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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

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.

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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.

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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.

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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.

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Tyro Mine Zone

The Tyro Mine Zone, shown in Figure 5, a N30oE-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.

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

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Northeast Tyro Zone

The Northeast Tyro Zone extends from the top of Tyro Hill (Figure 1) at N60oE 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 30and 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.

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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

Categories
Base Metals Energy Junior Mining Uncategorized

Strathmore Triples Length of Mineralized Trend at Agate

Kelowna, British Columbia–(Newsfile Corp. – July 9, 2024) – Strathmore Plus Uranium Corporation (TSXSUU) (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% eU3Ofrom 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% eU3Ofrom 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 & 27th.

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:
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Hole IDLatitudeLongitudeDepth (ft)Top (ft)Bottom (ft)Thickness (ft)Grade % eU3O8Grade x Thickness
AG-101-2442.30469(106.29538)12080.586.05.50.0170.094
AG-102-2442.30502(106.29534)12084.598.013.50.0260.351
AG-103-2442.30474(106.29495)12074.582.58.00.0350.280
AG-104-2442.30447(106.29533)10081.087.06.00.0190.114
AG-105-2442.30500(106.29573)12086.598.512.00.0140.168
AG-106-2442.30472(106.29573)10079.083.04.00.0370.148
86.589.02.50.0460.115
AG-107-2442.30446(106.29579)12080.583.53.00.0340.102
88.592.54.00.0440.176
AG-108-2442.30529(106.29531)12088.090.02.00.0230.046
AG-109-2442.30558(106.29533)12084.587.02.50.0310.078
89.599.510.00.0320.320
AG-110-2442.30531(106.29493)12082.592.510.00.0190.190
AG-111-2442.30477(106.29610)12083.092.09.00.0260.231
AG-112-2442.30505(106.29608)12081.585.03.50.0230.081
AG-113-2442.30505(106.29493)12083.093.010.00.0220.219
AG-114-2442.30528(106.29573)12084.595.511.00.0140.154
AG-115-2442.30566(106.29493)12088.089.51.50.0310.047
AG-116-2442.30561(106.29456)12083.087.54.50.0270.122
AG-117-2442.30590(106.29494)12075.087.512.50.0150.188
AG-118-2442.30589(106.29459)12087.0100.513.50.0240.324
AG-119-2442.30553(106.29558)12087.5105.518.00.0330.594
AG-120-2442.30293(106.29702)140BARREN
AG-121-2442.30318(106.29700)120BARREN
AG-122-2442.30346(106.29699)12089.594.55.00.0220.110
AG-123-2442.30322(106.29739)14090.092.02.00.0240.048
94.0101.07.00.0140.098
AG-124-2442.30349(106.29736)14090.095.05.00.0170.085
AG-125-2442.30373(106.29697)12091.094.03.00.0270.081
AG-126-2442.30319(106.29662)12084.088.54.50.0190.086
AG-127-2442.30374(106.29738)14097.099.02.00.0150.030
AG-128-2442.30320(106.29744)14092.098.06.00.0130.078
AG-129-2442.30370(106.29668)12086.588.52.00.0130.026
AG-130-2442.30402(106.29697)12090.094.54.50.0590.266
AG-131-2442.30360(106.27836)13019.027.08.00.0300.242
31.534.02.50.0220.055
41.043.02.00.0280.056
AG-132-2442.30414(106.27911)10037.542.04.50.0290.131
48.550.52.00.0120.024
63.565.52.00.0120.024
AG-133-2442.30417(106.27866)10037.539.52.00.0130.026
41.563.522.00.0130.288
68.071.03.00.0150.045
AG-134-2442.30387(106.27872)12042.550.58.00.0130.105
56.058.52.50.0130.033
62.564.52.00.0110.022
AG-135-2442.30389(106.27831)12016.032.516.50.0350.578
34.036.52.50.0130.033
44.048.54.50.0250.113
AG-136-2442.30335(106.27836)1009.513.03.50.0130.046
20.024.04.00.0120.048
35.542.57.00.0140.095
45.049.04.00.0140.056
AG-137-2442.30365(106.27874)14017.528.010.50.0320.336
32.536.03.50.0270.095
AG-138-2442.30446(106.27828)12036.540.54.00.0620.248
Hole IDLatitudeLongitudeDepth (ft)Top (ft)Bottom (ft)Thickness (ft)Grade % eU3O8Grade x Thickness
AG-139-2442.30417(106.27832)12043.549.05.50.0180.099
AG-140-2442.30387(106.27802)12033.536.53.00.0160.048
40.044.04.00.0130.052
AG-141-2442.30445(106.27869)12035.041.56.50.0130.085
67.069.02.00.0120.024
AG-142-2442.30469(106.27872)12034.036.02.00.0350.070
62.565.02.50.0150.038
70.072.02.00.0140.028
AG-143-2442.30500(106.27869)12030.544.514.00.0460.644
51.056.05.00.0100.052
64.571.06.50.0120.076
AG-144-2442.30503(106.27821)12016.023.07.00.0130.094
30.532.52.00.0410.082
36.540.54.00.0380.152
AG-145-2442.30559(106.27820)12018.020.02.00.0120.024
23.028.05.00.0110.055
33.536.02.50.0120.030
44.048.54.50.0140.063
53.057.04.00.0140.056
61.064.53.50.0130.044
71.073.52.50.0120.030
AG-146-2442.30535(106.27869)12020.523.53.00.0130.038
25.548.022.50.0140.304
AG-147-2442.30580(106.27865)12029.044.515.50.0510.791
57.068.011.00.0130.143
AG-148-2442.30610(106.27818)12028.031.53.50.0110.037
35.048.013.00.0130.165
54.056.52.50.0110.027
AG-149-2442.31234(106.29066)140101.0104.53.50.0460.161
110.5116.56.00.0110.068
AG-150-2442.31252(106.29057)140103.5107.54.00.0100.042
AG-151-2442.31322(106.29053)14095.0106.011.00.0790.869
AG-152-2442.31321(106.29016)160101.0105.54.50.0490.221
AG-153-2442.31352(106.29048)140BARREN
AG-154-2442.31353(106.29015)14093.095.52.50.0270.068
AG-155-2442.31353(106.28978)14090.593.02.50.0390.098
94.5100.05.50.0600.330
AG-156-2442.31321(106.28978)16098.5108.09.50.0560.532
AG-157-2442.31293(106.29090)140100.5103.02.50.0370.093
104.5106.52.00.0250.050
AG-158-2442.31321(106.29090)14092.597.04.50.0120.054
AG-159-2442.31321(106.28945)160107.0109.02.00.0280.056
AG-160-2442.31351(106.28942)14095.099.54.50.0440.198
AG-161-2442.31364(106.28944)14091.5102.511.00.0210.231
AG-162-2442.31295(106.29128)14077.579.52.00.0360.072
87.5103.516.00.0671.072
AG-163-2442.31269(106.29129)140107.0108.51.50.0130.020
AG-164-2442.31266(106.29090)14099.5105.05.50.0330.182
AG-165-2442.31266(106.29168)140105.0107.52.50.0130.033
AG-166-2442.31298(106.29164)14083.586.02.50.0370.093
AG-167-2442.31295(106.29201)14080.583.02.50.0290.073
Hole IDLatitudeLongitudeDepth (ft)Top (ft)Bottom (ft)Thickness (ft)Grade % eU3O8Grade x Thickness
85.587.52.00.0400.080
89.591.52.00.0270.054
AG-168-2442.31251(106.29198)14078.580.52.00.0680.136
91.594.02.50.0110.028
97.5104.06.50.0140.088
AG-169-2442.31230(106.29179)14096.0100.54.50.0140.063
102.0107.05.00.0140.070
AG-170-2442.31241(106.29229)140101.0104.53.50.0130.046
AG-171-2442.31270(106.29229)14090.092.52.50.0150.038
94.5101.06.50.0130.085
105.5107.52.00.0110.021
AG-172-2442.31216(106.29212)14097.0107.010.00.0140.138
AG-173-2442.31213(106.29257)140101.5107.05.50.0680.374
AG-174-2442.31246(106.29262)140BARREN
AG-175-2442.31191(106.29215)140103.5111.07.50.1280.960
AG-176-2442.31196(106.29282)140BELOW CUTOFF
AG-177-2442.31175(106.29253)14059.563.03.50.0120.042
108.5112.03.50.0200.070
AG-178-2442.31162(106.29217)14051.053.02.00.0110.022
69.572.53.00.0130.040
109.5113.54.00.0100.041
AG-179-2442.31186(106.29178)140109.0112.03.00.0450.135
AG-180-2442.31231(106.29144)14085.091.56.50.1220.793
95.099.04.00.0380.152
AG-181-2442.31135(106.29262)14080.586.05.50.0230.127
101.5113.011.50.0150.172
AG-182-2442.31129(106.29219)140100.0112.012.00.0140.168
AG-183-2442.31209(106.29182)140100.0102.52.50.0370.093
105.0108.53.50.0140.050
112.0114.02.00.0120.024
AG-184-2442.31204(106.29146)14096.099.53.50.0550.193
100.0110.510.50.0140.147
AG-185-2442.31220(106.29104)14084.586.52.00.0120.024
93.596.02.50.0150.038
98.0103.05.00.0180.090
105.0107.02.00.0100.020
AG-186-2442.31108(106.29362)140112.0121.09.00.0620.558
AG-187-2442.31076(106.29367)140115.0117.02.00.0330.066
117.0129.012.00.0120.141
AG-188-2442.31065(106.29429)140110.5129.018.50.0120.221
AG-189-2442.31040(106.29429)140109.0111.52.50.0230.058
116.5121.55.00.0120.062
AG-190-2442.31080(106.29329)140108.5113.55.00.0930.465
AG-191-2442.31046(106.29470)160124.5132.07.50.0150.113
AG-192-2442.31022(106.29472)140111.0116.05.00.0120.062
117.5127.09.50.0170.162
AG-193-2442.31029(106.29502)14096.0101.05.00.0120.058
113.5122.59.00.0140.122
124.0130.06.00.0160.096
AG-194-2442.31015(106.29529)140112.5120.58.00.0160.128
AG-195-2442.31095(106.29429)160130.0133.53.50.0160.056
Hole IDLatitudeLongitudeDepth (ft)Top (ft)Bottom (ft)Thickness (ft)Grade % eU3O8Grade x Thickness
AG-196-2442.31353(106.28906)14096.0100.04.00.0290.116
AG-197-2442.31352(106.28869)14097.0103.06.00.0130.078
AG-198-2442.31373(106.28866)14097.0105.08.00.0330.266
AG-199-24-MW42.31395(106.28670)125NOT LOGGED
AG-200-24-MW42.31502(106.28512)13082.597.515.00.1161.740

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.

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

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

Categories
Energy Exclusive Interviews Junior Mining Precious Metals

Dolly Varden Silver: Striking High Grades Early

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).

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Categories
Energy Junior Mining

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

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

Categories
Base Metals Energy Junior Mining

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

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

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces That It Has Entered into Credit Agreement for a $35 Million Loan with Franco-Nevada Corporation

V

ancouver, British Columbia–(Newsfile Corp. – June 20, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce it has entered into a credit agreement (the “Credit Agreement“) with a wholly-owned subsidiary (the “Lender“) of Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV) (“Franco-Nevada“) to borrow $35 million (the “Loan“). The Company will use the proceeds of the Loan to repay the $34.66 million outstanding balance of the loan owed to Sprott Private Resource Lending II (Collector), LP (“Sprott“) and for general working capital purposes. The Company anticipates that the funding of the Loan will take place in July 2024.

The Company is pleased to further develop its working relationship with Franco-Nevada. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities. Franco-Nevada is also a key EMX shareholder.

Credit Agreement – The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company’s net debt to adjusted EBITDA (see table below), adjusted quarterly.

Ratio of Net Debt / Adjusted EBITDA:Applicable Interest Rate (per annum):
< 1.00:1Term SOFR plus 300 basis points
>= 1.00:1 and <1.50:1Term SOFR plus 325 basis points
>= 1.50:1 and <2.00:1Term SOFR plus 350 basis points
>= 2.00:1 and <3.00:1Term SOFR plus 375 basis points
>= 3.00:1Term SOFR plus 425 basis points

On closing, the Company will pay a commitment fee equal to 1% of the principal amount of the Loan. During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis.

The Loan will be secured by a general security agreement over the assets of EMX and share pledges by certain of EMX’s subsidiaries, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries. Closing and the advance of the Loan are subject to customary conditions precedent, including the delivery of the above-noted security.

All amounts referred to herein are to United States dollars.

About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

About Franco-Nevada – Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol “FNV” on both the Toronto and New York stock exchanges.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the expected timing for the closing of the Loan, the satisfaction of the conditions of closing of the Loan and the expected use of proceeds from the Loan, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to satisfy the conditions of closing of the Loan or being unable comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213593

Categories
Energy Junior Mining Precious Metals

Gold79 Saddened by Passing of Director James M. Franklin

Ottawa, Ontario–(Newsfile Corp. – June 27, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) announces with great sadness the passing last week of the Company’s longest standing Director, Dr. James M. Franklin.

Dr. Franklin, or Jim to his many colleagues across academia and the minerals industry, served as a Director of Gold79 and its predecessor Aura Resources, from its inception in 2003. In 1996, Jim was elected a Fellow of the Royal Society of Canada’s Academy of Science and in 2019 he was inducted into the Canadian Mining Hall of Fame which are just two examples of Jim’s significant achievements among numerous additional awards and recognition across the geoscience world. His contributions to the understanding of the Canadian Shield and associated mineral deposits gained Jim global acclaim. His sharp and inquisitive scientific mind was always on display and contributed to the learning of students and executives alike. Jim was always instrumental in assuring that exploration was based upon solid field work, keen observations and good science.

Derek Macpherson, President and CEO stated, “Jim was a valued colleague and a fountain of knowledge on numerous subjects. His contributions, positive attitude and encyclopedic knowledge of geology and projects will be missed by the entire team at Gold79. We extend our deepest condolences to his family.

To more fully understand the significance of Jim’s career and lifetime achievements we encourage readers to view the Jim Franklin Tribute Video developed by the Canadian Mining Hall of Fame at this link:

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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/214496

Categories
Base Metals Energy Junior Mining Precious Metals

Grizzly Targets the Motherlode Crown Grants in the Greenwood District Precious and Battery Metals Project, BC

Edmonton, Alberta–(Newsfile Corp. – June 25, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to provide some highlights of historical information on the Motherlode Crown Grants for which the Company entered a purchase agreement with First Majestic Silver Corp on June 12, 2024, host to the historical Motherlode, Sunset, Sunrise and Greyhound mines that, at various times during the early and middle 1900’s, produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings (Figures 1 & 2). The Motherlode Crown Grants comprise 13 Crown Grants for a total of 300 acres (121.4 ha) that all retain the subsurface mineral rights and date back to the late 1800’s when they were granted. The Crown Grants take precedence over normal mineral titles mineral claims. The Crown Grants cover a number of historical mines, including the Motherlode that produced 76,975,111 pounds of Cu, 173,319 ounces (oz) of Au and 688,203 oz of Ag during the active periods of mining from 1900 to 1920 and from 1957 to 1962. The Motherlode skarn mineralization is developed in Triassic Brooklyn Formation sediments (BC Minfile 082ESE034). The Motherlode Mine is road accessible approximately 2.5 km northwest of the town of Greenwood (Figure 1).

Highlights

  • Drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the pit in the vicinity of the historical underground workings (Figures 2 and 3).
  • Drillhole 96-8 encountered gold in almost every sample including a weighted average grade of 0.23 grams per tonne (g/t) Au over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in proper skarn towards the bottom of the hole (Figure 3).
  • The Main Motherlode skarn was intersected at the bottom of the drillhole and returned 2.5 g/t (0.073 oz per ton [opt]) over 4.88 m (16 ft) at the end of the drillhole from skarnified Brooklyn limestone, that is associated with a strong AeroTEM conductivity anomaly (Figure 2).
  • The drillhole collared in Brooklyn Sharpstone conglomerate and drilled through alternating skarn an altered diorites along the length of the drillhole, with the main zone at the end of the hole characterized by increased quartz-carbonate-chalcopyrite veining and volumetric chalcopyrite.
  • The hole was ended due to technical difficulties. Strathcona Mineral Services recommended follow-up drilling which has never been completed.
  • A drillhole completed on the Great Hopes Crown Grant in 1993 by Orvana Minerals intersected 3.30 g/t (0.096 opt) Au over 25 ft (7.62 m) near surface in faulted sediments beside the Greyhound fault zone with a core zone of 6.69 g/t (0.195 opt) Au over 10 ft (3.05 m) (Figure 2).
  • Follow-up drilling in 1996 was focused on IP chargeability anomalies and struggled with core recovery in the fault zone – so the zone intersected has not been properly follow-up tested.

Brian Testo, President and CEO of Grizzly Discoveries, stated, “We are excited to complete the acquisition of the historical Motherlode Crown Grants and the targets that they provide. We look forward to aggressive 2024 drilling at the Motherlode area and other high grade Au-Ag-Cu showings and historical mines along with additional exploration for battery metals in our current 170,000+ acre holdings in the Greenwood District.

Figure 1: Land position and targets of interest for future exploration, Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/214278_973f5d9534c88b70_002full.jpg

Figure 2: Motherlode Crown Grants, Historical Drilling and AeroTEM Survey Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/214278_973f5d9534c88b70_003full.jpg

Figure 3: Motherlode Historical Drillhole ML96-8 Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/214278_973f5d9534c88b70_004full.jpg

Summary of the Motherlode Crown Grant Purchase Terms

  • The Company will cover all costs related to the transfer of the Crown Grants from First Majestic to the Company.
  • As consideration, Grizzly will issue First Majestic 250,000 common shares of the Company (the “Compensation Shares”) upon closing of the transaction.
  • At closing, the Company will grant a 1% Net Smelter Return (NSR) Royalty on the Crown Grants to First Majestic and retains an option to purchase the NSR Royalty for $250,000 at any time.

The issuance of the Compensation Shares is subject to the acceptance of the TSX Venture Exchange.

The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com

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

Caution concerning forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available under the Company’s SEDAR+ profile at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214278

Categories
Base Metals Energy Exclusive Interviews Precious Metals

Dolly Varden Silver – 2024 Gold, Silver Drill Program

Joining us for a conversation is Rob Van Egmond, Vice-President of Exploration for Dolly Varden Silver, which has just announced another ambitious discovery and exploration drill program on the high-grade gold/silver Kitsault Valley Project located in the prolific Golden Triangle of British Columbia. Find out why Rick Rule, Eric Sprott, Fidelity, Fury Gold Mines, Hecla Mining, Sprott USA, Delbrook and high-net worth investors are long-term shareholders in Dolly Varden Silver!

Website: https://provenandprobable.com/
Share this interview: https://youtu.be/SEV6TZHzzDQ
Website: https://dollyvardensilver.com/
Corporate Deck: https://dollyvardensilver.com/presentation/

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Categories
Energy Junior Mining Precious Metals

Lion One Drills 448.98 g/t, 202.34 g/t, and 108.5 g/t Gold at Tuvatu, Provides Operations Update

North Vancouver, British Columbia–(Newsfile Corp. – April 25, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji and provides an update to mining operations at Tuvatu.

Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu and include multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89 g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in the short term. The results included in this news release are from drill holes that targeted the URW1 and Murau lode systems proximal to underground development. Previous results from Zone 2 drilling are available in the news releases dated October 19, 2023 and September 14, 2023.

Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode is ongoing, with two leadings stopes underway and sublevels being driven for a gallery stope. Longhole production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating production tonnes in mid-May.

Highlights of Zone 2 drill results (3.0 g/t cutoff):

  • 226.55 g/t Au over 0.6 m (including 448.98 g/t Au over 0.3 m) (TGC-0113, from 84.6 m depth)
  • 18.35 g/t Au over 4.8 m (including 40.99 g/t Au over 0.6 m) (TUDDH-686A, from 128.9 m depth)
  • 9.99 g/t Au over 8.1 m (including 30.34 g/t Au over 0.3 m) (TGC-0121, from 65.0 m depth)
  • 82.35 g/t Au over 0.9 m (including 82.35 g/t Au over 0.9 m) (TGC-0110, from 65.1 m depth)
  • 7.48 g/t Au over 9 m (including 20.78 g/t Au over 0.9 m) (TGC-0118, from 86.3 m depth)
  • 105.86 g/t Au over 0.6 m (including 202.34 g/t Au over 0.3 m) (TGC-0121, from 83.3 m depth)
  • 14.9 g/t Au over 4.2 m (including 21.44 g/t Au over 2.4 m) (TUDDH-698, from 146.3 m depth)
  • 8.27 g/t Au over 7.2 m (including 25.58 g/t Au over 0.3 m) (TGC-0127, from 66.0 m depth)
  • 27.94 g/t Au over 2.1 m (including 54.65 g/t Au over 0.9 m) (TGC-0118, from 66.2 m depth)
  • 15.72 g/t Au over 3.6 m (including 25.53 g/t Au over 1.2 m) (TUDDH-682, from 74.3 m depth)
  • 16.29 g/t Au over 3.3 m (including 46.63 g/t Au over 0.6 m) (TGC-0130, from 107.8 m depth)
  • 33.92 g/t Au over 1.5 m (including 92.89 g/t Au over 0.3 m) (TGC-0134, from 113.8 m depth)
  • 20.86 g/t Au over 2.4 m (including 23.67 g/t Au over 1.2 m) (TGC-0125, from 14.4 m depth)
  • 11.08 g/t Au over 4.5 m (including 46.77 g/t Au over 0.6 m) (TGC-0102, from 41.4 m depth)
  • 13.18 g/t Au over 3.3 m (including 22.4 g/t Au over 0.9 m) (TGC-0125, from 100.2 m depth)

Highlights of operations update:

  • 2,630 m of sludge hole drilling complete in the URW1 and Murau lodes in Zone 2.
  • Airleg mining of the UR2 leading stopes ongoing in Zone 5.
  • Two longhole drill rigs successfully commissioned.
  • Two remote capable loaders to be commissioned by early May.
  • Upgrades to CIL circuit advancing, two new blowers to be installed in late April and early May.

Figure 1. Location of Zone 2 infill and grade control drillholes. Left image: Plan view of Tuvatu showing Zone 2 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Oblique view of Zone 2 infill and grade control drilling looking approximately northeast.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_001full.jpg

Table 1. Highlights of composited infill and grade control drill results in the Zone 2 area, 3.0 g/t Au cutoff. For full results see Table 3 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TGC-011384.685.20.6226.55
including84.684.90.3448.98
TUDDH-686A128.9133.74.818.35
including128.9129.50.620.80
and129.5130.10.640.99
and130.7131.30.69.97
and131.9132.80.930.02
and132.8133.40.618.88
and133.4133.70.313.23
TGC-012165.073.18.19.99
including65.065.30.330.34
and68.369.20.911.96
and70.171.31.222.51
and71.372.20.912.22
and72.273.10.915.63
TGC-011065.166.00.982.35
TGC-011886.395.39.07.48
including87.288.10.920.27
and91.192.31.28.33
and93.294.10.920.78
TGC-012183.383.90.6105.86
including83.383.60.39.38
and83.683.90.3202.34
TUDDH-698146.3150.54.214.90
including146.3146.90.620.45
and146.9147.50.628.43
and147.5148.10.620.89
and148.1148.70.615.99
and149.3150.51.28.96
TGC-012766.073.27.28.27
including66.066.60.625.25
and67.267.80.68.10
and69.970.20.315.57
and70.270.50.313.03
and70.571.10.67.91
and71.171.40.36.29
and71.471.70.319.87
and71.772.00.325.58
TGC-011866.268.32.127.94
including66.267.10.954.65
and67.168.31.27.91
TUDDH-68274.377.93.615.72
including74.375.51.225.53
and76.477.30.911.87
and77.377.90.625.25
TGC-0130107.8111.13.316.29
including107.8108.40.68.66
and108.4109.00.646.63
and109.0109.60.617.82
and110.2111.10.98.16
TGC-0134113.8115.31.533.92
including113.8114.10.358.96
and114.1114.40.392.89
and114.4114.70.39.39
TGC-012514.416.82.420.86
including14.414.70.38.60
and14.715.91.223.67
and15.916.80.921.22
TGC-010241.445.94.511.08
including41.4420.615.02
and42.943.50.646.77
and43.543.80.311.96
and44.745.30.67.21
TGC-0125100.2103.53.313.18
including100.2100.80.625.65
and100.8101.10.315.69
and101.1101.40.310.76
and102.3102.60.315.92
and102.9103.20.321.22
and103.2103.50.330.11

Zone 2 Drilling

The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW1 and Murau lode systems are the primary mineralized systems in Zone 2, with production mining starting first in URW1 and then in Murau. A total of 38 drill holes are reported in this news release, including 18 targeting the URW1 lodes and 20 targeting the Murau system.

The URW1 drilling reported here was designed to provide grade control results between the 1161 and 1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the 1101 level. Leading edge airleg stoping has been completed on the 1141 level, and a 5 m wide access drive on the 1161 level has also been completed. The 1161 access drive will provide longhole drill and underground loader access to the upper part of the URW1 lode system for mechanized production.

Figure 2. Zone 2 URW1 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Drilling below the 1101 level is targeting URW1 down-dip extension, drilling above the 1101 level is grade control drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_002full.jpg

The Murau drilling reported here was designed to provide infill and grade control results in the upper portion of the Murau lode system, which will be the first part of the system to be mined and is scheduled for production in Q3 2024. The Murau lode system dips moderately to the SSW and is open down dip and at depth. The upper portion of the system that is targeted for near-term mining has a strike length of 80m and extends down dip for a length of 100 m.

Figure 3. Zone 2 Murau drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. The Murau lode system will be the second area to enter production in Zone 2 after the URW1 lode system. The drilling shown here is infill and grade control drilling in the upper portion of the system. View is to the southeast, looking approximately down the decline from the entrance portal. The intersections on the bottom left of the image represent newly discovered mineralized lodes to be followed up with near-mine exploration drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/206800_93e3f6c7e4916a2f_003full.jpg

Operations Update

The URW1 lodes will be the first at Tuvatu to undergo mechanized production mining. Development has been ongoing across the 1101, 1121, 1141, and 1161 levels in advance of production. A leading airleg stope has been completed on the 1141 level, and the 1141 A and B vein drives are undergoing stripping to facilitate larger equipment, in preparation for bulk stoping. An access drive has been completed on the 1161 level and will provide access for the longhole drills and larger loaders.

The URW1 lodes consist of primary subvertical veins with a halo of stockwork mineralization. Sludge drilling is being conducted in advance of mining to confirm the extent of stockwork mineralization beyond the primary vein as well as to inform the final stope design. A total of 1,930 m of sludge hole drilling has been completed in the URW1 lode system. Sludge hole drilling on the 1101 level is complete (1,200 m) and is ongoing on the 1121 and 1141 levels (730 m complete to date). Longhole drilling will commence in the URW1 lode system in late April with production mining of the 1101 level starting in May. Sludge drilling has also commenced on the Murau lode system with 700 m complete to date.

Figure 4. Zone 2 mine development and sludge drilling. Sludge drilling on the 1101 level is complete and is ongoing on the 1121 and 1141 levels. Longhole drilling is scheduled to begin on the 1101 level in late April.

To view an enhanced version of this graphic, please visit:
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In Zone 5, airleg stoping on the UR2 lode is underway on the 1130 North level and on the 1120 South level. Airleg development is ongoing on the URW3 lode with airleg rises planned above the 1126 Sublevel. Mineralization in the UR2 and URW3 lodes is predominantly subvertical high-grade narrow-vein gold with minimal stockwork veining. Longhole mining is scheduled to take place in Zone 5 on the 1120 North UR2 drive, beginning in May.

Figure 5. Oblique view of Zone 5 development. Airleg stoping of the UR2 lode is ongoing on the 1130 North and 1120 South levels. Airleg development on the URW3 lode is ongoing on the 1126 Sublevel. The first area scheduled for longhole mining in Zone 5 will be the 1120 North drive on the UR2 lode.

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Two remote-capable loaders required to facilitate the extraction of material from longhole stopes have been acquired. A CAT 1700 loader fitted with remote technology will be commissioned in May for bogging of the 1101 bulk stope at the URW1 lodes, and a CAT 1300 remote loader from Australia is now on site and will also be commissioned in early May. These loaders will enable increased production from the mine.

The first of two blowers ordered to upgrade the CIL circuit and improve aeration within the tanks has arrived on site and will be installed by April 30, 2024. The second blower is scheduled to arrive by the end of April and will be installed in early May. Air sparger installation in the CIL tanks was completed in April resulting in improved aeration and gold recovery in the CIL circuit, with gold recoveries of over 80% achieved. Installation of the new blowers is anticipated to further improve aeration and recoveries in the CIL circuit.

Qualified Person (NI43-101)
In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.

Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of 7 diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

Contact Information
Investor inquiries: info@liononemetals.com
Phone:1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDepth
TGC-01021876266392076815224.7-60.365.6
TGC-01031876266392076815226.6-45.671.8
TGC-01041876267392076315252.9-45.662.6
TGC-01051876268392076215256.5-38.6200.7
TGC-01081876267392076215156.4-72.466.7
TGC-01101876268392076315350.6-17.680.2
TGC-01111876268392076315354.3-10.880.4
TGC-01131876269392075815385.0-2.0115.9
TGC-01151876269392075815376.83.9107.0
TGC-011718763753920628128355.2-19.0135.0
TGC-01181876269392075815276.3-14.2107.3
TGC-011918763753920628127348.7-29.2120.7
TGC-012018763743920628128327.3-18.6150.0
TGC-01211876269392075815282.9-12.8107.3
TGC-01221876269392075715288.0-16.6113.3
TGC-012318763753920628128347.3-18.811.5
TGC-012418763753920628128341.3-19.4125.2
TGC-01251876268392075715292.7-36.5125.7
TGC-012618763753920628127341.0-26.1120.8
TGC-01271876268392075715198.6-70.083.5
TGC-012818763753920628128330.3-19.7120.4
TGC-012918762673920756151135.1-79.626.2
TGC-013018763753920628128338.6-8.3130.3
TGC-013118762673920757151127.4-78.795.8
TGC-013218763753920628128350.0-19.511.5
TGC-013318763753920628128348.8-19.8135.3
TGC-013418763753920628128337.7-18.5125.0
TGC-013618763753920628127337.4-26.6120.7
TUDDH-6821876259392080320363.8-71.1101.4
TUDDH-6831876225392070921827.2-65.2170.5
TUDDH-6841876260392080220375.0-61.1100.0
TUDDH-6861876225392070921836.9-58.225.0
TUDDH-686A1876225392070921836.5-58.1160.1
TUDDH-6891876260392080120379.2-67.3105.1
TUDDH-6941876259392080320344.4-81.199.8
TUDDH-6971876259392080420336.6-69.296.2
TUDDH-6981876224392070821837.6-66.3180.0
TUDDH-7001876254392080220318.6-72.395.4

Table 3. Composited results from infill and grade control drillholes in the Zone 2 area (grade >3.0 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-01027.58.10.67.23
TGC-010218.318.60.35.56
TGC-010241.445.94.511.08
including41.4420.615.02
and42.943.50.646.77
and43.543.80.311.96
and44.745.30.67.21
and45.345.90.64.29
TGC-010248.348.60.36.56
TGC-010322.222.50.39.70
TGC-010325.826.10.311.26
TGC-010338.740.51.83.99
including38.739.60.93.84
and39.640.50.94.15
TGC-010341.743.51.810.38
including41.742.60.95.15
and42.642.90.327.32
and42.943.50.69.76
TGC-010350.752.82.15.29
including50.751.60.93.52
and52.252.50.310.85
and52.552.80.39.80
TGC-010419.219.50.315.22
TGC-010445.647.41.84.06
including45.646.20.69.88
and47.147.40.34.62
TGC-010449.850.40.63.46
TGC-010452.253.41.25.01
including52.252.50.33.08
and52.552.80.38.36
and52.853.40.64.31
TGC-010522.522.80.38.86
TGC-010546.547.71.210.88
TGC-010552.554.01.53.99
including52.552.80.33.79
and53.754.00.314.85
TGC-0105135.3136.20.94.32
TGC-0105181.2182.10.925.59
TGC-010813.213.50.35.25
TGC-010847.147.40.33.98
TGC-010848.950.11.25.43
TGC-011030.932.11.26.14
TGC-011039.940.20.3108.50
TGC-011060.961.20.33.60
TGC-011065.166.00.982.35
TGC-011068.169.00.94.83
TGC-011074.174.40.37.02
TGC-011143.243.80.63.24
TGC-011151.652.20.64.27
TGC-011156.156.70.69.85
TGC-011159.164.25.14.90
including59.159.70.63.51
and60.661.20.67.28
and61.862.40.67.06
and62.463.00.610.23
and63.063.60.66.67
and63.664.20.66.97
TGC-011168.469.00.612.07
TGC-011175.676.50.93.07
TGC-011178.679.20.64.36
TGC-011348.048.60.64.76
TGC-011366.666.90.34.87
TGC-011368.769.00.35.26
TGC-011370.872.31.55.53
including70.871.70.97.00
and71.772.30.63.33
TGC-011377.478.00.64.38
TGC-011382.582.80.36.77
TGC-011384.685.20.6226.55
including84.684.90.3448.98
and84.985.20.34.12
TGC-011515.015.30.35.18
TGC-011574.475.00.626.70
including74.474.70.34.44
and74.775.00.348.96
TGC-011579.279.80.67.43
TGC-011594.594.80.35.84
TGC-011781.982.20.39.30
TGC-011815.216.10.910.45
TGC-011866.268.32.127.94
including66.267.10.954.65
and67.168.31.27.91
TGC-011872.276.13.96.92
including72.273.10.96.79
and73.174.31.27.55
and74.375.20.96.79
and75.276.10.96.37
TGC-011882.184.22.14.10
including82.183.31.23.41
and83.384.20.95.02
TGC-011886.395.39.07.48
including86.387.20.95.20
and87.288.10.920.27
and88.189.31.25.46
and90.291.10.94.03
and91.192.31.28.33
and93.294.10.920.78
and94.195.31.24.00
TGC-011982.682.90.323.21
TGC-012115.816.40.67.17
including15.816.10.34.30
and16.116.40.310.05
TGC-012136.837.70.99.87
including36.837.10.35.95
and37.137.40.312.68
and37.437.70.310.99
TGC-012165.073.18.19.99
including65.065.30.330.34
and65.366.20.93.71
and67.168.31.23.92
and68.369.20.911.96
and70.171.31.222.51
and71.372.20.912.22
and72.273.10.915.63
TGC-012183.383.90.6105.86
including83.383.60.39.38
and83.683.90.3202.34
TGC-012190.291.10.96.28
TGC-012199.2100.10.96.46
TGC-012214.715.30.63.47
TGC-012222.523.40.913.80
including22.523.10.67.89
and23.123.40.325.64
TGC-012264.266.32.14.62
including64.264.80.69.79
and64.865.10.36.38
and65.766.30.63.22
TGC-0122111.6113.31.75.37
including111.6112.20.69.99
and112.8113.30.53.69
TGC-0124103.5103.80.313.87
TGC-012514.416.82.420.86
including14.414.70.38.60
and14.715.91.223.67
and15.916.80.921.22
TGC-012585.887.01.25.42
including85.886.10.35.16
and86.787.00.310.58
TGC-0125100.2103.53.313.18
including100.2100.80.625.65
and100.8101.10.315.69
and101.1101.40.310.76
and102.3102.60.315.92
and102.9103.20.321.22
and103.2103.50.330.11
TGC-012688.789.00.34.81
TGC-012710.210.50.33.38
TGC-012752.552.80.37.86
TGC-012766.073.27.28.27
including66.066.60.625.25
and67.267.80.68.10
and67.868.40.64.49
and68.469.30.94.33
and69.970.20.315.57
and70.270.50.313.03
and70.571.10.67.91
and71.171.40.36.29
and71.471.70.319.87
and71.772.00.325.58
and72.672.90.33.82
and72.973.20.34.43
TGC-01299.310.20.911.03
including9.39.60.318.79
and9.610.20.67.16
TGC-0130106.0106.60.64.11
TGC-0130107.8111.13.316.29
including107.8108.40.68.66
and108.4109.00.646.63
and109.0109.60.617.82
and109.6110.20.64.27
and110.2111.10.98.16
TGC-013165.866.70.910.99
TGC-013382.282.80.643.89
TGC-013495.596.40.93.62
TGC-0134110.8111.40.64.90
TGC-0134113.8115.31.533.92
including113.8114.10.358.96
and114.1114.40.392.89
and114.4114.70.39.39
and114.7115.30.64.18
TGC-0135120.3121.20.94.71
TGC-013690.090.90.929.78
TGC-013692.193.00.93.43
TGC-0136100.2100.50.33.27
TUDDH-68224.524.80.33.55
TUDDH-68263.864.40.67.01
TUDDH-68268.669.81.28.16
including68.669.20.69.79
and69.269.80.66.53
TUDDH-68274.377.93.615.72
including74.375.51.225.53
and76.477.30.911.87
and77.377.90.625.25
TUDDH-68459.560.10.63.45
TUDDH-68473.075.72.75.29
including73.074.21.29.06
and74.875.70.93.79
TUDDH-68477.577.80.310.35
TUDDH-68478.779.00.33.54
TUDDH-686A86.387.51.25.78
TUDDH-686A116.0116.60.63.79
TUDDH-686A128.9133.74.818.35
including128.9129.50.620.80
and129.5130.10.640.99
and130.1130.70.64.38
and130.7131.30.69.97
and131.9132.80.930.02
and132.8133.40.618.88
and133.4133.70.313.23
TUDDH-686A136.7137.00.35.04
TUDDH-686A139.4140.61.23.24
TUDDH-68963.363.90.613.42
TUDDH-68973.875.01.24.80
TUDDH-68981.081.30.39.24
TUDDH-69428.929.50.68.03
including28.929.20.34.29
and29.229.50.311.78
TUDDH-69468.268.50.33.34
TUDDH-69472.475.43.06.09
including72.473.00.612.02
and73.674.81.23.65
and74.875.40.69.78
TUDDH-69476.677.81.29.54
including76.677.20.63.60
and77.277.80.615.48
TUDDH-69762.563.10.63.90
TUDDH-69766.767.30.63.76
TUDDH-698146.3150.54.214.90
including146.3146.90.620.45
and146.9147.50.628.43
and147.5148.10.620.89
and148.1148.70.615.99
and149.3150.51.28.96
TUDDH-698152.3152.60.363.56
TUDDH-698153.8155.61.83.67
including153.8154.40.64.94
and154.4154.70.37.02
and155.3155.60.33.81
TUDDH-698156.8159.52.716.10
including156.8157.40.65.81
and157.4158.61.225.47
and158.6159.20.612.86
and159.2159.50.35.76
TUDDH-70068.769.30.69.29
TUDDH-70073.573.80.33.25

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