Category: Junior Mining

Lion One Reports Engineering and Development Progress at the Tuvatu Alkaline Gold Project in Fiji

Post author By admin
Post date February 8, 2022

North Vancouver, British Columbia–(Newsfile Corp. – February 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide the following progress report for the engineering and development of the Company’s fully permitted high grade Tuvatu Alkaline Gold Project located on the island of Viti Levu in Fiji.

Highlights

Production permits are in place for underground gold mining operations
Engineering and procurement of gold recovery plant is underway
Development of second underground access portal is underway
Mobile crushing unit has been ordered, built, and is now being shipped to mine site
Majority of required mining equipment has been shipped and delivered to mine site
Contracts for water, power, tailings, explosives, and communications secured or in progress
ERP implementation underway for accounting, supply chain, cost control, and inventory

Mill Design & Construction

Lion One has designed a scalable milling facility with installation anticipated by Q3 2023, for initial gold production by the end of Q4 2023. The mill has been designed with a scalable capacity to be expandable from the initial planned production rate of 300 tonnes per day (tpd) for approximately 24,000 ounces of gold per year, ramping up to potentially 1,200 tpd.

For more information read the Metallurgical Overview and Process Description below.

Underground Development & Mining

Lion One has commenced development of the portal for underground access #2 and expects to commence underground development at a projected rate of 2m per day during the current quarterly period.

Several recent news releases have highlighted a number of high-grade intercepts (See Recent Infill Drilling Results below) that occur in very close proximity to planned underground infrastructure, indicating that a number of high-grade lodes are immediately accessible and can be included in the initial mine plan. Lion One anticipates to be driving through these lodes as early as Q2 2022.

Dual-Track Advancement Strategy

Concomitant with the mine development plan being undertaken, Lion One continues to pursue aggressive exploration drilling of newly defined feeder targets in proximity to the Tuvatu resource, including the prolific 500 Zone, as well as regional targets within the ~6 km Navilawa caldera.

Lion One has an exceptional team to lead this effort led by Wally Berukoff, CEO, Patrick Hickey, COO and Sergio Cattalani, SVP Exploration.

Lion One’s Chief Operating Officer Patrick Hickey commented, “Lion One is committed to building a mine at Tuvatu and we are progressing with design of the processing facilities and development of Tuvatu decline #2, with the objective of initiating production by late 2023. At its current resource grade of over 8 g/t Au, Tuvatu has the potential to become one of highest grade gold mines in the world, while ongoing exploration demonstrates significant potential for identifying a large alkaline gold system within the Navilawa Caldera”.

Metallurgical Overview

Lion One has conducted and reviewed extensive metallurgical test work at numerous accredited laboratories between 1997 and 2020, including mineralogy studies, comminution tests, gold recovery tests and cyanide detoxification tests. The results of this work have defined the optimum recovery process to achieve an average gold recovery of 87.5% as reported in the September 25, 2020, Preliminary Economic Assessment Update. Recent metallurgical test work conducted by Met-Solve Laboratories has indicated potential recoveries in excess of 90% are possible using the proposed process. The metallurgical test results indicate that the Tuvatu mineralization is amenable to a combined process of gravity concentration with intensive cyanidation and carbon in pulp (“CIP”) cyanidation. Further refinements to the plant will be made once the detail engineering and procurement commences.

Figure 1: conceptual process plant design and site layout

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_001full.jpg

Process Description

Run-of-Mine (“ROM”) material will be trucked from underground and onto the mill feed surge stockpiles or directly into the crushing plant feed pocket. The crushing plant will consist of two stages of crushing including an open circuit primary jaw crusher and a closed-circuit secondary cone crusher. The feed pocket will have a 350mm-by-350mm stationary grizzly to protect the jaw crusher from oversized feed. The cone crusher will be fed by one of two double deck screens. One screen will be dedicated to sizing ore and the second screen will be used to produce aggregate. The double-deck screen undersize, with a particle size of 80% passing approximately 8 to 10mm, will be conveyed to the mill feed surge bin, which will provide a live capacity of 300t of the mill feed, or the equivalent of 24 hours of mill operation. Two vibrating feeders, together with the primary ball mill feed conveyor, will be installed underneath the surge bin. Each of the feeders can provide the full feed rate if one of the feeders requires unplanned maintenance. All the feeders will be equipped with variable frequency drive (“VFD”) control to adjust the reclaim rate. Normally only one feeding system will be in operation.

The integrated comminution circuits, including the two-stage grinding circuit, will grind the 8 to 10mm feed to a grind size of 80% passing (P₈₀) 60 to 65μm. Both mills will discharge the ground ore into a common pump box and sent to a vibrating screen. The 2 mm plus oversized particles will report back to the secondary ball mill for further grinding. Undersized particles from the vibrating screen will be treated by a primary gravity concentrator. The gold concentrate from the primary gravity concentrator will be treated by an intensive cyanide leaching reactor. The pregnant gold solution from reactor will be pumped to the on-site absorption-desorption-recovery (“ADR”) plant with a dedicated electrowinning (“EW”) cell to produce a gold rich sludge to be fed into an electric furnace to produce gold doré.

The tailings from the primary gravity concentrator will be further separated by a hydrocyclone. The oversize from the hydrocyclone will report back to the secondary grinding mill. The overflow containing fines will be treated by a continuous gravity concentrator. The approximately 1.0 to 1.8t/h gravity concentrate from the continuous gravity concentrator will pumped to the CIP cyanide leach tanks while the tailings will be thickened from 35% w/w solids to 45% w/w solids. The thickener underflow will be pumped to an aerated pre-treatment tank prior to entering the CIP circuit. This process utilizes gravity separation for 100% of the ore instead of the conventional 33%. Since the Tuvatu mineralization contains variable quantities of large and very small free gold, this process optimizes overall gold recovery.

The standard CIP cyanide circuit will operate at 45% w/w solids with the carbon being loaded countercurrent to the flow of the pulp. The gold loaded carbon will be transferred to the ADR plant for desorption and recovery. The leaching tanks, buffer tank and associated pumps will be located in a concrete tank farm. The reagent storage and mixing facilities will be located adjacent to the CIP circuit.

The Project will employ an alkaline, non-cyanide stripping and EW process. The pressurized elution vessel for the CIP circuit will operate at approximately 0.5MPa at 150˚C and have dedicated EW cell located adjacent to the dedicated intensive leach EW cell. After the ADR system is shut down and the system pressure is reduced to atmospheric pressure, the gold rich sludge will be washed from the steel cathodes and collected. The gold sludge will be dried and mixed with gold flux prior to melting in an electric furnace at approximately 1,200 to 1,300°C to produce gold doré. The gold doré will be stored in a secure vault within a secure and supervised area.

The leach residue from the carbon safety screen in the CIP circuit will flow by gravity to a residual cyanide detoxification system where Weak Acid Dissociable (“WAD”) cyanide will be destroyed using the SO2/air process. The circuit will consist of two mechanically agitated tanks, each with a capacity to handle the full slurry flow for a retention time of approximately 75 minutes. The arrangement will provide sufficient detoxification capacity if one of the two tanks require unplanned maintenance. The reagents used will include hydrated lime, sodium metabisulphite, and copper sulphate. After detoxification, the tailings slurry will be pumped to high-rate thickener. The residue will be thickened to approximately 50 to 55% w/w solids. Diluted flocculant solution will be added to the thickener to assist the thickening process. The thickener underflow will be pumped to two filter presses for dewatering to approximately 10 to 12% w/w solids. The filtered tailings cake will be loaded into lined dump trucks for transporting to the Tailings Storage Facilities (“TSF”) approximately 3.5km from the plant site. Engineering of the TSF has been completed for the first year of operation with subsequent TSF construction planned the following year after start-up.

It is necessary for Lion One to provide all electrical power to the mine site. The proposed new main power plant is five 800kW diesel powered generators with 4 in operation and 1 on standby. The 2 existing 900kVA diesel generators for underground development will be relocated to the main power plant. The combined power output will be 4,660kW (with one 800kW standby) to run both the underground mining operation and the process plant. The Company is also investigating the installation of a hybrid power plant consisting of a combination of solar and diesel generation to maintain a constant and stable supply of 4,660kW at any time within 24 hours a day.

Photo 1: design for portal of underground access no. 2

To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_002full.jpg

Photo 2: blasting for development of underground access no.2

To view an enhanced version of Photo 2, please visit:
https://orders.newsfilecorp.com/files/2178/113121_5ec8ce11a40af828_003full.jpg

Recent Infill Drilling Results

Reported Jan. 25, 2022: 359.8 g/t Au over 1.8m, including 1,616 g/t Au over 0.4m
Reported Nov. 30, 2021: 33.52 g/t Au over 2.4m from 173.4m inc. 185.6 g/t Au over 0.4m
20.61 g/t Au over 7.5m from 126.6m inc. 89.03 g/t Au over 1.5m, and 227.3 g/t Au over 0.3m
21.34 g/t Au over 2.5m from 120.85m inc. 38.25 g/t Au over 1.3m, and 52.27 g/t Au over 0.3m
Reported Sept. 7, 2021: 10.24 g/t Au over 8.48m inc. 33.26 g/t Au over 2.44m from 111.2m, and 13.49 g/t Au over 3.3m from 115.4m

The current mineral resource estimate for the Tuvatu project comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au.

The Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Bill Witte, P. Eng, who is a Qualified Person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa caldera, an underexplored yet highly prospective 7km diameter volcanic edifice of alkaline affinity. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113121

Tags #WalterBerukoff, LIO, Lion One Metals, Quinton Hennigh

Base Metals Energy Junior Mining

Noram Lithium Announces Binding LOI For Strategic USD$14 Million Financing With Lithium Royalty Corp. And Waratah Capital Advisors Ltd.

Post author By admin
Post date February 7, 2022

VANCOUVER, BC / ACCESSWIRE /February 7, 2022/ Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce that it has entered into a binding letter of intent (the “LOI“), dated February 4, 2022, in connection with a proposed royalty sale and equity investment (the “Investment“), Lithium Royalty Corp. (“LRC“) and the Waratah Electrification and Decarbonization AIE LP (“E&D“). The Investment consists of the purchase of a 1.0% gross overriding royalty (“GOR“) on its wholly-owned high-grade Zeus Lithium Project (“Zeus“) in Clayton Valley, Nevada for USD$5.0 million and a concurrent strategic investment through a USD$9.0 million private placement.

Key Terms and Highlights of the LOI:

Subject to final due diligence, Noram will enter into a royalty agreement with LRC for the sale of a 1.0% GOR over Noram’s Zeus sedimentary lithium claims in Clayton Valley, Nevada, for total compensation of USD$5.0 million, with payments scheduled upon completion of the two following milestones:
USD$4.0 million on closing of the Investment.
USD$1.0 million on the completion of a definitive feasibility study.
LRC and E&D will also co-invest USD$9.0 million via a private placement alongside the GOR purchase at the price of CDN$0.825 per share. No warrants are to be issued in relation to the private placement, and no finders’ fees or commissions are payable.
LRC and E&D will also be granted the right but not the obligation to invest an additional USD$9.0 million once and only if the common shares of Noram reaches CDN$1.50 per share. LRC and E&D shall have this right for only thirty (30) calendar days from the date Noram’s share price reaches CDN$1.50 per share.
LRC and E&D have agreed that the maximum number of shares to be co-owned by LRC and E&D will not exceed 19.9% of the total outstanding shares of Noram at any given time on a partially diluted basis. LRC and E&D shall have the right to maintain its pro-rata ownership percentage for a period of two (2) years from closing of the investment.
The LOI contains the agreed commercial terms of the proposed royalty agreement, completion of which is subject to the satisfaction of certain conditions precedent by February 18, 2022, including satisfactory due diligence and a site visit from LRC.
Due diligence is underway, with the Investment expected to be completed and funded by February 25, 2022.

“2021 was an outstanding year for the Company and its shareholders with the advancement of its 100%-owned high-grade Zeus Lithium Project through to the PEA stage, the expansion of our management team, and in setting the stage for an even more active year in 2022,” stated Mr. Sandy MacDougall, CEO of Noram Lithium. “We are absolutely thrilled to have Lithium Royalty Corp. and its globally recognized financial and technical team as a key strategic and cornerstone shareholder. LRC’s strong vote of confidence in our advanced Zeus Project and alignment with Noram’s strategy is significant and we look forward to developing our strategic relationship over time.”

Proceeds from the strategic investment will be used to assist in accelerating the advancement of the Zeus Lithium Project through to the completion of Definitive Feasibility Study. A recent Preliminary Economic Assessment dated December 2021 highlights an after-tax NPV(8) of USD$2.67 Billion with an Internal Rate of Return of 52% at $14,250/tonne Lithium Carbonate Equivalent (“LCE”). LCE currently trades at ~USD$60,000 per tonne.

Mr. Peter A. Ball, President and COO added, “2022 will be an extremely busy year as we aggressively advance towards the completion of a Pre-Feasibility Study and further de-risk the Zeus Lithium Project on all fronts. We are now fully funded through 2022 and beyond to ramp up our activities on site as we advance through further detailed engineering and metallurgical studies, complete additional drilling to further add to our already significant lithium resource and accelerate baseline environmental studies and preliminary work for future permitting. LRC’s acknowledgement or “stamp of approval” of the Zeus Project and their significant investment in Noram provides the platform and capital to significantly advance the Project.”

2022 Catalysts and Planned Corporate Activity:

A Pre-Feasibility Study (“PFS”) for the Zeus Lithium Project is planned for completion in the second half of 2022.
A 12-hole drill program is planned for Q1 2022 to further expand and upgrade the existing 43-101. The focus of the program is to upgrade existing inferred resources into the indicated category to be utilized in the PFS.
Additional metallurgical studies are planned to further understand and enhance the mineral processing opportunities to extract LCE at the Zeus deposit. Previous studies indicated up to 91% metallurgical recovery of LCE.
Initiate and further expand baseline environmental studies, social and green initiatives.
Significantly expand our investor relations and awareness branding efforts within the institutional and retail investment community, expand our business and corporate development activities, and further increase analyst coverage and global exposure.

The Company is at arms-length from each of LRC and Waratah E&D. Completion of the Investment remains subject to completion of ongoing due diligence by LRC and Waratah E&D as well as approval of the TSX Venture Exchange. In connection with the Investment, a marketing fee of $150,000 is owing to an arms-length third-party. On closing, the fee will be satisfied through the issuance of 181,818 common shares at a deemed price of $0.825. All securities issued in connection with the investment will be subject to statutory restrictions on resale prescribed by applicable securities laws.

The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, CPG, Vice President Exploration, Noram Lithium Corp., who is a Qualified Person with respect to the Clayton Valley Lithium Project as defined under National Instrument 43-101.

About LRC

Lithium Royalty Corp (“LRC“) is a North American royalty corporation focused on investing in high quality low-cost projects in the battery materials sector with an emphasis on lithium. LRC was founded in 2018 and has now established itself as a leading financier in the lithium industry having completed 17 royalties since inception exclusive of this transaction. Its investments are diversified across the world with exposure in Australia, Argentina, Brazil, Canada, Serbia, and the United States of America. LRC is a signatory to the United Nations Principles for Responsible Investing and seeks to invest in companies with high environmental, social, and governance standards. Waratah Capital Advisors is the sponsor and general partner of Lithium Royalty Corp.

About E&D and Waratah

Waratah Capital Advisors is the sponsor and general partner for the recently launched Waratah Electrification and Decarbonization (E&D) Fund. The Fund seeks to achieve attractive risk-adjusted returns through investments in battery material, decarbonization, and electric vehicle related opportunities. Waratah Capital Advisors is a Toronto-based asset manager that specializes in alternative strategies. Waratah Capital Advisors manages over $3 billion in assets from high-net-worth individuals, family offices, foundations, Canadian bank platforms, and pension funds.

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 75 million shares issued. Noram is aggressively advancing its 100%-owned 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 USD$1.299 Billion and IRR of 31% using USD$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of USD$14,000/tonne, the PEA indicates an NPV (8%) of approximately USD$2.6 Billion and an IRR of 52% at USD$14,250/tonne LCE.

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

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
CEO and Director
C: 778.999.2159

For additional information please contact:

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

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

SOURCE: Noram Lithium Corp.

Tags #NoramLithium, #NRM, #PeterBall, #ZuesProject

Junior Mining Precious Metals

Silver Bullet Mines Corp. Sets Timetable for Silver Production

Post author By admin
Post date February 7, 2022

Burlington, Ontario–(Newsfile Corp. – February 7, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces the arrival of its third and final shipping container at its millsite near Globe, Arizona.

The container finally cleared through the port of Long Beach and its contents were delivered to the millsite this past weekend. This container holds the motor and drive train for the ball mill, which are the final major components required to complete construction. The Company will now be able to locally acquire further minor parts as needed as Globe is a ‘mining town’ home to various mining supply stores.

Figure 1

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/112953_e4474478b42dfb28_001full.jpg.

The picture above is a recent one from the millsite showing one of the four conveyors being installed. The actual ball mill is the large steel object to the middle left.

“This is a tremendously important milestone for the shareholders,” said A. John Carter, SBMI’s CEO. “The delivery of the motor and drive train was the only major factor beyond our control. It’s been painful to see costs increase while we had to wait for these items. Now, it should take between 30 and 40 days to complete construction, following which the field team will run roughly two weeks’ worth of low-grade material to fine-tune the components. Then we intend to start processing the higher-grade material from our nearby Buckeye Silver Mine.”

In anticipation of the mill’s imminent completion SBMI stockpiled at the millsite mineralized material extracted from the Buckeye Silver Mine. Like any responsible producer SBMI has its own assay lab, at which it will run daily assays for grade control, cost control and immediacy of results.

Once in production SBMI intends to produce silver dore bars, to be sold to a smelter or a commodities trader. SBMI is in discussions with several such groups in anticipation of having saleable product in April, 2022, which means the Company anticipates being in receipt of cash payments soon thereafter. Those cash payments will buttress SBMI’s treasury, which since the start of the pandemic has suffered through escalating costs of shipping, parts, supplies, fuel, services and equipment.

“Getting into production logically leads to risk-mitigating cash flow into the Company,” said Mr. Carter. “Then we can turn our efforts to the Washington Mine in Idaho and the McMorris Mine in Arizona, both former producers. The Washington Mine seems to be even better than we expected, as shown by the recent bulk sample results returning 55.5 oz/t silver.”

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112953

Tags #SBMI, John Carter, Silver Bullet Mines

Base Metals Junior Mining Project Generators

Riverside Resources Inc. Announces $600,000 Charity Flow Through Private Placement for Ontario Exploration

Post author By admin
Post date February 4, 2022

Vancouver, British Columbia–(Newsfile Corp. – February 4, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside“ or the “Company“), is pleased to announce that it plans to complete a non-brokered, charity flow through private placement of up to 2,857,142 common shares at a price of $0.21 per share to raise aggregate proceeds of up to C$600,000 (the “Offering”). Riverside has no warrants outstanding and there is no warrant with the Offering.

The Company intends to use the proceeds of the Offering to fund a focused H1 2022 drill program at the 100% owned Oakes Gold Project in Ontario, Canada. Funds will also be used to follow up on trenching and IP work completed in 2021.The mineralized zone at Oakes shows high grade gold and is similar to the mineralization style at the Hard Rock deposit 25km to the southwest (see press release date December 11, 2019). Riverside has progressed its projects in the Geraldton Gold Belt and now these funds can immediately be put into mineral exploration work with a focused Ontario work program.

The Offering is subject to the acceptance of the TSX Venture Exchange (the “Exchange”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or an applicable exemption from registration requirements. Finder’s fees may be payable in respect of the Offering, subject to the acceptance of the Exchange and this is a non-brokered financing.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company with over $4M in the bank and is driven by value generation and discovery. The Company has no debt and less than 72M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

Qualified Person & QA/QC:

This news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”) and include, without limitation, statements regarding the completion of the Offering; the intended uses of the proceeds of the Offering; regulatory acceptance of the Offering and the development of Riverside’s projects. Such forward-looking information involves assumptions and known and unknown risks, including, without limitation, the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations set out in the forward-looking statements.. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Riverside disclaims any intent or obligation to update any forward-looking information, other than as required by applicable securities laws.

THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/112777

Junior Mining

RooGold Announces Appointment Of Chief Operations Manager

Post author By admin
Post date February 3, 2022

VANCOUVER, BC / ACCESSWIRE / February 3, 2022 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) – RooGold Inc. (“ RooGold” or the “Issuer“) is pleased to announce the appointment of Alexandra Bonner as Chief Operations Manager. Ms. Bonner is a professional geologist based in New South Wales (NSW) Australia with over 17 years of exploration, mining and corporate experience.

Most recently, Alexandra was employed at TriAusMin Ltd. and then Heron Resources Ltd. where she was involved in the development of the Woodlawn Zinc-Copper Mine including in-mine and near-mine exploration to feasibility status and regulatory management leading to acquisition of state development approvals and commercial production.

Ms. Bonner commented, “the RooGold executive team has put together a well-targeted and prospective package of gold and silver projects in the New England and Lachlan Fold Belt of New South Wales. In particular the New England projects are significantly under-explored and present exciting opportunities for establishing gold and silver targets, I look forward to building a team and advancing these projects”.

Ms. Bonner has established and managed project joint ventures, sought and acquired new projects as well as implementing operation health & safety and environmental management systems to best practice industry standards. Ms. Bonner served as Deputy Chair of Exploration on Committees of the Association of Mining and Exploration (AMEC) and NSW Minerals Council where she was instrumental in bringing about regulatory exploration on policy changes that have benefited the minerals exploration industry.

“I am excited to have Alexandra join the team at Roo. Her depth and breadth of experience with project management and execution will enable our already exceptional operations team to move to and execute at higher levels necessary to accelerate and sustain the growth of our resources and unlock our vast gold discovery potential,” said Michael Mulberry, CEO of RooGold.

For further information please contact:

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

Forward-Looking Statements

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

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

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

SOURCE: RooGold Inc.

Tags #ROO, #RooGold

Base Metals Energy Exclusive Interviews Junior Mining

Group Ten Metals is Loaded Battery and Platinum Group Metals

Post author By admin
Post date February 2, 2022

PRESS RELEASE

VANCOUVER, BC / ACCESSWIRE / February 2, 2022 / Group Ten Metals Inc. (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “Group Ten”) reports results from the Induced Polarization geophysical (“IP”) survey completed in 2021 at its 100%-owned Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA. The 2021 survey was completed as an expansion off the west end of the 2020 survey, covering the area between the Hybrid and DR deposits at Chrome Mountain and drill-defined high-grade gold mineralization at the Pine target area (see Figure 1). The size and strength of the resulting geophysical signatures demonstrate additional potential for large bodies of sulphide mineralization.

2021 Survey Highlights:

High-level geophysical anomalies, measured and modeled in 3D to 800 meters depth, extend the combined model from 9.2 kilometers (“km”) to 12km in length in the center of the 32-kilometer-long Stillwater West project.
The five deposits defined by the Company’s inaugural NI43-101 mineral resource estimate* are set in similar anomalies in the 2020 IP survey and show strong spatial correlations with IP results, demonstrating the effectiveness of the technique in targeting desirable Platreef-style sulphide mineralization in the lower Stillwater complex.
Results of the combined IP surveys suggest significant expansion potential for drill-defined sulphide mineralization in the 2021 mineral resource estimates which delineated a total of 1.1Blbs of nickel, copper, and cobalt, plus 2.4Moz of palladium, platinum, rhodium and gold¹.
The expanded survey included the Pine target area with the objective of finalizing drill targets and advancing drill-defined high-grade gold mineralization towards definition of a formal mineral resource.
Very high chargeability readings of over 180 mV/V were returned in the Pegmatoid Ridge target area, coincident with a strong kilometer-scale gold-in-soil anomaly that is contiguous with drill-defined high-grade gold at the Pine target, two kilometers to the southeast. Anomalous palladium, platinum, nickel and copper are also seen in soils in this area.
IP geophysics has proven to be an effective tool for identifying high-grade sulphide mineralization in the lower Stillwater Igneous Complex, guiding Group Ten’s 2020 and 2021 drill campaigns to the discovery of multiple new high-grade magmatic horizons of Platreef-style nickel and copper sulphide mineralization, with palladium, platinum, rhodium, gold, and cobalt.

* The Stillwater West PGE-Ni-Cu-Co + Au project 2021 Resource estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. CIM (2014) definitions were followed for Mineral Resources Reporting. The constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Cut-off grades are based on metal prices of $7.00/lb Ni, $3.50/lb Cu, $20.00/lb Co, $900/oz Pt, $1,800/oz Pd and $1,600/oz Au, with assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.20/t rock, and processing and G&A cost of US$12.75/t mineralized material. Rhodium was modeled but not included in equivalency calculations. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Michael Rowley, President and CEO, commented, “Results from the 2021 IP geophysical survey expanded our model of the core project area by 30% in length and advanced very high-quality targets with some of the highest chargeability readings to date. 3D models developed from the combined survey – and the strong correlation with drill-defined mineralization that is demonstrated across the core 12-kilometer span of the project – highlight the remarkable scale and potential of the mineralized system at Stillwater West and provide important information on structure and geometry for our predictive geologic model to guide future drill campaigns. Near-term, we are looking forward to announcing additional assay results from the 14 resource expansion holes drilled in 2021. Those results will allow us to finalize our exploration plans for 2022 which will focus on resource expansion drilling in priority deposit areas in addition to other high priority targets within the now expanded 12km core project area.”

Figure 1 – 2021 Mineral resource estimates (yellow) show strong correlation with 3D model results of the combined 2020 and 2021 IP survey across the expanded 12km core project area. Very large-scale chargeability and conductivity anomalies, shown in pink and blue respectively, indicate potential for additional large bodies of sulphide mineralization in the lower Stillwater complex.

Upcoming News and Events

Group Ten is pleased to confirm that it will participate in the AME Roundup trade show at booth #302 on Wednesday February 2^nd, and Thursday February 3^rd, under the Metallic Group of Companies. Core samples will be available for viewing at the booth.

Group Ten will be presenting at the GCFF Virtual Conference 2022 – Base Metals & Energy Metals Day on February 9^th at 12:55PM PT.

Discussion

The 2021 Induced Polarization (IP) geophysical survey by Group Ten and Simcoe Geoscience expanded the 2020 survey with an additional 11 lines and 25 line-km of coverage for a new total of 102 line-km of combined coverage spanning the 12km core area of the Stillwater West project.

The combined survey is the largest ever completed in the Stillwater district, successfully imaging the Basal, Ultramafic Series, and basement rocks of the lower Stillwater complex and returning very large-scale anomalies with remarkable continuity, including the highly prospective peridotite zone and basal series that host the 2021 mineral resource estimates. The strength and continuity of the results enabled 3D inversion modeling to a depth of 800 meters, even after the application of high-level cut-offs of >45 mV/V and ≤100 ohm-meter to the chargeability and conductivity datasets, respectively.

As shown in Figure 1, the 2021 expansion survey included one in-fill line at the western edge of the DR and Hybrid deposits in the area of high-grade nickel sulphide mineralization intercepted in hole CM2020-04 (reported March 3, 2021). Completed as part of the Company’s priority on expanding high-grade, and high tenor, nickel sulphides in this area, data from this portion of the survey will inform the 2022 expansion drill campaign.

A second priority of the 2021 expansion IP survey was to detail the area between the DR and Hybrid deposits at Chrome Mountain and drill-defined high-grade precious metals mineralization at the Pine target, in the Wild West target area. Multiple large-scale, contiguous, strong anomalies were identified in this area in the 2021 survey, with many anomalies open past the modeled depth of 800 meters and the majority correlating with soil geochemistry anomalies identified in earlier campaigns. Many of the newly identified chargeability anomalies (>45 mV/V) are extremely large (up to 1,000m by 800m in section), and the correlation with demonstrated mineralization in soil surveys is an indicator of a potential large-scale mineralized system that makes these targets a priority for follow-up work.

Very high-level chargeability values of over 180 mV/V, some of the highest recorded to data on the project, were returned in a near-surface anomaly at the Pegmatoid Ridge target area, which is compelling because of a correlated kilometer-scale soil anomaly with elevated palladium, platinum, nickel and copper, and very high gold results of up to 500 ppb Au. Large-scale geophysical and metal-in-soil anomalies in this area are contiguous with similar anomalies at drill-defined high-grade gold at the Pine target, approximately two kilometers southeast of Pegmatoid Ridge, making these two areas a priority for follow-up exploration by the Company in 2022.

As shown in Figure 1, these very large and high-level anomalies demonstrate an exceptionally strong correlation with the 2021 Mineral Resource Estimates, and the adjacent robust IP anomalies are priority targets for resource expansion drilling in 2022.

Strong spatial correlations are also noted with historic drill results outside of the main target areas, and with other datasets including past geophysical surveys, and soil and rock geochemistry, demonstrating additional potential for expansion of sulphide mineralization at earlier stage targets more broadly across the 32-kilometer length of the project.

Results also demonstrate good correlation with 3D Magnetic Vector Inversion (“MVI”) modeling, completed on earlier geophysical survey data. MVI modeling has been instrumental in a number of large discoveries in recent years, including the expansion of Ivanhoe’s Platreef mine in similar geology in South Africa. As previously announced by Group Ten June 4, 2019, MVI results at Stillwater West indicate significant thickening of the magmatic package under the most advanced target areas relative to other parts of the Stillwater complex, highlighting the potential that the magmatic horizons that host known mineralization may also extend to several kilometers in depth, starting from surface. This is consistent with the adjacent high-grade J-M Reef deposit where mining by Sibanye-Stillwater has extended mineralized horizons to over 2 km depth from surface.

Option Grant

Group Ten further announces it has granted 1,400,000 incentive stock options (the “Options”) to directors, officers, employees, and consultants of the Company Exchange under the Company’s Long-Term Performance Incentive Plan (“LTIP”). The Options are exercisable for up to five years, expiring on February 2, 2027, and each Option will allow the holder to purchase one common share of the Company at a price of $0.36 per share, being the closing price of the previous trading day. The Options are subject to certain vesting requirements in accordance with the Company’s LTIP and the Options grant is subject to TSX Venture Exchange approval.

About Stillwater West

Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA¹. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex². Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 9-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Group Ten Metals Inc.

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

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

1: See October 21, 2021, news release and Group Ten Metals Technical Report titled “Technical Report on the 2021 Mineral Resource. Estimates for the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA” as filed Dec 6, 2021, with an effective date of Oct 7, 2021.

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Quality Control and Quality Assurance

Mr. Mike Ostenson, P.Geo., is the Qualified Person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure outside of the 2021 Resource estimate that is contained in this news release.

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

SOURCE: Group Ten Metals Inc.

View source version on accesswire.com:
https://www.accesswire.com/686983/Group-Ten-Metals-Expands-IP-Geophysical-Anomalies-to-12-Kilometers-in-Length-at-Stillwater-West-Critical-Metals-Project-in-Montana-USA

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Junior Mining

Silver Bullet Virtually Opens the Market

Post author By admin
Post date January 31, 2022

TORONTO, Jan. 31, 2022 /CNW/ – John Carter, Chief Executive Officer and Director, Silver Bullet Mines Corp. (“Silver Bullet” or the “Company”) (TSXV: SBMI) and his team joined Robert Peterman, Vice President, Global Business Development, Toronto Stock Exchange, to celebrate the Company’s new listing and open the market.https://www.youtube-nocookie.com/embed/nyDtyWK3b9s

Silver Bullet Mines is an overnight sensation, ten years in the making. The company is on track to put the Buckeye Silver Mine back into pilot production this quarter. The Buckeye and four other past silver producers are on the Company’s massive Black Diamond property outside Globe, Arizona. Silver Bullet Mines also owns the past producing Washington Mine in Idaho, from which a blended bulk sample yielded an average of almost 2,000 grams of silver per ton.

For Market Openings: Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 (SD-SDI) and is produced at the TMX Broadcast Centre and sent live to the TOC. To pick up the feed via the Dejero network, please contact avservices@tmx.com. The client feature video will begin playing on the TMX media wall at approximately 9:27 a.m. ET and the markets will open with the sound of a siren at 9:30 a.m. ET

Date: Monday January 31, 2022

Time: 9:00am – 9:30am

Place: Virtually Broadcast

SOURCE TSX Venture Exchange

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2022/31/c8962.html

Junior Mining Precious Metals

Dolly Varden Silver Intersects 354 g/t Ag over 12.28 Meters at Kitsol, 1,220g/t Silver over 0.7 Meters at Northwestern Torbrit Step-out

Post author By admin
Post date January 31, 2022

VANCOUVER, BC, Jan. 31, 2022 /PRNewswire/ – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company“) (TSXV: DV) (OTC: DOLLF), is pleased to announce drill results from the 2021 program at the Torbrit Silver deposit at the Dolly Varden Project. The purpose of this program was to upgrade Inferred Mineral Resources and to step-out from the multiple Zones that comprise the Torbrit Deposit, the largest of the four deposits that comprise the Mineral Resources on the Property.

Silver mineralization was encountered in most areas tested, usually with significant accessory zinc and lead values and commonly over widths suggesting potential amenably to bulk underground mining. Highlights include:

DV21-274: 12.28m true width averaging 354 g/t Ag at Kitsol
DV21-275: 18.27m true width averaging 230 g/t Ag at Kitsol
DV21-275: 0.70m drilled length averaging 1,220 g/t Ag at Torbrit North Zone
DV21-277: 16.00m drilled length averaging 212 g/t Ag (incl. 4.70m of 507g/t Ag) at Torbrit
DV21-278: 5.10m drilled length averaging 364 g/t Ag at Torbrit Main

“Multiple holes intersecting over 4000 gram-meters of silver over wide intervals within the Kitsol epithermal vein is certainly encouraging, and the identification of wide intervals of syngenetic mineralization that connects the main Torbrit Deposit with the lesser drilled North Star Deposit to the west is also very significant. The next phase of drilling to commence this spring will include targetting high-grade silver shoots within this wide horizon, as well as step-outs to the north and south at Kitsol,” said Rob Van Egmond, Chief Geologist for Dolly Varden.

“These results, as well as the previously released extension of the high grade silver mineralization at the Wolf deposit demonstrate the continued resource expansion potential within the two kilometer long gap between the known deposits on Dolly Varden property. These intercepts corroborate our geological and geochemical modelling suggesting that the continuity of the prospective mineralized horizon between our historic mines and current deposits of the Dolly Varden Project, but also within the 5.4 kilometer-long unexplored area trending towards the gold and silver deposits at Homestake Ridge,” said Shawn Khunkhun, CEO of Dolly Varden Silver. “Additionally, the proposed acquisition of the Homestake Ridge deposits will consolidate this significant trend for the first time in the +110 year mining history of the Golden Triangle”.

A total of 10,506m in 31 diamond drill holes were completed at Dolly Varden during the 2021 field season of which 6,838m in 21 holes tested the high-grade Torbrit Silver Deposit (including Kitsol). The 21 holes were drilled as part of a two-phase program with the objective of expanding Resources as well as upgrading current Inferred Resources to Measured and Indicated Classification. Results for the 10 holes that tested five regional exploration targets on the Property including the Wolf Vein extension and Western Gold-Copper Belt have been previously released (see December 20, 2021 news release).

The 2021 drilling at Dolly Varden initiated the Company’s two-year strategy to aggressively expand and upgrade the Torbrit Silver Deposit and multiple satellite zones with the objective of advancing Dolly Varden to be the next high-grade silver mine in British Columbia.

Kitsol and Torbrit Extension Drilling

At the Kitsol vein, a three hole fan was completed to expand, infill and upgrade mineralization intersected wide intervals of epithermal-vein style mineralization. Additionally, these holes tested the northward extension of the Torbrit horizon at depth and to the east of Kitsol. Drill hole DV21-274 intersected 705 g/t Ag, 0.65% Pb and 0.28% Zn over 3.70m (2.97 true width) within a wider interval of 15.28m (12.28m true width) grading 354 g/t Ag, 0.38% Pb and 0.48% Zn in the epithermal Kitsol vein between 134.85m and 150.13m.

Drill hole DV21-275 had a wide interval through the Kitsol vein averaging 220 g/t Ag, 0.79% Pb and 0.49% Zn over 23.88m (18.27 true width) as well as through the down plunge step-out from the Torbrit North Resource, intersecting 1,220 g/t Ag over 0.70m core length at 362.05m to 362.75m depth. Of interest in hole DV21-275 was a 2m interval of core grading 5.4 g/t Au from 204m to 206m depth and could be an important vector during 2022 resource expansion drilling at Kitsol and towards the Western Gold belt trending to Homestake Ridge.

Mineralization along the northward projection of the Torbrit horizon was encountered in all three holes below the Kitsol Vein and confirms a synform of the Hazelton volcanic rocks that host the signature volcanogenic-related elevated potassic alteration under the center of the valley. Of significant importance is the presence of high grade silver mineralization along the horizon outside of the current resource.

Figure 1: Kitsol Vein and Torbrit extension DV21-274, 275, 276 section, looking north (CNW Group/Dolly Varden Silver Corp.)

Figure 2: Torbrit Horizon Extension in core from DV21-275 lower contact at 362.75m (CNW Group/Dolly Varden Silver Corp.)

Figure 3: Kitsol Vein infill holes DV21-274, 275, 276 including previous drilling, 50m projection (25m either side) (CNW Group/Dolly Varden Silver Corp.)

Target	Hole ID	From (m)	To(m)	Core Length (m)	True width (m)	Ag(g/t)	Pb(%)	Zn(%)	Au (g/t)
Kitsol	DV21274	134.85	150.13	15.28	12.28	354	0.38	0.48
	including	142.00	145.70	3.70	2.97	705	0.65	0.28
Torbrit extension	DV21274	368.75	370.32	1.57	*	86	0.29	0.15
	including	369.75	370.32	0.57	*	131	0.35	0.11
Kitsol	DV21275	157.12	181.00	23.88	18.27	220	0.79	0.49
	including	157.12	170.5	13.38	10.24	230	1.31	0.74
	including	157.12	160.15	3.03	2.32	297	1.31	1.26
Au in Alteration zone	DV21275	204.00	206.00	2.00	?				5.4
Torbrit extension	DV21275	361.45	362.75	1.30	*	725	NSV	NSV
	including	362.05	362.75	0.70	*	1220	NSV	NSV
Kitsol	DV21276	221	248	27.00	12.34	7.6	0.08	0.13
	including	242.5	244	1.50	0.69	17	0.59	0.52
Torbrit extension	DV21276	Geochem marker	394.5

*	true width for the Torbrit Horizon is estimated at 90% to 100% of core length, using angle to core from oriented core data.

Table 1: Kitsol Infill and Torbrit Extension drilling results

Figure 4: 3D view of 2019 Torbrit resource block model (grey) with 2021 infill and step out drill holes (red), looking east (CNW Group/Dolly Varden Silver Corp.)

Figure 5: Plan of 2021 Drill Hole locations relative to Resource block model (dark grey shaded area) (CNW Group/Dolly Varden Silver Corp.)

Torbrit Western Connection to North Star

Wide intervals of stratabound debris-style volcanogenic-related mineralization (syngenetic) was discovered in a previously unknown northwest plunging extension of the Torbrit horizon to the west of the main Resource. Silver mineralization is associated with lead and zinc locally within the horizon in ratios similar to the North Star deposit. North Star is one of the four deposits that make up the Dolly Varden Mineral Resource Estimate with 1.99M oz Ag at an average grade of 263 g/t Ag in the Indicated and 35Koz Ag grading 224 g/t Ag in the Inferred category.

Three step-out drill holes (DV21-255, 256 and 257) identified the horizon. DV21-256 intercepted a zone averaging 262 g/t Ag, 0.28% Pb and 0.43% Zn over a 3.00m core length. Also noted in the results is gold and copper mineralization in association with the horizon but as more epithermal style as seen on the western gold belt leading north to the Homestake deposits. In drill hole DV21-255 a 0.95m interval graded 1.23% Cu and 0.39g/t Au within a section of epithermal crosscutting mineralization.

Figure 6: Torbrit to North Star stratabound debris-style volcanogenic-related (syngenetic) mineralization connection, DV21-253 254, 255, 256 and 257 section, looking northeast (CNW Group/Dolly Varden Silver Corp.)

Figure 7: DV21-256 Silica and barite-rich syngenetic mineralization connecting Torbrit and North Star Deposits (CNW Group/Dolly Varden Silver Corp.)

Target	Hole ID	From (m)	To (m)	Core Length* (m)	Ag (g/t)	Pb (%)	Zn (%)	Au (ppm)
Torbrit	DV21253	98.5	114.04	15.54	28.64	0.49	0.46	NSV
Torbrit North	DV21253	445.18	451.5	6.32	30.5	0.38	0.61	NSV
Torbrit	DV21254	107.1	119	11.90	135	1.21	1.99	NSV
	including	107.1	109.6	2.50	156	3.38	2.50	NSV
	including	111	115	4.00	215	0.42	1.50	NSV
	including	112	113	1.00	449	0.79	0.64	NSV
Torbrit/North Star	DV21255	208	224.24	16.24	4	0.07	0.25	NSV
	including	220.05	221	0.95	13	NSV	0.13	0.39
Torbrit/North Star	DV21256	227.5	246.35	18.85	66	0.17	0.63	0.16
	including	230.5	233.5	3.00	262	0.28	0.43	NSV
Torbrit/North Star	DV21257	249.88	279.83	29.95	5	0.10	0.43	NSV
	including	249.88	252	2.12	14	0.80	2.43	NSV

*	true width for the Torbrit Horizon is estimated at 85% to 95% of core length, using angle to core from oriented core data.

Table 2: Torbrit Resource Area Infill and west Step Out, North Star connection results

Torbrit Main and Torbrit North offset Infill and expansion Drilling

The objective of the 2021 near resource drilling was to test the extents of the mineralized lenses within the Torbrit Resource area in areas that had relatively widely spaced resulting in Inferred Classification of the Resource block model. Table four summarizes all the remaining intervals from the initial phase of this drilling. Torbrit remains open along the folded plunge of the deposit to the North and South along the prospective volcanogenic related mineralized horizon, and now within the connected area towards North Star. The area is poorly tested to the east due to increasing topography on the east side of the Kitsault Valley.

Target	Hole ID	From (m)	To (m)	Core Length (m)	Ag (g/t)	Pb (%)	Zn (%)
Torbrit	DV21249	128	162	34.00	31	0.05	0.15
	including	135.05	137	1.95	158	0.22	0.46
Torbrit North	DV21249	407	428	21.00	162	0.24	0.19
	including	410.85	412	1.15	605	0.85	0.10
	including	421.25	425	3.75	307	0.42	1.30
Torbrit	DV21250	159	178.27	19.27	3	0.02	0.07
Torbrit North	DV21250	417.9	437	22.05
Torbrit	DV21251	110.65	113.4	2.75	6	NSV	NSV
Torbrit North	DV21251	328.15	353.1	24.95	12	0.03	0.10
Torbrit	DV21252	127.5	158	30.50	78	0.47	0.03
	including	136	139	3.00	256	1.49	0.72
Torbrit North	DV21252	458	465.45	7.45
Torbrit	DV21258	72	102.45	30.45	7	0.05	0.25
Torbrit	DV21258	184.54	190	5.46	143	0.11	0.12
	including	185.5	188	2.50	274	0.08	0.12
Torbrit	DV21259	87	133	46.00	8	0.12	0.48
	including	121	131	10.00	17	0.35	1.21
Torbrit	DV21259	243	244.62	1.62	155	NSV	NSV
Torbrit	DV21260	128.87	129.87	1.00	274	0.33	4.26
	including	128.87	129.37	0.50	473	0.55	8.28
Torbrit	DV21261	69.73	71.83	2.10	206	0.25	0.45
	including	69.73	70.23	0.50	575	0.32	0.92
Torbrit	DV21262	20	24.04	4.04	10	0.03	0.05
	and	58.4	66	7.60	6	0.03	0.10
Torbrit	DV21263	14.95	24.5	9.55	12	0.07	0.13
	and	51.5	53	1.50	9	0.82	3.42
Torbrit South	DV21277	152	153	1.00	297	NSV	NSV
Torbrit South	DV21277	165	181	16.00	212	0.36	0.19
	including	174	178.7	4.70	507	0.43	0.16
Torbrit	DV21278	101.5	113.8	12.30	90	0.95	1.51
	including	104.7	110.3	5.60	131	1.37	1.46
	including	113.3	113.8	0.50	258	2.06	0.26
Torbrit	DV21278	120.5	143.7	23.20	112	0.95	0.20
	including	120.5	125.6	5.10	364	2.45	0.13
	including	124.5	125.1	0.60	1095	7.70	0.29
Torbrit	DV21279	81.5	84.4	2.90	70	0.25	0.74
Torbrit South	DV21279	152.7	155.85	3.15	60	1.13	0.15
	including	155	155.85	0.85	128	0.21	0.07

*	true width has not been determined as there is insufficient drilling to model the orientation of the diffuse sheeted veins

Table 3: Torbrit Resource Area Infill and Step Out results

Hole ID	TargetZone	Easting NAD 83	Northing NAD 83	Elevation (m)	Azimuth	Dip	Depth (m)
DV21-249	Torbrit	467853	6171644	354.8	55	-69	470
DV21-250	Torbrit	467853	6171644	354.7	55	-79	491
DV21-251	Torbrit	467871	6171626	357.5	55	-55	404
DV21-252	Torbrit	467871	6171626	357.5	55	-77	509
DV21-253	Torbrit	467890	6171606	360.2	55	-76	476
DV21-254	Torbrit	467890	6171606	360.2	35	-70	191
DV21-255	Torbrit	467890	6171606	360.2	235	-74	257
DV21-256	Torbrit	467890	6171606	360.2	235	-60	287
DV21-257	Torbrit	467890	6171606	360.2	235	-50	304
DV21-258	Torbrit	467802	6171767	352.7	45	-50	227
DV21-259	Torbrit	467802	6171767	352.7	45	-75	380
DV21-260	Torbrit	467998	6171524	399.1	85	-47	190
DV21-261	Torbrit	467998	6171524	399.1	85	-73	200
DV21-262	Torbrit	467998	6171524	399.1	45	-60	365
DV21-263	Torbrit	467998	6171524	399.1	65	-45	169
DV21-274	Kitsol/Torbrit	467543	6172134	404.3	100	-45	409
DV21-275	Kitsol/Torbrit	467543	6172134	404.3	100	-62	449
DV21-276	Kitsol/Torbrit	467543	6172134	404.3	100	-76	467
DV21-277	Torbrit	468220	6171349	534	55	-44	201
DV21-278	Torbrit	468220	6171349	534	60	-62	191
DV21-279	Torbrit	468220	6171349	534	60	-84	200

Table 4: 2021 Torbrit Resource Area Infill and Step Out program: drill hole location data

Current Mineral Resource Estimate

Dolly Varden Property Mineral Resource Estimate is reported in pure silver, lead and zinc credits have not been included.

Category*	Deposit	Cut-off**(g/t Ag)	Tonnes	Silver(g/t)	Containedoz* Ag**
Indicated	Torbrit	150	2,623,000	296.8	25,025,000
Dolly Varden	150	156,000	414.2	2,078,000
Wolf	150	402,000	296.6	3,834,000
North Star	150	236,000	262.8	1,994,000
Total Indicated		3,417,000	299.8	32,931,000
Inferred	Torbrit	150	1,185,000	278.0	10,588,000
Dolly Varden	150	86,000	271.5	754,000
Wolf	150	9,500	230.6	70,000
North Star	150	4,800	223.6	35,000
Total Inferred		1,285,300	277.0	11,447,000

*	Indicated and Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.

**	A 150 g/t Ag lower cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.

***	Contained oz may not add due to rounding.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively–Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Chief Geologist for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property that hosts a unique pure silver mineral resource as well as the nearby Big Bulk copper-gold porphyry property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). Dolly Varden has recently entered into an agreement with Fury Gold Mines to acquire the Homestake Ridge Project adjacent to the current property to consolidate the Kitsault Valley Gold-Silver mineralization trend into one large, high-grade precious metals project with vast exploration upside. The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, completion of the Offering, Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our beliefs about the unexplored portion of the property. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

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

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

Dolley Varden Silver Corp Logo (CNW Group/Dolly Varden Silver Corp.)

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SOURCE Dolly Varden Silver Corp.

Exclusive Interviews Junior Mining Precious Metals

Rover Metals – High-Grade Gold, IP Survey on Cabin Gold

Post author By admin
Post date January 28, 2022

Tags #CabinGoldProject, #JudsonCulter, #MauriceJackson, #ProvenAndProbable, #RoverMetals, #ROVR

Energy Exclusive Interviews Junior Mining Precious Metals

Provenance Gold – Large Gold Systems Nevada – Oregon

Post author By admin
Post date January 27, 2022

Maurice Jackson:

Joining us for a conversation is Rauno Perttu, the CEO of Provenance Gold (CSE: PAU | OTC: PVVDF), which has some very compelling gold and silver projects throughout Nevada and Oregon. Before we delve into company specifics, Mr. Perttu, please introduce us to Provenance Gold and the exciting opportunity the company presents to shareholders.

Rauno Perttu:

Provenance Gold has three projects in Nevada that I think are all individually exciting, and one in Oregon that I believe is a game-changer. We have a project called White Rock in the North-Eastern corner in Nevada that I think is going to become a very serious major deposit. We have a project called Mineral Hill, which is a silver project that is potentially a large bulk mineable silver target. We have the Silver Bow in Southern Central Nevada that has a flow dome complex that I think is going to be a gold surface mine with deep potential for high-grade as well. And then we have the recently acquired Eldorado Project in Oregon, which has a proven drilled resource of multimillion ounce build right now at a higher-than-average grade for open-pit mines.

Maurice Jackson:

Let’s find out more. Mr. Perttu, please introduce us to your property bank, which is strategically located throughout Elephant country, regarded as the top jurisdiction for exploration and mining which is Nevada. Sir, take us to Nevada and introduce us to the flagship White Rock gold project.

Rauno Perttu:

The White Rock project was brought to us by Jerry Baughman of Desert Ventures, and it’s a royalty company, a very successful royalty company. We looked at the project. The reason we took it on was that Steve Craig, our project manager and expert for Nevada had drilled it for Kennecott years ago and loved the project. In that work that we did from historic data that we had acquired, we recognized that the property was much bigger than what was brought to us. So we expanded it to 258 claims, about 5,160 acres. In that acreage, we have an area of 3.2 kilometers by 1.6 kilometers that are virtually continuously surface-mineralized.

Rauno Perttu:

We started drilling on the White Rock in the spring of 2021. We put in 35 holes that added to 65 holes that were drilled historically, which all showed a bulk-tonnage, half a gram per ton gold system that appears to be continuous in sedimentary rocks. We are looking not only at the bulk tonnage potential, but we think at the end of our drilling program, we found first the feeder structure that will bring higher grades and increase the overall grade as we move forward.

Maurice Jackson:

Provenance Gold believes the geology of the White Rock mineral system has similarities to the geology of the nearby Black Pine gold system in Southern Idaho. Can you expand on that for us?

Rauno Perttu:

That is what intrigued me right off the bat. I’ve had a lot of background in thrust folding and thrust complexes. When I looked at the geology of the Black Pine of Liberty Gold there about 50 miles to the east, it was virtually identical. Their mineralization is within a thrust zone package. That thrust package is gold-mineralized. We are in, I believe the same thrust package, but we’re higher in the system, so we’re looking at a structure that is our arch dome. A dome is a structure that has been faulted as part of the doming and it’s formed by the thrusting underneath. So what we’re looking at is the same age rocks, the same lithology as the Black Pine. I believe a system that is going to repeat, as well as another area that we have to the west. We have two potential Black Pine-type deposits under control right now.

Maurice Jackson:

Speaking of lithology, can you share the historic exploration work?

Rauno Perttu:

The White Rock project was looked at by several companies, including Kennecott and they drilled widely spaced holes. The widely spaced holes had up to over 300 feet of continuous gold mineralization, and nobody ever put it together. The reason they never put it together is company A would come in and they would look at one part of the project. Company B would come in and look at a different one. When Steve Craig’s company, Kennecott, in which I was in senior management years in the past, came and looked at it, they were looking for a higher-grade system, which was in vogue at that time. They wanted at least several grams of gold per ton.

Rauno Perttu:

Today, by the way, the average grade of the Nevada mines is about half a gram, which is what the White Rock project is. So they left the project, even though Steve was intrigued and he hit one of his holes. It went 5.7 grams in one of the zones that we have not yet followed upon. The White Rock Project is going to continue to expand as we drill to the south, because the best surface shores, we have not yet reached with our drill rig. We began at the north end, towards the southeast until the weather drove us south.

Maurice Jackson:

May I ask this as well, you referenced that you began your inaugural drill campaign. How many pending assays are there still?

Rauno Perttu:

We have gotten all the assays for this season back already. That was 35 holes. We had a terrible problem with drilling that will not be a problem with a mine. As we came into the main gold area, we would run into open fractures, big cracks in the rock. The reason that becomes a problem is with the drill rig and the cracks in the rock, you can lose your drill steel, which we did on more than one occasion. We can also get stuck and back out because you don’t want to drill any further. We worked around that problem and we ended up with a solution going forward. But what we have outlined now is a gold area that is going to extend. We have extended it right now for about a kilometer and a half and we are planning on extending it another kilometer and a half heading southward into an area that has the best surface shores of any part of the property not yet drilled.

Maurice Jackson:

Well, before we leave the White Rock, what work is currently being conducted there, sir?

Rauno Perttu:

We are right now having Steve and a couple of his assistants working on getting a 43-101 presentation to show the resource as it stands at the moment. Beyond that, we are also putting together a detailed structural picture. What we’ve found is that the dome itself is mineralized in sedimentary rocks, but the higher grade portions are in the feeder structures that bring the mineralization into those dome structures. The detailed geology is starting to fall into place when they go back in and look at the chip tray.

Maurice Jackson:

Leaving Nevada, let’s visit Oregon where Provenance Gold has announced that it has expanded its footprint with the newly acquired Eldorado property, which hosts not one, not two but three historic resource estimates. Mr. Perttu, congratulations.

Rauno Perttu:

Thank you.

Maurice Jackson:

Please acquaint us with the Eldorado property beginning with the location. And what can you share with us about the historic resource estimates?

Rauno Perttu:

The reason that we got into the Eldorado Project was A, because Jerry Baughman impressed with our work on White Rock. And so he offered the Eldorado Project, which was being looked at hard by a major, and we got first rights ahead of the major, which I was very pleased with. The Eldorado Project is in Harnett County, in the Eastern part of the state, near Nevada. It’s in the county that contrary to Western Oregon is very friendly to mining and is treated separately from the permitting difficulties that you hear about in Western Oregon. Allow me to back up. I have a good friend who’s the chief regulator for Oregon who has now just retired, unfortunately. But he told me that Oregon was misconstrued by the outside world.

Rauno Perttu:

He said you can permit a mine in Eastern Oregon, and that there is one that is being mined or permitted successfully right now. And he said we should be tackling this before everybody recognizes the error or their ways and this is a great area to be in. So we tackled the project. We were stunned to find out that it had three estimates by Billiton Minerals and ICan Minerals in the past. They had drilled 142 holes done trenching and testing historically, maybe 30 years ago. Those results originally on 150 holes were on the order of about 800,000 ounces. Then Ican took the data and drilled 50 more holes and expanded the resource to about 2 million ounces at a grade of 0.22, better than half a gram by considerable.

Rauno Perttu:

And then they did one more re-estimate on the Eldorado Project a little bit later that jumped the area that they were comfortable with to 4 million ounces at a grade of 0.22 ounce per ton. The geologist who worked on that project told us, because he’s still around and still working, he was surprised to find that it was open in every direction. That resource is not going to stay at 4 million ounces in his estimation. It’s going to expand considerably.

Maurice Jackson:

That’s encouraging to hear. Well, that may answer my next question. But what has your team excited the most about the Eldorado property?

Rauno Perttu:

Two things. First of all, it has higher-grade portions. It has places that go to as high as an ounce per ton. It’s a system that when they drilled it, they cut off most of the holes at 500 feet. They were not looking for feeder structures. What has happened since then is we have seen that the mineralization continues on down. It continues outward. We have a property where we can start at a much higher grade but have an overall grade that’s better than, 0.2 ounce per ton, which is unusually high for an open-pit these days.

Maurice Jackson:

All right. You have three historic resource estimates. Does Provenance Gold have a timeline on when the Eldorado property will become 43-101 compliant? And how will this come to fruition?

Rauno Perttu:

We recently had a record snowpack in the Northwest, so that’s going to possibly slow us down a few weeks. But as soon as the snow is out and we can get it permitted, the permitting process will be no longer than 30 days. But we will be putting a drill rig on site. That drill rig will focus on twinning some of these historic holes so that we can make those holes compliant. As you may know, 43-101s have a different set of rules than they did before, 43-101s. All of these holes were drilled before 43-101 requirements. What we plan to do is to verify those holes, even though they were drilled for internal use by very reputable companies using very good labs, so we’re comfortable with the results. We’re planning on drilling possibly 15 to 20 confirmation holes and using that data to then compile a 43-101 that will verify those resource estimates that were done in the past.

Maurice Jackson:

And maybe this is too early to tell, but how many meters will that be sir, of drilling?

Rauno Perttu:

It’s a little early off the top of my head, but take 20 holes at an average depth of 600 feet, and there’s your number.

Maurice Jackson:

Leaving the Eldorado property, sir, please introduce us to the third compelling project in your portfolio, Mineral Hill, which looks to be endowed with tons of silver.

Rauno Perttu:

Mineral Hill is an odd property. I wasn’t taking it very seriously until I went out and saw it and we acquired it because it’s a ridge that was mined for high-grade silver starting in 1868. That mining continued until the 1930s. When they started it, they were getting silver at the grades of about 140 ounces per ton, which is remarkable. As they ended mining, they were in 25 ounces per ton material, which by the way, the reason for the high grade was because it was secondarily enriched, which silver does. When they got out of that secondary enrichment zone, the average grade of that zone was about 25 ounces per ton. Well, their waste rock, and there’s a copious volume of waste rock on the property, a stunning amount of waste rock on that property, averages about 120 grams between three and four-ounce of silver per ton on bulk testing that was done before our coming in.

Rauno Perttu:

If one compares that to a project like Coeur’s Rochester Mine, which is mining a half-ounce silver per ton, and you can see where three, four-ounce silver per ton is a very economic number on a bulk tonnage situation. We have a road that needs to be widened and improved, and we’re going to get a drill rig in there probably toward the end of this coming summer because our priorities are the two aforementioned projects, and putting some confirmation holes into that silver structure. The reason I like Mineral Hill is the mineralization is focused on a thrust fault that’s standing on its end. That thrust fault has a zone of mineralization about 300 feet, a 100 meters wide, a lot associated with it. That zone is about a kilometer north, south. We think that there’s no reason to have chopped off the mining in the old days, other than the fact that they ran into groundwater problems, which would not be a problem today.

Maurice Jackson:

I’m assuming that you’ll be twinning these holes as well.

Rauno Perttu:

Actually, in that area, we don’t need to. When you see that property, it looks like Swiss cheese. There are huge workings in there and the twinning holes isn’t going to do us any good. What we’re going to do is put angle holes across that thrust fault working our way downhill. The deposit is on a funny little Hog’s back ridge like this, which actually for mining is going to be wonderful because of the strip ratios. But anyway, we’re going to drill from the side holes coming on in through the thrust zone and chase it down that way.

Maurice Jackson:

Interesting. Leaving Mineral Hill, sir, introduce us to your fourth and final project, the Silver Bow, which seems to be the perfect compliment to Mineral Hill.

Rauno Perttu:

The Silver Bow is about 50 miles east of Tonapah, Central South Nevada. Its gold system has been looked at by a lot of companies, but nobody put it together. We came in there and recognized that the whole district, which is about 4 miles long and a couple of miles wide, is part of the same system associated with the Caldera. When we looked at it, we recognized that the geologists that had drilled it in the past in one spot or another spot had never put the package together because they didn’t understand the geology. The geology is a Caldera complex. Within it, there are flow domes, which are piles of rhyolitic volcanics that are associated with a lot of the gold discoveries in Nevada, big discoveries. What we are going to look at is going too a flow dome complex that we’ve identified that has surface sampling of a breccia zone that is all economic potential for open-pit grade up to multi-gram for an open pit potential.

Rauno Perttu:

Yet at the same time, there are swarms of veins that cross this flow dome, this volcanic pile. Those flow dome structures, the veins, are associated with the boiling zone. Those boiling zones in Nevada have been the host for some very high-grade and elsewhere in the world, very high-grade gold discoveries. We’re excited to test the boiling zones of these vein structures as well as look at the bulk tonnage of the breccia zone that already has economic surface numbers across the big area.

Maurice Jackson:

Have drill targets been identified and what is the plan moving forward?

Rauno Perttu:

Drill targets have been very much identified. We’ve done the geology on Silver Bow. We know where the main structures are. We’re planning on setting up and drilling across those vein structures. If we can do it right, we’re going to be drilling some of those holes through that breccia zone that we already know is gold-mineralized and into the veins’ forms, hopefully at their boiling zones. That’s going to be a fun, exciting program.

Maurice Jackson:

I’m looking forward to it. Now, before we leave the property bank, multi-layered question, what is the next unanswered question for Provenance Gold? When can we expect a response? What determines success? And when can we expect news flow?

Rauno Perttu:

First of all, on news flow, the two news stories that are coming up are going to be the 43-101s that are going to take the next two, three months to complete. The next major news flow that we’re going to get is going to be when we start doing the twinning at Eldorado because that’s going to, I think, get eyes on us. When you have holes that you can drill that are up to multi-gram for several hundred feet and continuously in gold, which the historic holes had, then that’s going to catch attention. Especially because we’re confirming a potentially a multimillion ounce resource.

Rauno Perttu:

I think you have to wonder what is our long-term plan? Well, obviously for a junior to advance major projects like this, we need help or partnership or takeover. And being as we already appear to have snatched Eldorado from the jaws of a major, I think we’re going to have an interest as we move forward in that takeover. Our goal is to make as much money for the shareholders as we can in the nearer term, which means the next year to two years, not long-term.

Maurice Jackson:

Now leaving the project site, let’s discuss some important topics germane to your projects. Are your projects 100% owned or do they have earning options?

Rauno Perttu:

Right now we have an option on Eldorado. That means that we will be paying $2 million over five years. And we have a hundred percent ownership with the retained royalty. On White Rock, we are paying $250,000 over five years and we will own a hundred percent with a retained royalty. For Mineral Hill and Silver Bow, we have very cheap deals that will result in us taking them over the next seven years and five years.

Maurice Jackson:

Now we’re going to get into some numbers later in this discussion, but from a capital expenditure standpoint, how is infrastructure on your projects?

Rauno Perttu:

They all have by standards elsewhere in the world, good infrastructure. By Nevada standards, you go off paved roads onto a dirt road for a distance and you’re there. So they’re accessible by drillers and by drill rigs right now. There are motels within driving distance, the whole package. So access is not a problem compared to working for instance, in Northern Canada.

Maurice Jackson:

Are you fully permitted?

Rauno Perttu:

We are fully permitted as we need to be. Our permitting will take place as soon as the snow is gone at Eldorado. We have confirmed that there will be no problem in permitting our drilling program there. On White Rock, we are permitted and we are adjusting the permits now for the next round drilling, which is not going to be any hurdle whatsoever. So there’s no hurdle that we see in permitting on any of the four projects.

Maurice Jackson:

Speaking of hurdles, we’ve discussed the good, let’s address the bad. What can go wrong and what are your action plans to mitigate that wrong?

Rauno Perttu:

The worst thing that can go wrong is gold price can go in the toilet, which I don’t believe. The other thing that we can run into is any changes in the national regulatory system regarding mining. I don’t know if that’s a risk, but that’s a risk anywhere in the world. As far as our projects, I don’t see any major downside because we have the funding to drill these projects. We understand the geology. And overall, it’s about as good a bet as you’re going to get. I think a far safer bet than somebody like Bitcoin.

Maurice Jackson:

Switching gears, let’s introduce your board of directors and management team who run the majority of the company’s operations on a day to day basis, beginning with your board of directors.

Rauno Perttu:

The two people that have been doing most of the work within the board of directors are Rob Clark, our president, and myself.

Maurice Jackson:

On the technical side you have Steve Craig what skillsets does he bring to the table?

Rauno Perttu:

He’s an outside consultant, but he’s an integral part of the company. I’ve known Steve for 30-plus years. When he was exploration manager for Nevada and Kennecott, I was director of business development. We got to be friends. I trust him. He does really good work. He’s been involved in discoveries across Nevada. I think that he will agree with me a hundred percent that we have two discoveries in the making right here.

Maurice Jackson:

Who is Rauno Perttu, and what makes him qualified for the task at hand?

Rauno Perttu:

I have my degree’s in Geology, and I began my career in my early 20s. I am now an old fart and I have been working in Geology my entire career in various positions. I’ve made discoveries, including a major gold system in Montana. I have served in senior positions including director of business development for Kennecott. I have looked at properties around the world. My forte, I think, is actually in deciding whether a project is going to be economically developable. That’s because I have had training from my first boss who was a geological engineer, who said that your position as a geologist for Pacific Power, is not to be a geologist but to make money for the company. I’ve always remembered that. And he taught me how to evaluate from a mining standpoint projects.

Rauno Perttu:

I have always followed up on that. If you’re going to have a mine, you have to cover all the red flags. You can’t hide them. You have to face them. That will be your first way of deciding whether it’s a good or bad project. If you have a great project, but it’s in the middle of Yellowstone Park, you’re not going to do anything with it. So we went down that road and we have used those criteria in our company. If we have a project, we know it’s developable, we learned from the Yukon that even though everything else was right, if the cost is going to be prohibitive and the season is going to be short for a junior, that’s not the place to be. Therefore, we switched immediately when we made that discovery and are in a place you can work year-round. The costs are very good on a development and exploration basis.

Maurice Jackson:

Well, I admire the veracity and the perfect blend of that geological and business acumen. It all comes together right here in Provenance Gold. How about the boots on the ground? Who do you have on your technical team?

Rauno Perttu:

Right now, our main technical is Steve Craig and myself. We have brought in other geologists as we need to on a part-time hiring basis. When we were drilling, we had two geologists that we brought in to sit on the drill rigs with Steve’s supervision and my supervision of Steve. The two of us, by the way, have a combined history in the mining business of more than a hundred years. We have both had extensive experience in both discovery and property development in Nevada.

Maurice Jackson:

Well, let’s get into some more numbers here. Please provide us with the capital structure for Provenance Gold.

Rauno Perttu:

Provenance right now, we have about $1.3 million in cash. That is all we want to take in right now because we are very concerned about not diluting the company to maximize share value. We have little less than 80 million shares outstanding right now and about 33 million warrants. We’re trying to keep that number in that kind of a very manageable level moving forward. We’ve been offered a lot more money, but we don’t want to take it until we need it. And by the way, one of the main reasons we don’t want to take it is we think our company is highly undervalued. When you have two potential multimillion ounce projects, two other promising projects, and you’re trading at what we’re trading at right now, there’s something wrong with that picture. I think it’s going to be corrected when we do our confirmation drilling at Eldorado.

Maurice Jackson:

I have a Rolodex of names in the space here that are very well recognized. That’s the very reason why I we are speaking with you because they feel the same way.

Rauno Perttu:

Oh, good.

Maurice Jackson:

All right, sir. How much debt do you have?

Rauno Perttu:

Zero.

Maurice Jackson:

And what is your burn rate?

Rauno Perttu:

When we are not drilling, our burn rate is less than about $20,000 to $30,000 a month. The reason it’s a hard number is you have payments on claims. You have all these other things that come up. So our burn rate is, call it $30,000 a month, but it fluctuates completely with what’s going on with the program and the timing for paying our claims. In the United States, you pay claims on the first day of August. It’s not a large number, but it’s a number that hits once a year.

Maurice Jackson:

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

Rauno Perttu:

Management owns about 15%. But not only do we have that ownership, but a lot of the early stock is also in friendly hands. We are very comfortable that we are in control of the company until we decide that we want to make a deal with a major.

Maurice Jackson:

What is the float? I believe it was around $58 million. Is that correct?

Rauno Perttu:

Maurice Jackson:

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

Rauno Perttu:

No.

Maurice Jackson:

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

Rauno Perttu:

No, there aren’t.

Maurice Jackson:

That’s impressive. If readers is not aware, that’s quite impressive. Very commendable, sir. And is management charging a consulting fee for any services?

Rauno Perttu:

No. Rob and I are taking modest salaries as of recently. But other than that, no fees other than paying the consulting fees for Steve Craig as a regular outside consultant.

Maurice Jackson:

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

Rauno Perttu:

I sleep very well.

Maurice Jackson:

Good to hear.

Rauno Perttu:

But what is frustrating to me right now is the fact that we have not gotten the recognition that I thought would be coming our way for having the package that we have and for the higher quality package we have.

Maurice Jackson:

Well, I remember offline, you were talking about your desire to leave a legacy. Do you want to expand on that?

Rauno Perttu:

I am, as I said an old fart and great health and all the rest of that. Nevertheless, I want to leave something that is worthwhile, that I can be remembered for and I can feel very happy about. So to me, Provenance is that vehicle. I think if we can make Provenance a very successful company, I will die happy. And Steve Craig, by the way, who’s almost as old as I am, has the same feeling, that this is our last hurrah. I hate that term, but that’s what it is. And we’re going to make it a good one.

Maurice Jackson:

Last question, sir. What did I forget to ask?

Rauno Perttu:

Probably any embarrassing questions and I can’t think of anything embarrassing, so I think you did a good job. I would encourage readers to visit our website: www.provenancegold.com and or please call Rob Clark for additional inquiries at 1-250-516-2455.

Maurice Jackson:

Mr. Perttu, it’s been a pleasure speaking with you today. Wishing you and Provenance Gold the absolute best, sir.

And as a reminder, I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide a number of options to expand your precious metals portfolio from physical delivery, off-shore depositories, and precious metal IRAs. Call me directly at 855-505-1900 or you may email, maurice@milesfranklin.com. And finally, please subscribe to provenandprobable.com, where we provide mining insights and bullion sales.

Tags #Eldorado, #MauriceJackson, #MineralHill, #PAU, #ProvenanceGold, #ProvenAndProbable, #RaunoPerttu, #SilverBow, #WhiteRock

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