Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce the launch of a Canadian secondary market Initial Public Offering (IPO), following lodgement of a preliminary prospectus with the Securities Commissions in the Provinces of Canada, other than Quebec.
The preliminary prospectus and associated IPO are key steps in Hot Chili’s application to dual list the Company on the TSX Venture Exchange (TSXV) and fund an ambitious phase of growth and development ahead of the Company’s transition into a future copper producer.
The preliminary prospectus contains an offering of new ordinary shares (Share or Shares) of the Company to raise funds from institutional investors in Canada, the USA and other jurisdictions outside of Australia (Offering). iA Capital Markets and Cormark Securities Inc. are acting as co-lead underwriters for the Offering (Underwriters).
The offering price and size will be determined between the Company and the Underwriters in the context of the market following shareholder resolution of a proposed fifty (50) to one (1) consolidation (Consolidation) at the Company’s General Meeting scheduled for November 15, 2021.
The proposed Consolidation will reduce the number of ordinary shares currently on issue from approximately 4.4 billion to 87.5 million and provide a more effective capital structure of the Company, and a more appropriate share price for a wider range of investors, particularly institutional investors.
If the Consolidation is approved, the ordinary shares of the Company would begin trading on the ASX on a post-consolidation basis on November 17, 2021, with pricing of the IPO to be determined after that point.
Net proceeds from the IPO are proposed to be used to upgrade the Cortadera Resource, advance the Costa Fuego Preliminary Feasibility Study (PFS), test several high-priority exploration targets and for general corporate purposes.
As previously announced, the Company intends to submit an application to list its Shares on the TSXV and has reserved the symbol “HCH”.
Listing will be subject to the Company fulfilling all of the initial listing requirements and conditions of the TSXV, and there is no assurance such a listing will be obtained. Closing of the IPO (Closing) is conditional upon the Shares from the IPO being approved for listing on the TSXV.
To access the announcement please click on the link below.:
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
The last time I talked to Tom Larsen of Eloro, the company had 8,000 assays outstanding. They can look at the core and know they are in mineralization but don’t have hard numbers. Progress on the assays are being made and they are down to 3,000 assays outstanding.
On November 2, 2021 Eloro put out a press release again showing outstanding numbers. They highlighted 188.5 meters of 100 g/t Ag eq/t consisting of 38.71 g/t Ag, 0.88% Zn and 0.51% Pb. That’s one of the longer holes and contains $72 rock over an incredible length.
Within that 188 meter hole there was a higher-grade interval of 65.8 meters of 75.51 g/t Ag with 0.16% Cu, 0.65% Pb and 0.96% Zn worth an interesting $122 USD per tonne.
In another hole they showed 224.92 g/t Ag eq over 7.42 meters. In that hole they showed 0.55% Sn (tin). They are using an absurdly low price for tin. Currently, 5.5 kilos of tin is worth $212 all by itself.
When the dust has settled and the assay labs get caught up and ELO has a dozen drill rigs turning on Iska Iska, they are almost certainly going to show over 2 billion tonnes of $100 rock. This is one of the best stories in the last twenty years. It is still way below the radar screen of most investors even with an absurd market cap today of about $225 million CAD.
Eloro has one of the highest caliber technical teams in South America and brilliant management. The stock was $.15 in March of 2020 only twenty months ago. When the market wakes up, it is going a lot higher.
Eloro is an advertiser. I have participated in several private placements in the past and bought shares in the open market. I am naturally biased so do your own due diligence.
Vancouver, British Columbia–(Newsfile Corp. – November 2, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) is pleased to announce that its private placement announced October 1, 2021 of up to 5,000,000 units at C$ 3.30 each for gross proceeds of up to C$ 16,500,000 has been oversubscribed and increased up to 6,500,000 units for C$ 21,450,000. The placement is expected to close on Friday, November 5, 2021.
The units will consist of one common share of the Company and one-half of one transferable warrant. Each whole warrant will entitle the purchase for two years of one common share at C$ 4.00 in the first year and C$ 4.50 in the second year.
Eligible finders will be paid a 6.0% cash commission and issued that number of non-transferable compensation warrants equal to 6.0% of the number of units sold to investors introduced by them. Each compensation warrant will entitle the purchase for one year of one common share of the Company for C$ 3.50.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
The placement is subject to stock exchange final approval.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws and may not be offered or sold within the “United States” or to “U.S. Persons” (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable U.S. state securities laws, or an exemption from such registration is available.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 979-6666 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Not for distribution to United States newswire services or for dissemination in the United States.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and in progress. Drill holes for which assays are reported in this release are highlighted.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and in progress. Drill holes for which assays are reported in this release are highlighted.
TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company has completed 34,409 metres (m) in 64 drill holes including three (3) in progress to test major target areas at Iska Iska. This press release reports drilling results from one (1) additional hole which tested the Santa Barbara Breccia Pipe (“SBBP”) (Hole DHK-23) and two holes (DCN-05 and DCS-03) which tested the Central Breccia Pipe target (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are continuing to drill at SBBP to outline an initial National Instrument 43-101 (“NI-43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the Santa Barbara Adit, is testing the eastern part of SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Table 1 provides significant drilling results with definitions of chemical symbols and Table 2 lists holes completed with assays pending, as well as holes in progress in the three major target areas. Highlights are as follows:
Highlights:
Santa Barbara Breccia Pipe
100g Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m from 58.67m to 247.13m in hole DHK-23, drilled from the west end of the Huayra Kasa underground workings at -70 degrees due west. This intersection includes a higher-grade portion of 154 g Ag eq/t (including 75.51 g Ag/t, 0.96% Zn, 0.65% Pb and 0.16%Cu) over 65.8m
Central Breccia Pipe
Hole DCS-03 drilled southwest at -60 degrees from the south radial platform of the CBP intersected twelve (12) separate zones of quartz-tourmaline veins in granodioritic intrusive breccia with best results of 224.92 g Ag eq/t (including 25.36 g Ag/t, 0.12 g Au/t and 0.55% Sn) over 7.42m and 113.67 g Ag eq/t (including 17.85 g Ag/t, 0.085 g Au/t, 0.21% Cu and 0.18% Sn) over 12.03m
Hole DCN-05 drilled due east at -60 degrees from the north radial platform of the CBP intersected ten (10) separate zones of quartz-tourmaline veins in granodioritic intrusive breccia with a best result of 104.72 g Ag eq/t (including 74.41 g Ag/t and 0.22% Cu) over 4.59m
Mr. Tom Larsen, CEO of Eloro, commented: “We are now starting to see a reduction in the backlog of assay samples with two laboratories operating at near capacity. These latest drill results, especially from DHK-23, are again demonstrating the accumulating amount of potential commercial bulk tonnage material, especially within the Santa Barbara complex, a subset of the overall Iska Iska volcanic edifice.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “Mineral resource definition drilling is continuing in the Santa Barbara Target area, which is 1,400m along strike, 500m wide and extends to a depth of 600m. This target is open along strike to the northwest and southeast. Data from the downhole Induced Polarization survey is being processed and the resulting 3D inversion models should aid in refining our geological model, especially determining the likely geometry of the higher-grade zones that typically have greater sulphide content.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), said: “As we move to the northwest in the SBBP, silver and gold values are increasing suggesting that there is a zonation at Iska Iska, from a more tin-rich polymetallic mineralization in the southeastern part of the SBBP to more of a silver-rich polymetallic mineralization in the northwestern part. In addition, significant enriched tin-silver mineralization occurs in the northern part of the CBP.”
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:
Element
Price (per kg)
Ratio to Ag
Ag
$875.00
1.00000
Sn
$28.00
0.03200
Zn
$2.80
0.00320
Pb
$2.10
0.00240
Au
$57,400
65.6000
Cu
$8.80
0.01006
Bi
$12.76
0.01458
In
$305.00
0.34857
Cd
$5.50
0.00629
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Preliminary metallurgical tests are in progress to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of November 2, 2021.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-12
S
205072.7
7656867.5
4165.0
225
-40
806.2
DSB-13
S
205072.7
7656867.5
4165.0
225
-60
696.5
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-15
S
204973.1
7657053.8
4165.0
225
-40
731.2
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
Subtotal
5,795.8
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
In progress
DSB-20
S
7656765.4
205131.3
4173.0
225
-65
In progress
Underground Drilling Santa Barbara Adit
DSBU-1
UG
205285.2
7656074.8
4165.0
90
-10
260.5
DSBU-2
UG
205285.2
7656074.8
4165.0
270
-20
563.6
DSBU-3
UG
205285.2
7656074.8
4165.0
270
-20
443.5
Subtotal
1,267.6
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-06
S
204902.0
7655860.0
4420.0
180
-80
626.4
DCN-07
S
204902.0
7655860.0
4420.0
270
-60
680.4
Subtotal
1,306.8
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-04
S
204852.1
7655612.3
4429.7
180
-60
644.4
Subtotal
644.4
Porco Central – Surface Radial Drill Program
DPC-01
S
205457.2
7655110.9
4175.0
270
-60
767.5
DPC-02
S
205457.2
7655110.9
4175.0
225
-60
908.2
DPC-03
S
205457.2
7655110.9
4175.0
135
-60
524.5
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
Subtotal
3,695.5
TOTAL
12,710.1
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees Total drilling completed since the start of the program on September 13, 2020, is 34,409m in 64 holes including 3 holes in progress (20 underground holes and 44 surface holes).
Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and in progress. Drill holes for which assays are reported in this release are highlighted: https://www.globenewswire.com/NewsRoom/AttachmentNg/cce5620d-1deb-4db4-8f54-903bee989c21
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher tin. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Recently, AHK Laboratories, who manage a global network of laboratories have setup operations in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro has contracted AHK to provide additional analytical services in order to help reduce the sample backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. The used of both accredited laboratories is reducing the backlog of samples to be analysed and improving turnaround.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the discovery hole on the SBBP, Eloro has released a number of significant drill results on this target, including:
122.66 grams g Ag eq/t (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m (DSB-07),
105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m (DSB-07)
69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m (DSB-08).
114.96 Ag eq/t including 0.325% Sn over 56.2m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m; 80.71 g Ag eq/t including 0.213% Sn over 74.39m and 118.69 g Ag eq/t over 10.77m (DSB-10).
129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. 82% of this 446.5m long hole contained reportable intervals (DHK-18).
234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.2m including a higher-grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m (DHK-20).
108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m including a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and 1.05% Pb) over 15.02m (DHK-19). 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m (DHK-21) including higher grade portions of:
250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m.
257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m.
350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m.
64% of this 512.9m long hole contains reportable intersections
94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m including a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m (DHK-22).
On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.
Hole DCN-04 drilled at -80 degrees to the north from the northern radial platform of the CBP, intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include: 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and 0.19% Sn) over 62.01m; 70.42 g Ag eq/t (28.74 g Ag/t and 0.16% Sn) over 22.59m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m. Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.76 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m.
A detailed ground magnetic survey of the Iska Iska property, reported on June 6, 2021, confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation, including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition, there is a prominent area of low intensity magnetics northwest of the SBBP which was reported on in this press release.
Geological mapping and satellite interpretation identified a third major breccia pipe target, Porco (South), that is approximately 600m in diameter (South) located southeast of the CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. Six (6) drill holes have been completed on Porco; assay results are pending. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.
Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q1 2022. The target zone at the SBBP and the surrounding mineralized envelope is 1400m along strike, 500m wide and extends to a depth of 600m. This zone is open along strike to the northwest and southeast. A downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
TORONTO, Nov. 2, 2021 /CNW/ – Vox Royalty Corp. (TSXV: VOX) (“Vox” or the “Company“), a high growth precious metals focused royalty company, is pleased to announce that it has realized preliminary quarterly royalty revenue of C$1,558,800 (US$1,223,400)(1) for the three-month period ended September 30, 2021.
Quarterly revenue benefitted from record royalty-linked gold production by Karora Resources Inc. (TSX: KRR) from the Hidden Secret and Mousehollow deposits at Higginsville covered by the Dry Creek royalty and record royalty-linked iron ore production volumes by Mineral Resources Limited (ASX: MIN) at Koolyanobbing, and consistent royalty revenues from each of the Company’s Janet Ivy gold royalty and Brauna diamond royalty. Royalty revenues relative to Q2 2021 were inline in spite of a significant reduction in realised iron ore pricing at Koolyanobbing.
Quarterly, year to date, and annual revenue guidance figures are summarized in the below table:
Three months endedSeptember 30, 2021
Nine months ended September 30, 2021 (Fiscal 2021 YTD)
2021 Annual Guidance
Royalty revenue (C$)
$1,558,800
$3,856,000
$4,000,000 – $5,000,000
Royalty revenue (US$)
$1,223,400(1)
$3,077,500
$3,200,000 – $4,000,000
Kyle Floyd, Chief Executive Officer stated: “We are pleased to announce another quarter of strong royalty revenue and multiple royalty-linked production records at Higginsville and Koolyanobbing. The Vox portfolio remains on track to deliver revenue at the higher end of our expectations, even in light of revenue guidance doubling in July 2021. Further, we anticipate first royalty revenue from our Segilola asset during Q4/Q1, following the achievement of commercial production at Segilola in October. The coming quarters present even more value accretive developments for Vox shareholders to look forward to, as we continue our industry leading organic growth trajectory from 5 to 10 producing assets by late 2023.”
About Vox
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results ” may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.
The forward-looking statements and information in this press release include, but are not limited to Vox’s anticipated outlook for the 2021 fiscal year, completion of certain anticipated milestones, transactions and developments by the operators of certain underlying projects and mines in respect of Vox’s royalty and stream portfolio, anticipated future cash flows, future financial reporting by Vox, the receipt of payments from Vox’s mining royalty and streaming portfolio, the requirements for regulatory approvals and third party consents, and the completion of mine construction, production and expansion under construction phases at the mines or properties that Vox holds an interests in.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Vox to control or predict, that may cause Vox’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals and third party consents, the impact of general business and economic conditions, the absence of control over the mining operations from which Vox will receive royalties, including risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Vox’s expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Vox cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notes:
(1)
These figures have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter-end closing adjustments, and may change materially.
VANCOUVER, British Columbia, Oct. 29, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR) (OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to announce that, effective October 29, 2021, it has commenced trading on the OTCQB® under the symbol “HAMRF”. The Company has chosen to trade on this US marketplace to provide current and future US-based investors with greater access, ease of trading, home country disclosure, current financial disclosures and Real-Time Level 2 quotes on www.otcmarkets.com.
“Listing on the OTCQB venture exchange market place is an important milestone for the Company,” said Morgan Lekstrom, President and CEO of the Company. “Qualifying for OTCQB® is a natural step for the Company towards broadening exposure of our exploration activities in the U.S. It also demonstrates our commitment to increasing our investor base while providing our current and future U.S. investors convenient access to the same ease of trading, timely news and information enjoyed by investors in Canada.”
The Company appointed B. Riley to provide guidance with respect to its eligibility to meet the requirements of the OTCQB and to advise the Company on its responsibilities for complying with its U.S. disclosure obligations under the Securities Act of 1934 and Rule 12g3-2 promulgated thereunder in connection with the OTCQB listing and the OTCQB standards for international companies.
Lacy Project Update
Silver Hammer has filed an assessment report on the Lacy Project with the BC provincial government. The project comprises 590 hectares of mineral tenures in the Nanaimo and Alberni Mining Divisions of B.C. The initial evaluation of the project has produced encouraging results, including gold-silver surface mineralization in stockworks and quartz veins. Management intends to conduct a more detailed program including further geophysics over the next 6-12 months to identify possible drill targets.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multimine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
Contact: Kristina Pillon, President, High Tide Consulting Corp.
604.908.1695 / investors@silverhammermining.com
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
VANCOUVER, BC / ACCESSWIRE / October 28, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the third and final tranche of assay results from Phase 1 of the Company’s three-phase 2021 drill program at the 100%-owned Carmacks project.
The Phase 1 campaign focused on expansion and upgrade of resources in zones 1, 2000S, and 13 by testing the sulfide potential of these priority areas. In addition to the Phase 1 program, the Company also completed Phase 2 RC drilling at early-stage targets, and a Phase 3 diamond drill program to follow up on the success of Phase 1. All activity has been completed at site for the 2021 field season with assays for Phases 2 and 3 pending.
Granite Creek President & CEO, Tim Johnson, commented, “We are extremely pleased with the results of our 2021 exploration program which achieved many of our objectives and exceeded our expectations in several important respects. We expanded sulfide mineralization in three of the main zones at Carmacks which will be reflected in an updated NI 43-101 resource estimate followed by a new mine plan which is being developed to incorporate both oxide and sulfide material. We anticipate the sulfide resources could make a significant difference to the mine life and economics of the Carmacks deposit and we look forward to further defining that potential.”
Highlights
In Zone 1, diamond drill hole CRM21-019 intersected 67.35m of 1.23% Copper Equivalent (“CuEq”) mineralization including 23.30m of 2.27 CuEq.
In Zone 1, diamond drill hole CRM21-013 intersected 67.90m of 0.90% CuEq including 22.88m of 1.14% CuEq and 12.91m of 1.73% CuEq.
In Zone 13, diamond drill hole CRM21-021 intersected 96.85m of 0.84% CuEq including 35.85m of 1.04 CuEq and 21.35m of 1.21 CuEq.
Granite Creek believes these intercepts, plus others listed in the table below, have the potential to increase the grade and confidence of the resource model in Zone 1 and increase the grade and total size of Zones 2000S and 13.
Updated resource model being developed.
Table 1 – Highlights from of 2021 Phase 1 Diamond Drill Assays at the Carmacks Project
Drillhole
From(m)
To(m)
Length*(m)
Cu(%)
Mo(%)
Au(g/t)
Ag(g/t)
CuEq** (%)
CRM21-012
400.65
415.75
15.10
0.34
0.006
0.11
2.13
0.47
Zone 1ThisRelease
Including
405.85
411.20
5.35
0.55
0.016
0.15
3.01
0.75
CRM21-013
311.00
378.90
67.90
0.73
0.005
0.18
2.69
0.90
Including
324.75
343.63
22.88
0.92
0.006
0.23
3.76
1.14
and including
355.09
368.00
12.91
1.39
0.006
0.37
5.29
1.73
CRM21-014
355.70
423.45
67.75
0.93
0.009
0.26
5.16
1.20
Including
398.00
423.45
24.45
1.53
0.009
0.41
6.21
1.91
CRM21-017
317.42
363.20
45.78
0.42
0.001
0.15
2.41
0.55
Including
323.50
335.85
12.35
0.67
0.002
0.28
3.90
0.92
CRM21-019
277.95
345.30
67.35
0.93
0.011
0.31
4.23
1.23
Including
322.00
345.30
23.30
1.7
0.016
0.57
7.51
2.27
CRM21-004
323.50
367.00
43.50
1.12
0.028
0.20
3.41
1.40
Zone 1PreviousRelease
Including
338.50
367.00
28.50
1.57
0.042
0.29
4.53
1.96
and including
352.00†
367.00
15.00
1.80
0.066
0.33
4.81
2.31
CRM21-007
222.52
226.60
4.08
0.91
0.006
0.19
6.32
1.13
CRM21-010
450.00
513.40
63.40
0.27
0.003
0.08
1.31
0.35
Including
450.00
482.25
32.25
0.30
0.004
0.08
1.41
0.39
Including
488.90
513.40
24.50
0.30
0.003
0.09
1.47
0.39
CRM21-018
92.40
110.40
18.00
0.91
0.008
0.17
6.79
1.12
Zone 2000SThisRelease
and
158.80
170.00
11.20
0.72
0.013
0.14
4.27
0.91
and
233.60
249.00
15.40
0.39
0.024
0.09
2.09
0.56
and
263
298.90
35.90
0.35
0.008
0.10
2.62
0.48
including
287.00
298.90
11.90
0.67
0.017
0.19
3.53
0.90
CRM21-003
146.35†
214.50
68.15
0.59
0.028
0.14
3.69
0.83
Zone 2000SPreviousRelease
Including
161.40
179.80
18.04
0.81
0.033
0.21
4.80
1.13
CRM21-005
137.05
179.80
43.24
0.74
0.047
0.16
3.82
1.06
Including
142.05
158.40
16.35
1.20
0.036
0.26
6.11
1.58
CRM21-006
194.40
278.20
83.80
0.64
0.012
0.13
3.23
0.81
Including
229.20
278.20
49.00
0.87
0.018
0.17
3.88
1.10
Including
248.76
266.20
17.44
1.21
0.033
0.22
5.11
1.53
CRM21-008
195.80
228.40
32.60
0.80
0.019
0.17
3.88
1.02
Including
201.55
215.55
14.00
1.10
0.023
0.24
4.86
1.40
CRM21-009
190.50
243.85
53.35
0.59
0.012
0.14
2.71
0.75
Including
191.30
201.70
10.40
0.87
0.004
0.25
3.70
1.09
and including
209.00
225.95
16.95
0.62
0.009
0.13
2.76
0.77
and including
229.90
235.25
5.35
1.21
0.064
0.28
4.88
1.68
CRM21-011
223.98
329.50
105.52
0.96
0.013
0.18
4.06
1.18
Including
223.98
245.20
21.22
2.17
0.010
0.36
9.13
2.56
and including
260.32
260.82
0.50
18.97
0.008
0.46
38.3
19.72
CRM21-015
36.69
49.38
12.69
0.23
0.003
0.04
0.96
0.27
Zone 13 ThisRelease
CRM21-016
91.30
238.50
147.20
0.38
0.025
0.10
2.28
0.56
CRM21-021
132.15
229.00
96.85
0.62
0.014
0.20
3.04
0.84
Including
132.15
168.00
35.85
0.82
0.013
0.20
3.80
1.04
and including
207.65
229.00
21.35
0.80
0.021`
0.43
3.51
1.21
** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths.
† Part of zone has poor recovery
Figure 1 – Carmacks Copper Project Plan View
Zone 1
Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the down-dip continuation of the inferred resource. Drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model, and confirming the grade and anticipated thickness in the inferred portion of the sulfide resource in this zone. Of the total reported meterage with significant mineralization, 67% returned mineralized intercepts grading greater than those reported in the inferred category of the resource estimate completed in 2017. While only preliminary, the Company feels that these intercepts have the potential to significantly increase the grade and the confidence in this area of the resource model.
While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) looked only at the oxide material in Zones 1,4, and 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1, and other sulfide zones of the deposit, to build a basis for an updated PEA that would include both oxide and sulfide ore.
Zone 2000S
Zone 2000S has the potential to add tonnage in the sulfide domain of resource category and in doing so could add significant value to an updated PEA that included sulfide resources. During Phase 1, six diamond drillholes were drilled in this zone to evaluate the continuation of bornite-chalcopyrite mineralization down dip, and two additional holes were drilled during Phase 2 with assays still pending. Drill hole CRM21-011, along with all other drillholes from the 2021 program (see release dated August 22, 2021) extended known mineralization in the zone from 30m to 100m below the current block model. CRM21-018, a technical hole drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault, was successful in locating the fault and extends mineralization to depth beneath the current resource model
Zone 13
Three diamond drill holes were completed at Zone 13 in Phase 1, and an additional two holes were completed in Phase 3 with the intent of evaluating the northern continuity of sulfide mineralization, and infilling an open area of the block model. Building on success from the company’s inaugural drill program in 2020 which included 127 metres of continuous copper mineralization in drillhole CRM20-001, grading 0.85% CuEq and including 28.65m of 1.74% CuEq and 19.2m of 1.19% CuEq (see news release dated February 11,2021), all five diamond drill holes were successful in extending and infilling mineralization from Zone 13 in the Carmacks deposit including CRM21-021 which intercepted 96.85m grading 0.84% CuEq including 35.85m of 1.04% CuEq and 21.35m of 1.21% CuEq. Drill hole CRM21-020 drilled from the same pad as CRM21-021 deviated from planed direction and was not completed.
COVID-19 Protocols
Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
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 Explorations Ltd, 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
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Quality Control and Quality Assurance
Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
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.
Copper corrected from the May record high and made higher lows
Four reasons the copper bull will take the price to new highs
Impressive price action in the face of Chinese selling
Nevada Copper- Three reasons why NEVDF is could outperform percentage gains in the nonferrous metal
Bull markets rarely move in straight lines- The next leg for the copper bull has begun
When Goldman Sachs called copper “the new oil” in April 2021, the price was on its way to a new record high at nearly $4.90 on the nearby COMEX futures contract. The world’s most active and liquid copper market on the London Metals Exchange reached a peak at over $10,700 per ton in May. Copper blew through the 2011 $4.6495 previous all-time peak as a hot knife goes through butter.
Even the most aggressive bull markets rarely move in straight lines. Corrections can be brutal when prices accelerate on the upside, reaching unsustainable short-term peaks.
Copper ran out of upside steam before touching the $4.90 per pound level on futures and $10,750 per ton level on LME forwards. The price fell just below the $4 level in August, three months after reaching the high. Copper was still “the new oil” when the price dropped, and the world’s leading copper consumer was hoping it would continue to fall. China has done everything to push copper’s price lower, but the red metal has exhibited remarkable resilience.
Meanwhile, Nevada Copper Corporation (NEVDF) has been working day and night to ramp up production and transform its balance sheet. The market has rewarded the company as the share price has been steadily increasing since the beginning of October.
Mining companies provide investors with leveraged exposure to a commodity as they tend to outperform the price action on the upside and underperform during corrections. Junior mining companies can magnify the leverage. Copper’s recent explosive move suggests that new highs are on the horizon. NEVDF has the potential to do even better on a percentage basis as the company ramps up its production of the red industrial metal.
Copper corrected from the May record high and made higher lows Copper futures ran out of steam at just below the $4.90 level, with the LME forwards moving the $10,747.50 per ton level for the first time. The May highs led to a substantial correction that briefly took COMEX futures below $4 per pound in August.
Source: CQG The chart shows the decline from $4.8985 in May to a low of $3.9615 in mid-August, a 19.1% correction. COMEX futures made higher lows of $4.0220, $4.0545, and $4.1140 in late September and early October before blasting off on the upside to over the $4.70 level as of October 15.
Source: Barchart
The chart illustrates the decline from $10,747.50 on May 10 to a low of $ 8,740 per ton on August 19 as copper forwards corrected by 18.7%. Copper then made higher lows at $8,810 on September 21 and $8,876.50 on October 1 before exploding higher to the $10,281 level on October 15.
Four reasons the copper bull will take the price to new highs
The four leading factors supporting a continuation of new and higher highs in the copper market are:
Rising inflation– CPI rose by 5.4% in September, once again exceeding expectations. While the Fed will likely begin tapering quantitative easing, tapering is not tightening. Moreover, fiscal stimulus continues as the multi-trillion budget will pump more inflationary stimulus into the economy.
Building demand– The infrastructure rebuilding package in the US will increase copper requirements for construction projects to rebuild the crumbling roads, bridges, tunnels, airports, schools, and government buildings over the coming years. Moreover, China’s copper requirements will continue to increase as the world’s most populous country builds infrastructure.
Decarbonization– Addressing climate change boosts copper demand. As Goldman Sachs said in April, decarbonization does not occur without copper, making the metal “the new oil.” Copper requirements for EVs, wind turbines, and other clean energy projects is a multi-decade affair for the red metal.
Supply shortages– Copper mining companies are scrambling to find new supply sources. Production can’t keep pace with demand- It takes eight to ten years to bring new copper mining projects on stream. BHP, a leading global mining company, is in talks with Ivanhoe Mines for participation in the Western Foreland exploration area in the politically dicey Democratic Republic of the Congo.
Bull markets tend to experience severe selloffs. China has attempted to cool off the bullish copper and other nonferrous metals markets. The world’s leading copper consumer has the most to lose from runaway prices on the upside.
Impressive price action in the face of Chinese selling
On September 1, China auctioned 150,000 tons of copper, aluminum, and zinc from strategic stockpiles, which was the third auction sale since early July, attempting to temper the market’s bullish price action. The market had expected the sales. Copper rallied to the highest level since early August on September 13, with many other base metals following the red metal higher. The price then retreated, but copper made a higher low on September 21. The Chinese auction to cool off the rally put 80,000 tons of copper, 210,00 tons of aluminum, and 130,000 tons of zinc into the market since early July. Since the day of the first auction, copper, aluminum, and zinc prices all posted gains. Imagine where prices might be if China did not sell from its strategic stocks.
In early October, China auctioned the fourth round of base metals, lifting the total sales to 570,000 metric tons. Copper and all the base metals posted explosive gains after the latest auction. China is selling copper, aluminum, and zinc from its strategic stockpiles. The attempt to stem price appreciation makes the Chinese a buyer of the metals on price weakness to replace its stocks. However, the auctions have not had the desired impact on price. The price action has been more than impressive in the face of the sales.
While BHP looks towards the DRC and other regions for new copper supplies, Nevada Copper is making significant headway on its production project in a highly stable political and economic environment in the United States. Moreover, Nevada is a state that continues to encourage mining activity and is rich in red metal reserves.
Nevada Copper- Three reasons why NEVDF has the potential to outperform percentage gains in the nonferrous metal
Nevada Copper (NEVDF) has made great strides over the past weeks and months. A successful junior mining company is positioned best to profit during a bull market in the commodity it extracts from the earth’s crust. Three factors support the price of NEVDF shares as copper has taken off on the upside again:
Factor one: Turing the corner on operations in Q3- On October 6, NEVDF provided an update on operational performance at the company’s underground mine at its Pumpkin Hollow project, noting:
Copper in concentrate produced during September increased by 265% compared to August, driven by higher stope production. Approximately 30,386 tons of ore processing yielded 682 tons of copper concentrate at an average grade of 22%, reflecting 150 tons of copper output.
Stoping is the process of extracting the desired ore or mineral from an underground mine, leaving open space called a stope. Stoping at Pumpkin Hollow significantly accelerated since mid-August, with the second and third stope panels fully mined and a fourth stope panel currently being mined. Further stopes are planned for October and November, and the high-grade Sugar Cube zone to be mined during the final months of 2021.
NEVDF experienced the highest monthly development footage achieved since April 2021 in September, with a 12% increase over August. Approximately 750 lateral equivalent feet were advanced in September.
Outgoing Interim CEO Mike Brown said, “I am very pleased to see the improved trajectory in our production ramp-up and a recovery in productivities. The increased ore production was a key objective for September, and together with the improving productivities on-site, along with the ongoing management strengthening, provide further confidence in the mine ramp-up.”
Randy Buffington, a veteran mining executive with previous management experience at Barrick, Placer Dome, and Cominco, is taking over as President and CEO at Nevada Copper.
Factor two: On October 12, NEVDF announced it had agreed with its senior project lender and concluded a non-binding term sheet with its largest shareholder to provide additional financing and a significant deferral and extension of its debt facilities. The move offers Nevada Copper greater balance sheet flexibility and support for the ramp-up of its underground mining operations and advancement of its open-pit project and broader property exploration targets. The highlights of the more flexible financing arrangement include:
Two-year deferral of first loan repayments scheduled to begin in July 2025.
Extension of loan amortization with the final maturity pushed to July 2029.
Deferral of the formal long stop date for the project as the completion test was deferred to June 2023.
All outstanding shareholder loans were consolidated under an amended existing shareholder credit facility.
A two-year extension to maturity data until 2026 with no scheduled payments before final maturity.
An increase of $41 million in additional liquidity under the amended credit facility.
Randy Buffington, NEVDF’s new CEO, said, “These combined balance sheet improvements provide significant additional runway for the Company as we move forward to complete the ramp-up of our underground operations. The ongoing support of two of our major stakeholders provides further validation of the significant inherent value of our copper operations in Nevada and allows us to continue to pursue the growth potential embedded within our asset base.”
Factor three: NEVDF’s value proposition is compelling when compared to peers. The chart shows NEVDF’s market cap versus its enterprise value compared to other diversified metals and mining companies with similar market caps:
Source: Seeking Alpha
As the chart highlights, the enterprise value is over 2.2 times the current $173.53 million market cap, leading to plenty of upside room for NEVDF shares. There is plenty of room for growth as the enterprise value will rise with output from the underground and open-pit mining operations over the coming months and years. According to data from Seeking Alpha, at 97 cents per share on October 15, NEVDF had a $173.53 million market cap. The average daily volume in the past 15 trading days from all exchanges stood at just over 2,500,000 shares.
Source: Barchart
The chart shows the rise from 38.78 cents on October 1 to a high of 99.2 cents per share on October 14. NEVDF shares closed not far from the high at 96.56 cents on Friday, October 15.
The trend in copper and NEVDF is bullish, and the trend is always your best friend in markets.
Bull markets rarely move in straight lines- The next leg for the copper bull has begun
Bull markets can be bucking broncos as corrections are often downdrafts in prices. Copper’s decline from nearly $4.90 to below $4 and recovery to over $4.70 on October 15 is a bullish sign for the red metal.
Copper’s strength, along with the other base metals in the face of Chinese stockpiling selling, has been more than impressive and is a testament to the bullish factors that are likely to push the price higher. Goldman Sachs expects LME copper forwards to reach the $15,000 per ton level by 2025, putting COMEX futures over $6.80 per pound. Other analysts see the price rising to as high as $20,000 per ton as decarbonization will keep demand outpacing supplies.
Bull markets often take prices far higher than analysts believe possible before they peak. As the world searches for more copper to meet the rising demand, Nevada Copper’s mines are in the most economically and politically stable region of the world. NEVDF shares may have just begun to rally as the price threatens to move over the $1 per share level.
VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / Group Ten Metals Inc. (TSX.V:PGE | OTCQB:PGEZF; FSE:5D32) (the “Company” or “Group Ten”) is pleased to report the first independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2021 Resource”) for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA. The study was completed by SGS Geological Services (“SGS”).
The Company will host a live webcast on Thursday October 28th at 9am Pacific time (12pm Eastern) to discuss the 2021 Resource, recent drill campaign, and plans for the Stillwater West project. To register, click here.
Highlights
Inferred mineral resources total 2.4 million ounces palladium, platinum, rhodium, and gold (“4E”) plus 1.1 billion pounds of nickel, copper and cobalt in a constrained model totaling 157 million tonnes at an average grade of 0.45% total nickel equivalent (“NiEq”) (equal to 1.20 g/t palladium equivalent, or “PdEq”) using a 0.20% NiEq cut-off grade. See detailed breakdown in Tables 1 and 2 below.
The 2021 Resource incorporates five deposits of sulphide mineralization that cover 8.7 kilometers of strike length within the central area of the project. The strong correlation that is demonstrated between resource areas and untested high-level geophysical targets (Figure 1), and metal-in-soil anomalies, provides a strong basis for expansion of the resource with 2021 drill results, and future drill campaigns (Figures 2 to 6).
Mineralization, consisting of thick horizons of nickel and copper sulphide that are enriched in palladium, platinum, rhodium, gold and cobalt, is consistent with Group Ten’s “Platreef-style” geological model that is based on known parallels with South Africa’s Bushveld Igneous Complex.
Deposits in the 2021 Resource are defined by 83 drill holes from a total of 216 holes drilled at Stillwater West prior to 2021, including all holes from Group Ten’s 2019 and 2020 campaigns. A number of the remaining drill holes provide early confirmation of target mineralization in otherwise untested anomalies across much of the 32-kilometer project, accelerating future exploration programs and demonstrating significant expansion potential outside of the known deposit areas.
Assays are pending from the 14-hole 2021 drill campaign, which focused on expansion of three of the five deposits by completing step-out holes designed to build onto the 2021 Resource.
Rhodium totaling 61,000 ounces was modeled at three of the five target areas, where sufficient data was available. At recent spot prices, this endowment is equivalent to over 400,000 ounces palladium and over 750,000 ounces platinum. The Company believes rhodium results are understated due to the lack of historic assay data and is working to fully include rhodium in future mineral resource updates.
The 2021 Resource estimate will be incorporated into an NI43-101-compliant technical report for the Stillwater West project to be filed within 45 days.
Michael Rowley, Group Ten’s President and CEO states, “We are extremely pleased with the results of our inaugural resource estimate that provides a robust debut of high-demand battery and platinum group metals in a top US mining district. This is a major milestone in the advancement of both the project and Group Ten Metals. Mineralization in the five deposits shows excellent continuity and grade across large areas, with strong geophysical and geochemical signatures that remain open in all directions demonstrating excellent potential for expansion in subsequent drill campaigns. In this regard, we look forward to reporting results from our 2021 campaign, our biggest yet, which we believe met the objective of increasing the 2021 Resource. More than ever we see extraordinary potential for Stillwater West to become a large-scale and strategically significant US-based source of battery metals to meet growing electrification needs while also supplying PGEs for catalytic convertors and increasing fuel cell demand.”
TABLE 1 – Grade and Contained Metal by Deposit at a 0.20% NiEq Cut-Off Grade (Equals 0.53 g/t PdEq) – Stillwater West Inferred Mineral Resource Estimate (Base Case)
CIM (2014) definitions were followed for Mineral Resources Reporting. The constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Cut-off grades and metal equivalents are based on metal prices of $7.00/lb Ni, $3.50/lb Cu, $20.00/lb Co, $900/oz Pt, $1,800/oz Pd and $1,600/oz Au, with assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.20/t rock, and processing and G&A cost of US$12.75/t mineralized material. Rhodium modeled but not included in equivalency calculations. All figures are rounded to reflect the relative accuracy of the estimate.
The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
TABLE 2 – Grade and Contained Metal by Deposit at a Higher Grade 0.35% NiEq Cut-Off (Equals 0.93 g/t PdEq)
FIGURE 1 – 2021 Stillwater West Mineral Resource Estimate Over 3D Model of Induced Polarization Survey Results
Sensitivity Analysis
A sensitivity analysis is provided in Table 3 below which demonstrates the variation in grade and tonnage in the deposit at various cut-off grades. Mineralization shows exceptional continuity, enabling models at higher-cut-off grades including inferred mineral resources of 97 million tonnes of 0.55% NiEq (equal to 1.47 g/t PdEq) containing 1.8 million ounces palladium, platinum, rhodium, and gold (“4E”) with 857 million pounds of nickel, copper and cobalt (see Table 2, above).
TABLE 3 – Grade and Contained Metal Sensitivity at Various NiEq Cut-off Grades
Constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Values in the table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
2021 Exploration Update
Work in 2021 focused largely on diamond core drilling within the area of the 2021 Resource and an Induced Polarization “IP” geophysical survey on the west side of the core project area, including the Pine target.
Phase I of planned expansion drilling has now been completed. 14 holes totaling 5,138 meters were drilled in a two-rig program that tested priority targets at Chrome Mountain (Hybrid and DR deposit areas), and at Iron Mountain at the CZ (formerly Camp) and HGR deposit areas. Holes were prioritized to step out from known mineralization with the primary objective of expanding and upgrading the 2021 Resource estimate in 2022. Assays are pending, however, on a visual basis the predictive geologic model developed by Group Ten Metals is effectively targeting expansion of known horizons of sulphide mineralization, including high-grade intervals identified in the 2019 and 2020 drill campaigns, and identifying numerous untested targets at Stillwater West. Drill core is in various stages of processing with first results expected over the coming weeks and continuing over the coming months. Expansion drilling is expected to resume in Q2 2022 upon review and integration of 2021 results.
The 2021 portion of the expansion IP survey is also complete, with approximately 25 line-kilometers focused on the Chrome Mountain and high-grade Pine target areas at the west side of the highly successful 2020 survey. Very high-level anomalies in untested areas were identified in preliminary results that will be presented in a coming news release as final information becomes available. The second phase of the expanded IP survey is expected to resume in 2022 in the central and eastern portions of the 2020 survey grid.
Rhodium
Rhodium has been identified at potentially significant co-product grades of 0.03 to 0.10 g/t Rh in drill results in four of the five deposit areas at Stillwater West, with shorter intervals ranging up to 0.50 g/t Rh. The lack of historic rhodium assay data has prevented assessment of the rhodium content at the Central and Crescent deposits and in some parts of the other deposits. For this reason, the Company believes rhodium levels are currently understated at Stillwater West and will continue to include complete rhodium assays in future campaigns with the objective of fully integrating rhodium in future resource updates.
Rhodium is a rare platinum group element that is primarily used as a specialized catalyst alongside platinum and palladium in automotive catalytic converters. It is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America. Sibanye-Stillwater, adjacent to Group Ten’s Stillwater West project, is the primary US producer.
Supply constraints for rhodium have supported elevated prices since 2017. At recent values, rhodium trades at more than 12 times the value of platinum on a spot price basis at over USD$13,000 per ounce, meaning 0.1 g/t Rh equates to approximately 1.2 g/t platinum equivalent.
Metallurgy
Preliminary metallurgical assessments by Group Ten Metals returned strong nickel tenor in sulphides drilled by the Company in 2020. In addition, favorable historic bench-scale metallurgical results completed by AMAX in the 1970s at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery. Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies.
Carbon Capture at Stillwater West
All five deposits in the 2021 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of Group Ten’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.
Preliminary results demonstrate the presence of certain minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation. As announced in a news release on September 23, 2021, the Company has entered a second phase of research with Dr. Greg Dipple and his team at the University of British Columbia, Canada, to assess the capacity of rock samples from Stillwater West to bind carbon dioxide for permanent disposal as part of a potential mining operation.
In addition to being strongly aligned with Group Ten’s Environmental, Social and Governance guidelines and principles, the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US.
Qualified Person
The Stillwater West PGE-Ni-Cu-Co + Au project 2021 Resource estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Armitage conducted a site visit to the property on August 9 and 10, 2021
Estimation Methodology and Parameters
Completion of the 2021 Resource involved the assessment of a drill hole database, which included all data for surface drilling completed through the fall of 2020, as well as 3D mineral resource models, and available written reports. SGS used 83 holes and 18,386 meters of drill data to delineate five deposits in the 2021 Resource estimate, from a total database of 216 drill holes and 32,465 meters of core data compiled by the Company. All holes from Group Ten’s 2019 and 2020 drill campaigns were included. No assay data has been received to date from the 2021 drill program.
Inverse Distance squared restricted to mineralized domains were used to Interpolate grades for the main elements of interest including Ni (ppm), Cu (ppm), Co (ppm), Pt (g/t), Pd (g/t) and Au (g/t), as well as NiEq (%), NiEq_R (%), Rh (ppb), Cr (ppm), and S (%) into block models. Composites of 1 meter have been capped where appropriate. Fixed specific gravity values of 2.90 – 3.10 g/cm3 (depending on deposit) were used to estimate the 2021 Resource tonnage from block model volumes. Waste in all areas was given a fixed density of 2.9 g/cm3.
The constrained 2021 Resource grade blocks were quantified above the base case cut-off grade. At this base case cut-off grade the deposits show excellent geologic and grade continuity. The project is at an early stage of exploration and all deposits are open along strike and down dip. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
The constrained 2021 Resources are presented undiluted and in situ (no minimum thickness), constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. Based on a review of the project location, size, geometry, continuity of mineralization and proximity to surface of the deposits, and spatial distribution of the five main deposits of interest (all within a 8.7 kilometer strike length), it is envisioned that the deposits may be mined by open pit or bulk tonnage underground methods. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by open pit mining methods and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the project. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. Pit optimization does not represent an economic study. Future engineering studies will be needed to develop optimal bulk tonnage mining methods.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
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 9.2-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, and 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, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading 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.
Mr. Allan Armitage, Ph.D., P.Geo., is a Qualified Person in accordance with National Instrument 43-101 and has reviewed and approved the technical content of this news release with respect to the 2021 Resource estimate. As independent QP, Mr. Armitage was responsible for the preparation of the technical information pertaining to the Resource estimate.
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 outside of the 2021 Resource estimate that is 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 of 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, titlefuture driling actiivities and the locations of such drilling, 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.
