Category: Junior Mining

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Base Metals Energy Exclusive Interviews Junior Mining

Hot Chili Limited – Developing a Tier 1 Asset- Attracting a Tier 1 Investor

Maurice Jackson

Joining us for a conversation is Christian Easterday, the CEO of Hot Chili Limited (ASX: HCH | OTCQB: HHLKF).  It’s a pleasure to be speaking with you sir, Hot Chili Limited is having, simply put, a banner year, as throughout the year it’s been one success after another as Hot Chili has released a string of successful press releases to advance the massive Cortadera Copper-Gold Project. Before we delve into the exciting news you have for current and prospective shareholders, Mr. Easterday, please introduce us to Hot Chili Limited and the opportunity the company presents to the market.

Christian Easterday:

Well, it’s been a very exciting time, not just in the copper space, but for Hot Chili, as we really transform ourselves from a corporate exploration company on the coastline of Chile to a full-fledged very significant copper developer and now very pleased to be welcoming Glencore as our largest shareholder through their participation in our recent $40 million capital raising, which was just announced during the week.

Christian Easterday:

None of this has been possible without the string of successes that we’ve had at a world-class Cortadera porphyry discovery on the coastline, which has allowed us to consolidate a major copper development hub sitting on the Pan-American highway right next to a port 600 kilometers north of Santiago in Chile. We are certainly hitting our straps after announcing our maiden resource last year, where I did my last interview with you Maurice, we now have some three-quarters of a billion tonnes at about half a percent copper equivalent in open-pit and underground resource space.

Christian Easterday:

And that Cortadera discovery, which is one of only two major copper discoveries that the world has seen since 2014 is seeing some significant growth in our drilling. And we’ve been able to put out some further world-class intercepts as we expand that resource base, and look to take our combined asset to over a billion tons. And hopefully, we’ll be looking to put that out later in the year.

Maurice Jackson:

Sounds exciting, sir. You referenced the $40 million funding. Can you go through the details for us on this landmark transaction, along with your new strategic partner Glencore Resources?

Christian Easterday:

We have been very busy in staging the next steps for Hot Chili, as we seek to align ourselves with the rest of the copper porphyry developers in the America’s. Currently, we’re the only major copper porphyry player that is not listed on the TSX and TSX.V and we’re looking to, dual list, the company in the coming months over on the TSX.V in Canada. So, a very exciting time as we transform the company and look to align to a set of copper developers, which are seeing market capitalizations in the range of $500 million to $1.4 billion with some of the leaders over there in Canada being Filo Mining, Solaris, SolGold and several resources that they control, obviously Hot Chili’s resource bases is comparing extremely favorably.

Christian Easterday:

We see a real value gap that exists with the only non-TSX/TSX.V player in our peer space.  The $40 million capital raising that we’ve just completed was well supported out of Australia and also overseas with significant support seen from North America. But most importantly, when we put that capital raising together, that was all about taking our last real key milestone, which is the purchase of Cortadera itself. We had one remaining payment that was due in one year of $15 million U.S. or roughly $20 million Australian. And the asset has grown so rapidly and was really sitting on a world-class discovery here that there was significant interest in taking out that final ownership payment, which we’ll be making immediately, and once we close this raising in the coming week or two. So that’s some color on the reason for the raising outside of the purchase of Cortadera, the rest of the money is going in to continue our aggressive resource growth drilling program.

Christian Easterday:

And also now to start stepping out and start testing some very exciting growth potential in what looks like an opportunity to unlock a cluster of high-grade porphyry targets in and around our two key assets at Productora and Cortadera.  Part of this raising as you well said, we’ve now attracted the support of one of the largest mining companies in the world in Glencore. And they’re, as is being announced, they’re coming in now as a 9.99% shareholder in Hot Chili, which will make them the largest shareholder in Hot Chili. And we’ll be shortly welcoming their support with a board member coming on to Hot Chili’s board technical steering committee. This will allow us to tap in and utilize that strong capability and experience of Glencore in developing large-scale copper assets in jurisdictions, such as Chile.

Christian Easterday:

And I’m looking forward to the new relationship and our new large shareholder in Glencore. They’ve certainly given the company a significant endorsement of our assets. Effectively, the due diligence by the world has just been completed by one of the largest copper producers in the world, one of the largest mining companies in the world, and a really key aspect of that is where we’re looking forward to negotiating over the coming months, which is an off-take arrangement for the first eight years of our targeted 25 to 30-year mine life that we’re trying to build out on the coastline. That will be for about 60% of the off-take out of our combined Costa Fuego project. And we really look at that as a significant de-risker for the company in terms of actually having a partner there to take a benchmark component on the pricing of our offtake. We view this a strong hedging position. The company is putting in place with the largest global trader of copper concentrates. And now our largest shareholder.

Maurice Jackson:

Having Glencore as a strategic partner is a big, big feather in your cap and puts Hot Chili in the driver’s seat. I would say on the Autobahn, you’ve really, you’ve done several things here for shareholders. That, and again, just this off-take, it’s something that may be minor when you look at all the successes here, but that off-take agreement as well is just another strategic step. And it just demonstrates the business acumen and the leadership here. And I have to just give you a big kudos, sir. Switching gears, let’s look at some numbers. Please provide us the capital structure for Hot Chili Limited.

Christian Easterday:

Look at the moment. Our pre-capital structure was about 3.1 billion shares. We’ll come over the 4 billion mark after this raise, where we have about 1.1 billion shares that we’ll be issuing to Glencore and to other institutional investors. We’ve also been able to give the shareholders a Hot Chili, a slice of the capital rising at 3.2 cents. And I suppose that’s sort of something really important from the board that we wanted all of the shareholders to be able to participate at the same level of investment that Glencore and the institutional investors are coming in at. And that’s certainly seen a very good response day one, day two, day three in the market over here in Australia. We’ve not just a raising that an 11% discount to our closing price pre capital rising, but we’ve been able to get the stock to have a very positive lift after that announcement.

Christian Easterday:

We’re trading at around 40% or 50% higher than the issue price for the rising. We are very pleased to be able to allow all of our shareholders to participate in a share purchase plan. We now have a firm opportunity to rewrite Hot Chili into the billion-dollar-plus market capitalization space. And we believe that we can do that in short order, particularly with our realignment now, and being able to take Hot Chili into the North American market with a dual listing on the TSX/TSX.V and to be able to compare ourselves very favorably with some of the names I’ve mentioned, the Oracles, the Filos, the Solaris’, which have seen spectacular increases in their share prices in association with the lifting copper price environment.

Christian Easterday:

When you have a copper price environment over $4 per pound, and you have an upper-tier copper asset that is rapidly approaching a tier-one asset, and there’s very few of those available in the world to be able to leverage that value and to be able to come into a dual listing and now with Glencore on our register. We believe that we have a significant rewrite ahead of the company. And now the ability in the market’s eyes to be able to execute and transition Hot Chili into a large scale or major copper producer.

Maurice Jackson:

In closing, sir, what would you like to say to shareholders?

Christian Easterday:

I’d like to thank all of our shareholders for ensuring that Hot Chili was one of the survivors of the last downturn in copper, to support our vision, to build out a new copper player of substance globally with the project that we’re positioning in the plus 100,000 tonne per annum, copper production space. Very few of those available in a world where there’s very few major copper discoveries being made.

Christian Easterday:

Now our shareholders, undoubtedly, will start to reap the rewards of what has been a 13 year vision by myself and our founders to build out something that you don’t see very often. And the last time the Australian stock market had anything in this space was, of course, Equinox resources. And we all know knew that a real key element in the rewrite of that company from a $400 million company to a $7.2 billion takeover was their ability to be able to transition into production. And most importantly was to be able to position Equinox into the north American markets at the right time.

Christian Easterday:

They did that in the last copper cycle, and they were able to extract that significant rewrite in valuation. And we were simply following a very well-worn path that has already been done before.

Maurice Jackson:

Last question, sir, what did I forget to ask?

Christian Easterday:

I’m sure we’ll have plenty of time for further questions down the road, Maurice. We’ve got some pretty exciting drilling results coming out of our expansion program that we’ll now be able to start getting out to market now that I’m out of a blackout period following about four or five weeks of no sleep completing the transaction that we’ve just announced.

Christian Easterday:

But most importantly, we’ve got a lot of very exciting news flow in the lead up to our dual listing in the TSX.V, which is scheduled for around late October, and then shortly to follow that hopefully a significant upgrade at our Cortadera porphyry discovery and Chili.

Maurice Jackson:

Mr. Easterday, it’s been an absolute delight to speak with you today, wishing you and Hot Chili Limited 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.

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Base Metals Energy Junior Mining

Nevada Copper Announces Filing of Q2 2021 Financial Statements and MD&A, Operational Update and Management Change

YERINGTON, Nev., Aug. 13, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) today provided an operations update and announced filing of its Q2 2021 financial statements and the related management’s discussion and analysis.

Operations Update

  • Mining of First Stope: During Q2 2021 the Company successfully mined approximately 9,500 tons at a grade of 1.5% Cu out of the first stope mined since the restart of the mine in the East South area. Tons mined and ore breakage was consistent with the plan, indicating that the mining method was appropriate for the ground conditions where the stope is located, although mining of the stope was later than originally planned. Subsequently, the stope was successfully back-filled and the Company is now preparing to mine the next stope in the East South area.
  • Mine Infrastructure: Mine infrastructure works were further advanced during the quarter albeit slower than expected, including the final two sets of underground fans installed and commissioned as planned in Q2 2021, allowing for an increase in development rates. Commissioning of the surface ventilation fans continues to be planned for Q4 2021.
  • Material Hoisting: Following completion of the Main Shaft material handling system in Q4 2020, the Underground Mine achieved a peak daily hoisting rate of over 3,000 tons by February 2021 and has since achieved a hoisting rate equivalent to 5,000 tons per day (“tpd”) on a shift basis, demonstrating capacity of the shaft and associated materials handling system. Due to slower development rates in Q2 2021 through the water-bearing dike structure, the Company now expects to reach sustainable hoisting rates of 3,000 tpd in Q4 2021 and for hoisting rates to continue to ramp-up beyond that.
  • Lateral Development: Lateral development continued on multiple headings, providing access to ore mining zones in the East South orebody and advancing development towards the East North orebody. During the Q2 2021 the Company continued development of the East North area through a dike structure located between the East South and East North orebodies. A second heading crossing the dike is 90 feet below the first heading. Additional ground support was required to complete dike crossing and the Company is almost through the water-bearing dike structure.
  • Processing: The process plant maintained average concentrate grade over 21% along with 81% recoveries. While batch processing ore through the processing plant, the Company achieved a weekly average of 3,271 tpd. 87,211 tons of ore was processed through the concentrator in Q2 2021 with an average feed grade of 0.51%. Approximately 1,514 tons of concentrate was produced at a 21% average copper grade for Q2 2021. During June, Sedgman successfully completed C5 testing of the processing plant for grind size and moisture of concentrate and tailings.
  • Production ramp-up and Mine Planning: The Company continues to advance its mine planning process and has made revisions to the mine plan. The revised mine plan incorporates the recent experiences during mine development, including the geotechnical conditions of the East South area. In light of the impact of the water-bearing dike structure, expected equipment utilization rates and the remaining infrastructure projects to be completed the Company now expects that the Underground Mine will reach a hoisting rate of 3,000 tpd in Q4 2021 and 5,000 tpd in H1 2022.

Property Development Plans

  • Underground: The Company has progressed its life-of-mine planning aimed at operating its underground mine at an ultimate production rate in excess of the originally contemplated 5,000 tons per day rate. Mine planning work further supports the potential for the mine, once ramped-up to steady-state, to operate at higher long-term rates of 6,500 tons per day milled, increasing long-term annual copper production potential.
  • Open Pit: The Company reviewed its longer-term development targets for its Pumpkin Hollow property, including a solar power study, electrification and emissions reduction analysis, follow up work on scaling opportunities to improve economics and plans for infill and extension drilling.
  • Exploration: The Company plans to follow up on new exploration targets added through recent expansion of the Company’s properties to the east and analysis of geophysical surveys.

Corporate

  • Payroll Protection Program Loan (“PPP Loan”) Forgiveness: on August 6, 2021, the Company received confirmation for the approval of the forgiveness of the PPP Loan in the amount of $2.4 million. The loan was received in 2020 as part of a United States government COVID-19 pandemic program to assist companies to retain their employees.
  • KfW Credit Facility Amendment Discussions: On June 30, 2021, the Company received a waiver from KfW IPEX-Bank (“KfW”), the lender under its amended and restated senior credit agreement (the “Amended KfW Facility”), which provided for a 60-day extension to the project completion longstop date (the final date to meet the requirements of the project completion test under the Amended KfW Facility) (the “Project Longstop Date”) from June 30, 2021 to August 31, 2021. The Company has requested and expects to receive a further short-term extension of the Project Longstop Date from KfW. The Company is also in discussions with KfW to achieve a longer-term extension of the Project Longstop Date to a date in 2023, the deferral of debt servicing by twelve months and the temporary deferral of compliance with certain financial covenants under the Amended KfW Facility as the Underground Mine continues to ramp-up. The Company expects to have the short-term extension finalized in the next few weeks and the other proposed amendments finalized in the next few months. However, there can be no assurance that such extension and amendments will be finalized by such times or at all. Failure to finalize the extension or these amendments would result in the Company being in default under the Amended KfW Facility.
  • 2021 Promissory Notes: The Company received a loan of $15 million under a promissory note with Pala Investments Limited (“Pala”), the Company’s largest shareholder, in June 2021 (the “2021 Promissory Note”) providing additional liquidity for the ramp-up of the Underground Mine and addressing the reduced development rates associated with crossing the water-bearing dike structure. The 2021 Promissory Note has a maturity date of June 30, 2022, and bears interest at 8% per annum on amounts drawn. Subsequent to the end of Q2 2021, Pala agreed to provide the Company with additional loans of up to $27 million (of which $19 million has been received) pursuant to a series of amendments and restatements of the 2021 Promissory Note (the “Amended and Restated Promissory Note”) on the same terms and conditions as the original 2021 Promissory Note. Further draws by the Company are subject to agreed use of proceeds and regulatory approval of the Amended and Restated Promissory Note.
  • 2021 Credit Facility: On February 3, 2021, the Company entered a credit facility with Pala, for $15 million to be drawn by the Company (the “2021 Credit Facility”). The 2021 Credit Facility also provided $15 million under an accordion feature. The full $30 million has been drawn by the Company.

Senior Management Changes

Mike Ciricillo will be stepping down from the role of President and Chief Executive Officer of the Company, effective August 14, 2021.

Mike Brown will assume the role of Interim President and Chief Executive Officer. Mr. Brown has been a non-executive director of Nevada Copper since 2013 and has over 35 years of underground and open pit mining experience, including as Chief Operating Officer of De Beers Consolidated Ltd., where he was responsible for five operating mines. Mr. Brown has also managed a number of major projects, including the $750 million Finsch block 4 project, the $1.3 billion Venetia underground feasibility study, and a $200 million construction and commissioning of the Voorspoed mine.

Mr. Ciricillo will continue to provide support at the Pumpkin Hollow site for a transition period.

“The board of directors would like to thank Mr. Ciricillo for his contributions to the Company, including execution on ramp-up of the Underground Mine, and look forward to his ongoing support,” stated Chairman Mr. Gill. “The board of directors is pleased to welcome Mr. Brown as interim President and CEO and look forward to his leadership in that role.”

Q2 2021 Financial Statements

The Company has filed on SEDAR its condensed interim financial statements and the related management’s discussion and analysis for the quarter ended June 30, 2021. These documents are available on the Company’s website at www.nevadacopper.com and the Company’s SEDAR profile at www.sedar.com.

Qualified Persons

The technical information and data in this news release was reviewed by Greg French, C.P.G., and Norm Bisson, P.Eng., for 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

Mike Ciricillo, 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 and forward-looking statements within the meaning of applicable Canadian and United States 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 and information that relate to: Nevada Copper’s plans for the Project; negotiations with KfW regarding amendments to the Amended KfW Facility and waivers thereunder; the Company’s mine development, production and ramp-up plans and the expected timing, costs and results thereof; the need for additional funding; the resolution of hydrogeological issues; the impacts of the COVID-19 pandemic on the global economy and the Company; future ore and concentrate production rates; expected commencement of positive cash flow from operating activities; the ongoing exploration activities and the objectives and results thereof; and the other plans of Nevada Copper with respect to the exploration, development, construction and commercial production at the Underground Mine.

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 and penetrate the dike at the Underground Mine; failure to obtain extensions under and amendments to the Amended KfW Facility; 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; labour 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 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 and information. The forward-looking statements and information contained herein are based upon assumptions management believes to be reasonable, including, without limitation: no adverse development in respect of the property at the Project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of the COVID-19 pandemic in the medium-term and long-term; no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information and 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.

Categories
Base Metals Energy Junior Mining Project Generators

Millrock Enters Into Exploration Agreement Concerning Apex Gold Project, Southeast Alaska

August 12, 2021

Highlights

  • Millrock has executed an agreement with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining, Inc. concerning claims controlled by Millrock at the Apex gold project, located approximately 70 kilometers from Juneau in Southeast Alaska.
  • Coeur Explorations may exercise an option to earn a 100% interest in the claims through staged payments and exploration expenditures.
  • Upon earning 100% interest, a Net Smelter Returns royalty with an advanced minimum royalty provision and buyback option will be granted to Millrock.
  • Initial exploration is underway; drill permits have been approved.


VANCOUVER, BRITISH COLUMBIA, August 12, 2021 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to announce that it has entered into an agreement with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining, Inc. (“Coeur”), concerning the Apex gold project in Southeast Alaska. The project is located on Chichagoff Island, three kilometers north of the village of Pelican and 70 kilometers southwest of Juneau, Alaska.

 Millrock President & CEO Gregory Beischer commented: “We are pleased to enter into this agreement with Coeur Explorations and will work diligently with their exploration team to explore the claims. From historic documents, we know that high-grade gold ore was previously mined, but there has never been a single exploratory hole drilled. It seems likely that the known high-grade gold-bearing quartz veins will continue along strike and in the down-dip direction. The claims have been completely dormant since the 1980s. We’ll start with surface geochemical sampling and detailed structural mapping this year and look to drill in 2022.” 

The Apex project targets high-grade, mesothermal, gold-bearing quartz vein deposits. The claims cover the former-producing Apex and El Nido gold mines which operated intermittently from the 1920s through to the 1940s and reportedly produced approximately 34,000 ounces of gold by underground mining methods. Nearly 1,200 meters of workings on four levels were used to extract ore (United States Geological Survey Alaska Resource Data File). Ore was hand-cobbed and milled on site. Surface exploration was done by WGM Inc. in the 1980s, but no drilling was done and the property has been dormant since. Millrock secured an option on the core claim group in 2016 from Apex El Nido Gold Mines Inc. Subsequently, Millrock staked surrounding lands, compiled information, and secured drilling permits. At surface, above the caved portal to the Apex Mine, a swarm of quartz veins can be observed over a width of more than 200 meters. Within the swarm, four thicker veins were the subject of the historic mining efforts. Geological and geochemical features suggest the vein system has continuity along strike to the northeast beneath Cann Creek, toward the tidewater of Lisianski Inlet, two kilometers away. The gold-bearing vein system has never been drill tested along strike or below the historic workings.

Figure 1. Apex Gold Project Location Map
Figure 1. Apex Gold Project Location Map

Under the agreement, Millrock will assign its rights under the existing option agreement with Apex El Nido Gold Mines to Coeur Explorations. Coeur Explorations will be responsible for making cash payments and funding exploration expenditures to keep the option agreement with Apex El Nido Gold Mines in good standing. Millrock will execute exploration under a services agreement on behalf of Coeur. Coeur Explorations may determine not to proceed to exercise the option at any time, but if it makes all the payments and expenditures, it will vest with a 100% interest in the underlying claims. Upon exercising the option to purchase the Apex El Nido Gold Mine claims, Millrock will also transfer the claims it owns outright to Coeur Explorations, and the entire project will become subject to a net smelter returns (“NSR”) royalty in favour of Millrock. The royalty payable is a 2.5% NSR with an advanced minimum royalty (“AMR”) provision. Coeur Explorations may reduce the NSR to 1.0% by paying Millrock US$3.0 million. The initial AMR payment will be US$50,000 and will increase by US$50,000 annually until production occurs.  AMR payments are deductible from NSR payments. The property will revert to Millrock in the event that Coeur elects to discontinue AMR payments.

Typical of Southeast Alaska, the terrain is steep and challenging, as pictured in Figure 2. The former producing Apex and El Nido mine entries are at tree level, approximately 360 meters above sea level. A soil sampling crew has been mobilized to the project and is presently working out of accommodations in Pelican, using boat access. The goal of the program is to trace the mineralized structure and refine vein locations in anticipation of a 2022 drilling program.

Figure 2. Apex Gold Project Terrain
Figure 2. Apex Gold Project Terrain

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Coeur Explorations, EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to mount further exploration including drilling in 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Categories
Base Metals Energy Junior Mining Project Generators

Skyharbour Receives $1.2 Million from Warrant Exercise and Partner Company Valor Announces Radiometrics Reveal New Anomalies at Hook Lake Project with On-Ground Work Underway


VANCOUVER, British Columbia, Aug. 11, 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 high-resolution airborne radiometric survey and the commencement of on-ground work at the Hook Lake Project (previously the North Falcon Point Project). The radiometric survey was completed in late July and covered the northeastern third of the Hook Lake Project including the Hook Lake/Zone S historical high-grade uranium occurrence. Numerous anomalies have been identified from the survey (see Figure 1 below). Total count radiometric anomalies were ranked with the highest priority anomalies being strongly correlated with the uranium channel count.

Hook Lake (Formally North Falcon Point) Project:
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg

The survey was flown by Special Projects Inc. (“SPI”) from Calgary, Alberta who are considered an industry-leading provider of high-resolution airborne radiometric surveying. SPI flew the radiometric survey that delineated Fission Uranium’s PLS boulder field which eventually led to the discovery of the high-grade uranium Triple R deposit.

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:

Airborne Radiometric survey highlights several new targets:

North-western area identified as new area of interest with a cluster of Priority 1 and 2 anomalies

Several other Priority 1 and 2 anomalies identified away from known historical occurrences

Hook Lake/Zone S historical high-grade uranium occurrence confirmed as Priority 1 target

On-ground work underway to:

Follow up and confirm historical uranium occurrences

Follow up areas of interest from the recent Airborne magnetic and VLF-EM survey

Follow up anomalies identified in recently completed Radiometric Survey

Figure 1: Hook Lake Airborne Radiometrics Ternary Plot – Priority Anomalies
https://www.skyharbourltd.com/_resources/maps/20210805-Figure1.jpg

Of note is the cluster of Priority 1 and 2 anomalies identified in the northwest of the Project area where no uranium occurrences have previously been identified. The historical high-grade uranium occurrence at the Hook Lake (or Zone S) prospect was confirmed as a Priority 1 radiometric anomaly, with a Priority 2 anomaly located approximately 3km to the northeast along strike. There are additional Priority 1 and 2 anomalies away from known occurrences that require on-ground follow- up.

On-ground follow-up work has commenced which is being conducted by Dahrouge Geological Consulting Ltd. This work is focused on validating and developing the geological understanding of the historic uranium occurrences, such as the Hook Lake (or Zone S) prospect. The field crew will also follow-up on the new targets generated from the magnetic/VLF-EM survey completed in April and the priority anomalies identified from the recently completed airborne radiometric survey. A field crew supported by a helicopter is carrying out the field program over a period of 2-3 weeks.

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.

Warrant Exercises:

Skyharbour also announces that it has received an aggregate $1,204,713 from the exercise of share purchase warrants recently. A total of 4,461,900 warrants have been exercised since late June with a strike price of 27 cents with this batch of warrants expiring on August 10th. Skyharbour is fully funded for its ongoing and expanded drill program at its flagship Moore Lake Uranium Project with a total of over CAD $8.5 million in cash and in shares of partner companies. Partner companies Azincourt, Orano and Valor Resources are funding the bulk of the exploration programs at the Preston, East Preston and Hook Lake (previously North Falcon Point) Projects, respectively.

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 Hooke 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.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.jpg

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.

Categories
Junior Mining Precious Metals

Rover Metals August Corporate Update

Rover Metals Stands in Support of Local Community

Local employment showcased during Phase 2 Exploration at Cabin Gold Project
Local employment showcased during Phase 2 Exploration at Cabin Gold Project
Local employment showcased during Phase 2 Exploration at Cabin Gold Project

VANCOUVER, British Columbia, Aug. 10, 2021 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) discusses the positive impact of the Cabin Gold project on the local community: https://rovermetals.com/landingpages/aug2021corporateupdate.html

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ffc80748-bc7e-4058-88a9-bed31aa9d731

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 Cabin Gold Project this summer.

Stock Option Grants
The Company has re-engaged Momentum PR (“Momentum”) to provide another six months of investor relations services. Pursuant to the renewal of the Momentum contract, the Company has granted 750,000 stock options with a four year life on the following terms: 175,000 options vesting September 30, 2021 with an exercise price of $0.125; 175,000 options vesting December 31, 2021 with an exercise price of $0.150; 175,000 options vesting March 31, 2022 with an exercise price of $0.175; and 175,000 options vesting June 30, 2022 with an exercise price of $0.200. The Company has also granted 52,400 stock options to a consultant. The 52,400 options are fully vested on grant, have a life of four years, and have an exercise price of $0.15.

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

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.

Categories
Junior Mining Uncategorized

Lakewood Exploration to Acquire the Eliza Silver Project in the Historic Hamilton District and the Silverton Silver Mine in Nevada’s Prolific “Silver Alley”

Mon, August 9, 2021,

Figure 1

Longwave infrared Aster image of central Nevada, showing same thermal response as Round Mountain mine (left) and Silverton project area (right).
Longwave infrared Aster image of central Nevada, showing same thermal response as Round Mountain mine (left) and Silverton project area (right).
Longwave infrared Aster image of central Nevada, showing same thermal response as Round Mountain mine (left) and Silverton project area (right).

Figure 2

Silverton area map including other mines in the area.
Silverton area map including other mines in the area.

https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html

Silverton area map including other mines in the area.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Aug. 09, 2021 (GLOBE NEWSWIRE) — Lakewood Exploration Inc. (CSE: LWD) (the “Company” or “Lakewood”) is pleased to announce that it has entered into a share purchase agreement dated effective August 9, 2021 between the Company, 1304562 B.C. Ltd. (“BCCO”) and the sole shareholder of BCCO (the “Definitive Agreement”), pursuant to which the Company will acquire 100% of the issued and outstanding shares of BCCO (the “Proposed Transaction”). BCCO owns a 100% interest in the Eliza Silver Project and the Silverton Silver Mine.

The Eliza Silver Project

The Eliza Silver Project is located along strike of the Hamilton Mining District, Nevada’s highest-grade silver district, which produced 40 million (M) ounces (oz) silver with grades up to 25,000 grams per tonne (g/t) between 1876-1890.

Surface samples collected at the nearby California Mine grading 24,956 g/t silver (Ag)* and information gained from a detailed geologic map, indicate that Eliza and the Hamilton District contain high-grade Ag mineralization hosted by the same formation; however, no significant work or drilling has been done on the project in over half a century.

The Lakewood team plans to deploy a new geologic model, which will explore the down-thrown side of the Eberhardt Fault, which separates the Hamilton District from the Eliza Property. The California Mine, which mined ore grading between 5,621 to 18,737 g/t silver equivalent (AgEq)* in the 1870s is also located south of the Eberhardt Fault, indicating that very high-grade mineralization can be found within the Eliza fault block.

The Silverton Silver Mine

The past-producing Silverton Silver Mine is located in East Nevada’s “Silver Alley” with high-grade historic production of up to 933 g/t silver. Despite significant surface exposures and grab samples grading up to 499 g/t Ag and 1.99 g/t Au, no modern-day drilling or subsurface exploration techniques have been conducted on the project since the 1920s. The first modern work is currently underway, including satellite imaging which has shown similar colour anomalies to Kinross’ 15M oz Au Round Mountain mine (see Figure 1).

https://www.globenewswire.com/NewsRoom/AttachmentNg/566d4af5-cba9-44eb-807c-da01dda7daa2

Figure 1: Longwave infrared Aster image of central Nevada, showing same thermal response as Round Mountain mine (left) and Silverton project area (right).

Numerous large deposits are located in the “Silver Alley,” including the 174 Moz Tonopah silver project and the Tybo project, which produced 100 Moz AgEq (see Figure 2).

https://www.globenewswire.com/NewsRoom/AttachmentNg/15d9675a-7da9-4f0b-b918-7e2814980820

Figure 2: Silverton area map including other mines in the area.

1) NBMG Report 22600014
2) MRDS Record 10072150
3) NBMG Report 11300005
4) NBMG Report 49700037, inflation-adjusted
5) VR Resources company reports
6) Bida, 1961 inflation-adjusted

“The geology of the Eliza project suggests that it could be a down-dropped extension of the 40 Moz Hamilton Silver project,” stated President, Morgan Lekstrom. “The addition of Eliza and Silverton, two highly prospective silver projects in two of the most prolific silver districts in the USA, complement our growing portfolio of western US focused silver assets, which includes the past producing Silver Strand mine in Idaho. The acquisition of these projects reaffirms our strategy of adding shareholder value by acquiring silver assets that have both large exploration upside and near-term production potential.”

The Transaction

Pursuant to the terms of the Definitive Agreement, upon the closing of the Proposed Transaction, Lakewood will acquire 100% of the issued and outstanding securities of BCCO in consideration for: (i) the issuance of 3,370,000 common shares of the Company (the “Payment Shares”) to the sole shareholder of BCCO, and (ii) a cash payment of $20,000. In addition, the Company will issue 300,000 common shares to certain arm’s length third party finders in connection with the Proposed Transaction (the “Finders’ Shares”). The Payment Shares and Finders’ Shares will be subject to voluntary hold periods, with 25% of the shares released on the date that is 3 months following the Closing Date and an additional 25% released every 3 months thereafter until all shares have been released.

The Proposed Transaction remains subject to certain closing conditions including, without limitation, (a) the receipt by the Company of all necessary corporate and regulatory approvals; and (b) each party’s representations and warranties in the Definitive Agreement being true and correct in all aspects as of the Closing Date, and each party meeting its terms and conditions and completing its covenants and obligations as contained therein. There can be no guarantees that the Proposed Transaction will be completed as contemplated or at all. The Proposed Transaction is anticipated to close on or before October 31, 2021.

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.

The securities to be issued in connection with the Proposed Transaction have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

This press release includes “forward-looking information” that is subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements may include but are not limited to, statements relating to the Company’s ability to complete the Proposed Transaction on the terms announced or at all. Such statements are subject to all of the risks and uncertainties normally incident to such events. Investors are cautioned that any such statements are not guarantees of future events and that actual events or developments may differ materially from those projected in the forward-looking statements. Such forward-looking statements represent management’s best judgment based on information currently available.

Notes:
*Nevada Bureau Mines Report 52900017
**Humphry (1960)

Categories
Breaking Exclusive Interviews Junior Mining Uncategorized

Labrador Gold – Kingsway Gold Project, String of Golden Pearls

Maurice Jackson:

Joining us for a conversation is Roger Moss, the CEO of Labrador Gold (TSX.V: LAB | OTCQX: INOKF). It’s a pleasure to be speaking with you sir, as you have some very encouraging news coming from the Kingsway Gold Project, this time in the form of pristine gold grains. Before we begin, Dr. Moss, who is Labrador Gold, and what is the opportunity the company presents to shareholders?

Dr. Roger Moss:

Labrador Gold is a junior mining company based in Canada, and we’re currently exploring in Newfoundland on our flagship Kingsway Gold Project. We’ve done quite a bit of work on there over the last year, and this Spring we embarked on a 50,000-meter drill program.  We made a discovery late last year of visible gold in quartz grain boulders. And we’ve been drilling for a few months with some nice high-grade hits. We are quite excited about the potential before us, and our recent press releases seem to indicate that we may be onto something.  And today’s news adds even more to the story.

Maurice Jackson:

Dr. Moss take us to the Kingsway Gold Project, which is along a structure highway known for gold-bearing fluids, please acquaint us with the primary structures.

Dr. Roger Moss:

One of the things that interested me about Kingsway when I first heard about it and we moved to acquire it, was the fact that we had these major crustal structures running through it. And we know that the kinds of gold deposits that we’re looking at here, orogenic and epigenetic gold deposits, they are associated with these major crustal structures. If you have them, it’s great, you can find gold along them. And we are fortunate enough to have two, the Appleton Fault Zone and Dog Bay Line. Most of our work to date has been along the Appleton Fault Zone, and it’s almost a no brainer because down to the south of us where New Found Gold are exploring, they’ve been having incredible success exploring along the Appleton Fault Zone with their great intersections at Keats and Lotto, and most recently at the Golden Joint, so they have three occurrences down there along the Appleton Fault Zone, and ours is just starting, and our Big Vein target is also located along the Appleton Fault Zone. It seems to be a pretty prospective structure that’s running through the property.

Maurice Jackson:

Speaking of the Big Vein in the Appleton Fault Zone, at the conclusion of our last interview, you stated that, “the Big Vein may be the first of many occurrences and that the ideal situation is finding a string of pearls along the Appleton Fault Zone.” Let’s see if the ideal has the potential to come to fruition. Let’s visit the Appleton Fault Zone as earlier today, Labrador Gold announced till results of pristine gold grains. Dr. Moss, what can you share with us?

Dr. Roger Moss:

Labrador recently conducted a pretty big till sampling survey over the lowermost, southernmost two licenses of the Kingsway Project. And I think there was 57 till samples in total, and we got some nice results and the key here, and I think you said it twice, I’m going to say it again, is pristine. Pristine gold grains and that means that these grains haven’t traveled very far from their source, and that’s what we see here in these results.

Dr. Roger Moss:

If I may just digress a little bit so that I can explain why these pristine grains are so important. We’re looking at rocks and grains that have been dumped out of glaciers as they melt and recede, so when the glaciers move across the rock, they scrape and scour the bedrock and they entrain all the material that they’re scouring and they carry it with them, and when they recede and melt, they start dropping that material all the way back to the source, so the more pristine the gold grains are, the closer to the source they would have been because you can’t transport these very flaky gold grains very far without completely modifying their shape.

Dr. Roger Moss:

And so, in terms of gold grain morphology for till sampling, we talk about pristine, closest to the source. Modified, further away, maybe around half a kilometer or more, and then reshaped where the gold grains are totally bent onto themselves and more rounded, and that’s furthest away from the source and probably up to over a kilometer away from the source. So, the pristine grains that we have, they indicate that those grains are very close to the source of mineralization that they came from.

Maurice Jackson:

Identifying the source, mode of transportation, along with pristine gold is a huge success. Does today’s release bode well on the ideal of having a string of pearls along the Appleton Fault Zone?

Dr. Roger Moss:

Oh, absolutely! To give you an example, and this is where it gets really exciting because we had a till sample that was taken right next to Big Vein, and it had something like 165 grains of gold in total and something like 80% of them were pristine. That’s great. So, it hadn’t come very far from the source, but we know that Big Vein has visible gold in there. We found a big boulder last year of quartz vein with visible gold in it, so it’s not a big jump to say that, “Well yeah, sure. That till sample came from Big Vein.” It seems to be a reasonable idea, but the results that we announced today, there are two samples, another one with 165 grains of gold, somewhere just over 90% of them pristine, very close to the source and the other one, 311 grains of gold, just over 80% pristine.

Dr. Roger Moss:

311 grains of gold is almost double the number of grains of gold that we found in the sample next to Big Vein and that occurs 700 to 800 meters northeast of Big Vein, so that means that the gold grains in those samples did not come from Big Vein. They came from somewhere much closer to the sample locations, so this goes back to my pearls on a string story, and we’re just adding pearls to the string with these till samples. It’s very exciting. It means that Big Vein is likely not the only occurrence that we’re going to be drilling, and there’s definitely more to be found along this Appleton Fault Zone.

Maurice Jackson:

Speaking of extending the string, Labrador Gold has embarked on a 50,000-meter drill program this spring. What work is currently being conducted on-site, and do you have any updates on when we may expect more assays?

Dr. Roger Moss:

Oh, that’s what everybody asks, of course. You got to ask it at some point and the answer is always the same. The labs are backed up, we’re getting results, but they’re much slower, and it seems like as every week goes by the turnaround time gets longer. One of our guys was at the lab yesterday and he came back, and he said, “Roger, you won’t believe the number of samples that are in that lab waiting to be assayed.” He said, “There are bags and bags and bags, just waiting to be assayed.”

Dr. Roger Moss:

I said, “Man, you should have taken a photograph, and that could be my answer when I get asked that question. ‘Look, folks this is what it’s like, the labs are jampacked”. We are getting results in, we will be putting out more results from the drilling. It’s going well, and yeah, I know patience is not the biggest trait of some investors, but you know what? I think that we’re going to be there. When these results come in, it’s going to be good, and I think we’ve got a long way to go yet, so yeah, I think patience is definitely required here.

Maurice Jackson:

Leaving the Kingsway Gold Project, let’s get into some numbers. Sir, please provide the capital structure for Labrador Gold.

Dr. Roger Moss:

Right now, we have around 150 million shares outstanding, and probably another 50 million warrants and options, so just over 200 million are fully diluted. We have 35 million in the bank. We don’t have any debt. So yeah, I think we’re in a pretty good position to keep on with this exploration that we’re doing and to keep going.

Maurice Jackson:

In closing, Dr. Moss, what would you like to convey to shareholders?

Dr. Roger Moss:

Well, earlier in the season when we were drilling, and it can be frustrating sometimes when we’re not hitting as often as we would like or we don’t see the results that we would like, but of course not every hole is going to hit, but I just tell myself, “Don’t stop believing,” and that’s the name of the game here. You have to believe as a geologist in this industry, you got to believe that you’re going to find the deposit that you’re looking for. And I think all indications right now are that we’re on the right track, and it’s a matter of time before we see something significant.

Maurice Jackson:

Dr. Moss for readers that wants to get more information about Labrador Gold, please share the contact details.

Dr. Roger Moss:

Yeah, you can email info@labradorgold.com, www.labradorgold.com is our web address. And I would recommend people look at our Twitter feed @LabGoldCorp. We post a lot of information on Twitter. YouTube is another channel, our YouTube channel, lots of videos there, so there’s a lot of information out there besides what’s on the website, but yeah, Twitter and YouTube both are channels that we use fairly extensively.

Maurice Jackson:

Dr. Moss, it’s been a pleasure speaking with you. Wishing you and Labrador Gold 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.

Categories
Junior Mining

NV Gold Reviews Upcoming Programs and Reports Board Change

August 6, 2021

VANCOUVER, BC / ACCESSWIRE / August 6, 2021 / NV Gold Corp. (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) announced today that Dr. Quinton Hennigh is retiring as a director of the Company. Dr. Hennigh has generously served as an NV Gold board member since its inception in 2009. Dr. Hennigh is resigning from all of his numerous board positions to fully focus on his new position with CRESCAT Capital. He will, however continue as a Board Advisor to the NV Gold. “The management and fellow directors of NVX join me in wishing Quinton well in his new position and sincerely thank him for his extensive contributions to our Company,” says John Watson, Chairman and CEO.

Mr. Watson also reported that work is moving forward on several of its Nevada projects in preparation for multiple drilling programs over the next 6 months. Notices of Intent are being submitted for drilling programs on the Slumber, Discovery Bay and Pickhandle projects. While drilling equipment remains difficult to procure, the Company expects to be able to begin its drilling campaigns in late September or early October. Equipment and drilling personnel remain in short supply, making exact timing uncertain.

NVX’s singular focus is exploration in Nevada, USA, one of the most prolific gold producing regions in the world. The Company has over 20 property holdings in this highly-competitive region, several of which are advanced and are drill ready. The next year promises to be very exciting, with news and progress on several projects.

About NV Gold Corp.

NV Gold is a well-financed exploration company with a strong treasury and no debt. The company is based in Vancouver, B.C., and is focused on delivering value through mineral discoveries in Nevada, United States, leveraging its highly experienced in-house technical team and strong property position. 2021 and 2022 promise to be NV Gold’s busiest exploration years to date.

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 
Email: peter@nvgoldcorp.com

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 potential for a discovery at its properties, and acquisition of new gold projects 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 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 as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

Categories
Breaking Energy Junior Mining Uncategorized

Hot Chili Limited | $40M Funding Arranged to Acquire Cortadera & Deliver Rapid Resource Growth

Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that it has successfully arranged a $40 million funding through the issue of new shares at 3.2 cent per share (the “Placement”).

Highlights:

  • Fully underwritten A$5M share purchase plan, and A$35M private placement corner-stoned by mining major Glencore and underpinned by several domestic and overseas institutional investors, as well as some of Hot Chili’s largest shareholders
  • Glencore will emerge as Hot Chili’s largest shareholder with a 9.99% interest
  • New funds secure the final acquisition payment of US$15M for a 100% interest in the Company’s world-class Cortadera copper-gold discovery in Chile – payment to be made immediately
  • Fully funded to deliver a major resource upgrade and Pre-feasibility study for Costa Fuego, current resource standing at 2.9Mt copper, 2.7Moz gold and 9.9Moz silver and 64kt molybdenum (as announced to ASX on 12th October 2020)
  • Further updates expected as the Company advances its drilling, development studies and expected TSXV dual-listing later this year

Ownership of Cortadera, strong cash position, rapid resource growth and backing by Glencore provide a compelling foundation ahead for the Company’s plans to dual list on the TSXV in Canada later this year.

Hot Chili’s Managing Director Christian Easterday said “the $40 million funding secures ownership of Cortadera, and Glencore’s investment and involvement is a strong endorsement of our future”

To access the announcement please click on the link below.Download full announcement here

Cortadera Copper Project

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.View the Cortadera Project

Hot Chili Limited
Head Office (Perth)
First Floor, 768 Canning Highway,
Applecross, Western Australia 6153

Categories
Junior Mining

Labrador Gold Announces Till Results Including 311 Mostly Pristine Gold Grains

TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V: LAB | OTCQX: NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the results of a till sampling program recently completed along the Appleton Fault Zone on its 100% controlled Kingsway project Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.

Highlights from the sampling program include:

  • Results of 59 till samples taken over the southern Kingsway property show contained gold grains ranging from 0 to 311 grains. Twelve of the 59 samples contain more than 50 gold grains, of which four contain more than 100 grains.
  • A sample containing 165 gold grains, of which 153 (93%) are pristine, occurs just down ice of Big Vein which is the likely source of the grains in this till sample.
  • Two samples containing 165 (96% pristine) and 311 (83% pristine) gold grains occur approximately 700 metres northeast (down ice) of Big Vein. The large number of pristine grains in these samples indicates a short transport distance suggesting a source other than Big Vein closer to the sample locations.
  • Similarly, a sample containing 101 gold grains, 28 of which are pristine, occurs a further 2.3km to the northeast, again suggesting a separate source.

The results from these till samples, together with anomalous soil geochemistry from the 2020 sampling survey, demonstrate the potential for the discovery of further gold mineralization along the Appleton Fault Zone.

“We are very excited by the possibility of additional gold occurrences to the northeast of Big Vein along the Appleton Fault Zone demonstrated by these sample results,” said Roger Moss, President and CEO of Labrador Gold. “While our primary focus remains to drill the Big Vein target and find more high-grade gold mineralization, our field crews will follow up these till results in the coming weeks to generate targets for drilling later this year.”

Figure 1. Results of till sampling along the Appleton Fault Zone (AFZ).
https://www.globenewswire.com/NewsRoom/AttachmentNg/8de89de5-83a2-4239-9763-4de2d9e99d7f

Labrador Gold Webinar

The Company is pleased to announce that President and CEO Roger Moss will be presenting an update from the Kingsway project in a live webinar taking place on Thursday, August 12th, 2021, at 1 p.m. PT / 4 p.m. ET. The webinar will be hosted by Focus Communications Investor Relations (“FCIR”) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the company prior to the event by emailing FCIR at info@fcir.ca .

EVENT DETAILS
Date: Thursday, August 12th
Time: 1pm PT / 4pm ET
Registration: https://event.webinarjam.com/channel/LAB

QA/QC

Till samples comprised of 10kg of material were collected, placed in plastic bags and sealed with single use ties. Samples were shipped by transport truck in plastic totes to Overburden Drilling Management (ODM) of Nepean, Ontario for processing. ODM uses custom gravity concentration including shaking tables and micro-panning of the resulting heavy mineral concentrates to recover gold grains from the samples. Any gold grains present are extracted for microscopic study to determine the morphology and dimensions of the grains.

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold

Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km 2 . Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity, and abundant local water.

The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.

The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.

The Company has 150,577,206 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.