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Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces First Quarter 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – May 16, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended March 31, 2022 (“Q1 2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q1-2022

Financial Update

All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.

  • Adjusted revenue and other income[1] of $3,369,000 included $1,154,000 in income from the effective Caserones copper royalty interest in Chile.
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Barrick_Gold%253BCompany%253BBullion%253BCash_and_cash_equivalents%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522e67ea9e1-8393-3a5f-a6f7-50b38d549b67%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
  • Royalty generation costs of $5,397,000 of which the Company recovered $2,695,000 from partners.
  • General and administrative costs totaled $2,688,000. Impacting general and administrative costs, were higher professional fees, relating to the Barrick settlement of the Bullion Monarch litigation in the US, as well as the payment or accrual of annual compensation awards and adjustments.
  • Share-based payments totaled $626,000 compared to $542,000 in Q1 2021. The aggregate share-based payments relate mainly to the fair value of restricted share units (“RSUs”) vested during the period.
  • Finance expenses of $1,787,000 associated with the Sprott Credit Facility and the SSR VTB note. The Company also recognized a gain on modification of the Sprott Credit Facility of $5,008,000 resulting from an extension of the maturity date.
  • For the quarter, the Company had a loss from operations of $4,427,000 and net income of $23,547,000.
  • Adjusted cash provided by operating activities1 of $20,928,000.
  • Other significant items affecting income for the three months ended March 31, 2022 included $23,846,000 of net proceeds received (after settlement of legal fees) relating to the Barrick settlement with Bullion Monarch, unrealized fair value gains on investments of $6,329,000, deferred income tax expense of $5,339,000, and foreign exchange adjustments of $1,038,000.
  • As at March 31, 2022, the Company had cash and cash equivalents of $44,970,000, investments, long-term investments and loans receivable valued at $30,511,000, and loans payable of $59,226,000.

Corporate Updates

Suspension of Filing of Notice of Arbitration
EMX suspended the filing of its Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) and commenced discussions with Zijin with the goal of reaching a mutually acceptable resolution.

Settlement of the Bullion Litigation
The Company’s wholly-owned subsidiary, Bullion Monarch Mining, Inc., (“Bullion”) reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion US$25 million. Of the US$25 million settlement, US$6.175 million was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit does not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which will continue to be paid.

Acquisition of Additional Royalty Interest on Caserones
Subsequent to Q1, EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.

Impact of Covid 19
EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.

Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of over 272 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Producing Royalties5
Advanced Royalties9
Exploration Royalties155
Royalty Generation Properties103



Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1508/124262_5dcddb2cd4039817_002full.jpg

During Q1 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $5,397,000 and recovered $2,695,000 from partners. During the quarter the Company also completed 3 partnerships across the portfolio all the while continuing to replace partnered properties with new mineral properties.

Highlights from Q1 2022 include the following:

  • In the US the Company added to its growing royalty portfolio with the completion of two new royalty agreements, the advancement of eight partner-funded work programs, including ongoing drill projects, and new generative work leading to new acquisitions.
  • In Canada, partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $89,000 in cash payments and $Nil share equity payments.
  • EMX continued to expand its asset portfolio in Fennoscandia with the generation of several additional exploration properties. Nickel and other battery metals continue to be a focus of the Fennoscandia operations.
  • EMX’s South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp. Aftermath Silver Ltd, Austral Gold Ltd., and Pampa Metals Corp.
  • In Australia, partner Many Peaks Gold achieved a public listing on the Australian Securities Exchange (“ASX”) and commenced drilling at the Company’s Queensland Gold project with results anticipated in Q2. As per the option agreement and in connection with the initial public offering, Many Peaks Gold Pty Ltd. issued to the Company 1,175,000 shares valued at $215,000 as an option fee.
  • At the end of Q1, 2022, technical reports were filed for EMX’s Caserones Copper-Molybdenum Mine Royalty in Chile, EMX’s Gediktepe Polymetallic Deposit Royalties in Turkey and for EMX’s Timok Royalty in Serbia that covers the newly commissioned Cukaru Peki Copper and Gold Mine.

Financing Updates

Sprott Credit Facility
The Company entered into a credit facility in Q3 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling US$44 million (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal (US $660,000) was added to the principal balance as at January 24, 2022.

Private Placement with Franco-Nevada
Subsequent to Q1 2022, the Company completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units at $3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for $4.45 exercisable until April 14, 2027. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Investment Updates

As at March 31, 2022, the Company had investments totaling $28,010,000 which included $22,808,000 in various public and private entities, and $5,202,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from royalty deals completed as part of our organic royalty generation business.

Strategic Investment in Premium Nickel Resources
Subsequent to Q1 2022, the Company completed a strategic investment in Premium Nickel Resources Corporation (“PNR”), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE”) projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.

PNR recently acquired the Selebi and Selebi North nickel-copper-cobalt mines and signed an asset purchase agreement to acquire the Selkirk nickel-copper-cobalt-PGE mine, which are located in Botswana’s prolific Selebi-Phikwe and Tati nickel mining districts. In February 2022, PNR announced the signing of a non-binding letter of intent providing for a business combination with North American Nickel, which trades on the TSX-V (NAN), as a path to go public.

OUTLOOK

The year 2022 will see an increase in revenue and other income coming from our cash flowing royalties including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have been commissioned and are scheduled to contribute to 2022 cash flows. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. The Company plans to give production guidance for 2022 later this year.

Subsequent to Q1 2022, EMX acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US$10,000,000) private placement Franco-Nevada and a strategic investment in PNR.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.

EMX is well funded to identify new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

INVESTOR RELATIONS UPDATE

EMX is provided with investor relations services by Scott Close, who has provided his services from Colorado since June 1, 2007, initially as a consultant and, since Oct 1, 2010, as an employee, and by Isabel Belger, who has provided her services from Germany since January 1, 2018, as a consultant. Neither Scott nor Isabel provides their services on a fixed term basis, and EMX expects to continue to retain their services for the foreseeable future. Their services cover all aspects of liaising with shareholders and the financial investment community. The annual cost for investor relation services has been approximately US$130,000 per year over the past five years which is, has been and will continue to be paid from EMX’s cash on hand. Both have also been granted, from time to time, stock options to purchase EMX shares in accordance with EMX’s stock option plan and TSX Venture Exchange policy.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

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

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
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 perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

[1] Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 20 of the Company’s MD&A for the three months ended March 31, 2022 for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124262

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Energy Junior Mining Precious Metals

Eloro Resources Announces Upsized Bought Deal Financing To C$8.5 Million

TORONTO, May 13, 2022 /CNW/ – Eloro Resources Ltd. (the “Company” or “Eloro“) (TSXV: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to announce that in connection with its previously announced bought deal financing, the Company and Cormark Securities Inc., (the “Underwriter“) have agreed to increase the size of the previously announced financing. The Underwriter has agreed to purchase, on a bought deal basis, 2,615,400 units of the Company (the “Units“) at a price of C$3.25 per Unit for gross proceeds to the Company of approximately C$8.5 million (the “Offering“). Each Unit will consist of one common share in the capital of the Company (each a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“) of the Company. Each Warrant shall entitle the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering.

The Company has agreed to grant the Underwriter an option (the “Over-Allotment Option“) to sell an additional 392,310 Units, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately C$9.775 million.

The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes as set out in the Prospectus Supplement (defined below).

The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing base shelf prospectus in all of the provinces of Canada (other than the Province of Quebec). The Prospectus Supplement (together with the related base shelf prospectus) will be available on SEDAR at www.sedar.com.

The Offering is scheduled to close on or about May 19, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

Information in this news release may contain forward-looking information. Statements containing forward looking information such as the closing of the Offering, use of proceeds, and TSXV approval, express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

SOURCE Eloro Resources Ltd.

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/May2022/13/c5257.htmlhttps://openweb.jac.yahoosandbox.com/0.8.1/safeframe.html

Categories
Energy Exclusive Interviews Junior Mining Precious Metals Silver Hammer

Silver Hammer – Reports High-Grade Silver And Copper Samples

Silver Hammer Mining, Proven and Probable

Silver Hammer Mining | CSE: HAMR | OTCQX: HAMRF)
Website: https://silverhammermining.com/
Silver Strand: https://silverhammermining.com/silver-strand/
Corporate Presentation: https://silverhammermining.com/wp-content/uploads/2021/09/Silver-Hammer-Mining-Investor-Presentation-Fall-2021-Oc.pdfPresentation-August-2021-FINAL-.pdf
Twitter: https://twitter.com/silverhmr
Contact: 604.908.1695

Categories
Energy Junior Mining Precious Metals

Eloro Resources Files Updated 43-101 Technical Report on Iska Iska Project

Eloro Resources Ltd.
Eloro Resources Ltd.

Eloro Resources Also Announces Filing of Final Base Shelf Prospectus

TORONTO, May 11, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has filed on SEDAR an updated technical report (“Technical Report”) on the Company’s Iska Iska silver-tin polymetallic project, prepared by Micon International Limited (“Micon”) and in accordance with National Instrument 43-101.

Eloro also announces that it has filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada except Québec.

Updated NI 43-101 Technical Report

The Technical Report supports the interpretation of the drilling and other exploration results thus far, and details Eloro’s next exploration phase leading to the estimation of mineral resources. Micon’s conclusions in the Technical Report include the following:https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Technical_report%253BNational_Instrument_43-101%253BCanadian_Securities_Administrators%253BHelorus%253BInternational_Sport_Karate_Association%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522bfb4f0a9-3ea8-34cb-a445-59cd20f5f3d0%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

  • The potential of the Iska Iska Project is unquestionable in terms of its regional geological setting. It is in the midst of a proven metallogenic district with well-established world-class mines such as Cerro Rico de Potosi, Chorolque, and San Vicente. The fact that nearby mines of the Bolivian polymetallic type are operating profitably, is positive for the current drill definition and metallurgical investigations at Iska Iska.
  • Proximity of the deposit to surface offers an opportunity/potential for both open pit and underground exploitation, especially in the Santa Barbara – Huayra Kasa area.
  • Geological mapping, geophysical surveys, and diamond drilling have revealed a potentially large deposit of significance but yet to be converted into a resource. So far, the mineralization/deposit is isotropic, lacking any preferred alignment; this is corroborated by variography and downhole IP surveys.
  • All holes drilled across the project to date display intervals of alteration and significant mineralization, and the limits of the system have not yet been delineated. The deposit is wide open for expansion in all directions.
  • The “epicentre” of mineralization appears to be in the Santa Barbara adit area, where the highest grades and widest widths have been encountered to date. Therefore, resource development and expansion should radiate outwards from here.

In making recommendations in the Technical Report, Micon states: Eloro’s nearer term objective is a maiden mineral resource estimate within this large target area. This work is advancing well with the initial mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas. Accordingly, Micon recommends a two-pronged approach for Eloro to achieve its objectives, namely an initial phase of geophysics and additional delineation drilling followed by a second phase of resource expansion and preliminary economic assessment.

Final Base Shelf Prospectus

The base shelf prospectus filed by Eloro will allow Eloro to qualify the distribution by way of prospectus of up to C$100 million, in aggregate, of common shares, warrants and units, or any combination thereof, from time to time during the 25-month period during which the base shelf prospectus is effective. The specific terms of any future offering will be established in a prospectus supplement to the base shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.

Eloro has filed the base shelf prospectus to provide the Company with greater financial flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any securities of the Company at this time.

A copy of the final short form base shelf prospectus is available under Eloro’s profile on SEDAR at www.sedar.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Qualified Person

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a Qualified Person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding an initial mineral resource estimate for the Iska Iska project and regarding future financings, if any, pursuant to the short form base shelf prospectus referred to in this news release). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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.

Categories
Energy Junior Mining MillRock Resources Precious Metals Project Generators Uncategorized

Millrock Resources Updates on 64 North Gold Project Exploration, Goodpaster Mining District, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

Figure 1.

A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project, including an imminent drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.

Drilling Program: The Resolution–Millrock technical team has developed a strong drill target area at the Tourmaline Ridge prospect, located on the West Pogo block. The target area was developed through analysis of all historic data, in addition to work that has been funded by Resolution over the past thirty months. Resolution plans to execute a drilling program of approximately 2,200 meters in five boreholes that will commence in late June 2022.

Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Gold_mining%253BThe_Glass_Passenger%253BBritish_Columbia%253BTourmaline%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522ba632f00-730c-3234-ae82-c09cc166c809%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Earned Interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock.

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.”

A large soil geochemical anomaly measuring 1,800 by 750 meters occurs on the Tourmaline Ridge prospect. Recently Resolution reported that it had received rock sample assay results from trenches excavated at Tourmaline Ridge in fall of 2021. Numerous narrow, gold-bearing veins were detected. These steep-dipping veins are interpreted to be “antithetic veins”, which commonly occur in the hanging wall above gold ore bodies at the nearby Pogo mine. Prior historical drilling intersected these veins along with characteristic rock alteration and pathfinder minerals. From geophysical surveys, a moderately northwest dipping structure is interpreted to lie beneath the soil anomaly and historic drill holes. Resolution and Millrock interpret this structure to be the “Pogo Trend”, which appears to be traced from the Goodpaster deposit on the adjacent Pogo Mine property operated by Northern Star Mines Ltd. (“Northern Star”).

Northern Star recently announced a maiden inferred resource estimate of 1.1 million ounces of gold in 3.2 million tonnes of rock, averaging 10.3 grams per ton gold for the Goodpaster deposit.

As of March 31, Pogo is reported by Northern Star to host 6.59 million metric tonnes of proven and probable reserves, averaging 8.5 grams per metric tonne (1.8 million ounces) gold. (Northern Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5, 2022). More than 4 million ounces of gold has been mined at Pogo.

Note: Millrock has not independently verified the information reported by Northern Star. Also, Millrock cannot assure that the structures that host gold ore bodies at Pogo continue onto ground controlled by Millrock and that gold deposits of similar magnitude and concentration will be discovered.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Categories
Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Near-Term Production at Washington Silver Mine in Idaho

Burlington, Ontario–(Newsfile Corp. – May 5, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or “the Company”) is pleased to provide an update on operations at its 100%-owned Washington Mine in Idaho. This mine is on patented lands.

“We are pleased to be back at the Washington Mine and moving forward to production,” said A. John Carter, SBMI’s CEO. “The plan is to access the ore zone in June, to commence production in July, and to continue to work through the winter of 22-23.” SBMI is in discussions with an experienced contract miner to commence such work as soon as reasonably possible, subject to a due diligence site visit.

The Washington Mine first saw production in the late 1800’s with an average gold grade of one ounce per ton. It again produced gold in the 1930’s during which time the then-owner lacked the process capability needed to produce silver, so a decision was made to block out the silver mineralization with the intention of returning at a future date to extract it. To the best of SBMI’s knowledge, the blocked-out volume remains in situ. A historical report indicates the blocked-out volume contains an estimated 3 million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces per ton. (Source, “Geological Evaluation”, Roger G. Stoker, P.G. and Ryne C. Stoker, Student Geologist, Energy Services Inc., December, 1981.)

Stoker also indicated the location of the “Berger Vein”, described as a “gold ore shoot 25 feet wide, 135 feet long, and unknown depth.” Average grades were given as 0.3 oz/ton gold with unknown silver content. Additional notes in Stoker suggest that the Berger Vein was intersected in drifting at the 400-foot level.

The references above to data and observations derived from work not carried out by SBMI are of historical nature only and cannot be relied upon at this time. SBMI does not know the methods by which such work was carried out, or whether all or part of it was under the supervision of a Qualified Person, as that term is defined in NI43-101. SBMI refers to such data and observations to inform its knowledge of the area.

Based in part on the information from Stoker, SBMI took a bulk sample from the Washington Mine, the results of which were disclosed on January 18, 2022. That bulk sample returned 55.5 ounces silver per ton. It is the Company’s intention to exploit that mineralization while developing other vein faces.

To that end the Company’s onsite contractor has cleared small trees that had fallen over the winter, has upgraded the road, and with snowmelt, has cleared access to the main portal.



Small trees being cleared off road to portal

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/122864_b60aa5b0a4259a0a_001full.jpg

SBMI has also contracted a portable sawmill to be on site in the near future to start cutting timber for the underground workings. There will be cost-savings as SBMI owns the timber rights at the Washington Mine, meaning SBMI can provide most of the required timber. The Company is also installing a water supply and equipment container.

It is intended that SBMI meet the contract miner at the Washington Mine in the next few weeks for a due diligence visit. Some of the items involved in having the contract miner begin removing mineralized material are:

  • Road upgrade permit has been received and the work completed;
  • Mine ID has been applied for and received;
  • A ventilation plan is in progress and should be completed in next few weeks;
  • MSHA approval should be received shortly;
  • Contract negotiations are underway with a Mine Rescue contractor; and
  • Metallurgical testing is ongoing at Montana Technical University with results anticipated in the next few weeks.

It is anticipated the contract miner will take an initial bulk sample of 1500 to 3000 tons in July, for processing at a local mill. Upon completion of the processing of the bulk sample, SBMI intends to start underground development, targeting the parallel zone and the Berger Vein.

All the above items are being completed under the on-site supervision of Mr. Nick Barr, geologist.

The Company is also planning a surface exploration program at the Washington Mine this summer to further delineate the parallel structures discovered during last year’s field program.

Access to the property can be maintained through the winter as SBMI has contracted a local service provider who has the equipment needed to keep the road open. Decisions on the scope of winter work underground will be determined after the Company receives the results of the July bulk sample.

In Arizona at the Buckeye Silver Mine, work continues to complete the 125t/day mill. Wiring the Motor Control Centre to the various parts of the ball mill has begun. The estimated timeline for completion is roughly four weeks, although that is largely out of SBMI’s control. There continues to be some supply chain risk and pricing risk as to when all equipment will be ready and on-site, although SBMI believes it has taken all necessary steps to reduce such risks.

Please check the Company’s website www.silverbulletmines.com, or follow on Twitter @bulletmines or at YouTube “Silver Bullet Mines”.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

Silver Bullet Mines Corp. trades on the TSX Venture Exchange under the symbol SBMI and on the OTCQB Venture Market under the symbol SBMCF. The OTCQB Venture Market is for early stage and developing U.S. and international companies. Companies listed there are current in their reporting and undergo an annual verification and management certification process. Investors can find current financial disclosure for the Company on www.otcmarkets.com and at https://money.tmx.com/en/quote/SBMI.

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of SBMI’s properties; price increases related to supply chain issues; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

Categories
Energy Junior Mining Labrador Gold Precious Metals

Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target

Labrador Gold Corp.
Labrador Gold Corp.

Outlines Near Surface Gold at Pristine Target 800m North of Big Vein

Figure 1.

Doyle Zone plan map
Doyle Zone plan map

Figure 2.

Big Vein Plan Map
Big Vein Plan Map

TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the continued extension of the Big Vein Zone to the southwest with an intersection of 54.17 g/t Au over 0.95m as well as the intersection of near surface gold mineralization from initial diamond drilling of the Pristine target at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.

At Big Vein, the intercept of 54.17g/t Au over 0.95m in hole K-22-122 contains visible gold and is the furthest intersection of the Big Vein Zone to the southwest drilled to date. This extends the strike length of the zone to 320m and it remains open in this direction. Hole K-22-116 targeted the HTC zone and intersected 14.67 g/t over a 1m interval that also contained visible gold.

At the Pristine target the first six holes all intersected significant near surface gold mineralization, including hole K-21-109 that assayed 3.55 g/t Au over 2.33m from 17.15m that contained visible gold and hole K-21-100 that intersected 3.89 g/t Au over 3m from 53m downhole.

The initial assays from the Pristine target, located approximately 800m northeast of Big Vein along the Appleton Fault Zone, are very similar to the first reported holes from Big Vein that assayed 1.11 g/t Au over 5.50m, 5.0 g/t Au over 0.9m and 2.26 g/t Au over 7.0m in Hole K-21-01 and 1.72 g/t Au over 3.0min Hole K-21-02 (see news release dated May 10, 2021).

The stratigraphy encountered is also very similar to Big Vein, with the mineralized Doyle Zone defined by a network of shear veining that is associated with a highly fractured sandstone in fault contact with a deformed black graphitic shale.

“We are very pleased with the initial results from the Pristine target which proves our interpretation of the existence of a gold occurrence not too far up ice from the pristine gold grains found in till. Pristine is the third of three targets tested to date to show significant near surface gold assays, a result of our systematic exploration strategy at Kingsway and the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of the LabGold. “We have named the mineralized zone at Pristine the Doyle Zone after our friend and strong supporter James Doyle, who passed away suddenly, and much too early, in late 2020. James helped and advised us in every financing since the start of Labrador Gold in 2017, and gave us support in the market, often when no-one else was interested. James would have loved witnessing all the exploration activity in central Newfoundland over the last two years and would have been working the telephones daily. We will endeavour to ensure that the Doyle Zone lives up to the big personality of its namesake.”

Pristine Target and Appleton Fault Zone

The visible gold found in hole K-21-109 drilled into the Doyle Zone is the third occurrence of visible gold found, after Big Vein and Golden Glove, along the Appleton Fault Zone. The Doyle Zone is the furthest northeast, approximately 4.5km from Golden Glove which lies close to the southern property boundary. The Doyle Zone lies to the east of a fault with a major damage zone approximately 30m wide which may represent the expression of the Appleton Fault Zone in this area. Further work is necessary to determine if this is, in fact, the the case or if it is a major splay of the Appleton Fault Zone. In either case it is a significant structure associated with gold mineralization in the Doyle Zone.

The most detailed exploration along the Appleton Fault Zone to date has been over an approximately 2km section from just southwest of Big Vein to the Pristine target, leaving the remaining 10km length of the fault zone relatively underexplored. This will be a major focus of LabGold’s upcoming field program.

Hole IDfrom (m)to (m)width (m)Au (g/t)Target
K-22-1429610043.44Big Vein
including979925.37
K-22-125707771.72HTC
K-22-12426426622.03Big Vein
28328417.68
K-22-12299114151.46Big Vein
123.33124.280.9554.17*
K-22-116178179114.67*HTC


19419624.18
20720813.25
K-22-143758271.53Pristine
K-22-123232411.98Pristine
434412.3
K-22-119313321.92Pristine
K-21-10917.1518.32.33.55*Pristine


47.4550.4531.31
54.4559.4551.48
K-21-107485241.16Pristine


868931.58
9610371.81
K-21-100535633.89Pristine

Table 1. Summary of Assay Results
* Interval contains visible gold. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole IDNorthingEastingElevation (m)AzimuthDipDepth (m)
K-22-143543603466180154.126045299.06
K-22-142543501566142636.815545167.00
K-22-125543528366160042.514050326.00
K-22-124543514366140550.214060494.00
K-22-123543610366180856.130045236.00
K-22-122543501666142636.914550228.63
K-22-119543610566180356.230045185.00
K-21-116543528066160042.314560236.00
K-21-109543605866178955.526060218.00
K-21-107543605866178955.629550209.00
K-21-100543619166185158.614045230.00

Table 2. Drill hole collar details

Figure 1. Doyle Zone plan map
https://www.globenewswire.com/NewsRoom/AttachmentNg/d658d985-d462-4293-a32f-4db3365c5d7d

Figure 2. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44a9f7c4-1910-4bea-99a8-e815f6ef56c2

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 156,439,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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.

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Categories
Energy Junior Mining

Provenance Gold Outlines the 2022 Work Plan for the Eldorado and White Rock Gold Projects

Vancouver, British Columbia–(Newsfile Corp. – May 5, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is continuing to advance its flagship gold properties at Eldorado and White Rock, with plans to drill the properties this year to support maiden resource estimates expected by the end of 2022.

Highlights

  • Provenance is finalizing exploration technical reports for Eldorado and White Rock which includes a detailed review of the geology and technical aspects of the properties to better define the geological model and provide recommendations for next steps.
  • Provenance has engaged Rangefront Mining Services of Nevada, USA and Apex Geoscience Ltd. of Edmonton, Alberta to lead a full data validation and audit of the large volume of historic information received with the acquisition of the Eldorado and White Rock projects. This work will enable effective and efficient 2022 exploration in support of maiden resource estimates.

Eldorado

White Rockhttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522White_Rock%252C_British_Columbia%253BProvenance%253BThe_El_Dorado%253BBureau_of_Land_Management%253BExploration%253BNevada%253BGold%253BGold_cyanidation%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25228f415286-941b-317b-8942-a80b6cf4b10d%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Mr. Rauno Perttu, Co-Founder and Chairman of Provenance stated, “The Eldorado and White Rock Projects represent tremendous opportunities to add significant value in the near-term and we are excited to continue working towards maiden resources on both projects.”

Eldorado Project Summary

Provenance signed a binding option to purchase the Eldorado property located in eastern Oregon from Nevada Select Royalty Inc. and has completed the first year’s payment as announced on December 13, 2021. Nevada Select is an arm’s-length company that is a subsidiary of Gold Royalty Corp., a leading growth and Americas-focused precious metals royalty company.

The Eldorado Property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and, lastly, North Mining Ltd. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and six core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and modelling.

A resource study was conducted by Pincock, Allen and Holt on behalf of Billiton in 1990 and at the time estimated the Eldorado property contained 38,416,000 tons averaging 0.68 g/t for 764,000 ounces of gold (at a 0.292 g/t cutoff grade) and encompassed a limited portion of the known mineralization. This estimate is considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and it predates current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. Provenance is not treating the historical estimate as a current mineral resource or reserve. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimate can be classified as a current resource.

Other work that is underway includes an analysis of the current drill hole data base in preparation for a maiden model of the gold mineralization on the Eldorado gold property. This work includes review and verification of the 242 historic holes drilled on the property. Provenance plans to commence the first drilling program at Eldorado during mid to late summer, subject to drill rig availability and permitting.

White Rock Project Summary

The White Rock Property consists of 258 lode mining claims covering a combined area of approximately 5,160 acres, located approximately 105 kilometers northeast of Wells, Elko County, Nevada. On June 12, 2020, Provenance, through its subsidiary Provenance Gold USA, entered into a four-year option agreement with Nevada Select Royalty Inc., an arm’s-length company that is a subsidiary of Gold Royalty Corp., a leading growth and America’s-focused precious metals royalty company which grants Provenance Gold USA the sole and exclusive right to purchase 100% of Gold Royalty’s right, title and interest to the Property.

The White Rock Property lies at the northern end of the basin and range geological province of the western United States. The White Rock Property hosts gold mineralization and alteration patterns with similarities to low sulphidation epithermal deposits. Drilling by Provenance commenced in July 2021 and defined the stratigraphic and structural controls and grades within the extensive central area of sediment-hosted gold mineralization. The target mineralization extends across a 3.2 km by 1.6 km area centered on a complex dome structure that is believed to have formed on the upper plate of a system of thrust faults. In addition, drilling was intended to confirm results from historical drillholes that intersected numerous thick intervals of potentially open-pit grade gold mineralization, while confirming Provenance’s new understanding of the structural and stratigraphic controls of the gold mineralization.

The drillhole assay results confirmed similar results achieved by past operators and confirmed the location of a newly recognized open-ended gold mineralization feeder structure that extends across the core mineralized area of 3.2 km in length and 1.3 km in width (WR-45) while bottoming out in mineralization. In addition to the newly identified plumbing structure, recent step-out drilling continued to expand the gold mineralization in several directions from drillhole WR-23, which returned an interval of 80 meters (265 feet) of gold mineralization. Large step-out drilling tested new areas including the Rhyolite Graben to the northwest, the Nose area to the south and the newly identified plumbing structure. The Rhyolite Graben, located to the northwest and west of hole WR-23 was tested with two holes. Both intercepted gold mineralization with hole WR-32 assaying 65.5 meters (215 feet) of 0.305 g/t gold which included 20 meters (65 feet) of 0.411 g/t gold. The hole bottomed out in mineralization at 115.8 meters (380 feet) and was lost. The importance of this intercept suggests that the host rocks in the graben will host gold mineralization and now become a substantial new target.

Other work that is underway includes an analysis of the current drill hole database in preparation for a maiden model of the gold mineralization on the White Rock gold property. This work includes review and verification of the 65 historic holes drilled on the property in addition to the Company’s recent drilling on the project. As with Eldorado, it also includes certification of all drill assays. Provenance plans the next stage drilling program at White Rock during the late summer/fall, depending on drill rig availability.

Qualified Person
Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122893

Categories
Energy Junior Mining Noram Lithium

Noram Receives Results for CVZ-72 with the Longest and Highest-Grade Intercept from all of the Zeus Drilling to Date

VANCOUVER, BC / ACCESSWIRE / May 5, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to announce the successful completion of CVZ-72 (PH-06) and release of the final assay results. The Company completed core hole CVZ-72 at a depth of 428 feet (130.5 m). Sampling for assay began at 60 ft (18.3 m) and continued to the bottom of the hole, an interval thickness of 368 ft (112.2 m) was intersected, which was the entire assayed portion of the hole. The hole ended in mineralization and the weighted average lithium values present were as follows:

Noram Lithium Corp., Thursday, May 5, 2022, Press release picture
Noram Lithium Corp., Thursday, May 5, 2022, Press release picture
Noram Lithium Corp., Thursday, May 5, 2022, Press release picture
Noram Lithium Corp., Thursday, May 5, 2022, Press release picture

Figure 1. Comparative stratigraphy and assay results for drill holes CVZ-72 as compared to CVZ-53 and CVZ-68, which were drilled as part of the Phases IV and V programs. CVZ-53 and CVZ-68 both had long intercepts of high grade lithium mineralization. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.

“CVZ-72 was the second hole completed in Noram’s 12-hole Phase VI drilling program. These assays represent the longest and highest-grade interval of lithium mineralization intersected to date on the Zeus property. This hole also clearly reaffirms the consistently high lithium grades across this blanket-like mineral deposit. If the program continues to produce results such as these, we could reasonably expect our PFS to outshine our PEA. Ending in mineralization at depths such as these suggests even greater potential for the size and extent of this resource” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.

Noram Lithium Corp., Thursday, May 5, 2022, Press release picture
Noram Lithium Corp., Thursday, May 5, 2022, Press release picture

Table 1 – Sample results from CVZ-72 from 60 ft to depth of 428 ft.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%2522%252C%2522hashtag%2522%253A%25221542500%2522%252C%2522wiki_topics%2522%253A%2522Clayton_Valley_Charter_High_School%253BNor-Am_Cup%253BLithium_carbonate%253BZeus%253BLithium%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252240a280ff-4983-315c-895c-18deb81d6637%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.

Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.

The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159

For additional information please contact:

Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653

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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.



View source version on accesswire.com:
https://www.accesswire.com/700106/Noram-Receives-Results-for-CVZ-72-with-the-Longest-and-Highest-Grade-Intercept-from-all-of-the-Zeus-Drilling-to-Date

Categories
Energy Junior Mining Precious Metals

Roo Gold Additional Exploration Licence On Peel-Manning

VANCOUVER, BC / ACCESSWIRE / May 4, 2022 / (CSE:ROO) (OTC PNK:JNCCF) (Frankfurt:5VHA) – RooGold Inc. (“RooGold” or the “Issuer“).

RooGold is pleased to report that it has acquired an additional, 100% held Exploration Licence (EL) 9390 in the highly prospective Peel-Manning Suture Zone of the New England Orogen in New South Wales, Australia.

Highlights

  • EL 9390 covers an area of 229 km2 and is strategically located in between Roo Gold’s Lorne (EL 9232) and Gold Belt (EL 9226) Projects.
  • The three Projects cover 435 km2 over a 65 km strike length of the Peel-Manning Suture Zone which is well known to host precious and base metal mineral deposits.
  • The Projects are located within 70 km of each other making for efficient logistics and work planning.
  • Landowner access negotiations and rock chip sampling to commence as soon as practicable at prospective mineral occurrences.

Carlos Espinosa, Chief Executive Officer and a Director of RooGold comments, “Exploration Licence 9390 is a valuable addition to Roo Gold’s tenure portfolio. EL 9390 is 100% held by Roo Gold and was strategically acquired for both its position over the serpentinite package of rocks along the Peel-Manning Suture zone and its close proximity to our Lorne and Gold Belt Projects, making logisitics and work planning more efficient. We look forward to commencing land access negotiations to facilitate field work as soon as practicable”

The Glenrock Project

The Glenrock Project, EL 9390, is located 15 km southeast of the Lorne Project (EL 9232) and 30 km northwest of Gold Belt Project (EL 9226). It covers over 20 km of the serpentinite belt of the Peel-Manning Suture Zone.

EL 9390 contains diverse geology that are known elsewhere in the region to host a variety of mineralisation styles that contain Au-Cu and base metal metallic mineral deposits. Rock types include serpentinites, flysch sequences, intrusives, volcanics and volcaniclastics, structurally located within in a complex, highly faulted system. This system may host numerous metallic mineralisation styles including lode gold with associated base metals. The tenement also contains mineral occurrences of copper-rich quartz veins containing malachite, bornite and chalcopyrite in serpentinite dykes up to 150 m long and 12 m wide. The tenement is significantly under-explored, has never been drilled and represents a ground-floor opportunity for the discovery of new metallogenic province.

Exploration Licence Application (ELA) 6429 was submitted to the Deparment of Regional NSW covering an area of 229 km2 on 3rd February 2022. On 11 April 2022, Exploration Licence (EL) 9390 was granted to Great Southern Precious Metals Pty Ltd, a 100% subsidiary company of Roo Gold Inc.

Following a historic data review and land access negotiations, Roo Gold will undertake a field reconnaissance trip and rock chip sampling to identify targets for follow up.

RooGold Inc., Wednesday, May 4, 2022, Press release picture
RooGold Inc., Wednesday, May 4, 2022, Press release picture

Figure 1: Location map with key geology and mineral occurrences of newly acquired EL 9390, Glenrock Project, in geographical relation to Roo Gold’s strategic tenement holding along the Peel-Manning Suture in the New England Orogen of New South Wales, Australia.

ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 14 high-grade potential gold (10) and silver (4) concessions covering 1,537 km2 which have 139 historic mines and prospects.

For further information please contact:

Ryan Bilodeau
416-910-1440
info@roogoldinc.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”,”expect”, “project”, “intend”,”believe”, “anticipate”, “estimate” and other similarwords, or statements that certain eventsor conditions “may” or “will” occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, therecan be no assurance that such expectations will prove to be correct. Such forward-looking statements are subjectto risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: RooGold Inc.



View source version on accesswire.com:
https://www.accesswire.com/700088/Roo-Gold-Additional-Exploration-Licence-On-Peel-Manning