Kelowna, British Columbia–(Newsfile Corp. – July 16, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (“Strathmore” or “the Company“) is pleased to announce a new discovery of uranium in the Middle sand, one mile south of the company’s expanding northern trend. All previous drilling encountered uranium mineralization only in the Lower sand. The middle sand was the most prolific producer historically in the Shirley Basin. This exciting southern discovery shows increasing grades and above average thickness.
Southeast Mineralized Trend (Middle Sand, Wind River Formation)
Hole ID
Latitude
Longitude
Depth (ft)
Top (ft)
Bottom (ft)
Thickness (ft)
Grade % eU3O8
Grade x Thickness
AG-135-24
42.30389
(106.27831)
120
16.0
32.5
16.5
0.035
0.578
AG-137-24
42.30365
(106.27874)
140
17.5
28.0
10.5
0.032
0.336
AG-138-24
42.30446
(106.27828)
120
36.5
40.5
4.0
0.062
0.248
AG-143-24
42.30500
(106.27869)
120
30.5
44.5
14.0
0.046
0.644
AG-147-24
42.30580
(106.27865)
120
29.0
44.5
15.5
0.051
0.791
Mr. John DeJoia said, “We are excited to hit a mile away. The initial results of the one mile step out to the south has opened a whole new aspect to the agate project. With the discovery of mineralization exhibiting good ISR GT’s (grade thickness), in the middle sand of the Wind River Formation, we now have the potential for a much larger area of mineralization development in an additional sand unit of the Wind River. This is much like the main roll system that was successfully mined to the east. The results of exploration at the Agate Project are responding as our geologic model predicted. We are very excited by this latest step out discovery.”
Mr. Terrence Osier, VP Exploration said, “We are extremely encouraged by the Agate project as we have greatly expanded the length of the northern trend from the 2023 discovery. We encountered uranium mineralization, one mile south, in the Middle sand of the Wind River Formation, the primary sand mined in Shirley Basin. The company had only encountered mineralization in the Lower sand before this. This Middle sand discovery increases our potential to have stacked roll fronts across portions of the property, which will greatly increase our resource potential. I look forward to ongoing work to model the uranium deposits we’ve drilled with results to guide our Phase 2 autumn exploration plans.”
This summer five core holes are planned to compliment groundwater studies from closely located monitor wells. The core will be used for chemical equilibrium studies and by the University of Wyoming for their ongoing geophysical research at the project. In autumn Phase 2 drilling of an additional 100 exploratory holes is scheduled. Planned drilling intends to expand the northern trend into untested ground, including on recently staked claims, and along the newly discovered, shallow Middle zone into deeper ground to the north. The intent of the exploration is to expand the mineralization on the property into a multi-zone deposit, with the potential of stacked roll fronts.
Note: The tabled geophysical results are based on equivalent uranium (eU3O8) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized. The reader is cautioned that the reported uranium grades may not reflect actual concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products.
About the Agate Property The Agate property consists of 85 wholly owned lode mining claims covering 1,756 acres. The uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization. In 2023 and 2024, the Company completed 200 exploration holes on the Project, discovering several areas of potential mineralization. Additional drilling is planned for autumn 2024.
About Strathmore Plus Uranium Corp. Strathmore is focused on discovering uranium deposits in Wyoming, and has three permitted uranium projects including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim 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 expressly required by applicable securities legislation.
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 on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
ST. LOUIS, July 16, 2024 /PRNewswire/ — On Thursday, August 1, 2024, Peabody (NYSE: BTU) will announce results for the quarter ended June 30, 2024. A conference call with management is scheduled for 10 a.m. CT on Thursday, August 1, 2024.
Instructions for the conference call participation and accessing a replay, as well as other investor data will be available at PeabodyEnergy.com prior to the call.
Participants may also access the call using the following phone numbers:
U.S. Toll Free 1 833 816 1387 Canada Toll Free 1 866 284 3684 International Toll 1 412 317 0480
Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
I’ve done a number of interviews lately because there are a lot of people talking about things they have no understanding of. Such as war and geopolitics.
If you remember back to the Gulf War reporting, the people on the boob tube were breathlessly commenting on “Daisy Cutters” as if they were some sort of giant bombs. While it is so that the Air Force used giant 10,000-pound bombs to clear landing zones, the term “Daisy Cutter” didn’t refer to the bomb but to the 36-inch-long fuse that detonated the bomb before it reached the earth.
As an F-4B pilot and later an O-1C and O-1G Birddog Forward Air Controller I dropped and controlled hundreds of 500-pound Mark-82 bombs and 750-pound Mark-83 bombs which used the Daisy Cutter fuses to clear landing zones. Daisy Cutter is the fuse, not the bomb.
And every time I hear some talking head mumbling about how Russia is the aggressor in the Ukraine war, I get an urge to gag. Have they all forgotten the $5 billion spent by Victoria Nuland to bring Democracy to Ukraine in 2014 by ridding them of their duly elected President in favor of a thug installed by the Neocons? How about the immortal phrase spoken by Nuland when organizing which thug would the US put into power?
Fuck the EU. I hope that is deeply engraved on her tombstone one day because it perfectly shows the US interest in Democracy.
The MSM has failed to even mention the 14,000 dead from the Ukrainians shelling mostly women and children from 2014 to 2022 in Donbas. And none of them mention the 100,000 NATO trained and armed Ukrainian soldiers poised on the border with Donbas ready to invade. It was scheduled for March 10th 2022.
I think Civil War 2.0 began in a meaningless Trump speech in some Podunk town in Pennsylvania on July 13. The dust has yet to settle but this begins to smell like a long dead fish floating on the top of a swamp.
In what appears to be a credible interview of someone attending the Trump rally we are told that numerous watchers saw a young man carrying a rifle go on top of a building a mere 135 meters or so from where former President Trump was speaking. The watchers attempted to notify the Secret Service and police of the dangerous event of a gunman within easy rifle range of Trump but were ignored.
The shooter managed to aim his rifle and fire a number of rounds towards Trump. From the sound of the rifle to me it appears the sniper was firing a .22 caliber rifle probably with .22 Long Rifle rounds. If you make a head shot, the person hit is going down, likely on a permanent basis. I carried a .22 caliber Colt Woodsman pistol in Vietnam as a survival weapon. I could hit someone at 50 meters in the head and kill them. So, someone basically familiar with a .22 rifle at 135 meters is pretty much point-blank range.
Through a total fluke the shooter missed and only nicked Trump’s ear lobe. An inch or two away from a fatal wound. Clearly there was a giant failure on the part of the Secret Service. Much has been made of the numerous viewers who tried and seemingly failed to garner the attention of either local police or the Secret Service.
There is a very famous picture of two counter snipers on another rooftop about 130 meters or so from the assassin’s position. You may wonder why they didn’t see and take down the shooter.
According to someone calling himself Jonathan Willis, he is one of the two counter snipers on the roof to protect Trump. They had to have seen the assassin but took no action.
Jonathan Willis or someone posting as him says they were forbidden by the head of the Secret Service to shoot until the sniper fired. Willis claims he had the sniper in his sights for at least three minutes and his superiors refused to clear him to shoot.
If you listen to any of the many videos of the attempted assassination you can hear the gunman fire a number of rounds from what would probably be a semi-automatic .22 rifle. A mere second or two after he fired you can hear multiple rounds being fired almost certainly from the counter snipers. Many of the reports call the counter snipers members of the Secret Service but I don’t think they were. I think they were local police snipers. Their uniforms were marked Police and what Jonathan Willis wrote in his entry on X he sounds like a policeman.
Certainly, if the Secret Service refused to allow their own snipers to shoot an assassin and the shooter managed to wound Trump the agent would be told to keep his mouth shut. If Jonathan Willis was in fact one of the counter snipers and was police rather than Secret Service, he wasn’t about to allow the world to think the failure to shoot was his fault.
The timing of the various shots being fired suggests he tells the truth. If the counter snipers didn’t know where the shots were coming from, it would take them a few seconds to determine where the threat originated. They couldn’t have acquired the shooter and manage to kill him a couple of seconds after he fired at Trump and did manage to kill someone attending the rally.
If the top agent of the Secret Service at this rally refused to allow the counter snipers to do their jobs, this was a coup. A deliberate coup on the part of the Secret Service to kill Trump.
We will know on July 15th if it was deliberate or a simple but well-meaning mistake. If the Secret Service agent in charge is fired today it could have been a stupid mistake. If the agent is not fired, it means there is a coverup in progress.
I’ve done ten to fifteen interviews in the last month or so. When asked I made it clear that it is my belief that Biden will not be the Democrat candidate for the Presidential election in November. Lots of viewers didn’t agree with me but clearly there is no chance Biden will be the Democrat choice. He can’t complete a rational sentence. He confuses Zelensky with Putin and believes Trump is his black appointment as Vice President. Biden and the Democrats are destroying what remains of the American attempt at Empire.
And I have made it clear in a number of interviews that Donald Trump terrifies the Democrats to the point that there have been a lot of suggestions that the best way to protect America is to assassinate Trump. They are logically afraid that if Trump is elected, he will do the same thing to them that they have done to him for at least eight years. A mere week ago Biden was calling for Trump to be put in the bullseye. On the 13th of July Biden’s wish came true.
Call it Civil War 2.0 or simply a coup d’état but the Deep State operatives have shown their true colors.
This next week is probably going to be one of the most critical weeks in US history. Millions of military age men have been allowed to enter the US illegally, given money, a cell phone, food and accommodations. Some of them have to be double agents brought in by someone or somebody to create panic and chaos at the right time.
It would be no problem for these young men to be given weapons, ammo and targets. All we need for Martial Law to be imposed would be to have a few dozen random attacks by illegals all across the country. Then the Democrats could do what Zelensky did in Ukraine. When his term expired, he simply ignored the law and stayed in office. Biden/Harris might well conclude that’s just a spiffy idea.
If we don’t have migrants running around shooting people another alternative is for the Deep State to start whacking political candidates for office on both sides. If it works in South America, Mexico and Serbia why can’t it work here? In Mexico alone thirty-seven candidates were killed in this latest election in June of 2024. No doubt we can surpass that number in the US with candidates being whacked by the Deep State on both sides.
I’m not a fan of Alex Jones. As far as I can tell he isn’t dealing with a full deck. But in a short video he put out on Saturday he suggests we have had a coup. He might well be right and if so, we will know shortly.
North Vancouver, British Columbia–(Newsfile Corp. – July 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report Q2 CY2024 gold production for the Tuvatu Gold Mine in Fiji.
Highlights:
3,551 oz of gold recovered during Q2 2024
3,251 oz of gold poured during Q2 2024
32,100 tonnes milled during Q2 2024
Quarterly Production Results
Lion One Metals has produced 3,551 oz of gold during the three-month period ending June 30th, 2024. This marks an increase from the prior three-month period ending March 31st, 2024, during which 1,394 oz of gold was produced, and represents a ramp-up of mining and processing activities during the pilot plant phase of operations (Figure 1).
The increase in production is due to the introduction of mechanized production in May and June, as well as the increased mill throughput from February to May (Figure 2). A total of 32,100 tonnes of mineralized material was processed during Q2 CY2024, compared to 20,751 tonnes in Q1 CY2024.
Lion One Chairman and CEO Walter Berukoff commented: “We’re pleased with the production results at Tuvatu this quarter. Commissioning of the processing plant was only completed in January, with some components only installed in April and May.”
“This quarter represents a milestone for the company as it is the first quarter in which the plant has been operating at full capacity. It is also the first quarter in which we have had mechanized production. We are just beginning to see the potential at Tuvatu and we’re excited as we look forward to doubling the plant capacity from 300 TPD to 600-700 TPD, and to advancing towards the ultra-high-grade Zone 500.”
Figure 1. Tuvatu Monthly Gold Production. Gold recovery and production has increased steadily at Tuvatu as mining and processing activities have ramped up during the pilot plant phase of operations. A step change increase in production occurred in May and June following the introduction of mechanized production.
Figure 2. Tuvatu Monthly Mill Throughput. Mill throughput at Tuvatu has steadily increased since the first gold pour in October 2023. The second quarter or 2024 is the first quarter in which the Tuvatu processing plant has been operating at full capacity.
Mr. David Tretbar has resigned from the company’s Board of Directors. Mr Tretbar has resigned due to his increased management responsibilities at San Cristobal Mining, for which he is the founder, Senior Vice President of Exploration, and Director. Mr Tretbar was appointed to the Board of Directors in June 2020 and helped guide Lion One Metals through a period of tremendous growth, including the discovery of the Zone 500 feeder zone, the construction and commissioning of the Tuvatu underground gold mine and processing plant, the first gold pour at Tuvatu, and the ramp-up of gold production during the 300 TPD pilot plant phase.
Lion One CEO Walter Berukoff commented, “We’re grateful for all the contributions David has made to the success of Lion One over the past four years. The Tuvatu gold project has benefitted greatly from David’s technical knowledge and experience, and we wish him all the best in his work with San Cristobal Mining.”
Competent Persons Statement The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Alex Nichol, who is the company’s Vice President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Nichol has read and approved this news release and consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Ottawa, Ontario–(Newsfile Corp. – July 11, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that it has received the assay results from its recently completed trenching program along the Tyro Main Zone which has confirmed our understanding of the geology, added new potential high-grade targets for the next drill campaign and extended the zone along strike to the northeast.
Highlights from the program include:
Confirmed the geologic model where the White Spar Fault intersects the Tyro Main Zone. Trench 1 (T1) returned 39.7m of 1.14 g/t Au including 9.5m of 2.08 g/t Au. In 2023, drilling returned 51.1 g/t Au over 9.1m (GC23-28) about 40 to 50m below these surface exposures.
Identified new fault structures intersecting the Tyro Main Zone trending north to northwest (similar to the White Spar fault), providing additional high-grade potential zones.
Extended the Tyro Main Zone to the northeast by approximately 40m with Trench 13 (T13) returning 4.7m of 7.64 g/t Au, where it remains open to the northeast.
Derek Macpherson, President and CEO stated, “The data collected in this low-cost exploration effort has improved our understanding of the Tyro Main Zone geology, particularly the impact of the White Spar fault on the SW portion (Decimal Hill Zone) and the high-grades previously drilled at this intersection. With this data, we are starting to plan the next phases of drilling potentially allowing Gold79 to deliver a maiden resource that would be higher-grade and larger than the current deposits in the region.”
A total of 15 trenches were excavated across 358m with a total of 217 chip-channel samples collected. Highlights of the analytical results are presented in Table 1.
Table 1. Summary of the Tyro Main Vein trenching program.
In addition to the sampling, all trenches were mapped with the results presented in Figure 1.
Figure 1: Geologic map of the Tyro vein system showing recently completed trenches (T1-T15), Phase 1 and Phase 2 drill hole locations and surface rock sample gold values.
The trenching program has provided Gold79 a combination of better geologic control and a higher sample density. The result is greater confidence that the White Spar fault was active at essentially the same time as the Tyro Main vein but movement continued after the Tyro vein allowing for downward offset of the Decimal Hill zone. This better explains the gold values at Decimal Hill (Table 1: T1, T2, T3 and T3B). Additionally, the results serve to better constrain the limits of gold-bearing veins surrounding the shallow pit; important widths and grades have been documented on 3 sides (Table 1: T4, T5, T6 and T15). In the NE Tyro zone, trenches have exposed broad zones of chalcedony veining and breccia with variable widths and grades (Table 1: T7 thru T12). Most importantly, the northernmost trench, T13, identified beneath alluvial cover a zone of silicification hosting quartz veinlets and breccia with 7.64 g/t Au over 4.7 metres. This brings meaningful gold grades closer to our Frisco Graben target where the suspected gold zone is concealed beneath vapor-dominated alteration.
The Tyro Main Zone is composed of several gold-bearing stages emplaced into a NE-trending, steeply dipping structural corridor which has seen repeated movement. This low sulfidation, epithermal vein system can be divided into 3 zones (SW to NE; Figure 1): 1. Decimal Hill; 2. Tyro Mine Zone; and, 3. The Tyro NE Zone. These zones are essentially defined by north-northwest-trending faults which were likely operative both during and after the Tyro mineralizing events.
Figure 2. Geologic map of the Decimal Hill Zone showing mine workings, drill holes, trenches and surface samples.
The Decimal Hill zone, covering about 300 metres of the Tyro Main vein southwest of the mine, is situated at the intersection of the Tyro and White Spar structural corridors (Figure 2). In addition to the structural intersection, the area hosts the convergence of several rhyolite dikes whose faulted contacts may have provided avenues of ingress to the gold-bearing fluids. This zone is characterized by both north- to northeast-trending veins and breccia and NW-trending veins and breccia. The veins here lack the textural banding, adularia and reveal diminished gold values (i.e. <3 g/t Au; Figure 3).
This trenching campaign, along with the geologic mapping, has confirmed that the Decimal Hill Zone contains both NW- and N-NE-trending veins suggesting that both structural corridors were operative prior to and during the mineralizing stages. The White Spar trend clearly hosted a greater component of post-mineral movement. This later movement is manifested by relatively small offsets of the veins along the Tyro structural corridor resulting in the structural juxtaposition of high-level vein textures and gold grades (Figure 3) with textures and gold grades more indicative of the ‘bonanza’ or boiling zone (i.e. Tyro Mine zone; Figure 4).
Figure 3: Sample No. 0743 (1.15 g/t Au): Hydrothermal breccia composed of Precambrian granite and multi-stage vein fragments including quartz-replaced lattice texture, massive white chalcedony and crustiform-banded chalcedony-adularia rimming massive quartz fragments, Decimal Hill Zone.
The Tyro Mine Zone, shown in Figure 5, a N30oE-trending zone of sub-parallel and sub-vertical veins, veinlets and hydrothermal breccia, extends from the White Spar fault intersection to the top of Tyro Hill, a distance of about 430 metres (Figure 5). The zone hosts most of the mining activity conducted between 1915 and 1941 and in the 1980s. This includes the Tyro Shaft, reported to be 500 feet deep, the 200 Level and a slot pit developed on the highest-grade portion of the vein. The 200 Level defines the lowest level of selective production although there was some development along the vein to the 300 Level. The 200 Level defines the bottom of the slot pit and hosts a broad zone, 20 to 30 metres wide, of NE-trending chalcedony-adularia-calcite veins (Figure 4). Only two holes have been drilled beneath the Tyro Mine Zone, Hole Nos. GC23-23 (44.4m at 2.01 g/t Au) and GC23-24 (25.9m at 2.27 g/t Au).
The Northeast Tyro Zone extends from the top of Tyro Hill (Figure 1) at N60oE for about 300 metres where it disappears beneath an alluvium filled valley before it intersects the Frisco Mine fault, the southwest margin of the Frisco Graben. This zone commences at the intersection of a NNW-trending post-mineral fault (Figure 5) where the Tyro structural corridor rotates clockwise about 30o and flattens slightly to 70-80 degrees southeast. The initial 100 or so metres of the vein is characterized by a zone of silicified amphibolite and granite with weak to moderate chalcedony veinlets and stockwork. Trenches T7 and T8 were cut across this zone (Figure 5) with locally anomalous gold values. Trenches T9, T10 and T11 traverse a broad zone of strong quartz-chalcedony veins, stockwork and vein breccia with variable gold values, i.e. T11 – 7.6m @ 4.43 g/t Au. Between T10 and T11, a 60 metre segment of the vein complex, up to 5m wide, has been stoped to about 20m below the surface. Drilling beneath this zone by Gold79 in 2021 traversed up to 21.3m @ 2.0 g/t Au (GC21-15). The NE extent of the Tyro vein is obscured by dumps and alluvium where T13 was excavated to identify a concealed extension to the vein. Trench 13 traversed a zone of silicified amphibolite and granite containing quartz-chalcedony veinlets and breccia with 4.7m @ 7.64 g/t Au. The Tyro structure remains concealed by alluvial deposits for about 400 metres to the northeast where it intersects the Frisco Mine fault characterized by high-level silica-clay-hematite alteration.
Figure 6. Geologic map of the Northeast Tyro Zone showing mine workings, drill holes, trenches and surface samples.
The Company has closed its non-brokered private placement financing previously announced on April 11, 2024 and May 6, 2024. Gross proceeds of $718,250 was raised through the issuance of 2,873,000 units at $0.25 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant. A total of 1,436,500 whole warrants were issued, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.30 per share until May 3, 2026. The warrants are callable, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company’s common shares meets or exceeds $0.50 for 10 consecutive trading days based on trades on the TSX Venture Exchange and alternative trading systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.
Cash finder’s fees of $4,200 were paid and 16,800 finder warrants were issued. The finder warrants are exercisable at $0.30 per share and expire May 3, 2026.
This private placement is subject to the final approval of the TSX Venture Exchange. All securities issued in the placement are subject to a statutory hold period until Sept. 4, 2024.
Officers and directors of the Company participated in the private placement and acquired 900,000 units for $225,000. The participation of these insiders in the private placement constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The board of directors of the Company, with participating directors abstaining, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related-party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company’s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of the closing of the private placement because insider participation had not been confirmed. The shorter period was necessary in order to permit the Company to close the private placement in a time frame consistent with usual market practice for transactions of this nature.
Qualified Person / Quality Control and Quality Assurance
Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for the trenching program including sample collection, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Gold standards and blanks were inserted into the sample chain along with QAQC procedures conducted by American Assay. Standard sample chain of custody procedures were employed during field work until delivery to the analytical facility.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.
For further information regarding this press release contact:
This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financing, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Kelowna, British Columbia–(Newsfile Corp. – July 9, 2024) – Strathmore Plus Uranium Corporation(TSX: SUU) (OTCQB:SUUFF) (“Strathmore” or “the Company“) is pleased to announce it has extended the mineralization from the Phase 1 drilling for the 2024 exploration season at the Agate project in Wyoming. The Company completed 100 exploration holes across the project area, resulting in the extension of the Lower sand’s northern trend to 3,700 feet in length.
Highlights for the drilling along this trend included holes:
*AG-175-24 (7.5 feet of 0.128% eU3O8 from 103.5-110.0 feet) *AG-200-24 (15 feet of 0.116% eU3O8 from 82.5-97.5 feet). *AG-162-24 (16 feet of 0.067% eU3O8 from 87.5-103.5 feet)
In addition, five piezometer wells were completed for groundwater testing and five holes were prepared for core recovery this summer.
Phase 1 of the 2024 drilling explored the Eocene Wind River Formation, an arkosic-rich sandstone which is noted for its high porosity and permeability, and high groundwater transmissivity. In addition to continued exploration of the Lower sand, the recent drilling discovered shallow mineralization within the overlying Middle sand, which is thicker than the Lower sand, and historically produced most of the uranium in the Shirley Basin district.
Dev Randhawa, CEO commented:
The BOD and I, along with our new Director, Mr. Marion Loomis, and technical advisors Ray Ashley and Sam Hartmann, toured both our Agate and Beaver Rim properties on June 26 & 27th.
We are excited to see the higher-grade intercepts as we move further SW. at Agate. The drill results are validating our prediction of the Wyoming roll front model as applied to our Agate property. With continued exploration by our field team and geophysical modeling by the University of Wyoming personnel, I expect Strathmore to further define the east side of the mineralized tongue at Agate and move towards a draft ISR resource assessment.
Note: The geophysical results are based on equivalent uranium (eU3O8) of the gamma-ray probes calibrated at the Department of Energy’s Test Facility in Casper, Wyoming. A series E Century Geophysical logging tool with gamma-ray, spontaneous potential, resistivity, and drift detectors was utilized. The reader is cautioned that the reported uranium grades may not reflect actual concentrations due to the potential for disequilibrium between uranium and its gamma emitting daughter products.
Mineralized holes with thicker, higher-grade intercepts are interpreted to be in the Near Interface, Nose (main front), or Near Seepage ground located within the projected roll front system.
Mineralized holes with thinner, below cutoff grade intercepts are interpreted to be in the Limb/Tails or Remote Seepage ground located behind (altered) or ahead (reduced) of the projected roll front system, respectively.
Non-mineralized holes are interpreted to be in the Barren Exterior ground located ahead of the projected roll front system in reduced ground.
The drill results were determined using thickness and grade % cutoffs of 2-feet and 0.01% eU3O8.
The 2024 drilling was completed by Single Water Services utilizing a mud-rotary rig and the geophysical logging was completed by Hawkins CBM Logging, both of Wyoming with extensive experience in the uranium industry. Mr. Terrence Osier, PG, VP Exploration for Strathmore, was the supervising Geologist and oversaw the drilling activities and lithologic descriptions of the drilled cuttings which were sampled at 5-foot intervals. The drilling was completed on budget (US$275,000) and in a timely manner over a month’s time. The results of the exploration will be analyzed and assist in the layout of additional drill sites proposed for the Phase 2 drilling in autumn 2024.
New Claims Staked
In addition to exploration, the Company has expanded the project area by staking 18 new mining claims continuous to the current claim group, bringing the project total to 85 mining claims. The new claims cover ground where mineralization is anticipated to be on trend with recent and historical drilling. Strathmore plans to amend the drill permit following the Phase 1 drilling to include the new mining claims and anticipates exploration of the acquired ground in Phase 2 drilling later this year.
About the Agate Property
The Agate property consists of 85 wholly owned lode mining claims covering 1,756 acres. The uranium mineralization is contained in classic Wyoming-type roll fronts within the Eocene Wind River Formation, an arkosic-rich sandstone. Historically, 53 million pounds of uranium were mined in Shirley Basin, including from open-pit, underground, and the first commercial in-situ recovery operation in the USA during the 1960s. At the property, the uranium mineralization is shallow, from 20 to approximately 150 feet deep, much of which appears below the water table and likely amenable to in-situ recovery. Kerr McGee Corporation, the largest US uranium mining company at the time, drilled at least 650 holes across the project area in the 1970s, delineating several targets of potential mineralization.
About Strathmore Plus Uranium Corp. Strathmore is focused on discovering uranium deposits in Wyoming, and has three permitted uranium projects including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release”.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim 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 expressly required by applicable securities legislation.
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 on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
DOLLY VARDEN SILVER: TSX.V: DV | OTCQX: DOLLF WEBSITE: https://dollyvardensilver.com/ I’m Maurice Jackson, the founder of Proven and Probable. We specialize in identifying under valued stocks that have a massive potential upside. Today we are highlighting what we believe to be the best silver proposition for your portfolio nestled in the bottom of the Golden Triangle located in British Columbia, which has seen over $5B in M&A since 2018!
We have been buyers of this stock 4 years and counting. The company has just started their 2024 Drill Program of 25,000 Meters. Find out why Eric Sprott, Rick Rule, Hecla Mining, Fury Gold Mines, Fidelity Investments, Sprott, Sprott USA, Delbrook, and High-Net-Worth investors, with a 7% float! Watch now!
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep tide water.
The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
KELOWNA, BC / ACCESSWIRE / July 2, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), (the “Company”) announces that it has closed a second and final tranche of CND$600,300.00 of its previously announced non-brokered private placement (the “Offering”), bringing the total of the Offering to CND$2,006,300.00. The Company previously announced the closing of a first tranche of the Offering for gross proceeds totalling CND$1,406,000.00 on June 4, 2024. Existing insiders, management and directors, and larger shareholders subscribed for an aggregate of $1,375,000.00 of the Offering.
The Company will issue 40,126,000 units in total from the Offering at a price of CND $0.05, with each unit consisting of one Class “A” Common share in the authorized capital of the Company (a “Share”), and one non-transferable share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional Class “A” Common share at an exercise price of CND $0.075 for a period of 36 months following the close of each of the respective tranches.
Proceeds from the offering will be used for the continued advancement of the Company’s Krone-Endora at Venetia Project (the “Project), the work programmes currently underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, the advancement of discussions on potential acquisitions of additional opportunities aimed at increasing long-term shareholder value and added growth, and for general corporate purposes. The Company also plans to continue to advance ongoing discussions with financiers and industry related parties on additional funding scenarios which may be beneficial in further supporting the above noted objectives aimed at increasing long-term shareholder value and added growth.
All private placements are subject to regulatory and/or final approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering are subject to a hold period of four months plus one day following the date of their issuance. For securities issued on June 4, 2024, the hold period will expire on October 5, 2024 and for securities issued on July 2, 2024, the hold period will expire on November 3, 2024.
The securities sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world’s most reputable diamantaire’s and luxury retailers. The Company has a long-term strategic alliance with world famous Tiffany & Co, and currently, its primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly related to De Beers’ flagship Venetia Diamond Mine in South Africa. The Venetia diamond mine is long recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Company’s Krone-Endora Project have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the Company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The Company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities, and to protecting the environment.
About the Tiffany & Co. Alliance
The Company has an established long-term strategic alliance with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
On behalf of the Board of Directors:
Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
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.
Reporting three holes (1,041 m) from the eastern side of the Mega-Gold target area
Widespread alteration identified with quartz-sericite-pyrite overprinting chlorite alteration
Up to 15% pyrite encountered with traces of chalcopyrite and molybdenite in each hole
Narrow intervals of strong mineralization: 2 m of 1.8 gpt gold and 0.35% copper in MGDH24-002 from 89.0 m, and 1.5 m of 11.05 gpt gold in MGDH24-003 from 127.5 m
Persistent anomalous levels of gold noted in geochemical results
Late-mineral granodiorite identified with mineralized xenoliths
Assays pending for five additional holes completed in central and western parts of Mega-Gold target area and three holes at La Joya
Hyperspectral core scanning initiated on Mega-Gold and La Joya drill holes
Vancouver, British Columbia–(Newsfile Corp. – July 2, 2024) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the “Company” or “Chakana“), reports initial results from three scout drilling holes from the Mega-Gold target area within the southern half of the expanded Soledad project, Ancash, Peru. These results are part of the fully funded 3,000 m drill program that started April 5, 2024, to test three target types: 1) high-grade breccia-hosted mineralization at Estremadoyro (confirmed, see new release dated May 8, 2024); 2) porphyry-related mineralization in the Mega-Gold target area; and 3) precious metal mineralization at the La Joya high-sulfidation epithermal zone (Figure 1). In addition to the three holes reported here, five additional holes have been completed in the central and western part of the Mega-Gold target area for a total of 2,425.2 m drilled at Mega-Gold, and three holes have been completed at La Joya, totaling 465.5 m (assays pending). Results reported here are part of an option agreement with Minera Barrick Peru S.A. (see news release dated July 16, 2018).
“We are encouraged to see the extent of alteration indicating a large hydrothermal system in the drilling thus far in the Mega-Gold area defined by strong quartz-sericite-pyrite overprinting early chlorite alteration with abundant pyrite mineralization and frequent occurrences of chalcopyrite and molybdenite. The results in the first three holes are also important in demonstrating the extent of tourmaline alteration in veins, breccias and replacements. We view this as indicating the same event related to the high-grade tourmaline breccia pipes that are part of the initial resource we published in 2022 (see news release dated February 23, 2022). In addition, for the first time, we have seen a late-mineral intrusion containing mineralized xenoliths with quartz-tourmaline-chalcopyrite. Although we have not seen long intersections in these first three holes, we are encouraged by the strengthening grades over narrow intervals. Application of hyperspectral core scanning technology to all of the drill core will help us identify mineral zoning patterns important in locating mineralizing intrusions,” stated President and CEO David Kelley.
Initial Mega-Gold Scout Drilling
Chakana’s first three scout holes at Mega-Gold were drilled on the eastern side of the target area along a section trending north-south and northeast (Figure 2). MGDH24-001 was drilled to the northeast to a depth of 353.8 m. The hole targeted strong soil geochemistry responses up to 0.325 g/t gold and 54 ppm molybdenum. Volcanic rocks were intersected over the entire length, consisting of andesitic tuff and volcanic breccia, intruded by dikes of dacite porphyry. There is deep oxidation from the surface to 109.0 m depth, with development of supergene clay and the strong presence of iron oxides (goethite-limonite) in fractures and veinlets; partial oxidation is observed to 178.0 m depth. Fresh rocks below the zone of supergene alteration are sericite-quartz-pyrite (phyllic) altered that is overprinting earlier chlorite (propylitic) alteration to the end of the hole. The volcanic breccia hosts clasts of andesitic tuff with phyllic alteration and quartz fragments. In the phyllic alteration, pyrite occurs up to 15% as disseminations and veinlets and within pyrite-tourmaline, quartz-pyrite, and quartz-tourmaline-pyrite veins (Figure 4 A-C). Tourmaline is present up to 7% in structures as veinlets and replacement with quartz, pyrite and traces of chalcopyrite and molybdenite. Molybdenite occurs within sugary-textured quartz-pyrite veins from 180 m depth to the end of the hole interpreted as “B” veins, and chalcopyrite occurs within quartz-pyrite and quartz-tourmaline veins from 220 m depth to the end of the hole. Dikes of dacite porphyry show phyllic alteration with iron oxide veinlets in the oxidized zone, plus pyrite veinlets at depth with traces of molybdenite in fractures. Analytical results for this hole display anomalous low-level enrichment of gold, copper, and molybdenum, reaching values of 0.213 gpt, 411 ppm, and 74 ppm, respectively.
Hole MGDH24-002 was drilled to the south from the same platform as MGDH24-001 to a depth of 453.15 m. This hole targeted a magnetic body surrounded by strong induced polarization chargeability to the north and south. The hole cut a similar volcanic rock sequence as MGDH24-001, intruded by a narrow dacite porphyry dike at 62.45m depth, several hydrothermal breccias, and granodiorite at 225.8 depth. Oxidation from surface to 66 m depth is associated with moderate to intense argillic alteration with up to 20% iron oxides (goethite-limonite). The alteration transitions to quartz-sericite-pyrite beneath the zone of oxidation with pyrite reaching 10% as disseminations and in veins. Vein types include drusy quartz veins with pyrite and tourmaline, tourmaline-pyrite with traces of chalcopyrite and molybdenite, and magnetite veinlets. The dacite porphyry hosts pyrite up to 6% pyrite as disseminations and in veinlets, and iron oxides filling fractures when oxidized. The granodiorite exhibits chlorite alteration overprinted by quartz-sericite-tourmaline-pyrite in veins and zones of replacement with molybdenite and chalcopyrite. The granodiorite is cut by 105.1 m of tourmaline breccia with highly altered quartz-tourmaline-replaced granodiorite clasts with pyrite and traces of chalcopyrite and molybdenite. A late-mineral porphyritic granodiorite with mineralized xenoliths of quartz-tourmaline-chalcopyrite and disseminated chalcopyrite (up to 0.5%) intrudes the older granodiorite between 399.85 m and 409.05 m depth (Figure 3E). Trace chalcopyrite and molybdenite associated with quartz-tourmaline veinlets occurs to the end of the hole (Figure 3F). A 2.0 m interval from 89.0 m depth contains 1.8 gpt gold and 0.35% copper (Figure 3D). Excluding this zone, low-level enrichment of gold, copper, and molybdenum occurs, reaching values of 0.296 gpt, 1,480 ppm (0.148%), and 149.5 ppm, respectively.
Hole MGDH24-003 was drilled to the south from a platform 100 m south of MDGH24-001/002 where it was stopped prematurely at a depth of 234.1m in a fault zone. The hole was intended to drill beneath higher temperature advanced argillic alteration identified at surface by Terraspec analysis and a moderate strength chargeability response adjacent to a magnetic high. The surface alteration is characterized by silicified volcanic rocks with pyrophyllite, diaspore, zunyite, muscovite-sericite, and biotite (Figure 2). The hole intersected andesitic tuff and andesite from surface to 130.59 m depth. The andesitic tuff hosts iron oxides (goethite-limonite) up to 20% in fractures and veinlets whereas the andesite has rounded volcanic clasts with chlorite alteration overprinted by sericite-quartz-pyrite (phyllic) alteration and hosts pyrite up to 7% as disseminations and veinlets with quartz-tourmaline-anhydrite and traces of chalcopyrite. Pyrite veins with sericite halos are interpreted as “D” veins (Figure 3H). Three intervals of hydrothermal breccia were intersected between intervals of granodiorite. The breccias have quartz-tourmaline matrix and clasts of tuff and granodiorite. Magnetite occurs in clasts up to 3% and with quartz-tourmaline-pyrite veins with traces of chalcopyrite. A 1.5 m interval from 127.5 m depth contains 11.05 gpt gold that occurs at the contact between andesitic tuff, hydrothermal breccia and granodiorite associated with quartz-sericite-pyrite veining (Figure 3G). Sections of the breccia and granodiorite show evidence of acid leaching with cavities filled with tourmaline and pyrite. An interval of partially leached granodiorite from 185.45 m-197.75 m has elevated gold of 0.190 to 0.322 gpt. The hole was stopped prematurely at 234.1 m depth in hydrothermal breccia (Figure 3I) after cutting 40 m of broken rock with fault gauge, preventing the hole reaching its target depth of 400 m (Figure 2). It is possible this target is associated with proximal porphyry mineralization and is a high priority for the next phase of drilling.
The patterns of alteration and sulfide mineralization seen to date confirm a large hydrothermal system driven by intrusive activity. Key features include the extensive phyllic alteration, abundant disseminated pyrite and quartz-tourmaline-sulfide veins with subordinate chalcopyrite and molybdenite interpreted as pyrite halos, features that are common in porphyry systems. Strong copper-gold-silver mineralized tourmaline breccia pipes previously explored to the north, and those yet to be drilled at Compañero in the southwest, are believed to be part of the mineral system and also related to copper and gold-bearing porphyry intrusions. Understanding the low-level anomalous gold enrichment and alteration mineral assemblages at Mega-Gold are key to developing vectors to higher temperature zones where mineralized intrusions may occur.
Contract with Hyperspectral Intelligence Inc (HII)
Chakana has entered into a contract with Hyperspectral Intelligence Inc. (HII), based in Gibsons, Canada, to utilize the geoLOGr hyperspectral core scanning system. This collaboration involves using the geoLOGr to scan core samples from the current drilling program, as well as select drill holes from previous drilling activities. The geoLOGr is a cost-effective, portable, high-resolution, continuous core scanning technology designed to identify alteration minerals associated with various mineral deposit types. When systematically applied, the interpretation of geoLOGr results can reveal mineral zoning patterns that are important for exploration drilling campaigns.
Rick Rule Investment Symposium
Chakana is an invited participant to The Rule Symposium, July 7-11, 2024, in Boca Raton, Florida. Investors are encouraged to visit with management in the exhibit hall to learn more about the Soledad project and recent drill results.
Condor Resources Option Agreement
Chakana has an option agreement with Condor Resources on three claims (1,054 hectares) at the northern end of the expanded Soledad project, representing approximately 25% of the mineral rights Chakana controls. Under the terms of the agreement, Chakana was scheduled to complete a US$1,000,000 payment to Condor on June 23, 2024, to maintain its option, subject to a 90-day period to resolve any late payments. This payment has not yet been made and the companies are in active discussions on the matter.
About Chakana Copper
Chakana Copper Corp is a Canadian-based minerals exploration Company that is currently advancing the expanded Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated February 23, 2022), with an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods, plus an additional Inferred Resource of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods. The total initial Inferred Resource contains 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper.
In addition, extensive multidisciplinary exploration has defined 154 exploration targets, 28 of which have been tested to date (18%) by drilling, confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are well positioned as the Soledad Project provides exposure to copper and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.
Results of an initial inferred mineral resource estimate and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are available on Chakana’s profile at www.sedar.com.
Sampling and Analytical Procedures
Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blanks, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS61 following a 4-acid digestion (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by fire assay (AA24) on a 50g sample and GRA22 when values exceed 10 g/t by AA24. Over-limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Over-limit sulfur is determined by oxidation, induction furnace and infrared spectroscopy (S-IR08). Soil samples are analyzed by ME-MS61 following a 4-acid digestion and for gold by Fire Assay on a 30g sample (Au-ICP21).
Qualified Person
David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.
ON BEHALF OF THE BOARD (signed) “David Kelley“ David Kelley President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at theSoledad copper-gold-silverproject (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
Figure 1 – Map showing defined targets by type for the expanded Soledad project. Principal target areas on the south side that are being drill tested in the current program include the Estremadoyro tourmaline breccia pipe, the Mega-Gold porphyry target area, and the La Joya high-sulfidation epithermal alteration zone. Breccia pipes included in the initial inferred resource estimate labeled in dark blue.
Figure 2 – Plan view and section for Mega-Gold drilling to date. Plan view shows location of drill holes and section lines overlain on gold in soil. Section shows fence diagram for reported holes (MGHD24-001, MGDH24-002, and MGDH24-003) overlain on interpreted geology.
Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy and one that will ultimately exacta heavy toll on their populations.
Debt burdens have grown so large — in part because of the cost of the pandemic — that they now pose a growing threat to living standards even in rich economies, including the United States.
Yet, in a year of elections around the world, politicians are largely ignoring the problem, unwilling to level with voters about the tax increases and spending cuts needed to tackle the deluge of borrowing. In some cases, they’re even making profligate promises that could at the very least jack up inflation again and could even trigger a new financial crisis.
The International Monetary Fund last week reiterated its warning that “chronic fiscal deficits” in the US must be “urgently addressed.” Investors have long shared that disquiet about the long-term trajectory of the US government’s finances.
“(But) continuing deficits and a rising debt burden have (now) made that more of a medium-term concern,” Roger Hallam, global head of rates at Vanguard, one of the world’s largest asset managers, told CNN.
As debt burdens mount around the world, investors are growing anxious. In France, political turmoil has exacerbated concerns about the country’s debt, sending bond yields, or returns demanded by investors, soaring.
The first round of snap elections Sunday suggested that some of the market’s worst fears might not come to pass. But even without the specter of an immediate financial crisis, investors are demanding higher yields to buy the debt of many governments as shortfalls between spending and taxes balloon.
Higher debt servicing costs mean less money available for crucial public services or for responding to crises such as financial meltdowns, pandemics or wars.
Since government bond yields are used to price other debt, such as mortgages, rising yields also mean higher borrowing costs for households and businesses, which hurt economic growth.
As interest rates rise, private investment falls and governments are less able to borrow to respond to economic downturns.
Tackling America’s debt problem will require either tax hikes or cuts to benefits, such as social security and health insurance programs, said Karen Dynan, former chief economist at the US Treasury and now professor at the Harvard Kennedy School. “Many (politicians) are not willing to talk about the hard choices that are going to need to be made. These are very serious decisions… and they could be very consequential for people’s lives.”
Kenneth Rogoff, an economics professor at Harvard University, agrees that the US and other countries will have to make painful adjustments.
Debt is “not free anymore,” he told CNN.
“In the 2010s, a lot of academics, policymakers and central bankers came to the view that interest rates were just going to be near zero forever and then they started thinking debt was a free lunch,” he said.
“That was always wrong-headed because you can think of government debt as holding a flexible-rate mortgage and, if the interest rates go up sharply, your interest payments go up a lot. And that’s exactly what’s happened all over the world.”
‘Conspiracy of silence’
In the United States, the federal government will spend $892 billion in the current fiscal year on interest payments — more than it has earmarked for defense and approaching the budget for Medicare, health insurance for older people and those with disabilities.
Next year, interest payments will top $1 trillion on national debt of more than $30 trillion, itself a sum roughly equal to the size of the US economy, according to the Congressional Budget Office, Congress’s fiscal watchdog.
The CBO sees US debt reaching 122% of GDP a mere 10 years from now. And in 2054, debt is forecast to hit 166% of GDP, slowing economic growth.
So how much debt is too much? Economists don’t think there is a “predetermined level at which bad things happen in markets,” but most reckon that if debt hits 150% or 180% of gross domestic product, that means “very serious costs for the economy and society more broadly,” said Dynan.
Despite growing alarm over the federal government’s debt pile, neither Joe Biden nor Donald Trump, the main 2024 presidential candidates, are promising fiscal discipline ahead of the election.
British politicians have also buried their heads in the sand ahead of a general election Thursday. The Institute for Fiscal Studies, an influential think tank, has decried a “conspiracy of silence” between the country’s two main political parties, over the poor state of public finances.
“Regardless of who takes office following the general election, they will — unless they get lucky — soon face a stark choice,” IFS director Paul Johnson said last week. “Raise taxes by more than they have told us in their manifestos, or implement cuts to some areas of spending, or borrow more and be content for debt to rise for longer.”
Countries trying to tackle the debt issue are struggling. In Germany, ongoing infighting over debt limits has put the country’s three-way governing coalition under enormous strain. The political standoff could come to a head this month.
In Kenya, blowback over attempts to address the country’s $80 billion debt burden has been much worse. Proposed tax hikes have sparked nationwide protests, which have claimed 39 lives, prompting President William Ruto to announce last week that he would not sign the proposals into law.
Enter the scary bond market
But the problem with putting off efforts to rein in debt is that it leaves governments vulnerable to far more painful disciplining by financial markets. The United Kingdom offers the most recent example in a major economy. Former Prime Minister Liz Truss triggered a collapse in the pound in 2022 when she tried to force through big tax cuts funded by increased borrowing.
And the threat hasn’t gone away. Take France. The risk of a financial crisis there became a serious concern virtually overnight after President Emmanuel Macron called a snap election last month.
Investors were worried voters would elect a parliament of populists bent on spending more and cutting taxes, further swelling the country’s already-high debt and budget deficit.
Even though this worst-case scenario now looks less likely, what happens after next Sunday’s second round of voting is far from certain. Yields on French government bonds have continued creeping up, reaching their highest level in eight months Tuesday.
Dynan at the Harvard Kennedy School says financial markets can quickly become unnerved by “political dysfunction” that causes investors to doubt a government’s willingness to make good on its debt.
“We tend to have a lack of imagination about the scope for things going wrong. If there’s a big event in which the market freaks out about (US) debt, it’s not going to be something that was on our radar,” she said.
