Burlington, Ontario–(Newsfile Corp. – March 30, 2022) – On March 25, 2022, Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announced an extension to close on the final tranche of its previously announced financing (the “Financing”). The Company announces it has now closed on the final round of the Financing. The gross cash proceeds from the Financing is $2,718,903.
“We thank the shareholders for their continued faith in our business plan and in our ability to execute on it,” said A. John Carter, SBMI’s CEO. “We had planned certain capital expenditures for some months out to improve the recovery rates for silver and copper at our mill in Arizona. The strength of the Financing empowers us to makes those expenditures now, which we expect will increase anticipated revenue and cash flow.”
The oversubscribed total represents 6,797,258 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.
The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The Financing was oversubscribed by more than 35% of the original maximum.
In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the Financing. A total of $73,352 was also paid in cash as referral fees.
An insider of the Company participated in the Financing which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relies upon the exemptions contained in MI61-101 in sections 5.5 and 5.7.
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 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, BC / ACCESSWIRE / March 29, 2022 / Metallic Minerals (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company“) is pleased to announce the appointment of Mr. Scott Petsel as President of the Company, effective immediately. Mr. Petsel has been Vice President of Exploration for Metallic Minerals since 2016 and will be supported in this key executive leadership position by Chairman and CEO, Greg Johnson.
Mr. Scott Petsel, MBA, P.Geo., has over 34 years of experience in all facets of mineral exploration with particular focus on large scale precious and base metals systems. In addition to having extensive international experience, he has spent more than 20 years working in the Yukon, Alaska and British Columbia on significant advanced exploration and development stage projects including the Galore copper-gold-silver project (Teck/Newmont), Donlin gold project (NovaGold/Barrick), Upper Kobuk copper-zinc-silver-gold projects (Trilogy/South 32), and the Kensington gold mine (Coeur) amongst others. Mr Petsel received his geology degree from Fort Lewis College in Durango, Colorado, near Metallic’s La Plata Project, and his MBA at the University of Nevada, Las Vegas. His extensive experience in, and knowledge of, the jurisdictions where Metallic Minerals is active represents a great asset to the Company.
Scott Petsel, Metallic Minerals President, stated, “I look forward to this expanded role with Metallic Minerals, engaging with the shareholder base and broader investment community in collaboration with, Greg, and working with our strong technical teams to advance our exceptional portfolio of assets. It’s an exciting time in the precious and base metals markets for a dynamic exploration and development company like Metallic Minerals. We expect 2022 to be pivotal year for the Company and we have significant and substantive news to deliver over the ensuing weeks, including the Company’s inaugural resource estimate at La Plata and a robust and dynamic field exploration season on all three of the Company’s projects.”
Metallic Minerals Chairman & CEO, Greg Johnson, stated, “Through his successful career, Scott has repeatedly demonstrated the ability to recognize potential tier one quality deposits, efficiently advancing significant exploration projects through discovery, resource expansion, and subsequent engineering and de-risking to generate shareholder value. Scott is a leader and consensus builder with extensive ESG experience developed through his hands-on engagement with First Nations, Alaska Native Corporations and local communities. As the Company enters this next period of rapid development on multiple projects, I am confident that Scott will contribute significantly to Metallic Minerals in this expanded role going forward.”
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver, gold and copper projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BCompany%253BScotty_(Star_Trek)%253BMining_engineering%253BMineral%253BKlondike_Gold_Rush%253BExploration%253BBase_metal%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252215bf794c-3e55-3efd-bd26-8a63306ab511%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
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.
TORONTO, March 29, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the latest assay results from diamond drilling that show high-grade intercepts of near surface gold mineralization along the Appleton Fault Zone at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program targeting the 12km strike length of the Appleton Fault Zone at Kingsway.
All ten holes were drilled at the Big Vein target and include intercepts of 17.63 g/t Au over 1.25m in hole K-21-98 and 14.50 g/t Au over 1 m from hole K-21-82 showing the presence of additional high-grade gold mineralization both down plunge and along strike. The intercept of 17.63g/t over 1.25m in hole K-21-98 is located approximately 250m southwest of the Big Vein discovery outcrop, the furthest southwest high-grade intersection to date. The mineralization remains open in this direction, and additional holes have been drilled in this area, for which results are pending. The 14.50g/t intercept in Hole K-21-82 infills the down plunge mineralization of the HTC Zone which remains open below 250m depth. Wider intervals of 1.25g/t Au over 7.20m in Hole K-21-82 and 1.82g/t Au over 10.8m in hole K-21-81 were also intersected from the Big Vein Zone and HTC Zone, respectively.
“We are encouraged by the intersection of high-grade mineralization in hole K-21-98, 250 metres along strike to the southwest,” said Roger Moss, President and CEO of the Company. “We are currently tracking multiple gold-bearing quartz veins over this 250m strike length at Big Vein. Mineralization remains open in both directions, to the northeast and southwest, and drilling will continue to step out in both directions as well as testing down plunge. Drilling is also ongoing at Golden Glove and the Pristine target and recently started at the Midway target.”
Hole ID
From
To
Length
Au (g/t)
K-21-109
17.15
18.30
1.15
4.60
K-21-98
123.00
126.00
3.00
1.73
150.00
151.25
1.25
17.63
K-21-89
228.00
229.00
1.00
1.74
K-21-87
59.00
63.00
4.00
1.30
K-21-86
76.00
77.00
1.00
1.79
K-21-82
53.24
60.44
7.20
1.25
including
53.24
54.04
0.80
4.09
146.00
150.00
4.00
1.98
167.00
168.00
1.00
3.07
172.80
173.80
1.00
14.50
K-21-81
179.20
190.00
10.80
1.82
including
179.20
180.20
1.00
5.16
and
189.00
190.00
1.00
3.95
K-21-80
35.00
36.00
1.00
1.30
140.00
141.00
1.00
1.17
142.00
143.00
1.00
1.26
181.00
182.00
1.00
1.32
220.70
221.50
0.80
2.19
K-21-78
157.00
158.00
1.00
1.72
264.00
265.00
1.00
1.43
k-21-77
197.00
199.00
2.00
1.32
Table 1. Summary of Assay Results All intersections are downhole length as there is insufficient Information to calculate true width.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Gander%252C_Newfoundland_and_Labrador%253BThe_Big_Vein%253BTarget_Corporation%253BTom%25C3%25A1%25C5%25A1_Hole%25C5%25A1%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522e5f8e8b7-5354-30d3-b97a-8893f827bb88%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres subparallel to the Appleton fault zone. It is located approximately 200m from the Appleton fault zone, through which the gold-mineralizing fluids likely migrated. At Big Vein, gold mineralization is closely associated with a secondary structure, the Big Vein fault zone, that separates siltstone and sandstone hosting the Big Vein zone from the finer shale that hosts the HTC and HTC footwall zones (see Figure 1).
Gold mineralization observed at Big Vein includes visible gold typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling. Drilling has produced high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite noted along vein margins and as strong disseminations in the surrounding wall rocks.
The ongoing 100,000 metre drill program has now tested Big Vein over approximately 250 metres of strike length and to vertical depths of 250 metres. A total of 37,393 metres of the planned 100,000 metres have been completed in 116 holes, primarily at Big Vein. Assays have been received for 51% of samples submitted to the laboratory.
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 155,354,110 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
TORONTO, ON / ACCESSWIRE / March 29, 2022 / (CSE:ROO) (OTC PINK:JNCCF) (Frankfurt:5VHA) – RooGold Inc. (“RooGold” or the “Issuer“).
RooGold is pleased to announce that it has signed Land Access Agreements at its top two ranked concessions, the Gold Belt (EL9226) and Gold Star (EL9215) properties that cover numerous historic gold workings, which are located adjacent to the Peel-Manning Suture Zone.
Highlights
Land Access Agreement (LAA) signed with NSW Forestry permitting exploration prospecting within areas of State Forest at Gold Belt (EL 9226).
Land Access Agreement (LAA) signed with landholder permitting exploration prospecting at the northern end of Gold Star (El 9215).
Landholder negotiations at other properties including Trilby (EL9242) and Lorne (EL9232) are continuing.
Strategic field sampling to commence in the near term at historic mine workings.
Carlos Espinosa, Chief Executive Officer and a Director of RooGold comments, “obtaining land access at Gold Belt and Gold Star is a key step in the progression of Roo Gold’s exploration work. Access has been granted over key areas of historic gold mining activities. Exploration reconnaissance work will commence soon.”
About RooGold Inc.
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which have 137 historic mines and prospects.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Freedom_to_roam%253BMining_engineering%253BCarlos_Espinosa%253BGold%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25220a5baf42-f24a-3c1a-a79b-8bb2e11a13cb%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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.
Burlington, Ontario–(Newsfile Corp. – March 25, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces an extension to close on the final tranche of its previously announced financing (the “Financing”). The Company has closed on two tranches already in the Financing and has outstanding subscription agreements in hand. The total amount when adding the cash from those two tranches and the outstanding subscription agreements is $2,518,903.
The TSX Venture Exchange has granted an extension to April 1, 2022 to allow SBMI to physically gather all payments for its outstanding subscription agreements. This is purely a logistical issue. There will be no new subscription agreements in the Financing.
“We thank the shareholders for their continued faith in our business plan and in our ability to execute on it,” said A. John Carter, SBMI’s CEO. “The funds raised in this financing have been budgeted to put the Buckeye Mine into production, to complete our mill, and to advance the Washington Mine in Idaho in the near-term to where it can be ready for mineral extraction.”
The oversubscribed total represents 6,297,258 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.
The Financing had an original minimum-maximum of $500,000 and $2,000,000 respectively. The Financing was oversubscribed by more than 25% of the original maximum.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Grant_Thornton_LLP%253BSilver_bullet%253BCompany%253BAuditor%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522e29233e5-690b-31e7-8ac4-a82e8dc8a260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
In connection with the Financing a total of 79,130 broker warrants were issued as referral fees to registrants, with such warrants having the same characteristics as those issued in the Financing. A total of $73,352 was also paid in cash as referral fees.
The strength of the Financing enables SBMI to implement additions to its mill in Arizona to increase recoverability. The modular nature of the mill allows such additions to be made relatively quickly. Management is of the opinion that the positive results of such improvements justify a minor delay to the start of processing material from the Buckeye Mine.
SBMI also announces that Grant Thornton LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective March 22, 2022, replacing McGovern Hurley LLP, (the “Former Auditor”).
Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company will be filed on SEDAR.
There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.
No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which McGovern Hurley LLP issued an audit report and the date of the Notice.
The termination of McGovern Hurley LLP, and appointment of Grant Thornton LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.
Finally, SBMI announces the resignation of Ronald Wortel from his officer position with the Company. He remains a member of the board of directors.
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 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, BC / ACCESSWIRE / March 24, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) reports the appointment of Bradley C. Peek, M.Sc., CPG as Vice President of Exploration. In addition, the Company has received final permits from Nevada’s Bureau of Land Management for a 12-hole in-fill resource development program focused on upgrading a portion of an existing Inferred resource to the Indicated category at its high-grade Zeus Lithium Project. The current NI-43-101 resource contains a 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. Noram is aggressively moving forward with completing a pre-feasibility study (“PFS”) by the end of 2022 after a Preliminary Economic Assessment indicates robust economics of NPV(8) US$2.67 billion and an IRR of 52% using a lithium carbonate price of US$ 14,250/tonne.
Figure 1 – Proposed drill sites for Phase VI Drill Program – Zeus Lithium Project
Zeus Lithium Project Drill Campaign and History
The Zeus project has undergone five previous drill campaigns (2016 – 2021), building one of the most significant lithium resources in Clayton Valley, Nevada. Noram is now proceeding with a Phase VI drill campaign, which is comprised of 12 “in-fill” holes to an approximate depth of 120m (393 ft). The program is expected to upgrade approximately 175 million tonnes of the current Inferred resource to the Indicated category which will have a significant impact on the PFS. Drilling will also provide fresh material for geotechnical and ongoing metallurgical testing and is an important data gathering exercise to be incorporated into the PFS, where the primary objectives are to upgrade and convert resources to reserves in developing the PFS mine plan and to obtain material for further metallurgical testing. Additional important objectives are to obtain additional information on lithology, mineralization, and clay speciation. Noram’s team has commenced preparing the drill pads and mobilizing a drill rig. Drilling will be carried out 24 hours a day with 2 teams until completion.
The Phase VI drilling program has been specifically designed to upgrade a large portion of the current Inferred resource to the Indicated category using the least number of drillholes. Noram expects this updated NI 43-101 compliant resource model to be complete by Q3, 2022.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Nor-Am_Cup%253BLithium_carbonate%253BCompany%253BMineral_resource_classification%253BZeus%253BNevada%253BBureau_of_Land_Management%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522f0a6d24f-ca2e-3331-bb02-9dadf8d3cd2b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“I would like to officially welcome Brad as the newest member of our senior management team in the role of VP of Exploration. Brad has worked with the Noram team since its inception as an external geological consultant. He has been instrumental in building the significant lithium resource that we have today at our Zeus Lithium Project,” stated Mr. Sandy MacDougall, CEO of Noram. “Brad has designed and overseen every drill program since 2016. Now as we push through to the completion of a pre-feasibility study in 2022, we are proud to have Brad join as an indispensable member of the team; elevating Noram as the Company accelerates exploration and development activities. With a robust treasury now exceeding CDN$18M, we are now fully financed to execute our goal of aggressively further de-risking the Zeus Project.”
About Brad Peek, M.Sc., CPG
Brad brings more than 40 years’ experience in global project management and mineral exploration. Mr. Peek received a Bachelor of Science degree in Geology from the University of Nebraska and a Master of Science degree in Geology from the University of Alaska. He also is a member of the Society of Economic Geologists, and the American Institute of Professional Geologists – Certified Professional Geologist, CPG11299.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, CPG, Vice President Exploration for Noram, who is a Qualified Person as defined under National Instrument 43-101.
The Company has also reserved for grant 1,710,000 incentive stock option at a price of $0.80 for a period of ten years from the date of grant. This grant is an amendment to a previous option grant reservation disclosed in a news release dated February 28, 2022, whereby the price and terms remain the same but the options granted have increased from 1,400,000 to 1,710,000 incentive stock options. The Company will grant these incentive stock options to directors, officers, and consultants of the Company. These options are exercisable at $0.80 per share for a period of ten years from the date of grant.
All options will be granted in accordance with the Company’s 10% Rolling Stock Option Plan.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and treasury exceeding US$18 million. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.
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).
VANCOUVER, BC / ACCESSWIRE / March 21, 2022 / (CSE:ROO) (OTC:JNCCF) (Frankfurt:5VHA) -RooGold Inc. (“RooGold” or the “Company“) is pleased to announce the appointment of Michael Singer to the Company’s board of directors. Mr. Singer replaces Warren Robb, who will stepping down to pursue other ventures.
Mr. Singer has extensive financial management, capital markets and corporate governance experience in the pharmaceutical and medical cannabis industries. He currently sits as a director of Aurora Cannabis Inc, having previously held the roles of interim CEO and Executive Chairman since May 2016. He formerly acted as the CFO of NASDAQ-listed Clementia Pharmaceuticals Inc., a Montreal based clinical stage biopharmaceutical company from May 2015 until July 2018. Michael has held numerous independent director roles in Canadian public health care companies. Michael is a chartered professional accountant (CPA, CGA) and holds a Graduate Diploma in Public Accounting from McGill University and a Bachelor of Commerce from Concordia University.
“We are very pleased to have Michael join our team at this time,” said Carlos Espinosa, President and CEO of RooGold. “Michael brings decades of experience in North American capital markets and an extensive network of contacts across many industries which will be of great benefit to the Company,” Mr. Espinosa continued “I would also like to thank Warren Robb for his valued contributions to RooGold, and wish him well in the future.”
Issuance of Stock Options
RooGold has issued 350,000 incentive stock options (the “Options“) to certain directors, officers, employees, and consultants of the Company. The Options have an exercise price of $0.30 and are exercisable for a period of five (5) years, expiring March 17, 2027. The Options will be subject to a two (2) year vesting schedule whereby 1/4th of the Options issued will vest every six (6) months from the Effective Date.
About RooGold Inc.
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which have 137 historic mines and prospects.
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.
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Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed and planned.
Figure 2
Preliminary W-E Geological Cross Section with Drill Holes METSBUG-01, METSBUG-02 and DSBU-03 (looking northwest)
Includes higher-grade sections in hole METSBUG-01 of:
261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0.81% Cu and 0.19% Sn) over 22.56m
599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over 17.60m
324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0.02% Cu and 0.31% Sn) over 30.01m
292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0.02% Cu and 0.12% Sn) over 31.72m
Hole DSB-25, drilled approximately 400m northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.11g Au/t, 0.13% Cu and 0.25% Sn) over 81.11m including a higher-grade section of 428.83g Ag eq/t (55.88g Ag/t, 0.19g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m
TORONTO, March 16, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole METSBUG-01 is an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, while step-out hole DSB-25 was drilled approximately 400m northwest of hole METSBUG-01. Both holes intersected major new extensions of the already large Santa Barbara mineralized zone.
The Company has completed 53,445m in 83 drill holes, including three holes in progress, as shown in Figure 1. Table 1 lists significant assay results from holes METSBUG-01 and DSB-25. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2 summarizes drill holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource Target Area
Hole METSBUG-01, an underground hole drilled for metallurgical sampling purposes from the Santa Barbara adit, was drilled at azimuth 10 degrees at a dip of -35 degrees to intersect the midpoint of an intercept of 184.97g Ag eq/t (29.53g Ag/t, 0.08g Au/t, 1.45% Zn, 0.59% Pb, 0.08% Cu, 0.056% Sn) over 257.5m in discovery hole DHK-15 (see Eloro’s January 26, 2021 press release; 164.87g Ag eq/t recalculated, up from 129.60 g Ag eq/t, using current metal pricing) to provide a representative sample in the higher-grade mineralized area of the Santa Barbara breccia pipe (Figures 1 and 2 and Table 1).
This hole intersected 182.34g Ag eq/t (29.85g Ag/t, 1.01% Zn, 0.64% Pb, 0.11% Cu and 0.11% Sn) over its full length of 351.0m including higher-grade sections of:
261.14g Ag eq/t (24.65g Ag/t, 0.15% Zn, 0.14% Pb, 0.81% Cu and 0.19% Sn) over 22.56m from 2.94m to 25.50m,
599.26g Ag eq/t (208.14g Ag/t, 0.28% Zn, 0.51% Pb, 0.56% Cu and 0.41% Sn) over 17.60m from 46.66m to 64.26m. This section included a remarkable sample over 1.42m from 55.43m to 56.85m which assayed 5,106g Ag eq/t (1,730g Ag/t, 0.42g Au/t, 2.15% Bi, 6.33% Cu and 3.55% Sn),
324.72g Ag eq/t (12.49g Ag/t, 1.88% Zn, 1.26% Pb, 0.02% Cu and 0.31% Sn) over 30.01m from 92.89m to 122.90m,
292.78g Ag eq/t (55.64g Ag/t, 2.70% Zn, 1.31% Pb, 0.02% Cu and 0.12% Sn) over 31.72m from 241.28m to 273.00m
As shown in Figure 2, a SW-NE cross section looking northwest, hole METSBUG-01, along with previously released drill holes METSBUG-02 (see Eloro’s February 23, 2022 press release) and DSBU-03 (see Eloro’s March 1, 2022 press release) define a major high grade mineralized area that extends across a width of approximately 600m to a depth of a least 600m and is open along strike to the northwest and at depth. It is significant to note that hole METSBUG-01 was mineralized from top to bottom and terminated in mineralization.
Importantly, mineralization, especially areas with higher tin grades, appears coincident with elevated magnetic susceptibility (Figure 2). Areas of elevated magnetic susceptibility appear much more expansive than current volumes of rock that have been drill tested, a good indication that more mineralization is yet to be discovered.
Step-out hole DSB-25, drilled approximately 400m northwest of hole METSBUG-01, intersected 25 reportable intersections with a best result of 205.13g Ag eq/t (25.01g Ag/t, 0.1 g Au/t, 0.13% Cu and 0.25% Sn) over 81.11m from 356.93m to 439.04m including a higher-grade section of 428.83g Ag eq/t (55.88 g Ag/t, 0.19 g Au/t, 0.28% Cu and 0.53 %Sn) over 17.93m from 379.18m to 397.11m. This hole continues to confirm the extent of significant mineralization in the northwest extension area of Santa Barbara.
Tom Larsen, CEO of Eloro, commented: “We are continuing to intersect wide areas of higher-grade mineralization which will enhance our planned inaugural National Instrument 43-101 mineral resource estimate. Longer holes are planned in this very prospective area of the Santa Barbara target to better define the full extent of the higher-grade areas which remain open both along strike and downdip.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “We are continuing to expand the extent of the remarkable silver-tin polymetallic mineralized system at Iska Iska. Additional holes are in progress to test the downdip and along strike extent of the high-grade zone in the southeastern part of the Santa Barbara target area. Drilling is also in progress, as outlined in the Eloro press release of March 1, 2022, to test the major targets in the Porco area indicated by the 3D inverse magnetic susceptibility model.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “Recent assays from drillholes METSBUG 1 and 2 and DSBU-03 have intersected highly enriched zones of Sn, Ag, Pb and Cu with local Au and Bi in stockworks, disseminations and a variety of breccia types including both volcanic explosive and later structurally controlled breccias. The strength and intensity of mineralization in these holes along with the elevated magnetic susceptibility which extends much further along strike and downdip suggests the possibility of a major feeder in this area.”
Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target Area as at March 16, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND METALLURGICAL DRILL HOLE
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
METSBUG-01
0.00
351.00
351.00
29.85
0.03
1.01
0.64
0.11
0.11
0.02
0.01
182.34
Incl
2.94
25.50
22.56
24.65
0.05
0.15
0.14
0.81
0.19
0.01
0.00
261.14
Incl
46.66
64.26
17.60
208.14
0.07
0.28
0.51
0.56
0.41
0.21
0.01
599.26
Incl
92.89
122.90
30.01
12.49
0.03
1.88
1.26
0.02
0.31
0.00
0.01
324.72
Incl
241.28
273.00
31.72
55.64
0.02
2.70
1.21
0.02
0.12
0.00
0.01
292.78
NORTHWEST EXTENSION DRILL HOLE
DSB-25
28.46
29.80
1.34
13.00
0.25
0.01
1.97
0.05
0.00
0.042
0.001
112.56
74.10
114.60
40.50
7.34
0.04
0.00
0.17
0.01
0.08
0.002
0.001
64.16
147.02
148.40
1.38
30.00
0.07
0.01
0.27
0.01
0.08
0.014
0.001
97.17
188.92
191.96
3.04
53.79
0.04
0.00
0.98
0.01
0.02
0.001
0.001
101.78
205.45
232.46
27.01
39.47
0.05
0.01
0.37
0.06
0.04
0.003
0.001
89.29
253.43
260.90
7.47
1.10
0.03
0.09
0.75
0.03
0.03
0.001
0.010
53.58
268.39
284.96
16.57
16.47
0.03
0.18
0.84
0.02
0.04
0.002
0.004
80.33
308.96
347.97
39.01
6.71
0.05
0.18
0.08
0.09
0.04
0.002
0.003
55.16
356.93
439.04
82.11
25.01
0.11
0.01
0.03
0.13
0.25
0.031
0.001
205.13
Incl.
379.18
397.11
17.93
55.88
0.19
0.01
0.04
0.22
0.53
0.086
0.001
428.83
463.20
511.86
48.66
1.09
0.02
0.03
0.47
0.01
0.12
0.001
0.029
94.26
539.20
542.20
3.00
4.50
0.08
0.87
0.20
0.01
0.01
0.006
0.030
67.28
564.70
570.69
5.99
2.61
0.04
0.02
0.01
0.05
0.09
0.006
0.003
65.41
591.03
593.99
2.96
4.48
0.07
0.01
0.00
0.15
0.14
0.035
0.001
120.46
612.04
615.03
2.99
6.99
0.12
0.00
0.01
0.08
0.08
0.005
0.001
73.20
630.04
643.52
13.48
3.99
0.17
0.01
0.00
0.09
0.04
0.005
0.001
57.42
663.01
664.51
1.50
7.00
0.06
0.04
0.02
0.57
0.02
0.363
0.001
168.61
682.50
685.53
3.03
10.53
0.02
0.05
0.00
0.26
0.14
0.004
0.001
133.31
691.50
697.50
6.00
4.37
0.16
0.10
0.01
0.05
0.04
0.078
0.001
67.41
703.50
713.87
10.37
9.46
0.53
0.39
0.01
0.08
0.06
0.183
0.001
145.81
719.90
725.82
5.92
4.29
0.03
0.39
0.15
0.06
0.05
0.014
0.001
67.07
739.43
742.41
2.98
3.00
0.07
0.30
0.07
0.06
0.04
0.061
0.001
69.46
755.97
760.52
4.55
4.89
0.17
0.18
0.03
0.08
0.07
0.043
0.001
86.36
766.54
768.03
1.49
7.00
0.04
0.19
0.03
0.19
0.09
0.032
0.001
101.64
772.54
778.59
6.05
6.23
0.10
0.75
0.05
0.20
0.06
0.042
0.003
121.20
796.54
798.03
1.49
3.00
0.09
0.11
0.09
0.06
0.03
0.347
0.001
107.40
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$722.56
1.0000
Sn
$42.56
0.0589
Zn
$3.30
0.0046
Pb
$2.33
0.0032
Au
$57,604.00
79.7221
Cu
$9.68
0.0134
Bi
$12.76
0.0177
Cd
$5.50
0.0076
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from March 16, 2022 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-22
S
7657208.4
204799.4
4145.0
225
-40
258.4
DSB-23
S
205341.0
7656535.0
4177.0
225
-40
661.3
DSB-24
S
205341.0
7656535.0
4177.0
225
-65
343.4
DSB-26
S
205044.5
7656982.6
4150.0
225
-40
815.4
DSB-27
S
205044.5
7656982.6
4150.0
225
-65
800.4
Subtotal
7244.1
Underground Drilling Santa Barbara Adit
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
DSBU-5
UG
205285.2
7656074.8
4165.0
0
-40
491.7
DSBU-6
UG
205285.2
7656074.8
4165.0
0
-65
253.5
DSBU-7
UG
205284.5
7656080.0
4167.1
235
-50
800.9
Subtotal
2116.1
DSBU-8
UG
205284.5
7656080.0
4167.1
200
-50
In progress
Surface Drilling South Extension Santa Barbara
DSBS-01
S
205300.0
7655563.0
4204.0
30°
-30
700.8
Subtotal
700.8
DSBS-02
S
205300.0
7655563.0
4204.0
0°
-45
In progress
Porco Target Area – Surface Drill Program
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
DPC-07
S
205090.0
7655343.7
4310.0
235
-65
791.4
DPC-08
S
205456.2
7655113.4
4175.9
243
-60
800.4
Subtotal
2295.7
DPC-09
S
205090.0
7655343.7
4310.0
235
-65
In progress
TOTAL
12,356.7
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 12,977m has been completed bringing the overall total to 53,445m in 83 drill holes (28 underground drill holes and 55 surface drill holes) including 3 holes in progress.
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. Mr. Joe Mihelcic, P.Eng., P.Geo., a QP under NI 43-101, of Clearview Geophysics completed the 3D magnetic inversion model in consultation with Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve and it is hoped that most of the sample backlog will be cleared in the next 4-6 weeks.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m). Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q2 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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