.060	0.330
AG-156-24	42.31321	(106.28978)	160	98.5	108.0	9.5	0.056	0.532
AG-157-24	42.31293	(106.29090)	140	100.5	103.0	2.5	0.037	0.093
				104.5	106.5	2.0	0.025	0.050
AG-158-24	42.31321	(106.29090)	140	92.5	97.0	4.5	0.012	0.054
AG-159-24	42.31321	(106.28945)	160	107.0	109.0	2.0	0.028	0.056
AG-160-24	42.31351	(106.28942)	140	95.0	99.5	4.5	0.044	0.198
AG-161-24	42.31364	(106.28944)	140	91.5	102.5	11.0	0.021	0.231
AG-162-24	42.31295	(106.29128)	140	77.5	79.5	2.0	0.036	0.072
				87.5	103.5	16.0	0.067	1.072
AG-163-24	42.31269	(106.29129)	140	107.0	108.5	1.5	0.013	0.020
AG-164-24	42.31266	(106.29090)	140	99.5	105.0	5.5	0.033	0.182
AG-165-24	42.31266	(106.29168)	140	105.0	107.5	2.5	0.013	0.033
AG-166-24	42.31298	(106.29164)	140	83.5	86.0	2.5	0.037	0.093
AG-167-24	42.31295	(106.29201)	140	80.5	83.0	2.5	0.029	0.073
Hole ID	Latitude	Longitude	Depth (ft)	Top (ft)	Bottom (ft)	Thickness (ft)	Grade % eU3O8	Grade x Thickness
				85.5	87.5	2.0	0.040	0.080
				89.5	91.5	2.0	0.027	0.054
AG-168-24	42.31251	(106.29198)	140	78.5	80.5	2.0	0.068	0.136
				91.5	94.0	2.5	0.011	0.028
				97.5	104.0	6.5	0.014	0.088
AG-169-24	42.31230	(106.29179)	140	96.0	100.5	4.5	0.014	0.063
				102.0	107.0	5.0	0.014	0.070
AG-170-24	42.31241	(106.29229)	140	101.0	104.5	3.5	0.013	0.046
AG-171-24	42.31270	(106.29229)	140	90.0	92.5	2.5	0.015	0.038
				94.5	101.0	6.5	0.013	0.085
				105.5	107.5	2.0	0.011	0.021
AG-172-24	42.31216	(106.29212)	140	97.0	107.0	10.0	0.014	0.138
AG-173-24	42.31213	(106.29257)	140	101.5	107.0	5.5	0.068	0.374
AG-174-24	42.31246	(106.29262)	140	BARREN
AG-175-24	42.31191	(106.29215)	140	103.5	111.0	7.5	0.128	0.960
AG-176-24	42.31196	(106.29282)	140	BELOW CUTOFF
AG-177-24	42.31175	(106.29253)	140	59.5	63.0	3.5	0.012	0.042
				108.5	112.0	3.5	0.020	0.070
AG-178-24	42.31162	(106.29217)	140	51.0	53.0	2.0	0.011	0.022
				69.5	72.5	3.0	0.013	0.040
				109.5	113.5	4.0	0.010	0.041
AG-179-24	42.31186	(106.29178)	140	109.0	112.0	3.0	0.045	0.135
AG-180-24	42.31231	(106.29144)	140	85.0	91.5	6.5	0.122	0.793
				95.0	99.0	4.0	0.038	0.152
AG-181-24	42.31135	(106.29262)	140	80.5	86.0	5.5	0.023	0.127
				101.5	113.0	11.5	0.015	0.172
AG-182-24	42.31129	(106.29219)	140	100.0	112.0	12.0	0.014	0.168
AG-183-24	42.31209	(106.29182)	140	100.0	102.5	2.5	0.037	0.093
				105.0	108.5	3.5	0.014	0.050
				112.0	114.0	2.0	0.012	0.024
AG-184-24	42.31204	(106.29146)	140	96.0	99.5	3.5	0.055	0.193
				100.0	110.5	10.5	0.014	0.147
AG-185-24	42.31220	(106.29104)	140	84.5	86.5	2.0	0.012	0.024
				93.5	96.0	2.5	0.015	0.038
				98.0	103.0	5.0	0.018	0.090
				105.0	107.0	2.0	0.010	0.020
AG-186-24	42.31108	(106.29362)	140	112.0	121.0	9.0	0.062	0.558
AG-187-24	42.31076	(106.29367)	140	115.0	117.0	2.0	0.033	0.066
				117.0	129.0	12.0	0.012	0.141
AG-188-24	42.31065	(106.29429)	140	110.5	129.0	18.5	0.012	0.221
AG-189-24	42.31040	(106.29429)	140	109.0	111.5	2.5	0.023	0.058
				116.5	121.5	5.0	0.012	0.062
AG-190-24	42.31080	(106.29329)	140	108.5	113.5	5.0	0.093	0.465
AG-191-24	42.31046	(106.29470)	160	124.5	132.0	7.5	0.015	0.113
AG-192-24	42.31022	(106.29472)	140	111.0	116.0	5.0	0.012	0.062
				117.5	127.0	9.5	0.017	0.162
AG-193-24	42.31029	(106.29502)	140	96.0	101.0	5.0	0.012	0.058
				113.5	122.5	9.0	0.014	0.122
				124.0	130.0	6.0	0.016	0.096
AG-194-24	42.31015	(106.29529)	140	112.5	120.5	8.0	0.016	0.128
AG-195-24	42.31095	(106.29429)	160	130.0	133.5	3.5	0.016	0.056
Hole ID	Latitude	Longitude	Depth (ft)	Top (ft)	Bottom (ft)	Thickness (ft)	Grade % eU3O8	Grade x Thickness
AG-196-24	42.31353	(106.28906)	140	96.0	100.0	4.0	0.029	0.116
AG-197-24	42.31352	(106.28869)	140	97.0	103.0	6.0	0.013	0.078
AG-198-24	42.31373	(106.28866)	140	97.0	105.0	8.0	0.033	0.266
AG-199-24-MW	42.31395	(106.28670)	125	NOT LOGGED
AG-200-24-MW	42.31502	(106.28512)	130	82.5	97.5	15.0	0.116	1.740

Note: The geophysical results are based on equivalent uranium (eU₃O₈) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized. The reader is cautioned that the reported uranium grades may not reflect actual concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products.

Mineralized holes with thicker, higher-grade intercepts are interpreted to be in the Near Interface, Nose (main front), or Near Seepage ground located within the projected roll front system.
Mineralized holes with thinner, below cutoff grade intercepts are interpreted to be in the Limb/Tails or Remote Seepage ground located behind (altered) or ahead (reduced) of the projected roll front system, respectively.

Non-mineralized holes are interpreted to be in the Barren Exterior ground located ahead of the projected roll front system in reduced ground.
The drill results were determined using thickness and grade % cutoffs of 2-feet and 0.01% eU₃O8_.

The 2024 drilling was completed by Single Water Services utilizing a mud-rotary rig and the geophysical logging was completed by Hawkins CBM Logging, both of Wyoming with extensive experience in the uranium industry. Mr. Terrence Osier, PG, VP Exploration for Strathmore, was the supervising Geologist and oversaw the drilling activities and lithologic descriptions of the drilled cuttings which were sampled at 5-foot intervals. The drilling was completed on budget (US$275,000) and in a timely manner over a month’s time. The results of the exploration will be analyzed and assist in the layout of additional drill sites proposed for the Phase 2 drilling in autumn 2024.

New Claims Staked

In addition to exploration, the Company has expanded the project area by staking 18 new mining claims continuous to the current claim group, bringing the project total to 85 mining claims. The new claims cover ground where mineralization is anticipated to be on trend with recent and historical drilling. Strathmore plans to amend the drill permit following the Phase 1 drilling to include the new mining claims and anticipates exploration of the acquired ground in Phase 2 drilling later this year.

About the Agate Property

The Agate property consists of 85 wholly owned lode mining claims covering 1,756 acres. The uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization.

Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Qualified Person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.

Strathmore Plus Uranium Corp.

Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215737

Energy Exclusive Interviews Junior Mining Precious Metals

Dolly Varden Silver: Striking High Grades Early

Post author By admin
Post date July 3, 2024

Share This Video: https://youtu.be/BJPxHYjeLWU

DOLLY VARDEN SILVER: TSX.V: DV | OTCQX: DOLLF
WEBSITE: https://dollyvardensilver.com/
I’m Maurice Jackson, the founder of Proven and Probable. We specialize in identifying under valued stocks that have a massive potential upside. Today we are highlighting what we believe to be the best silver proposition for your portfolio nestled in the bottom of the Golden Triangle located in British Columbia, which has seen over $5B in M&A since 2018!

We have been buyers of this stock 4 years and counting. The company has just started their 2024 Drill Program of 25,000 Meters. Find out why Eric Sprott, Rick Rule, Hecla Mining, Fury Gold Mines, Fidelity Investments, Sprott, Sprott USA, Delbrook, and High-Net-Worth investors, with a 7% float! Watch now!

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep 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 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).

Youtube

https://rumble.com/v55d5hg-dolly-varden-silver-striking-high-grades-early.html

Rumble

Energy Junior Mining

Diamcor Closes Second Tranche of CND$2,006,300 Financing

Post author By admin
Post date July 3, 2024

KELOWNA, BC / ACCESSWIRE / July 2, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), (the “Company”) announces that it has closed a second and final tranche of CND$600,300.00 of its previously announced non-brokered private placement (the “Offering”), bringing the total of the Offering to CND$2,006,300.00. The Company previously announced the closing of a first tranche of the Offering for gross proceeds totalling CND$1,406,000.00 on June 4, 2024. Existing insiders, management and directors, and larger shareholders subscribed for an aggregate of $1,375,000.00 of the Offering.

The Company will issue 40,126,000 units in total from the Offering at a price of CND $0.05, with each unit consisting of one Class “A” Common share in the authorized capital of the Company (a “Share”), and one non-transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional Class “A” Common share at an exercise price of CND $0.075 for a period of 36 months following the close of each of the respective tranches.

Proceeds from the offering will be used for the continued advancement of the Company’s Krone-Endora at Venetia Project (the “Project), the work programmes currently underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, the advancement of discussions on potential acquisitions of additional opportunities aimed at increasing long-term shareholder value and added growth, and for general corporate purposes. The Company also plans to continue to advance ongoing discussions with financiers and industry related parties on additional funding scenarios which may be beneficial in further supporting the above noted objectives aimed at increasing long-term shareholder value and added growth.

All private placements are subject to regulatory and/or final approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering are subject to a hold period of four months plus one day following the date of their issuance. For securities issued on June 4, 2024, the hold period will expire on October 5, 2024 and for securities issued on July 2, 2024, the hold period will expire on November 3, 2024.

The securities sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaire’s and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers’ flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Company’s Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.

About the Tiffany & Co. Alliance

The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Diamcor Mining Inc.

View the original press release on accesswire.com

Base Metals Energy Junior Mining

Chakana Provides Interim Update on Scout Drilling Program – Soledad Project, Peru

Post author By admin
Post date July 2, 2024

Highlights from Mega-Gold Scout Drilling Include:

Reporting three holes (1,041 m) from the eastern side of the Mega-Gold target area
Widespread alteration identified with quartz-sericite-pyrite overprinting chlorite alteration
Up to 15% pyrite encountered with traces of chalcopyrite and molybdenite in each hole
Narrow intervals of strong mineralization: 2 m of 1.8 gpt gold and 0.35% copper in MGDH24-002 from 89.0 m, and 1.5 m of 11.05 gpt gold in MGDH24-003 from 127.5 m
Persistent anomalous levels of gold noted in geochemical results
Abundant hydrothermal breccia encountered, cutting pre-mineral granodiorite
Late-mineral granodiorite identified with mineralized xenoliths
Assays pending for five additional holes completed in central and western parts of Mega-Gold target area and three holes at La Joya
Hyperspectral core scanning initiated on Mega-Gold and La Joya drill holes

Vancouver, British Columbia–(Newsfile Corp. – July 2, 2024) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the “Company” or “Chakana“), reports initial results from three scout drilling holes from the Mega-Gold target area within the southern half of the expanded Soledad project, Ancash, Peru. These results are part of the fully funded 3,000 m drill program that started April 5, 2024, to test three target types: 1) high-grade breccia-hosted mineralization at Estremadoyro (confirmed, see new release dated May 8, 2024); 2) porphyry-related mineralization in the Mega-Gold target area; and 3) precious metal mineralization at the La Joya high-sulfidation epithermal zone (Figure 1). In addition to the three holes reported here, five additional holes have been completed in the central and western part of the Mega-Gold target area for a total of 2,425.2 m drilled at Mega-Gold, and three holes have been completed at La Joya, totaling 465.5 m (assays pending). Results reported here are part of an option agreement with Minera Barrick Peru S.A. (see news release dated July 16, 2018).

“We are encouraged to see the extent of alteration indicating a large hydrothermal system in the drilling thus far in the Mega-Gold area defined by strong quartz-sericite-pyrite overprinting early chlorite alteration with abundant pyrite mineralization and frequent occurrences of chalcopyrite and molybdenite. The results in the first three holes are also important in demonstrating the extent of tourmaline alteration in veins, breccias and replacements. We view this as indicating the same event related to the high-grade tourmaline breccia pipes that are part of the initial resource we published in 2022 (see news release dated February 23, 2022). In addition, for the first time, we have seen a late-mineral intrusion containing mineralized xenoliths with quartz-tourmaline-chalcopyrite. Although we have not seen long intersections in these first three holes, we are encouraged by the strengthening grades over narrow intervals. Application of hyperspectral core scanning technology to all of the drill core will help us identify mineral zoning patterns important in locating mineralizing intrusions,” stated President and CEO David Kelley.

Initial Mega-Gold Scout Drilling

Chakana’s first three scout holes at Mega-Gold were drilled on the eastern side of the target area along a section trending north-south and northeast (Figure 2). MGDH24-001 was drilled to the northeast to a depth of 353.8 m. The hole targeted strong soil geochemistry responses up to 0.325 g/t gold and 54 ppm molybdenum. Volcanic rocks were intersected over the entire length, consisting of andesitic tuff and volcanic breccia, intruded by dikes of dacite porphyry. There is deep oxidation from the surface to 109.0 m depth, with development of supergene clay and the strong presence of iron oxides (goethite-limonite) in fractures and veinlets; partial oxidation is observed to 178.0 m depth. Fresh rocks below the zone of supergene alteration are sericite-quartz-pyrite (phyllic) altered that is overprinting earlier chlorite (propylitic) alteration to the end of the hole. The volcanic breccia hosts clasts of andesitic tuff with phyllic alteration and quartz fragments. In the phyllic alteration, pyrite occurs up to 15% as disseminations and veinlets and within pyrite-tourmaline, quartz-pyrite, and quartz-tourmaline-pyrite veins (Figure 4 A-C). Tourmaline is present up to 7% in structures as veinlets and replacement with quartz, pyrite and traces of chalcopyrite and molybdenite. Molybdenite occurs within sugary-textured quartz-pyrite veins from 180 m depth to the end of the hole interpreted as “B” veins, and chalcopyrite occurs within quartz-pyrite and quartz-tourmaline veins from 220 m depth to the end of the hole. Dikes of dacite porphyry show phyllic alteration with iron oxide veinlets in the oxidized zone, plus pyrite veinlets at depth with traces of molybdenite in fractures. Analytical results for this hole display anomalous low-level enrichment of gold, copper, and molybdenum, reaching values of 0.213 gpt, 411 ppm, and 74 ppm, respectively.

Hole MGDH24-002 was drilled to the south from the same platform as MGDH24-001 to a depth of 453.15 m. This hole targeted a magnetic body surrounded by strong induced polarization chargeability to the north and south. The hole cut a similar volcanic rock sequence as MGDH24-001, intruded by a narrow dacite porphyry dike at 62.45m depth, several hydrothermal breccias, and granodiorite at 225.8 depth. Oxidation from surface to 66 m depth is associated with moderate to intense argillic alteration with up to 20% iron oxides (goethite-limonite). The alteration transitions to quartz-sericite-pyrite beneath the zone of oxidation with pyrite reaching 10% as disseminations and in veins. Vein types include drusy quartz veins with pyrite and tourmaline, tourmaline-pyrite with traces of chalcopyrite and molybdenite, and magnetite veinlets. The dacite porphyry hosts pyrite up to 6% pyrite as disseminations and in veinlets, and iron oxides filling fractures when oxidized. The granodiorite exhibits chlorite alteration overprinted by quartz-sericite-tourmaline-pyrite in veins and zones of replacement with molybdenite and chalcopyrite. The granodiorite is cut by 105.1 m of tourmaline breccia with highly altered quartz-tourmaline-replaced granodiorite clasts with pyrite and traces of chalcopyrite and molybdenite. A late-mineral porphyritic granodiorite with mineralized xenoliths of quartz-tourmaline-chalcopyrite and disseminated chalcopyrite (up to 0.5%) intrudes the older granodiorite between 399.85 m and 409.05 m depth (Figure 3E). Trace chalcopyrite and molybdenite associated with quartz-tourmaline veinlets occurs to the end of the hole (Figure 3F). A 2.0 m interval from 89.0 m depth contains 1.8 gpt gold and 0.35% copper (Figure 3D). Excluding this zone, low-level enrichment of gold, copper, and molybdenum occurs, reaching values of 0.296 gpt, 1,480 ppm (0.148%), and 149.5 ppm, respectively.

Hole MGDH24-003 was drilled to the south from a platform 100 m south of MDGH24-001/002 where it was stopped prematurely at a depth of 234.1m in a fault zone. The hole was intended to drill beneath higher temperature advanced argillic alteration identified at surface by Terraspec analysis and a moderate strength chargeability response adjacent to a magnetic high. The surface alteration is characterized by silicified volcanic rocks with pyrophyllite, diaspore, zunyite, muscovite-sericite, and biotite (Figure 2). The hole intersected andesitic tuff and andesite from surface to 130.59 m depth. The andesitic tuff hosts iron oxides (goethite-limonite) up to 20% in fractures and veinlets whereas the andesite has rounded volcanic clasts with chlorite alteration overprinted by sericite-quartz-pyrite (phyllic) alteration and hosts pyrite up to 7% as disseminations and veinlets with quartz-tourmaline-anhydrite and traces of chalcopyrite. Pyrite veins with sericite halos are interpreted as “D” veins (Figure 3H). Three intervals of hydrothermal breccia were intersected between intervals of granodiorite. The breccias have quartz-tourmaline matrix and clasts of tuff and granodiorite. Magnetite occurs in clasts up to 3% and with quartz-tourmaline-pyrite veins with traces of chalcopyrite. A 1.5 m interval from 127.5 m depth contains 11.05 gpt gold that occurs at the contact between andesitic tuff, hydrothermal breccia and granodiorite associated with quartz-sericite-pyrite veining (Figure 3G). Sections of the breccia and granodiorite show evidence of acid leaching with cavities filled with tourmaline and pyrite. An interval of partially leached granodiorite from 185.45 m-197.75 m has elevated gold of 0.190 to 0.322 gpt. The hole was stopped prematurely at 234.1 m depth in hydrothermal breccia (Figure 3I) after cutting 40 m of broken rock with fault gauge, preventing the hole reaching its target depth of 400 m (Figure 2). It is possible this target is associated with proximal porphyry mineralization and is a high priority for the next phase of drilling.

The patterns of alteration and sulfide mineralization seen to date confirm a large hydrothermal system driven by intrusive activity. Key features include the extensive phyllic alteration, abundant disseminated pyrite and quartz-tourmaline-sulfide veins with subordinate chalcopyrite and molybdenite interpreted as pyrite halos, features that are common in porphyry systems. Strong copper-gold-silver mineralized tourmaline breccia pipes previously explored to the north, and those yet to be drilled at Compañero in the southwest, are believed to be part of the mineral system and also related to copper and gold-bearing porphyry intrusions. Understanding the low-level anomalous gold enrichment and alteration mineral assemblages at Mega-Gold are key to developing vectors to higher temperature zones where mineralized intrusions may occur.

Contract with Hyperspectral Intelligence Inc (HII)

Chakana has entered into a contract with Hyperspectral Intelligence Inc. (HII), based in Gibsons, Canada, to utilize the geoLOGr hyperspectral core scanning system. This collaboration involves using the geoLOGr to scan core samples from the current drilling program, as well as select drill holes from previous drilling activities. The geoLOGr is a cost-effective, portable, high-resolution, continuous core scanning technology designed to identify alteration minerals associated with various mineral deposit types. When systematically applied, the interpretation of geoLOGr results can reveal mineral zoning patterns that are important for exploration drilling campaigns.

Rick Rule Investment Symposium

Chakana is an invited participant to The Rule Symposium, July 7-11, 2024, in Boca Raton, Florida. Investors are encouraged to visit with management in the exhibit hall to learn more about the Soledad project and recent drill results.

Condor Resources Option Agreement

Chakana has an option agreement with Condor Resources on three claims (1,054 hectares) at the northern end of the expanded Soledad project, representing approximately 25% of the mineral rights Chakana controls. Under the terms of the agreement, Chakana was scheduled to complete a US$1,000,000 payment to Condor on June 23, 2024, to maintain its option, subject to a 90-day period to resolve any late payments. This payment has not yet been made and the companies are in active discussions on the matter.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration Company that is currently advancing the expanded Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated February 23, 2022), with an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods, plus an additional Inferred Resource of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods. The total initial Inferred Resource contains 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper.

In addition, extensive multidisciplinary exploration has defined 154 exploration targets, 28 of which have been tested to date (18%) by drilling, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are well positioned as the Soledad Project provides exposure to copper and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

Results of an initial inferred mineral resource estimate and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are available on Chakana’s profile at www.sedar.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blanks, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS61 following a 4-acid digestion (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by fire assay (AA24) on a 50g sample and GRA22 when values exceed 10 g/t by AA24. Over-limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Over-limit sulfur is determined by oxidation, induction furnace and infrared spectroscopy (S-IR08). Soil samples are analyzed by ME-MS61 following a 4-acid digestion and for gold by Fire Assay on a 30g sample (Au-ICP21).

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD
(signed) “David Kelley“
David Kelley
President and CEO

For further information contact:
Phone: 720-233-2166
Email: info@chakanacopper.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs 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.

Figure 1 – Map showing defined targets by type for the expanded Soledad project. Principal target areas on the south side that are being drill tested in the current program include the Estremadoyro tourmaline breccia pipe, the Mega-Gold porphyry target area, and the La Joya high-sulfidation epithermal alteration zone. Breccia pipes included in the initial inferred resource estimate labeled in dark blue.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/215180_0b1e941de477cb8f_001full.jpg

Figure 2 – Plan view and section for Mega-Gold drilling to date. Plan view shows location of drill holes and section lines overlain on gold in soil. Section shows fence diagram for reported holes (MGHD24-001, MGDH24-002, and MGDH24-003) overlain on interpreted geology.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/215180_0b1e941de477cb8f_002full.jpg

Figure 3 – Select core photos from initial Mega-Gold scout holes reported in this release: A) MGDH24-001 (118.56m): lithic tuff with strong quartz-sericite-pyrite alteration; B) MGDH24-001 (154.4m): lithic tuff with pyrite veinlets; C) MGDH24-001 (228.85m): lithic tuff with sheeted quartz-pyrite-molybdenite veins; D) MGDH24-002 (88.65m-91.35m): contact between volcanic breccia and lithic tuff; quartz-sericite-pyrite veins and disseminated pyrite overprinting chlorite alteration; interval from 89-91m contains 1.8 gpt gold and 0.35% copper; E) MGDH24-002 (400.25m): late-mineral granodiorite with xenolith of quartz-tourmaline-chalcopyrite; F) MGDH24-002 (446.65m): granodiorite replaced by quartz-tourmaline cut by tourmaline-chalcopyrite vein; G) MGDH24-003 (126.65m-129.40m): andesite with strong quartz-pyrite-tourmaline alteration; interval from 127.5-129.0m contains 11.05 gpt gold; H) MGDH24-003 (125.6m): andesite cut by pyrite-sericite vein (D vein); I) MGDH24-003 (234.05m): clast-supported hydrothermal breccia; strongly leached matrix. Core diameter is 6.35cm (HQ) in all instances.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/215180_0b1e941de477cb8f_003full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215180

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