TRANSCRIPT PENDING
Proven ProbableCategory: Junior Mining
Vancouver, British Columbia–(Newsfile Corp. – December 9, 2021) – StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce the initial drill results from the 2021 exploration program at the 100%-owned Willoughby gold-silver property, located east of Stewart in British Columbia’s prolific Golden Triangle.
Results have been received from the first of four areas drilled during the 2021 season targeting extensions to mineralization along strike identified during the 2020 drilling program. Gold-silver mineralization was encountered in all holes. Highlights include:
- 7.34 g/t Au and 202.85 g/t Ag or 10.24 g/t AuEq over 6.16 meters in W21-109
- 3.78 g/t Au and 10.45 g/t Ag or 3.93 g/t AuEq over 4.0 meters in W21-110
- 4.18 g/t Au and 3.47 g/t Ag or 4.23 g/t AuEq over 7.0 meters in W21-110
High-grade gold-silver mineralization encountered in drill hole W21-109 is a step-out of approximately 25 meters down-dip from 2020 intercept W20-106 which intersected 10.04 g/t Au and 5.61 g/t Ag or 10.12 g/t AuEq over 7.72 meters within a broader interval of 4.19 g/t Au and 18.28 g/t Ag over 27.78 meters.
“Willoughby continues to deliver wide, high-grade intervals of gold-silver mineralization in multiple areas. We are building continuity of structurally-controlled and intrusive-related mineralization and are excited for further incoming results from the rest of the 2021 Willoughby program as well as drill results from our Porter Silver project,” said Shawn Khunkhun, President and CEO of Strikepoint Gold.
During the 2021 program, 4,050 meters of core drilling in seventeen holes were completed at the Willoughby Property as well as extensive surface chip-channel sampling and mapping of well-exposed, gold-silver mineralization within disseminated to massive sulphides that were follow up to 2020 surface results and in-field observations. The objective of the program was to targets gaps between previously drilled high-grade zones at Willoughby as well as the Willow zone one-kilometer to the north that hosts analogous high-grade mineralization. Assays are currently pending for the remaining 13-holes, as well as all surface sampling results.
Drill holes W20-108 to W20-111 were collared from the same site, testing extensions of the mineralization identified during the 2020 drill program. Drill hole W21-109 intersected 7.34 g/t Au and 202.85 g/t Ag or 10.24 g/t AuEq over 6.16 meters and W21-110 intersected 2.48 g/t Au and 5.30 g/t Ag or 4.23 g/t AuEq over 4.0 meters and 4.18 g/t Au and 3.47 g/t Ag or 4.23 g/t AuEq over 7.0 meters. These holes are interpreted to occurs within the hanging wall of a shear structure with steep southwest dip associated with dominant sulphide mineralization including semi-massive to sheeted pyrite-galena-sphalerite-chalcopyrite. Holes W21-108 & W21-111 stayed in the footwall to the zone, however sheeted vein sets were observed at depth and are interpreted to indicate close proximity to the mineralized structure which is consistent with surface observation.
Figure 1. 2021 & historic Willoughby Drillhole plan view map with gold assay results for the 2021 drill results
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5044/107177_0e5c81a9e4471b00_001full.jpg
The causative, diorite intrusive rocks at Willoughby are considered comparable to, and potentially co-magmatic with, the Goldslide intrusive suite associated with mineralization at Ascot’s Red Mountain deposit, located seven kilometers west of the property. These intrusive sills are interpreted to have pooled gold bearing-sulphides in permissive Jurassic-aged volcanic rock package below the intrusion creating wide areas of disseminated gold-silver mineralization. This was encountered in the following intercepts: W21-108 1.24 g/t Au and 1.51 g/t Ag over 15-meters, W21-109 2.66 g/t Au and 13.18 g/t Ag over 4.7 meters, W21-110 1.60 g/t Au and 3.19 g/t Ag over 8.5 meters, and W21-111 0.86 g/t Au and 1.70 g/t Ag over 11.0 meters.
Complete results are as follows:
| Hole-ID | Azimuth/Dip | From (metres) | To (metres) | Length (metres) | Gold (g/t) | Silver (g/t) | Gold Equivalent (g/t) |
| W21-108 | 79/-68 | 183.00 | 186.00 | 3.00 | 0.96 | 11.25 | 1.12 |
| 210.00 | 225.00 | 15.00 | 1.24 | 1.70 | 1.26 | ||
| incl. | 210.00 | 217.00 | 7.00 | 1.95 | 0.89 | 1.96 | |
| 235.00 | 241.00 | 6.00 | 2.57 | 6.52 | 2.66 | ||
| incl. | 235.00 | 238.00 | 3.00 | 3.83 | 6.83 | 3.93 | |
| 257.50 | 258.50 | 1.00 | 3.66 | 2.40 | 3.69 | ||
| 314.00 | 315.00 | 1.00 | 2.35 | 11.50 | 2.51 | ||
| W21-109 | 45/-70 | 171.30 | 176.00 | 4.70 | 2.66 | 13.18 | 2.84 |
| 184.00 | 188.00 | 4.00 | 1.06 | 2.43 | 1.09 | ||
| 271.00 | 272.50 | 1.50 | 0.89 | 2.6 | 0.89 | ||
| 285.34 | 291.50 | 6.16 | 7.34 | 202.84 | 10.24 | ||
| 306.50 | 308.00 | 1.50 | 2.00 | 3.00 | 2.04 | ||
| W21-110 | 45/-73 | 188.00 | 192.00 | 4.00 | 3.78 | 10.45 | 3.93 |
| 199.50 | 208.00 | 8.50 | 1.60 | 3.19 | 1.65 | ||
| incl. | 199.50 | 203.50 | 4.00 | 2.64 | 5.21 | 2.71 | |
| 237.00 | 241.00 | 4.00 | 2.48 | 4.1 | 2.54 | ||
| 284.00 | 291.00 | 7.00 | 4.18 | 3.47 | 4.23 | ||
| W21-111 | 63/-74 | 202.00 | 213.00 | 11.00 | 0.86 | 1.70 | 0.88 |
| incl. | 202.00 | 204.00 | 2.00 | 2.41 | 4.10 | 2.47 | |
| incl. | 212.00 | 213.00 | 1.00 | 1.10 | 2.20 | 1.13 | |
| 223.50 | 225.00 | 1.50 | 0.94 | 9.80 | 1.08 | ||
| 243.00 | 249.00 | 6.00 | 0.70 | 10.6 | 0.85 |
Table 1: Highlight drill intercepts from oriented core diamond drilling at the Willoughby project. Gold equivalent calculated using a 70:1 Ag:Au ratio.
**True widths are not known at this time. All widths reported are drilled length.
StrikePoint also announces that it has adopted a new stock option plan (the “Fixed Stock Option Plan Up To 10%”). The Plan is subject to TSX Venture Exchange approval and can be viewed in its entirety on SEDAR.
Willoughby Gold-Silver Project
Willoughby is located along the eastern margin of the Cambria Icefield, approximately seven kilometres east of Ascot Resources advanced-staged Red Mountain deposit. The property is underlain by Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks that have been intruded by an early Jurassic-aged hornblende-feldspar porphyry, potentially comagmatic with the Goldslide Intrusive suite at Red Mountain deposit. Intrusive-related, structurally-controlled and replacement-style mineralized linked consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, native gold. Eight gold and silver mineralized zones have been identified to-date over a one-kilometre strike-length mineralization trend.
QA/QC
Samples for the 2021 exploration program were all NQ sized (47.6mm diameter) drill core labelled, sawn in half, with one-half placed in sealed bags and shipped with a chain of custody controls to the laboratory. The remaining drill core is subsequently securely stored in Stewart, BC. The company implements a rigorous Quality Control/Quality Assurance program, including the insertion of standards, blanks, and duplicates at regular intervals in the sample stream to monitor laboratory performance.
Drill core samples are submitted to the ALS Geochemistry facility in Terrace, British Columbia, for preparation and subsequently to the ALS Geochemistry facility in North Vancouver for analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into a representative sub-sample using a riffle splitter, and subsequently, 250 g is pulverized. Analysis for gold is by 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and an upper limit of 10ppm. Samples with gold assays greater than 10ppm are re-analyzed using a 30g fire assay fusion with a gravimetric finish. Analysis for silver is by 30 g fire assay fusion with gravimetric finish with a lower limit of 0.5 ppm and an upper limit of 100 ppm. Samples with silver assays greater than 100 ppm are re-analyzed using a gravimetric silver concentrate method. All samples are also analyzed using a 33 multi-elemental geochemical package by 4-acid digestion (ICP-AES).
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to Strikepoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About StrikePoint
StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter project and the high-grade gold Willoughby property, adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.
“Shawn Khunkhun”
Shawn Khunkhun
Chief Executive Officer and Director
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 602-1440
E: sk@strikepointgold.com
W: www.strikepointgold.com
YERINGTON, Nev., Dec. 09, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today provided an operations update and overview of the H2 2021 milestones achieved at its underground mine at the Company’s Pumpkin Hollow Project (the “Underground Mine”).
The Company has experienced a significant reset and demonstrated significant operational and corporate improvements in H2 2021. These milestones provide a foundation for an accelerating pace of operational ramp-up.
“I am very pleased with the progress the Company has made in H2 of this year,” stated Randy Buffington, President and Chief Executive Officer. “Our mining rates, a key metric for ramp-up production advancement, have been increasing month over month. We are now seeing the efficiencies generated from the advanced management systems implemented in Q3 of this year. The building blocks are in place for increased mining rates and production as we move into H1 of next year.”
Operations
- Equipment availabilities materially improved: 14% improvement from 65% to 74% in total fleet availability since the beginning of Q4, 2021. Additional equipment expected to be added in Q4, 2021.
- Contractor performance improved: Productivity increased by 31% from 1.75 to 2.29ft per person shift between October and November resulting in substantial improvement in operating efficiency as well as cost reductions.
- Increased mining development rates: Sequential monthly increases in development rates, a key leading indicator of production ramp-up, delivered since management changes in August 2021. Rates achieved in December are currently 50% higher than August. Commissioning of additional bolters planned to deliver a further 50% increase in development rates in the coming weeks.
- Consistent mill performance: Milling operations have performed well throughout 2021, with batch processing reaching 4700tpd, recoveries over 90% and concentrate quality performing in-line with design specifications.
- Dike crossing completion: First crossing of the water bearing dike was completed in August 2021, and the second crossing is anticipated to occur later this year. No further crossings are required during the ramp up to 3ktpd expected in H1, 2022.
- Ventilation infrastructure in place: All underground ventilation infrastructure was completed in H1 2021. Final addition of surface ventilation fans remains on schedule, with commissioning planned to be completed in January, 2022, with ventilation no longer expected to be a constraint to production rates thereafter.
Corporate
- Transformational financing completed:
- Closed C$125m public equity offering in November 2021, with a significant portion of the funds provided by select mining sector corporates. This was further complemented by broad participation from other new and existing institutional investors.
- The upsized financing provides additional liquidity to fund exploration and expansion studies at the Company’s open pit project (the “Open Pit Project”) in addition to the ramp-up of Underground Mine.
- Significantly enhanced balance sheet flexibility:
- Long term debt reduced by approximately 30% during Q4, 2021.
- First debt repayment under the Company’s senior credit facility with KfW-IPEX Bank deferred by 2 years to July 2024.
- Hiring of key management positions:
- Joining as Chief Executive Officer on October 6, 2021, Randy Buffington brings substantial operational and development experience in both underground and open pit mines in Nevada and internationally.
- 8 key operational management positions added in H2 2021, resulting in operational improvement and enhanced planning and execution systems.
- Development
- Developed program for Open Pit Project resource extension and feasibility study: The budget and execution plan have been defined and the Company expects that drilling to support the updated open pit feasibility study will commence in Q2 2022, potentially sooner depending on drill rig availability.
- Open Pit Project Decarbonization Program Advanced:
- Solar power studies were completed in 2021, which show:
- Pumpkin Hollow benefits from ample sun and land to support a large solar project with the capacity to meet a significant portion of the Open Pit Project’s power requirements;
- The solar potential at the site is up to 200MW;
- The already low grid power costs in Nevada could be further reduced through an on-site solar plant; and
- A third-party solar project provides an option to remove upfront power infrastructure costs from the Open Pit Project.
- Electric fleet study for mobile mining equipment fleet electrification at the Open Pit Project was completed by US-based energy and sustainability consultant Sprout Energy, which concluded:
- Scope 1 carbon emissions over the life of mine could be reduced by approximately 10% of total estimated emissions; and
- Fuel and maintenance costs could be reduced by up to approximately US$200m over the life of mine.
- Solar power studies were completed in 2021, which show:
- Exploration
- Undertook further property reconnaissance on the Copper Ridge Area, which is located to the northeast of the Open Pit.
- Defined target exploration plan: Initiated further refinement and interpretation of the newer geophysics in key areas such as Tedeboy, Tedeboy porphyry and Copper Ridge.
- Initial grab sampling and mapping of these areas have resulted in areas with high grade copper samples. Surface mapping and sampling are planned for Q1 of 2022, supporting the commencement of drilling in Q2 2022.
Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., VP Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a consultant to Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale Open Pit Project, which is advancing towards feasibility status.
NEVADA COPPER CORP.
www.nevadacopper.com
Randy Buffington, President and CEO
For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179
Cautionary Language
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development, production and ramp-up objectives, exploration activities, equipment installation and the completion of a new feasibility study.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information or statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
TRANSCRIPT PENDING
VANCOUVER, BC / ACCESSWIRE / December 8, 2021 / Noram Lithium Corp. (“Noram” or the “Company”) (TSX – Venture: NRM / Frankfurt:N7R / OTCQB:NRVTF) today announced the summary results of a National Instrument 43-101 compliant Preliminary Economic Assessment (“PEA”) for the high-grade lithium deposit at its wholly-owned Zeus Lithium Project (“Zeus” or the “Project”) located less than 1 mile from Albermarle’s Silver Peak Mine, which is currently the only lithium production facility in the United States. The PEA was prepared by ABH Engineering (“ABH”,) an independent engineering services firm with extensive experience in mining and mineral processing. All dollar values are in US dollars.
PEA Highlights
- Robust Economics.
- $1.299 Billion Net Present Value (“NPV”). Base case after-tax Net Present Value (“NPV”) of $1.299 billion (8% discount rate).
- 31% Internal Rate of Return (“IRR”). Base case after-tax IRR of 31%.
- Capital Costs(“CAPEX”). Estimated initial CAPEX of $528M with after-tax payback period of 3.23 years.
- Gross Revenue of $303.4 Million/year
- Low Operating Cost. Operating Cost (“OPEX”) of $3,355.30/tonne Lithium Carbonate Equivalent (“LCE”) with a break-even price of $4016.6/tonne LCE LOM.
- Long Mine Life (“LOM). The mine production rate during full operation is set at 17,000 tpd. The production schedule uses ore from the first 11 phases, which results in 40-year mine life (“LOM”). The mine production schedule results in 245.4 million tonnes averaging 1,093 ppm Li.
- Very Low Strip Ratio. Mining strip ratios are very low, averaging 0.07:1 for LOM. Mining consists of a truck and shovel method, with blasting being unnecessary due to the ore softness.
- Low Environmental Impact. The leaching and filtration flowsheet includes dry stack tailings, thus, eliminating the environmental risk and long-term management issues associated with tailings ponds.
- LCE market Price. Base case market price of $9500/tonne LCE is well below long term forecasted rate of $14,000/tonne[1].
- Price Sensitivity. As noted in the sensitivity chart below, the after-tax NPV reaches $2.665 billion at $14,250/Tonne LCE (8% discount rate).
“We are thrilled with the results of this PEA,” stated Sandy MacDougall, Noram’s Chief Executive Officer and Director. “This study represents the most significant milestone to date for Noram and establishes us among limited peers as the newest low cost, high-grade, near-term lithium producer in North America. I am very pleased with what our team has achieved quickly, on schedule, and at the opportune time considering current and forecasted demand for Lithium Carbonate. This initial economic assessment is the most significant step to date towards our goal of lithium production and provides the market with a benchmark to evaluate our project’s viability and value compared with other lithium developers. We are excited as we enter 2022 pushing aggressively towards the completion of a Pre-Feasibility Study.”
| Net Present Value (“NPV”) | US$1.299 Billion |
| Internal Rate of Return (“IRR”) | 31% |
| Life of Mine (“LOM”) | 40 years |
| Operating Cost (“OPEX”) | US$3355.30/tonne |
| Capital Cost Estimate | US$528 Million |
| Average Annual Production Lithium Carbonate Equivalent (“LCE”) | 31,900 tonnes |
| Average Daily Mine Production Rate LOM | 17,000 tpd |
| LOM Production | 245.4 MT @ 1093 ppm Li |
| LCE Market Price used in PEA Study* | US$9500/tonne |
| Strip Ratio | 0.07 : 1.00 |
| Pay Back Period | 3.23 years |
| Gross Revenue per Year | US$303.4 Million |
PEA Summary
Infrastructure
The project is located next to the Cypress Development’s Clayton Valley Lithium Project and within 1 mile of Albermarle’s Silver Peak Lithium Mine. The Project is accessible via the Silver Peak Road, a two-lane road that connects the Silver Peak mine with Highway 95 to the east. General site infrastructure includes administration, laboratory, warehouse, reagent, comminution plant, and lithium recovery plant. Tailings are to be conveyed to the tailings storage areas for final spreading and contouring by dozers.
Metallurgical Testing
The objective of the metallurgical test program conducted on the Zeus Lithium deposit was to develop a viable process flowsheet to produce lithium carbonate. Information generated during the test program was used to define the process variables. Metallurgical testing began in 2018 at Actlabs Ltd (Actlabs) and AuTec Innovative Extractive Solutions Ltd (AuTec). This PEA report includes metallurgical test work conducted by SGS Canada Inc. in collaboration with ABH Engineering.
The following observations, conclusions and interpretations were obtained from the metallurgical test program:
- Zeus Lithium deposit ore is soft and disintegrates easily if agitated in water.
- Sulfuric acid solution effectively leaches lithium at high extraction.
- Test work achieved 90% lithium extraction at 65°C, 30% solids density and 2 hours residence time.
Mine Option Selection
An ultimate pit of processable material will be created, consuming most of the property area. The ultimate pit has been divided into phases of which the first 11 contain enough resources for 40 years of production at a 17,000 tpd production rate. Resources contained within the entire ultimate pit limits provide enough ore for over 190 years of production at 17,000 tpd. All resources regardless of the material classification are treated equally for the purpose of this study.
An optimized cut-off grade of 850 ppm was used to schedule the processed feed, compared to the economic cut-off grade of 400 ppm. Low-grade ore with grades between the economic cut-off of 400 ppm and optimized cut-off of 850 ppm are scheduled to be deposited in the low-grade ore stockpile. This is done to initially increase the average processed ore grade and improve the overall economics of the project by accelerating higher grade material to earlier years.
| Category | Units | Value |
| Gross Revenue | $M | 303.4 |
| Operating Cost | $/tonne LCE | 3,355.3 |
| Capital Cost | $M | 528.0 |
| Property tax | % of Capex | 1.05% |
| State Tax | % | Up to 5% |
| Federal Tax | % of net income | 21% |
| Discount Rate | % | 8% |
| Pre-Tax NPV (8%) | $M | 1,675.1 |
| After-Tax NPV (8%) | $M | 1,299.9 |
| Pre-Tax IRR | % | 36% |
| After-Tax IRR | % | 31% |
| Payback Period | years | 3.23 |
| Break-even Price (0% IRR) | $/tonne LCE | 4,016.6 |
Economic Analysis for Zeus Lithium Project
Sensitivity Analysis at 8% NPV with Varying Conditions
| Measured | ||||
| Li Cutoff (ppm) | Tonnes x 1,000,000 | Li Grade (ppm) | Contained Li (tonnes) | LCE (tonnes) |
| 400 | 66.74 | 927 | 61,863 | 329,299 |
| 600 | 61.34 | 964 | 59,128 | 314,738 |
| 800 | 46.47 | 1051 | 48,840 | 259,975 |
| 1000 | 27.70 | 1150 | 31,854 | 169,558 |
| Indicated | ||||
| Li Cutoff (ppm) | Tonnes x 1,000,000 | Li Grade (ppm) | Contained Li (tonnes) | LCE (tonnes) |
| 400 | 296.42 | 922 | 272,297 | 1,454,762 |
| 600 | 279.66 | 947 | 264,837 | 1,409,728 |
| 800 | 221.64 | 1007 | 223,193 | 1,188,059 |
| 1000 | 103.76 | 1128 | 117,044 | 623,023 |
| Measured + Indicated | ||||
| Li Cutoff (ppm) | Tonnes x 1,000,000 | Li Grade (ppm) | Contained Li (tonnes) | LCE (tonnes) |
| 400 | 363.15 | 923 | 335,191 | 1,784,222 |
| 600 | 341.00 | 950 | 323,945 | 1,724,361 |
| 800 | 268.11 | 1014 | 271,865 | 1,447,135 |
| 1000 | 131.46 | 1133 | 148,945 | 792,836 |
| Inferred | ||||
| Li Cutoff (ppm) | Tonnes x 1,000,000 | Li Grade (ppm) | Contained Li (tonnes) | LCE (tonnes) |
| 400 | 827.22 | 884 | 731,261 | 3,892,501 |
| 600 | 715.91 | 942 | 674,383 | 3,589,743 |
| 800 | 546.48 | 1013 | 553,588 | 2,946,750 |
| 1000 | 265.47 | 1134 | 301,043 | 1,602,452 |
Final Tonnages and Grades of the Classes of Mineral Resources
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp (TSX – Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low – cost supplier. The Company’s primary business is the Zeus Lithium Project (“Zeus”) in Clayton Valley, Nevada. The Zeus Project has a recently updated resource estimate of 363 million tonnes at 923 ppm lithium measured + indicated resources, and 827 million tonnes lithium at 884 ppm lithium inferred resources (400 ppm Li cut-off).
Noram’s long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of North America, Europe, and Asia.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
CEO, Director
Investor Relations Contact:
Rich Matthews
Managing Partner
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179
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.
[1] Lithium Carbonate Price (2015-2040) (Lane, T.; Harvey, J. T.; Fayram, T.; Samari, H.; Brown, J. J.;, 2018)
SOURCE: Noram Lithium Corp.
View source version on accesswire.com:
https://www.accesswire.com/676501/Noram-Lithium-Corp-Zeus-PEA-shows-31-After-Tax-IRR-USD1299-Billion-After-Tax-NPV
Maurice Jackson:
Joining us for a conversation is Shawn Khunkhun, the CEO of Dolly Varden Silver Corp. It’s a great time to be speaking with you as Dolly Varden Silver has just expanded their footprint in the highly prospective Kitsault Valley trend located in the prolific Golden Triangle of British Columbia. Before we begin, Mr. Khunkhun, please introduce us to Dolly Varden Silver and the opportunity the company presents to shareholders.
Shawn Khunkhun:
Dolly Varden has just announced today that we are set to acquire Homestake Ridge from Fury. Up until this moment, Dolly Varden was a silver-focused company in the Golden Triangle with a mineral endowment of 44 million ounces of high-grade silver. What today’s announcement proposes, is Dolly Varden is going to have a shareholder vote. We’ve got support from one our larger shareholders, Eric Sprott, who has not only publicly given his support, but he’s actually signed up support and lockup agreements for this transaction.
Shawn Khunkhun:
We are looking to unify the Kitsault Valley trend, which is comprised of 7 known deposits along 15 kilometers of Hazleton Rocks in the Golden Triangle, of which 4 of these deposits are on the Dolly Varden side and 3 are on the Homestake Ridge side. The amalgamation would also dramatically increase our mineral inventory taking us from 44 million ounces of high-grade silver to 137 million ounces of high-grade silver equivalent. To look at it through a gold lens, we would be at over 1.8 million ounces of high-grade gold.
Maurice Jackson:
Now before we get into the details of the transaction, please acquaint us with the Homestake Ridge Project, which hosts a resource in the inferred and indicated category of both gold and silver, along with a PEA.
Shawn Khunkhun:
Homestake Ridge, looking at it based on their gold ounces, has about 900,000 ounces of gold, about 18 million ounces silver, or one could look at it through a gold lens of 1.2 million ounces gold equivalent or 93 million ounces silver equivalent. It’s a project that is situated in the Golden Triangle. It’s a project that is open at depth and along strike. And it’s a project that hosts some very, very impressive grades.
And some of the opportunities at Homestake Ridge are there are some high-grade areas that not only do you have 20, 30 gram per ton gold material, but you have it over wide intervals. There are some tremendous opportunities to take some of the inferred resources and move them along into the indicated category. But you’re probably going to have some big surprises there in that just as Dolly Varden saw last year at our Torbrit Mine, which is a silver-rich mine, there is a tremendous opportunity when you vector into the high-grade.
Shawn Khunkhun:
For example, our resource on our side of the property is 300-gram silver. We did some infill drilling last year and we were finding that the resources were understated, as we were finding 450 gram material over big wide intervals. I suspect those same opportunities are going to persist on the Homestake side of the trend.
But the real story here, is that there are 5.5 kilometers in between the two projects that have never been explored. And both companies independently had done some geophysical work that has both concluded in three large geophysical anomalies in between, so I suspect we’ll move from seven deposits potentially to 10 and counting. We feel confident that there’s a huge, huge exploration upside before us.
Shawn Khunkhun:
I came into Dolly Varden in February 2020. This was a company that had $3 million in the bank. It had 44 million ounces in the ground and it had a $20 million market cap. Post this transaction, this is a $125 million company with 140 million ounces of silver equivalent in the ground, boasting an impressive treasury and with an experienced technical team that will continue to unlock discovery opportunities.
Maurice Jackson:
Now I have to ask you, sir, how were you able to acquire the Homestake Ridge? Could you walk us through the details of the transaction?
Shawn Khunkhun:
I think it was just one of these situations where when an M&A deal works for both parties, it’s the best. I really believe in business, how do you create win-win-win opportunities, whether it’s with our first nations partners, the Nisga’a, where we bring employment opportunities and they give us social license to do our exploration work.
Or whether it’s in the case of this M&A transaction where Fury is undervalued based on the incredible mineral endowment they have. And they’ve got 3 great projects in Canada, but the challenge with 3 great projects is how do you advance them all? Therefore, what Fury Gold Mines will be doing is they’re partnering with us. Ivan Bebek, Fury’s chairman, wants to ride the upside in Dolly Varden stock. So we structured a deal where we allowed him to ride the upside by becoming a 37% shareholder.
Shawn Khunkhun:
Now that’s a lot of trust to place in an outside party. They signed escrow agreements so that their stock is held up longer than the traditional hold periods. And there are all sorts of other parts of the investor rights agreement that are quite favorable for Dolly Varden shareholders, but they’re able to ride in the upside. As this project gets re-rated because it’s now got scale and there are the obvious synergies when his shares become re-rated and as we move into the latter stages of a precious metals bull market, these shares are going to be worth a lot more than 60 cents a share. And there was a pretty meaningful cash component to the deal as well. Dolly Varden is parting with $5 million worth of cash that Fury now can then take to advance either Eau Claire or Committee Bay.
Maurice Jackson:
Now we’ve covered the current resources. What can you tell us about further exploration upside potential?
Shawn Khunkhun:
The key is, so we have a northern property, northern deposit called Wolf, which is nearby Torbrit, which is the big granddaddy, 50 million ounce silver discovery on our property. Two kilometers away you have the Wolf and there’s a tremendous two-kilometer opportunity between Torbrit and Wolf.
Now going north from Wolf, you’ve got South Reef, which is Fury’s southern-most project. The big exploration opportunity is in the five and a half kilometers that lie in between South Reef and Wolf. I haven’t had the incentive to drill north. I’m not going to be positioning my drill rigs going on to Fury’s ground, defining mineral inventory on their side of the property. Likewise, Tim Clark and the team at Fury weren’t going to be drilling south. Now that we’ve unified, now that there’s 100% interest in one entity, that is going to be a huge area of focus going forward.
Maurice Jackson:
Now to coincide with this upside potential. How will the addition of the Homestake Ridge Project impact infrastructure?
Shawn Khunkhun:
There was a PEA that was produced that looked at one mill to develop the project at Homestake Ridge. The obvious synergy is for the company to release a PEA where you’ve got one mill, two projects. So from CAPEX to exploration to development, there are tremendous synergies by having one entity. And then I think as we are demonstrating that we are the lead consolidator in the area and if we have the hub, the mill will attract other projects that are in the area that don’t have the capital, or maybe not large enough as a standalone operation, they will be coming into the Dolly Varden Mill.
Maurice Jackson:
By consolidating the region Dolly Varden Silver now has a commanding land position at the southern tip of the Golden Triangle. But there’s more to the transaction. You’ve added some icing on the cake by merging the synergies and expertise from Fury Gold Mine’s technical team as well.
Shawn Khunkhun:
Thank you. No, and it’s not just technical, you’re absolutely right. But you know, Tim Clark, his capital markets and his banking contacts, Tim, as a CEO of Fury, he spent a career in the precious metals business. He’s got a Rolodex of contacts. Tim’s rolling up his sleeves, he’s coming on the board. In addition to having Michael Hendrickson, who is a very, very talented exploration geologist joining our board and working together as a group to unlock the true potential with the capital market’s expertise, with the technical expertise, we already had a lot of depth on the technical side, right from the top with Rob McLeod, Rob van Egmond, Jodie Gibson, Ryan Weymark, Andrew Hamilton’s just joined the team. And then we’ve got this new generation of project managers, Amanda Bennett. We’ve got a new gentleman joining our team here imminently, Joaquin.
Shawn Khunkhun:
We’ve just got, this is not going to be set out to consultants. This is in-house where the incentives are aligned with shareholders. And I’ve been through projects in the past where you have strong teams where the incentives are aligned with shareholders and it produces the best results. And we’ve got first-class people from even looking at this transaction, how it was put together from our banking advisors at Haywood to our legal counsel at Stikeman, I’m just floored and honored to work with just a high caliber of people. I’ve got a tremendous partner in our CFO, Ann Fehr. We’ve got a supportive, active board. I’m not going to mention every board member, but I want to thank our chairman, Darren Devine. We’ve just got a tremendous opportunity. It’s a great culture. It’s a culture that wants to grow, that wants to win. And now we have a platform and with size and scale that is going to attract larger investors.
I’ve listened to investors, I’ve gone out into the world. They told me to consolidate. They told me to get bigger. I’ve done it. And we’re just getting started.
Maurice Jackson:
Now before we leave the Golden Triangle, let’s visit the Dolly Varden Silver Project, which conducted a 10,000-meter drill program, which was a 50/50 split between infill and expansion drilling on the high-grade Torbrit Deposit. Any updates for us and when we might expect to see some results?
Shawn Khunkhun:
The labs have been extremely backed up in this part of the world. I’m anticipating results imminently and will continue to report results going into Q1. We allocated about 35% of our meters to exploration and we allocated about 65% of those meters in and around known resources. I would envision putting out two result-oriented press releases, one on exploration drilling, and one on resource expansion and extension drilling. Last year, we were extremely successful. A year hasn’t gone by where Dolly Varden hasn’t had dual success. I anticipate that to be the case, but what we’ve done here with this transaction is a material change to our mineral inventory definitively. And so I look forward to following up on exciting discoveries and drilling them out. But this is a real shot in the arm in terms of going from 44 million ounces to 140 million ounces. It’s quite a feat.
Maurice Jackson:
It certainly is. All right, switching gears, sir. Let’s look at some numbers. Please provide us with the capital structure for Dolly Varden Silver.
Shawn Khunkhun:
We currently have 130 million shares. Assuming our shareholders vote for this transaction, we’re going to issue 76 million shares to Fury. Again, they’re an insider. They’re locking up that stock. They’re riding this precious metals market with us, and they’re going to help us extract maximum value from this opportunity. If the transaction is supported, Dolly Varden Silver Corp will go to 207 million shares. But again, that’s 37% held by Fury. That’s 37% held by precious metal institutional investors, some of them are 9.9% shareholders, that’s 11% Eric Sprott, 8% retail. In addition, Hecla, which is a 10% shareholder has an opportunity to do a top-up. So they have a participation right. If Hecla exercises their participation right, they will come in for 9 million shares and they will resume having a 10.5 % percent ownership. Which coincidentally nets out the cash component of the transaction.
Maurice:
Now, before we close Mr. Khunkhun, what would you like to say to shareholders?
Shawn Khunkhun:
I came in in year one in 2020. We had a great market and we raised $27 million in a non-dilutive way. We put money in the ground. We started growing the deposit and saw an opportunity to transform the company. There were opportunities to transform the company outside of our region, we chose to expand our footprint next door, which now gives us a commanding position at the southern tip of the Golden Triangle. We’re a prominent player in the area now.
And we shouldn’t ignore the catalysts’ In the region such as Pretium being subject to a takeover bid from Newmont. We saw the big takeout last year with GT Gold. This is an area that the majors want to be and we’ve positioned our shareholders with a commanding position at the southern tip of the Golden Triangle.
Shawn Khunkhun:
But beyond that, this is what I want to leave the readers with. There are a lot of gold projects that have ounces in the ground in North America. There are a few projects that have ounces in the ground in North America that are silver. There are only 14 companies that have both gold and silver of this size. None of them have it at this grade. We are number one. We are number one for size meets grade in precious metals.
Shawn Khunkhun:
You missed nothing Maurice. You got it all covered.
Maurice:
Mr. Khunkhun, for someone that wants to learn more about Dolly Varden Silver, please share the contact details.
Shawn Khunkhun:
Please visit our website, www.dollyvardensilver.com. You can follow us on Twitter @silvervarden, or you can call us toll-free at +1 800-321-8564.
Maurice:
Mr. Khunkhun, it’s been a pleasure speaking with you. Wishing you and Dolly Varden Silver the absolute best, sir.
And as a reminder, I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide several options to expand your precious metals portfolio from physical delivery directly to your home, off-shore depositories secured by Brinks, and precious metal IRAs. Call me directly at 855-505-1900 or you may email, maurice@milesfranklin.com. And finally, please subscribe to provenandprobable.com, where we provide mining insights and bullion sales.
Beaver Zone – Drill Plan View
Beaver Zone – Drill Plan View
VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) is pleased to report on the Phase 2 Exploration Program at its 100% owned Cabin Gold Project, NT, Canada. The focus of the Phase 2 Exploration Program was to discover and delineate new gold zones along the Bugow Iron Formation, the controlling structure for gold at the Cabin Gold Project. The Company is pleased to announce that it has been able to achieve expansion of the economic gold grades at the historic Beaver Zone. The Beaver Zone is situated roughly 400 meters northwest of the Arrow Zone, which was the focus of the Company’s exploration efforts in 2020. In November 2020, the Arrow Zone was delineated as a near surface, 120-meter high-grade ore shoot, open at depth. The Beaver Zone, currently defined as approximately 90 meters in near surface length, is showing potential to extend south-east into the high-grade Arrow Zone, as well as being open to the northwest, and at depth.
Beaver Zone Expansion
The Company is reporting multiple near-surface intercepts of economic gold grades at the Beaver Zone. Highlights of Phase 2 drilling include: new drill hole CL-21-10 which reported 6.4 meters of 4.63 g/t Au (from 42.6m to 49.0m), including 2.6 meters of 7.80 g/t Au; new drill hole CL-21-15 which reported 5.8 meters of 2.13 g/t Au (from 50.0m to 55.8m); new drill hole CL-21-39 which reported 4.6 meters of 2.21 g/t Au (from 11.0m to 15.6m); and new drill hole CL-21-40 which reported 4.5 meters of 0.84 g/t Au (from 13.8m to 18.3m). The results, both confirm and expand upon, historical drilling at Beaver in the 1980s, and have returned higher grades than historical results. The historical drill holes and new holes can be referenced in the drill plan for the Beaver Zone below. A table of significant Beaver Zone drill results greater than 0.5 g/t Au listed by hole and interval can be found at the bottom of this release.
CL-21-10/11 Cross Sections
CL-21-13/14 Cross Sections
CL-21-15 Cross Section
CL-21-16 Cross Section
CL-21-39/40 Cross Sections
The Company’s working hypothesis is that there is a conceptual ore shoot at Beaver trending, and dipping to the northwest in a similar fashion and direction as the Arrow Zone, which lies 400 meters to the southeast of Beaver. The Company commenced an IP ground survey on November 28th, 2021, across the Beaver and Arrow Zones to assist in 3D modelling of the gold mineralization for the delineation of the Phase 3 drill targets for Q1-2022.
Map of Beaver Zone and Arrow Zone IP Survey Lines
Judson Culter, CEO at Rover Metals, states: “We are very pleased to have the workings of a new medium-to-high grade ore shoot at Beaver. The goal of the Phase 2 Program at Cabin was to open-up the 15 km of near surface iron formation at the project, and to delineate additional zones for a deeper Phase 3 drill program in Q1-2022. We believe that in addition to our success in the Beaver Zone we are poised for significant expansion of gold mineralization at the historic Andrew Zone as well. Based on the initial sampling results received from the Andrew Zone, we have sent more samples to the lab as we believe the mineralized intervals are longer than what initially sampled in the field at the start of the program. A map of the Bugow Iron Formation, showing the current understanding and interpretation of the delineated zones as well as new 2021 IP anomaly discoveries can be found below.”
Map of the Bugow Iron Formation
Tables of Significant Drill Results
| Hole ID | Easting83z11 | Northing83z11 | Elevation (m) | Total Depth | Dip | Azimuth |
| CL-21-10 | 559060 | 7005770 | 176 | 74 | -45 | 230 |
| CL-21-11 | 559061 | 7005770 | 176 | 146 | -65 | 230 |
| CL-21-12 | 559062 | 7005769 | 176 | 93.75 | -55 | 195 |
| CL-21-13 | 559020 | 7005800 | 175 | 62 | -45 | 230 |
| CL-21-14 | 559020 | 7005800 | 175 | 95 | -65 | 230 |
| CL-21-15 | 559020 | 7005800 | 175 | 83 | -45 | 190 |
| CL-21-16 | 559020 | 7005800 | 175 | 80 | -45 | 260 |
| CL-21-39 | 559067 | 7005755 | 177 | 53 | -45 | 230 |
| CL-21-40 | 559067 | 7005755 | 177 | 77 | -55 | 250 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-10 | V749212 | 42.6 | 43.1 | 0.5 | 1.17 |
| CL-21-10 | V749213 | 43.1 | 43.6 | 0.5 | 1.62 |
| CL-21-10 | V749214 | 43.6 | 44.1 | 0.5 | 0.95 |
| CL-21-10 | V749215 | 44.1 | 44.6 | 0.5 | 2.88 |
| CL-21-10 | V749216 | 44.6 | 45.1 | 0.5 | 7.32 |
| CL-21-10 | V749218 | 45.1 | 45.6 | 0.5 | 6.51 |
| CL-21-10 | V749219 | 45.6 | 45.9 | 0.3 | 22.40 |
| CL-21-10 | V749217 | 45.9 | 46.4 | 0.5 | 5.40 |
| CL-21-10 | V749221 | 46.4 | 46.7 | 0.3 | 8.33 |
| CL-21-10 | V749222 | 46.7 | 47.2 | 0.5 | 1.43 |
| CL-21-10 | V749223 | 47.2 | 47.7 | 0.5 | 0.42 |
| CL-21-10 | V749224 | 47.7 | 48.2 | 0.5 | 1.45 |
| CL-21-10 | V749225 | 48.2 | 49.0 | 0.8 | 7.30 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-13 | V749421 | 41.57 | 41.97 | 0.40 | 0.51 |
| CL-21-13 | V749422 | 41.97 | 42.38 | 0.41 | 0.20 |
| CL-21-13 | V749423 | 42.38 | 42.75 | 0.37 | 3.39 |
| CL-21-13 | V749424 | 42.75 | 43.09 | 0.34 | 0.31 |
| CL-21-13 | V749425 | 43.09 | 43.59 | 0.50 | 0.04 |
| CL-21-13 | V749426 | 43.59 | 44.00 | 0.41 | 1.78 |
| CL-21-13 | V749427 | 44.00 | 44.53 | 0.53 | 0.76 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-14 | V749467 | 70.70 | 71.00 | 0.30 | 0.62 |
| CL-21-14 | V749468 | 71.00 | 71.43 | 0.43 | 0.51 |
| CL-21-14 | V749469 | 71.43 | 71.81 | 0.38 | 1.52 |
| CL-21-14 | V749470 | 71.81 | 72.16 | 0.35 | 0.41 |
| CL-21-14 | V749471 | 72.16 | 72.56 | 0.40 | 1.59 |
| CL-21-14 | V749472 | 72.56 | 72.9 | 0.34 | 5.48 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-15 | V749507 | 50.00 | 50.50 | 0.50 | 0.70 |
| CL-21-15 | V749508 | 50.50 | 51.03 | 0.53 | 1.10 |
| CL-21-15 | V749509 | 51.03 | 51.48 | 0.45 | 0.41 |
| CL-21-15 | V749510 | 51.48 | 52.16 | 0.68 | 0.39 |
| CL-21-15 | V749511 | 52.16 | 52.87 | 0.71 | 5.05 |
| CL-21-15 | V749512 | 52.87 | 53.23 | 0.36 | 9.64 |
| CL-21-15 | V749513 | 53.23 | 53.63 | 0.40 | 4.29 |
| CL-21-15 | V749514 | 53.63 | 53.97 | 0.34 | 1.54 |
| CL-21-15 | V749515 | 53.97 | 54.29 | 0.32 | 0.45 |
| CL-21-15 | V749516 | 54.29 | 54.62 | 0.33 | 2.79 |
| CL-21-15 | V749517 | 54.62 | 55.36 | 0.74 | 0.21 |
| CL-21-15 | V749518 | 55.36 | 55.75 | 0.39 | 0.83 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-39 | V748418 | 11.00 | 11.90 | 0.90 | 1.39 |
| CL-21-39 | V748419 | 11.90 | 12.20 | 0.30 | 0.96 |
| CL-21-39 | V748420 | 12.20 | 12.94 | 0.74 | 0.61 |
| CL-21-39 | V748421 | 12.94 | 13.36 | 0.42 | 1.13 |
| CL-21-39 | V748422 | 13.36 | 14.00 | 0.64 | 7.96 |
| CL-21-39 | V748423 | 14.00 | 14.52 | 0.52 | 2.72 |
| CL-21-39 | V748424 | 14.52 | 15.00 | 0.48 | 1.60 |
| CL-21-39 | V748425 | 15.00 | 15.62 | 0.62 | 0.74 |
| Hole ID | Sample ID | From (m) | To (m) | Interval (m) | Au (g/t) |
| CL-21-40 | V748392 | 43.53 | 43.83 | 0.30 | 4.09 |
| CL-21-40 | V748393 | 43.83 | 44.29 | 0.46 | 3.17 |
| CL-21-40 | V748394 | 44.29 | 44.57 | 0.28 | 1.71 |
| CL-21-40 | V748395 | 44.57 | 45.10 | 0.53 | 1.03 |
| CL-21-40 | V748396 | 45.10 | 45.47 | 0.37 | 1.43 |
| CL-21-40 | V748397 | 45.47 | 45.93 | 0.46 | 2.99 |
| CL-21-40 | V748398 | 45.93 | 46.60 | 0.67 | 0.25 |
| CL-21-40 | V748399 | 46.60 | 47.15 | 0.55 | 0.69 |
Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in the summer of 2021, and Phase 2 Exploration work continues at Cabin Gold through to the date of this release.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements be prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65eb889b-c20a-41f7-a720-8d6868e69274
Burlington, Ontario–(Newsfile Corp. – December 6, 2021) – Following the closing of its Qualifying Transaction and the listing of its common shares on the TSX Venture Exchange under the symbol SBMI, Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is excited to provide its first operational update.
SBMI’s flagship asset is the Black Diamond Project located in the major mining camp of Globe, Arizona. Black Diamond is a massive project, covering 4900 acres and hosting five former producing silver mines. SBMI also owns the George Washington Mine, a former silver and gold producer in Idaho on patented lands.
SBMI’s goals are:
- Put the Buckeye Silver Mine in pilot production in Q1/22, followed by full-scale production;
- Finalize plans to have the McMorris Silver Mine back in production within 24 months;
- Carry out exploration programs elsewhere on Black Diamond to enable a decision on the order in which the remaining former producers will be put back in production;
- Investigate the waste rock on surface at the George Washington Mine in Idaho; and
- Defend the treasury.
“The team has made astonishing progress in mining-friendly Arizona,” said A. John Carter, SBMI’s CEO. “In a short period of time we have gone from an empty field to having a mill pad and an assay lab. Having our own lab means we can be nimble underground and not waste time waiting for third party labs to get around to processing our samples. Our goal of positive cash flow is closer every day.”
Some parts for SBMI’s mill have been installed onsite at the Buckeye Silver Mine after navigating through the port of Long Beach. Other parts are still in the supply chain and are beyond SBMI’s control for the time being. If those parts are significantly delayed, SBMI can choose to accelerate the program at the George Washington Mine in Idaho. Once finalized, the mill will have the capacity to process 125 tonnes of ore per day.
Concerning that program in Idaho, Mr. Carter continued, “We have taken grab samples from the waste rock at surface and expect assay results shortly. If, as we anticipate, the results justify further investigation, we would expect to process a bulk sample to test historical results and to determine ore characteristics including representative grades of silver and gold.”
The Company also plans to investigate Black Diamond’s potential to host a copper porphyry, as referenced in the Company’s January 8, 2021 Technical Report. The mill is not needed for this task. See page 7 at https://www.silverbulletmines.com/technical-documents for the technical reference to the possible copper porphyry, and see SBMI’s new website for site video, photos, maps, historical reports and leadership team biographies at www.silverbulletmines.com.
Because almost all of Black Diamond consists of BLM claims or patented lands owned by SBMI, SBMI does not have expensive annual payments or advanced royalty payments to make. Relative to the large size of the land package, the annual carrying costs are quite small.
SBMI has roughly 55,000,000 shares outstanding of which approximately 29,000,000 are in escrow. Almost all of the outstanding warrants and options have a strike price equal to or greater than the price in the recent over-subscribed financing. The Company has no debt outstanding other than normal trade payables.
SBMI expects to disseminate technical information in the near future, in compliance with NI43-101. It is possible the first technical disclosure will be on the assay results from the surface rock in Idaho.
To introduce itself to individual and institutional investors as well as advisors and analysts, SBMI will be carrying out a real-time, interactive presentation at the Emerging Growth Conference this Wednesday, December 8 at 11:00 am EST. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with Mr. Peter M. Clausi, SBMI’s VP, Capital Markets, in real time.
Mr. Clausi will provide a general overview of SBMI, its capital structure, its achievements in the field, and its plans for the future. The floor will then be open for questions.
Please register here to ensure attendance at the conference and to receive any updates that are released.
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com.
About the Emerging Growth Conference
The Emerging Growth Conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.
The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts. All sessions are conducted through video webcasts.
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; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the Property; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106709
VANCOUVER, BC / ACCESSWIRE / December 6, 2021 /Dolly Varden Silver Corporation (“Dolly Varden“) (TSXV:DV) (OTCQX:DOLLF) and Fury Gold Mines Ltd (“Fury“) (TSX:FURY) (NYSE American:FURY) are pleased to announce that the companies have entered into a definitive agreement dated December 6, 2021 (the “Purchase Agreement“) pursuant to which Dolly Varden will acquire from Fury, through the acquisition of Fury’s wholly-owned subsidiary, a 100% interest in the Homestake Ridge gold-silver project (“Homestake Project“), located adjacent to the Dolly Varden Project (“DV Project” and together with the Homestake Project, the “Kitsault Valley Project“) in the Golden Triangle, British Columbia (the “Transaction“).
The Homestake Project hosts a resource estimated to contain 165,993 ounces of gold and 1.8 million ounces of silver in the Indicated category and 816,719 ounces of gold and 17.8 million ounces of silver in the Inferred category (refer to further resource disclosure at the end of this release) within a 7,500 hectare land package located contiguous to and northwest of the DV Project. The close proximity of the deposits that make up the current mineral resource estimates, combined with common infrastructure in the region, is expected to generate substantial co-development synergies as these deposits are advanced in combination. The Transaction values the Homestake Project at CAD$50 million for which Dolly Varden will pay $5 million in cash and issue 76,504,590 Dolly Varden common shares to Fury, as further described below.
Transaction Highlights
- Combined mineral resource base of 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category, solidifying the Kitsault Valley Project as among the largest high-grade, undeveloped precious metal assets in Western Canada.
- Consolidation of two adjacent projects, allowing for numerous potential co-development opportunities with capital and operating synergies.
- Exposure to a large and highly prospective land package, with potential to further expand resources through additional exploration along a combined 15 km strike-length within a 163 km2 consolidated land package.
- Transformative scale to enhance investor visibility and peer group positioning.
- Previous stand-alone Homestake Project preliminary economic assessment produced an after-tax net present value of USD$173 million and an internal rate of return of 32% at US$1,620 per ounce gold price and US$14.40 per ounce silver price. The study estimated a total of 590,040 ounces of gold equivalent production over a 13 years initial mine life at an all-in sustaining costs per ounce gold of US$670.
- Fury to have board representation in Dolly Varden and agrees to voluntary share sale restrictions.
Shawn Khunkhun, CEO & Director of Dolly Varden, commented “We are excited to combine two adjacent precious metals projects located in one of the world’s top mining jurisdictions. We expect that this combination will result in significant synergies in the areas of exploration, development, permitting and production. Upon completion of the Transaction, we look forward to continued engagement with Indigenous and community partners to ensure the responsible development of this compelling new project.”
Tim Clark, CEO & Director of Fury, further added “The commercial logic behind the combination of these two adjacent assets is very strong. We are delighted to cooperate with the Dolly Varden team and are very excited to be part of this regional consolidation in British Columbia. Combining our Homestake Project with the DV Project creates an attractive opportunity to immediately establish shareholder value through the potential synergies that result from their regional proximity. We look forward to having our shareholders benefit from the exciting growth and development of the Kitsault Valley Project, and to Fury becoming a partner and significant shareholder of Dolly Varden.”
Ivan Bebek, Chair and Director of Fury commented “The decision to vend Homestake is a difficult one given the exploration upside and our positive outlook for the commodity markets. However, we feel that bringing the two projects together is clearly the best path forward and are very excited to be partnering with the team at Dolly Varden. This transaction also simplifies Fury’s portfolio which coincides with recent positive drill results from both of Fury’s Quebec and Nunavut assets.”
Transaction Details
Under to the Purchase Agreement, Dolly Varden has agreed to acquire Fury’s wholly-owned subsidiary, Homestake Resource Corporation, which owns a 100% interest in the Homestake Project in exchange for a $5 million cash payment and the issuance of 76,504,590 common shares of Dolly Varden. Upon completion of the Transaction, Fury will own approximately 36.9% of Dolly Varden on an outstanding basis. The Transaction is subject to a number of closing conditions, including the receipt of TSX Venture Exchange (“TSXV“) approval and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction is also subject to approval by a simple majority of the votes cast by Dolly Varden shareholders at a Dolly Varden shareholders meeting. Dolly Varden expects to hold a special meeting of shareholders in February 2022 to consider the Transaction. The Transaction is an arm’s-length transaction under the rules of the TSXV.
Dolly Varden and Fury will enter into an investor rights agreement (the “Investor Rights Agreement“) on completion of the Transaction pursuant to which Fury shall have the right to appoint two nominees to the Dolly Varden board so long as Fury owns greater than 20% of the Dolly Varden shares outstanding. Should Fury own greater than 10% of the Dolly Varden shares outstanding, Fury shall have the right to appoint one nominee to the Dolly Varden board. Additionally, the shares issued to Fury shall be subject to a one-year hold period. The Investor Rights Agreement shall also contain certain customary re-sale restrictions, voting and standstill conditions, and participation rights as agreed between Dolly Varden and Fury.
The Purchase Agreement also includes certain representations, warranties, covenants, indemnities and conditions that are customary for a transaction of this nature. A termination fee of $2 million may be payable by Dolly Varden to Fury if the Transaction is not approved by Dolly Varden shareholders due to a competing proposal being made or announced before the Dolly Varden shareholder meeting and Dolly Varden is subsequently acquired by the third party under such competing proposal.
Further information regarding the Transaction will be contained in a management information circular to be prepared by Dolly Varden and mailed to shareholders of Dolly Varden in connection with the special meeting of shareholders to be held by Dolly Varden to consider the Transaction and related matters. All shareholders of Dolly Varden are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.
Dolly Varden Board Recommendations and Voting Support
The Purchase Agreement has been unanimously approved by the board of directors of both Dolly Varden and Fury. The Dolly Varden board of directors recommend that Dolly Varden shareholders vote in favour of the Transaction.
All of the directors and officers of Dolly Varden and certain shareholders of Dolly Varden, including Eric Sprott, holding in aggregate 18.2% of the issued and outstanding common shares of Dolly Varden, have entered into customary voting support agreements agreeing to vote in favour of the Transaction.
Haywood Securities Inc. has provided a fairness opinion to the board of directors of Dolly Varden that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be paid by Dolly Varden to Fury under the Agreement is fair, from a financial point of view, to Dolly Varden.
Conference Call and Webcast
A joint webcast will be held by management of both Dolly Varden and Fury to discuss the Transaction on Monday, December 6th, 2021 at 10 a.m. Pacific time / 1 p.m. Eastern time. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: http://services.choruscall.ca/links/dollyvardensilver20211206.html
A presentation to accompany the conference call and webcast can be accessed via either the Dolly Varden or Fury websites at www.dollyvardensilver.com or www.furygoldmines.com. A replay of the joint webcast will be available on both websites following the conclusion of the call.
Advisors and Counsel
Haywood Securities Inc. is acting as financial advisor to Dolly Varden. Stikeman Elliott LLP is acting as legal counsel to Dolly Varden.
Minvisory Corp. is acting as financial advisor to Fury. McMillan LLP is acting as legal counsel to Fury.
Qualified Persons
The technical information contained in this news release relating to Dolly Varden has been approved by [Rob van Egmond, P. Geo, Chief Geologist for Dolly Varden], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
The technical information contained in this news release relating to Fury has been approved by [Michael Henrichsen, P. Geo, SVP of Exploration at Fury], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Technical Disclosure
Homestake Resource Estimate:
The Homestake resource estimate is based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, “Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia” which was filed and is available on Fury’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.
Mineral resources are estimated at a cut-off grade of 2.0 g/t gold equivalent.
Gold equivalent values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The gold equivalent calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.
Dolly Varden Resource Estimate:
The Dolly Varden resource estimate is based on the technical report with an effective date of May 8, 2019, and titled, “Technical Report and Mineral Resource Update for the Dolly Varden Property, British Columbia, Canada” which was filed and is available on Dolly Varden’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.
A 150 g/t silver cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.
Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.
About Fury Gold Mines Limited
Fury Gold Mines Limited is a Canadian-focused exploration and development company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing and developing mining assets, Fury will aggressively grow and advance its multi-million-ounce gold platform through careful project assessment and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.
Dolly Varden Contact Information
Shawn Khunkhun, CEO & Director
1-604-602-1440
www.dollyvardensilver.com
Fury Contact Information
Salisha Ilyas, Vice President, Investor Relations
1-437-500-2529
www.furygoldmines.com
Forward-Looking Statements
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of Dolly Varden and Fury expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Dolly Varden and Fury disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
These statements in this release include: the anticipated benefits of the Transaction to Dolly Varden, Fury and their shareholders; the timing and anticipated receipt of required regulatory and shareholder approvals for the Transaction; the ability of Dolly Varden and Fury to satisfy the conditions to, and to complete, the Transaction as proposed;the holding of the Dolly Varden shareholder meeting; the anticipated timing of the mailing of the information circular regarding the Transaction and of the closing of the Transaction; the ability to achieve synergies, the quantity and grade of the gold and silver resources and the ability to expand resources through the exploration of a combined projects.
In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Dolly Varden and Fury have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the ability of the parties to receive, in a timely manner, the necessary regulatory and shareholder approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory or other approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Purchase Agreement; the failure to obtain the necessary shareholder and regulatory approvals required in order to proceed with the Transaction; the synergies expected from the Transaction not being realized; business integration risks; operational risks in development, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward looking information.
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: Fury Gold Mines
View source version on accesswire.com:
https://www.accesswire.com/676140/Dolly-Varden-and-Fury-to-Consolidate-Emerging-Canadian-Silver-Gold-District-in-the-Golden-Triangle
Table 1
Eliza – Significant Mineralized Rock Samples
Table 2
Eliza – Mineral Correlations to Silver
Figure 1
Eliza Property Rock Sample Location Map
VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR, OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assays for a number of rock samples collected during its first sampling program at the Company’s Eliza Silver Project in Eastern Nevada.
A total of 73 rock-chip samples were collected in the vicinity of the historic Passynak Mine within the Eliza project area which lies on trend of the Hamilton mining district, Nevada’s highest grade silver mining camp. An estimated over 30 million ounces of silver was produced, valued at $22 million between 1865 and 1888, from the Treasure Hill Mining area which extends onto the Eliza property.1
In addition to the assayed samples, another 35 geochemical survey samples were collected from outcrops in the northern sector of the property, south of the Eberhardt Fault which separates the Eliza Project from the abandoned Hamilton mines to the north. The assay results confirm the existence of a well-developed silver-rich mineral system that also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn). Other trace elements conventionally viewed as indicators of epithermal precious metal mineralization, such as antimony (Sb) and arsenic (As), are also present in geochemically anomalous amounts.
“We are very pleased with the results obtained by our first sampling program at Eliza. The high-grade mineralized samples provide evidence that the near-surface silver mineralization exploited by the former 30 Moz Treasure Hill Mine extends onto the Eliza property and may continue beneath a shale unit south of the Eberhardt Fault,” stated President and CEO Morgan Lekstrom. “We are also encouraged by the association of silver with base metals (Cu, Pb, Zn), as this type of mineralization may be an outer zone expression of a ‘blind’ porphyry copper system. We intend to use modern technology, including hyperspectral imaging to expand our knowledge of the geologic model and define its size potential. In addition, we intend to define drill targets for 2022.”
In addition to the targeted rock sampling that was done, the Company has undertaken hyperspectral imaging analysis of the Eliza property area. Interpretation of the imagery shows a correlation between secondary silver mineralization, mainly chloraryrite, and areas where hydrocarbon decay are outlined. This innovative exploration technology will be further employed on the property.
Plans are underway for additional geological and geochemical investigations, with the objective of defining high-potential drill targets early in 2022.
Table 1. Eliza – Significant Mineralized Rock Samples
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdcfc422-9e67-4d00-afcc-0a5863af54bd
Table 2. Eliza – Mineral Correlations to Silver
https://www.globenewswire.com/NewsRoom/AttachmentNg/6ee72663-e5aa-4126-b651-f393351b3051
Figure 1. Eliza Property Rock Sample Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/a05f7c20-6393-4cb1-b00d-3789c90937ae
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multiple-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Silver Hammer Mining Corp..
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For further information contact: Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com
For media inquiries, contact: Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
___________________________________
1 USGD: https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10310457
