In these days of covid tyranny, it is hard to find a free place. Latin America has been my refuge. But what looks pleasant in the immediate does not have to have a bright future. Given that the USA is increasingly going woke, the future of Latin America does not look too good to me. That does not affect my investments, but I will increasingly look for higher upsides. Here is a speech that I gave last week at the MoneyShow:
On Investments
Signature Resources (SGU; C$0.09) has a very interesting project in Ontario. Be careful not to chase it, but linked here are my thoughts about it in a discussion with Cory Fleck and Shad Marquitz.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Vancouver, British Columbia–(Newsfile Corp. – August 31, 2021) – StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to provide an exploration update for ongoing exploration during the 2021 field season at its 100%-owned Porter Silver and Willoughby gold-silver projects located east of the mining town of Stewart in British Columbia’s prolific Golden Triangle. The Company also announces that Carol Li has resigned from the Board of Directors.
StrikePoint’s President and CEO, Shawn Khunkhun states, “The Golden Triangle is home to some of the largest and richest silver mines on the planet, with over 800 million oz’s discovered to date. This drill program at Porter gives our shareholders exposure to the largest, historic pure silver producers in the Stewart area. Additionally, we continue to drill at multiple, high-grade gold-silver targets at Willoughby, expanding our program with an additional 2,000 meters planned. Finally, I would like to acknowledge Carol’s contributions to the board and wish her success with future endeavours.”
Over 3,700 meters of drilling in 15 core holes have been completed to-date, primarily from the Willoughby Property. All assays are currently pending.
Porter Silver Project
The primary objective of drilling at the Porter Silver Project is to continue to step out from high-grade silver mineralization that was historically mined and direct shipped from multiple structures on the Property: the Prosperity/Porter Idaho and Silverado Mines. Drilling will include targeting extensions to the past-producing D and Blind veins, testing multiple, parallel structures in single drill holes.
The Porter Project host two historically producing, silver-rich vein systems: the Silverado and Prosperity/Porter Idaho. They are located over two kilometers apart, outcropping on opposite sides of Mount Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access.
The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter Idaho veins were the focus of the initial work. The mineralization consists of galena-tetrahedrite/tennantite-pyrite hosted in six parallel dipping shear zones, traced 200 meters on the surface and one kilometre down dip with widths between two and thirteen meters. Historic Company and government records document that high-grade silver ore was mined by the Premier Mining between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton Ag) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). The ore was shipped to tidewater via an aerial tramway and direct shipped to smelters with no concentration required. These production records are historical in nature prior to NI43-101. StrikePoint has not independently verified the figures and they should not be relied upon.
Willoughby Gold-Silver Project
Due to visually encouraging mineralization at the Willoughby Project, StrikePoint has budgeted an additional 2,000 meters of core drilling, testing extensions to multiple high-grade targets. So far in 2021, drilling has targeted the Edge, Icefall, and Wilbie Zones as well as the new Sona-K zone, located 700 metes north of the ‘North Zone’. To-date, drilling as encountered visually encouraging structures and replacement-style mineralization with multiple phases of strong sulphide mineralization, primarily pyrite, pyrrhotite and sphalerite. Additionally, over 123 meters of channel sampling has been completed at Willoughby, including new areas that have been recently exposed by retreating glaciers.
Willoughby is located along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-staged Red Mountain Deposit owned by Ascot Resources. Strong, coarse-grained pyrite mineralization proximal to Goldslide porphyry at Willoughby that is visually similar to Red Mountain has been encountered in 2021 drilling.
The Willoughby 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, similar to and potentially comagmatic with the Goldslide Intrusive suite at Red Mountain. Intrusive-related mineralized zones 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.
Qualified Person
The Qualified Person for this news release for National Instrument 43-101 is Marilyne Lacasse, P. Geo, technical Consultant. She 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 property Willoughby, adjacent to Red Mountain deposit. The Company also owns a portfolio of gold properties in the Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS OF STRIKEPOINT GOLD INC.
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 it’s Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, Aug. 31, 2021 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V:SYH)(OTCQB:SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has provided an update on results from the recently completed on-ground field program at the Hook Lake Project. A total of 57 samples were taken from across the Hook Lake Project with assay results now having been received. The results are highlighted by the assays from the Hook Lake (or Zone S) prospect which confirmed the reported historical high-grade uranium mineralization. A total of seven rock chip samples were taken from a historical trench located at the Hook Lake prospect, with four of these samples returning high-grade uranium assays (>6% U3O8) as well as highly elevated rare earth (>0.5% TREO*), silver (>50ppm) and lead (> 1.8%) assays. The samples are selective in nature with a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone.
The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.
Highlights:
Sampling results from the Hook Lake (Zone S) prospect returns:
Map 1: Samples results across the Hook Lake Property
The program was conducted by Dahrouge Geological Consulting Limited, and focused on validating and developing the geological understanding of the historic uranium occurrences, such as the Hook Lake (or Zone S) and West Way prospects. The fieldwork was also designed to follow-up on the new targets generated from the magnetic/VLF-EM survey completed in April and the priority anomalies identified from the detailed airborne radiometric survey completed in July.
Hook Lake (Zone S) Prospect:
A total of seven rock chip samples were taken from a historical trench located at the Hook Lake prospect, with four of these samples returning high-grade uranium assays (>6% U3O8) as well as highly elevated rare earths (>0.5% TREO), silver (>50ppm) and lead (>1.8%) assays. These samples were taken from in-situ uraninite mineralization within a biotite or psammitic gneiss. A boulder sample located approximately 300m east of the Hook Lake trench also returned high-grade uranium and rare earths with 59.2% U3O8 and 5.05% TREO.
The Hook Lake high-grade uranium (and rare earth) mineralization is interpreted to be located at a dilational trap/jog which has formed at the intersection of a northeast-southwest trending shear zone and a possible north-south trending structure (potentially a reactivated Tabbernor fault structure). This interpretation highlights the potential significance of the north-south trending Tabbernor fault system structures, several of which are interpreted to transect the project area. Besides the down-dip/down-plunge potential of the immediate Hook Lake target, there is potential for further structural targets of this nature along strike to the northeast and southwest from the Hook Lake prospect. This will be further investigated during on-ground follow-up work programs.
West Way Prospect:
At the West Way prospect, located approximately 6.5km north of the Hook Lake prospect, five grab samples of outcrop or subcrop were taken with three of the samples returning anomalous uranium assay results including 0.64% U3O8 from a quartz vein. Two of these three samples returned high-grade molybdenum with assays of 3.4% and 1.9% Mo.
The controls on mineralization at West Way are currently uncertain and more field work is required to improve the geological understanding and develop drill targets. However, the airborne magnetics suggest a spatial association with a N-S structural feature, and there are potential repeats of this structural setting along strike to the northeast and southwest of West Way. This will be further investigated during on-ground follow-up work programs, in addition to following-up on the elevated Mo assays.
Another 44 samples were taken from across the project area, including 9 samples from the Nob Hill prospect. Results from Nob Hill ranged from no meaningful mineralization to one grab sample of pegmatite that returned an assay of 280ppm U and 1.01% TREO.
A follow-up field program is currently being planned prior to finalize and prioritize drill targets. The field program is expected to take place in October, with drilling planned during the winter 2021/22.
About Hook Lake (previously North Falcon Point) Project:
Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:
Hook Lake / Zone S – High-grade surface outcrop with reported grades in grab samples up to 68% U3O8; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
Nob Hill – Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% – 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
West Way – Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U3O8 and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
Grid T – Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
Alexander Lake Boulder Field – 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
About Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects covering over 240,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit.
The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has signed a Definitive Agreement with ASX-listed Valor Resources on the Hook Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.
Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble” _________________________ Jordan Trimble President and CEO
For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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 the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
VANCOUVER, British Columbia, Aug. 31, 2021 (GLOBE NEWSWIRE) — Lakewood Exploration Inc. (CSE: LWD) (the “Company” or “Lakewood“) is pleased to announce that yesterday it filed on SEDAR a National Instrument 43-101 compliant technical report (“Technical Report”) titled: ‘Silver Strand Property—Silver Strand and Burnt Cabin Prospects, Kootenai County, Idaho.
“Completing the Technical Report on Silver Strand ahead of our inaugural drill program to test the down dip and strike length potential at the project, set to commence before the end of summer, is another step in our pursuit of a multi-million ounce silver deposit. Being a past-producing mine affords us a unique opportunity to utilize existing infrastructure and workings to enhance our exploration program at the project, where we are also seeing strong surface mineralization along our recently consolidated 5.5 kilometre strike length up to the Burnt Cabin Mine,” stated President, Morgan Lekstrom.
The Technical Report was prepared in accordance with the Canadian Securities Administrators NI 43-101-Standards of Disclosure for Mineral Projects; and is available for review under the Company’s profile on SEDAR at www.sedar.com and the Company’s website at www.lakewoodexploration.com.https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html
About Lakewood Exploration Inc.
Lakewood Exploration Inc. is a junior resource company that controls the Lacy Gold Project in British Columbia, Canada, the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, and both the Eliza Silver project and the Silverton Silver mine in one of the world’s most prolific mining jurisdictions in Nevada. The Company is rapidly advancing towards an initial drill program at Silver Strand with the aim of defining a large silver resource within a belt that has produced more than 1.2 billion ounces of silver to-date. Geologic studies indicate that the Silver Strand Mine is hosted by the Revett formation, suggesting the potential for significant down dip extensions as demonstrated by other major mines in the district. Previous operators were solely interested in developing the known shallow mineralization, with the mine’s lowest level extending only 90 metres below surface. Lakewood strives to become a multi-mine silver producer. 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 Lakewood Exploration Inc.
Morgan Lekstrom, President
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada Contact: Kristina Pillon, President, High Tide Consulting Corp. 604.908.1695 / investors@silverhammermining.com The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has not in any way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) advises that further to its announcement on 26 August 2021 in relation to the Share Purchase Plan (SPP), the Company provides shareholders with the results of the SPP and some further information on the scale-back methodology and expected processing date for refunds.
Almost 20% of the Company’s shareholder base applied to participate in the SPP, with in excess of AUD$10.0 million received in valid applications versus the SPP target raising of A$5.0 million.
The SPP terms and conditions provided the Company with the discretion to scale back the SPP in the manner it determined. As advised in the offer document dated 13 August the scale-back methodology will be conducted at the directors’ discretion.
A pro-rata basis has been applied, based on amounts applied for under the SPP, rounded to reflect the 156,250,000 Shares to be issued under the SPP offer. Excess funds as a result of the scale-back will be returned to applicants without interest in accordance with the SPP offer document and are expected to be processed by the Company’s registry on or around 2 September 2021.
For any queries shareholders should contact Automic at hello@automic.com.au or on 1300 288 664 (within Australia) or +61 2 9698 5414 (outside Australia).
The Board would like to thank shareholders for their continued support of the Company.
To access the announcement please click on the link below.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
Removal of Last Requirement of CMP Option Over Productora
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) advises that it has met its final requirement in the process to remove the Compañía Minera del Pacífico S.A. (CMP) Option to purchase an additional interest in the Company’s Productora copper-gold project in Chile.
CMP is a subsidiary of Compañia de Aceros del Pacifico S.A. (CAP), Chile’s largest iron ore miner, infrastructure and integrated steel business.
In May 2015, CMP acquired a 20% interest in Productora in exchange for providing critical infrastructure access rights (water pipeline easements, electricity easements, surface rights) and CMP’s interests in several lease holdings at the project. In addition, CMP paid Hot Chili a US$1.5 million reimbursable fee for an Option to purchase an additional 32% interest in Productora for a valuation of between US$80 million to US$110 million (Additional Purchase Option), as announced to ASX 1st May 2015.
CMP was free-carried to the completion of the Company’s Productora Pre-feasibility study (PFS).
In March 2016, Hot Chili completed the Productora PFS and CMP elected at that time to contribute to expenditure in the project going forward, but not exercise its Option.
HCH has repaid CMP the US$1.5 Option fee and CMP has accepted the payment.
The Board of Hot Chili look forward to continuing its strong partnership with CMP and all key stakeholders toward developing Costa Fuego into a major, coastal, copper-gold production centre.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
Joining us for a conversation is Michael Rowley, the CEO of Group Ten Metals. Glad to be speaking with you today, as you have a big announcement for shareholders regarding the Black Lake–Drayton gold project. Before we begin, Mr. Rowley, please introduce us to Group Ten Metals and the opportunity the company presents to shareholders.
Michael Rowley:
Group Ten is focused on advancing our Stillwater West project as a premier source of low-carbon ‘green metals’ in Montana’s Stillwater district, beside Sibanye-Stillwater’s mine complex. Within the next few weeks, we expect to debut our maiden resource estimates of nickel, copper, palladium, platinum, rhodium, gold and cobalt, on that project which we expect will compare favorably with our peers and position us for growth based on this years drill campaign.
Along with owning half of the iconic Stillwater district in Montana, Group Ten also has two other district-scale land positions, the Black Lake Drayton gold project in Ontario that you mentioned a minute ago, and the Kluane PGE-Ni-Cu-Co project in the Yukon. All three of these are big brownfield land positions in great districts, and they are 100% owned by Group Ten because we were acquiring them strategically during the bear market when great assets were available inexpensively. We are focused more than ever on Stillwater, and with that our non-core assets are effectively up for sale or spin-out in the first in a series in that regard.
Maurice:
Well, let’s begin today in Ontario is Group Ten Metals has just announced (Press Release) a letter of intent with Heritage Mining on the sale of the Black Lake–Drayton gold project. Congratulations, sir.
Michael Rowley:
Thank you, we are excited about the potential we see there. Heritage Mining is a new listing with an excellent team, and they are well equipped to focus on Black Lake and give it the attention it deserves while granting excellent exposure to that success.
Black Lake is a rare asset that is hard to find in this current, improving market with increasing activity in junior exploration. It checks all the boxes. It is a big land position that shares an emerging district with a 3Moz development-stage high-grade gold project, yet is underexplored. So there is lots of smoke, someone just needs to find the fire. Treasury Metals has done great work to the west of us consolidating the rest of the district, and Rainy River, farther to the west is now in production with New Gold. This whole belt was late to the game because of limited access and shallow ground cover, but developments at Rainy River in the 1990s changed that, and now there is over 14Moz in the belt, and growing.
Maurice:
All right, let’s get into the exciting stuff, sir. Please share the terms of the agreement with us and in particular, the cash and share compensation that group 10 metals will be receiving along with the carried interest in the potential for discovery payments.
Michael Rowley:
It’s a great deal for both parties. Group Ten will gain a major share position in a newly listed company that’s focused on precious metals and focused on developing tier one assets, developing resources. And we get that 10% free carried interest through to feasibility study. So we can be at the table at a later stage to negotiate the sale of that during a possible broader consolidation play in the district. We received $320,000 in cash payments in the first two years of the deal as well. And we receive bonus payments of $1 for every ounce of gold that is formerly brought on the books in any category at any time and even in multiple stages. That has a $10 million cap on that, the district already hosts more than 10 million ounces. So that figure is certainly possible given the area.
Maurice:
So that we better appreciate the terms. Would you please provide us with a quick bio on Heritage Mining and what they bring to the table?
Michael Rowley:
Heritage Mining is a very experienced team with an excellent track record of raising cash and advancing projects, especially in Ontario and Quebec. Heritage is familiar with this geology. They’re keen to hit the ground, which is very pleasing to us because the point of this deal is that we want someone else to raise the $5 million and advance this asset the way we think it can be advanced. So they certainly appear to be capable of that. They have an excellent record of proving ounces, developing mines, operating companies, and marketing, raising capital.
Maurice:
Where will this transaction put Group Ten Metals in terms of ownership, percentage on the share structure for Heritage Mining?
Michael Rowley:
Well, we’ll have to see what their first placement looks like once they’re trading and that’s a couple of months out from now. But we expect to be about 10% of the company initially, and then maintain between the 5% and 10% level from there. A key point on that note also is that we have that bonus structure having a carried interest. Therefore, we are not relying solely on our share position for value. We’ve got several avenues here to be exposed to that success that we expect them to have.
Maurice:
And when does Group Ten Metals expect the transaction will close?
Michael Rowley:
We look good to close around the 60-day mark around mid-October.
Maurice:
Leaving Ontario and onto the Yukon where Group Ten Metals has another non-core asset within his property bank that is equally has been receiving a lot of interest from prospective buyers. And I’m speaking of the Kluane PGE, nickel, copper project in the Yukon. Sir, any updates for us?
Michael Rowley:
The Kluane is another explored project. We have over 250 square kilometers in the under-explored Kluane Belt, which is a fantastic belt of deposits. Another ultramafic system like Stillwater reaching from BC through into Alaska. The most advanced one. There is Nickel Creek Platinum, formerly Wellgreen. And the news there is that they’ve been increasingly active in the past year. And that’s good to see. They’ve been drilling, they’ve been doing geophysics and they’ve been doing it up on the northwest end of the system towards us, which is music to our ears. We’ll be seeing them at Beaver Creek and we’re looking forward to further activity from them. You’re correct that we’re getting more interested in those projects and that they like Black Lake are effectively for sale. We just have low carrying costs. Then we’re taking our time looking for the right deals.
Maurice:
Leaving the Yukon less visit Montana, which hosts your flagship Stillwater West project. But before we get into the latest news on the Stillwater West, would you please remind us about the unique value proposition before us on your flagship project?
Michael Rowley:
The Stillwater West is fantastic. In 2017, the opportunity was presented to us to own half of the iconic Stillwater District, which sounds too good to be true in a way. But thanks to several factors that came together at the right time. Most of all, a local vendor who had spotted a bankruptcy that left these claims available, and he was quick, he bought the data from the past operators and he tied up the claims. We’ve since tripled land position. We now own half the district we’ve built a terrific database, predictive geologic model. The point is that we are well on our way to proving ourselves as a primary source of green metals, battery-grade nickel, copper, cobalt, with platinum group elements, palladium, platinum, rhodium, and also gold.
In a US district beside three mines and a smelter complex. These are big disseminated, sulfide deposits. They convert easily and cleanly to nickel sulfate. And we are weeks away from our first resources on the project, which is a very exciting moment for any junior exploration company. This will be a solid debut, it’ll position us nicely among our peers. And we see terrific room to grow from there. If you’ve seen our news release back in April, where we related the 3D models from our IP survey, the emerging images of our Resource models, and the potential we have for expansion.
Maurice:
The Stillwater West is currently undergoing its largest exploration program to date, which is a 10,000-meter drill program there recently added a second drill rig, sir, take us on-site and get us up to speed on the program.
Michael Rowley:
We have 2 rigs turning, which is music to our ears. We’re hitting sulfide very nicely in both, massive sulfide in places, net texture, and disseminated in others. The predictive model that we’ve been working up the past few years is working beautifully. And that’s a key point. We’re now hitting with a high degree of predictability, which is what geologists want to see. The district is well mineralized. Our neighbor has 87 million ounces in current resources, reserves, and 14 million ounces in past production of the highest-grade palladium-platinum in the world.
That’s a single magmatic pulse laid down across 40 kilometers. These things are staggering in scale, and it’s also a nickel-copper-sulfide deposit that is worth noting. We are just below them in that stratigraphy. And we’re seeing similar continuity of these horizons. We are hitting new ones all the time, they seem to run for great lengths and it’s easy to add ounces and pounds. The program that you mentioned that’s underway now should do very nicely for expanding the inaugural resources as fast as we can in 2022. So we’ll debut numbers here in summer 2021, and then look to expand them as fast as possible in 2022.
Maurice:
All right, you have two truth machines drilling away. Do you already have some core in the lab and any timeframe on when we may receive some assays?
Michael Rowley:
The first one and a half holes are in the labs, include some nice-looking core. The labs are saying six weeks though, give me into October to get those into a news release.
Maurice:
Now we will hold you to that, but we will hold the labs to that. All right, switching gears, let’s look at some numbers. Sir, please provide the capital structure for Group Ten Metals.
Michael Rowley:
Group Ten Metals has 163 million shares outstanding at today’s price. That puts us around a $50 million market cap. We feel that significantly below where we could be based on our peers. I think a good peer might be Canada Nickel, for example. Noting of course they don’t have the platinum group element component that we have. However, they are four or five times our market cap with a similar, large, lower-grade nickel project. And we think that makes it a compelling comparison. We have$ 6 million cash in the bank and we have $13 million in the money options and warrants. Those are priced between .21 and .30 cents. No placements are planned for the foreseeable future and a fully funded, fully permitted for this year’s program. And even into next year at this point.
Maurice:
Speaking of those warrants. Expect for me to go ahead and exercise mine. Speaking of the shares, Group Ten Metals recently upgraded its DTC eligibility. What does that mean for shareholders? I
Michael Rowley:
I had to look into it myself to be reminded. DTC is an electronic clearing service. This simplifies the process of trading and enhances liquidity For American traders, which we have a really good US shareholder base. So this is, meaningful in terms of fast and efficient settling of those trades.
Maurice:
Before we close Mr. Rowley, what would you like to say to shareholders?
Michael Rowley:
This is an exciting time for Group Ten Metals! If you’re familiar with the Lassonde Curve value creation in junior miners were at that just pre-discovery phase where you get that rapid increase in value. And it’s quite a privilege to be here. It’s exciting to be systematically exploring the Stillwater Complex, which is famously metal-rich, and yet also under-explored and it’s remarkable, but the 215 drill holes to date across 32 kilometers of claims, 61 square kilometers. That’s not a lot. And we’re testing things all the time that have never been drilled and we’re finding nice-looking sulfides there. So to be the ones systematically adding value and looking like, in terms of the market, that we’re on the left end of the Lassonde Curve, but knowing that we’re much farther along in terms of having comfort about some size and grade here. Pretty exciting.
Maurice:
Last question. What did I forget to ask?
Michael Rowley:
Well, it’s probably a good point to touch on the broader commodity markets and you know metal markets are going sideways at the moment but there are the fundamentals are in place perhaps more than ever for a really good steady increase. We’re looking for all the metals in our suite of commodity baskets to resume their upward momentum likely this fall. We’ve got the FED meeting behind us today. Things look positive the fundamentals are there and we’re looking forward to increased value for all our commodities, especially, in nickel. We’re hearing increasingly of the coming shortfall in nickel sulfide, in particular clean nickel that’s good for batteries or rather makes nickel sulfate in the most environmentally friendly manner. We’re excited to be part of that and we’re looking forward to that renewed momentum. This is a good buying opportunity to buy shares in Group Ten Metals.
Maurice
Sir, for readers that want to get more information on Group Ten Metals, please share the website address.
Vancouver, British Columbia–(Newsfile Corp. – August 30, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement (the “Agreement“) to sell five battery metals projects in Sweden (the “Projects“) to Swedish Nickel Pty. Ltd. (“Swedish Nickel“), a wholly owned subsidiary of Bayrock Resources Limited (“Bayrock“). Bayrock is an Australian unlisted public company and has a pre-existing nickel mining asset in Sweden. In return for the Projects, the Agreement provides EMX with up to a 6% equity interest in Bayrock, annual advance royalty payments, 3% Net Smelter Return (“NSR“) royalty interests, work commitments and other considerations.
The nickel-copper Projects are located in northeastern Sweden in the Fennoscandian Shield (see Figure 1), which is host to numerous nickel deposits in Sweden, Finland and western Russia. The Projects each contain drill-defined zones of nickel-copper sulfide mineralization developed in and around mafic to ultramafic intrusions (magmatic sulfide-style mineralization). These zones of mineralization are also variably enriched in cobalt and platinum-group-elements (PGE), key metals used in current battery technologies. Most of the Projects’ occurrences and deposits were discovered in the 1970’s and 1980’s, with only limited and incomplete histories of follow-up exploration. See www.EMXroyalty.com for further information.
The Agreement with Swedish Nickel/Bayrock represents another example of EMX’s execution of the royalty generation aspect of its business model. EMX began exploration programs for nickel-copper-cobalt-PGE deposits in the Nordic countries in 2016, at a time of lower battery metal prices and when there was little commercial interest in these types of projects. Improvements in the battery metals markets in recent years have led to a resurgence in interest in battery metals projects, especially in stable political jurisdictions such as the Nordic countries.
Commercial Terms Overview. In accordance with the Agreement, Swedish Nickel can acquire 100% interests in any or all of the Projects through the issuance of cash or shares to EMX and performance of work on individual projects during a 36 month (3 year) option period, subject to the following terms (all dollar amounts in AUD):
Upon execution of the Agreement, EMX will receive $62,184 in cash.
Bayrock will raise a minimum of $6 million by the first anniversary of the Agreement and issue EMX between 5 and 6% of Bayrock shares on a fully diluted basis, subject to certain conditions. Alternatively, Swedish Nickel can make a one-time cash payment of $600,000 in lieu of the obligation for issuance of Bayrock shares to EMX.
Swedish Nickel will expend a minimum of $250,000 per project in the first 18 months of the Agreement, and another $250,000 per project in the second 18 months of the Agreement; for a total of $500,000 per project by the 3rd anniversary of the Agreement.
After satisfying the work commitments and exercising the option on any or all of the Projects, Swedish Nickel will grant EMX royalty interests with annual advance royalty (“AAR“) payments and other considerations on each of the Projects for which an option is exercised:
EMX will receive a 3% NSR royalty interest in each optioned project. On or before the earlier of the sixth anniversary of the Agreement or delivery of a Feasibility Study, Swedish Nickel has the option to repurchase 1% of the EMX NSR royalty on any Project by paying EMX $1,500,000.
EMX will receive AAR payments of $25,000 on each optioned project commencing on the third anniversary of the Agreement, with the AAR payment increasing by 10% each year.
Payments of $600,000 payable in cash or shares, will be made to EMX upon the delivery of a Feasibility Study on any of the Projects.
Closing is subject to approval by the ASX Stock Exchange.
Overview of the Projects. The Projects are situated within a belt of mafic-ultramafic intrusive complexes that straddle the Sweden-Finland border. This belt of intrusions is host to multiple nickel-sulfide deposits such as the Kevitsa and Sakatti deposits in Finland. Each of the EMX Projects included in the Agreement contain historical drill defined zones of nickel copper mineralization that also show variable enrichments in cobalt and PGE.
Kukasjarvi Project. Kukasjarvi has a geologic setting typical of many magmatic sulfide deposits, where sill-like mafic to ultramafic rocks have intruded graphitic and sulfide bearing sedimentary rocks. Magmatic sulfides at Kukasjarvi were discovered by Boliden AB in the 1970’s while tracing mineralized boulders found in the area. Twelve historical diamond holes were drilled for a total of 2,400 meters, and a historical mineral resource for Kukasjarvi was defined[1]. The deposit is believed to be hosted within a metamorphosed ultramafic cumulate rock related to larger volumes of mafic gabbros mapped in the area. The deposit remains poorly delineated (i.e. incompletely drilled), and high Cu:Ni ratios suggest that the currently defined mineralization is distal in the system(s).
Notträsk Project. Notträsk is a layered mafic intrusion of gabbro-norite-peridotite with nickel copper mineralization that was discovered in the 1970’s when road construction exposed an 80 meter thick section of sulfide rich breccias and massive sulfide accumulations. The sulfide mineralization occurs near the base of the intrusive complex, but subsequent exploration programs focussed on mineralization at higher levels within the intrusive complex. Only a few of the historical holes penetrated the basal contact, which represents the primary exploration target and remains largely untested. EMX also sees considerable exploration upside in the apophyses and offshoots of the main intrusive complex which could contain “conduit” type sulfide targets.
Vuostok Project. The Vuostok project is the westernmost of the Projects, located in the Skelleftea mining region of Sweden. Nickel-copper mineralization at Vuostok was discovered in the 1940’s after prospectors followed a trail of mineralized boulders that were carried by glaciers up to 55 kilometers to the southeast[2]. Mineralization at Vuostok mainly occurs along the basal contact of a gabbro sill intruded into granitic country rocks. After discovery, several campaigns of drilling delineated shallow bodies of nickel-copper sulfide mineralization. Many step-out drill holes also intersected masses of nickel-rich sulfide mineralization which appears to be widespread in the gabbroic intrusive complexes. Multiple conductive geophysical anomalies remain untested.
Fiskelträsk Project. Similar to Kukasjarvi, Fiskelträsk is a gabrroic to gabbronorite intrusion emplaced into sulfide-bearing sedimentary rocks. The Fiskelträsk deposit was discovered by Boliden AB during the 1970’s, which drilled eleven holes for a total of 1,600 meters. The drill data were utilized by Wiking Minerals AB to estimate a historical resource in 2014 that has been cited in multiple publications on nickel-copper deposits in the region. The mineralization at Fiskelträsk is enriched in cobalt, and although not analyzed during the 1970’s exploration programs, subsequent studies showed anomalous PGE values which need follow-up work.
Skogträsk Project. Nickel-copper mineralization at Skogträsk was identified and drilled by the Swedish Geological Survey (“SGU“) in 1969-1973. Eleven shallow diamond drill holes by the SGU intersected disseminated and “net-textured” styles of sulfide mineralization at the basal contact of a gabbro-norite-pyroxenite-peridotite intrusion. As was the case at Kukasjarvi and Fiskelträsk, the mafic-ultramafic intrusions at Skogträsk were emplaced into graphitic and sulfide-rich sediments. In 2014 Boss Resources Ltd. conducted electromagnetic geophysical surveys at Skogträsk and drilled two holes totalling 491 meters. One of the holes intersected a significant thickness (~20 meters) of nickel-copper-bearing sulfide mineralization at the basal contact of the intrusive complex, and electromagnetic geophysical data show that the mineralization may extend for several hundred meters along strike. There was no follow-up to the 2014 drill program and multiple geophysical anomalies remain untested on the property.
Comments on References to Historical Drill Results and Resource Estimates, and Nearby Mines and Deposits. EMX has not performed sufficient work to verify the Projects’ historical drill results or the published historical resource estimates. The Company is not treating the historical estimates as current mineral resources but considers them as reliable and relevant based upon independent field reviews, including inspections of historical drill core. Additional work to verify or upgrade the historical estimates as current mineral resources would include a) check assaying of historical assay results, b) confirmation drilling, and c) review/updating of the geologic interpretations under the supervision of a Qualified Person. However, there is no guarantee that the historical resource estimates will be updated as current mineral resources with further work.
The nearby mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in similar geologic settings, but this is not necessarily indicative that the Projects host similar tonnages or grades of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”; and on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 979-6666 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended June 30, 2021 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location map for the Projects and Prospective Mineral Belts.
[1] Papunen, Heikki, and Gorbunov, eds., 1985, Nickel-Copper Deposits of the Baltic Shield and Scandinavian Caledonides, Geological Survey of Finland, Bulletin 333.
[2] Grip, E., 1955, Tracing of glacial boulders as an aid to ore prospecting in Sweden, Economic Geology, v. 48, p. 715-725.
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Joining us for conversation is Tim Johnson, the CEO of Granite Creek Copper (TSX.V: GCX | OTCQB: GCXXF).
Tim Johnson:
Thank you, Maurice. It’s always a pleasure to be here.
Maurice:
What an exciting time to be speaking with you as Granite Creek Copper has just released some very exciting results to the market, which look to further extend the resource at the high-grade Carmacks copper-gold project. Before we begin, Mr. Johnson, please introduce us to Granite Creek Copper and the opportunity the company presents to shareholders.
Tim Johnson:
Granite Creek Copper is an exploration stage copper-focused company. We’re focusing on our Carmacks project in the center of Yukon, Canada, which is a great jurisdiction for development and we have excellent access to power and a highway. And just released some very exciting news of which we are very pleased and I appreciate this opportunity to discuss them and put them into context for readers.
Maurice:
Granite Creek Copper began its inaugural drill campaign back in November, which was quite successful, yielding 127 meters of 0.85% copper equivalent at Carmacks’s zone 13, and 4.6 meters of 7.5% copper equivalent at Carmacks north zone A, which was followed up in May with phase one of three drill programs slated for 2021.
In July, Granite Creek released the first string of asset results from phase one and the results were quite impressive. Just the other day, the company released a single hole, hole 11, which has some spectacular results. It would seem that there will be much more bluesky on the horizon on the Carmacks deposit. Mr. Johnson, I have table one from the press release before us. Please walk us through the asset results and in particular, hole 11.
Tim Johnson:
Hole 11 was a bit of an eye-opener for us. It was targeted in zone 2000 south. When we went into the campaign, we knew that there was some significant potential to grow the resources in 2000 South, and I must say Hole 11 delivered, along with a few other holes drilled in the 2000 south zone all intercepted mineralization well below the current resource model, so giving us the potential to significantly expand that resource. We’re pretty pleased. We think not only can we expand the resource, but if you notice that, looking at the resource table in the news release, that just about all the intercepts are of a higher grade than what’s in the table. That gives us the potential to not only grow the resource and as far as tonnage, but also potentially deliver a higher-grade resource on an updated resource estimate that we’re working on right now.
Tim Johnson:
Hole 11 intercepted 105 meters at 1.18% copper on an equivalent basis and above 0.97% copper on its own. Within that, there were 22 meters of over 2% copper. Those grades are pretty spectacular, and we think, again, that’s going to make a significant upgrade to the resource once we can complete a few more holes and model that. We don’t think this is a one-off hole. We think from the geophysics and what we’re seeing that we will be able to expand the resource in a much higher grade. Of course, we’ve got some more drilling to do to be able to deliver that, but we’re pretty bullish about that. We’ve refocused our phase three program, which we expect to start in a week or two, to target that area of 2000 south, and also to see if we can connect the 2000 south up to some of the other zones at Carmacks to make a more continuous ore body.
Maurice:
Now sticking with zone 2000 south, I have table two before us. What do these results seem to indicate?
Tim Johnson:
Table two is a resource calculation done by previous operators. This was published in 2017. You can see it’s quite a small resource, about 600,000 tons in the sulfide domain, which readers should know that the sulfide domain is what we’re targeting. The oxide, there is limited oxide in 2000 south. I think this is one of the reasons why this target is still here, because previous operators, again, we’re more focused on a small oxide operation. So they weren’t targeting the sulfide, but we see the real potential here to be the sulfide. This hole seems to verify that. Again, the grade on this hole is above what the grade of the resource, the current resource is. So good delivery on a couple of fronts, both potential tonnage increase, and potential grade increase.
Maurice:
And I do wish to highlight the geological acumen of Granite Creek Copper, as the Carmacks has had over 50,000 meters of exploration in the past and they were not able to locate the success you have in hole 11. What does that say about GCX and the success of the company moving forward?
Tim Johnson:
There’s a couple of reasons for that. The previous operators and there was nothing wrong with this, felt they had an economic resource in the oxide. The oxide is fairly near surface. Therefore, there was a lot of drilling done to prove up that resource, but there was very little drilling done to expand the resource into the sulfide material or to look for adjacent potential like we have at Carmacks North. Previous operators had quite a small land package for various reasons. They had to let some go in some of the tougher times in the industry, and we benefited from that, by having that land package available for us when we acquired it and then subsequently acquired coper north, of course, to consolidate the district.
Tim Johnson:
So yeah, you’re right. I mean 50,000 meters have been drilled, but a lot of it, as I said, was very near-surface, oxide focused, and left us the opportunity to come in and recognize the potential for significant expansion beneath the oxide into the sulfide, and really not that deep. The transition zone from oxide to sulfide occurs about 200 meters plus or minus below surface, so still well within an economic mining range, and really, a lot of bluesky left and a lot of discovery potential on the combined land package.
Maurice:
In previous interviews, we’ve discussed resource expansion. How does today’s press release increase the impact on the pending 43-101 mineral resource estimate?
Tim Johnson:
It significantly impacts mineral resource estimate. When consider where Hole 11 fits in relation to the current resource, and the entirety of the 105 meters of significant mineralization is below the current resource. So giving us up to 100, maybe 120 meters of down-dip extension on that resource. Now, we do need to infill around it. You can’t build a resource on a single hole, but some of the other holes that we’ve had that we released in July also support that down-dip extension of the resource. So we see significant growth potential here in this zone.
Tim Johnson:
We did drill again this year on Zone 13. We’re still waiting for those assays, but we see potential to grow in 13 as well. We also see potential to grow in the sulfide portion of Zone 1, which some of those assays were also released in our first release in July. So basically, three zones that we have resource growth potential, and we’re working on modeling those right now. We’re working with a third party to bring that resource into view, and we hope to be able to deliver that to the market in a fairly timely manner.
Maurice:
I referenced that Granite Creek will embark on three drill programs this year. When can shareholders expect the remaining results from phase one?
Tim Johnson:
That’s a really tough question to answer. As we move into the fall, the labs get busier and busier. So it’s really hard for me to nail down, but we would expect hopefully by late September to early October, we’d have final results on phase one. The phase two program we’re currently going on is an RC or a reverse circulation program. It’s targeting some of the earlier stage targets both at Carmacks north, which is a northern extension of our land package, and some of the earlier stage targets around the Carmacks deposit itself. Then the phase three program, which is now being re-imagined in and around 2000 south, will be starting in the coming weeks. Then that should give us fairly good assay flow and be able to continue to deliver results to the market as we move through the fall and into the winter months.
Maurice:
By the way, is phase three, is that an RC or is that diamond core, sir?
Tim Johnson:
Phase three is a diamond program. What we did this year, we budgeted for 10,000 meters. We completed 6,300 meters in the initial program, and we kept back some meterage to get the results in and to understand the geology of the orientation of the deposits. Now that those results are coming in as I said, we’re refocusing our efforts to build out where we have the best results and try to get … increase the tonnage and increase the grade in the zones that we think are going to make the most difference to the resource.
Maurice:
When we last spoke, Granite Creek Copper announced that it had entered into a contract with Sedgman and Mining Plus. What are the latest developments there?
Tim Johnson:
We working forward with Sedgman and Mining Plus. One of the big reasons we brought them in is two-fold. One of the reasons we brought them in was to optimize the process for both the oxide and sulfide processing that was initially developed in the 2017 PEA, and then also to develop a mine plan that would bring the sulfide in as well. The previous PEA only spoke to the oxide resource. It contemplated about a 7 mine life. We saw at least double that in the sulfide resource, but there was no mine plan for it. Sedgman and Mining Plus are working very hard to bring that into view. What’s going to happen, we’ll take that information and that will inform our next economic study to be done on the project. We will look at updating the preliminary economic assessment once we have all the results in both from the work that Sedgman and Mining Plus are doing, and of course, with an updated resource that is being currently worked on to bring both the tonnage and the mine plan and the processing plan all into one economic study.
Maurice:
Leaving the Carmacks project, sir, please provide us with an update on the capital structure for Granite Creek Copper.
Tim Johnson:
Granite Creek Copper has 127 million shares issued and outstanding. We’ve have warrants that are right at the strike price of the warrants, about $4.8 million in cash value of those warrants with the strike price at 20 cents. We see strength in the market moving into the fall, and we expect those warrants to assist the company in continuing on with our economic studies and upcoming programs. Meaning that we won’t be looking to conduct a dilutive financing in the near term. We expect strength in the copper market hopefully will allow us to delay any large financing for a while.
Maurice:
Before we close, Mr. Johnson, what would you like to say to shareholders?
Tim Johnson:
I think the copper space is an excellent space for speculative shareholders to be to be looking we think that the copper market is going to have strength moving through the remainder of this year and into next year. We’ve got an excellent project with excellent exposure to copper and to precious metals as well in a very good jurisdiction. I think it’s worth adding granite creek copper to your watch list and making sure you follow along with our story.
Maurice: Last question sir what did i forget to ask?
Tim Johnson:
Well as usual Maurice, you did an excellent job. I think the questions you asked are very good and I appreciate your time.
Maurice:
Thank you sir. Mr Johnson for someone that wants to get more information on granite creek copper please share the contact details.
Mr. Johnson is always a pleasure to speak with you wishing you and Granite Creek Copper the absolute best sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
VANCOUVER, BC / ACCESSWIRE / August 26, 2021 / NV Gold Corporation ( TSXV:NVX)(OTCQB:NVGLF) (“ NV Gold ” or the “ Company “) is pleased to announce that the Company has initiated its planned IP Survey at its 100%-owned Sandy Gold Project (“ Sandy “), located within the Walker Lane, Lyon County, Nevada, USA. Combined with the Leapfrog modelling and detailed mapping earlier in the 3 rd Quarter, the outcome of the IP Survey will be used for better target definition to guide a 2 nd Phase drilling program projected for the 1 st Quarter of 2022 or earlier depending on equipment availability.
Recap of previously announced 2021 Sandy Project Highlights
The Company completed its expanded program of 17 RC (Reverse Circulation) drill holes totaling 3,811 m (12,505 ft) in 1 st Quarter of 2021.
The “maiden” RC drilling has encountered a large epithermal gold system. The alteration footprint at the surface has a strike length of 2.4 kilometers and a width of half a kilometer. Most of the property remains undrilled, and the system remains open at depth and under late volcanic cover.
A surface rock chip sampling program completed yielded positive gold values from anomalous to high grade. Of note, five samples yielded 11.3 g/t Au and 11.6 g/t Ag, 11.5 g/t Au and 14.1 g/t Ag, and 18.1 g/t Au and 43.2 g/t Ag (refer to Figure 1).
All seventeen of the 2021 RC holes intercepted anomalous gold and strong trace element geochemistry. Twelve holes were above a threshold of >3 meters @ >0.1 g/t Au. The strongest intercept was 22.9 meters @ 0.65 g/t Au from 29 meters to 51.9 meters (including 6.1 meters of 1.58 g/t Au at 38.1 meters) in SD-2 (refer to Figure 1).
Mapping Conclusions
Hydrothermal alteration at Sandy is predominantly clay to silica-clay alteration (of the tuffaceous rocks) in the Southwest Zone, mostly seen as float around epithermal quartz vein pieces, while stronger (massive and “near-massive”) silicification forms ridgelines and broader structural zones in the upper Northeast Zone (refer to Figures 1 & 3). Very white clay, possibly illite, is interpreted in the strongest silica-clay altered zones, both in the Southwest and Northeast Zones. The alteration is consistent with low sulfidation vein alteration and looks to be clay alteration developed on the margins or above epithermal veins. Based on the size, elevation range, zonation (silica above, clay below) and apparent geometry of the alteration, the Northeast Zone could be an altered cap overlying a preserved epithermal vein system.
The upcoming IP (refer to Figure 2) survey should be especially useful to interpret the 3D geometry of the alteration at the Northeast zone. Even if high resistivity is relatively shallow (shallow silicification) and any subsurface veins are too narrow to detect, the widespread clay alteration should produce moderate resistivity/conductivity anomalies in 3D and any roots or zones of greater resistivity or conductivity (near vein halo alteration) may be considered as vein drill targets. Deeper zones of greater chargeability may indicate broader sulfide rich zones around deeper veins and would also be potential drill targets. Once the IP surveying is completed, deeper drill targeting should be straightforward.
“The strike-length and amount of alteration and the presence of high-grade Au of up to 18.1 g/t Au from rock chips remain encouraging for an economic gold system at Sandy. I was pleased to have Mr. Myers and Ms. Teal (previously known as Pinto) involved in the program, which will provide an immediate upgrade in data quality. I have worked with Stan and Rita for many years together at Yanacocha, Peru, where we were engaged in numerous discoveries, including the Kupfertal Porphyry. Several Au and trace element geochem anomalies remain untested at Sandy, and the Leapfrog modelling suggests there may be open gold mineralization in the Southwest Zone. In addition, mapping has identified a highly silicified and altered cap, possibly overlying a preserved epithermal vein system at the Northeast Zone that is very encouraging. I am excited and looking forward to see the IP results soon to be included and guiding our 2 nd Phase drilling campaign in 1 st Q of 2022″,stated Thomas Klein, VP Exploration, NV Gold.
On behalf of the Board of Directors,
John E. Watson President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson, President & CEO Phone: 1-888-363-9883
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s planned exploration activities, the possible interpretations of the results of the IP survey, the geological interpretation of clay composition, of a cap overlying an epithermal system or of possible gold mineralization are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, the lack of continuity of mineralization, the extent to which mineralized structures extend on to the Company’s Projects and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Figure 1: Mapping-Sandy Project
Figure 2: Location of proposed IP lines at the Sandy Project
Figure 3: Silicified hydrothermal breccia ribs on the hilltop of the Northeast Zone, looking northeast.
