Categories
Energy Junior Mining

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

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

Highlights

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

Eldorado

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

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

Eldorado Project Summary

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

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

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

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

White Rock Project Summary

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

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

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

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

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

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

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

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

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

Categories
Energy Junior Mining Noram Lithium

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

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

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

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

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

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

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

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

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

About Noram Lithium Corp.

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

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

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

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159

For additional information please contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.



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Categories
Energy Junior Mining Precious Metals

Roo Gold Additional Exploration Licence On Peel-Manning

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

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

Highlights

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

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

The Glenrock Project

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

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

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

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

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

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

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

For further information please contact:

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

Forward-Looking Statements

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

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

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

SOURCE: RooGold Inc.



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Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals and Metallic Group of Companies Expands Community and First Nations Relations Team with Dedicated Community Relations Manager

VANCOUVER, BC / ACCESSWIRE / May 4, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the creation of a dedicated Community & First Nations Relations team for the Metallic Group of Companies and the appointment of Lindsay Wilson to the role of Manager, Community and Investor Relations. Ms. Wilson will be working alongside Lauren Blackburn, the Company’s Yukon-based Regulatory & Permitting Manager, in further strengthening our relationships with First Nations, local communities and governments.

The Metallic Group is well established in the Yukon with multiple projects under development by member companies. The Group employs dedicated personnel in Whitehorse, who are long-time residents of the Yukon and, as such, have an affinity for and understanding of its people, its history and its robust mineral endowment. Ms. Blackburn has been with Metallic Minerals and the Metallic Group since its founding and has taken a leading role in the Company’s community, permitting and regulatory initiatives. The addition of Ms. Wilson greatly increases our capacity to build meaningful and long-lasting and mutually beneficial partnerships in keeping with our strong commitment to environmental, social, and governance (“ESG”) aspects of the resource sector. The Metallic Group is committed to applying best industry practices to exploration and to make positive contributions in the Territory and the specific communities in which we work.

Lauren Blackburn – Manager, Regulatory and Permitting

Ms. Blackburn has over 15 years of Yukon-based experience in the mineral exploration sector focused on the exploration and development of early to advanced-stage silver, gold, and base metal deposits. Her primary concentration has been in northern Canada where she has garnered a dynamic skill set that includes expertise in the exploration process, permitting, lands management, regulatory lobbying, land-use planning and community engagement. Ms. Blackburn is highly involved in Territorial legislation and policy review, permitting activities and assists in evaluation of potential project acquisitions and strategic development.

Lindsay Wilson – Manager, Community & Investor Relations

A member of the Snuneymuxw First Nation on Vancouver Island, Ms. Wilson is focused on incorporating traditional ways of being into her work within the resource sector and seeking to develop sustainable and credible partnerships within the communities that she works. Ms. Wilson has a comprehensive background in indigenous studies and public relations, alongside practical experience in the mineral resource sector. Having worked previously in the Yukon with the Yukon Mining Alliance, Ms. Wilson is excited about the opportunity to return to work in the Yukon and looking forward to reconnecting with the communities there.

Arctic Indigenous Investment Conference (AIIC)

The Metallic Group Community and First Nations Team will be attending the AIIC on May 4th & 5th in Whitehorse, Yukon.

Connecting globally – through a hybrid (in-person & virtual) experience – AIIC 2022 will highlight and promote indigenous development corporations and businesses in the northern economy, alongside the north’s business community and colleagues across sectors. The goals of AIIC 2022 are to support economic reconciliation and growth, and youth entrepreneurship by forging new and stronger relationships, advancing meaningful partnerships, and connecting people across the arctic. Indigenous development corporations and businesses play a key role across northern Canada. These efforts are supported when we stand together with a collaborative voice for business, northern investment and our citizens, to ensure a diverse and prosperous economy, community and future.

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. All of the districts in which the Company works 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 Group Ten Metals 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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

SOURCE: Metallic Minerals Corp.



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

Granite Creek Copper and Metallic Group of Companies Expand Community and First Nations Relations Team with Dedicated Community Relations Manager

VANCOUVER, BC / ACCESSWIRE / May 4, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the creation of a dedicated Community & First Nations Relations Team for the Metallic Group of Companies and the appointment of Lindsay Wilson to the role of Manager, Community and Investor Relations. Ms. Wilson will be working alongside Lauren Blackburn, the Company’s Yukon-based Regulatory & Permitting Manager, in further strengthening our relationships with First Nations, local communities and governments.

The Metallic Group is well established in the Yukon with multiple projects under development by member companies. The Group employs dedicated personnel in Whitehorse, who are long-time residents of the Yukon and, as such, have an affinity for and understanding of its people, its history and its robust mineral endowment. Ms. Blackburn has been with Metallic Minerals and the Metallic Group since its founding and has taken a leading role in the Company’s community, permitting and regulatory initiatives. The addition of Ms. Wilson greatly increases our capacity to build meaningful and long-lasting and mutually beneficial partnerships in keeping with our strong commitment to environmental, social, and governance (“ESG”) aspects of the resource sector. The Metallic Group is committed to applying best industry practices to exploration and to make positive contributions in the Territory and the specific communities in which we work.

Lauren Blackburn – Manager, Regulatory and Permitting

Ms. Blackburn has over 15 years of Yukon-based experience in the mineral exploration sector focused on the exploration and development of early to advanced-stage silver, gold, and base metal deposits. Her primary concentration has been in northern Canada where she has garnered a dynamic skill set that includes expertise in the exploration process, permitting, lands management, regulatory lobbying, land-use planning and community engagement. Ms. Blackburn is highly involved in Territorial legislation and policy review, permitting activities and assists in evaluation of potential project acquisitions and strategic development.

Lindsay Wilson – Manager, Community & Investor Relations

A member of the Snuneymuxw First Nation on Vancouver Island, Ms. Wilson is focused on incorporating traditional ways of being into her work within the resource sector and seeking to develop sustainable and credible partnerships within the communities that she works. Ms. Wilson has a comprehensive background in indigenous studies and public relations, alongside practical experience in the mineral resource sector. Having worked previously in the Yukon with the Yukon Mining Alliance, Ms. Wilson is excited about the opportunity to return to work in the Yukon and looking forward to reconnecting with the communities there.

Arctic Indigenous Investment Conference (AIIC)

The Metallic Group Community and First Nations Team will be attending the AIIC on May 4th & 5th in Whitehorse, Yukon.

Connecting globally – through a hybrid (in-person & virtual) experience – AIIC 2022 will highlight and promote indigenous development corporations and businesses in the northern economy, alongside the north’s business community and colleagues across sectors. The goals of AIIC 2022 are to support economic reconciliation and growth, and youth entrepreneurship by forging new and stronger relationships, advancing meaningful partnerships, and connecting people across the arctic. Indigenous development corporations and businesses play a key role across northern Canada. These efforts are supported when we stand together with a collaborative voice for business, northern investment and our citizens, to ensure a diverse and prosperous economy, community and future.

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 Granite Creek Copper in the Yukon’s Minto copper district, Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, and Group Ten Metals 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.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is south of the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features a high-grade copper, gold and silver resource with excellent access to road, power and port infrastructure. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

SOURCE: Granite Creek Copper Ltd.



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

Millrock Reports Drilling Has Commenced On The Treasure Creek Gold Exploration Project, Fairbanks, Alaska

VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks.

Felix indicates that it plans to drill 7,000 meters with a small reverse circulation drill rig. Millrock has assigned its Treasure Creek mineral rights to Felix Gold in return for cash, shares, and production royalties featuring advanced minimum royalty streams. Millrock owns 9,957,157  Felix Gold shares that today have a market value of approximately AUD$1,643,000 (CDN$1,495,000).

Millrock President & CEO Gregory Beischer commented: “The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit. A new discovery here would propel the value of Millrock’s shareholding in Felix Gold and in return increase the value of Millrock shares. The project is certainly well-situated, about 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold’s new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation. Felix Gold has built an excellent exploration team and is well-capitalized. The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry. This has allowed Felix, through Millrock, to consolidate a tremendous land position. As a result of the agreement with Felix, Millrock is entitled to production royalties at Treasure Creek and throughout the Fairbanks district.”

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

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

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

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

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

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

Granite Creek Copper Retains SGS Canada for Updated Preliminary Economic Assessment on High-Grade Carmacks Copper-Gold-Silver Project in Yukon Canada

VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that it has retained SGS to complete an updated Preliminary Economic Assessment (“PEA”) on the Carmacks project. The PEA will use the 2022 Resource Estimate (Table 1), consisting of 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23g/t Ag and 0.011% Mo) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs Cu Inferred as the main input. Building off a 2017 PEA(1), the updated study will encompass the following:

  • Significant Increase in Contained Copper – The 2022 resource estimate marked a 43% increase in contained copper over the previous estimate referenced(2)
  • Inclusion of Sulphide Processing – As of the publication of the 2022 resource estimate the Carmacks project consists of roughly 50/50 sulfide and oxide resources by contained metal. The Company sees the inclusion of sulphide resources as a significant potential value driver having a positive impact on the economics of the project; and
  • High Proportion of Resources Modeled in Three Conceptual Open Pits – 96% of the 2022 resources are contained within the conceptual pits (Figure 1). With a high percentage of current resources reporting in conceptual pits the cash cost per pound of copper is expected to be significantly lower when compared to a similar sized underground operation.

Timothy Johnson, Granite Creek President & CEO, stated, “The launch of the updated Preliminary Economic Assessment study marks a major milestone in the development of the Carmacks deposit at a time when commodities demand is seeing rapid growth. The Carmacks project is well-positioned by its location, access to infrastructure, and proximity to the operating, high-grade Minto mine just to the north. Both copper and molybdenum have been deemed by the Canadian government to be ‘critical minerals‘ based on their role in the transition to a low-carbon economy which we expect will provide prolonged price strength well into the future. We look forward to continuing to bring positive news as we develop this high-grade copper project.”

Upcoming Events

OTC Markets Mining and Metals Virtual Conference – Tim Johnson, President & CEO, will present live at VirtualInvestorConferences.com on May 5th, 2022 at 10am PT | 1pm ET. To register, click here.

Vancouver Resource Investment Conference – Granite Creek Copper will join fellow members of the Metallic Group of Companies at the 2022 VRIC event at the Vancouver Convention Centre on May 17-18. Visit us in Booth 111.

2022 Technical Report Filing

Granite Creek also announces that further to its news release dated March 15, 2022 it has filed on SEDAR a National Instrument 43-101 technical report (the “Technical Report”) for the Carmacks project, located in the Yukon, Canada.

The report, entitled “Technical Report on the Updated Mineral Resource Estimates for the Carmacks Cu-Au-Ag Project Near Carmacks, Yukon, Canada”, has an effective date of February 25, 2022. The Technical Report was authored Allan Armitage Ph.D., P.Geo of SGS Geological Services(“SGS”) an independent Qualified Person and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.gcxcopper.com.

Table 1 – 2022 Carmacks Copper Project Mineral Resources

Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture

Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, Mlbs=millions of pounds, klbs=thousands of pounds, koz=thousands of ounces. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host. Metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.

Figure 1 – Oblique view of 2022 resources and proposed pits (total strike length of 2,950 m)

Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture

Qualified Persons

The Carmacks project 2022 Resource Estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of February 25, 2022. Armitage conducted a site visit to the property on November 9, 2021.

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.

1PEA: “NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada” Effective Date 12 October 2016. Report Date: 25 November 2016. SEDAR Filing Date: 9 February 2017

1News Release: “Copper North Expands Oxide Mineral resources at Carmacks” Published on SEDAR 9 April 2018.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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 Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Granite Creek Copper Ltd.



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Categories
Energy Junior Mining Metallic Minerals Precious Metals Stillwater Critical Minerals

Group Ten Reports 13.2 Meters of 3.33% Nickel Equivalent Within 401 Meters Continuous Mineralization from Resource Expansion Drilling at Stillwater West Critical Minerals Project in Montana, USA

VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Group Ten Metals Inc. (TSX.V:PGE; OTCQB: PGEZF; FSE:5D32) (the “Company” or “Group Ten”) today reports wide, high-grade intervals of nickel sulphide with palladium, platinum, rhodium, cobalt, copper and gold in a third tranche of drill results from the 14-hole resource expansion campaign completed at the Company’s flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA.

Results continue to support the Company’s priority objective of expanding the October 2021 inaugural mineral resource estimates with multiple wide and highly mineralized intervals returned in step-out drilling in the DR-Hybrid deposit area at Chrome Mountain (see Table 1 and Figure 1). Drilling in 2021 focused on resource expansion in three of the five deposit areas delineated by the 2021 estimates. Similar wide and well-mineralized intervals have now been reported from all three deposit areas as announced December 20, 2021, and March 7, 2022. Mineralization remains open to expansion along trend and at depth in all five deposit areas, that are in the 12-kilometer-long resource area within the broader 32-kilometer-long land package in the lower Stillwater Igneous Complex (see Figure 2).

Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture
Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture

Live Webinar with Q&A

Group Ten President & CEO, Michael Rowley, will be joined by newly appointed Vice-President Exploration, Danie Grobler, for a live webinar on Wednesday, May 4th at 10am PT (1pm ET). To register click here or the thumbnail.

Highlights:

  • CM2021-05 returned 400.8 meters of continuous battery and precious metal mineralization grading 0.30% Nickel Equivalent (“NiEq”), equal to 0.80 g/t Palladium Equivalent (“PdEq”), with successive contained higher-grade intervals including 96 meters of 0.60% NiEq (1.56 g/t PdEq) and including 13.2 meters of 3.33% NiEq (8.88 g/t PdEq) as 2.31% Ni, 1.51 g/t Pd+Pt+Au+Rh (“4E”), 0.35% Cu and 0.115% Co starting at 37.6 meters. This is one of the widest high-grade intercepts ever recorded in the Stillwater district.
  • The results from CM2021-05 represent an important new discovery with the same distinctive signature of high-grade nickel sulphide, platinum group metals and gold as encountered in CM2020-04, which returned 8.5 meters of 1.74% NiEq (or 4.65 g/t PdEq) within a broad mineralized package located approximately 125 meters to the west. This zone remains open to further expansion with additional drilling.
  • CM2021-06 returned 0.26% NiEq (0.71 g/t PdEq) over 345.0 meters, including 75.4 meters of 0.37% NiEq, or 0.99 g/t PdEq, and a second, lower interval with 148.4 meters of 0.30% NiEq, or 0.79 g/t PdEq.
  • CM2021-04 returned 247.2 meters of 0.21% NiEq (0.57 g/t PdEq) mineralization including two long intervals at higher grades.
  • Results also continue to highlight the potential for significant co-product rhodium values at Stillwater West, with drill samples in Chrome Mountain holes CM2021-04, -05, and -06 up to 0.36 g/t Rh within the mineralized horizons. At recent values, rhodium trades at more than 16 times the value of platinum and 8 times the value of palladium on a spot price basis at over USD 16,000 per ounce. Sibanye-Stillwater, adjacent to Group Ten’s Stillwater West project, is the primary US producer. Supply constraints for rhodium have supported rising prices since 2017.
  • Assay results remain pending from five holes in the HGR deposit area at Iron Mountain and portions of holes CZ2021-01 and IM2021-04, in addition to rhodium assay results on a number of mineralized intervals reported to date.
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%2522Platinum_group%253BNickel_sulfide%253BRhodium%253BStillwater_igneous_complex%253BBushveld_Igneous_Complex%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25225f9d4b09-c878-3f52-8f08-4cf8fe2fdeb3%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

These results, in addition to results released March 7, 2022 and December 20, 2021, demonstrate significant potential to expand the October 2021 mineral resource estimates with multiple long intervals at grades well above the 0.20% NiEq cut-off grade used in that study (see bolded assay values on Table 1). Potential is also shown to expand existing resources at higher cut-off grades, such as 0.35% and 0.50% NiEq (red values and shaded rows, respectively, on Table 1). Moreover, as shown in Figures 1 to 4, these results provide important intercepts in step-out drill holes located up to several hundred meters from the resource estimate block models.

Dr. Danie Grobler, Group Ten’s Vice-President of Exploration, commented “I am excited to extend my experience obtained over the past two decades at the Platreef in the northern Bushveld Complex to Group Ten’s Stillwater West project. We see significant comparability with Platreef-style mineralization in the lower Stillwater Complex and in particular, early evidence of higher-grade Flatreef pegmatoidal-style mineralization targets within the project’s layered magmatic stratigraphy.”

Michael Rowley, President and CEO, commented, “The high-grade intercept in hole CM2021-05 is the latest in a series of exciting discoveries made by our team in the lower Stillwater complex through the development of a new predictive geologic model for this famously metal-rich district. This notable intercept demonstrates the same high tenor nickel sulphide mineralization as a similar interval in CM2020-04, 125 meters away, and is in an area that is completely outside of the current resource block model. It also represents one of the widest high-grade battery and precious metal intercepts to date in the Stillwater district. Further step-outs on this new target, situated between the existing DR and Hybrid deposit areas, are a priority for the coming season. Overall, we continue to see confirmation of a large mineralized system with an impressive endowment of eight of the commodities listed as critical by the US government. We look forward to reporting additional remaining drill results from the 2021 Iron Mountain drilling, exploration plans for 2022, and other news in the near term.”

Table 1 – Highlight Results from the 2021 Expansion Drill Campaign at the DR and Hybrid Deposit Areas

Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture
Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture

Highlighted significant mineralized intercepts are presented above. Grade-thickness values cover significant mineralized intervals with total palladium and nickel equivalent grade-thickness determined by multiplying the thickness of continuous mineralization (in meters) by the palladium equivalent grade (in grams/tonne) to provide gram-meter values (g-m) or by multiplying the nickel equivalent grade (in percent) to provide percent-meter values as shown. Total nickel and palladium equivalent calculations reflect total gross metal content using long term metal prices (all USD): $7.00/lb nickel (Ni), $3.50/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,800/oz palladium (Pd), and $1,600/oz gold (Au). Equivalent values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.

Upcoming News and Events

Geological Survey of Nevada Symposium

Dr. Craig Bow will present recent findings in a technical session at the GSN Symposium May 4th in Reno, Nevada.

OTC Markets Metals and Mining Conference Virtual Conference

Michael Rowley will present on Thursday, May 5 at 10:30am PT (1:30PM ET). To register, click here.

Vancouver Resource Investment Conference

Group Ten will join fellow Metallic Group company members in Booth 111 at the 2022 VRIC event.

About Stillwater West

Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Group Ten Metals Inc.

Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield 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 Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com Phone: (604) 357 4790
Web: http://grouptenmetals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

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 Group Ten believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Group Ten Metals Inc.



View source version on accesswire.com:
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Categories
Energy Exclusive Interviews Gold Shore Resources Junior Mining

Goldshore Resources – Creating the Next Tier One Asset in Ontario

Creating
the next
Tier One Asset
in Ontario, Canada

Original Source: https://www.streetwisereports.com/article/2022/04/28/gold-shore-resources-creating-a-new-asset-in-ontario.html?m_t=2022_04_28_11_54_13

Joining us for a conversation is Brett Richards the CEO of 

Goldshore Resources Inc.

(GSHR:TSX – GSHRF:OTC – 8X00:FSE)

$0.53

2022/4/29 18:13:59

Volume: 178,258
Market Cap: 61.19m
PE Ratio: 2.70
Year High: $0.98
Year Low: $0.39
Shares Out: 115,458,038
Float: 132,943,270
Institute Hold’gs:
0.40% (as of 03/31/22)
Institutions Bought Prev 3 Mo: 0

Goldshore Resources Inc. (GSHR:TSX; GSHRF:OTC; 8X00:FSE). Mr. Richards, it’s a pleasure to be speaking with you today, to have you introduce us to Goldshore Resources, which is focused on creating the next Tier One Asset in Ontario, Canada.

Before we deep dive into company specifics, Mr. Richards, please introduce us to Goldshore Resources, and the exciting opportunity the company presents to the shareholders. 

Thanks Maurice. Goldshore Resources was founded in January 2021 with the acquisition of the Moss Lake Project from 

Wesdome Gold Mines Ltd.

(WDO:TSX)

$13.11  +0.38%

2022/4/29 18:13:59

Volume: 449,376
Market Cap: 1.87b
PE Ratio: 13.90
Year High: $16.77
Year Low: $8.90
Shares Out: 142,419,793
Float: 142,500,000
Institute Hold’gs:
65.60% (as of 03/31/22)
Institutions Bought Prev 3 Mo: 2,483,412

Streetwise Reports Articles

04/28/2022 – View Article

See More Live DataWesdome Gold Mines Ltd. (WDO:TSX) for $52M in cash and shares. Subsequent to that, we raised $25M and then received approval from the TSXV, and we were admitted for trading on June 4, 2021.  Since that time, we have been focused on a comprehensive exploration approach to the asset commencing with a VTEM geophysical survey, which will guide (is guiding) a 100,000m drill program.  Currently, we are about 20% of the way through the programand we expect to complete the program in 2022.  During this period, we will conduct extensive metallurgical test work, prepare the project from an ESG standpoint for a feasibility study, and prepare the project for the next phase of development drilling.  After which (Q1 2023) we will update the resource estimation and prepare a new preliminary economic analysis (“PEA”) – (end of Q1 2023). These are the steps we are taking to create the next Tier One Asset in Ontario, Canada.  

Let’s find out more!  Mr. Richards, please acquaint us with your flagship Moss Lake Property beginning with your location and some of your neighbors in the region.

We are apx. 120 km west of Thunder Bay, Ontario on the Trans-Canada highway.  We have the flagship Moss Lake Gold project as our core focus, but in 2014 and 2015, Wesdome acquired additional lands adjacent to the Moss Lake Gold project that included Coldstream, North Coldstream, and Iris Lake to the northeast; and Hamlin Lake to the south-west.  We have a c.4m oz historical resource, estimated by Moss Lake in 2013, and had a historical PEA done in 2013 that input parameters were updated by Wesdome in 2020. The Moss Lake Property has a rich history of gold and silver production dating back to the early 1900s.

 Tell us more.

The area has been explored by prospectors for a long time, literally over 100 years.  The region of the Shebandowan Greenstone belt is a fairly complex region geologically and structurally, but the Moss Lake Project is in an area contained within intermediate to felsic volcaniclastic rocks of the northeast-trending, fault-bounded central intermediate to felsic metavolcanic belt, is vertical to steeply southeast dipping and possibly overturned. Two northeast-trending regional fault structures cross the property from northeast to southwest.  We have a domain boundary area at Moss Lake that is a sheer zone style of deposit hosted with diorite intrusions with high resistors and high chargeabilitybordered with domains of high conductors (magnetite and iron), which to the north-east and south-west are very different styles of deposit and host copper-gold-silver, and to the northeast, those elements along with lead-zinc-molybdenum and in North Coldstream, cobalt. The North Coldstream mine actually produced a copper-gold concentrate for many years in the 1940s through the 1960s, before being closed and decommissioned in 1982 due to the low copper price.

I am curious is the infrastructure still intact?

There is no infrastructure still intact at North Coldstream, as it has been decommissionedbut one day, I will look forward to mining the high-grade area of historic tailings that have been decommissioned.  But when we speak of infrastructure, there is substantial infrastructure to build a district-scale mining camp at Moss Lake.

Why do I say that? Because our land package is quite extensive and touches on the Trans-Canada highwayHighway 11 (the longest street in the worldYonge Street). With that access, we have: very inexpensive / high-capacity electric grid power; natural gas; 4 lane highway; both CN and CP Rail lines within 1 km., with a rail spur near our site; access to people / contractors / consultants and a skilled workforce in Thunder Bay, and an international airport within 120 km of our site. These are all literally on our doorstep, which makes building a large-scale mining camp in the area, extremely doable.

Let’s fast forward to 2020 when I understand a robust PEA was completed. Can you walk us through the numbers? 

Yesno problem. The 2013 PEA that was updated by Wesdome in 2020 has a number of caveats to the framework of becoming a Tier One Asset, but what we need to do is increase the size of the resource to closer to 10M oz.

The raw numbers are:

  • 128M tonnes is the mineable resource.
  • 3M oz Au gets pulled in the life of mine (“LOM”) plan [mineable pit shell(s)].
  • 45M Au is the output for a 10-year LOM, o.
  • 245K oz Au production per year for 10 years.
  • Pre-production CapEx is CA$542M.
  • Cash costs are apx. CA$926 / oz.
  • 5% discount rate.
  • You will note the recoveries are quite low at 80% in the Mian Zone and 85% in the QES Zone, and we look to increase these to mid 90%+ recoveries, which will go straight to the net present value (“NPV”) of the project.

Before we go on-site, can you share some of the key economic outputs for Moss Lake Property?

Well, the economic outputs are quite staggering in my view. The post-tax NPV of the project at the base case gold price used ($1,546) was $334M, and when sensitized up to today’s trading rangeit is anywhere from $691M to $1.1Band that is our starting point before we add any ounces to the project.

Companies at our stage of development trade at 0.3X NPV, and that puts us at an estimated share price trading range from $1.53 ($1,800 Au) to $2.59 ($2,200 Au), and today we are trading at $0.50so it is easy to see why I am excited about this project, and it is very easy to see the value creation that we can deliver on as we take steps to make this a Tier One Asset.

When we look at trading comparables on a like-for-like basis with respect to the style of deposit, jurisdiction, stage of development, etc., we are trading at a fraction of the mean of our peer group on a market cap to per ounce basis, and again, this is our starting point.  So also again, you can easily see the room for share price appreciation throughout the remainder of this year and as we head towards a resource estimation update and new PEA.  

Let’s get some boots on the ground and visit the Moss Lake Property where the company is currently undergoing a massive 100,000 Meter Drill Program.

Beginning with geophysical airborne analysis what can you share with us? What was the VTEM able to determine?

The VTEM survey ended up being an invaluable part of our analysis of this project.  Geotech and TechnoImaging did an amazing job of not only putting this together, but also putting the interpretation together for us to better identify high-probability drill targets in not just Moss Lake, but also in the northeast Coldstream area, and the south-west Hamlin Lake area. We now have 29 brand new targets that are very compelling when you look at layering: historical exploration work; historical drill data; historical production data (at North Coldstream) and then align the VTEM model with our current drilling plansit is very compelling.

Mr. Richards, I’m going to turn the controls over to you to give us an underground view of the Moss Lake Property, and have you share with us what has Market excited about the opportunity before us.

The 3D interactive model can be found on our website at this location:  Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity (goldshoreresources.com)

The 3D model is contained within the VTEM interpretation press release, which describes everything going on over the entire property.

I must admit, there is an awful lot to unpack here, but if you take away nothing else from the VTEM interpretation, I want to leave people with this: This is our Moss Lake deposit that was used for the historical PEAit contains 3.0M oz Au input, and is modeled in 3-dimensional view.

That same geophysical signature is found in 11 different areas along the strike of Moss Lake, over a distance of 12 km.  The existing resource above has a strike length of 2.5km long, the projected resource can be extrapolated over a 12km strike.  This area along the 12km strike also has known mineralization from historic drilling (all fairly similar to the Moss Lake resource)which compounds the certainty of positive drill results when we get to drilling it.

This is incredibly meaningful, and illustrates the tremendous potential Moss Lake has (irrespective of the additional potential of Coldstream and Hamlin Lake) of becoming not only a Tier One Asset but resource growth way beyond this theoretical barrier the major mining companies claim as their starting point; which is 10M oz. Au eq.

Before we leave the Moss Lake Property, multilayered question, what is the next unanswered question for Goldshore Resources, when can we expect a response, what determines success, and what can we expect as far as news flow?

I think the questions I get asked the most are: “just how big can Moss Lake be?”, and “why has no one else explored this project or this region?”, and “what makes Goldshore so special to do this?”

I appreciate there are a lot of armchair cynics looking at (and understanding how) the Shebandowan Greenstone Belt can be a district-scale mining camp like Red Lake, Timmins, or Abitibi. However, many things have changed over the past 10 years to allow for these low-grade / bulk tonnage deposits to shine technically and economically.

Detour Lake (Kirkland Lakenow Agnico Eagle) is a great example of how to take a project like this through stages of development / resource growth / production capacity phases of expansion, to becoming a generational sized / scaled mine. We are trying to follow that path, in as methodical a way as possible, in the essence of creating and maximizing shareholder value.

What has changed?

Primarily the gold price, and the trading range that now binds the gold price between $1,800 and $2,200 / oz for the foreseeable future. This not only allows for the low grade / bulk tonnage deposits to shine, but because they are so geared economically to the gold pricewhen the gold price runsthe NPV of these styles of projects goes up hundreds of millions of dollars, with every $100 increase in the gold price.

So, our focus has always been treating this as a real projectde-risking the project geologically, metallurgically, environmentally, socially, and trying to put our collective experience of building mines to work, thinking forward about project nuances down the road, and addressing them now.

So just how big can Moss Lake be?

I don’t knowbut what I do know is that we can visibly see a path to 10M oz and becoming a Tier One Asset.

Leaving the project site, let’s discuss some important topics germane to the projects . . . Is the Moss Lake Property 100% owned or do they have earn-in options? 

Moss Lake property is 100% owned by Moss Lake Project Inc., which is 100% owned by Goldshore Resources. We own 100% of the project and Wesdome is a 22% shareholder in Goldshore Resources.

Are you fully permitted?

We are permitted to conduct the exploration activities for the next period / stage of development, but these are provincial permits required for land disturbances (water usage / trail building / road building, etc.) and other small permits as well.

There will however be a comprehensive permitting exercise down the road when this goes from feasibility study to financing / construction decision.

Is the ultimate goal for Goldshore Resources to build a mine or arbitrage? 

The ultimate goal for Goldshore Resources is to build as large an economic resource as possible, and frame that resource into a viable / credible project through the PEA process. Where Goldshore takes it after this stage, is still to be definedhowever, myself and Pete Flindell (VP Exploration) have built 3 mines together in our career; and several members of our Board and Advisory Board have also built mines and run single or multi-operation mining companies over their careers. So, we are well-positioned to take this in any direction where we think we will maximize the return for our shareholders.

I have always said that partnering with a mid-tier or major mining company that has the financial / technical / project / operating experience in these types of deposits is going to maximize the value for our shareholders (and provide a liquidity event) and that may well be the case. However, nothing is certain in this world, and we have to prepare the company for all possible outcomes.

We’ve discussed the good, let’s address the bad. What can go wrong and what are your actions plan to mitigate that wrong? 

In mining, anything and everything can go wrongand it usually does.  Mining companies are classic for over-promising and under-delivering, and we are taking a conservative approach to deliver on promises and deliver on targets.

There are however a lot of challenges that delay the delivery of these targets (covid / supply chain disruptions / labor shortages etc.) but ultimately, we need to mitigate the risk of not executing in whatever / whichever way we need to do that. We need to executeand we need to deliver!

I don’t see a large degree of traditional geological / metallurgical / other technical risk in the Moss Lake project, and with its extensive infrastructure availability, it is a large mine “waiting to be built.” However, getting through the necessary steps and stages has proven to be challenging due to the delays as listed aboveand these factors continue to be delays in the steps and stages. My job is to keep the market close to all of this and to ensure that we are mitigating the risk(s) as much as possible over these next months of critical development for the Goldshore story.

Switching gears . . . Let’s discuss the people responsible for increasing shareholder value. Mr. Richards, please introduce us to your Board of Directors and Management Team, and what skill sets do they bring to Goldshore Resources?

Yesthe Board and Board Advisory Team is comprised of first-rate peoplefirst and foremost. These individuals bring a breadth of experience in capital markets, corporate governance, and corporate finance, and everyone has played a role in their careers in building large mining enterprises in some cases from small micro-cap starting points; to exponential multiples of first investment.

To highlight one individual and not name them all would be an injustice to the group, as they are all tremendous individuals with complementary and aggregated skill sets. I feel Goldshore might have the strongest Board and Advisory Board of any junior mining company in Canada today.

Who is Brett Richards and what makes him qualified for the task at hand?

Brett Richardswell, after 36 years in the mining and metals space, I have learned that you are never too old to learn new things, and just when you think you have figured it outyou realize there is more to learn.  It is why I surround myself with exceptional people who are over-achievers in their own right.  I can lead peoplebut one person cannot make a great companyexceptional teams make exceptional companies.

I have been fortunate enough to work for some great organizations and some of which I have cofounded.  Since the 1980sthose companies have included:  Co-Steel Inc., Kinross Gold, Katanga Mining, Avocet plc, Roxgold, Midnight Sun Mining, Octéa, African Thunder Platinum, and Richards Enterprises Inc. Most recently, and prior to coming to Goldshore, I worked for private equity clients such as Pala Investments, Gramercy, Genii, BNF, and the Carlyle Group.

I have a background in mechanical engineering, mineral economics, and a master’s in business administration-management engineering.  However, the more important stuff is that I am a purveyor, collector, and drinker of fine red wine, and also an avid sports enthusiast.

How about boots on the ground, who do you have on your technical team? 

Well, the key to the technical competency of the organization starts with our VP, ExplorationPete Flindell.  Pete and I have worked together on probably 10+ projects over the past 15+ years and he is a world-renowned senior geologist with experience in apx. 50 countries on every habitable continent.

Pete is a collaborative teacherwho loves to build teams; train teams; share ideas and experiences and those who have worked with Pete and under his direction, praise his geological leadership.

We have a team of about 5 senior geologists, 12 junior geologists, 12 geo techs, and about 30 drillers. Again, to mention one would do the rest of the team not mentioned an injustice, as we have built a great team of people on the ground.

Let’s get into some numbers . . . Mr. Richards, please provide the capital structure for Goldshore Resources, current shares outstanding. 

Surehere are the following high-level numbers:

  • 135M shares outstanding.
  • 5M shares out fully diluted.
  • $20M in the treasury.

Since we are covering numbers, how does Goldshore Resources compare with some of your peers?

As mentioned in the previous valuation discussion, we trade at a significant discount to our peers.  As illustrated on the chart below, we are trading at $14/ounce today and the median of our peer group is around $40/ ounce.

How many cash and cash equivalents do you have? 

CA$20M.

How much debt do you have? 

CA$0.

What is your burn rate? 

CA$2M per month (+/-).

What percentage of ownership does management have and who are the major shareholders? 

  • Management holds – 12%.
  • Wesdome – 22%.
  • Resources Fund (Europe) – 3%.
  • Brett Richards – 3%.
  • Galen McNamara – 3%.

What is the float? 

  • 135M shares outstanding.
  • 5M shares out fully diluted.
  • However, the free float is about $80M shares (as of April 19, 2022).

Are there any redundant assets on the books that we should know about?

No.

Are there any change in control fees, if yes, what is the compensation? 

Nohowever, Wesdome has ROFR rights on a change of control.

Is management charging a consultant fee for any services?

No.

In closing . . . Sir, what keeps you up at night that we don’t know about? 

In 2021, it was the pandemic and the impact it has had on the health (personal and mental health) of our employees and contractorsand now with that subsiding, I think the various macro-drivers of gold price (which present global crises and global instability):  Russia/Ukraine crisis; hyper-inflation; the US and global economic policiesbasically the headline of every newspaper is what keeps most of up at night. The world order feels like it is changing, and with that comes a lot of uncertainty about the future and that of our kids’ and grandkids’ future.   

Last question what did I forget to ask? (This is an actual question; the floor is yours) 

I think you have covered everythingbut one final note to those looking at buying Goldshore Resources: “Why do you want to buy gold?  Why do you want to buy gold equity?  What moves the needle in gold equities and separates them from other gold equities? The answers to all of these questions are better served by holding Goldshore Resources than holding any other junior gold equity in the capital markets.  

Safety, security, a hedge against inflation, a hedge against various global economic uncertainty, size, scale, resource potential, visibility to production . . . Goldshore Resources’ potential and its “Quest to 10M oz of Gold” will deliver the best result to all of those questions.

Please visit our website at https://goldshoreresources.com/

Mr. Richards, it’s been a pleasure speaking with you today, wishing you Gold Shore Resources the absolute best sir.

My pleasure.

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Categories
Base Metals Energy Junior Mining Noram Lithium

Noram Completes CVZ-74 at 558.0 ft (170.1 m) with a Potential Interval of 352.0 ft (107.3 m) of Visually Rich Clays

VANCOUVER, BC / ACCESSWIRE / April 28, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to report that the Company has completed hole CVZ-74 (PH-07) on its Zeus lithium clay deposit in Nevada to a total depth of 558.0ft (170.1 m). Visual inspection of the core confirmed that clays previously shown to be high in lithium grades appeared at approximately 126.0 ft (38.4 m) and extended down to total depth of 478.0 ft (145.7 m) for a total intersection of approximately 352.0 ft (107.3 m). Variously colored mudstones, which may also contain high lithium levels were logged down to the hole’s total depth of 558.0 ft (170.1 m).

Noram Lithium Corp., Thursday, April 28, 2022, Press release picture
Noram Lithium Corp., Thursday, April 28, 2022, Press release picture

Figure 1 – A photograph of the Titan Drilling Co. LF-70 drill rig onsite while drilling CVZ-74.

Noram Lithium Corp., Thursday, April 28, 2022, Press release picture
Noram Lithium Corp., Thursday, April 28, 2022, Press release picture

Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1 currently underway. Phase VI holes are indicated in purple.

“The interval of potentially rich lithium clays in CVZ-74 appears to be one of the thickest we have encountered in all of our Clayton Valley drilling. Only the final assays will determine its true thickness and grade, but it is certainly in line lithologically with other nearby holes and is likely to be positive for the PFS” commented Brad Peek M.Sc. CPG., VP of Exploration and Qualified Person for this and all 5 of the previous drilling phases of Noram’s Zeus lithium property.

Noram Lithium Corp., Thursday, April 28, 2022, Press release picture
Noram Lithium Corp., Thursday, April 28, 2022, Press release picture

Figure 3. Comparative lithology for drill hole CVZ-74 as compared to CVZ-61 and CVZ-68, which were drilled as part of the Phase V program. CVZ-61 and CVZ-68 had long intercepts of high grade lithium. All of the lithology units except the brown mudstones have relatively high lithium concentrations in previous drill holes on the property. The histogram on the sides of CVZ-61 and CVZ-68 are the 5m composited lithium grades in ppm Li. The section has a 4X vertical exaggeration.

CVZ-74 is the fourth of the 12-hole Phase VI drilling program which is expected to upgrade approximately 175 million tonnes of the current 827 million tonne Inferred Resource to the Indicated category. Core samples from CVZ-74 have been shipped to ALS Laboratory in Reno, Nevada for assay processing. QA/QC samples have accompanied the samples as checks on the laboratory’s analyses. Assay results are pending.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Nor-Am_Cup%253BClayton_Valley_Charter_High_School%253BLithium_carbonate%253BNevada%253BCompany%253BLithium%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522307fc2d9-29b6-3129-bc8e-8a860b04100f%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

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

About Noram Lithium Corp.

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

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

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

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159

For additional information please contact:

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.



View source version on accesswire.com:
https://www.accesswire.com/699206/Noram-Completes-CVZ-74-at-5580-ft-1701-m-with-a-Potential-Interval-of-3520-ft-1073-m-of-Visually-Rich-Clays