VANCOUVER, BC / ACCESSWIRE / March 29, 2022 / Metallic Minerals (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company“) is pleased to announce the appointment of Mr. Scott Petsel as President of the Company, effective immediately. Mr. Petsel has been Vice President of Exploration for Metallic Minerals since 2016 and will be supported in this key executive leadership position by Chairman and CEO, Greg Johnson.
Mr. Scott Petsel, MBA, P.Geo., has over 34 years of experience in all facets of mineral exploration with particular focus on large scale precious and base metals systems. In addition to having extensive international experience, he has spent more than 20 years working in the Yukon, Alaska and British Columbia on significant advanced exploration and development stage projects including the Galore copper-gold-silver project (Teck/Newmont), Donlin gold project (NovaGold/Barrick), Upper Kobuk copper-zinc-silver-gold projects (Trilogy/South 32), and the Kensington gold mine (Coeur) amongst others. Mr Petsel received his geology degree from Fort Lewis College in Durango, Colorado, near Metallic’s La Plata Project, and his MBA at the University of Nevada, Las Vegas. His extensive experience in, and knowledge of, the jurisdictions where Metallic Minerals is active represents a great asset to the Company.
Scott Petsel, Metallic Minerals President, stated, “I look forward to this expanded role with Metallic Minerals, engaging with the shareholder base and broader investment community in collaboration with, Greg, and working with our strong technical teams to advance our exceptional portfolio of assets. It’s an exciting time in the precious and base metals markets for a dynamic exploration and development company like Metallic Minerals. We expect 2022 to be pivotal year for the Company and we have significant and substantive news to deliver over the ensuing weeks, including the Company’s inaugural resource estimate at La Plata and a robust and dynamic field exploration season on all three of the Company’s projects.”
Metallic Minerals Chairman & CEO, Greg Johnson, stated, “Through his successful career, Scott has repeatedly demonstrated the ability to recognize potential tier one quality deposits, efficiently advancing significant exploration projects through discovery, resource expansion, and subsequent engineering and de-risking to generate shareholder value. Scott is a leader and consensus builder with extensive ESG experience developed through his hands-on engagement with First Nations, Alaska Native Corporations and local communities. As the Company enters this next period of rapid development on multiple projects, I am confident that Scott will contribute significantly to Metallic Minerals in this expanded role going forward.”
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver, gold and copper projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BCompany%253BScotty_(Star_Trek)%253BMining_engineering%253BMineral%253BKlondike_Gold_Rush%253BExploration%253BBase_metal%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252215bf794c-3e55-3efd-bd26-8a63306ab511%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
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.
Burlington, Ontario–(Newsfile Corp. – March 25, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces an extension to close on the final tranche of its previously announced financing (the “Financing”). The Company has closed on two tranches already in the Financing and has outstanding subscription agreements in hand. The total amount when adding the cash from those two tranches and the outstanding subscription agreements is $2,518,903.
The TSX Venture Exchange has granted an extension to April 1, 2022 to allow SBMI to physically gather all payments for its outstanding subscription agreements. This is purely a logistical issue. There will be no new subscription agreements in the Financing.
“We thank the shareholders for their continued faith in our business plan and in our ability to execute on it,” said A. John Carter, SBMI’s CEO. “The funds raised in this financing have been budgeted to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine in Idaho in the near-term to where it can be ready for mineral extraction.”
The oversubscribed total represents 6,297,258 Units, with each Unit priced at $0.40 (forty cents). Each Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). There is no acceleration clause on such warrants.
The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The Financing was oversubscribed by more than 25% of the original maximum.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%2522Grant_Thornton_LLP%253BSilver_bullet%253BCompany%253BAuditor%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522e29233e5-690b-31e7-8ac4-a82e8dc8a260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the Financing. A total of $73,352 was also paid in cash as referral fees.
The strength of the Financing enables SBMI to implement additions to its mill in Arizona to increase recoverability. The modular nature of the mill allows such additions to be made relatively quickly. Management is of the opinion that the positive results of such improvements justify a minor delay to the start of processing material from the Buckeye Mine.
SBMI also announces that Grant Thornton LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective March 22, 2022, replacing McGovern Hurley LLP, (the “Former Auditor”).
Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company will be filed on SEDAR.
There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.
No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which McGovern Hurley LLP issued an audit report and the date of the Notice.
The termination of McGovern Hurley LLP, and appointment of Grant Thornton LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.
Finally, SBMI announces the resignation of Ronald Wortel from his officer position with the Company. He remains a member of the board of directors.
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
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; 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.
VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) reports the appointment of Bradley C. Peek, M.Sc., CPG as Vice President of Exploration. In addition, the Company has received final permits from Nevada’s Bureau of Land Management for a 12-hole in-fill resource development program focused on upgrading a portion of an existing Inferred resource to the Indicated category at its high-grade Zeus Lithium Project. The current NI-43-101 resource contains a 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. Noram is aggressively moving forward with completing a pre-feasibility study (“PFS”) by the end of 2022 after a Preliminary Economic Assessment indicates robust economics of NPV(8) US$2.67 billion and an IRR of 52% using a lithium carbonate price of US$ 14,250/tonne.
Figure 1 – Proposed drill sites for Phase VI Drill Program – Zeus Lithium Project
Zeus Lithium Project Drill Campaign and History
The Zeus project has undergone five previous drill campaigns (2016 – 2021), building one of the most significant lithium resources in Clayton Valley, Nevada. Noram is now proceeding with a Phase VI drill campaign, which is comprised of 12 “in-fill” holes to an approximate depth of 120m (393 ft). The program is expected to upgrade approximately 175 million tonnes of the current Inferred resource to the Indicated category which will have a significant impact on the PFS. Drilling will also provide fresh material for geotechnical and ongoing metallurgical testing and is an important data gathering exercise to be incorporated into the PFS, where the primary objectives are to upgrade and convert resources to reserves in developing the PFS mine plan and to obtain material for further metallurgical testing. Additional important objectives are to obtain additional information on lithology, mineralization, and clay speciation. Noram’s team has commenced preparing the drill pads and mobilizing a drill rig. Drilling will be carried out 24 hours a day with 2 teams until completion.
The Phase VI drilling program has been specifically designed to upgrade a large portion of the current Inferred resource to the Indicated category using the least number of drillholes. Noram expects this updated NI 43-101 compliant resource model to be complete by Q3, 2022.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%2522Nor-Am_Cup%253BLithium_carbonate%253BCompany%253BMineral_resource_classification%253BZeus%253BNevada%253BBureau_of_Land_Management%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522f0a6d24f-ca2e-3331-bb02-9dadf8d3cd2b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“I would like to officially welcome Brad as the newest member of our senior management team in the role of VP of Exploration. Brad has worked with the Noram team since its inception as an external geological consultant. He has been instrumental in building the significant lithium resource that we have today at our Zeus Lithium Project,” stated Mr. Sandy MacDougall, CEO of Noram. “Brad has designed and overseen every drill program since 2016. Now as we push through to the completion of a pre-feasibility study in 2022, we are proud to have Brad join as an indispensable member of the team; elevating Noram as the Company accelerates exploration and development activities. With a robust treasury now exceeding CDN$18M, we are now fully financed to execute our goal of aggressively further de-risking the Zeus Project.”
About Brad Peek, M.Sc., CPG
Brad brings more than 40 years’ experience in global project management and mineral exploration. Mr. Peek received a Bachelor of Science degree in Geology from the University of Nebraska and a Master of Science degree in Geology from the University of Alaska. He also is a member of the Society of Economic Geologists, and the American Institute of Professional Geologists – Certified Professional Geologist, CPG11299.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, CPG, Vice President Exploration for Noram, who is a Qualified Person as defined under National Instrument 43-101.
The Company has also reserved for grant 1,710,000 incentive stock option at a price of $0.80 for a period of ten years from the date of grant. This grant is an amendment to a previous option grant reservation disclosed in a news release dated February 28, 2022, whereby the price and terms remain the same but the options granted have increased from 1,400,000 to 1,710,000 incentive stock options. The Company will grant these incentive stock options to directors, officers, and consultants of the Company. These options are exercisable at $0.80 per share for a period of ten years from the date of grant.
All options will be granted in accordance with the Company’s 10% Rolling Stock Option Plan.
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 treasury exceeding US$18 million. 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.
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).
Joining us for a conversation is John Carter to share the value proposition of Silver Bullet Mines, which hosts the Black Diamond Property, Buckeye Mine, McMorris Mine in Arizona and the recently acquired Washington Mine in Idaho. Silver Bullet Mines is a high-grade silver company with blue sky potential in porphyry copper. Silver Bullet Mines is going into production on the Buckeye Mine in Arizona, and the Washington Mine in Idaho! Both of these are past producing high-grade silver mines. In addition, Silver Bullet Mines owns a 100% Pilot Processing Plant. Watch now!
All sharing their latest cutting-edge ideas and strategies!
Last Chance! Only 3 days left to register and receive recordings!Dear Friends and Fellow Resource Investors,With only a few days remaining until the first-ever Virtual Uranium Bootcamp, it’s high-time to share more information about our outstanding lineup of speakers.This Saturday, March 19, from 11 a.m. to 7:30 p.m. EDT, we’ll be bringing you eight and a half valuable hours of online, in-depth instruction about investing and speculating in uranium markets.Unable to attend live? When you register, you’ll get unlimited access to all of our recordings until September 30, 2022. Recordings will be available within a week following the conference.You’ll hear from uranium mining CEOs… uranium market traders… uranium equity analysts… even a high-level political figure who will explain the future of energy politics…Plus, you’ll get terrific insight from people who actually buy uranium… not just those selling it. Many thanks to our Media Sponsor
Get ready to pack in as much learning as possible…And what’s more, you’ll have the opportunity to network and connect with these top-notch experts… and gain a whole new perspective on uranium investing!You won’t want to miss these sought-after speakers… including our three amazing keynotes.Check it out!Inspiring KeynotesJohn Ciampaglia Chief Executive Officer Sprott Asset ManagementWith more than 25 years of investment industry experience, John Ciampaglia serves as chief executive officer of Sprott Asset Management, and as Sprott Inc.’s executive vice president.Before joining Sprott in 2010, he held senior product management and research roles at TD Asset Management, followed by the position of senior vice president, responsible for strategic initiatives and overseeing product development at Invesco Canada.Mr. Ciampaglia earned a Bachelor of Arts in Economics from York University, is a CFA® charterholder and a Fellow of the Canadian Securities Institute.Spencer Abraham Chairman of the Board Uranium Energy CorpSpencer Abraham is the chairman of Uranium Energy Corp. He was previously a director of Occidental Petroleum and the non-executive chairman of AREVA’s U.S. board.From 2001 to 2005, he served as the 10th U.S. secretary of energy. Under his leadership the department made major advances in the development of new energy technologies, successfully implemented a variety of nuclear nonproliferation and nuclear security programs after the September 11 attacks, and launched initiatives to improve the nation’s energy security.Mr. Abraham was elected to the United States Senate from Michigan in 1994. Much of his legislative focus was on advancing the emerging information technology/e-commerce revolution. He was elected chairman of the Michigan Republican Party in 1983, and later served as deputy chief of staff for the vice president, and as co-chairman of the National Republican Congressional Committee.An honors graduate of Michigan State University and Harvard Law School, Mr. Abraham was the co-founder of The Harvard Journal of Law & Public Policy, and the Federalist Society.Grant Isaac Senior Vice-President and Chief Financial Officer CamecoGrant was appointed senior vice-president and chief financial officer of Cameco in July 2011. He provides executive oversight for finance, tax, treasury, investor relations, strategy and risk, and marketing.In 2009, Grant joined Cameco as senior vice-president, corporate services. Prior to this, beginning in 2000, he was a professor at the Edwards School of Business, University of Saskatchewan, and was appointed as the dean of the Edwards School of Business in 2006.Mr. Isaac received a BA (economics) and an MA (economics) from the University of Saskatchewan and a PhD from the London School of Economics.Now before I go any further, let me present your host Rick Rule… who needs little or no introduction… and his company, Rule Investment Media.Rule Investment Media strives to produce the highest quality and most reliable market news and commentary in the natural resources sector.They connect scarce knowledge with the people who seek it… and inspire intelligent investing decisions with insightful analysis and thought-provoking interviews.Rick Rule is a highly experienced investor and speculator who began his career in the securities business in 1974, and has been principally involved in natural resource security investments ever since.He has structured, led and participated in hundreds of privately placed debt and equity issuances for resource companies operating globally..Rick will call on his expertise gained from 40-plus years in resource markets… to give you the lowdown on everything he knows about investing in uranium.
Featured SpeakersAmir Adnani President, CEO and Director Uranium Energy CorpAmir Adnani advanced Uranium Energy Corp from concept to U.S. production in its first five years, and has developed an extensive pipeline of low-cost, near-term production projects. He is also the Chairman of Uranium Royalty Corp., a uranium royalty company. Mr. Adnani was selected as one of “Mining’s Future Leaders” by Mining Journal, a UK-based global industry publication. Fortune magazine distinguished him on their 40 Under 40, ‘Ones to Watch’ list of North American executives. Askar Batyrbayev Chief Commercial Officer Kazatomprom Askar Batyrbayev is responsible for strategic marketing and sales at Kazatomprom. He implements key projects and organizes the work of the trading company. He provides forecasting of market demand and monitors long-term market conditions, forms sales development plans, and price offerings in the domestic and foreign markets. Mr. Batyrbayev manages external relationships and supervises the implementation and expansion of the company’s market share in all key markets. He is a graduate of the Al-Farabi Kazakh National University with a master’s degree in Physics, and currently studies under the executive MBA program at Nazarbayev University.
John Borshoff CEO Deep Yellow LimitedJohn Borshoff is an experienced mining executive and geologist with more than 40 years of uranium industry experience. He spent 17 years at the start of his career as a senior geologist and manager of the Australian activities of German uranium miner Uranerz. He founded Paladin Energy Ltd. and built the company from a junior explorer into a multi-mine uranium producer. Mr Borshoff is recognized as a global uranium industry expert and has a vast international network across the uranium and nuclear industries, as well as the mining investment market.Duncan Craib Managing Director and CEO Boss Energy LtdMr. Craib is a chartered accountant by profession specializing in mining, having gained vast experience in executive roles held in Australia, United Kingdom, Namibia, and China. For the past 12 years Mr Craib’s career has been dedicated to the uranium industry.Leigh Curyer Founder, President and CEO NexGen Energy Ltd.Leigh Curyer has more than 20 years’ experience in the resources and corporate sector. Previously he was the head of corporate development for Accord Nuclear Resource Management, assessing uranium projects worldwide for First Reserve Corporation, a global energy-focused private equity and infrastructure investment firm. His uranium project assessment experience has been concentrated on assets located in Canada, Australia, USA, Africa, Central Asia and Europe, incorporating operating mines, advanced development projects, and exploration prospects.
Peter Grosskopf CEO Sprott, Inc.With more than 30 years of experience in the financial services industry, at Sprott, Peter is responsible for strategy and managing the firm’s private resource investment businesses. His career includes a long tenure in investment banking, where he managed many strategic and underwriting transactions for companies in a variety of sectors. He has a track record of building and growing successful businesses including Newcrest Capital Inc. (as one of its co-founders) which was acquired by the TD Bank Financial Group in 2000.
Justin Huhn Founder and Publisher Uranium Insider ProJustin Huhn’s Uranium Insider Pro newsletter is the only regularly-published monthly investor-based newsletter in the world that solely focuses on uranium and uranium-based equities. Justin is a highly sought-after guest speaker on uranium and has appeared on CruxInvestor, SmithWeekly, MiningStockDaily, Jake Ducey’s “I love Prosperity,” Palisades Gold Radio, and many more. His newsletter has experienced explosive subscriber growth over the last eighteen months.
Per Jander Director, Nuclear, Renewables and Battery Materials Head Technical Advisor to Sprott Physical Uranium Trust WMC EnergyPer joined WMC Energy with a broad background in the energy sector spanning 20 years. He spent over a decade in uranium sales and trading in various roles at the marketing division of Cameco Corporation, and prior to this he worked with nuclear power plant fleet management, investment planning and new build programs at utilities in Sweden and Switzerland. Mr. Jandar is leading the advisory work with Sprott, and also focuses on commercial engagement with the investment community, as well as key customers in Europe and Asia.
Mandeep Ludu Head of Nuclear & Renewables Technical Advisor to Sprott Physical Uranium Trust WMC EnergyMandeep joined WMC Energy in 2019. Prior to this, he spent over 15 years with Cameco Corporation and its subsidiaries, primarily focused on uranium-related sales and trading at both Cameco Inc. and Nukem Inc. At WMC Energy, Mandeep’s focus is on uranium investment opportunities, structured transactions in the North American and Asian markets, and short-term trading opportunities. As technical advisor at WMC Energy, he advises Sprott Asset Management, the manager of Sprott Physical Uranium Trust, on all matters related to the storage of and transactions surrounding physical uranium.
Paul Ma Director Capital Operation Department CGN Mining Company LimitedPaul Ma began his career as an auditor at PwC China, with energy-giant clients that included China Coal, China Datang Corporation, and China Huaneng Power International Inc. In 2010 he joined CGU Uranium Resources Co., Ltd. – the mother company of CGN Mining – where his role was securing the nuclear fuel supply for CGN’s growing nuclear fleet. Mr. Ma has procured more than 80 million pounds of natural uranium concentrates from Cameco, Areva, Paladin, Kazatomprom, Nukem, and others, while accumulating a wealth of experience in natural uranium concentrate tradinG.
Ross McElroy President and CEO Fission Uranium Corp.Ross McElroy is a professional geologist with 35 years of experience in the mining industry. He is the winner of the 2014 PDAC Bill Dennis award for exploration success and the Northern Miner ‘Mining Person of the Year’. He has comprehensive experience working and managing many types of mineral projects from grass roots exploration to feasibility and production. Mr. McElroy has held positions with both major and junior mining companies, including BHP Billiton, Cogema Canada, and Cameco. He was a member of the early stage discovery team of the MacArthur River uranium deposit.
Scott Melbye CEO, President and Director Uranium Royalty Corp.Scott Melbye is a 37-year veteran of the nuclear energy industry having held leadership positions in major uranium mining companies and various industry organizations. He also currently serves as executive vice president of Uranium Energy Corp., and as advisor to the Nuclear Engineering Program at the Colorado School of Mines. Up until recently, he was vice president commercial for Uranium Participation Corporation (now Sprott Physical Uranium Trust), and advisor to the CEO of Kazatomprom, the world’s largest uranium producer in Kazakhstan. Mr. Melbye is currently the president of the Uranium Producers of America and is a past chair of the Board of Governors of the World Nuclear Fuel Market.
Lobo Tiggre Founder and CEO Louis James LLCLobo Tiggre, aka Louis James, is the principal analyst and editor of IndependentSpeculator.com. He researched and recommended speculative opportunities in Casey Research publications from 2004 to 2018, writing under the name “Louis James.” While with Casey Research, he learned the ins and outs of resource speculation from the legendary speculator Doug Casey. A fully transparent, documented, and verifiable track record is a central feature of IndependentSpeculator.com services. Mr. Tiggre puts his own money into the speculations he writes about, so his readers know he has “skin in the game.
“It doesn’t get much better than this stellar lineup of uranium experts!Plus, you’ll learn…Why uranium is suddenly politically correct…Why a major move in the uranium price and uranium equities is both inevitable and imminent…About the significance of the new Sprott uranium product…About the impact of Japanese restarts…The status of existing uranium inventories…What the probability is of significant new supply from existing larger producers…About new trends in the incentive cost of uranium…About why Rick’s uranium price target could be very conservative…What characteristics Rick looks for in a uranium investment…Things to consider when investing in smaller companies… or established producers.On top of all that…You’ll also get the details of how you can invest alongside Rick Rule… in uranium companies that fit his specific investment criteria.And… Rick will tell you himself why he says investing in uranium was “the single most important financial event of my career.”There’s one more thing…I want to remind you that Rick Rule personally evaluates every sponsor. This is your assurance that each company he presents to you is a company he knows well enough that he has his own capital at risk.And I think you’ll agree… without a doubt… this event has invaluable quality…The best-ever uranium conference of its kind for the uranium investor.
You won’t find it anywhere else – this combination of crucial information and world-class speakers…Leading uranium industry experts and analysts…A highly-rated team of top-notch traders and consultants…All sharing their latest cutting-edge ideas and strategies.And certainly not at this price.Right now, you can attend this exclusive event for just $99USD.You have much to gain, and nothing to lose…If you’re not satisfied, we don’t expect you to pay.In fact, we’re so confident our virtual Uranium Investor Bootcamp will exceed your expectations, we’ll refund the cost of your registration in full, provided your request is received in writing to info@opptravel.com prior to April 1, 2022.No questions asked.Mark your calendar…The 2022 Rule Symposium on Natural Resource Investing (formerly the Sprott Natural Resource Symposium) will be LIVE, in-person on July 26-29 at The Boca Raton, a historic, 5-star luxury resort in Florida’s famed city of the same name.
Your Uranium Bootcamp registration fee of $99USD will be applied as a special discount toward your Rule Symposium registration. At 11a.m. EDT sharp, this Saturday, March 19, Rick Rule and his top-notch uranium experts will kick off our first-ever virtual Uranium Investors Bootcamp – I hope you’ll join us!This is an extraordinary opportunity and I’m excited to share it with you.To your financial success! Barbara Sedita Conference Director, Opportunity Travel & Events
P.S. Opportunity Travel & Events is the organizer of the Rule Uranium Investors Bootcamp. The charge for your registration will be from Opportunity Travel.For more information about our tours or conferences, please contact Barbara Sedita or Michelle Sedita at Opportunity Travel by email at info@opportunity-travel.com or by phone at +561.243.6276 or toll-free at +800.926.6575.Disclaimer: Nothing in this e-mail should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. In the interest of full disclosure: Opportunity Travel may receive commissions from any property sales made during any of its trips. And, as a travel agency, we often receive a commission from hotels when we book rooms for our tours and conferences.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
Figure 2
Preliminary W-E Geological Cross Section with Drill Holes METSBUG-01, METSBUG-02 and DSBU-03 (looking northwest)
Includes higher-grade sections in hole METSBUG-01 of:
261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0.81% Cu and 0.19% Sn) over 22.56m
599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over 17.60m
324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0.02% Cu and 0.31% Sn) over 30.01m
292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0.02% Cu and 0.12% Sn) over 31.72m
Hole DSB-25, drilled approximately 400m northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.11g Au/t, 0.13% Cu and 0.25% Sn) over 81.11m including a higher-grade section of 428.83g Ag eq/t (55.88g Ag/t, 0.19g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m
TORONTO, March 16, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-01 is an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, while step-out hole DSB-25 was drilled approximately 400m northwest of hole METSBUG-01. Both holes intersected major new extensions of the already large Santa Barbara mineralized zone.
The Company has completed 53,445m in 83 drill holes, including three holes in progress, as shown in Figure 1. Table 1 lists significant assay results from holes METSBUG-01 and DSB-25. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource Target Area
Hole METSBUG-01, an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, was drilled at azimuth 10 degrees at a dip of -35 degrees to intersect the midpoint of an intercept of 184.97g Ag eq/t (29.53g Ag/t, 0.08g Au/t, 1.45% Zn, 0.59% Pb, 0.08% Cu, 0.056% Sn) over 257.5m in discovery hole DHK-15 (see Eloro’s January 26, 2021 press release; 164.87g Ag eq/t recalculated, up from 129.60 g Ag eq/t, using current metal pricing) to provide a representative sample in the higher-grade mineralized area of the Santa Barbara breccia pipe (Figures 1 and 2 and Table 1).
This hole intersected 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11% Sn) over its full length of 351.0m including higher-grade sections of:
261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0.81% Cu and 0.19% Sn) over 22.56m from 2.94m to 25.50m,
599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over 17.60m from 46.66m to 64.26m. This section included a remarkable sample over 1.42m from 55.43m to 56.85m which assayed 5,106g Ag eq/t (1,730g Ag/t, 0.42g Au/t, 2.15% Bi, 6.33% Cu and 3.55% Sn),
324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0.02% Cu and 0.31% Sn) over 30.01m from 92.89m to 122.90m,
292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0.02% Cu and 0.12% Sn) over 31.72m from 241.28m to 273.00m
As shown in Figure 2, a SW-NE cross section looking northwest, hole METSBUG-01, along with previously released drill holes METSBUG-02 (see Eloro’s February 23, 2022 press release) and DSBU-03 (see Eloro’s March 1, 2022 press release) define a major high grade mineralized area that extends across a width of approximately 600m to a depth of a least 600m and is open along strike to the northwest and at depth. It is significant to note that hole METSBUG-01 was mineralized from top to bottom and terminated in mineralization.
Importantly, mineralization, especially areas with higher tin grades, appears coincident with elevated magnetic susceptibility (Figure 2). Areas of elevated magnetic susceptibility appear much more expansive than current volumes of rock that have been drill tested, a good indication that more mineralization is yet to be discovered.
Step-out hole DSB-25, drilled approximately 400m northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.1 g Au/t, 0.13% Cu and 0.25% Sn) over 81.11m from 356.93m to 439.04m including a higher-grade section of 428.83g Ag eq/t (55.88 g Ag/t, 0.19 g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m from 379.18m to 397.11m. This hole continues to confirm the extent of significant mineralization in the northwest extension area of Santa Barbara.
Tom Larsen, CEO of Eloro, commented: “We are continuing to intersect wide areas of higher-grade mineralization which will enhance our planned inaugural National Instrument 43-101 mineral resource estimate. Longer holes are planned in this very prospective area of the Santa Barbara target to better define the full extent of the higher-grade areas which remain open both along strike and downdip.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “We are continuing to expand the extent of the remarkable silver-tin polymetallic mineralized system at Iska Iska. Additional holes are in progress to test the downdip and along strike extent of the high-grade zone in the southeastern part of the Santa Barbara target area. Drilling is also in progress, as outlined in the Eloro press release of March 1, 2022, to test the major targets in the Porco area indicated by the 3D inverse magnetic susceptibility model.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “Recent assays from drillholes METSBUG 1 and 2 and DSBU-03 have intersected highly enriched zones of Sn, Ag, Pb and Cu with local Au and Bi in stockworks, disseminations and a variety of breccia types including both volcanic explosive and later structurally controlled breccias. The strength and intensity of mineralization in these holes along with the elevated magnetic susceptibility which extends much further along strike and downdip suggests the possibility of a major feeder in this area.”
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at March 16, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND METALLURGICAL DRILL HOLE
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
METSBUG-01
0.00
351.00
351.00
29.85
0.03
1.01
0.64
0.11
0.11
0.02
0.01
182.34
Incl
2.94
25.50
22.56
24.65
0.05
0.15
0.14
0.81
0.19
0.01
0.00
261.14
Incl
46.66
64.26
17.60
208.14
0.07
0.28
0.51
0.56
0.41
0.21
0.01
599.26
Incl
92.89
122.90
30.01
12.49
0.03
1.88
1.26
0.02
0.31
0.00
0.01
324.72
Incl
241.28
273.00
31.72
55.64
0.02
2.70
1.21
0.02
0.12
0.00
0.01
292.78
NORTHWEST EXTENSION DRILL HOLE
DSB-25
28.46
29.80
1.34
13.00
0.25
0.01
1.97
0.05
0.00
0.042
0.001
112.56
74.10
114.60
40.50
7.34
0.04
0.00
0.17
0.01
0.08
0.002
0.001
64.16
147.02
148.40
1.38
30.00
0.07
0.01
0.27
0.01
0.08
0.014
0.001
97.17
188.92
191.96
3.04
53.79
0.04
0.00
0.98
0.01
0.02
0.001
0.001
101.78
205.45
232.46
27.01
39.47
0.05
0.01
0.37
0.06
0.04
0.003
0.001
89.29
253.43
260.90
7.47
1.10
0.03
0.09
0.75
0.03
0.03
0.001
0.010
53.58
268.39
284.96
16.57
16.47
0.03
0.18
0.84
0.02
0.04
0.002
0.004
80.33
308.96
347.97
39.01
6.71
0.05
0.18
0.08
0.09
0.04
0.002
0.003
55.16
356.93
439.04
82.11
25.01
0.11
0.01
0.03
0.13
0.25
0.031
0.001
205.13
Incl.
379.18
397.11
17.93
55.88
0.19
0.01
0.04
0.22
0.53
0.086
0.001
428.83
463.20
511.86
48.66
1.09
0.02
0.03
0.47
0.01
0.12
0.001
0.029
94.26
539.20
542.20
3.00
4.50
0.08
0.87
0.20
0.01
0.01
0.006
0.030
67.28
564.70
570.69
5.99
2.61
0.04
0.02
0.01
0.05
0.09
0.006
0.003
65.41
591.03
593.99
2.96
4.48
0.07
0.01
0.00
0.15
0.14
0.035
0.001
120.46
612.04
615.03
2.99
6.99
0.12
0.00
0.01
0.08
0.08
0.005
0.001
73.20
630.04
643.52
13.48
3.99
0.17
0.01
0.00
0.09
0.04
0.005
0.001
57.42
663.01
664.51
1.50
7.00
0.06
0.04
0.02
0.57
0.02
0.363
0.001
168.61
682.50
685.53
3.03
10.53
0.02
0.05
0.00
0.26
0.14
0.004
0.001
133.31
691.50
697.50
6.00
4.37
0.16
0.10
0.01
0.05
0.04
0.078
0.001
67.41
703.50
713.87
10.37
9.46
0.53
0.39
0.01
0.08
0.06
0.183
0.001
145.81
719.90
725.82
5.92
4.29
0.03
0.39
0.15
0.06
0.05
0.014
0.001
67.07
739.43
742.41
2.98
3.00
0.07
0.30
0.07
0.06
0.04
0.061
0.001
69.46
755.97
760.52
4.55
4.89
0.17
0.18
0.03
0.08
0.07
0.043
0.001
86.36
766.54
768.03
1.49
7.00
0.04
0.19
0.03
0.19
0.09
0.032
0.001
101.64
772.54
778.59
6.05
6.23
0.10
0.75
0.05
0.20
0.06
0.042
0.003
121.20
796.54
798.03
1.49
3.00
0.09
0.11
0.09
0.06
0.03
0.347
0.001
107.40
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$722.56
1.0000
Sn
$42.56
0.0589
Zn
$3.30
0.0046
Pb
$2.33
0.0032
Au
$57,604.00
79.7221
Cu
$9.68
0.0134
Bi
$12.76
0.0177
Cd
$5.50
0.0076
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from March 16, 2022 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-22
S
7657208.4
204799.4
4145.0
225
-40
258.4
DSB-23
S
205341.0
7656535.0
4177.0
225
-40
661.3
DSB-24
S
205341.0
7656535.0
4177.0
225
-65
343.4
DSB-26
S
205044.5
7656982.6
4150.0
225
-40
815.4
DSB-27
S
205044.5
7656982.6
4150.0
225
-65
800.4
Subtotal
7244.1
Underground Drilling Santa Barbara Adit
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
DSBU-5
UG
205285.2
7656074.8
4165.0
0
-40
491.7
DSBU-6
UG
205285.2
7656074.8
4165.0
0
-65
253.5
DSBU-7
UG
205284.5
7656080.0
4167.1
235
-50
800.9
Subtotal
2116.1
DSBU-8
UG
205284.5
7656080.0
4167.1
200
-50
In progress
Surface Drilling South Extension Santa Barbara
DSBS-01
S
205300.0
7655563.0
4204.0
30°
-30
700.8
Subtotal
700.8
DSBS-02
S
205300.0
7655563.0
4204.0
0°
-45
In progress
Porco Target Area – Surface Drill Program
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
DPC-07
S
205090.0
7655343.7
4310.0
235
-65
791.4
DPC-08
S
205456.2
7655113.4
4175.9
243
-60
800.4
Subtotal
2295.7
DPC-09
S
205090.0
7655343.7
4310.0
235
-65
In progress
TOTAL
12,356.7
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 12,977m has been completed bringing the overall total to 53,445m in 83 drill holes (28 underground drill holes and 55 surface drill holes) including 3 holes in progress.
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. Mr. Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101, of Clearview Geophysics completed the 3D magnetic inversion model in consultation with Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m). Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.
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. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and 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. 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.
VANCOUVER, BC / ACCESSWIRE / March 15, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce an updated mineral resource estimate (the “2022 Resource Estimate”) for the Company’s 100%-owned Carmacks copper-gold-silver deposit (“Carmacks” or the “Deposit”) located in the Minto Copper District of central Yukon, Canada. The 2022 Resource Estimate represents a major increase in tonnage and contained metal at Carmacks compared to the previous resource estimate1,2, with over 8,200 m of infill and expansion drilling in 25 holes completed by Granite Creek since its acquisition in 2020. The project remains open to significant expansion within the resource area and to new discovery at the underexplored, yet highly prospective, Carmacks North target area.
Highlights
43% Increase in Contained Copper – The high grade Carmacks deposit now hosts 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23g/t Ag and 0.011% Mo) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs Cu Inferred (see table 1). The previous resource estimate published in 2018 defined 25.0 Mt M&I, grading 0.83% Cu, equating to 457 Mlbs of contained copper. (Figure1)
Expansion of Gold and Silver Resources – Contained gold (M&I) increased 24% from 243,000 ounces to 302,000 ounces and contained silver (M&I) increased 41% from 2,684,000 ounces to 3,790,000 ounces.
Addition of Molybdenum Resources – For the first time, molybdenum has been included in the resource estimate, with 8.5 Mlbs lbs in M&I.
93% of Resources in the M&I Categories – Only 7% of the 2022 resource remains in the Inferred category.
High Proportion of Resources Modeled in Three Conceptual Open Pits – 96% of the 2022 resources are contained within the conceptual pits. (Figure 2)
High Grade Copper-Gold in a Producing District – The 2022 Resource Estimate continues to advance the Carmacks project as one of the highest-grade resource-stage copper projects in North America.
Timothy Johnson, Granite Creek President & CEO, stated, “Since completing the acquisition the Carmacks deposit in November 2020, the Company has been successful in significantly growing copper, gold and silver resources through highly targeted drilling in 2020 and 2021. Our conceptual deposit model held up extremely well, with significant mineralized intercepts encountered in 22 of the 25 holes we drilled. The mineral resources contained within the conceptual pits will form the basis for an updated Preliminary Economic Assessment (“PEA”) which the Company intends to initiate immediately. This study will assess the economics of processing both oxide and sulphide material as well as by product credits including gold, silver and molybdenum.”
“From an exploration perspective, there remains the opportunity continue increasing copper resources by continued step out drilling on existing zones, adding to this resource. There is also high potential for discovery of new zones by applying the Company’s increased understanding of the geological controls of mineralization and we remain committed to adding to this mineral inventory through continued exploration. “
Live Webinar
Granite Creek Copper will be hosting a live webinar on Thursday, March 17 at 10am PT (1pm ET), during which President & CEO, Timothy Johnson will be joined by Project Geologist, Dr Jacob Longridge, for a comprehensive update on the Company’s Carmacks copper-gold silver project, including Q&A.
Table 1 – 2022 Carmacks Copper Project Mineral Resources
Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, Mlbs=millions of pounds, klbs=thousands of pounds, koz=thousands of ounces. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host, metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.
Grade Sensitivity
A copper and copper equivalent grade sensitivity analysis for both oxide and sulphide resources contained in the proposed pits is provided in Table 2 below, which demonstrates the variation in grade and tonnage in the deposit at these various cut-off grades. This sensitivity analysis is reflective of the discrete nature of the mineralized bodies. Comparing the cut-off grade of 0.30% Cu with a 0.25% Cu and a 0.35% Cu cut-off, show a <3% variation in contained copper and a ~5% variation in the tonnage.
Table 2 – Grade Sensitivity Table
Mineralization
Mineralization is constrained to discrete tabular bodies of schistose to gneissic metamorphic rock. These tabular bodies are enveloped in granodiorite that dominates the majority of the Carmacks project. The contact between these tabular metamorphic bodies and granodiorite is sharp, with little to no gradation between these units. This sharp contact creates a very distinct geochemical and geophysical pattern between the two rock types assisting in exploration vectoring.
Upon acquiring the Carmacks Deposit in 2020, Granite Creek immediately recognized the potential of the relatively untested sulphide portion that may significantly alter the scope and scale of the deposit. This conceptual understanding has been validated with the sulphide resources now roughly equal in size to the oxide resources and provides the case for an updated PEA, which will evaluate the economics of both the oxide and the sulphide portions of the resource.
Copper mineralization in the oxide domain is primarily malachite and azurite with copper sulphides accounting for up to 20% of the copper tenor in the form of chalcopyrite. A surface representing the boundary between the upper oxide and lower sulphide mineralization was interpolated based on drill hole intersections. The depth of transition between oxide to sulphide is variable in each zone. The boundary between the oxide and sulphide is defined by the solubility of copper in sulphuric acid, when >20% of total copper total tenor is soluble in sulphuric acid, the domain is classified as a copper oxide domain. Conversely, the sulphide domain is defined where <20% of the total copper is soluble in sulphuric acid, as per the previous resource. The previously defined ‘transitional zone’ is largely re-classified as part of the sulphide domain. The copper in the upper 200m of zone 1, is oxidized, whereas in zones 13 and 12, the oxidized zone can be as thin as 40m, zones 4 and 7 are primarily oxide (Figure 2). The copper sulphides in the sulphide domain consist primarily of course grained chalcopyrite, bornite and minor chalcocite and covellite.
Previous metallurgical testing has shown that the oxide copper is very amenable to leach extraction with recoveries of greater than 85% New metallurgical results from 2021 test work showed that a ~67% liberation of copper sulphide minerals is possible at 154um P80 primary grind, considering most two-product copper concentrations operate with 50-60% liberation in floatation feed, this is considered excellent and possibly coarser grinds may be sufficient in liberating copper. Flotation testing showed a 25% copper concentrate grade could be produced with recoveries of up to 95% of copper and 85% for gold, with gold reporting closely to the copper. Continuing metallurgical test work will include determining recoveries for silver and molybdenum as well as additional testing to confirm the copper and gold recoveries.
Figure 2 Oblique view of 2022 resources and proposed pits (total strike length of 2,950 m )
Estimation Methodology and Parameters
The classification of the current Mineral Resource Estimates into Measured, Indicated and Inferred are consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimate.
Completion of the 2022 Resource Estimate involved the assessment of a drill hole database, which included all data for surface drilling completed through the fall of 2021, as well as 3D mineral resource models, and available written reports. SGS used 489 surface drillholes and 56,679 meters of drill data from 1970 to 2021 to delineate three deposits (zones 147 combined, zone 2000S and zones 12 and 13 combined) in the 2022 resource estimate. Thirty-six holes (RC and diamond) totalling 9,413m completed by Granite Creek between October 2020 and October 2021 are included.
Composites of 2.0 metre used for the resource estimation procedure have been capped where appropriate. Grades for Cu (oxide, sulphide and total), Ag, Au and Mo for each deposit were interpolated into blocks 5m by 5m by 5m by the Inverse Distance Squared (ID2) calculation method. Appropriate interpolation parameters were generated for each deposit based on drill hole spacing, mineralization style and geometry.
All Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. It is envisioned that parts of the Carmacks Project deposits may be mined using open pit mining methods. In- pit mineral resources are reported at a base-case cut-off grade of 0.30 % total copper(“Cu_T”) within conceptual pit shells. A pit slope of 55 degrees for rock and 35 degrees for overburden are used for the pit optimization. It is envisioned that parts of the Carmacks Project deposits may be mined using lower cost underground bulk mining methods. A selected base-case cut-off grade of 0.6 % Cu_T is used to determine the below pit resources.
Cut-off grades are based on metal prices of $3.60/lb Cu, $22.00/oz Ag, $1,750/oz Au and $14.00/lb for Mo, processing and G&A cost of $US23.00 per tonne milled, and variable mining costs including $US2.10 for open pit and $US25.00 for underground. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, mining costs, processing costs etc.).
Metal recoveries used for pit optimization and calculation of base-case cut-off grades include: for oxide material 85% for copper, 65% for Ag, 85% for Au and 70% for Mo; for sulphide material, 90% for copper, 65% for Ag, 76% for Au and 70% for Mo. Fixed specific gravity values of 2.64 for oxide material and 2.71 – 2.78 (depending on deposit) were used to estimate the Mineral Resource tonnage from block model volumes. Waste in all areas was given a fixed density of 2.66.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Carmacks Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
Quality Control and Quality Assurance
Quality assurance and quality control procedures for drilling completed by the Company and consultants to the Company include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper, molybdenum and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
Qualified Persons
The Carmacks project 2022 Resource Estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of February 25, 2022. Armitage conducted a site visit to the property on November 9, 2021.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
[1]PEA: “NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada” Effective Date 12 October 2016. Report Date: 25 November 2016. SEDAR Filing Date: 9 February 2017
[2]News Release: “Copper North Expands Oxide Mineral resources at Carmacks” Published on SEDAR 9 April 2018.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Burlington, Ontario–(Newsfile Corp. – March 15, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces it has made a production decision for its Washington Mine on patented land in Idaho. Upon review of the historical records, SBMI’s 2021 and 2022 field programs, the proposed budget, the success of the financing announced February 9 of this year, the existing infrastructure and the current data including SBMI’s blended bulk sample that yielded 55.5 ounces silver per tonne, the board has decided to initiate mining at the Washington Mine.
It is the Company’s plan to widen the existing adit, make the area safe for work, proceed to the historical workings and extract mineralized material. To that end 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.
This part of the Washington Mine was last mined in the 1980’s when a bulk sample was removed by the then-owner and processed by Hecla Mining. That bulk sample resulted in a grade of 44 ounces silver per tonne and 10 grams of gold per tonne. (All historical references pre-date NI43-101 and the work involved was not carried out by SBMI. SBMI does not know what processes were followed for any such work or whether the work was carried out under the supervision of a Qualified Person. Such historical references cannot be relied upon until further work is carried out.)
The Washington Mine overall 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 then 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.)
The historical records and existing infrastructure suggest SBMI should be able to in the short-term extract a bulk sample of 1,500 to 3,000 tonnes of mineralized material from that blocked-out volume. After a brief pause to assess the results of the bulk sample and to inspect more of the existing infrastructure, the Company would continue extracting material from this part of the mine and also develop a ramp to the high-grade parallel structure identified in last year’s field program. (see press release of December 15, 2021).
The Company is waiting on metallurgical testing results from Montana Technical University to enable SBMI to create an appropriate flowsheet and recovery parameters, following which the Company intends to reach terms with a third-party mill in Idaho. The resulting processed silver and other materials will be sold to local smelters at spot prices. The Company is also in discussions with two commodity brokers interested in buying the expected concentrate. There is a risk the Company will not be able to reach agreement with any of these counter-parties, including the contract miner.
In anticipation of start-up the Company has received its mine ID number and is completing the MSHA application. Other permitting is limited as the Washington Mine is on patented land.
“These are very exciting times for Silver Bullet Mines as we rapidly approach commencement of mining operations at the Buckeye Mine in Arizona and move simultaneously to mining in Idaho,” said A. John Carter, SBMI’s CEO. “Revenue generated from both mines can fund exploration programs to attack the past-producing McMorris Mine, increase production capacity at our 100%-owned modular mill, and explore the potential for a copper porphyry at our Black Diamond Property.”
The financing announced February 9, 2022 has closed two tranches totalling $1,574,075. There will be at least one more closing before March 26, 2022. This successful financing means SBMI is well funded to finance the opening of both the Buckeye and Washington Mines.
Please visit the website at www.silverbulletmines.com for pictures, video and technical information, or find us in the metaverse in Horizon Worlds.
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
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 the SBMI’s properties; 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.
Vancouver, British Columbia–(Newsfile Corp. – March 14, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce that it has acquired a large volume of historic data on the Eldorado property that it is digitizing. As a result, the Company has a full historic drill hole data base which it has used to generate cross sections, long sections and horizontal plan sections using the property’s historic 242 drill holes. The Company is very pleased by the information gained from these studies.
Based on the current evaluation work, Provenance has determined that the gold mineralization is locally high-grade within a large volume of lower grade values and is open in all directions and vertically. Additionally, within the larger expanse of the project, numerous undrilled areas could expand the mineralization considerably. Provenance’s review of the cross sections shows that much of the historic drilling was shallow, and stopped above, and even within the mineralization. The following figure shows the distribution of the Eldorado drill holes and the location of the following cross section.
The following drill hole cross section is a northwest trending, 60-meter wideband, which shows all drill holes along this cross section. Note that gold mineralization is at least 200 meters deep along this cross section. A number of high-grade gold samples are found in many of the holes displayed.
The following assay summary table is a 7-hole selection of some of the holes along the cross section. Data is presented in both meters / grams and feet / ounces. The cutoff grade selected was 0.1 g/t and 0.1 ppm. Some selected highlights include R-136 with 134.1 meters of 2.09 g Au, R-001 with 71.6 meters of 0.86 g Au, R96-C1 with sequential intervals of 91.44 meters of 1.4 g Au and 151 meters of 1.2 g Au. Some of the highest grades found in the data include 40.4 g Au in R-90 and 44.19 g Au in R-136 (see table). Note the thicknesses and the longer intervals are centered by much higher grades than the average.
The Eldorado gold mineralization is on BLM land that Provenance controls, but unlike Nevada, Oregon exploration drilling must be permitted by both the BLM and DOGAMI, Oregon’s department of geology. The Company expects to obtain both permits to begin confirmation drilling within the next several months.
The staged work program includes completing compilations from the various historic studies, drilling 20 confirmation holes over a wide area of the property, and planning and permitting a second larger round of drilling into obvious targets and new areas.
As Steven Craig, project manager said, “Holes like R-90 with 67 meters of plus three grams starting at surface are rare. I look forward to starting the confirmation drilling.”
Steven Craig, P. Geo., a qualified person for the purposes of 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.
