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
Figure 3:
Plan View of the Hydrothermal Breccia Discovery Made at Apollo
Figure 4:
Apollo Target Cross Section N-S With APC-1 and Related Core Photos Highlighted
TORONTO, June 22, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is excited to announce the discovery of a new high-grade copper-gold-silver porphyry-related breccia at the Guayabales project, located in Caldas, Colombia. APC-1, which is the first ever diamond drill hole to test the Apollo target (“Apollo”), was collared approximately 600 metres southeast of the previously announced Olympus discovery hole that assayed 302 metres @ 1.11 g/t gold equivalent (see release dated March 15, 2022). Apollo is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration. As part of its fully funded 20,000 metre drill program for 2022, there are currently three diamond drill rigs operating at Guayabales, with two turning at Apollo and one turning at the Trap target.
Highlights (See Figures 1 – 4)
•
APC-1, intercepted the mineralized breccia from 291.6 metres downhole (170 metres vertical) with results as follows:
•
87.8 metres @ 2.49 g/t AuEq including:
10.9 metres @ 4.55 g/t AuEq from 291.6 metres down hole; and
14.3 metres @ 3.67 g/t AuEq from 352 metres down hole
•
Mineralization is remarkably continuous along the axis of the discovery intercept and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu) and pyrite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval in APC-1 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
•
APC-1 was drilled to the south from Pad 1 on the northern fringe of an 800 metre X 700 metre targetarea as defined by rock sampling, soil geochemistry and geology mapping. Apollo remains open to the east, west, south and at depth for further expansion.Due to the size of the target area at Apollo, the Company has completed the construction of two additional drill pads. Drill holes APC-1W and APC-2 have already been completed with APC-3 and APC-4 currently underway. Future assay results for Apollo will be reported in batch format once received and interpreted by the Company.
•
The Apollo target area consists of newly generated porphyry and porphyry related targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.
•
Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 metres above sea level. Additionally, an electrical substation is located less than one kilometre from the target area.
“The discovery at Apollo opens a new and very exciting front for the Company. Firstly, it is the first time that the Company has discovered a significant amount of copper. Secondly, large mineralized systems generally have multiple styles of overprinting mineralization and in the case of Apollo, we have already observed three different mineralization types, namely two types of porphyry related CBM veins and of course the mineralized breccia. Our technical team also believes that the Apollo discovery may be the first in a series of porphyry and breccia discoveries at the Apollo target,” commented Ari Sussman, Executive Chairman. “With a second rig recently commissioned and now coring, we have made the decision to soon add a third rig to the program in order to aggressively unlock the potential value of this discovery.”
Table 1: Assays Results
HoleID
From (m)
To (m)
Intercept (m)**
Au (g/t)
Ag (g/t)
Cu %
Zn %
Pb %
Mo %
AuEq (g/t)*
APC-1
291.60
379.40
87.80
0.88
61
0.39
0.07
0.05
0.001
2.49
Incl
291.60
302.50
10.90
1.03
156
0.58
0.34
0.26
0.001
4.55
and
352.00
366.30
14.30
2.41
28
0.50
0.02
0.00
0.001
3.67
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95+(Zn(%)x 0.80 x 0.95)+ (Pb(%)x 0.45 x 0.95) utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$1.0/lb, Ag – $21/oz and Au – US$1,500/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.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%2522Target_Corporation%253BMultiview_orthographic_projection%253BPorphyry_(geology)%253BApollo%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%252217662b79-0a3d-3672-b481-a63f394d6cd3%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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 of the Hydrothermal Breccia Discovery Made at Apollo
Plan View of the Hydrothermal Breccia Discovery Made at Apollo
Figure 4: Apollo Target Cross Section N-S With APC-1 and Related Core Photos Highlighted
Apollo Target Cross Section N-S With APC-1 and Related Core Photos Highlighted
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. Collective 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 is fortuitous to have 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 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021, March 15, 2022 and June 28, 2022 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. Steve 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.
Photos accompanying this announcement are available at:
VANCOUVER, British Columbia, June 21, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it has entered into a Loan Agreement with Redplug Capital Corporation. The loan is in the amount of $500,000 and will be used for general working capital. Millrock intends to repay the loan within the coming year by 1) liquidation of shares that it holds in other companies, 2) sale of royalty interests, and/or 3) from proceeds that may be realized on sale or purchase agreements concerning Millrock mineral exploration projects. The term of the loan is one year. Interest for the first six months of the loan is 6.0% per annum and thereafter at 12.0% per annum. Additionally, Millrock will pay the Redplug Capital Corporation 2,000,000 bonus shares of the Company upon acceptance of the TSX Venture Exchange.
Millrock President & CEO, Gregory Beischer, commented: “Millrock has found itself in a tight financial position at a time when market conditions limit our ability to raise further operating funds. In any event, an equity financing at the current share price would be highly dilutive to existing shareholders. At the same time, Millrock has many catalysts that have potential to drive the Company’s share price higher. More than 18,000 metres of drilling has been planned and budgeted at several projects in which Millrock has an interest. All the funds for these drilling programs come from partner companies. Additionally, Millrock is closing in on option agreements on other projects that could bring more cash into the company treasury. Shareholders that have invested in Millrock over the past few years have looked forward to the big year of drilling underway in 2022. Millrock has determined that it is best not to incur excessive dilution by equity financing at this particular juncture. The less dilutive loan transaction will allow operations to continue in the short term. Potential asset sales will cover longer term needs while results of ongoing drilling programs unfold. We are hopeful that results of the drilling programs will make an equity financing under more favourable and less dilutive terms later in 2022 possible. We think all the drilling programs have a good chance at making gold discoveries.”
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 of partner companies to complete all the planned drilling they have indicated, the sale of Millrock assets, that Millrock has many catalysts that have potential to drive the Company’s share price higher, that Millrock is closing in on option agreements on other projects that could bring more cash into the company treasury, that potential asset sales will cover longer term needs, that all the drilling programs have a good chance at making gold discoveries, and the possibility of share price increase upon receipt of future drilling results. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Millrock’s management’s discussion and analysis for the three-month period ended March 31, 2022, which is available under Millrock’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Millrock assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Millrock updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – June 21, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce drill results from EMX’s Hardshell royalty property at a new exploration target, named the Peake prospect, which is part of South32 Limited’s Hermosa project in southeast Arizona (Figure 1). Hermosa also includes the feasibility stage Taylor lead-zinc-silver deposit situated directly north of EMX’s royalty claim block (see map in Appendix 1). EMX retains a 2% net smelter return (“NSR”) royalty on Hardshell that is not capped nor subject to buy down.
Drill results from Peake, which is partially covered by the Hardshell royalty, include copper-enriched skarn type mineralized intercepts of 76.5 meters (1,308.2-1,384.7 m) averaging 1.52% copper, 0.2% zinc, 0.4% lead, and 25 g/t silver in hole HDS-552, as well as 73.8 meters (1,386.8-1,460.6 m) averaging 1.06% copper, 0.5% zinc, 0.7% lead, and 67 g/t silver in HDS-661. In addition, intercepts more typical of Taylor carbonate replacement deposit (“CRD”) style mineralization include 9.8 meters (966.2-976.0 m) averaging 0.69% copper, 12.2% zinc, 8.2% lead, and 77 g/t silver in HDS-353. South32’s geological model indicates the potential for Peake to host a structurally and lithologically controlled mineralized skarn system that connects to the Taylor CRD mineralization.
EMX’s Hardshell royalty was organically generated by the Company’s wholly-owned subsidiary Bronco Creek Exploration Inc. (“BCE”). BCE recognized the alteration and mineralization zoning patterns within the district, and staked prospective open ground. Hardshell was optioned in 2015 for a 2% NSR retained royalty interest. The Hermosa project, including Hardshell, was subsequently acquired by South32 in 2018. South32 has steadily advanced Hermosa, which now includes the step-out exploration drilling that has delineated Peake. The Peake mineralization covered by the Hardshell royalty highlights the discovery optionality within EMX’s royalty portfolio.
Discussion of Drill Results. South32’s drilling at Hardshell has focused on the copper-rich skarn mineralization at the Peake prospect, but has also intersected potential extensions of the Taylor CRD system. Peake consists of copper-lead-zinc-silver mineralization delineated as a 1,200 meter by 550 meter, west-northwest trending zone of variable thickness at depths of 1,300 to 1,500 meters. South32 is following up on the Peake drill results as part of its Hermosa exploration programs, and has directed US$13 million to its exploration programs at Hermosa in the nine months ended March 2022.1
EMX’s royalty covers much of the currently known extents of the Peake prospect, and South32 has provided EMX a database with ~23,300 meters of angled diamond drilling from within the Hardshell royalty footprint. Select intercepts are summarized in Table 1. Copper-enriched skarn intercepts are reported at a 0.2% copper cutoff, reflecting the early-stage nature of exploration and evaluation of the Peake prospect. CRD style intercepts are reported at a 2.0% zinc equivalent (“ZnEq”) cutoff, reflecting the current feasibility stage of evaluation for the Taylor deposit.
Table 1. Select drill intercepts from EMX’s Hardshell royalty property.
Skarn intercepts in green and CRD intercepts in light blue. ZnEq cutoff calculated using metal prices of Zn (US$2,695/t), Pb (US$1,992/t), and Ag (US$25.50/oz) and recoveries of Zn (90%), Pb (91%) and Ag (81%). Cu was NOT included in the ZnEq calculation. True widths are approximately 65-85% of the reported interval lengths. *Note: HDS-661 missing data from 1563.4 meters to EOH.
Figure 1. EMX’s Hardshell royalty property and South32 drill intercepts.
Hermosa Project and Hardshell Royalty Property Overview. South32’s Hermosa project, located in the Patagonia mining district of southeastern Arizona, includes CRD sulfide (i.e., Taylor) and oxide (i.e., Clark) deposits (which are not covered by EMX’s Hardshell royalty), as well as the Peake skarn prospect (partially covered by EMX’s Hardshell royalty). In a July 21, 2021 Public Report titled “Hermosa Project – Mineral Resource Estimate Update” South32 disclosed a JORC (2012) Mineral Resource estimate for Taylor at a US$80/dmt NSR cutoff as a) 29 Mtonnes @ 4.10% Zn, 4.05% Pb, and 57 g/t Ag Measured, b) 86 Mtonnes @ 3.76% Zn, 4.44% Pb, and 86 g/t Ag Indicated, c) and 24 Mtonnes @ 3.73% Zn, 3.82% Pb, and 91 g/t Ag Inferred.2 The resource estimate was prepared by M. Hastings, MAusIMM, of SRK Consulting (US), a Competent Person in accordance with the requirements of the JORC Code. JORC is an “acceptable foreign code” under NI 43-101 for disclosure of mineral resources and mineral reserves.
In a January 17, 2022 Public Report, South32 announced an update to the Hermosa project with the completion of a pre-feasibility study on the Taylor deposit and a scoping study for the Clark deposit.3 South32 also stated that 1) Taylor had moved to the feasibility stage of evaluation with a final investment decision expected by mid-2023, and 2) shaft development is expected to commence in FY2024, subject to a final investment decision and receipt of required permits.
EMX’s Hardshell 2% NSR royalty property consists of 16 unpatented federal lode mining claims that are included as part of South32’s Hermosa project. Mineralization is primarily hosted within a sequence of dipping upper Paleozoic (i.e., Pennsylvanian-Permian) carbonate sedimentary rocks adjacent to the Sunnyside porphyry system which is being explored by Barksdale Resources. The delineation of the Peake prospect by South32 represents the potential to create significant value for the Company’s Hardshell royalty property. EMX looks forward to South32’s continued exploration success at Hardshell, as well as from the greater Hermosa project.
Comments on Adjacent Properties. The adjacent properties, which include South32’s Taylor deposit and Barksdale’s Sunnyside Project, provide geological context for the Peake prospect, which is partially covered by EMX’s Hardshell royalty claim block. However, this is not necessarily indicative that the Hardshell royalty claim block represents similar tonnages or grades of mineralization as at the Taylor deposit, nor a similar style of mineralization as the Sunnyside porphyry.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Appendix 1
Location of EMX’s Hardshell royalty property with South32 drilling relative to the Hermosa project’s Peake prospect and Taylor and Clark deposits.
Geological Plan Map showing Drilling in Santa Barbara and Porco Areas with Holes referred to in this release highlighted.
Figure 2
3D Location of > 90 g Ag eq/t Grade Shell Model for Santa Barbara relative to the 3D Magnetic Susceptibility Inverse Model. The high-grade likely feeder zone at Santa Barbara extends approximately 750m along strike, is 650m wide and extends to a depth of at least 750m. The deposit is open in all directions.
Figure 3
3D Model of Inverse Magnetic Susceptibility and BHIP Mx Chargeability and Conductivity, Iska Iska. Note that BHIP data is primarily only available in the Santa Barbara area.
Figure 4
Strong inverse magnetic susceptibility anomaly in the Porco Area that extends for approximately 1.6km along strike by 700m wide with a vertical extent of approximately 750m.
Hole DSBS-02 was drilled across the interpreted Santa Barbara feeder zone to a length of 1,023.4m, corresponding to a vertical depth of 745m. Notably, 67% of the overall length of this hole yielded reportable intersections which collectively average 100.42 g Ag eq/t.
Grade shell modelling in Leapfrog of the Santa Barbara Deposit indicates that, as of this date, drilling has defined a higher-grade zone >90 g Ag eq/t that is approximately 750m along strike, 650m wide and extends to a depth of at least 750m. This deposit remains open in all directions.
Hole DPC-09, the first of a series of holes to test the major inverse magnetic susceptibility anomaly in the Porco area, intersected 41 reportable mineralized intersections representing 29% of this 1,124.4m long hole that collectively average 94.73 g Ag eq/t. Significantly, the last reportable intersection near the bottom of this hole is higher in Ag and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the more tin dominant mineralization at depth.
The coincidence of the magnetic inverse model with the chargeability/conductivity model from Bore Hole Induced Polarization (BHIP) surveys provides a powerful tool to outline very prospective drill targets. BHIP surveys to a depth of almost 1,000m show that the conductivity increases with depth at Santa Barbara, indicating that the potential feeder zone could be even more substantive.
TORONTO, June 14, 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 DSBS-02 is a surface hole drilled due north at -300 from the south side of Santa Barbara across the higher-grade likely feeder zone. Hole DPC-09 is the first in a series of drill holes to test the extensive magnetic susceptibility anomaly in the Porco area in the southern part of the property. Four drills including three surface drills and one underground drill are focussed on completing drilling in the Santa Barbara Resource Definition Drilling Area. The underground drill is on its last hole and will be moved to surface to complete drill holes requested by Micon International Limited (“Micon”) to better define the preliminary open pit to be utilized for the maiden mineral resource estimate targeted for completion at the end of Q3.
Overall, the Company has completed 59,499m in 95 drill holes to-date, including four holes in progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the two drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 3 summarizes drill holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource Definition Target Area – Surface Drilling
Hole DSBS-02 was collared in the south part of the Santa Barbara target at an azimuth of 00 and dip of -300 to test across the likely higher grade feeder zone for the Santa Barbara Ag-Sn polymetallic mineralization. This hole was drilled to a length of 1,023.4m, corresponding to a vertical depth of 745m, with 67% of the hole containing reportable intersections which collectively average 100.42 g Ag eq/t. Significant results are as follows:
146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn) over 88.66m from 319.36m to 408.02m, including a higher-grade section of:
737.33 g Ag eq/t (51.11 g Ag/t, 6.82 g Au/t, 0.24% Zn, 0.31% Pb, and 0.19% Sn) over 12.06m from 355.39m to 367.45m. Notably, this is the strongest gold-bearing intercept encountered to date at Iska Iska.
131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and 0.14% Sn) over 104.38m from 531.22m to 635.60m, including higher-grade sections of:
224.16g Ag eq/t (50.19 g Ag/t, 0.02 g Au/t, 0.41% Zn, 0.38% Pb and 0.24%Sn) over 26.79m from 543.09 to 569.88,
300.90g Ag eq/t (35.33 g Ag/t, 0.20 g Au/t, 0.26 % Zn. 0.78% Pb and 0.36% Sn) over 10.38m from 590.84m to 601.22m.
78.94 g Ag eq/t (12.77 g Ag/t, 0.06 g Au/t, 0.66% Zn, 0.12% Pb and 0.04% Sn) over 235.43m from 670.27m to 905.70m which included higher grade sections of:
494.81 g Ag eq/t (170.06 g Ag/t, 0.49 g Au/t, 0.37% Zn, 0.35 %Pb, 0.40 % Sn) over 4.46m from 722.70m to 727.16m,
181.64 g Ag eq/t (76.79 g Ag/t, 0.19g Au/t, 0.76% Zn, 0.23 %Pb and 0.07% Sn) over 4.35m from 770.73m to 775.08m,
120.54 g Ag eq/t (15.50g Ag/t, 0.01 g Au/t, 1.57% Zn, 0.34% Pb and 0.03%Sn) over 10.96 m from 800.44m to 811.40m, and
129.54 g Ag eq/t (6.44 g Ag/t, 0.08 g Au/t, 2.03% Zn, 0.34% Pb and 0.02% Sn) over 8.94 m from 853.28m to 862.22m.
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “Grade shell modelling in Leapfrog of the Santa Barbara Deposit by the Iska Iska geological team indicates that drilling has defined a higher-grade zone >90 g Ag eq/t that extends approximately 750m along strike, is 650m wide and extends to a depth of at least 750m. The deposit is open in all directions. Figure 2 shows the Santa Barbara deposit model relative to the extensive 3D inverse magnetic susceptibility model, demonstrating the remarkable scale of this enormous mineralized system.”
Dr. Pearson continued: “Figure 3 is a 3D model combining the inverse magnetic susceptibility model and the bore hole induced polarization (“BHIP”) chargeability and conductivity data that clearly shows how this new hole DSBS-02 intersected significant mineralization in an area of an extensive chargeability anomaly coincident with a magnetic high. In the lower part of this hole conductivity increases substantially and indicates that this hole stopped just short of a likely area of massive sulphide mineralization. The coincidence of the magnetic inverse model with the chargeability/conductivity model provides a powerful tool to outline very prospective drill targets. BHIP surveys to a depth of almost 1,000m show that the conductivity increases with depth at Santa Barbara, indicating that the potential feeder zone could be even more substantive.”
Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro said: “Geophysical targeting is very useful at Iska Iska because the mineralization often occurs in association with pyrrhotite, a mineral that affects both the electrical and magnetic properties of the host rock. BHIP helps to correlate mineralization between the holes because it samples a much larger volume around the borehole than each assay does. BHIP provides two electrical measures of the quantity of mineralization; chargeability that measures the amount of disseminated mineralization and conductivity that shows when the strength of mineralization reaches the point of “connectivity”, resulting in a conductive deposit. This explains the strong spatial correlation between the grade of mineralization and the chargeable volume around DSBS-02. We do not yet have BHIP surveys under DPC-09 but this hole was targeted to test a peak in the magnetic susceptibility that was modelled using surface magnetic data. The excellent spatial coincidence between the mineralized intersection and the peak in magnetic susceptibility gives us confidence that we will also likely intersect mineralization when we drill the larger magnetic susceptibility zone that is modelled deeper and farther to the south.”
Porco Area – Magnetic Inverse Anomaly – Surface Drilling
Hole DPC-09 is the first of a series of holes to test the major inverse magnetic susceptibility anomaly in the Porco area, as outlined in Eloro’s March 1, 2022 press release. This hole intersected 41 reportable mineralized intersections, representing 29% of this 1,124.4m long hole that collectively averaged 94.73 g Ag eq/t. Highlights include:
143.47 g Ag eq/t (10.67 g Ag/t, 0.25 g Au/t, 1.90 % Zn, 0.23%Pb, 0.09% Cu and 0.01% Sn) over 11.96m from 363.57 to 375.53m
84.46 g Ag eq/t (6.52 g Ag/t, 0.03 g Au/t, 1.13% Zn, 0.37% Pb and 0.01% Sn) over 10.63m from 410.09 to 420.72m
79.46 g Ag eq/t (4.47 g Ag/t, 0.02 g Au/t, 1.12% Zn, 0.08 %Pb and 0.03 % Sn) over 42.55m from 740.63m to 783.18m.
82.64 g Ag eq/t (3.48 g Ag/t, 0.05 g Au/t, 0.50% Zn, 0.09% Pb, and 0.08% Sn) over 57.34m from 798.15m to 855.49m including a higher grade section of:
127.94 g Ag eq/t (3.37 g Ag/t, 0.05 g Au/t, 0.50% Zn,0.12% Pb and 0.16% Sn) over 12.02m from 798.15 to 810.17m,
96.13 g Ag eq/t (8.14 g Ag/t, 0.15 g Au/t, 0.40% Zn, 0.11% Pb and 0.09% Sn) over 14.83m from 972.51m to 987.34m,
69.88 g Ag eq/t (8.73 g Ag/t, 0.11 g Au/t, 0.22% Zn, 0.05% Pb and 0.06% Sn) over 40.24m from 1045.82m to 1086.06m including a higher grade section of
100.05 g Ag eq/t (16.71 g Ag/t, 0.08 g Au/t, 0.35% Zn, 0.06% Pb and 0.09% Sn) over 13.25m from 1068.37 to 1081.62m
163.35 g Ag eq/t (48.35 g Ag/t, 0.12 g Au/t, 0.05% Zn, 0.05% Pb, 0.09% Cu and 0.15% Sn) over 5.95m from 1114.63m to 1120.58m
As shown in Figure 4, this hole intersected a very extensive inverse magnetic susceptibility anomaly which, at elevation 3,400m, extends for approximately 1.6km along strike by 700m wide with a vertical extent of approximately 750m. The 3,400m elevation is approximately 100m above the valley floor. Significantly, the last reportable intersection near the bottom of the hole is higher in Ag and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the more tin dominant mineralization at depth.
Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area as at June 14, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSBS-02
7.84
24.44
16.60
1.36
0.01
0.00
0.01
0.00
0.07
0.001
0.001
44.49
116.64
119.75
3.11
11.60
0.01
0.04
0.54
0.03
0.04
0.001
0.001
58.37
140.40
153.60
13.20
0.72
0.01
1.11
0.15
0.00
0.01
0.001
0.003
60.89
170.99
174.10
3.11
0.74
0.01
0.99
0.07
0.01
0.01
0.001
0.004
53.28
181.52
210.84
29.32
1.61
0.01
1.04
0.11
0.02
0.02
0.001
0.004
64.93
Incl.
204.66
209.33
4.67
4.63
0.01
2.69
0.35
0.06
0.04
0.002
0.008
172.94
235.15
255.86
20.71
5.43
0.06
1.83
0.55
0.01
0.09
0.003
0.007
168.10
270.96
281.72
10.76
7.62
0.04
0.49
0.22
0.02
0.06
0.001
0.002
78.72
290.74
293.71
2.97
15.53
0.05
0.06
0.14
0.04
0.05
0.001
0.001
59.26
298.26
308.78
10.52
26.84
0.11
0.05
0.09
0.08
0.02
0.001
0.001
65.08
319.36
408.02
88.66
10.74
1.01
0.31
0.11
0.01
0.06
0.008
0.001
146.65
Incl.
355.39
367.45
12.06
51.11
6.82
0.24
0.31
0.02
0.19
0.047
0.001
737.33
438.04
447.12
9.08
3.67
0.21
1.53
0.10
0.01
0.05
0.001
0.007
126.04
469.60
483.12
13.52
1.17
0.06
0.59
0.05
0.01
0.06
0.001
0.002
69.05
489.14
517.80
28.66
6.00
0.02
0.55
0.34
0.01
0.04
0.001
0.002
68.65
522.20
525.40
3.20
6.50
0.04
0.27
0.12
0.01
0.07
0.001
0.001
66.24
531.22
635.60
104.38
21.38
0.06
0.25
0.24
0.01
0.14
0.002
0.001
131.86
Incl.
543.09
569.88
26.79
50.19
0.02
0.41
0.38
0.01
0.24
0.001
0.001
224.16
Incl.
590.84
601.22
10.38
35.33
0.20
0.26
0.78
0.01
0.36
0.006
0.001
300.90
647.53
658.12
10.59
10.57
0.01
0.23
0.28
0.01
0.14
0.001
0.001
116.41
670.27
905.70
235.43
12.77
0.06
0.66
0.12
0.01
0.04
0.005
0.002
78.94
Incl.
722.70
727.16
4.46
170.06
0.49
0.37
0.35
0.04
0.40
0.104
0.003
494.81
Incl.
770.73
775.08
4.35
76.79
0.19
0.76
0.23
0.01
0.07
0.013
0.001
181.64
Incl.
800.44
811.40
10.96
15.50
0.01
1.57
0.34
0.01
0.03
0.001
0.004
120.54
Incl.
853.28
862.22
8.94
6.44
0.08
2.03
0.34
0.01
0.02
0.001
0.006
129.54
917.78
931.28
13.50
7.05
0.03
0.78
0.13
0.01
0.04
0.002
0.002
73.10
953.83
955.34
1.51
16.00
0.01
0.48
1.24
0.01
0.19
0.001
0.001
191.90
964.38
971.84
7.46
5.96
0.01
0.53
0.14
0.01
0.04
0.001
0.001
62.14
980.80
1022.40
41.60
38.97
0.08
0.24
0.34
0.03
0.10
0.007
0.001
132.38
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: Significant Results, Surface Diamond Drilling, Porco Area – Magnetic Inverse Anomaly as at June 14, 2022.
Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from June 14, 2022 press release.
SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole length (m)
Surface Drilling Santa Barbara Breccia
DHK-24
S
205529.4
7656222.5
4153.4
225°
-60°
926.3
DHK-25
S
205526.9
7656384.7
4178.1
225°
-55°
1,147.3
Subtotal
2,073.6
Surface Drilling Northwest Extension Santa Barbara
DSB-16
S
204973.9
7657053.1
4147.1
225°
-65°
862.0
DSB-17
S
205136.3
7656770.8
4168.1
225°
-40°
841.0
DSB-18
S
205209.3
7656683.3
4172.5
225°
-40°
890.4
DSB-19
S
205209.9
7656684
4172.5
225°
-65°
803.3
DSB-23
S
205343.3
7656534.4
4176.1
225°
-40°
863.2
DSB-27
S
205044.5
7656982.6
4150
225°
-65°
800.4
DSB-28
S
205512
7656112
4162
225°
-60°
851.4
Subtotal
5,911.7
DSB-29
S
205511
7655966.9
4134
225°
-60°
In progress
DSB-30
S
205440.27
7656179.06
4192
225°
-60°
In progress
DSB-31
S
205652.403
7656108.35
4088
225°
-60°
In progress
Underground Drilling Santa Barbara Adit
DSBU-09
UG
205284.5
7656080
4167.1
90°
-60°
904
DSBU-10
UG
205284.5
7656080.0
4167.1
40°
-60°
878.9
Subtotal
1,782.9
DSBU-11
UG
205284.502
7656080.03
4167.117
180°
-55°
In progress
Surface Drilling South Extension Santa Barbara
DSBS-02
S
205300
7655563
4195
0°
-45°
1,023.4
Subtotal
1,023.4
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07
S
205090.1
7655340.9
4310
235°
-60°
791.4
DPC-08
S
205585
7655423.6
4089
235°
-65°
800.4
DPC-09
S
205456.7
7655516.6
4125
180°
-75°
1,124.4
DPC-10
S
205396.5
7655701.2
4148
225°
-60°
1,088.4
DPC-11
S
205456.7
7655516.6
4125
235°
-70°
1,065.0
DPC-12
S
205650
7655200
4100
235°
-70°
941.4
Subtotal
5,811.0
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01
S
205944
7654211
3674
30°
-60°
860.3
Subtotal
860.3
TOTAL
17,463.3
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 19,031m have been completed bringing the overall total to 59,499 m in 95 drill holes (31 underground drill holes and 64 surface drill holes) including 4 holes in progress.
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., 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. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon 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., of Clearview Geophysics, a QP under NI 43-101, completed the 3D magnetic inversion model in consultation with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being carried out by MES Geophysics under the supervision of Dr. Hale and Mr. Gilliatt.
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, as laboratories return to more normal staffing levels.
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 Q3 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. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. 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 / June 13, 2022 / Metallic Minerals (TSX.V:MMG | US OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to report that, further to its news release dated April 26, 2022, it has filed on SEDAR a National Instrument 43-101 technical report, entitled, “Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project Southwestern Colorado USA”, has an effective date of April 3rd, 2022.
Scott Petsel, President of Metallic Minerals, stated, “The inaugural resource, which defined 889 million pounds of copper and 15 million ounces of silver (Inferred) at the Allard Cu-Ag Porphyry deposit, was a major milestone for the Company. The project team is currently working to finalize the next phases of exploration to include additional ground and airborne geophysical surveys, resource expansion drilling and the testing of newly identified targets representing both potential porphyry centers and high-grade silver-gold-telluride epithermal targets. We look forward to meeting with existing and potential shareholders this week during PDAC 2022 in Toronto June 13-15, as well as during the Yukon Mining Alliance Property Tours and Conference June 20-24 in Dawson City to discuss the exciting potential we see for both our flagship projects.”
The Technical Report was authored by Allan Armitage, Ph.D., P.Geo. of SGS Geologic Services (“SGS”) an independent Qualified Person and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.mmgsilver.com.
About SGS Geological Services
SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.
Upcoming Events
PDAC 2022 – Metallic will join fellow Metallic Group members Stillwater Critical Minerals (formerly Group Ten Metals) and Granite Creek Copper in Booth 2851 at the Prospectors and Developers Association Convention in Toronto, ON from June 13-15.
Yukon Property Tours & Conference – Metallic will be in Dawson City June 20-24 for the 2022 Yukon Property Tours, with President, Scott Petsel, and CEO, Greg Johnson, both visiting the Keno Silver Project for exploration planning.
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. In addition, the Company recently announced the inaugural resource estimate for the 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 PGM-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.
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 Metallic Minerals 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.
TORONTO, June 13, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its preliminary metallurgical testwork program for the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. The work program including testwork for development of a preliminary metallurgical flowsheet and preliminary mineralogical characterization, is being carried out by Blue Coast Research Ltd. (“Blue Coast”) based in Parksville, BC. The objective is to develop the preliminary flotation flowsheet to maximize lead, zinc and precious metals into saleable concentrates in the Santa Barbara polymetallic deposit and to develop a preliminary flowsheet for tin in both the Santa Barbara and the deeper tin-dominant mineralization.
Blue Coast has world-class metallurgical testing, analytical services, flowsheet development, consulting, and operational support. Their excellent team has been augmented with the addition of Mr. Mike Hallewell, C.Eng., a senior independent mineral processing consultant based in Cornwall, England, who has extensive specialist knowledge in the recovery of tin at mining operations and exploration projects worldwide.
The metallurgical testing is being directed by Richard Gowans, P.Eng., Principal Metallurgist for Micon International Limited, who is an independent Qualified Person as defined under NI 43-101.
Tom Larsen, CEO of Eloro, commented: “The metallurgical testing program at Blue Coast is progressing well. The initial focus of their work was on the Santa Barbara polymetallic mineralization for Ag, Zn and Pb recovery based on samples from discovery hole DHK15 and hole DHK-18. The tin-rich zone in hole DSB-06 was also selected for testing but at that time it was uncertain how this mineralization was connected to the Santa Barbara polymetallic deposit. However, with further drilling and solid work by our geological and geophysical team, we now know that there is extensive tin mineralization at depth beneath the polymetallic mineralization. Once testing is completed on DSB-06, we will be adding additional samples from tin-rich holes to enable further development of an appropriate flow sheet for tin. While arsenic and other potentially deleterious elements are being tracked during the testwork program, these are not anticipated to be a material issue at the levels in current tests.”
Metallurgical Samples
The samples used for the preliminary program completed to date comprise three representative metallurgical samples from existing drill core. The initial three composites are:
Composite drill hole DHK-15, from 131 m to 198 m, mineralized breccia.
Composite drill hole DHK-18, from 76 m to 140 m, mineralized dacitic envelope.
Composite drill hole DSB-06, from 413 m to 477 m, tin-rich mineralized zone.
Approximately 60 m of quarter-core from each drill hole was selected for these three metallurgical composite samples. The head analyses for these three composites are presented in Table 1. It is noted that the arsenic (As) grade is relatively low, being less than = 0.03% for all the three composite samples. Although not anticipated to be a material issue at these levels, the As and other potentially deleterious elements will be tracked during the testwork program.
Table 1: – Metallurgical Sample Head Analyses
Sample ID
Au
Ag
Bi
Cd
Cu
In
Pb
Zn
Sn
As
Fe
S
S-
ppm
ppm
ppm
ppm
ppm
ppm
%
%
%
ppm
%
%
%
DHK-15
0.02
29.6
34
120
114
30
1.21
2.48
0.12
289
2.37
3.51
3.07
DHK-18
0.02
32.1
14
185
370
24
1.01
2.89
0.12
178
3.03
4.49
4.37
DSB-06
0.03
5.80
25
0.6
103
<20
0.01
0.01
0.49
169
4.89
4.10
4.23
Note: ppm = grams per tonne (g/t)
The initial testwork completed by Blue Coast at the end of May 2022 included preliminary mineralogical characterization studies, open circuit sulphide flotation scoping tests and locked cycle flotation tests using composites DHK-15 and 18. The work conducted on DHK-15 and 18 factored into consideration the preliminary test work conducted by the Universidad Técnica de Oruro on different samples.
The DSB-06 sample is extracted from deeper higher-grade tin mineralization that is seen to replace the polymetallic lead-zinc-silver-tin mineralization type at depth and this sample has become the subsequent focus of the ongoing tin studies at Blue Coast. Additional tin-rich samples will be added for further testing after the initial test program is completed.
Mineralogical Characterization of Metallurgical Composites
The Iska Iska composites DHK-15, DHK-18 and DSB-06 were analyzed using the TESCAN Integrated Mineral Analyzer (TIMA), a fully automated analytical scanning electron microscope, to measure bulk mineralogy, sulphide grain size and liberation to support the metallurgical test program. In addition, a suite of electron microprobe analyses was completed on various sulphide and oxide species to better understand overall mineral chemistry and tin deportment.
Sulphide minerals in base metal composites DHK-15 and DHK-18 consisted of mainly sphalerite, galena and pyrite. Sulphide mineral liberation was very good at the test grind of 80% passing (P80) 70 microns and flotation testwork, described below, was able to achieve good lead-zinc separation. Non-sulphide gangue minerals in all composites consisted of quartz, various phyllosilicate minerals including micas, chlorite and kaolinite, and minor Fe oxides.
Cassiterite (a tin oxide mineral) was the dominant tin mineral identified in tin composite DSB-06. Cassiterite was moderately liberated (69% of grains had liberation of 80% or better at the test grind of P80 70 microns). Cassiterite formed middling particles with pyrite, rutile, quartz and iron oxides. Pyrite in DBS-06 was well liberated. Initial flotation testwork, described below, focused on separating pyrite from the cassiterite.
Microprobe analyses were completed on a group of pyrite, sphalerite, galena and cassiterite grains in the metallurgical composites. Tin was identified in trace amounts within the structure of galena and sphalerite in the base metal composites, suggesting that the sulphide concentrates will contain a small amount of tin.
Geometallurgical Characterization
Separate to the testing of the metallurgical composites, a program of integrated mineralogical analysis is underway on a series of core slabs from Hole DSBU-03. This hole (see press release dated March 1, 2022) intersects both base metal and tin mineralization and is being used to develop a strong mineral reference library for the resource. The slabs have received hyperspectral (SWIR/VNIR), XRF and RGB scanning by GeologicAI and are now being prepared for petrographic analysis using TIMA and microXRF mapping. The combined data set will be used as a reference library to support the on-site automated core scanning program.
Lead-Zinc-Silver Flotation
Following a series of batch rougher and cleaner tests where the preliminary flotation circuit was developed, locked cycle tests (LCT) were completed using DHK-15 and DHK-18. A locked cycle flotation test is a series of identical batch flotation tests where recycled material from the previous cycle is added to the appropriate location in the flowsheet in the current cycle. The LCT is a standard method used to simulate continuous operating conditions.
The lead-zinc sequential flowsheet used for the LCTs included primary grinding followed by lead rougher flotation, lead rougher concentrate regrinding and 3 stages of lead cleaner. The lead rougher tailings and lead first cleaner tailings fed the zinc rougher stage, and similar to the lead circuit, the flowsheet included regrinding of zinc rougher concentrate followed by three zinc cleaner stages. The final residue streams were the zinc rougher tailings and zinc first cleaner tailings.
Each LCT comprised 6 cycles where the final cycles were deemed to be relatively stable and the circuit appeared to reach equilibrium. Summaries of the average results from the last 3 cycles for both tests are presented in Tables 2 and 3.
Table 2: Summary of Locked Cycle Test Average Results for Sample DHK-15
Product
Wt. %
Assays
% Distribution
Ag (g/t)
Pb (%)
Zn (%)
Fe (%)
S (%)
Ag
Pb
Zn
Fe
S
Pb Cl.3 Conc.
2.0
1047
56.7
7.37
8.84
22.6
68.1
86.9
5.9
6.1
13.1
Zn Cl.3 Conc.
4.3
186
1.58
49.6
10.9
34.3
26.5
5.3
87.1
16.6
43.4
Zn Cl.1 Tail
5.2
23
0.58
1.16
19.8
21.7
4.0
2.3
2.4
36.3
33.0
Zn Ro. Tail
88.6
0
0.08
0.13
1.30
0.40
1.4
5.5
4.5
40.9
10.5
Calc. Head
100.0
30
1.28
2.45
2.83
3.39
100.0
100.0
100.0
100.0
100.0
The LCT DHK-15 lead recovery into the final lead concentrate grading 56.7% Pb was 86.9% while the silver grade was 1,047 g/t. The zinc recovery into a final zinc concentrate containing 49.6% Zn was 87.1%. The total silver recovery was 94.6%, including 68.1% and 26.5% into the lead and zinc concentrates, respectively.
Table 3: Summary of Locked Cycle Test Average Results for Sample DHK-18
Product
Wt. %
Assays
% Distribution
Ag (g/t)
Pb (%)
Zn (%)
Fe (%)
S (%)
Ag
Pb
Zn
Fe
S
Pb Cl.3 Conc.
1.4
1057
56.2
7.10
5.40
18.9
43.5
72.2
3.4
2.2
5.9
Zn Cl.3 Conc.
5.0
258
1.40
51.4
8.27
32.0
37.6
6.4
86.9
12.0
35.2
Zn Cl.1 Tail
9.6
39
1.00
1.36
11.7
11.9
10.9
8.7
4.4
32.4
25.1
Zn Ro. Tail
84.0
3
0.17
0.19
2.21
1.84
8.1
12.6
5.2
53.4
33.8
Calc. Head
100.0
34
1.10
2.96
3.47
4.56
100.0
100.0
100.0
100.0
100.0
The lead recovery for LCT DHK-18 into the final lead concentrate grading 56.2% Pb was 72.2% while the silver grade was 1,057 g/t. The zinc recovery into a final zinc concentrate containing 51.4% zinc was 86.9%. The silver recovery totalled 81.0%, including 43.5% and 37.6% into the lead and zinc concentrates, respectively.
Samples of final concentrate products from each LCT have been submitted for multi-element analyses to assess the distribution of other potential valuable or deleterious components.
The preliminary flotation test results are very encouraging. The results received so far for drill hole sample DHK-15 are considered very good with high lead, zinc and silver recoveries, and although sample DHK-18 results were not quite as good for lead, zinc recovery was high and overall silver distribution into the final products was good.
Acceptable separate lead and zinc concentrates containing significant payable silver that adds considerable value to these products have been produced from both samples. Work will continue at Blue Coast and other metallurgical laboratories to fine tune the flotation conditions to maximize metal recoveries and quality of concentrates produced.
Tin Metallurgy
DSB-06 tin-rich sample contains low levels of lead, zinc and silver-bearing sulphides, the main sulphide mineral present in this sample being pyrite. No stannite (a tin sulphide mineral) is present in this sample; the tin mineralisation consists entirely of cassiterite.
The pyrite to cassiterite ratio in DSB-06 is circa 5:1. The Blue Coast approach has been initially focused on removing the pyrite prior to traditional beneficiation methods of cassiterite that are employed, using gravity followed by tin flotation. The pyrite is well liberated across all size fractions tested and therefore, the preliminary bulk sulphide flotation sulphur recoveries were good.
A preliminary study has identified that grinding the sample generates predominantly fine cassiterite grains that are more amenable to tin flotation technology. Staged comminution options will be considered to minimise fine cassiterite production in conjunction with staged gravity recovery of whatever coarse grained cassiterite is present and recoverable at, as early a stage in the process as possible.
Gravity release analysis by size testwork on bulk sulphide flotation tailings is in progress to identify the amenability of the mineralization to gravity concentration.
One bulk sulphide rougher flotation test followed immediately by a rougher tin flotation test has been conducted using unoptimized conditions. The rougher tin flotation cassiterite stage recovery was encouraging suggesting that the mineralization will be amenable to tin flotation technology. Further mineralogical work is in progress on the tin flotation rougher concentrates produced to ascertain if this rougher concentrate contains predominantly free liberated cassiterite that would therefore be expected to be upgraded by cleaning. Tin flotation is a universally practised technology and used by all the major hard rock tin mines globally as a method of recovering cassiterite that is too fine grained for conventional gravity concentration.
The tin mineralogy and physical competence will be linked to geological attributes. This will become a key feature in contextualising any variances in these parameters across the deposit. The GeologicalAI scanner, which is now on site and will be operational shortly, and the geometallurgical work noted above, will be very important in characterizing the geological attributes.
The test work is too premature to quote tin recovery numbers, but the initial mineralogy shows that the tin minerals are all in the form of cassiterite with insignificant amounts of stannite. Furthermore, the preliminary testing indicates that tin flotation will be a key recovery route and the preliminary tin flotation test work results are encouraging.
Qualified Person
The metallurgical testing is being directed by Richard Gowans, P.Eng., Principal Metallurgist for Micon International Limited, who is an independent Qualified Person as defined under NI 43-101. Mr. Gowans. has reviewed and approved the technical content of this news release.
Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza, and a Qualified Person in the context of NI 43-101, supervised all exploration work at Iska Iska. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration for 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. 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.
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, as laboratories return to more normal staffing levels.
Eloro Resources at the PDAC
Eloro will be participating at the PDAC 2022 convention in Toronto and invites you to visit us at Booth IE3326 (Investors Exchange) in the South Building, Metro Toronto Convention Centre from June 13-15, 2022.
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 Q3 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.
Maurice: Before we deep dive into company specifics, Mr. Sussman, please introduce us to Collective Mining and the exciting opportunity the company presents to shareholders.
Ari Sussman: Collective Mining was born as a result of the COVID lockdowns, so just some background, my previous company was named Continental Gold, which was responsible for discovering and constructing the largest and most modern gold mine in Colombia, which was sold one week before the global lockdowns to a large Chinese mining company named Zijin Mining in March 2020, for a total sum of approximately $2 billion.
Within a month, my core team and I were bored at home like we all were, and said, “Let’s get back to the drawing board.”
And that is how Collective Mining was born.
Just some background on Collective, the name Collective Mining represents our business model. It’s a collective mining model, meaning, yes, we’re going to build, we hope to make a big discovery, and we’re hopefully going to build a mine and, or, sell the company and then reward our shareholders for being involved. But it’s also going to reward the local stakeholders involved in this project. We want to ensure that people living in the area of influence of the project, benefit, learn and grow with us. As we advance, they advance.
Maurice: Well, quite the pedigree of success here. Let’s find out more. Mr. Sussman, take us to the mining-friendly department of Caldas and Colombia, and please acquaint us with the region, potential mineral endowment, and the mining jurisdiction.
Ari Sussman: Let’s start with Colombia and then work our way inwards.
Colombia is a mining jurisdiction, for a country in South America that has the infrastructure in place, and there is no more prospective mining environment to be in. This is the Andes Mountain chain continuation, which starts in Chile and works its way northward, and goes right through Colombia. In theory, all of the large-scale types of discoveries will be made in Colombia that countries like Peru and Chile currently enjoy.
With that said, I don’t want readers to think that Colombia is an early stage country for mining because, it is in terms of discoveries in commodities that we care about (copper, gold, silver, et cetera), but it’s quite mature in the mining of coal.
Colombia is one of the world’s top largest coal producers and most of those mines have been in production for 50 years or more. So as a result, it’s a mature destination for companies to go and make discoveries in.
What I mean by mature destination, is there’s a very strong mining code in place. Royalty rates have been stable for decades on end. There is a mining association, well established in place that represents the mining industry and will lobby the government on behalf of the industry. These are things that we expect to see in countries like the United States where I am, or Canada, but this is also in Colombia. From that perspective, it’s stable and it’s great.
Zooming in a little bit, we are in the department, which you mentioned, named Caldas. I don’t think most people have heard of Caldas. Colombia refers to states as departments, by comparison. But if any of your listeners are coffee experts or coffee aficionados, they will have heard of Caldas because it’s reputed to have the best coffee beans in the world. I, for one, am not the foremost coffee expert. I enjoy the coffee, Maurice, I do, but I don’t have a real comparison, but this is what it’s known for.
What makes Caldas so special, are two things. One is the coffee, and it’s got a large, big industrialized business in Caldas. This entire department is made up of more mom-and-pop-style coffee farms, very specialized and high end and each coffee farm competes with its neighbor to produce a better bean and that leads to excellent quality.
But secondly, there is a mine which is currently operating in Caldas, which happens to be next door to our main property, named Marmato. Why I’m mentioning this now is, that Marmato has helped to create a very mining-friendly environment in Caldas. The reason for that is that Marmato has been producing gold and silver continuously for more than 500 years, believe it or not, and is still producing today. Virtually every person that lives in the department of Caldas has or had, mining in their blood in one way, shape, or form. As a result, there’s a very strong comfort level with mining in this state and it’s an excellent place to be.
Maurice: Collective Mining currently has two projects with district-scale potential. It has identified 11 highly prospective targets in the Cauca belt. Let’s get acquainted with your flagship Guayabales project. Briefly walk us through the genetic and expiration model and share with us what has your team excited.
Ari Sussman: We are operating in the Cauca Belt. This is a well-known metal belt of Colombia, which runs along the Andes mountain chain. Just to understand how prospective it is. First off, let me back up. Colombia was not a mining destination due to security concerns in the 1980s and 90s, as everyone knows. Those were the horrible times for Colombia that have now resulted in many shows, like Narcos, et cetera, being made as a result of what happened in those times. But, the country turned around with the election of the former president Álvero Uribe in 2002. Now we’ve had 20 years of Colombia being open and prospective.
The Middle Cauca belt prospectivity. There has been somewhere in the neighborhood of three million meters of diamond drilling done since 2002, in this belt. That has resulted in the discovery of more than 100 million ounces of gold. Let me caveat that by saying that a lot of that gold is never going to come out of the ground. It’s not all economic gold, but if you look at the prospectivity, for example, in my former company, Continental Gold, we discovered and drilled off 11 million ounces of high-grade gold at around 8 grams per ton and that deposit was open to grow further.
It would be when we got taken out by Zijin, just starting to pour gold from finishing construction. AngloGold alone has drilled off more than 40 million ounces of gold over a series of projects, for an approximately 20-year period. Then there are many others. So prospectivity is remarkable and being in the Cauca belt is fantastic.
Zooming in, I mentioned this project named Marmato, which we do not own, that is in another company. Marmato is an approximate 8 million ounce resource with less than 8 million ounces of reserves, that is pushing toward production, as we speak. What we recognized that one of the best places to find a mine, is next to a mine?
Marmato is a porphyry-related vein system. I want readers to think of Chile because Chile is the world’s largest copper producer and the bulk of that copper production comes from porphyry deposits.
Porphyries are intrusions in the earth where individual fingers of porphyry rock come up, the pulse pushes them up and then you get these complexes, they are typically about, let’s say, up to four miles by four miles in circumference within which, you will have fingers of porphyries which can be very large, in the billions of tonnes. Then you have breccia’s related to the porphyry and you have vein systems related to the porphyries. A key feature of the porphyries, breccia related to porphyries, and vein systems related to porphyries, is the dimensions of these deposits can get very large.
I mentioned billions of tonnes for porphyries, vein systems, my former project Buriticá at Continental Gold contained 11 million ounces. It has been drilled off over about 2 kilometers, or call it almost 1.5 miles vertically. That is enormous, and whatever you end up having in vertical, you end up having in lateral dimensions about mile-long vein systems along with huge vertical dimensions.
Breccia’s, porphyry-related breccias are also huge. I’m sure readers are familiar with Filo Mining in Argentina, which has been a huge success. They have a porphyry deposit, but what is driving their value is a porphyry-related breccia which sits in the middle of their porphyry and that’s where those unbelievable grades we’ve seen of copper-gold and silver are coming out of this breccia.
Why is that relevant to Collective Mining? We recognize that Marmato is on the fringe of one of those four by four-mile circumference areas that have porphyry intrusion centers and they are our neighbor. We have come in with complete grassroots exploration, and I want to highlight that there are very few companies today doing grassroots exploration. Most companies are retreading old projects with new interpretations that have had lots of drilling and lots of work done. This is true grassroots exploration.
Collective Mining has generated 11 targets on two projects. Our flagship is called Guayabales. That is the one that is contiguous to the historic and current large resource the aforementioned Marmoto. And then we have another one calledSan Antonio. Although it’s a second project, it’s only about a mile away as the crow flies from the edge Guayabales to the concession edge of San Antonio. So, it’s part of the same geological complex. And what we have identified in those 11 targets are either porphyry targets for drilling, porphyry-related breccia targets, or porphyry-related vein systems for drilling. I mentioned grassroots, so we’ve brought all of those targets except for two of them up to the drill, ready status as we speak.
Our flagship Guayabales Project has generated eight targets. I’m going to say something that I don’t say lightly, but this is the best exploration project that I have ever seen or been involved with (period).
And I said that when my technical team identified it, and I iterate it much stronger today because I’m able to back that up with initial drilling success. Today at Guayabales, we have drilled or are currently drilling five of those eight targets.
Our Olympus Target may be on the cusp of a significant discovery, which is a vein system over-printing breccia, porphyry-related. And as a result, we’ve drilled big bulk intercepts, including the discovery hole of 302 meters at 1.1 grams per ton, gold equivalent, starting just below surface. We will find out it’s open-pitable as we do more work in the future and prove that up.
We think that Olympus has the earmarks of a multimillion-ounce gold and silver system. Looks similar to Marmato next door and similar to my previous project, Buriticá, which I previously mentioned, we drilled off 11 million total ounces.
The second target with assays is called Donut. Donut is a porphyry-related breccia. I don’t think this one is going to be huge. It doesn’t have the potential of Olympus, but it’s still significant. It starts right at surface and we have amazing intercepts in it, including up to 163 meters at 1.3 grams per ton, gold equivalent, beginning right at surface.
Why do I say modest? I don’t think this one has multimillion-ounce potential. But if it does turn into a mine, with further work, I think it’ll be a satellite operation that can feed a much larger complex for processing and it’ll be nice to have because it will add incremental ounces onto the total deposit.
The third target that we drilled was called the Box. I say ‘was’ because that one didn’t work for us. We drilled it, we published results, it doesn’t have large-scale potential like we’re looking for and therefore, we’ve concluded that Box is out.
Our fourth target, the Apollo, we are currently drilling and to say we’re over the moon on it is an understatement.
Now, I’m going to put a big caveat out there for readers. We do not have assay results for it yet. We are expecting the initial first assay results for the first drill into it in the next two to four weeks. That is a caveat. I want everyone to know that at the end of the day, the only truth in mining is the assay results. We can like what we see visually, but we need to prove it with the assay results.
With that said, we’re pretty good at identifying rocks and what we see at Apollo, visually, is a porphyry-related breccia. It has an abundance of chalcopyrite and pyrite in the breccia matrix. For those that don’t know what chalcopyrite is, that is a mineral that contains copper in it, so there’s going to be a copper component to this one.
And then we expect there to be gold related to both the chalcopyrite and the pyrite, as well as silver. But, what makes us excited about it is, that the breccia that is mineralized and then over-printing the breccia is a porphyry-related vein system.
How do we know this? We see the pathfinder minerals of porphyry-related veins.
It’s important to note, that porphyry-related veins are known for being gold and silver-rich, which they typically are, but they also have byproducts of lead-zinc and to some extent, copper. So, what we see in the minerals that bring lead-zinc into the matrix are sphalerite for zinc and galena for lead.
These are very easy to identify, sphalerite is typically a brownish color and galena is a grayish color, and you get blobs of them. Why we know it’s over-printed is, instead of being veins that are typically narrow anywhere in the world, when they get into the breccia, the metal blows out from the veins and fills up the matrix of the breccia.
Think of it like this, when you’ve tried to complete a puzzle, there’s a lot of porosity or space between the individual pieces of the puzzle when they’re put together. Metal fluids will come into a breccia structure that looks similar to that, and it will fill up those spaces. Because it’s porous, the metal will spread out into those spaces. What’s happened with the veins is they’ve come into the breccia and there’s been room for the metal to spread. These have spread out into the breccia matrix, which suggests that we may have two overlapping systems.
Why I think this is significant, with the caveat that we don’t have assays, is, in my experience, that big deposits in the world are very rarely found when there’s only one style of mineralization dumping metal into the system. You typically need to see two or more styles. And here we have two very distinct styles.
So, stay tuned on Apollo, quite excited for the results. Then the first hole will be out soon. And, I should add that we are drilling thick visual intercepts at Apollo. This is not one or two meters we’re drilling intercepts of the three holes that are completed so far, visually, between 85 meters and over 200 meters. We’re hoping for long, big intercepts, and with some luck, with the assay, if mother nature is generous to us, we’ll have some decent grade in that breccia.
Maurice: Well, speaking of visually, that was a good analogy there. Can you conclude by taking us north for a victory lap and talk to us about the Victory Targets? What are you exploring there?
Ari Sussman: The Victory is the Northern complex of targets located in copper-gold country. We have identified a series of intrusions that are outcropping at surface, particularly at the Victory East Target. That is the one that excites us the most in the victory complex.
Victory has a Victory East, a Victory West, and something called Trap, which is in the middle. Trap is called Trap because it’s trapped porphyry-related veins within a structurally controlled corridor. Victory West, I won’t spend any time on it. It’s a blind target that has interesting geophysics, there may be a porphyry below.
Regarding Victory East, we have identified multiple porphyry intrusion centers that are outcropping and continue to collect and see a significant amount of rocks that are very enriched with magnetite, which in this kind of porphyry setting will contain gold or should contain gold and some silver, as well as chalcopyrite, which is that copper mineral that I mentioned before.
Noteworthy of mention, chalcopyrite is typically about 34% copper. Therefore, when logging a core in a drill hole, indicating there’s 2% chalcopyrite, assuming your logging’s correct, you can multiply by 0.34 and that should give you an approximation of what your copper content is.
We see a mineral that will contain copper and an element that will contain gold and a little bit of silver, over a very large area. We’re working diligently to have Victory East drill-ready for Q4 of this year. I think we have another four hard months of work ahead of us. It’s very big and the dimensions of the area, we’re in the plus mile range in every direction. Our team is trying to figure out where the end of the system is, to be frank, before we zero in and decide where we’re going to drill. That’s what we’re doing right now.
Maurice: To summarize this, early days. But Collective Mining may be on the cusp of at least two potential tier-one deposits before us.
Ari Sussman: Look, mining is a very difficult business. The professionals that are smarter than me, estimate you have about a one in 1,000 chance of making a discovery that ever becomes a mine. Making a discovery is very rare in a grassroots exploration program, and a huge compliment to the geological acumen of our technical team.
We are optimistic that we have two major discoveries under our belt already at Olympus and Apollo, subject to a lot more work. And they’re going to require a lot of proving up. But we’re seeing all the right indications of two big systems and Victory is indicating an enormous, grassroots discovered outcropping porphyry complex that we’re looking forward to seeing if that offers the kind of potential that Apollo and Olympus have already shown us from initial drilling,
Maurice: Leaving the Guayabales, let’s visit Collective Mining’s secondary project, the San Antonio, which has over 4,300 meters of drilling completed along with a significant discovery. Sir, please introduce us to the San Antonio, along with the genetic and exploration model.
Ari Sussman: OurSan AntonioProject is about a mile as the crow flies from the edge of its concession to Guayabales. It’s a peripheral part of this same complex of porphyry intrusions. We got into San Antonio in mid-2020. We did a lot of surface work. We did some additional geophysics and were able to generate three targets.
The northern target is called Pound, the middle target is called COP, and the southern target is called Dollar. We got busy drilling it, it was an easy one to drill. It came with water permits in place, it was ready to go. So, we put a bunch of holes into the Dollar Target and two holes into Pound. We have not drilled COP as we speak.
This was in late 2020 into early 2021, and those that follow the mining space know that there’s been a significant problem with assay delays plaguing the industry, resulting from COVID.
I think that was probably the peak of the problem at that point. To date, we have built 4,300 meters of core and had no assays and we were frustrated and shut down the program and said, “Well, we can’t drill more until we wait and get assays.” It took months and lo and behold, we got assays. I would say the results, we got a mixed bag. The mixed bag is as follows: Dollar, we drilled the most beautiful looking porphyry core you could imagine.
I urge any geologists to look at the photos of Dollar core. It is remarkable. However, we’re in the very upper portions of a porphyry system where the metal content is leached, indicating that it needs to be drilled deeper, and that is something we plan to do in 2023 to see if we find the portion that contains the metal.
The surprise for us is known as the Pound Target. At the time that we drilled Pound, I can honestly say that the two holes that we put in were more of a Hail Mary attempt. We had done very little work on Pound.
We had found a porphyry-related breccia with a very small footprint, at the time it surfaced, and said, “Let’s put two holes into it and see what happens.”
And the discovery you alluded to is as follows. We drilled two long holes, both slightly more than 700 meters in length, and both hit. They hit about a .5 gram gold equivalent in each. That’s not a grade that I think you’re going to build a mine on in the future, it’s too low. But anytime you drill a system that has two intervals with more than 700 meters of mineralization, and I should add, that both of those holes ended in mineralization, then there’s a big system somewhere there.
Subsequently went in and conducted some surface work. We have outlined a zone that’s over a mile to the north-south by about a half a mile east-west, and open in each direction. And that is worth going back and drilling one or two or three more holes.
The San Antonio is our secondary project, and it doesn’t offer the near-surface, exciting grades visually and with assays, that we’re seeing at Guayabales, but it offers big scale. So our plan is, let’s poke a few more holes into both of these targets. If we get lucky, we’re going to be talking again about it in great deal. If we don’t, I think the business plan would be to bring in a joint venture partner, which would be a major who’s excited about drilling deeper porphyry-style targets. Who’s willing to fund long drill holes and let someone spend that money and to earn a majority interest in the project and Collective Mining shareholders will get carried along for the ride and the potential upside.
Maurice: Before we leave the project sites, a multi-layered question. What is the next unanswered question for Collective Mining? When can we expect a response? What determines success? And what can we expect as far as news flow?
Ari Sussman: Anyone that invests in us wants the excitement of a drill hole. That is why you would invest in us. You are going to see a steady flow of drilling assay results beginning later this month, which would be the first hole from Apollo.
Then we will have a series roughly every month between now and year-end coming out of Apollo. Additionally, our phase two drill program at Olympus. We are going to be drilling from underground to test the high-grade center of the Olympus area. Olympus is characterized by having approximately a hundred artisanal miners that are mining very high-grade veins.
We’ve reported assay results close to 500-gram gold, and well over 1 kilo silver from these veins in channel samples. We want to drill that area because we know there’s a large vein system there. We don’t know how large, but we’re going to prove it out with drilling.
We also think that it could be a bulk tonnage target. The first results from that will start to flow in August or September. So, if you invest in us today, you’re going to see heavy news flow and particularly heavy beginning in August, and it will continue through the balance of the year.
Maurice: Leaving the project site, let’s discuss some important topics germane to your projects. Do you own your projects 100%?
Ari Sussman: So we have an option to earn 100% undivided interest in both projects by making a series of option payments over a number of years. The payments will culminate in 2031. No private royalties are underlying the property. There are no streams, et cetera. We will be clean and clear for 100% pathway to production. Colombia as a jurisdiction, as far as if you were to build a mine, is favorable from a tax perspective. If you’re in the gold business, the royalty rate is 3.2%. That’s below the Latin American average, which is in the +5 something percent range, as we speak. And taxes are in the low 30% which is kind of common for any country. We are in a good jurisdiction, favorable potential economics based on success and constructing a mine and we are excited to be there, 100% ownership is the only way to go on these things.
Maurice: Are you fully permitted?
Ari Sussman: Currently, Collective Mining is permitted for exploration. We are not permitted to build a mine. That is something that you will do once you complete a feasibility study and then follow the procedures in Colombia. Keep in mind, that I have permitted in Colombia, it’s an excellent jurisdiction to permit. We permitted a gold mine, as I mentioned, and it’s not an overbearing process in terms of timeline. It’s very detailed in terms of the workload. It is first class in terms of the government’s ability to assess permits and evaluate them, but they give you a reasonable timeline. You can permit a project in under one year to construct a mine in Colombia. You compare that to the United States where I think the average now is about 10 years. So much more favorable, but it’s a lot of work. But, as far as exploration goes, yes, we are permitted to explore for several years.
Maurice: Is the ultimate goal to build a mine or arbitrage?
Ari Sussman: Having been through this, you need to plan to build a mine. Because, what we can’t control, any of us, is the cycle itself. We all know commodities are cyclical. And so there are periods in the cycle where M&A is very active. Then there are periods where it’s slow. You must build your company as if you’re going to build a mine. But you keep the option open to be taken out. And if someone wants to acquire the cycle’s right, you do that.
That is how we’re going to proceed. If I have a choice in the matter, and I can determine my future, I don’t know if I’d want to build a mine again. I enjoyed the experience, but at its peak, we had about 5,000 people working at our former project Buriticá, between employees and contractors at the peak of construction. It’s a lot to manage, so we are willing to do it again? Yes. Would we want to do it again? I think ideally we would like to sell before we commence construction,
Maurice: We’ve discussed the good, let’s address the bad. What can go wrong and what are your action plans to mitigate that wrong?
Ari Sussman: Colombia. For good or bad, Colombia is very similar to investing in Peru. We all know Peru is one of the world’s largest producers of silver, gold, and copper. But not all projects work in Peru and the reason for that is Peru has a lot of population, similar to Colombia. virtually anywhere that you’re going to find a project that you want to explore and hopefully construct a mine on, you’re going to be dealing with populations, whether it’s villages, towns, or even larger. And what I mean by that, is why it’s like Peru is, that we see projects in Peru that succeed and then we see others that fail. The typical failure is based on having opposition from the locals that are in your area of influence on your projects. So, if you do that part well, you should succeed. If you don’t, you’re going to have problems. And that is critical.
Environment, Social, and Governance (ESG), is a big buzzword that all industries are talking about today. Having been in Colombia for more than a decade, this was critical for us more than 10 years ago when it wasn’t as popular a topic because we would not have succeeded if we didn’t have a good program.
What does a good program mean in ESG? Everyone throws it around like, “How do we do it?” But what does it mean?
It means many things. One, it’s education. People need to understand that mining can be beneficial for their communities and not a detriment.
Two, in Colombia you’re dealing in an agriculture-based economy, so it’s educating people that Colombia and mining are not competitors. They coexist well and are good for the economy because they’re cyclical but at different points in the cycle. So, it’s always nice to have one industry that’s strong while the other one has a low point in the cycle and struggling, to offset each other. That’s very good.
And three, make sure that you strengthen local businesses. I’ve seen this all over the world, a company comes and says, “Hey, we’re going to hire thousands of people locally and that’s great. And indirectly, we’re going to impact thousands more.” And of course, that’s great. But if the businesses that aren’t going to be solely focused on selling to the mine, don’t understand what mining is and how to strengthen their businesses to succeed in that environment, they’re going to fail.
Companies must be willing to spend money, help, and time. Helping small businesses evolve and mature so that they can continue to service the area for whatever goods and products they service, plus accommodate the mining company coming in there, because there’s a big change coming where there are areas of mining, in terms of the number of people. Populations grow due to the needs of a mine. Those are just some of the elements. ESG is the critical thing to focus on. If we don’t do this well, if our sustainability program isn’t strong, it doesn’t matter how many great drill holes or scales of deposit we find, we will get stopped.
Maurice: One of the virtues of Collective Mining is the pedigree of commercial success of building those relationships your team has a proven track record of, it may not make headwinds by saying that you’re permitted and you have the buy-in of the community, but it makes the difference of whether you can proceed or not. That’s one of the virtues, again, that Collective Mining brings to the table.
Switching gears, let’s discuss the people responsible for increasing shareholder value. Please introduce us to your board of directors, management team, and, technical teams, which bring along a vast amount of intellectual capital and have a track record of creating value.
Ari Sussman: Let’s start with the Board of Directors. We have one Colombian representative on our Board, an amazing woman named Maria Constanza. She brings something very strong to the table for us. Although she doesn’t work in the mining business today, she’s been very involved in mining over her career, including being the original president of the A&M, which is the Colombian mining agency that is the division of the government in charge of titling for the country from an exploration standpoint, as well as from an operating standpoint, not environmental permits, but a mining license.
So, we have a deep knowledge of both the private sector and the public sector with her and she’s been involved in numerous companies and has lots of experience.
We come out of Colombia, and on our board of directors is an individual named Ken Thomas. Ken, in the mine building business, is extremely well known, has been around a long time, won many awards over his long and illustrious career, including being one of the original engineers of Barrick Gold when it used to be known as American Barrick. He was around when Goldstrike, which is the largest mine in the Americas, in Nevada, was founded and evolved and grew. So, excellent experience.
We have another individual on our board named Paul Murphy. He’s also the chairman of Alamos Gold Inc. (AGI:TSX; AGI:NYSE), which I’m sure some of your readers are familiar with. But, importantly, he was the national mining leader of PricewaterhouseCooper for a quarter of a century. Paul’s experience in leading the audit committee team in financing projects, he’s an amazing person for that.
And lastly, we have a Swiss national named Ashwath Mehra who is a fantastic guy, and readers probably remember GT Gold, which Newmont purchased for $311 million about two years ago. Ashwath founded that company, brought it forward, and led the sale to Newmont. So, success breeds success, and we’re happy to have him involved on our management team.
We have a big management team. Allow me to begin with myself, I’m the executive chairman of the board of directors, meaning I’m involved in management. Omar Ossma is the president and CEO of the company. Omar is a Colombian, accomplished, and very smart lawyer trained and based in Colombia.
One of the things we wanted to do this time around is to make sure that the President and CEO must have boots on the ground on a full-time basis because the challenges that a company will face will be in the host country in which you operate.
We have an executive vice president named Ana Milena Vásquez, who is recognized as one of the top 100 most influential women in mining, by a prominent UK organization in 2020. And more importantly, she is a sustainability expert as well as government relations. So, ESG is synonymous with Ana and she’s a very powerful force representing our company.
Paul Begin is our chief financial officer. He was the chief financial officer for almost the entire evolution of Continental Gold, so been there, done that, and helped finance and build our former mine Buriticá.
Lastly, I’ll mention two names, two special advisors to the company from a technical perspective. David Reading, David is an internationally recognized economic geologist. Importantly, he was the founding partner of Mark Bristow for Randgold, which is now part of Barrick, to create the largest gold company. And David was instrumental in making multiple multimillion ounce discoveries in West Africa as the team leader of the exploration team of Randgold.
Then lastly, we have another special advisor named Richard Tosdal, better known as Dick. In our view, this is one of the world’s top porphyry experts. I mentioned to you that we have a porphyry complex. We always make sure we bring the best technical talent to the geology end of it to ensure we have the best chance of success and having Dick’s leadership is paramount. That oversees our Colombian team. We have a strong group of vice presidents.
Carlos Rios is our vice president of exploration. This is a geologist who thinks like a business person and has a resource modeling background, not just a pure explorationist. Rodolfo Higuera is our vice president of sustainability, he is responsible for ensuring that on the ground, where we operate, our relationship with all the area of influence communities is sound and solid, and they’re transparently educated on what we’re doing and able to speak. We want to remain in good standing with the communities, and this is key to the platform. Transparency is paramount for our success.
Maurice: Well, let’s get into some numbers. Mr. Sussman, please provide the capital structure for Collective Mining.
Ari Sussman: Collective Mining has approximately 47 million shares outstanding and slightly more than 50 million fully diluted. No warrants are outstanding from any financings. The difference between the outstanding and fully diluted is simply stock options to employees, which everyone will hold long-term.
We are well-financed, meaning we’re fully financed for the calendar year, 2022. And that’s financed for a 20,000 to 25,000-meter diamond drill program. We are going to spend $13.5 million this year, and then we will need money to advance the plans for 2023. That’s something we will look to do toward the end of the year, is to raise additional capital. And that will be done on the back of what we hope is going to be a significant success from drilling at Olympus and Apollo.
Maurice: And how much debt do you have?
Ari Sussman: We have no debt. So we’re very clean. There’s no intent to take on any debt for a very long time. The only time I would ever consider debt is if it’s part of a financing package to construct an actual mine.
Maurice: What percentage of ownership does management have and who are the major shareholders?
Ari Sussman: Management controls approximately 40% of the 47 million shares that are outstanding. We put our money where our mouth is. Management intends to do well as we have confidence that our share price will appreciate, not by drawing exorbitant salaries out of the company to maintain a lifestyle. In addition to that, we have very strong support from a group named PowerOne Capital, who was intimately involved with me at my predecessor company, as well as today.
They are long-term shareholders and they own about 25%. We don’t expect their stock to ever come out into the market and be sold. I can confidently say that the founding partner of PowerOne Capital group invested in Continental Gold previously, held his stock through our sale, to Zijin Mining, and participated in all financing rounds along the way. If you invest with us, you not only have our money where our mouth is, so to speak, because we’re very large shareholders of the company, but you will see management and strong supporters participate in subsequent financings that come as we evolve the business and advance.
Maurice: Well, that 40% ownership is very positive. That’s not common.
Ari Sussman: I would agree with you that 40% ownership is not common.
Maurice: I’m used to hearing about 10%.
Ari Sussman: Collective Mining is a tightly held stock. This is an ideal and more advantageous position for retail investors at this point, more than the institutions. Junior Mining companies, have to do a series of financings over the next number of years to get from today to a production decision. And so, the stock float will loosen up in time and that’s by design because we want to make sure we have a structure that works in the market today and can withstand downturns in the cyclical business we’re in, but will also benefit us in the future as we evolve and leave.
The whole point is to get the share price up as high as possible, and hopefully sold, based on the success of the company. And we don’t want to ever be in the position where we’re in a financing spiral where the market cap grows, but the share price doesn’t. Many mining companies seem to fit that bill, unfortunately, we don’t plan to subscribe to that business model.
Maurice: In closing, what keeps you up at night that we don’t know about?
Ari Sussman: Well, it keeps me up at night. It’s 100% making sure that we maintain the strong sustainability-based program and meaningful relationships with the local communities that we currently enjoy. It’s making sure that we apply our collective model properly so that it is collective for everyone. Everybody needs to jointly benefit together in our success, as well as take the risk with the project. If you want the upside, you have to be involved in the risk too.
Maurice: Last question. What did I forget to ask?
Ari Sussman: I just want to remind readers that Collective Mining expects strong news flow with lots of drilling activity. We are a discovery-based company with already significant results under our belt, and I hope everyone either tries to participate by buying shares, or at least watches us continue to put out news, and hopefully, we’ll end up convincing the naysayers in a short time with what we have in the ground.
Maurice: And for the record, I am a proud shareholder. Mr. Sussman, for someone who wants to learn more about Collective Mining, please share the website address.
Maurice: Mr. Sussman, it’s been a pleasure speaking with you today, wishing you and Collective Mining, the absolute best, sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
Burlington, Ontario–(Newsfile Corp. – June 9, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or “the Company”) announces it has commenced commissioning of its wholly owned 125 MTPD state of the art mill located near Globe, Arizona. This is the next step to silver production.
“Commissioning is the culmination of much planning and hard work,” said A. John Carter, SBMI’s CEO. “The field team overcame global supply chain issues to create a functioning 125 MTPD mill, in a location that was an empty field only last September. We are looking forward to processing ore as quickly as possible.”
Water running through piping as part of start of mill commissioning.
Commissioning will take place over the next few weeks and will include the following steps:
water will be run through the mill to check for leaks;
each motor will be test run individually and sequentially;
each piece of equipment will be test run individually and sequentially to confirm technical matters such as the alignment of gears, bearing temperatures, and clearances;
the conveyors will be tracked for speed and consistency;
the crushers will be adjusted to proper settings as dictated by the conveyors;
the ball charge will then be put in the mill, meaning the steel balls will be inserted into the ball mill in anticipation of feedstock;
once all the equipment is calibrated, the mill will again be wet run with water to insure pumps and piping are correct; and
the installation of ancillary equipment as needed will follow.
SBMI has contracted Sepro Mineral Systems Corp., the manufacturer of the Falcon Concentrators, to provide a start-up technical team to train SBMI’s experienced mill crew, to insure optimum efficiency of each piece of the mill and the mill overall. The third-party electrical engineers will have at least one person on-site during start-up as well.
When the overall mill has been confirmed to be operating properly, test feed material will be added. As previously disclosed the Company has stockpiled at the millsite some lower grade ore from the Buckeye Silver Mine to serve as test feed. This will allow SBMI to fine tune the mill while minimizing the risk of losing valuable metals to tailings.
It is anticipated the entire commissioning process will take a few weeks, following which processing of the higher grade material can begin.
SBMI will provide further updates as it progresses through the commissioning process.
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
Silver Bullet Mines Corp. trades on the TSX Venture Exchange under the symbol SBMI and on the OTCQB Venture Market under the symbol SBMCF. The OTCQB Venture Market is for early stage and developing U.S. and international companies. Companies listed there are current in their reporting and undergo an annual verification and management certification process. Investors can find current financial disclosure for the Company on www.otcmarkets.com and at https://money.tmx.com/en/quote/SBMI .
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the availability of skilled and unskilled labour; the presence and recoverability of mineralization; ongoing availability of infrastructure such as electrical, diesel and road access; 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, permitting and regulatory approvals; activities and attitudes of communities local to the location of SBMI’s properties; price increases related to supply chain issues; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
VANCOUVER, BC / ACCESSWIRE / June 9, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to announce the successful completion of CVZ-77 (PH-04) and CVZ-78 (PH-11) and release of the final assay results. The Company completed core hole CVZ-77 at a depth of 458 feet (139.6 m). Sampling for assays began at 20 ft (6.1 m) and continued to the bottom of the hole, an interval thickness of 240 ft (73.2 m) was intersected from 48 ft (14.6 m) to 288 ft (87.8 m). The weighted average lithium values present are summarized below with a high of 2140 ppm. The Company completed core hole CVZ-78 at a depth of 451.5 feet (137.6 m). Sampling for assays began at 26.8 ft (8.2 m) and continued to the bottom of the hole, an interval thickness of 231.3 ft (70.5 m) was intersected from 26.8 ft (8.2 m) to 258 ft (78.6 m). The weighted average lithium values present are summarized below with a high of 2100 ppm present.
Noram Lithium Corp., Thursday, June 9, 2022, Press release picture
Noram Lithium Corp., Thursday, June 9, 2022, Press release picture
Figure 1 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1. Phase VI holes are indicated in purple.
Noram Lithium Corp., Thursday, June 9, 2022, Press release picture
Figure 2. Comparative stratigraphy and assay results for drill holes CVZ-77 and CVZ-78 as compared to CVZ-65 which was drilled as part of a prior program. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.
“As we continue to receive results that meet and/or surpass our expectations, our level of confidence in the resource model continues to increase. This program is providing us with vital information that will allow us to upgrade a significant portion of the resource from the Inferred Category to the Indicated Category. We could not be more proud of the team we have diligently advancing the Project. Noram management is focused on enhancing shareholder value as we continue to develop the resource” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Hole ID
Sample No.
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-77
1748459
20
28
6.1
8.5
610
CVZ-77
1748460
28
38
8.5
11.6
850
CVZ-77
1748461
38
48
11.6
14.6
870
CVZ-77
1748462
48
58
14.6
17.7
1010
CVZ-77
1748463
58
68
17.7
20.7
840
CVZ-77
1748464
68
78
20.7
23.8
910
CVZ-77
1748465
78
88
23.8
26.8
840
CVZ-77
1748466
88
98
26.8
29.9
940
CVZ-77
1748467
98
108
29.9
32.9
600
CVZ-77
1748468
108
118
32.9
36.0
1160
CVZ-77
1748469
118
128
36.0
39.0
980
CVZ-77
1748471
128
138
39.0
42.1
1540
CVZ-77
1748472
138
148
42.1
45.1
1340
CVZ-77
1748473
148
158
45.1
48.2
1400
CVZ-77
1748474
158
168
48.2
51.2
1510
CVZ-77
1748475
168
178
51.2
54.3
1860
CVZ-77
1748476
178
188
54.3
57.3
2140
CVZ-77
1748477
188
198
57.3
60.4
1300
CVZ-77
1748478
198
208
60.4
63.4
1290
CVZ-77
1748479
208
218
63.4
66.4
1450
CVZ-77
1748480
218
228
66.4
69.5
1630
CVZ-77
1748481
228
238
69.5
72.5
1250
CVZ-77
1748482
238
248
72.5
75.6
1060
CVZ-77
1748483
248
258
75.6
78.6
1080
CVZ-77
1748484
258
268
78.6
81.7
950
CVZ-77
1748485
268
278
81.7
84.7
1020
CVZ-77
1748486
278
288
84.7
87.8
990
CVZ-77
1748487
288
298
87.8
90.8
790
CVZ-77
1748488
298
308
90.8
93.9
620
CVZ-77
1748489
308
318
93.9
96.9
870
CVZ-77
1748490
318
328
96.9
100.0
760
CVZ-77
1748491
328
338
100.0
103.0
430
CVZ-77
1748492
338
348
103.0
106.1
610
CVZ-77
1748493
348
358
106.1
109.1
550
CVZ-77
1748494
358
368
109.1
112.2
550
CVZ-77
1748495
368
378
112.2
115.2
720
CVZ-77
1748496
378
388
115.2
118.3
540
CVZ-77
1748497
388
398
118.3
121.3
790
CVZ-77
1748498
398
408
121.3
124.4
780
CVZ-77
1748499
408
418
124.4
127.4
600
CVZ-77
1748500
418
428
127.4
130.5
550
CVZ-77
1748501
428
438
130.5
133.5
500
CVZ-77
1748502
438
448
133.5
136.6
379
Table 1 – Sample results from CVZ-77 from 20 ft (6.1 m) to depth of 448 ft (136.6 m).
Hole ID
Sample No.
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-78
1748508
26.75
37.25
8.2
11.4
920
CVZ-78
1748509
37.25
48
11.4
14.6
1090
CVZ-78
1748510
48
58
14.6
17.7
910
CVZ-78
1748511
58
68
17.7
20.7
910
CVZ-78
1748512
68
78
20.7
23.8
980
CVZ-78
1748513
78
88
23.8
26.8
2100
CVZ-78
1748514
88
98
26.8
29.9
1160
CVZ-78
1748515
98
108
29.9
32.9
1190
CVZ-78
1748516
108
118
32.9
36.0
1640
CVZ-78
1748517
118
128
36.0
39.0
1830
CVZ-78
1748518
128
138
39.0
42.1
1240
CVZ-78
1748519
138
148
42.1
45.1
1180
CVZ-78
1748520
148
158
45.1
48.2
1380
CVZ-78
1748521
158
168
48.2
51.2
1350
CVZ-78
1748522
168
178
51.2
54.3
1280
CVZ-78
1748523
178
188
54.3
57.3
1000
CVZ-78
1748524
188
198
57.3
60.4
1060
CVZ-78
1748525
198
208
60.4
63.4
910
CVZ-78
1748527
208
218
63.4
66.4
960
CVZ-78
1748528
218
228
66.4
69.5
1020
CVZ-78
1748529
228
238
69.5
72.5
830
CVZ-78
1748530
238
248
72.5
75.6
580
CVZ-78
1748531
248
258
75.6
78.6
1110
CVZ-78
1748532
258
268
78.6
81.7
790
CVZ-78
1748533
268
278
81.7
84.7
650
CVZ-78
1748534
278
288
84.7
87.8
750
CVZ-78
1748535
288
298
87.8
90.8
890
CVZ-78
1748536
298
308
90.8
93.9
680
CVZ-78
1748537
308
318
93.9
96.9
730
CVZ-78
1748538
318
328
96.9
100.0
930
CVZ-78
1748539
328
338
100.0
103.0
740
CVZ-78
1748540
338
348
103.0
106.1
720
CVZ-78
1748541
348
358
106.1
109.1
560
CVZ-78
1748542
358
368
109.1
112.2
490
CVZ-78
1748543
368
378
112.2
115.2
560
CVZ-78
1748544
378
388
115.2
118.3
560
CVZ-78
1748545
388
398
118.3
121.3
670
CVZ-78
1748546
398
408
121.3
124.4
660
CVZ-78
1748547
408
418
124.4
127.4
460
CVZ-78
1748548
418
428
127.4
130.5
460
CVZ-78
1748549
428
438
130.5
133.5
530
CVZ-78
1748550
438
447
133.5
136.2
388
CVZ-78
1748551
447
451.5
136.2
137.6
399
Table 2 – Sample results from CVZ-78 from 26.8 ft (8.2 m) to depth of 451.5 ft (137.6 m).
All samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.
Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Vancouver, British Columbia–(Newsfile Corp. – June 9, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it will receive a royalty payment of approximately US$2.7 million (pre-tax) from the Company’s effective 0.7335% net smelter return royalty (“NSR“) interest covering the Caserones Copper-Molybdenum Mine (“Caserones“) in Chile. This royalty payment distribution to EMX, anticipated later this month, is based upon first quarter (“Q1”) (i.e., January-March, 2022) copper and molybdenum production.
EMX initially acquired a 0.418% NSR royalty interest on Caserones in 2021 and acquired an additional 0.3155% NSR royalty interest in April of this year, bringing the Company’s total (effective) NSR royalty interest to 0.7335% (see EMX news release dated April 14, 2022). Although the recent royalty purchase was completed after the end of Q1, the agreement contained provisions for EMX to receive the Q1 distributions for the newly acquired interest. This new royalty interest (0.3155% NSR) accounted for US$1.2 million of the US$2.7 million (pre-tax) Q1 total. The higher-than-expected Q1 royalty distributions reflect strong copper prices and robust production throughput at higher grades.
In addition to Caserones, EMX receives production royalty payments from its Leeville royalty in Nevada, and expects addition cash flow in 2022 from the Cukaru Peki Mine in the Bor Mining District in Serbia, as well as the Gediktepe and Bayla royalty properties in Turkey. Together, these interests provide commodity diversity that includes base metals (i.e., copper, molybdenum, lead, and zinc) and precious metals (i.e., gold and silver) in key mining districts of Chile, the U.S., Serbia, and Turkey.
Since the acquisition of the initial royalty interest at Caserones, royalty distributions to EMX total US$6.3 million (pre-tax). This has provided meaningful positive cash flow in a very short time (four quarters). This performance reflects the quality of Caserones as a cornerstone Company asset that resulted from EMX’s royalty acquisition initiatives.
EMX has a unique approach to the royalty business which is based upon a combination of royalty purchases, sustainable organic royalty growth, and strategic investments. Royalties are financial instruments that grow in value via ongoing investments by operators, and at no expense to royalty holders. This upside optionality occurs throughout the life cycle of a royalty as further exploration leads to resource and reserve growth, while technological and engineering advancements lead to more efficient mining, all to the benefit of royalty holders. As inflation fears have roiled global financial markets in 2022, this is a time when royalties stand out the most, with no exposure to exploration, production, and development cost increases yet full exposure to commodity price inflation. As a result, royalties are a key hedge that will become increasingly important as the current inflationary cycle plays out.
Caserones Overview. The Caserones open pit mine is developed on a significant porphyry copper-molybdenum deposit in the Atacama Region of northern Chile’s Andean Cordillera, 162 kilometers southeast of the city of Copiapó. The mine has been in operation since 2014, and is owned and operated by SCM Minera Lumina Copper Chile SpA (“Minera Lumina”), which is 100% indirectly owned by JX Nippon Mining & Metals Corporation of Japan.
Caserones produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathodes from a dump leach, solvent extraction and electrowinning plant. The mine produced 94,846 tonnes of fine copper in concentrate, 2,287 tonnes of fine molybdenum in concentrate, and 14,829 tonnes of fine copper in cathodes in 20211.
In addition to currently defined zones of mineralization, considerable exploration upside exists on the Caserones property, and exploration for additional resources has been ongoing and continues at present.
Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Stock Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and Financial Statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
