Category: Junior Mining

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Junior Mining Precious Metals

Goldshore Resources Announces Public (NSERC & MITACS) and Educational (Lakehead University) Tri-Party Institutional Partnership with Alliance Grant

Vancouver, British Columbia–(Newsfile Corp. – May 25, 2022) – Goldshore Resources Inc. (TSXV: GSHR ) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that the Lakehead University’s application for educational and public tri-party Alliance grant for its partnership with The Natural Sciences and Engineering Research Council of Canada (“NSERC“); MITACS and Lakehead University has been granted in the amount of CA$ 83,750 for 2022 and CA$ 76,250 for 2023.

The Alliance grant encourages university researchers to collaborate with partner organizations (in this case Goldshore Resources), which can be from the private, public or not-for-profit sectors. These grants support research projects led by strong, complementary, collaborative teams that will generate new knowledge and accelerate the application of research results to create benefits for Canada.

Research supported by Alliance grants will:

  • generate new knowledge and/or technology to address complex challenges
  • create economic, social and/or environmental benefits
  • contribute to Canada’s long-term competitiveness
  • support public policy
  • train new researchers in areas that are important to Canada and to the partner organizations
  • draw on diverse perspectives and skill sets to accelerate the translation and application of research results

Pete Flindell, VP Exploration for Goldshore Resources, said, “This study will investigate the volcanic and structural architecture, intrusive character, petrography, and alteration chemistry of our portion of the Shebandowan greenstone belt in the Wawa sub-province of Northern Ontario. The aim is to better constrain gold mineralization at Moss Lake and to develop vectors towards mineralization that we will use to grow our resource inventory.”

Dr Pete Hollings, Professor of Geology and NOHFC IRC Chair in Mineral Exploration at Lakehead University commented: “The principal methods employed in this study will be fundamental geological mapping and logging, combined with traditional and state-of-the-art analytical techniques, which will characterize the structures, mineralization, and alteration system associated with mineralization. The research team will be trained to use modern digital field methods and high-quality microanalytical instruments, making them highly skilled assets for industry, academia, or government surveys, while generating valuable data sets that Goldshore can rapidly employ to aid their exploration.”

The Natural Sciences and Engineering Research Council of Canada is the major federal agency responsible for funding natural sciences and engineering research in Canada. NSERC directly funds university professors and students as well as Canadian companies to perform research and training.

MITACS is a nonprofit national research organization that, in partnerships with Canadian academia, private industry and government, operates research and training programs in fields related to industrial and social innovation.

Dr. Noah Philips and Dr. Pete Hollings are excited to be starting a new partnership with Goldshore Resources Inc, through their wholly-owned subsidiary, Moss Lake Project Inc. Thanks to CA$ 80,000 in support from Goldshore, which was matched by CA$160,000 from an NSERC Alliance grant and CA$ 75,000 from MITACS. The Lakehead University researchers will lead a team of one Post-Doctoral Fellow and two MSc (Masters of Science) students in an investigation of the gold and related mineralization on the Moss Lake property.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 1: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential–––1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876


Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 2: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000


Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the use of proceeds from the Financing, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any 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 “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125257

Categories
Energy Junior Mining Precious Metals Uncategorized

Collective Mining Outlines Multiple, High-Grade Vein Systems at Olympus with Assay Results from Channel Sampling of up to 221 g/t Gold and 812 g/t Silver

Collective Mining Ltd.

Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project and the Olympus South Target
Plan View of the Guayabales Project and the Olympus South Target

Figure 2

Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
Photos of High-Grade Polymetallic Grab Samples Taken at Olympus

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce high-grade gold and silver channel sample assay results from its grassroot generated Olympus target (“Olympus”) within the Guayabales project (“Guayabales”), Colombia. The Company presently has three diamond drill rigs operating at Guayabales with drills turning at the Olympus and Apollo targets as well as the newly discovered Trap target. At Olympus, the Company is focused on expanding upon the recently announced discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated March 15 and May 9, 2022, respectively).

Highlights (Table 1 and Figures 1 and 2)

  • Assay results of chip channel samples taken from veins located within historical, shallow underground workings from Olympus confirm the continuation of the high-grade carbonate base metal (“CBM”) sheeted vein system into the southwest portion of the target area with results as follows:

Table 1: Chip Channel Sample Assay Results from Olympus

Sample IDAu (g/t)Ag (g/t)
R5465220.97812
R5437134.73598
R545088.28409
R521673.83675
R541259.15365
CM394838.78450
R522633.9133
R546417.0268
R54539.06353
R52245.611
R54485.28329
R54565.1789
R54675.0262
R54134.97238
R54354.39108
R54344.20193
R54172.87161
R54522.7576
R54492.65102
R52192.5754
R54571.45347

*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1 metre. Sample grades are uncapped
**Channel samples are representative of 2–dimensional space and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.
***Assay results for base metals are still pending for all samples listed.

  • Multiple CBM veins were sampled, where possible at Olympus, over an area measuring 250 metres x 250 metres from limited and partial exposures of rock in old tunnels. The CBM veins are sulphide rich and associated with intense sericite-illite alteration superimposed on porphyry diorite and mineralized, hydrothermal breccia. Porphyry-related CBM veins can demonstrate robust continuity over significant vertical and lateral dimensions.
  • Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The Company believes that the probability is high that additional veins will be discovered as exploration ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
  • Olympus now includes two mineralized zones. Both zones contain multiple porphyry and overprinting CBM veins associated with intense pyrite-sericite-carbonate alteration and hosted in a porphyry diorite (Eastern zone) and within schist country rocks intruded by porphyritic diorite (Western zone).
  • The highest-grade samples collected to date at Olympus come from areas that have yet to be drill tested by the Company. Diamond drilling completed to date has only focused on a small northern portion of the Eastern and Western zones while recent surface and underground mapping has expanded the Western zone to the west and southwest.
  • The Company is planning to move two underground rigs in Q2 into the area covered by these high-grade channel sampling results.

“With the scale of veining and alteration at Olympus and mineralized systems that come to surface, the Company now believes that we have a discovered a vein and broad mineralized system,” commented Ari Sussman, Executive Chairman. “The more exploration we undertake, the more high-grade veins we find. We will remain aggressive with drilling at Olympus and look forward to commencing the first underground drill-hole into the high-grade vein portion of the system in June 2022.”

Figure 1: Plan View of the Guayabales Project and the Olympus South Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/a3099c7e-51eb-4385-89ec-620f9c6a649d

Figure 2: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbbce069-dbb1-4ad0-b430-f28519b8285c
Veins of massive sulfides with pyrite, sphalerite, galena and chalcopyrite.

Qualified Person (QP) and NI43-101 Disclosure

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

Technical Information

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

About Collective Mining Ltd.

To view the Company’s most recent investor presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects a total of eleven major targets have been defined. The Company is fortuitous to have made significant grassroots discoveries on both projects with discovery holes of 302 metres 1.1 g/t AuEq and 104 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq calculations.)

Contact Information

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

To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11

FORWARD-LOOKING STATEMENTS

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

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

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

Categories
Base Metals Emx Royalty Junior Mining Precious Metals Project Generators

EMX Options the Richmond Mountain Gold Project in Nevada to Stallion Gold Corp.

Vancouver, British Columbia–(Newsfile Corp. – May 24, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an exploration and option agreement (the “Agreement”) for the sale of Richmond Mountain LLC, the owner of the Richmond Mountain gold project (“Project”) to Stallion Gold Corp. (“Stallion”). The Agreement provides EMX with cash payments and work commitments during Stallion’s earn-in period, and upon earn-in a retained 4% net smelter return (“NSR”) royalty interest, annual advance royalty payments, and certain milestone payments.

Richmond Mountain is a Carlin-style gold project located in the Eureka district of central Nevada. The Eureka district hosts both Cretaceous age base metal mineralization as well as younger, Eocene age Carlin-style mineralization and is one of a select few districts with multi-million-ounce Carlin-style gold deposits in the state1. The Project was acquired by EMX and despite being within an established district has undergone only limited work consisting of geochemical sampling and a shallow reconnaissance drill program which did not test the key target area. The Eureka district has recently seen a resurgence in major exploration activity with the acquisition of the past producing Ruby Hill Mine by i-80 Gold Corp. in 2021, and recent work by other junior companies in the remainder of the district.

The Agreement with Stallion represents EMX’s execution of the 13th option agreement for western USA gold projects since 2020. Richmond Mountain is a good example of the royalty generation aspect of EMX’s business model, whereby prospective ground within a major Nevada gold district was identified, acquired inexpensively via staking open ground, and then partnered for exploration advancement at no additional cost to EMX. The Company will also maintain exposure to exploration success upon Stallion’s option exercise with pre-production payments and a retained royalty interest.

Commercial Terms Overview. Pursuant to the Agreement, Stallion can earn 100% interest in the Project by: (a) making execution and option payments totaling $500,000 over a five-year option period, and (b) completing $1,500,000 in exploration expenditures before the fifth anniversary of the Agreement.

Upon Stallion’s option exercise and earn-in, EMX will retain a 4% NSR royalty interest on the Project. Stallion may buy back up to a total of one and one-half percent (1.5%) of the royalty by first completing an initial half-percent (0.5%) royalty buyback for a payment of $750,000 to the Company prior to the third anniversary of the option exercise. If the first buyback is completed, Stallion may purchase an additional 0.5% for $1,000,000, and a third 0.5% increment for $1,200,000 at any time prior to commercial production. Beginning on the first anniversary of the option exercise, Stallion will also make annual advance royalty (“AAR”) payments of $100,000.

Additionally, after the option has been exercised, Stallion will make payments in gold ounces (or the USD equivalent) at certain Project milestones: (a) 200 ounces of gold upon completion of a Preliminary Economic Assessment; (b) 400 ounces of gold upon completion of a Prefeasibility Study; and (c) 650 ounces of gold upon completion of a Feasibility Study.

Richmond Mountain Overview. The Richmond Mountain project is located at the southern end of the Battle Mountain-Eureka trend and consists of 117 unpatented lode mining claims covering 9.6 square kilometers (Figure 1). Carlin-style mineralization consisting of jasperoid and decalcified carbonate-bearing rocks outcrop on the southern portion of the property within a north-south oriented structural feeder zone. This structural zone is subparallel and analogous to other structures that host Carlin-style gold mineralization elsewhere within the Eureka district. Examples include Lookout Mountain, Windfall, and the Ruby Hill Mine and Archimedes open pit2 where the younger, mineralized Eocene structures cut and overprint Cretaceous iron and base metal-rich skarn and carbonate replacement mineralization.

A key target at the Richmond Mountain project is where outcropping mineralized structures plunge northward on the Project under post-mineral cover and trending towards the eastern boundary of the Cretaceous Graveyard Flats intrusion and related contact aureole. The contact aureole hosts base metal mineralization elsewhere in the district and represents a compelling target environment. In addition, the older base metal mineralization and related reduced-iron rich rocks in the contact aureole could provide a chemical trap for the younger, gold-rich fluids resulting in potentially higher grades.

Previous work on the Project has outlined outcropping drill targets through soil and rock chip geochemistry in the south, and CSAMT geophysical surveys in the north that indicate prospective host units are within reasonable target depths. Two shallow drill holes (i.e., < 500 m) were completed on the western side of the property by a previous partner that did not penetrate post-mineral cover, suggesting the concealed target area remains entirely untested. In addition, prospective host rocks are interpreted to become more shallow from west to east across the Project.

EMX regards the Richmond Mountain project as a highly prospective gold project within a Nevada Carlin-style district which hosts a significant upper tier mining operation at Ruby Hill and is significantly underexplored relative to similar districts in Nevada. The Company looks forward to the Stallion team testing the target concepts in the near term.

More information on the Project can be found at www.EMXroyalty.com.

Comments on Nearby Deposits and Mines. The nearby deposits and mines provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.

QUALIFIED PERSON

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe) Phone: +49 178 4909039
IBelger@EMXroyalty.com


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

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.



Figure 1. Location Map of the Richmond Mountain Project.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/124885_c6c638f1542f2926_002full.jpg

1 NBMG, 2019. The Nevada Mineral Industry 2019. Ruby Hill Mine production and resources: Pp. 116-117.

2Dilles, P. A., Monteleone, S. E., & Wright, W. A. (1995). West Archimedes: a new gold discovery at the Ruby Hill property, Eureka district, Eureka County, Nevada. In Geology and ore deposits of the American cordillera, Programs with Abstracts, Geological Society of Nevada symposium, Reno/Sparks, Nevada A (Vol. 24).

Categories
Energy Junior Mining

Mountain Province Diamonds Announces Changes to its Board of Directors

TORONTO and NEW YORK, May 20, 2022 /CNW/ – Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVDF) (“Mountain Province”, or the “Company”) is pleased to announce the appointment of Ms. Kelly Stark-Anderson to its Board of Directors. Her appointment follows the departure of Dean Chambers, who has chosen the step-down due to other commitments.

Appointment of Director

An accomplished executive in the Canadian mining industry, Ms. Stark-Anderson has over 25 years experience in the legal, M&A, financing and governance areas, combined with deep experience in Environmental, Social, Governance (ESG) matters. Ms. Stark-Anderson is currently the Executive Vice President Corporate Affairs, General Counsel & Corporate Secretary and Corporate Compliance Officer for Dundee Precious Metals Inc. (TSX:DPM) and previously has acted as Vice-President, Legal and Corporate Secretary for SSR Mining Inc. Ms. Stark-Anderson led her own firm providing corporate/commercial, governance and securities compliance services to public, private and crown entities. Ms. Stark-Anderson’s deep experience in ESG, legal, financing and M&A will be a valuable addition to the Company’s board.

Jonathan Comerford, the Company’s Chairman, commented:

“We are extremely happy to have Kelly join our Board of Directors. Her legal expertise and strong ESG experience are areas we were seeking to strengthen on our Board, which together with her extensive governance experience will be extremely beneficial as the Company advances through 2022 and beyond.  The recent national award received by the Gahcho Kué mine for a collaborative monitoring program with the indigenous Ní Hadi Xa community is one example of the important work we do, and Kelly will bring a fresh perspective to our ESG approach. I would also like to thank Dean for his considerable contribution to the Board of Mountain Province during a very challenging time for the Company, and wish him well in his future endeavors.”

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

Caution Regarding Forward Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations.  Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur.  Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.  Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.

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SOURCE Mountain Province Diamonds Inc.

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Categories
Energy Junior Mining Precious Metals

Eloro Resources Closes C$9.775 Million Bought Deal Financing

TORONTO, May 19, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing of 3,007,710 units of the Company (the “Units”) at a price of C$3.25 per Unit for gross proceeds to the Company of C$9,775,057.50 (the “Offering”). The Offering was underwritten on a bought deal basis by Cormark Securities Inc. as underwriter (the “Underwriter”), pursuant to an underwriting agreement dated May 16, 2022 between the Company and the Underwriter. Haywood Securities Inc. participated as a special selling group member in connection with the Offering. The Offering included the exercise in full by the Underwriter of the over-allotment option granted by the Company pursuant to the terms of the Offering. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering.

The securities issued under the Offering were qualified for distribution pursuant to a prospectus supplement dated May 16, 2022 (the “Supplement”) to the Company’s short form base shelf prospectus dated May 11, 2022.

The net proceeds from the Offering will be used for continued exploration and development of the Company’s Iska Iska project in Bolivia, as further set out in the Supplement filed on the Company’s SEDAR profile at www.sedar.com.

In connection with the Offering, the Company paid the Underwriter a cash commission equal to 6% of the gross proceeds of the Offering (for a total cash commission of C$586,503.45) and issued to the Underwriter and its selling group members that number of non-transferable compensation options (the “Compensation Options”) equal to 6% of the aggregate number of Units sold under the Offering (for a total of 180,462 Compensation Options). Each Compensation Option entitles the holder to acquire one Common Share at a price of C$3.25 per Common Share for a period of 24 months following the closing of the Offering.

The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available under Eloro’s 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 (forward-looking statements in this news release include, without limitation, statements regarding the use of proceeds from the Offering). 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. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.

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.

Categories
Junior Mining Precious Metals Uncategorized

Goldshore Resources Announces Innovative Technology Application for Moss Lake Project Exploration and Closing of Non-Brokered Financing

Vancouver, British Columbia–(Newsfile Corp. – May 18, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that it is working with Dr. Russell Birrell of Globex on implementing his innovative ionic leach soil sampling technique that will enable the Company to detect bedrock anomalies beneath muskeg swamp and glacial till. Initial sampling will be conducted across known mineralization at the QES Zone to calibrate the geochemical response and enable a more accurate assessment of results in new areas.

Peter Flindell, Vice President Exploration, comments: “I have worked with Dr. Birrell and the ionic leach technique in Scotland where we successfully identified several mineralized targets. This technique is well suited to the type of cover at Moss Lake and I look forward to reviewing the first results over the QES Zone. The ionic leach program will continue throughout the 2022 summer field season and focus on the targets developed from last year’s VTEM/magnetics survey. This will help us to rank and rate all targets, and to prioritize the scout drilling program, outside the historical Moss Lake deposit.”

Dr. Birrell was part of the team that developed the Mobile Metal Ion (MMI) sampling technique at CSIRO. The MMI technique has been widely used in exploration programs for the past three decades. His work on ionic leach marks an order of magnitude increase in sensitivity that has mapped several concealed mineralized targets in similar terranes.

Closing of Non-Brokered Financing

The Company is also pleased to announce that it has closed a non-brokered private placement of 1,000,000 units (each, a “Unit“) at a price of $0.50 per Unit for gross proceeds of $500,000 (the “Financing“). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share“) and one-half common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.75, for a period of 24 months following the date hereof, subject to acceleration if the Common Shares trade above $1.10 on the TSX Venture Exchange (the “Exchange“) for twenty (20) consecutive days.

The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.

The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to final approval by the Exchange.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 1: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential–––1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 2: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the use of proceeds from the Financing, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any 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 “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Categories
Base Metals Energy Junior Mining Precious Metals

Metallic Minerals Announces C$4 Million Flow-Through Private Placement Financing

Metallic Minerals, Proven and Probable

VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / Metallic Minerals Corp. (TSX-V:MMG) (OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce a non-brokered private placement offering of 9,600,000 flow-through units (“Units”) at a price of $0.42 per Unit for aggregate gross proceeds of $4,032,000 (the “Offering”), which represents a premium to the May 17th closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”). The Units consist of a flow-through share and a half warrant and are being issued as part of a charity arrangement structured by Peartree Securities Inc.

All net proceeds from the Offering are planned to be used to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada) primarily at Metallic Minerals’ Keno Silver project in the historic, high-grade Keno Hill Silver District in Canada’s Yukon Territory.

Greg Johnson, CEO & Chairman, stated, “We are very pleased to add these new investors to our supportive shareholder base and are in a position to complete important follow-up programs at the Company’s Keno Silver and the La Plata projects, using a combination of existing funding and new flow-through funds. We remain positive on the underlying fundamentals for commodities as the current cycle continues to build and look forward to providing additional project updates as our exploration programs get underway.”

Each whole share purchase warrant is exercisable into one additional common share of the Company at a price of $0.50 per share for a period of 30 months from the date of closing. Subject to approval by the Exchange, if the closing share price five (5) trading days prior to the end of the 30-month warrant period is at or below $0.50, the Company shall, upon written request by a warrant holder, extend expiry of such warrants for an additional six (6) months.

Closing of the Offering is expected on or about June 8, 2022, subject to certain customary conditions, including, but not limited to, acceptance of the Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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

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

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

SOURCE: Metallic Minerals Corp.

Categories
Junior Mining Precious Metals

Rover Metals Raises $1,991,260 Under Non-Brokered Private Placement Financing

Rover Metals Corp.

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that further to its March 21, 2022 release, and its April 26, 2022 release, the Company has now closed its $0.05 Unit Financing, raising gross proceeds of $1,991,260.

$0.05 Unit Financing
On March 21, 2022, Rover closed the first tranche of the financing for gross proceeds of $1,180,510 (the “First Closing”). The First Closing was comprised of $1,044,000 worth of $0.05 Units, and $136,510 worth of $0.055 flow-through common shares. Each Unit is comprised of one common share and one half (1/2) of a warrant to purchase common shares. The warrants have an exercise price of $0.075 and a life of three years. On April 26, 2022, Rover closed the second tranche of the financing for gross proceeds of $467,500 (the “Second Closing”). The Second Closing was comprised of $412,500 worth of $0.05 Units, and $55,000 worth of $0.055 flow-through common shares.

Today the Company is announcing the third and final closing of its financing for gross proceeds $343,250.00 (the “Third Closing”). The Third Closing is comprised of $332,250 of $0.05 Units and $11,000 of $0.055 flow-through common shares. The proceeds from the Third Closing will be used for exploration at the Company’s Cabin Gold Project, and future working capital, including general and administrative expenses.

A total of $1,991,260 has been raised under the $0.05 Unit Financing, from all three closings, resulting in the issuance of 35,775,000 common shares and 17,887,500 warrants (excluding finder’s fee warrants), from the sale of Units, and the issuance of 3,682,000 common shares from the sale of flow-through shares (or a total issuance of 39,457,000 common shares and 17,887,500 warrants).

Finders’ commissions are being paid in connection with the $0.05 Unit Financing in the amount of cash commissions of $88,695.70 and finders’ warrants of 1,748,840. The finder’s warrants have an exercise price of $0.075 and a useful life of three years. The shares and warrants issued under the $0.05 Unit Financing, including Finder’s warrants, bear the minimum four-month regulatory hold period from the date of issuance at each closing.

About Rover Metals
Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel), and north-central Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date of this release. Phase 1 Exploration at its Tobin Gold Project commenced in May 2022 and continues through to the date of this release. Lastly, the Company, is also awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60th parallel).

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Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS 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 THE COMPANY 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 PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

Categories
Energy Junior Mining Precious Metals

Dolly Varden Silver Mobilizes Three Drill Rigs to Commence an Initial 30,000 Meters of Resource Expansion, Upgrade and Exploration Drilling

VANCOUVER, BC, May 17, 2022 /PRNewswire/ – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce the initiation of field activities on its Kitsault Valley Project, located near tidewater in northwest British Columbia. Objectives of the 2022 Program include: upgrade current Inferred Mineral Resources to Measured and Indicated classification, expand known deposits and to discover new silver and gold mineralization along the Kitsault Valley trend of multiple deposits and historic mines.

Shawn Khunkhun, President and CEO comments, “With a robust $25 million treasury, a discovery-focused technical team and a target-rich environment, 2022 is setting up to be an historic year for Dolly Varden Silver. With strategic and technical input from our supportive corporate shareholder: Hecla Mining, it is our goal to make new silver and gold discoveries as well as to dramatically grow and upgrade resource at our current deposits, setting the Company up to be the next development Project in the Golden Triangle.”

Three diamond drill rigs are being mobilized by barge to the village of Alice Arm to complete an initial 99 drill holes Program totaling 30,000 meters along the Kitsault Valley Trend. Camp expansion and infrastructure upgrades are underway to accommodate our expanded exploration team, with a significant contingent of team members of the Nisga’a Nation.

Dolly Varden’s Kitsault Valley Project currently hosts Indicated Resources of 34.7 million ounces of silver and 166 thousand ounces of gold with additional Inferred Resources of 29.3 million ounces of silver and 817 thousand ounces of gold within multiple outcropping deposits in the 163 square kilometer Property. Resource upgrade and expansion drilling will begin at the Torbrit silver deposit, initially targeting step-outs at the Wolf Mine and between the Torbrit and North Star silver Deposits.

In late spring, drilling will commence at the Homestake Main and Homestake Silver deposits with the purpose of expanding mineralization along strike and down-dip as well upgrading current Inferred Resources.

Through integration of excellent detailed geological mapping integrated with innovative geochemical, geophysical and remote sensing methods, Dolly Varden’s strong technical team has identified new greenfield target areas along the Kitsault Valley trend. Additional surface mapping and sampling coupled with IP geophysical surveys will help refine drill targets to be tested during the 2022 Program. Twenty exploration targets have been initially identified, eight of which have been classified as Priority 1.

Figure 1 recently consolidated Kitsault Valley Project with Exploration potential between known deposits (CNW Group/Dolly Varden Silver Corp.)
Figure 1 recently consolidated Kitsault Valley Project with Exploration potential between known deposits (CNW Group/Dolly Varden Silver Corp.)
Figure 2 Homestake Ridge Deposits long section with infill and resource expansion project pierce points (CNW Group/Dolly Varden Silver Corp.)
Figure 2 Homestake Ridge Deposits long section with infill and resource expansion project pierce points (CNW Group/Dolly Varden Silver Corp.)

About Dolly Varden Silver Corporation

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

Forward Looking Statements

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

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

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

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

Cision
Cision

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SOURCE Dolly Varden Silver Corp.