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VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of March 21, 2022, the Company is pleased to announce the second closing of its $0.05 Unit Financing for gross proceeds of $467,500.00 (“the Second Closing”).
$0.05 Unit Financing The Second Closing of $467,500.00 is comprised of the sale of $0.05 units in the amount of $412,500.00 and the sale of $0.055 flow-through shares in the amount of $55,000.00. The Company has issued 8,250,000 common shares and 4,125,000 common share purchase warrants as a result of the sale of $0.05 units. The warrants have an exercise price of $0.075 and a useful life of three years. The Company has also issued 1,000,000 common shares from the sale of flow-through common shares. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $13,125.00 and finders’ warrants of 255,500. The finder’s warrants will have an exercise price of $0.075 and a useful life of three years. The common shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance.
Use of Proceeds The use of proceeds from the Second Closing will be to finance Phase 3 Exploration at the Company’s 100% owned Cabin Gold Project. The Company now has plans to expand its Phase 3 Exploration Program to include:
Metallurgical testing of its drill core to determine potential recovery rates from the Fortune Minerals’ NICO test pilot processing facility, which will be located 40km northwest of the Cabin Gold Project.
Re-sampling of the holes drilled at the Beaver Zone in 2021, using the metallic screen fire assay method. The metallic fire assay method is effective when sampling to determine coarse and fine gold.
Appointment of Advisors Gary MacDonald has been appointed to the Company’s Advisory Board and will assist the Company with corporate development. Mr. MacDonald has more than 30 years of natural resource experience with an extensive background in mining. Mr. MacDonald currently serves on the board of several public and private companies and has operated projects internationally. Mr. MacDonald’s roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, financing, exploration through to development, operations, production, management, and negotiating asset /company buyouts. Mr. MacDonald will receive a grant of 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
Judson Culter, CEO at Rover, states “we are very fortunate to have such a well esteemed individual joining our team. Mr. MacDonald’s strong technical and capital markets background coupled with his extensive mining knowledge will be a major asset and benefit to Rover. Mr. MacDonald’s experience working in Nevada will bring added value to our development plans for the Tobin Gold Project, located in the Battle Mountain district of Nevada. Rover plans to launch a Phase 1 Exploration Program at the Tobin Gold Project later this year.”
The Company has also engaged marketing consultants in Switzerland to assist Rover with entering the Swiss market and reaching Swiss junior mining gold investors. Pursuant to these consulting agreements, the Company has granted 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
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). 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 hereof.
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.
VANCOUVER, BC / ACCESSWIRE / April 26, 2022 / Metallic Minerals (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, , or the “Company“) is pleased to announce the first National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2022 Resource Estimate”) on the Company’s La Plata project, which focuses on the central Allard copper-silver porphyry deposit. The Company acquired the project in 2019 and with confirmatory drilling and sampling has quickly generated a NI 43-101 compliant resource estimate consisting of 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade.
The Allard deposit remains open to significant expansion within the resource area. In addition, the greater La Plata silver-gold-copper project remains underexplored and open to new discoveries of both additional copper porphyry centers as well as high-grade epithermal silver and gold systems. A robust campaign of follow-up drilling and geophysical surveys is planned for the project in 2022 with the objective of expanding the 2022 Resource and advancing new targets.
Metallic Minerals Corp., Tuesday, April 26, 2022, Press release picture
Metallic Minerals will host a live webinar on Wednesday April 27th at 10am PT (1pm ET) to discuss the 2022 Resource, current activities, and upcoming plans for the La Plata and Keno Silver projects. To register, click here or the thumbnail.
Highlights
Inferred mineral resources at the Allard deposit total 889 million pounds of copper and 14.975 million ounces of silver in a constrained model with 115.7 million tonnes at an average grade of 0.39% Cu Eq (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade (see Table 1).
The 2022 Resource Estimate area incorporates a single porphyry intrusive-hosted sulphide system that is drill defined over a kilometer (“km”) in length, 400 meters (m) in width and to a kilometer of vertical extent and remains open to expansion in all directions. The resource area shows strong spatial correlation with large-scale anomalies in geophysics and metal in soil values, providing a compelling basis for expansion of the 2022 Resource Estimate and for potential new discoveries in future drill campaigns.
The 2022 Resource Estimate was completed by SGS Geological Services (“SGS”) and is based on 56 diamond core drill holes, totalling 15,200 meters completed by Rio Tinto, Freeport and others along with new drilling and underground sampling by Metallic Minerals.
Exploration activities by Metallic Minerals in 2020 and 2021 included 1,980 meters of core drilling, resampling of historical drill core, underground sampling from the Allard deposit, airborne and ground-based geophysics and surface sampling across the broader property.
Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization (see Figure 1).
In addition to the 2022 Resource Estimate, which remains fully open to expansion at depth and along strike, 16 untested potential porphyry centers have been identified on the greater La Plata project area, as well as target areas with potential for significant high-grade epithermal silver and gold.
Scott Petsel, Metallic Minerals’ President, states, “This inaugural resource is a major milestone for Metallic Minerals and the La Plata project and puts us on the map in the U.S. with a new resource containing important base and precious metals, that fall under the US government’s critical minerals strategy, in a past-producing yet underexplored district in the southwestern U.S. With 15 million ounces of silver and nearly a billion pounds of copper, at recent metal prices of over $25/oz silver and $4.50/lb copper, the Company has demonstrated the exceptional value opportunity of the La Plata project for Metallic Minerals shareholders.”
Mr. Petsel continued, “We feel this is just the start for us at La Plata and it validates our strategy of identifying and acquiring high-quality district-scale assets during lows in the metal price cycle and applying modern, systematic exploration techniques as a means of value creation. This is also the process we are seeing to fruition at our high-grade Keno Silver property in the Yukon, Canada. Work at La Plata in 2022 will focus on expanding this new resource and testing new priority target areas for porphyry and high-grade silver and gold mineralization.”
The 2022 Resource Estimate will be incorporated into an NI 43-101-compliant technical report for the La Plata project which will be available within 45 days.
Table 1 – La Plata Inferred Mineral Resource Estimate at a Base Case Cut-off Grade of 0.25% CuEq with Grade and Contained Metal Sensitivity Analysis at Various CuEq Cut-off Grades.
Class
CuEq (%)
Tonnes
Cu
Ag
CuEq (%)
Cut-off
Grade (%)
Mlbs
Grade (g/t)
Ounces
Grade (%)
Mlbs
Inferred
0.15
151,327,000
0.31
1,040
3.68
17,888,000
0.35
1,154
Inferred
0.2
142,378,000
0.32
1,008
3.77
17,273,000
0.36
1,118
Inferred
0.25
115,731,000
0.35
889
4.02
14,975,000
0.39
985
Inferred
0.3
86,986,000
0.38
733
4.31
12,056,000
0.42
810
Inferred
0.35
60,752,000
0.42
565
4.61
9,000,000
0.46
622
The 2022 Mineral Resource Estimate has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. Cu Eq calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate.
The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Figure 1 – La Plata Cross Section with Significant Drill Intervals and Mineralized Grade Shells
Metallic Minerals Corp., Tuesday, April 26, 2022, Press release picture
Sensitivity Analysis
In addition to the base case scenario at an economic cut-off grade of 0.25% Cu Eq, a sensitivity analysis is provided in Table 1 above, which demonstrates the variation in grade, tonnage and contained metal for the 2022 Resource Estimate at various cut-off grades. Different cut-off grades may be employed depending on variations in prevailing metal prices and mining costs.
Project Review and Exploration Update
The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.
The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold.
From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.
A total of 56 drill holes, totaling 15,200 m, have been drilled on the property since the 1950s which confirms the presence of a large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2, strong magnetic signature with intense hydrothermal alteration mapped in satellite based multispectral imaging.
The new 2022 Resource Estimate, at the Allard deposit, covers a relatively small part of the overall 33 km2 property. The deposit is steeply dipping and roughly tabular in shape, occurring over 1 km in length, 400 m in width with over 1 km in vertical extent based on drilling to date. The Allard deposit remains open to expansion in all directions.
The Allard deposit is a significant potential source of copper and silver, both important metals for the modernization and electrification of the economy. In addition, the broader La Plata property is known for Critical Minerals also important for the green energy revolution2. The resampling of hole 95-1 during the 2021 field season returned significant platinum and palladium assays (0.14 g/t platinum and 0.10 g/t palladium) associated with the Copper Hill target area east of the Allard resource area and corroborated historic accounts of its presence. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. These and other important metals noted in the district will be evaluated as part of ongoing exploration of the project.
Work during the 2021 field season focused on the Allard target area with the completion 1,980 m of confirmation drilling, resampling of historical core and the resampling of the underground adit. Metallic Minerals is the first Company to complete significant exploration on the La Plata project in 50 years. Since acquisition, the Company has systematically explored the project by employing an array of modern exploration techniques. Through this work the Company has identified new high-grade epithermal-style targets and over 16 potential porphyry style mineralized zones across the broader property including at the adjacent Copper Hill target area, 1 km from the Allard deposit.
Planning for exploration work in 2022 is currently underway with a focus on resource expansion drilling, geophysics, and follow-up exploration on newly identified porphyry and high-grade silver and gold targets.
Estimation Methodology and Parameters
Completion of the 2022 Resource Estimate involved the assessment of a drill hole database, which included all data for surface and underground sampling completed through the fall of 2021, as well as a three-dimensional (“3D”) mineral resource model, a topographic surface model, models of the underground workings and underground channel samples, and available written reports. SGS used 56 drillholes and 15,200 m of drill data from 1959 to 2021 to delineate the Allard deposit in the 2022 Resource Estimate. All drill data and underground sampling completed by Metallic Minerals in 2021 were included in the 2022 Resource Estimate.
Inverse Distance squared restricted to a relevant underground mining mineralized domain was used to Interpolate grades for the main elements of interest including Cu (ppm) and Ag (g/t) into a block model. Composites of 3.05 m were used for the resource estimation with a 5 x 5 x 5-meter block size. A fixed specific gravity value of 2.65 g/cm3 is used to estimate the Mineral Resource tonnage from the block model volume and for waste density. While gold is seen associated with copper and silver in the deposit, historic assays for gold were limited and as such were not included in the estimate.
The mineral resources are presented undiluted and in situ (no minimum thickness), constrained by a continuous 3D wireframe model, and are considered to have reasonable prospects for eventual economic extraction. Based on a review of the project location and size, geometry and continuity of mineralization of the La Plata deposit, and its spatial distribution, it is envisioned that the La Plata deposit may be mined using a large-scale underground bulk mining method.
The base case cut-off grade of 0.25 % Cu Eq has been used to define Inferred underground resources on the La Plata deposits using bulk underground mining costs of US$5.30/tonne, US$11.50/tonne processing and G&A costs and assumed processing recoveries of 90% for Cu, 65% for Ag at long term metal prices of $3.60/lb Cu and $22.50/oz Ag. The constrained 2022 Resource Estimate grade blocks were quantified above the base case cut-off grade. At this base case economic cut-off grade the deposit shows good geologic and grade continuity.
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 SGS Geological Services
SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration Company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to 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, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration 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, 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 explorer/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 OTCQB, and Frankfurt stock exchanges.
1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard Copper-Silver-Gold-PGM deposit, La Plata Mining District, Durango, Colorado, 2005.
2) The US Geological Survey has released a list of 50 critical minerals that the USA economy requires for economic and national security.
Qualified Persons
The La Plata copper-silver project 2022 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Armitage conducted a site visit to the property on August 13, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.
Quality Control and Quality Assurance
Quality assurance and quality control procedures for drilling completed by the Company and consultants to the Company in 2021 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 their Sparks, Nevada facility and analyzed at the Burnaby, B.C. facility. All samples were analyzed using a 30 g multi-acid digestion with an ICP-ES/MS analysis. Samples with over limit gold, platinum or palladium were re-analyzed using a 30-gram fire assay fusion with an ICP-ES analysis. Over-limit copper and silver samples were analyzed by multi-acid digestion and atomic absorption spectrometry analysis. All results have passed the QAQC screening by the lab and the Company utilized a quality control and quality assurance protocol for the project, including blank, duplicate and standard reference samples.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although 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.
Vancouver, British Columbia–(Newsfile Corp. – April 26, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market on its Moss Lake Project activities for the forthcoming spring and summer exploration period.
Key Points
The Company is expanding the exploration program to 8-10 rigs as soon as possible and remains well funded with a treasury of nearly $20M;
The Company is accelerating its metallurgical test work; structural geology understanding, 3D geologic model(s) and analysis of historical core;
The 2021 VTEM survey highlighted 29 quality drill targets including potential expansion of the Moss Lake strike length; as well as the potential for a resource increase at East Coldstream; and the Company will attempt to identify maiden resources at other known mineralized targets; and
Earlier in the year, the Company released the detailed interpretation and analysis of the VTEM geophysical survey conducted in 2021 (see Press Release dated March 10, 2022: Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity). This produced 29 quality drill target areas, including 11 new Moss Lake target styles that potentially expand the strike length by over 4x from 2.5km to over 11km.
Subsequently, initial drilling of several of the targets successfully intersected new gold minerlization including the hole MMD-21-008 that returned 6.3 g/t Au over 58.85 metres and interpreted to be a high grade structure in the Moss Lake Deposit. (see press release Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake).https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Coldstream%253BHamlin_Lake%253BTechnical_analysis%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25225cf3f714-4fcf-300f-bbaf-b3dce5f88731%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
To that end, the Company is accelerating its exploration program at the Moss Lake Project, currently having a historical resource of 1.47M oz Au Indicated and 2.51M oz Au Inferred (see Table 1). The Company is preparing to ramp up its drilling efforts to 8 to 10 rigs as soon as practicable,. It is planned that the Moss Lake area will utilize 4 to 5 drill rigs through the spring-summer period; Coldstream / North Coldstream / Iris Lake area targets will utilize 2 to 3 rigs and Hamlin Lake area targets will utilize 1 to 2 rigs.
The Company is currently well funded with approximately $19.6M in the treasury, after closing its recent funding of $10M (see Press Release Goldshore Announces Closing of $10M Private Placement).
Key Strategic Highlights
Increasing the quantum and frequency of drilling at the Moss Lake Project; and early mobilization of rigs into the north-east corridor of Coldstream / North Coldstream and Iris Lake; as well as early mobilization into Hamlin Lake area;
Accelerated re-logging and mutli-element assaying of historic North Coldstream and Moss Lake core;
Goldshore has been logging historic core throughout this campaign to maximize the value of the historic drill core. As part of this program, the team has commenced resampling of core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored or missed. Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth along the northern edge of the QES Zone (see press release Goldshore Reports Additional Step-Out Intercepts ). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets.
Establishing a robust 3D geologic model of the Moss lake deposit to guide exploration and updating future resource estimates.;
Goldshore has been rebuilding the mine model for the historic North Coldstream copper mine that was mined between 1957 and 1967. This has included compiling all historic data and wireframes for the underground workings to understand the distribution of mineralization with a view to identifying the potential for additional mineralization; but also to guide scout drilling of similar geophysical targets identified by last year’s VTEM/magnetics survey.
Analysis of underground data focused on copper and gold, which returned assays in the range of 1.0 to 15.0% Cu and 0.5 to 5.0 g/t Au. Of note, limited assaying for cobalt on one level returned values in the range of 0.1 to 0.5% Co. These high levels of cobalt have not been recognized in the past but clearly point to the strategic value of this deposit style.
Scout drilling of preferred mineralization trends at North Coldstream and of similar nearby targets will aim to confirm the highly mineralized nature of this deposit style.
Dr. Brett Davis graduated from James Cook University, Australia with a Bachelor’s in Geology in 1986, which was followed in 1992 with a Doctorate degree in Structural Geology. Dr. Davis has worked and consulted globally on a number of large scale deposits and has established himself as a world leader in structural geology and currently runs Olinda Gold Structural Geology Consulting. Dr. Davis also serves as an Adjunct Research Fellow at his alma mater – James Cook University.
Accelerating the geometallurgical characterization study to determine the geometallurgical domains, and commencing metallurgical test work to optimize the recovery profiles of these domains at Moss Lake;
The Goldshore geological team is working with ALS on establishing geometallurgical parameters, in an effort to optimize and guide the metallurgical test work required for use in the updated preliminary economic assessment (“PEA”) intended to be published in Q1 2023.
Brett Richards, President and Chief Executive Officer of Goldshore commented: “With the recent market support to close the $10M funding; coupled with the excellent drilling and VTEM results previously shared with the market; we are pleased to be accelerating the exploration program at Moss Lake, as well as Coldstream, North Coldstream, Iris Lake and Hamlin Lake. It has been shown that all of the 29 high priority targets that have had historical drilling and/or form part of the historic resource; along with 17 gold targets identified in the VTEM interpretation need to be accelerated into this coming field season. The main purpose for this is to quantify and maximize the understanding of mineralization in all of these targets; prior to conducting a mineral resource update and updated PEA (intended to be published in Q1 2023).
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
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
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
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
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.
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, including planned drilling activities and metallurgical test work and the other matters listed under the heading “Key Strategic Highlights”, intended identification of maiden resources, an update to the historical preliminary economic assessment, 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.
VANCOUVER, BC / ACCESSWIRE / April 21, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to report that the Company has completed hole CVZ-73 (PH-08) on its Zeus lithium clay deposit in Nevada to a total depth of 458.0ft (140.0m). Visual inspection of the core confirmed that clays previously shown to be high in lithium grades appeared near surface (20.0ft/6.1m) and, with some possible lower grade zones near the bottom of the hole, extended down to total depth of 458.0ft (140.0m) for a total drilled intersection of 438.0ft (133.5m).
Noram Lithium Corp., Thursday, April 21, 2022, Press release picture
Figure 1 – A photograph of the Titan Drilling Co. LF-70 drill rig onsite while drilling CVZ-73.
Noram Lithium Corp., Thursday, April 21, 2022, Press release picture
Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1 currently underway. Phase VI holes are indicated in purple.
“This is an impressive interval for the Zeus Project. While we have encountered numerous longer intervals to date, CVZ-73 appears to compare favorably to them; with visually rich clays that typically hosted high levels of lithium in prior programs. Intervals such as these will continue to have a favorable impact on the PFS” commented Brad Peek M.Sc. CPG., VP of Exploration and Qualified Person for this and all 5 of the previous drilling phases of Noram’s Zeus lithium property.
Noram Lithium Corp., Thursday, April 21, 2022, Press release picture
Figure 3. Comparative lithology for drill holes CVZ-73 as compared to CVZ-51 and CVZ-53, which were drilled as part of the Phase V program. CVZ-51 and CVZ-53 had long intercepts of high grade lithium. All of the lithology units except the brown mudstones have relatively high lithium concentrations in previous drill holes on the property. The histogram on the sides of CVZ-51 and CVZ-53 are the 5m composited lithium grades in ppm Li. The section has a 4X vertical exaggeration.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Nor-Am_Cup%253BLithium_carbonate%253BQualified_person_(European_Union)%253BNevada%253BCompany%253BLithium%253BZeus%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522212d9808-2b1d-3b5c-9ada-866832c6a6ac%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
CVZ-73 is the third of the 12-hole Phase VI drilling program which is expected to upgrade approximately 175 million tonnes of the current 827 million tonne Inferred Resource to the Indicated category. Core samples from CVZ-73 have been shipped to ALS Laboratory in Reno, Nevada for assay processing. Assay results are pending.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.
Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company is advancing the Kingsway Gold Project, located in the Gander Gold District of Newfoundland. The project is strategically located contiguous to New Found Gold’s Queensway Project and lies along strike to the northeast of their recent discovery of 92.86g/t Au over 19.0 meters.
Vancouver, British Columbia–(Newsfile Corp. – April 20, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (“EMX”) is pleased to announce a strategic investment in Premium Nickel Resources Corporation (“PNR“), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE“) projects in Botswana. EMX owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR, having recently purchased an additional one million shares as part of a US$17.5 million financing completed by PNR at US$2.00 per share.
PNR recently acquired the Selebi and Selebi North nickel-copper-cobalt mines and signed an asset purchase agreement to acquire the Selkirk nickel-copper-cobalt-PGE mine, which are located in Botswana’s prolific Selebi-Phikwe and Tati nickel mining districts, respectively (see Figure 1). The combined Selebi-Phikwe and Tati districts were a leading producer of nickel and copper from initial production in 1972 through closure of the mines at a time of low nickel prices in 2016. PNR intends to modernize and revitalize the mines it recently acquired and further evaluate the exploration potential within the project areas.
In addition to the recent asset acquisitions, in February PNR signed a non-binding letter of intent with North American Nickel Inc. (“NAN“) providing for a business combination of PNR and NAN which would be effected as a reverse takeover (“RTO“) (see NAN News Release dated February 17, 2022). The RTO will provide a public listing and near-term liquidity for PNR shareholders. NAN currently owns 8.9% of PNR, with a warrant to acquire an additional 15% of the equity in PNR (the “Warrant“). As a result of the RTO transaction, PNR shareholders will hold approximately 75% of the outstanding common shares of the resulting issuer, with NAN’s shareholders holding the remaining 25% and NAN’s Warrant would be extinguished. The RTO transaction is subject to shareholder and regulatory approvals1.
Selebi Phikwe District. The metamorphosed magmatic sulfide nickel-copper-cobalt deposits of the Selebi Phikwe District are located in the Limpopo Mobile Belt of northeastern Botswana. The deposits were discovered in the early 1960’s, with mining operations commencing in 1972 and continuing through 2016. Together with its concentrator and smelting facilities, the Selebi-Phikwe District became one of world’s premier nickel mining complexes in the 1970’s and 1980’s. Operational inefficiencies, issues with the smelting complex, and low nickel prices led to closure of the mines in 2016. The mines and mining complex were operated by BCL Limited (“BCL“) and were subject to a recent liquidation process.
Two of the principal mines in the district, Selebi and Selebi North, have been acquired by PNR (See NAN News Release dated February 10, 2022), both of which include substantial underground infrastructure (shafts, rail, power and water) and unmined historical resources. PNR is currently conducting exploration and engineering programs as part of a redevelopment plan that has been approved by the liquidators of BCL and the Botswana government.
Tati Mining District. The Tati Mining District is located 75 kilometers north of Selebi-Phikwe, near Francistown. Several mines occur in the district, including the Phoenix open pit nickel-copper mine and the nearby underground Selkirk nickel-copper-PGE mine. High grade nickel-copper-PGE mineralization was mined at Selkirk between 1989 and 2002 and direct shipped to the BCL Smelter at Selebi-Phikwe. A former owner of the Selkirk Mine, Norilsk Nickel Ltd, advanced the project to the feasibility stage and was preparing Selkirk as an open pit mining operation when it sold the mine to BCL in 2014.
Similar to the BCL assets at Selebi-Phikwe, assets of the Tati Nickel Mining Company were included in the recent liquidation process, which included the Selkirk Mine. PNR recently signed an asset purchase agreement with the liquidator to acquire the Selkirk Mine (see NAN News Release dated February 14, 2022) and has been conducting metallurgical tests and resampling of historical drill core.
PNR Activities at Selebi and Selkirk. The acquisition of the Selebi, Selebi North and Selkirk Mines by PNR followed an extensive period of evaluation, due diligence and data compilation and negotiations for acquisition of the assets. Proposed work by PNR at Selebi and Selebi North includes exploration drilling of prioritized geophysical targets, metallurgical and engineering studies, and upgrading of underground infrastructure. Proposed work at Selkirk will include continued metallurgical studies, exploration programs to update historical resources, and environmental studies.
Importantly, PNR is planning to design its own processing plant infrastructure and tailings facilities at Selebi and Selkirk which will be spatially and operationally independent of the historical concentrator plants and smelting facilities at Phikwe. Upon commencement of production, PNR intends to produce both copper concentrate and nickel-cobalt concentrate products for sale.
As a strategic shareholder, EMX has maintained an active dialog with the management team at PNR and has made site visits to the project areas. EMX looks forward to continuing its active relationship with the resultant issuer following completion of the RTO.
In recent years, EMX began seeking strategic investment and royalty generation opportunities in nickel and associated battery metal elements such as cobalt and PGE’s. EMX’s investment into PNR is another example of this approach and provides EMX with additional commodity diversification and exposure to the battery metals market.
Comments on nearby mines and deposits. The nearby mines and deposits discussed in this news release provide context for PNR’s assets, which occur in a similar geologic setting, but this is not necessarily indicative that the PNR properties will host similar mineralization.
Dr. Eric P. Jensen, 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 the 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 Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX 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 reserve 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 year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location map for the Selebi-Phikwe and Tati Mining Districts in Botswana.
1 Investors are cautioned that there can be no definitive assurances that the RTO transaction will be approved and closed, or that the indicative terms specified by PNR and NAN will ultimately be adopted.
Vancouver, British Columbia–(Newsfile Corp. – April 19, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit in an attempt to improve the overall grade and volume beyond that of the historic Mineral Resource.
Key Highlights
Drilling of the Main Zone has expanded the zone and provided better definition for high grade corridors: Drilling within the Main Zone has continuity to improve the continuity and volume of high grade zones within the Main Zone. Highlight intercepts include:
13.0m @ 1.25 g/t Au from 192.0m in MMD-22-011
29.75m @ 1.03 g/t Au from 33.0m in MMD-22-012A
13.0m @ 1.02 g/t Au from 238.0m in MMD-22-013
Parallel structures intersected on every section: Drilling continues to intersect new mineralized structures parallel to the main body of mineralization, within a 100 metre corridor along the northern hanging wall side of the Main Zone (see Plan View Figure 4).
Visible gold found in unsampled section of historic drillholes: Sampling of previously unsampled drill core has found visible gold confirming the Company’s belief that historic exploration missed parallel zones of mineralization. All assays from historic core remain pending.
West edge of the Main Zone defined: Drill holes MMD-21-010, MMD-22-011 and MMD-22-012A intersected a major post-mineralization structure that cuts the western edge of the Main Zone and most likely offsets mineralization to the south where it is reflected by the previously drilled Southwest Zone (See Figure 4).
Brett Richards, President and Chief Executive Officer of Goldshore commented: “Once again, we are pleased to illustrate recent drill results from the Moss Lake Gold Project Inc., highlighting continued mineralization on the periphery of the historic resource in the main zone. Referring back to the high grade feeder system identified from the March 2, 2022 press release News: Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake (goldshoreresources.com) as well as the release on the VTEM geophysical survey indicating 29 new targets Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity (goldshoreresources.com), the consistency of the mineralization continues to illustrate the size and scale of the Moss Lake Project. The ongoing drilling is increasing our confidence in the extent and size of the high grade corridors within the main zone deposit to be incorporated into future resource updates and possible benefits to future mining. Additionally, the limited outside of the main zone has identified several potential parallel zones that remain open along strike and down dip and remain one of the focuses for this campaign. Also, the visible gold we are seeing in the historic core is a great indication of higher grade areas that will guide us towards a greater understanding of the geological controls in this system”.
Results have been received for drill holes MMD-21-010, MMD-22-011 and –012A evaluating the western margin to the Main Zone and holes MMD-22-013 and -015 testing the southern margin of the Main Zone. Significant drill intercepts are summarized in Tables 1 and 2, respectively, shown in Figures 1-3 as drill sections. Table 3 and Figure 4 show the location of the drill holes.
Figure 1: Drill section through MMD-22-011 showing mineralized intercepts relative to the 2013 grade model
Table 1: Significant downhole gold intercepts along western margin of Main Zone
HOLE ID
FROM
TO
HOLE LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-21-010
38.15
42.00
3.85
2
0.34
0.34
MMD-22-011
163.00
166.10
3.10
1
0.54
0.54
190.45
231.35
40.90
19
0.54
0.54
including
192.00
205.00
13.00
6
1.25
1.25
395.20
429.00
33.80
16
0.51
0.51
502.00
508.00
6.00
3
0.42
0.42
525.00
537.55
12.55
6
0.31
0.31
548.45
596.75
48.30
23
0.34
0.34
including
560.00
562.55
2.55
1
1.59
1.59
621.50
625.40
3.90
2
0.31
0.31
661.00
664.00
3.00
2
0.54
0.54
723.25
726.00
2.75
1
0.85
0.85
758.00
760.20
2.20
1
0.61
0.61
777.70
780.90
3.20
2
0.43
0.43
794.00
825.00
31.00
16
1.07
1.07
including
795.00
807.00
12.00
6
2.18
2.18
MMD-22-012A
150.00
152.00
2.00
2
0.65
0.65
296.00
298.00
2.00
2
0.39
0.39
329.65
336.00
6.35
5
0.49
0.49
352.00
358.95
6.95
6
1.98
1.98
including
358.55
358.95
0.40
0
28.8
28.8
377.85
382.00
4.15
3
0.73
0.73
410.00
412.00
2.00
2
0.54
0.54
474.00
484.50
10.50
9
0.41
0.41
including
479.00
481.00
2.00
2
1.11
1.11
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Significant downhole gold intercepts along southern margin of Main Zone
HOLE ID
FROM
TO
HOLE LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-013
33.00
62.75
29.75
21
1.03
1.03
including
48.00
62.75
14.75
11
1.71
1.71
75.00
88.00
13.00
9
0.35
0.35
92.00
116.00
24.00
17
0.76
0.76
including
98.00
98.40
0.40
9
29.6
29.6
126.65
198.80
72.15
53
0.37
0.37
216.00
259.00
43.00
32
0.54
0.54
including
225.80
227.80
2.00
1
1.50
1.50
and
238.00
251.00
13.00
10
1.02
1.02
333.00
337.00
4.00
3
0.42
0.42
421.40
454.65
33.25
26
0.32
0.32
463.00
481.65
18.65
15
0.32
0.32
including
470.00
473.00
3.00
2
1.22
1.22
509.00
511.00
2.00
2
0.37
0.37
MMD-22-015
31.00
36.00
5.00
4
0.40
0.40
59.00
84.00
25.00
19
0.67
0.67
including
61.00
63.00
2.00
2
1.94
1.94
and
78.00
80.50
2.50
2
1.29
1.29
99.20
149.00
49.80
38
0.35
0.35
including
105.40
108.50
3.10
2
1.46
1.46
160.00
179.90
19.90
15
0.81
0.81
including
160.00
167.00
7.00
5
1.47
1.47
223.00
225.00
2.00
2
0.45
0.45
340.70
344.80
4.10
3
0.77
0.77
446.50
458.00
11.50
9
0.40
0.40
482.00
484.00
2.00
2
0.55
0.55
491.95
494.00
2.05
2
0.45
0.45
530.65
534.90
4.25
4
1.11
1.11
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 3: Location of drillholes
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-21-010
668357
5378845
437
135
-45
501,0m
MMD-22-011
668659
5379089
428
155
-65
840.0m
MMD-22-012A
668453
5378938
429
135
-45
497.0m
MMD-22-013
669013
5379180
427
155
-45
513.0m
MMD-22-015
669128
5379246
427
155
-45
551.95m
Approximate collar coordinates in NAD 83, Zone 15N
MMD-21-010 and MMD-22-012A drilled the western extension of the Main Zone. MMD-22-012A is a redrill of MMD-22-012 that was lost in overburden. MMD-22-011 drilled at -65° beneath MMD-21-006 (reported on January 28, 2022) and skirted the northwestern margin of the mineralization model estimated by InnovExplor in 2013.
All three holes intersected zones of altered and mineralized diorite with local zones of higher grade (e.g., 0.4m @ 28.8 g/t Au from 358.55m in MMD-22-012A), showing that the mineralized system continues. MMD-22-011 intersected mineralized diorite to a greater depth than the InnovExplor 2013 model, as well as the now familiar parallel high grade structure to the south of the Main Zone (31.0m @ 1.07 g/t Au from 794m depth). While this intersection is deep, the structure almost certainly extends to surface as is indicated by drilling on parallel sections.
The drillholes are notable for intersecting a major post-mineralization fault zone that shaves the western edge of the Main Zone and most likely offsets mineralization to the south where it is reflected by the previously drilled Southwest Zone.
MMD-22-013 and MMD-22-015 were drilled at -45° along the southern margin of the Main Zone. MMD-22-013 was drilled above MMD-21-008 (reported on March 2, 2022), which returned several high grade intercepts.
Both holes intersected strongly altered diorite with low grade gold mineralization sandwiched between the variably altered volcaniclastic wallrock sequence. They also intersected the parallel structural zone to the south of the Main Zone. Local high grades were also intersected (e.g., 0.4m @ 29.6 g/t Au from 98.0m in MMD-22-013).
Goldshore has been logging historic core throughout this campaign to maximise the value of the historic drill core. As part of this program, the team has commenced resampling sections of historic core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored.
Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth (Figure 5). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets. In this case, it is a parallel structure along the northern edge of the QES Zone.
Figure 5: Visible gold in quartz-pyrite veinlet in NS-92-247
Peter Flindell, VP Exploration commented: “These assay results come from our pre-winter drilling programme, which largely tested the margins of the main zone. Drilling continues to show the continuity of mineralization within the main zone and the existence of mineralization in a southern parallel zone, which we hope points to a larger mineralized volume and potentially a much bigger project.”
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
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 4), the historically producing North Coldstream Mine (Table 5), 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 4: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
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 5: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
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.
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, including planned drilling activities, an update to the historical preliminary economic assessment, 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.
Location map showing Midway and other gold occurrences at Kingsway.
Hole K-22-157 intersected 3.53 g/t Au over 6 metres from 37 metres including 5.71 g/t Au over 3 metres in altered and sulphidised gabbro.
The mineralization was intersected in just the third diamond drill hole at the Midway target.
Midway lies between the Appleton Fault Zone and the Dog Bay Line, approximately 2.7km North of Big Vein and 1.4km southwest of the Cracker gold occurrence.
The new discovery at Midway, along strike from the Cracker gold occurrence, opens up a potential second gold mineralized system subparallel to the Appleton Fault Zone.
TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a new discovery of near surface gold mineralization from diamond drilling at the Midway target at its 100% controlled Kingsway project near Gander, Newfoundland. This hole was drilled as part of the Company’s ongoing 100,000 metre drill program and represents a new target for gold at Kingsway.
Hole K-22-157 was drilled to test anomalous gold values at the Midway target and intersected 3.53 g/t Au over 6 metres from 37 metres including 5.71 g/t Au over 3 metres. Midway lies between the Appleton Fault Zone and the Dog Bay Line, two major structures in the region, approximately 2.7km north of Big Vein and represents a different mineralized system. The gold mineralization was intersected in just the third diamond drill hole at Midway. The mineralization is hosted by a strongly altered and sulphidised gabbro that intruded the siltstone and sandstone. Higher gold grades are associated with increased pyrite and arsenopyrite abundance and strong potassic feldspar, carbonate and silica alteration.
“The gold mineralization intersected at Midway represents a different style of mineralization than what we see at Big Vein. It is similar to that found at the Cracker gold occurrence approximately 1.4 kilometres northeast of Midway,“ said Roger Moss, President and CEO of the Company. “This new discovery at Midway, in addition to the gold mineralization at Cracker, opens up a potential second mineralized system at Kingsway. We know that gabbroic intrusions occur intermittently along strike to the northeast and southwest of Cracker and Midway and believe that these intrusions have come up along a structure subparallel to the Dog Bay Line and the Appleton Fault Zone. While our main focus remains generating and drilling targets along the Appleton Fault Zone, we will continue to investigate the potential of the gabbro hosted gold mineralization on the property.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
K-22-157
37
43
6
3.53
including
40
43
3
5.71
Table 1. Summary of Assay Results All intersections are downhole length as there is insufficient Information to calculate true width.
Gold mineralization at both Midway and Cracker is hosted by altered gabbro. Quartz-carbonate alteration is present in both cases, with K-feldspar alteration also prominent at Midway. Disseminated pyrite and arsenopyrite are also associated with the gold mineralization. Historical grab samples from the Cracker occurrence include assays of 61.73 g/t, 33.87 g/t and 16.4 g/t Au. It is believed that these gold occurrences represent the presence of a fertile structure developed by the rheological contrast between the gabbro and the sediments forming the country rock. (Note that grab samples are select samples and are not necessarily representative of gold mineralization found on the property).
Gabbroic intrusions are known to occur along strike to the northeast and southwest of the Cracker and Midway occurrences and extend intermittently across the entire property, a distance of approximately 21 kilometres. Samples from some of these gabbros have returned anomalous gold mineralization suggesting the potential for an extensive mineralized system subparallel to the Appleton Fault Zone and the Dog Bay Line.
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 155,589,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Neither 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 contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – April 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (“EMX” or the “Company”) is pleased to announce that it has acquired an additional (effective) 0.3155% Net Smelter Return (“NSR“) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty. Franco-Nevada Corporation (“Franco-Nevada”) has concurrently acquired a 0.4582% (effective) NSR royalty on similar terms.
Since acquisition, Caserones has generated pre-tax cash flow to EMX in Q2, Q3 and Q4 of fiscal 2021 totalling $3.6 million from EMX’s effective 0.418% interest. As part of the royalty purchase, EMX will receive royalty distributions covering Q1 of fiscal 2022 for the additional interest acquired.
To finance its purchase of the additional NSR royalty, EMX has agreed to complete a private placement with Franco-Nevada for C$12.58 million (US$10 million). On completion, Franco-Nevada will own approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis. EMX is delighted to have Franco-Nevada as a shareholder.
Caserones Overview. The Caserones open pit mine is developed upon a significant porphyry copper-molybdenum deposit in the Atacama Region of the northern Chilean Andean Cordillera, 162 kilometres southeast of the city of Copiapó. The mine is operated by SCM Minera Lumina Copper Chile SpA (“Minera Lumina”), which is owned by JX Nippon Mining & Metals Corporation.
Caserones produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathodes from a dump leach, solvent extraction and electrowinning plant. In 2020, the mine produced 104,917 tonnes of fine copper in concentrate, 2,453 tonnes of fine molybdenum in concentrate, and 22,056 tonnes of fine copper in cathodes (results for 2021 have not yet been released by Minera Lumina). The Caserones open pit has operated with an average waste to ore strip ratio of 0.47, has an estimated 17 years remaining in its current mine plan (as at year-end 2020), along with excellent exploration potential.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Franco-Nevada%253BRoyalty_payment%253BShares_outstanding%253BCalifornia%253BCompany%253BPrivate_placement%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522238b4c30-4b4b-3615-902e-17d479fd2222%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Acquisition Details. The Caserones mine is subject to a 2.88% NSR royalty created in a 2009 agreement between SCM Minera Lumina Copper Chile S.A., as purchaser, and Compañía Minera Caserones (“CMC“) and Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM California“), as vendors. CMC and SLM California originally acquired the mineral concessions that overlie the Caserones deposit. Ownership of the 2.88% NSR royalty is currently divided between CMC (32.5%) and SLM California (67.5%). SLM California’s sole purpose is to distribute its royalty income to its shareholders as dividends and pay Chilean taxes on its income.
EMX has purchased today a further 16.23% of the shares of SLM California for US$25.74 million pursuant to share purchase agreements with existing shareholders of SLM California.
Private Placement. Franco-Nevada will purchase 3,812,121 units at C$3.30 per unit for total proceeds of C$12,580,000. Each unit will consist of one common share of the Company and one warrant to purchase one common share of the Company for five years at an exercise price of C$4.45. The shares issued upon closing and issuable upon the exercise of the warrants are and will be subject to a four-month restricted resale (hold) period. Proceeds from the placement totalling C$12,580,000 will be used towards the acquisition of the additional Caserones (effective) royalty interest.
Qualified Person. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transactions, perceived merits of properties, exploration results, budgets and potential, estimated mine life, mineral reserves and resource estimates, timelines, strategic plans, 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 year ended December 31, 2021 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
VANCOUVER, BC / ACCESSWIRE / April 14, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-70 and release of the final assay results. The Company completed core hole CVZ-70 at a depth of 463 feet (141.1 m). An interval thickness of 443 ft (135.0 m) was intersected from 20 ft (6.1 m) to 463 ft (141.1 m) which encompasses the entire core hole. The weighted average lithium values present were as follows:
Depth of Interval Intersection
Total thickness
Weighted Average Lithium (ppm)
20 ft to 462 ft (6.1 m to 141.1 m)
443.0 ft (135.0 m)
968.0 ppm
110 ft to 330 ft (33.5 m to 100.6 m)
220.0 ft (67.1 m)
1267.3 ppm
110 ft to 463 ft (33.5 m to 141.1 m)
363.0 ft (110.6 m)
1067.9 ppm
“CVZ-70 is the first hole in Noram’s 12-hole Phase VI drilling program. The hole clearly shows the consistently high lithium grades across this blanket-like mineral deposit.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Hole ID
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-70
20
30
6.1
9.1
710
CVZ-70
30
40
9.1
12.2
910
CVZ-70
40
50
12.2
15.2
580
CVZ-70
50
60
15.2
18.3
710
CVZ-70
60
70
18.3
21.3
690
CVZ-70
70
80
21.3
24.4
940
CVZ-70
80
90
24.4
27.4
810
CVZ-70
90
100
27.4
30.5
940
CVZ-70
100
110
30.5
33.5
830
CVZ-70
110
120
33.5
36.6
1930
CVZ-70
120
130
36.6
39.6
1240
CVZ-70
130
140
39.6
42.7
1050
CVZ-70
140
150
42.7
45.7
1430
CVZ-70
150
160
45.7
48.8
1270
CVZ-70
160
170
48.8
51.8
1450
CVZ-70
170
180
51.8
54.9
1410
CVZ-70
180
190
54.9
57.9
1400
CVZ-70
190
200
57.9
61.0
1240
CVZ-70
200
210
61.0
64.0
1530
CVZ-70
210
220
64.0
67.1
1560
CVZ-70
220
230
67.1
70.1
1500
CVZ-70
230
240
70.1
73.2
1230
CVZ-70
240
250
73.2
76.2
1120
CVZ-70
250
260
76.2
79.2
1150
CVZ-70
260
270
79.2
82.3
990
CVZ-70
270
280
82.3
85.3
1010
CVZ-70
280
290
85.3
88.4
1120
CVZ-70
290
300
88.4
91.4
1110
CVZ-70
300
310
91.4
94.5
1000
CVZ-70
310
320
94.5
97.5
1070
CVZ-70
320
330
97.5
100.6
1070
CVZ-70
330
340
100.6
103.6
880
CVZ-70
340
350
103.6
106.7
690
CVZ-70
350
360
106.7
109.7
660
CVZ-70
360
370
109.7
112.8
730
CVZ-70
370
380
112.8
115.8
760
CVZ-70
380
390
115.8
118.9
880
CVZ-70
390
400
118.9
121.9
750
CVZ-70
400
410
121.9
125.0
770
CVZ-70
410
420
125.0
128.0
570
CVZ-70
420
430
128.0
131.1
470
CVZ-70
430
440
131.1
134.1
510
CVZ-70
440
450
134.1
137.2
560
CVZ-70
450
457
137.2
139.3
1410
CVZ-70
457
463
139.3
141.1
1000
Table 1 – Summary of sample results from CVZ-70 from surface to depth of 463 ft.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Nor-Am_Cup%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522a70ef882-2737-36d5-9ba1-519a55c382a5%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“We are very happy with Noram’s progress to date. This phase of drilling will upgrade a substantial amount of the Inferred Resource to the Indicated category. While we move aggressively forward towards the completion of our PFS in 2022, we remain focused on our green mandate by exploring new ingenuitive solutions. Noram will stay aligned with its values and be a leader in this field while bringing immense value to the shareholders as it takes the Zeus Project to the next level”, commented Sandy MacDougall, CEO and Director.
The samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.
Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
