Categories
Energy Junior Mining Project Generators

Dolly Varden Intersects 50.2 Meters of 414 g/t Silver in Step-Out Drilling at Kitsol Vein

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.

Highlights from drill hole DV22-283 include:

  • 50.18m (~30.0m true width) averaging 414 g/t Ag
  • Including 7.15m (4.29m true width) averaging 646 g/t Ag
  • Including 11.74m (7.04m true width) averaging 658 g/t Ag
  • Including 5.34m (3.20m true width) averaging 801 g/t Ag

Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth. Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag2,390 g/t Ag and 2,500 g/t respectively. The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.

“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area. We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Complete results from drill hole DV22-283 are as follows:

TargetHole IDFrom (m)To (m)Core Length (m)True width (m)Ag (g/t)Pb (%)Zn (%)Au (g/t)
Kitsol VeinDV22-283181.32231.5050.1830.114140.180.190.07
Includes:
Zone 1DV22-283189.11196.267.154.296340.470.310.11
includingDV22-283191.00193.752.751.6511210.660.370.21
includingDV22-283191.00191.500.500.3029102.811.320.54
includingDV22-283193.25193.750.500.3023900.120.140.42
Zone 2DV22-283207.00218.7411.747.046580.210.140.07
includingDV22-283211.00217.906.904.148490.200.160.10
includingDV22-283212.70215.042.341.4012450.220.110.23
includingDV22-283212.70213.200.500.3025000.030.080.23
Zone 3DV22-283223.02228.365.343.208010.070.220.02


 
Photo showing Native Silver mineralization from Kitsol drill hole DV22-283
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_002full.jpg


 
Photo showing siliceous breccia and epithermal vein mineralization from Kitsol drill hole DV22-283
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_003full.jpg


 
Long Section of the Kitsol Vein showing the location of DV22-283 relative to the 2019 Mineral Resource block model
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_004full.jpg


 
Isometric view of drill hole DV22-283 relative to the Kitsol 2019 Mineral Resource estimate solid
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_005full.jpg

2022 Kitsault Valley Drill Program

The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.

Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.

The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo Vice President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133309

Categories
Base Metals Collective Mining Energy Exclusive Interviews Junior Mining Precious Metals

Collective Mining – Discovers Long Gold Intersection of 2.68 G/T AuEq over 207.15 Meters

PRESS RELEASE:

Collective Mining Drills 207.15 Metres @ 2.68 AuEq at its Newly Discovered Apollo Target

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target
Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo

Figure 4

Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
  • APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting carbonate base metal veins beginning at 100 metres below surface returning:
    • 207.15 metres @ 2.68 g/t gold equivalent
  • APC-1W also intersected the main breccia structure with overprinting veining but was stopped short of the final target depth in a post mineral dyke due to rig capacity limits yet still yielded:
    • 89.40 metres @ 2.46 g/t gold equivalent
  • Drilled dimensions of the Apollo target now measure 300 metres along strike by up to 100 metres across by 400 metres vertical and remains open in all directions

  • Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both holes cut more than 200 metres of continuous mineralization in the main breccia body

TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig being mobilized to site to begin the Phase II program at the Olympus target in August 2022.

“With assay results in hand for three drill holes and visual observations from additional holes either recently completed or underway, it is becoming abundantly clear that we are dealing with a large mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system as our technical team believes that the main breccia discovery at Apollo may be the first in a series of porphyry and breccia discoveries in this area,” commented Ari Sussman, Executive Chairman.

A short video presented by Richard Tosdal and David Reading discussing the assay results and related drill core can be seen by clicking here.

Details (See Table 1 and Figures 1 – 4)

Three diamond drill holes with accompanying assay results confirm that the Apollo target has the potential to evolve into a significant high-grade, bulk tonnage mineralized system. New assay results for holes APC-2 and APC-1W are reported herein as follows:

  • APC-2:
        207.15 metres @ 2.68 g/t AuEq from 154.5 metres down hole (100m vertical) including
        17.40 metres @ 7.33 g/t AuEq from 192.5 metres down hole and
        20.95 metres @ 5.21 g/t AuEq from 270.6 metres down hole.

APC-2 is the first hole drilled from a newly constructed pad located approximately 200 metres to the southeast of the initial pad from which drill holes APC-1 and APC-1W were drilled. APC-2 was drilled orthogonal to APC-1 and APC-1W and intersected bulk mineralization hosted within porphyry related breccia with overprinting carbonate base metal veins (“CBM”).

  • APC-1W:
        89.40 metres @ 2.46 g/t AuEq from 293 metres down hole (175m vertical) including
        19.35 metres @ 3.87 g/t AuEq from 93.8 metres down hole and
        15.30 metres @ 2.31 g/t AuEq from 164.36 metres down hole.

APC-1W was drilled as a wedge hole from discovery hole APC-1 to the east and at a steeper inclination. The hole was stopped short of the target depth in a post-mineral dyke due to rig capacity issues. The hole was expected to re-enter the main mineralized breccia after clearing the dyke and extend the zone further to the south. Future drilling will test the area south of APC-1W to determine if mineralization extends beyond the post-mineral dyke in this location.

  • Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
  • APC-2 was drilled perpendicular to APC-1W and has extended the mineralized breccia at least 200 metres to the northeast and 100 metres to the southwest. Two further holes, APC-3 and APC-5 have been completed with more than 200 metres of favorable mineralization intersected in both holes. Assay results for APC-3 and APC-5 are anticipated the near term.
  • Assay results and visual observation from all holes completed to date confirm that the main mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface. The target remains open in all directions for expansion.
  • The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

Table 1: Assays Results

HoleI DFrom (m)To (m)Intercept (m)**Au (g/t)Ag (g/t)Cu %Zn %Pb %Mo %AuEq (g/t)*
APC1-W293382.489.400.89580.390.070.060.0012.46
Incl296.6315.919.351.041280.530.130.120.0013.87
 367.1382.415.301.90160.140.010.000.0012.31
APC-2154.7361.9207.151.46450.310.0750.050.0022.68
Incl192.5209.917.406.57440.080.2850.230.0037.33
 270.6291.620.953.67680.410.0340.030.0025.21

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/748c2e74-07e0-4a35-bb4e-a498f2c48301

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/69495b4e-a5c4-43bf-b978-9832ff92fa42

Figure 3: Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
https://www.globenewswire.com/NewsRoom/AttachmentNg/8997b6cb-6594-48cd-8b7d-aa60fdeec92a

Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5bd44e2-8754-4913-a727-ab5e97711d93

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

To see our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd. 
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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 news release.

Categories
Base Metals Breaking Energy Junior Mining

Copper worth nearly half a billion dollars goes missing in China

A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.

Traders from more than a dozen mostly state-owned firms gathered in Qinhuangdao city this week after becoming aware of the missing material following concerns into the borrower’s finances, said the people, who asked not to be identified as they aren’t authorized to speak publicly.

The group has a total claim on 300,000 tons of concentrate worth about 5 billion yuan ($740 million), but there’s only 100,000 tons at the depot, the people said. That puts the dollar value of the missing material at about $490 million.

The copper discrepancy in Hebei province comes just months after a separate dispute, spanning several locations in southern China, over missing aluminum tied to $1 billion of lending. Scrutiny of commodities financing and warehouse operations in China is growing, especially as volatile global markets expose some of the more opaque funding arrangements to greater risk.

At the center of this latest case is Huludao Risun Trading Co., a medium-sized merchant that purchases between 800,000 and 1 million tons of imported copper concentrate a year for distribution to domestic Chinese smelters, said the people. The company typically relies on larger counterparties to finance the materials, and then repays the loans with interest and fees after finalizing the trade.

Nobody picked up several calls to the company’s main number, and there was no immediate reply to an email seeking comment.

Risky business

Commodities traders have faced a tougher environment this year as banks turn cautious in the wake of high-profile losses — especially in the nickel market — and huge price volatility exacerbated by Russia’s invasion of Ukraine. That’s encouraged alternative financing, in which smaller, privately-owned firms pledge their goods to large state-run traders to get funding for operations.

But that route is also exposed to risk as the growth model that’s sustained China’s economy for decades shows signs of strain. Some state-owned enterprises, including the country’s top steel mills, have asked units to cut back on operations — including third-party trading — to preserve cash and avoid liquidity crunches.

The impact on the spot concentrate market of the Qinhuangdao copper dispute could be limited, consultancy Mysteel said in a note on Wednesday. Chinese smelters who take material from this merchant should be able to use their existing inventory, while traders could re-route cargoes due to arrive at the Qinhuangdao site to other destinations, it said.

source: mining.com

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Operation and Financing Update

Nevada Copper Corp.
Nevada Copper Corp.

YERINGTON, Nev., Aug. 05, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides an update on its operations and financing initiatives and activities at its Pumpkin Hollow copper mine (the “Underground Mine”) located in Yerington, Nevada.

Operational Restart Planning

During July, management has advanced its Underground Mine restart plans, which focus on the acceleration of key capital items followed by the development of a significant stope ore inventory in advance of a mill restart and completion of production ramp-up. The development of restart plans has allowed the Company to advance financing discussions with its key stakeholders. The commencement of restart activities is contingent on the Company obtaining long-term financing, as discussed below.

The Company continues to work with its creditors and vendors to defer payments and maintain the operation in a temporary suspension status, with only limited operational activities being undertaken to protect the Company’s assets, to minimize cash burn until closing of a restart funding package.

Restart Financing

The Company is engaged in active and ongoing discussions with its key financing partners with respect to a substantial funding package for the restart and ramp-up of the Underground Mine (as an alternative to the smaller financing package referred to in the Company’s July 4, 2022 press release which is no longer being pursued in that form).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%2522Company%253BYerington%252C_Nevada%253BBankruptcy%253BDebate%253BUnderground_hard-rock_mining%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522618b261d-7539-34cc-9b63-9cf83c3f5fd6%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The Company has expended the full amount of the previously disclosed US$20 million promissory note from Pala Investments Limited (“Pala”), the Company’s largest shareholder. Pala has indicated that it is prepared to provide additional financing of up to US$20 million through further promissory notes (US$4 million of which has already been advanced) while the Company continues discussions with its financing partners. The Company will continue to require interim financing until a restart funding package is secured and closed. As previously disclosed, pending completion of a financing package, the Company has not made payments due to certain creditors and vendors and is in default of its obligations under certain financing agreements and other contractual arrangements.

There can be no assurance that the Company will obtain additional interim financing or that the longer-term restart funding package will be agreed or completed on terms satisfactory to the Company and within the required timeframe, or at all. In the absence of securing such arrangements or alternative financing arrangements, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to mine planning, financing requirements, discussions with financing partners, and creditor protection proceedings.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with creditors and vendors; potential creditor protection proceedings; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Energy Junior Mining Precious Metals

Bravo Intercepts Massive Sulphide Mineralization at its Luanga (PGM + Au + Ni) Project

Bravo Mining, Proven and Probable

11m* Zone of Massive and Brecciated Semi-Massive Nickel/Copper Sulphides Intersected

VANCOUVER, BC, Aug. 3, 2022 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO), (“Bravo” or the “Company“) today announced that a diamond drill hole at its Luanga Project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil, intersected massive sulphide and semi-massive sulphide mineralization. Based on visual inspection by experienced geologists the core is interpreted to contain pyrrhotite, pentlandite (a primary nickel sulphide mineral) and chalcopyrite (a primary copper sulphide mineral). This style of sulphide mineralization, in these concentrations, has not previously been observed at the Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project. Likewise, primary copper mineralization (interpreted as chalcopyrite) has previously only been observed in trace amounts at Luanga.

DDH22LU047: Massive sulphide mineralization interpreted as pyrrhotite + lesser pentlandite (a nickel mineral) and chalcopyrite (a copper mineral), from 136.0 to 137.6m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Massive sulphide mineralization interpreted as pyrrhotite + lesser pentlandite (a nickel mineral) and chalcopyrite (a copper mineral), from 136.0 to 137.6m* (CNW Group/Bravo Mining Corp.)

“Intersecting this style of massive sulphide mineralization for what we believe to be the first time at Luanga is a potentially material development,” said Luis Azevedo, Chairman and CEO of Bravo. “The drill hole has already been cased with PVC for planned downhole electromagnetic survey (DHTEM), and we will shortly be commencing a detailed ground gravity survey. Both geophysical techniques could help guide follow-up drill holes. We believe that further discovery potential exists at Luanga, particularly regarding prospective zones below the PGM mineralization and the geophysics could help direct that work.”

Highlights

  • Subsequent to executing the remaining land access agreements, the first of the planned northern drill holes (DDH22LU047) intersected massive and semi-massive sulphides that are interpreted to contain both pentlandite (a primary nickel mineral) and chalcopyrite (a primary copper mineral). PGM+Au+Ni assays are pending.
  • DDH22LU047 is already PVC cased ready for DHTEM, a highly successfully geophysical tool for defining and targeting conductors generated by massive sulphides.
  • Bravo plans to commence a detailed ground gravity survey. Gravity surveys are ideally suited to detecting differences in density, such as the high densities native to massive sulphides.

Luanga Drill Program

The Phase 1 diamond drill program continues as planned at Luanga. With six drill rigs on site, drilling is now in progress in various locations along the entire 7km strike length of the project, including to the north where the latest and final surface access agreements were recently signed.

Phase 1 drilling is designed to confirm, infill and step out from the previously defined mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates. Additionally, deeper drilling will target extensions and exploration targets at Luanga.

DDH22LU047: Breccia sulphide interpreted as pyrrhotite + pentlandite (a nickel mineral) + chalcopyrite (a copper mineral), from 137.0 to 137.5m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Breccia sulphide interpreted as pyrrhotite + pentlandite (a nickel mineral) + chalcopyrite (a copper mineral), from 137.0 to 137.5m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Drill core showing massive and brecciated semi massive sulphides, from 131.1m to 142.1m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Drill core showing massive and brecciated semi massive sulphides, from 131.1m to 142.1m* (CNW Group/Bravo Mining Corp.)

* Depths and widths are downhole

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.

For further information about Bravo, please visit www.bravomining.com or contact:

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “confirm”, “designed”, “increase confidence”, “interpreted”, “pending”, and other similar words, phrases or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs; the expected arrival of additional drill rigs and delivery of historic core; and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Bravo Mining LOGO (CNW Group/Bravo Mining Corp.)
Bravo Mining LOGO (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

Granite Creek Copper Appoints Geordan Clark to its Board of Directors

VANCOUVER, BC / ACCESSWIRE / August 3, 2022 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the appointment of Mr. Geordan Clark as an Independent Director.

Granite Creek Copper Ltd., Wednesday, August 3, 2022, Press release picture
Granite Creek Copper Ltd., Wednesday, August 3, 2022, Press release picture

Geordan Clark is a Yukon-based entrepreneur with extensive project management and business development experience including an MBA from Cape Breton University. A citizen of the Kluane First Nation from Burwash Landing, Geordan worked as a business consultant with the Kluane First Nation, Tr’ondëk Hwëch’in, Na-Cho Nyäk Dun Development Corporation, Carcross Tagish First Nation, Chu Níikwän LP (Kwanlin Dun), Champagne Aishihik Community Development Corporation, as well as providing consulting services to many other Yukon First Nations small business owners. Mr. Clark was formerly the Executive Director of the Kluane Development Corporation and is currently General Manager and co-owner of Vision Quest Explorations, a Yukon First Nation drilling and exploration company. With a passion for Community Economic Development, Geordan is dedicated to supporting the progression of Yukon First Nation’s business and advancement of the Yukon’s economy.

Geordan Clark, Director, stated, “I am very pleased to be joining Granite Creek Copper and look forward to working with the team to further advance the project including developing and strengthening relationships within the local communities and First Nations in Yukon.”

Tim Johnson, President & CEO, stated, “Geordan is a well-known and respected Yukon businessman and leader. It is an absolute pleasure to have him join our team and we very much look forward to his involvement and guidance as we continue to advance the Carmacks Copper project. Our goal is to continue to develop and build on our relationships with First Nations, including Little Salmon/Carmacks First Nation on whose Traditional Territory the project is located, and to have a positive impact within local communities, as well as the Yukon at large. We look forward to providing additional updates on both the project and other initiatives in the coming weeks, including the updated Preliminary Economic Assessment (“PEA”) which remains on track for completion in Q4.”

Granite Creek further announces it has granted 360,000 incentive stock options (the “Options”) to certain Directors, Officers, employees and consultants of the Company. Each Option will allow the holder to purchase one common share of the Company at a price of $0.10 per share and is exercisable for up to five years, expiring on August 3, 2027.

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. The project is located within the Traditional Territory of Little Salmon/Carmacks First Nation. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: http://www.metallicgroup.ca/
Twitter: @yukoncopper

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.

SOURCE: Granite Creek Copper Ltd.

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals Stillwater Critical Minerals

(VIDEO) Stillwater Critical Minerals – Exclusive Stillwater West Core Shack Footage

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a Canadian mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district of Montana, USA.

Stillwater Critical Minerals (TSX.V: PGE | OTC: PGEZF)
Website | https://criticalminerals.com/
Corporate Presentation | https://criticalminerals.com/investors/presentations/
Stillwater Critical Minerals
Suite 904 – 409 Granville Street
Vancouver, BC V6C 1T2

Tel: +1 (604) 357-4790
Toll Free: +1 (888) 432-0075
Email: info@grouptenmetals.com

Categories
Base Metals Energy Junior Mining Precious Metals

Bravo Intersects High Grade PGMs (including Rhodium), Au & Ni at Luanga, Brazil

Bravo Mining, Proven and Probable

CORPORATE PRESENTATION: https://bravomining.com/pdf/20220801_BravoMining_CorporatePresentation.pdf

OFFICIAL PRESS RELEASE: https://bravomining.com/pdf/2022-07-26_NR.pdf

Highlights include 11.0m @ 6.50g/t PGM + Au (including 0.34g/t Rhodium), and 0.32% Ni Sulphide, and 8.6m @ 6.45g/t PGM + Au (including 0.36g/t Rhodium)

VANCOUVER, BC, July 26, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO), (“Bravo” or the “Company“) today announced it has received assay results from a further five diamond drill holes (“DDH”) (four infill drill holes and one twin drill hole), bringing the total to 42 drill holes (including four twin drill holes) completed to date at its wholly owned Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil. Samples for a further 15 drill holes are already at the laboratory for analysis.

“We are very pleased with the successful launch of Bravo Mining on the TSXV, especially given current market conditions, and believe this underscores the quality of the Luanga Project and its management team.  Results from our Luanga Phase 1 (25,500m) confirmation, infill, step out and twin hole drill program continue to both support the historical results and build our ongoing confidence in the Luanga deposit”, said Luis Azevedo, Chairman and CEO of Bravo. “We look forward to providing regular updates as our drilling and re-assay programs continue to ramp up, and our metallurgical and environmental baseline programs get underway.”

Highlights

  • 42 DDH drilled to date, including 4 twin holes, for a total of 6,678m out of Phase 1 25,500m drilling program;
  • 5,833 samples submitted for assay and results pending for 15 DDH;
  • 5 drill rigs onsite; to be increased to 6 in August 2022;
  • Assay results of the twin hole (the third of seven planned twin holes) closely correlate with the immediately adjacent VALE SA historic (“historic” or “historical”) drill hole in both tenor and mineralized thickness, while assays from the four planned drill holes aimed at infilling the existing wide spaced drilling, confirm the tenor, widths and continuity of mineralization seen in adjacent historic drill sections;
  • Highlights of Bravo’s intercepts are tabulated below, with details attached.
HOLE-IDFrom(m)To(m)Thickness
(m)
Pd(g/t)Pt(g/t)Rh(g/t)Au (g/t)Ni % (Sulphide)PGM + Au (g/t)TYPE
DDH22LU00333.270.036.81.530.700.100.300.172.64FR
And89.094.25.21.510.720.110.170.152.52FR
DDH22LU00478.691.613.01.630.770.140.060.132.60FR
DDH22LU007105.6131.025.42.171.110.190.170.203.64FR
Including120.0131.011.03.841.980.340.330.326.50FR
DDH22LU0080.08.68.63.392.660.360.03NA6.45Ox
And27.642.615.00.820.340.070.03NA1.25Ox
Including32.642.610.01.090.410.070.04NA1.60Ox
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.

Luanga Drill Program

The Phase 1 drill program at Luanga is designed to confirm, infill and step out from the previously defined mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates.

As part of the Phase 1 program, Bravo has received final assay results (including palladium, platinum, rhodium, gold and nickel sulphide) for the third twin hole and the first four infill drill holes (shown below and listed in Schedule 1). Samples were submitted to ALS Brasil Limitada’s (“ALS“) preparatory laboratory in Parauapebas, located approximately 72km from Luanga, and then sent to their laboratories in Peru and Vancouver for assaying (Schedule 2).

Drilling by Bravo on new infill sections has, in several parts of the Luanga deposit, intersected zones containing significant amounts of coarser disseminated sulphides not previously observed in historic drilling.  An example is shown in the photo below of samples from drill hole DDH22LU039 (assays pending). In some cases, these zones also include narrow bands of semi-massive sulphides. Pending assay results will determine how these zones correlate to grades.

Drill Core from DDH22LU039 – Selected samples from between 128.80m and 131.50m (CNW Group/Bravo Mining Corp.)
Drill Core from DDH22LU039 – Selected samples from between 128.80m and 131.50m (CNW Group/Bravo Mining Corp.)
Location of Bravo Drilling Reported in this Document (CNW Group/Bravo Mining Corp.)
Location of Bravo Drilling Reported in this Document (CNW Group/Bravo Mining Corp.)
Cross Section Showing Twin Hole DDH22LU007 (CNW Group/Bravo Mining Corp.)
Cross Section Showing Twin Hole DDH22LU007 (CNW Group/Bravo Mining Corp.)

A comparison of the original historic intercept with the Bravo twin hole intercept is tabulated below. Bravo’s twin hole intercept closely correlates with the adjacent historic drill hole in both thicknesses and grade, noting that Bravo nickel grades are for sulphide nickel which is representative of actual potentially recoverable (by froth flotation treatment) nickel, and does not include non-recoverable silicate nickel whereas VALE’s assays were total nickel, including both sulphide and non-recoverable silicate nickel.

Comparison of assay results from Bravo twin diamond drill hole of historic VALE SA diamond drill hole

TWIN of Historic Hole PPT-LUAN-FD0069
HOLE-IDFrom(m)To(m)Thickness (m)HISTORIC SGSPGM + Au (g/t)BRAVO ALSPGM + Au (g/t)
DDH22LU007105.6131.025.353.64
PPT-LUAN-FD003699.0124.025.003.88
All From/To depths, and Thicknesses are downhole.Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.

Drilling Progress

Bravo now has five diamond drill rigs operating at Luanga, with the sixth rig off site for servicing. The Phase 1 drill program is focused on confirming the results of the extensive historic drilling that included 252 core holes aggregating 50,353m completed by the previous owner in the early 2000s.  The footprint of the Luanga deposit encompasses 238 of these holes. Bravo has now completed 42 holes (aggregating 6,678m of drilling) including four twin holes. Holes are being systematically logged, sampled and sent for assay. To date, 5,833 samples have been submitted for assay. Assay results are currently pending for 15 drill holes.

Drill holes DDH22LU003, 004, 007 and 008 all successfully intersected the main Luanga mineralized zone, which lies at the contact between the mafic and ultramafic rock sequences, confirming the tenor, width and continuation of mineralization seen in nearby wide spaced historic drill sections. DDH22LU008 was collared on top of the main mineralized zone, intersecting grade from surface, while DDH22LU002 was drilled too far north, intersecting the mafic sequence in the hangingwall, which still contains low grade zones of mineralization.

Complete Table of Assay Results

HOLE-IDFrom(m)To(m)Thickness (m)Pd(g/t)Pt(g/t)Rh(g/t)Au (g/t)Ni % (Sulphide)PGM + Au (g/t)TYPE
DDH22LU00299.6131.032.40.240.270.03<0.01<0.010.54FR
DDH22LU0030.02.42.40.710.280.050.07NA0.92Ox
And25.428.22.80.570.250.040.07NA0.92Ox
And33.270.036.81.530.700.100.300.172.64FR
And75.082.07.00.200.090.020.060.130.37FR
And89.094.25.21.510.720.110.170.152.52FR
And115.5138.022.50.240.210.01<0.01<0.010.47FR
DDH22LU00478.691.613.01.630.770.140.060.132.60FR
And60.676.616.00.240.130.020.040.060.42FR
And126.6130.23.60.240.750.12<0.01<0.011.11FR
DDH22LU007100.6131.030.41.900.970.170.140.203.19FR
Including105.6131.025.42.171.110.190.170.203.64FR
Including120.0131.011.03.841.980.340.330.326.50FR
DDH22LU0080.08.68.63.392.660.360.03NA6.45Ox
And27.642.615.00.820.340.070.03NA1.25Ox
Including32.642.610.01.090.410.070.04NA1.60Ox
All From To depths, and Thicknesses are downholeGiven the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralizationNA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.

Historical Information

This news release includes historical drilling and historical assay results generated by the prior owner of Luanga that have been reviewed by the Company’s geological team. The Company’s review of the historical records and information reasonably substantiate the validity of the historical information presented in this news release; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors to exercise appropriate caution when evaluating the historical results. Further data review, drilling of twin holes and infill drilling is underway in order to verify the validity of the data for use, alongside Bravo’s new drilling and re-assay data, in any future NI 43-101 compliant mineral resource estimate.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “closely”, “confirm”, “continuity”, “correlate”, “designed”, “determine”, “increase confidence”, “look forward”, “pending”, “ramp up” and other similar words, phrases or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs; the expected arrival of additional drill rigs and delivery of historic core; and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the additional drill rigs and historic core will arrive within the anticipated timeframe; final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-IDCompanyEast (m)North (m)RL (m)DatumDepth (m)AzimuthDip
DDH22LU002Bravo657099.999339714.97277.355SIRGAS2000 UTM22S152.35360.00-60.00
DDH22LU003Bravo657199.989339715.45254.52SIRGAS2000 UTM22S150.50360.00-60.00
DDH22LU004Bravo657300.039339777.59252.05SIRGAS2000 UTM22S203.40360.00-60.00
DDH22LU007Bravo659092.899341002.10241.231SIRGAS2000 UTM22S230.40330.00-60.00
DDH22LU008Bravo659827.139341623.78242.572SIRGAS2000 UTM22S150.60330.00-60.00

Schedule 2: Assay Methodologies and QAQC

Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the ALS global website (ALS) in the analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo ALS
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhNi-SulphideTrace Elements
PREP-31BPGM-ICP27Rh-MS25Ni-ICP05ME-ICP61
Historic Drill Assaying SGS Geosol
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhTOTAL NiTrace Elements
Crushed to <200 meshFA30AFA30BICP-117ICP-117
Bravo Mining logo (CNW Group/Bravo Mining Corp.)
Bravo Mining logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Reports Drilling News From the Treasure Creek Gold Exploration Project, Fairbanks, Alaska

Millrock Resources, Proven and Probable

VANCOUVER, British Columbia, Aug. 01, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has disclosed results from the first nine holes they have drilled on the Treasure Creek gold project this year. Treasure Creek lies just north of the City of Fairbanks, Alaska. Since commencement of drilling in May 2022, Felix has already drilled more than 100 reverse circulation drill holes and drilling continues more. Assay results are being released in batches as they become available from the laboratory.

A highlight intersection of 89.9 meters grading 1.20 grams per tonne gold starting from 32.0 meters downhole has been reported by Felix Gold from Hole 22TCRC008. All nine holes reported so far are from the NW Array prospect, and intersected gold mineralization. The full results published by Felix Gold can be seen in their two most recent press releases available on their website. Note that Millrock has not independently verified the results reported by Felix Gold.

Millrock President & CEO Gregory Beischer commented: “This is a great start to the drilling program that Felix Gold has undertaken. Millrock owns 9,957,157 shares of Felix Gold or about 5.8% of the company. Additionally, Millrock is to be granted a net smelter return royalty on the project that ranges from 1.0% to 2.0%. We hope that these first drill intersections are indications of a new gold deposit discovery that significantly increases Millrock’s share price and market capitalization. More and more discoveries of gold are being made in Fairbanks and the district should soon be recognized as a globally-significant gold mining camp.”

The Treasure Creek gold project is situated 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold Ventures Ltd new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021.

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 including drilling on the Treasure Creek 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
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals Uncategorized

Metallic Minerals Announces Start of Drilling at La Plata Silver-Gold-Copper Project in Southwest Colorado, USA, and Extends Warrant Expiry

VANCOUVER, BC / ACCESSWIRE / July 27, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the start of its 2022 exploration and drill campaign at the La Plata silver-gold-copper project, located in southwest Colorado. This is the Company’s second diamond core drill program at La Plata and follows the establishment of a new NI 43-101 compliant mineral resource estimate announced earlier this year (see news release dated April 26, 2022).

The initial focus of the 2022 drill program is to extend the limits of previously drill-identified mineralization in the Allard resource area, which is expected to form the basis for updated and expanded resource estimate in 2023. The Company is in the process of completing a follow-up ground-based induced polarization geophysical survey designed to support resource expansion drilling, as well as to help refine and prioritize additional copper-silver-gold porphyry targets developed from the Company’s systematic exploration and the application of new technologies on the project.

La Plata Project Highlights

  • Inaugural National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource issued April 2022 for the Allard deposit totals 889 million pounds of copper and 15 million ounces of silver in a constrained model, with 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade1.
  • Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization.
  • Exploration drilling in 2022 is designed to expand limits of known mineralization in the Allard resource area and to test newly developed targets representing potential new copper-silver-gold porphyry mineralization.

Project History

The road accessible La Plata project covers 33 km2 approximately 20 km northeast of Mancos, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.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%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BColorado%253BPorphyry_copper_deposit%253BCompany%253BMancos%252C_Colorado%253BNatural_resource%253BMineral%253BExploration%253BNational_Instrument_43-101%253BBorehole%253BPhelps_Dodge%253BGold_and_Copper%253BCopper%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25226fd0f08e-c132-3ea8-ac39-5f9770e1768b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects3. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m have been drilled on the property since the 1950s which confirm the presence of large multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold2.

In addition to the development of the inaugural resource estimate, exploration completed by Metallic Minerals at La Plata to date has included confirmation drilling, resampling of historic drill core and underground sampling, surface mapping, and soil sampling. The Company has also completed comprehensive geophysical surveys over the project including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified 16 untested potential porphyry centers outside of the main Allard resource area, as well as developed targets with potential for significant high-grade epithermal silver and gold.

Warrant Extension

Metallic further announces that the Company has applied to the TSX Venture Exchange for approval to extend the expiry date on 9,587,500 warrants that were due to expire August 13, 2022 (the “Warrants”) to February 13, 2023. The Warrants were originally issued as part of a financing completed in August 2020 (see news release dated August 13, 2020) led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters including Red Cloud Securities Inc. and Mackie Research Capital Corporation. The warrants entitle the holder to acquire one common share at an exercise price of $0.60.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward 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 more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and fourth largest in the world, announced the acquisition of Alexco in July 2022. Metallic recently announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. 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.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration and development 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, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGE-nickel-copper district of Montana and Kluane district in the Yukon. 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 and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

Footnotes

1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) Cu Eq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949;

3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.

Qualified Persons

The La Plata copper-silver project 2022 mineral 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 October 7, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten 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.

SOURCE: Metallic Minerals Corp.



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