Proven ProbableCategory: Junior Mining
Vancouver, British Columbia–(Newsfile Corp. – March 14, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce that it has acquired a large volume of historic data on the Eldorado property that it is digitizing. As a result, the Company has a full historic drill hole data base which it has used to generate cross sections, long sections and horizontal plan sections using the property’s historic 242 drill holes. The Company is very pleased by the information gained from these studies.
Based on the current evaluation work, Provenance has determined that the gold mineralization is locally high-grade within a large volume of lower grade values and is open in all directions and vertically. Additionally, within the larger expanse of the project, numerous undrilled areas could expand the mineralization considerably. Provenance’s review of the cross sections shows that much of the historic drilling was shallow, and stopped above, and even within the mineralization. The following figure shows the distribution of the Eldorado drill holes and the location of the following cross section.
Figure 1. Eldorado Project drill holes and cross section location
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_130.jpg
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/116625_5c9c4d5304d1e9fc_001full.jpg
The following drill hole cross section is a northwest trending, 60-meter wideband, which shows all drill holes along this cross section. Note that gold mineralization is at least 200 meters deep along this cross section. A number of high-grade gold samples are found in many of the holes displayed.
Figure 2. Drill hole cross section showing assays and depths of holes
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_132.jpg
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5654/116625_5c9c4d5304d1e9fc_002full.jpg
The following assay summary table is a 7-hole selection of some of the holes along the cross section. Data is presented in both meters / grams and feet / ounces. The cutoff grade selected was 0.1 g/t and 0.1 ppm. Some selected highlights include R-136 with 134.1 meters of 2.09 g Au, R-001 with 71.6 meters of 0.86 g Au, R96-C1 with sequential intervals of 91.44 meters of 1.4 g Au and 151 meters of 1.2 g Au. Some of the highest grades found in the data include 40.4 g Au in R-90 and 44.19 g Au in R-136 (see table). Note the thicknesses and the longer intervals are centered by much higher grades than the average.
| Hole # | Meters | Meters | Meters | GOLD | Feet | Feet | Feet | GOLD |
| Depth | From/To | Thickness | gm/t | Depth | From/To | Thickness | opt | |
| R-001 | 71.6 | 0-71.6 | 71.6 | 0.86 | 235 | 0-235 | 235 | 0.025 |
| (N, -90) | ||||||||
| R-021 | 103.6 | 0-27.4 | 27.4 | 1.32 | 340 | 0-90 | 90 | 0.038 |
| (N, -90) | 9.1–21.3 | 12.2 | 2.45 | including | 30-70 | 40 | 0.072 | |
| 39.2-65.5 | 25.9 | 1.49 | 130-215 | 85 | 0.043 | |||
| 53.3-59.4 | 6.1 | 5.02 | including | 175-195 | 20 | 0.147 | ||
| 68.6-103.6 | 35 | 0.179 | 225-340 | 115 | 0.005 | |||
| R-31 | 85.3 | 0-85.3 | 85.3 | 1.13 | 280 | 0-280 | 280 | 0.033 |
| (S37W, -60) | 35-85.3 | 50.3 | 1.65 | including | 115-275 | 160 | 0.048 | |
| R-90 | 67.1 | 0-67 | 67 | 3.23 | 220 | 0-220 | 220 | 0.094 |
| (S37W, -60) | 32-67 | 35 | 5.56 | including | 105-220 | 95 | 0.16 | |
| 48.8-65.5 | 16.7 | 9.63 | including | 160-215 | 55 | 0.28 | ||
| 50.3-51.8 | 1.0 | 40.04 | including | 165-170 | 5 | 1.17 | ||
| R-136 | 157 | 0-12.2 | 12.2 | 0.18 | 515 | 0-40 | 40 | 0.005 |
| (W, -55) | 22.9-157 | 134.1 | 2.09 | 75-515 | 440 | 0.061 | ||
| 62.5-91.4 | 28.9 | 1.67 | including | 205-300 | 95 | 0.049 | ||
| 100.6-157 | 56.4 | 3.8 | including | 330-515 | 185 | 0.111 | ||
| 118.9-150.9 | 32 | 5.95 | including | 390-495 | 105 | 0.174 | ||
| 120.4-129.5 | 9.1 | 13.25 | including | 395-425 | 30 | 0.386 | ||
| 128-129.5 | 1.5 | 44.19 | including | 420-425 | 5 | 1.29 | ||
| R-153 | 120.4 | 3-111.2 | 108.2 | 1.0 | 395 | 10-365 | 355 | 0.029 |
| (N51E, -45) | 42.7-97.5 | 54.8 | 1.61 | including | 140-320 | 180 | 0.047 | |
| R-96-C-1 | 369.4 | 7.31-91.44 | 91.44 | 1.408 | 1212 | 24-324 | 300 | 0.041 |
| (N45W, -60) | 26.2-34.1 | 7.9 | 2.3 | including | 86-112 | 26 | 0.067 | |
| Core | 37.8-45.1 | 7.3 | 3.06 | including | 124-128 | 24 | 0.089 | |
| 51.8-83.5 | 31.7 | 1.68 | including | 170-274 | 104 | 0.049 | ||
| 91.4-250.5 | 151.8 | 1.206 | 324-822 | 498 | 0.035 | |||
| 100.6-118 | 17.4 | 3.09 | including | 330-387 | 57 | 0.09 | ||
| 112.5-114.3 | 1.8 | 14.61 | including | 369-375 | 6 | 0.426 | ||
| 136.2-145.4 | 9.2 | 1.702 | including | 447-477 | 30 | 0.05 | ||
| 158.2-176.5 | 18.3 | 2.08 | including | 519-579 | 60 | 0.061 |
Figure 3. Selected drill hole assays of some holes in the cross section
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_131.jpg
The Eldorado gold mineralization is on BLM land that Provenance controls, but unlike Nevada, Oregon exploration drilling must be permitted by both the BLM and DOGAMI, Oregon’s department of geology. The Company expects to obtain both permits to begin confirmation drilling within the next several months.
The staged work program includes completing compilations from the various historic studies, drilling 20 confirmation holes over a wide area of the property, and planning and permitting a second larger round of drilling into obvious targets and new areas.
As Steven Craig, project manager said, “Holes like R-90 with 67 meters of plus three grams starting at surface are rare. I look forward to starting the confirmation drilling.”
Steven Craig, P. Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical contents of this News Release.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116625
From the offices of John Carter, CEO, Silver Bullet Mines
Everyone,
I know I just put an update out just last week but things are really moving fast !
I will make it quick :
Mill site is going great . Last major frame material arrived late but we got it now this week we can complete the screen frame and conveyor install then work on the chutes . Last but not least we are supposed to be drilling our well this week fingers crossed and then electrical. Do not anticipate a problem with supply as all components are NA made . Oh yah one other thing we are starting to stockpile ore at the millsite this week !
At the mine check out the new video on the website and on Utube. We now have our second access to The Treasure Room opened up and our destination is in sight ! Still lots of work but we are up for it !
On the Idaho front I said news is coming and it is . We are really making headway in anticipation of being on site in April! Really exciting.
On the corporate front I hope you saw the pr on the financing really phenomenal that we were able to accomplish this ! Over 80% of the funding came from existing shareholders. We have a few stragglers that will close this week but we did it ! Also I hope you saw the Metaverse PR ? We need to get people excited about SBMI and one of those ways is to think outside the box and that’s what we are doing! Always pushing the rope uphill.
As always make sure you check out the website https://urldefense.proofpoint.com/v2/url?u=http-3A__www.silverbulletmines.com&d=DwIFaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=alXGId5R9cxJuK5Z2z9UoGUtk8y1SZGhzm32O97Bmm8&m=ssPVP96Apg6XkukZTR94OnbkffjURiTeGk9VyKFC45o&s=pkmiaBI8vz5SSc6bLpj5xcc6KreLnv2VSIFUK7XkV2U&e= , follow us on Twitter @bulletmines and Utube silver bullet mines .
Again thank you for your continuing support!
Enjoy!!!!
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company is advancing the Kingsway Gold Project, located in the Gander Gold District of Newfoundland. The project is strategically located contiguous to New Found Gold’s Queensway Project and lies along strike to the northeast of their recent discovery of 92.86g/t Au over 19.0 meters.
Labrador Gold: https://labradorgold.com/ Ticker: TSX.V: LAB | OTCQX: NKOSF
Corporate Presentation: https://labradorgold.com/investors/presentations/
Telephone: (416) 704-8291 Email: info@labradorgold.com
Labrador Gold is partner/sponsor and we are shareholders.
Website | www.provenandprobable.com
Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/
VANCOUVER, BC, March 11, 2022 /CNW/ – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) announces that further to is news release dated March 9, 2022, the Company has issued 402,815 common shares in the capital of the Company (“Common Shares“) to Haywood Securities Inc. (“Haywood“) pursuant to a financial advisory agreement between Haywood and the Company. As previously described in the Company’s management information circular dated January 24, 2022 (the “Circular“), Dolly Varden engaged Haywood to provide financial advisory services in connection with Dolly Varden’s acquisition of a 100% interest in the Homestake Ridge gold-silver project from Fury Gold Mines Ltd. (“Fury“), which closed on February 25, 2022 (the “Transaction“). The Common Shares were issued to Haywood at a deemed price of $0.5896 per share for an aggregate value of $237,499, which represents a portion of Haywood’s fee for advisory services they provided to Dolly Varden in respect of the Transaction. The deemed price per share of $0.5896 is substantially equal to the price per share issued by Dolly Varden to Fury and Hecla Canada Ltd. in connection with the Transaction.
Further information regarding the Transaction is provided in the Circular and the Company’s news release announcing closing of the Transaction dated February 25, 2022. The Circular and closing news release are available under the Company’s profile on SEDAR at www.sedar.com.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
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.
SOURCE Dolly Varden Silver Corp.
View original content: http://www.newswire.ca/en/releases/archive/March2022/11/c3059.html
Burlington, Ontario–(Newsfile Corp. – March 11, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces it today has closed on $810,075 in its previously announced financing, bringing the total raised to date to $1,574,075.
This tranche represents 2,205,188 Units, with each Unit priced at $0.40 (forty cents). Each Unit consists of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). There is no acceleration clause on such warrants.
This is the second tranche of Units on which SBMI has closed. The first tranche of $764,000 was announced February 18, 2022. SBMI has further subscription agreements in hand which means SBMI will close on at least one further tranche before March 26, 2022.
These proceeds from the Financing will be used to complete the process of putting the Buckeye Silver Mine into pilot production in March, 2022, to advance work at the past-producing silver and gold Washington Mine in Idaho, and for working capital.
“This financing is a success for the company and the shareholders,” said A. John Carter, SBMI’s CEO. “Our original minimum target was $500,000 and the investors blew that number away. The funds raised in this financing have been budgeted to be more than enough to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine to where it can be ready for mineral extraction.”
Referral fees may be paid to arm’s length persons in connection with the issuance of the Units. Other than the subscription agreement, there will be no further offering material provided to Existing Security Holders or others related to Financing. The subscription agreement is available at the Company’s website https://www.silverbulletmines.com/technical-corporatedocuments.
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.
Vancouver, British Columbia–(Newsfile Corp. – March 11, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is issuing this news release to clarify its disclosure as a result of a review by the British Columbia Securities Commission. The Company has been advised that certain wording used in previous news releases and communication could have implied the existence of current mineral resources on projects controlled by the Company. All resource estimates are considered historical in nature and are based on prior data and reports prepared by previous property owners. Projects controlled by the Company do not host a current mineral resource at this time.
Following the review, the Company has made revisions to its corporate website and investor presentation, as well as removed certain historical disclosure from social media channels. The Company encourages shareholders to review the current corporate website and presentation at: www.provenancegold.com.
Qualified Persons
Certain historic disclosure issued by the Company was reviewed and approved by Rauno Perttu, the Chief Executive Officer of the Company, as a qualified person in accordance with National Instrument 43-101. Mr. Perttu is a registered Engineering Geologist with the Oregon State Board of Geologist Examiners. The Company has been advised that this registration does not meet the requirements for a qualified person in accordance with National Instrument 43-101, and as a result Mr. Perttu will no longer review and approve disclosure as a qualified person.
Steven Craig, P. Geo., an independent consulting geologist and qualified person for the purposes of National Instrument 43-101, has conducted a review of historical technical disclosure made by the Company and at the time reviewed and approved by Mr. Perttu. Mr. Craig has approved this disclosure based on the information that was available to the Company at the time and subject to the clarifications noted below. Mr. Craig has also reviewed and approved the technical contents of this News Release.
Eldorado Property
Disclosure made by the Company through social media channels on December 14, 2021 included references to a mineral resource at the Company’s Eldorado Property. The Eldorado Property does not host a current mineral resource. All resource estimates for the Eldorado Property are considered historical in nature and are based on prior data and reports prepared by previous property owners. While the Company does hope to produce a current resource estimate for the Eldorado Property in 2022, to date a qualified person has not done sufficient work to classify any of the historical estimates as current. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimates on the Eldorado Property can be classified as a current resource.
White Rock Property
Disclosure made by the Company through social media channels on August 16, 2021 and October 13, 2021 included references which could have implied the existence of a mineral resource at the Company’s White Rock Property. While the Company does hope to produce a maiden resource estimate for the White Rock Property in 2022, to date no resource estimate exists for the White Rock Property and any previous references to a resource should not be relied upon. The Company also cautions that past results and discoveries on properties in proximity to the White Rock Property are not necessarily indicative of the presence of similar mineralization on the White Rock Property.
Mineral Hill Property
Disclosure made by the Company through a news release issued on April 22, 2021 included references to historical bulk sampling of dumps existing on the Company’s Mineral Hill Property. These samples could have implied a value across the full range of dump material located on the Mineral Hill Property. The Mineral Hill Property does not host a current mineral resource. Disclosure of this information should not have been, and should not be relied upon until, a qualified person has done sufficient work to establish a current resource in accordance with current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories.
Silver Bow Property
Disclosure made by the Company through a news release issued on January 22, 2020 included references to the Silver Bow Property hosting a lower grade gold resource. The Company clarifies that to date no resource estimate exists for the Silver Bow Property and any such references should not be relied upon.
Economic Assessment
Certain historic disclosure issued by the Company includes references to the evaluation of the economic merits for development of the projects held by the Company. The Company clarifies that its current projects are at an exploration phase and have not yet advanced to a point where evaluation of the economic prospectus for development can be reasonably assessed.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in Eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116415
TORONTO, March 10, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) announces that it has filed a preliminary short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada except Québec. The base shelf prospectus, when final, will allow Eloro to qualify the distribution by way of prospectus of up to C$100 million, in aggregate, of common shares, warrants and units, or any combination thereof, from time to time during the 25-month period during which the base shelf prospectus is effective. The specific terms of any future offering will be established in a prospectus supplement to the base shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
Eloro is filing a base shelf prospectus to provide the Company with greater financial flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any securities of the Company at this time.
A copy of the preliminary short form base shelf prospectus is available under Eloro’s profile on SEDAR at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding future financings, if any, pursuant to the short form base shelf prospectus referred to above). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / March 10, 2022 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the final assay results from the Company’s Phase 2 Reverse circulation (“RC”) and Phase 3 diamond drill programs at the 100%-owned Carmacks project.
Live Webinar
Granite Creek Copper will be hosting a live webinar on Thursday, March 17 at 10am PT (1pm ET), during which President & CEO, Timothy Johnson will be joined by Project Geologist, Jacob Longridge, for a comprehensive update on the Company’s Carmacks copper-gold silver project, including Q&A. To register, click here.
The objective of the Phase 2 RC program was early-stage evaluation of additional targets adjacent to known zones as well as step-out drilling at Carmacks Norths’ Zone A area. The program was successful in identifying mineralization in 13 of 20 holes with several areas prioritized for follow-up diamond drilling in the 2022 field season. The Phase 3 diamond program was targeted at confirming the geometry in Zone 2000S, complementing hole CRM21-011 which intercepted 105 m of 1.18% Copper Equivalent (“CuEq”) (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag) (see news release dated August 24, 2021). Additional drilling was conducted in the central portion of Zone 13 to further upgrade resources in this zone (Figure 1).
Granite Creek President & CEO, Tim Johnson, commented, “We are extremely pleased with the results of our 2021 exploration program which achieved all of our objectives and exceeded our expectations in several important respects. We expanded sulfide mineralization in three of the main zones at Carmacks which will be reflected in an updated NI 43-101 resource estimate, followed by a new mine plan which is being developed to incorporate both oxide and sulfide material. We anticipate the sulfide resources could make a significant difference to the mine life and economics of the Carmacks deposit and we look forward to further defining that potential.”
The results of Phase 3 have highlighted the predictable geometry of zone 2000S (see Figure 2). Both drillholes intersected mineralization well below the current sulphide resource1,2, with drill hole CRM21-023 intersecting mineralization approximately 120 meters below the base of the inferred sulphide resource and extending through to approximately 230 m below the base of the current inferred sulphide resource. Two holes drilled in Zone 13 continue to highlight the potential of this zone with CRM21-025 intercepting 120.65 m grading 0.76% Cu, 0.016% Mo, 0.14 g/t Au, 2.53g/t Ag or 0.94% CuEq. These 2021 drill campaign results will be incorporated into an updated National Instrument 43-101 resource estimate being prepared by SGS Canada.
| Drillhole | From(m) | To(m) | Length*(m) | Cu(%) | Mo(%) | Au(g/t) | Ag(g/t) | CuEq** (%) | Zone |
|---|---|---|---|---|---|---|---|---|---|
| CRM21-022 | 233.70 | 302.00 | 68.3 | 0.51 | 0.009 | 0.13 | 2.30 | 0.66 | 2000S |
| CRM21-023 | 324.23 | 446.00 | 121.77 | 0.39 | 0.007 | 0.13 | 1.76 | 0.52 | |
| Including | 330.00 | 382.75 | 52.75 | 0.63 | 0.009 | 0.21 | 2.74 | 0.84 | |
| CRM21-024 | 54.80 | 93.00 | 38.20 | 0.79 | 0.005 | 0.16 | 3.27 | 0.95 | 13 |
| Including | 64.00 | 77.00 | 13.00 | 1.47 | 0.006 | 0.23 | 5.85 | 1.71 | |
| CRM21-024 | 106.50 | 158.70 | 52.20 | 0.26 | 0.010 | 0.06 | 1.01 | 0.34 | |
| Including | 134.00 | 149.00 | 15.00 | 0.36 | 0.021 | 0.08 | 1.28 | 0.51 | |
| CRM21-025 | 88.65 | 209.30 | 120.65 | 0.76 | 0.016 | 0.14 | 2.53 | 0.94 | |
| Including | 106.00 | 155.40 | 49.40 | 1.08 | 0.015 | 0.20 | 3.41 | 1.31 | |
| CRM21-025 | 283.75 | 287.85 | 4.10 | 1.76 | 0.014 | 0.14 | 7.99 | 1.99 |
Table 1- Highlights from of 2021 Phase 3 Diamond Drilling
** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 40-60% of the intersected widths.
Figure 1: Location of diamond and RC drilling in this release
Figure 2: Cross section through 2000S with deepest intercept (CRM21-023)
The phase 2 RC drilling was conducted in Zones 2, 5, 12 at Carmacks and Zone A at Carmacks North. The purpose of the program was to test zones peripheral to the deposit and find targets for follow up with the diamond drill. The program was most successful in Zone 5 where 4 of 4 holes intersected mineralization and, consequently, Zone 5 will be a priority for drilling in 2022. The program was also successful in Zone 12 where it was used to trace and test mineralization on the west side of the zone that is not included in the 2016 resource estimate. Six of seven holes in zone 12 intersected mineralization. At Zone 2, mineralization was intersected in 2 of 6 holes.
At Zone A, the drill was used to test geophysical targets, but the program was cut short due to drilling difficulties. One of the 3 holes intersected mineralization but the other two did not reach target depth due to difficult drilling conditions.
Table 1: Selected highlights from previously released 2020 and 2021 drillholes
| Drillhole | From(m) | To(m) | Length*(m) | Cu(%) | Mo(%) | Au(g/t) | Ag(g/t) | CuEq** (%) | Zone |
|---|---|---|---|---|---|---|---|---|---|
| CRM21-004 | 323.50 | 367.00 | 43.50 | 1.12 | 0.028 | 0.20 | 3.41 | 1.40 | 1 |
| Including | 338.50 | 367.00 | 28.50 | 1.57 | 0.042 | 0.29 | 4.53 | 1.96 | |
| and including | 352.00† | 367.00 | 15.00 | 1.80 | 0.066 | 0.33 | 4.81 | 2.31 | |
| CRM21-014 | 355.70 | 423.45 | 67.75 | 0.93 | 0.009 | 0.26 | 5.16 | 1.20 | |
| Including | 398.00 | 423.45 | 24.45 | 1.53 | 0.009 | 0.41 | 6.21 | 1.91 | |
| CRM21-019 | 277.95 | 345.30 | 67.35 | 0.93 | 0.011 | 0.31 | 4.23 | 1.23 | |
| Including | 322.00 | 345.30 | 23.30 | 1.7 | 0.016 | 0.57 | 7.51 | 2.27 | |
| CRM21-005 | 137.05 | 179.80 | 43.24 | 0.74 | 0.047 | 0.16 | 3.82 | 1.06 | 2000S |
| Including | 142.05 | 158.40 | 16.35 | 1.20 | 0.036 | 0.26 | 6.11 | 1.58 | |
| CRM21-006 | 194.40 | 278.20 | 83.80 | 0.64 | 0.012 | 0.13 | 3.23 | 0.81 | |
| Including | 229.20 | 278.20 | 49.00 | 0.87 | 0.018 | 0.17 | 3.88 | 1.10 | |
| Including | 248.76 | 266.20 | 17.44 | 1.21 | 0.033 | 0.22 | 5.11 | 1.53 | |
| CRM21-011 | 223.98 | 329.50 | 105.52 | 0.96 | 0.013 | 0.18 | 4.06 | 1.18 | |
| Including | 223.98 | 245.20 | 21.22 | 2.17 | 0.010 | 0.36 | 9.13 | 2.56 | |
| and including | 260.32 | 260.82 | 0.50 | 18.97 | 0.008 | 0.46 | 38.3 | 19.72 | |
| CRM20-001 | 102.85 | 230.12 | 127.27 | 0.61 | 0.028 | 0.131 | 2.14 | 0.85 | 13 |
| Including | 104.85 | 133.50 | 28.65 | 1.03 | 0.014 | 0.14 | 3.09 | 1.28 | |
| CRM21-021 | 132.15 | 229.00 | 96.85 | 0.62 | 0.014 | 0.20 | 3.04 | 0.84 | |
| Including | 132.15 | 168.00 | 35.85 | 0.82 | 0.013 | 0.20 | 3.80 | 1.04 | |
| and including | 207.65 | 229.00 | 21.35 | 0.80 | 0.021 | 0.43 | 3.51 | 1.21 |
[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.
[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Qualified Person
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and the Project Manager for the Carmacks Project.
Quality Control and Quality Assurance
Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Granite Creek Copper Ltd.
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