Kelowna, British Columbia–(Newsfile Corp. – February 12, 2024) – F3 Uranium Corp(TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce final assay results from the fall 2023 drill program, including PLN23-110 (see NR dated December 18, 2023) which returned 2.0m of 42.4% U3O8 from 226.0m to 228.0m, including 1.5m averaging 55.4% U3O8 with a highest grade of 66.8% U3O8 in a single 0.5m sample. PLN23-112, drilled from line 060S returned 11.5m averaging 2.00% U3O8 from 229.0m to 240.5m including 3.5m averaging 4.24% U3O8.
Sam Hartmann, VP Exploration, commented:
“PLN23-110 returned ultra-high grade assays, including the highest assay to date – 66.8% U3O8 on section 015S, which remains open in the up-dip direction. At the B1 area, where we initially targeted the B1 EM conductor, significant alteration in sandstone and basement rocks was encountered (see NR dated December 18, 2023) and we are pleased to receive final geochemistry supporting our decision to drill a wide fence with 4 drill holes across approximately 250m of geology. Anomalous basement uranium values were intersected, notably in PLN23-105 with up to 137 ppm uranium; values of greater than 100 ppm uranium have previously only been encountered in PLN14-019 and immediately surrounding holes, as well as within the JR Zone itself.”
The Company is also pleased to announce that it has completed a technical report for its Patterson Lake North (PLN) Project, including the PLN, Broach and Minto properties, pursuant to National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). The report was completed by lead consultant SLR International Corporation (“SLR”) with an effective date of November 20, 2023, prepared for F3 Uranium Corp. and dated January 25, 2024. The report will be filed on SEDAR within 45 days.
Assay Highlight:
PLN23-110 (line 015S): mineralized intervals
2.5m @ 0.23% U3O8 (217.0m to 219.5m), and
2.0m @ 42.4% U3O8 (226.0m to 228.0m), including
1.5m @ 55.4% U3O8 (226.0m to 227.5m), further including
0.5m @ 66.8% U3O8 (227.0m to 227.5m)
Main JR Zone Intercepts:
PLN23-101 (line 015S): mineralized intervals
11.5m @ 0.39% U3O8 (218.5m to 230.5m), including
1.5m @ 1.77% U3O8 (222.5m to 224.0m), and
1.5m @ 2.64% U3O8 (227.5m to 229.0m)
PLN23-106 (line 120S): mineralized interval
0.5m @ 0.07% U3O8 (240.5m to 241.0m)
PLN23-108 (line 030S): mineralized intervals
0.5m @ 0.24% U3O8 (256.5m to 257.0m), and
0.5m @ 0.67% U3O8 (260.5m to 261.0m)
PLN23-109 (line 015S): mineralized interval
2.5m @ 0.33% U3O8 (221.0m to 223.5m)
PLN23-112 (line 060S): mineralized intervals
8.0m @ 1.03% U3O8 (229.0m to 237.0m), including 0.5m @ 13.2% U3O8 (232.0m to 232.5m), and
3.5m @ 4.24% U3O8 (237.0m to 240.5m), including
0.5m @ 20.0% U3O8 (238.0m to 238.5m)
PLN23-114 (line 030S): mineralized intervals
3.0m @ 0.05% U3O8 (219.5m to 222.5m), and
1.5m @ 0.64% U3O8 (230.5m to 232.0m), and
0.5m @ 0.11% U3O8 (235.5m to 236.0m)
Exploration Drilling Highlights:
PLN23-102 (line 3450S), B1 Area:
0.5m @ 79 ppm uranium (411.5m to 412.0m) in basement
PLN23-105 (line 3450S), B1 Area:
7.5m @ 48 ppm uranium (528.5m to 535.0m) in basement, including
0.5m @ 137 ppm uranium (531.5m to 532.0m)
PLN23-111 (line 3450S), B1 Area:
3.5m @ 1,198 ppm boron (357.5m to 361.0m) in sandstone, including
0.5m @ 2,770 ppm boron (357.5m to 358.0m)
Table 1. Drill Hole Summary and Uranium Assay Results
Collar Information
Assay Results
Hole ID
Grid Line
Easting
Northing
Elevation
Az
Dip
From (m)
To (m)
Interval (m)
U3O8 weight %
PLN23-101
015S
587732.5
6410748.2
545.3
54.6
-64.9
218.50
222.50
4.00
0.22
222.50
224.00
1.50
1.77
224.00
227.50
3.50
0.28
227.50
229.00
1.50
2.64
229.00
230.00
1.00
0.26
PLN23-102
3450S
589712.2
6407939.1
540.0
53.1
-65.6
B1 exploration; no mineralization >0.05
PLN23-103
045S
587780.7
6410746.1
545.7
54.5
-60.3
no mineralization >0.05
PLN23-104
105S
587729.0
6410634.5
545.2
54.4
-60.6
no mineralization >0.05
PLN23-105
3450S
589764.9
6407978.1
540.4
53.3
-65.0
B1 exploration; no mineralization >0.05
PLN23-106
120S
587761.4
6410639.4
544.4
54.3
-64.1
240.50
241.00
0.50
0.07
PLN23-107
3450S
589673.7
6407913.1
539.9
55.0
-65.2
B1 exploration; no mineralization >0.05
PLN23-108
030S
587682.1
6410692.8
545.1
53.6
-60.3
256.50
257.00
0.50
0.24
260.50
261.00
0.50
0.67
PLN23-109
015S
587739.0
6410762.5
545.5
54.7
-74.9
221.00
223.50
2.50
0.33
PLN23-110
015S
587733.4
6410749.2
545.5
53.3
-61.8
217.00
219.50
2.50
0.23
226.00
228.00
2.00
42.4
incl
226.00
227.50
1.50
55.4
PLN23-111
3240S
589638.6
6408148.6
535.5
55.2
-65.2
B1 exploration; no mineralization >0.05
PLN23-112
060S
587748.7
6410702.1
545.7
53.3
-65.5
229.00
232.00
3.00
0.33
232.00
232.50
0.50
13.2
232.50
237.00
4.50
0.14
237.00
240.50
3.50
4.24
incl
238.00
238.50
0.50
20.0
244.50
245.00
0.50
0.05
PLN23-113
930S
588352.9
6410068.3
532.9
52.8
-65.0
A1 exploration; no mineralization >0.05
PLN23-114
030S
587736.8
6410733.3
545.5
54.8
-58.1
219.50
222.50
3.00
0.05
230.50
232.00
1.50
0.64
235.50
236.00
0.50
0.11
PLN23-115
2955S
589548.1
6408433.1
530.8
42.9
-67.9
B1 exploration; no mineralization >0.05
Assay composite parameters:
Minimum Thickness of 0.5 m
Assay Grade Cut-Off: 0.05% U3O8 (weight %)
Maximum Internal Dilution: 2.0 m
Composited weight % U3O8 mineralized intervals are summarized in Table 1. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit. The PLN property is part of the PLN Project which also includes the Minto and Broach properties.
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 approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
YERINGTON, Nev., Feb. 08, 2024 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides updates on restart activities at its Pumpkin Hollow underground mine (the “Underground Mine”).
Randy Buffington, President and CEO of Nevada Copper, stated, “Since restarting mining and milling operations, we’ve made progress in a number of areas, including completion of life of mine projects such as the Geho dewatering system and phase two of the underground crushing and ore handling system, development of significant stope inventory underground and realignment of the site operations team, under the leadership of Chuck Pollard as Assistant General Manager. However, several unforeseen setbacks impacted our progress on meeting operational targets. We took critical steps and refocused resources to mitigate and address these issues. The hoisting and ore handling system has returned to full capacity and mill operations continue to incrementally improve with over two months of mill feed stockpiled on surface. While I am disappointed that these challenges have negatively impacted our ability to meet hoisting and processing targets, we continue to ramp-up toward steady state operations.”
Recent Operating Developments
Hoisting improvements implemented, hoisting increased in the fourth quarter
Over 135,000 tons of ore stockpiled on surface; over 190,000 tons of stope ore ready to mine
Unexpected bottlenecks encountered in process plant systems are being mitigated
Third ore pass and temporary use of ore bin from new life-of-mine (“LOM”) ore handling system provides material handling capacity to meet plan until underground crusher is installed
Paste plant fully commissioned
LOM fuel, paste lines in progress
LOM dewatering system in place
Development contractor ramping up development and expected to meet targets
Operational Status As noted above, several key milestones have been achieved across many aspects of the mine, including completion of critical LOM projects and restart of all significant operations, however, key fourth quarter operational targets were not met. The following challenges impacted our progress in the fourth quarter:
Underground dewatering – A build-up of water underground from increased development activities prior to completing the Geho dewatering pump project, caused several delays in progress including hoisting, capital projects construction, development and operations. The Geho pumps were successfully commissioned in November 2023, doubling pumping capacity, and all efforts were focused on removing the water from critical areas of the mine, which has now been cleared. Smaller pockets remaining are not expected to impact progress on stope mining or other development activities going forward. Full hoisting capabilities resumed in December 2023 and, with commissioning of the Geho system and additional surface infrastructure in place, we should now have sufficient pumping capacity to manage any temporary surges that are encountered. Additionally, we are implementing water reduction strategies including grouting programs to help reduce water inflows to mining areas.
Ore handling – Completion of the ore handling portion of the underground crusher and ore handling system and a third ore pass in late 2023 has provided additional ore handling capabilities. Material handling is being routed through three existing ore passes and the recently completed ore handling facility noted above. Automation improvements to the hoisting system were made in December to increase reliability and consistency in operations with the expectation that further increases in hoisting rates would be achieved. Hoisting rates in January have improved dramatically, having achieved a daily record of 4,475 tons. Stope mining is planned to resume in February 2024 and ore handling and hoisting capabilities are expected to meet underground material deliveries and process plant operations.
Process plant – The mill restarted in October 2023 and operated intermittently throughout the fourth quarter of 2023. The milling and flotation circuits operated well, achieving expected recoveries during periods of stable operations, however, unanticipated bottlenecks were encountered in the thickener and tails filter presses that caused repeated mill shutdowns. With the assistance of a technical consultant, upgrades to the filter presses, thickener equipment and operating protocols were made through December and into January. The second phase of the paste plant that delivers thickened tails directly to the paste plant has been fully constructed. Commissioning of the second phase is planned for February as stope mining resumes. Approximately 40-45% of the thickened tails will bypass the filter presses and go directly to paste plant in full operation, reducing the operational demand on the filter presses.
Life of Mine Infrastructure
In addition to the completion and commissioning of the Geho dewatering system and the second phase of the ore handling system, other LOM infrastructure improvements include the drilling of a new fuel delivery hole, drilling of a second paste hole that will provide life-of-mine paste delivery for EN Zone stopes and improvements to the water infiltration system on surface to handle excess surge capacity. A scope of work is being issued to potential contractors for the final phase of the ore handling system, which includes installation and commissioning of the crushing system.
Financing Matters
Considering the unexpected challenges described above, the Company has generated lower sales through the ramp-up process than previously anticipated, negatively impacting financing requirements. As previously disclosed, the Company has fully drawn US$25 million of debt pursuant to a deferred funding agreement with its two largest shareholders, Pala Investments Limited (“Pala”) and Mercuria Holdings (Singapore) Pte Ltd. Pala has since been providing sole funding for the Company’s operating needs in the form of debt on similar terms to the Company’s October 2022 credit facility with Pala, except such debt is unsecured and not guaranteed by the Company’s subsidiaries and the interest rate on the debt is SOFR + 10% and it matures in December 2024.
The Company requires additional financing in order to complete the ramp-up of the Underground Mine. While Pala has continued to support the Company, it is under no obligation to do so. The Company is also in discussions with other third parties. There is no assurance that additional financing will be obtained in a sufficient amount, or at all. In the absence of securing sufficient funding from Pala or other third parties, the Company will not be able to continue carrying on business.
Exploration Opportunities
As previously reported, the Company completed its 2023 drill program with a total of 11 holes (3,305 feet) drilled on the Copper Ridge target and 9 holes (1,653 feet) on the Dimples target. Preliminary assays continue to be received and analyzed by the Company and indicate that mineralization and alteration found at surface has been intersected in the drill holes. Further updates will be made once the final assays and QA/QC samples are expected to be received in the first quarter of 2024.
Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper and Greg French, C.P.G., VP Exploration for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which was recently restarted and is undergoing a ramp up of operations to nameplate capacity, and a large-scale open pit PFS stage project.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact: Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the ramp-up and restart of operations at the Underground Mine and the resolution of unexpected challenges and future financing needs. There can be no assurance that the ramp-up of the Underground Mine will be completed. Additional financing will be required to complete the ramp-up of the Underground Mine and there can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.
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 need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; results of exploration programs; the impact of the effects of COVID-19 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 restart and ramp-up, including the ability of the Company to address unexpected challenges; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; 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; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from the effects of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, 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. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. 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 information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.
The Company 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.
North Vancouver, British Columbia–(Newsfile Corp. – February 7, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$10.0 million (the “Offering“). The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Cantor Fitzgerald Canada Corporation (“CFCC“), as lead underwriter and sole bookrunner (the “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).
The number of Offered Units to be sold, the Offering price (the “OfferingPrice“), and the terms of the Offered Units will be determined in the context of the market and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.
The net proceeds received by the Company from the sale of the Offered Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.
The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in Ontario, British Columbia, and Alberta and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Cantor Fitzgerald Canada Corporation in Canada, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com. The Offered Units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
The closing of the Offering is expected to occur on or about February 13, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
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.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news 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 results of the Offering and associated marketing efforts, the use of proceeds of the Offering, 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, and results of ongoing production operations. 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: prevailing capital markets conditions, 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.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, February 7, 2024 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) — EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce that it has received approval from the TSX Venture Exchange (“TSXV”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”).
Under the NCIB, the Company may purchase for cancellation up to 5,000,000 common shares (the “Shares”) (representing approximately 4.45% of its issued and outstanding Shares, being 112,234,040 Shares, as of January 24, 2024) over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.
All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The NCIB will be made in accordance with the applicable rules and policies of the TSXV, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the NCIB and the NCIB may be modified or suspended at the Company’s discretion.
EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the TSXV and the NYSE American under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
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 of the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding EMX’s proposed normal course issuer bid and the timing, number and price of Shares that may be purchased under the normal course issuer bid, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov
TORONTO, Feb. 6, 2024 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FWB: GG1) (“Collective” or the “Company”) is pleased to announce that a second rig has been mobilized to the Trap target (“Trap”) due to strong visual mineralization observed in follow up drilling currently underway. Trap is one of a series of porphyry targets within the Company’s Guayabales Project located in Caldas Colombia. The Company’s 2024 exploration plan includes up to 40,000 metres of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February 2024.
Trap Highlights (see Figures 1-4)
The Company recently announced the discovery of a gold rich porphyry system at Trap which is located approximately 3.5 kilometres to the northeast of the flagship Apollo system. The Trap target covers a large surface area measuring approximately 2 kilometres by 2 kilometres with assay results previously announced on January 18, 2024 for the initial three drill holes as follows:
301.5 metres @ 1.01 g/t AuEq from 19.5 metres depth
159.75 metres @ 1.04 g/t AuEq (TRC-3)
Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the Company has only drill tested the upper levels of a porphyry system consisting of overprinting early and late-stage porphyry veins associated with a pervasive phyllic (sericite – chlorite – sulphide) alteration assemblage. On January 19, 2024 a follow up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 metres in length.
Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization being observed as follows:
Porphyry quartz veins containing pyrite and minor chalcopyrite
Late crosscutting sheeted carbonate base metal (“CBM”) veinlets enriched in sphalerite and galena
Dark polymetallic sheeted veinlets
Sufficiently encouraged by the deeper drill hole visuals, the Company is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days. Additional assay results from Trap are expected in Q1 2024.
David Reading, Special Advisor to the Company commented: “The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins which relates to pulses of mineralized fluids typical of large systems. Additionally, based on core inspection of this hole, there is a noticeable increase in total sulphide content relative to the discovery holes previously announced by the Company.”
Richard Tosdal, Special Advisor to the Company added: “The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems.”
Figure 1: Core Photos Highlights From the Current Drill Hole Underway at Trap (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Trap Target and Visual Results From the Hole Currently Underway (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL”, on the OTCQX under the trading symbol “CNLMF” and on the FWB under the trading symbol “GG1”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact: Follow Executive Chairman Ari Sussman (@Ariski73) on X
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
Collective Mining Ltd. Logo (CNW Group/Collective Mining Ltd.)
Vancouver, British Columbia–(Newsfile Corp. – February 6, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce an updated mineral resource estimate (the “MRE“) for the Moss deposit (“Moss” or the “Moss Deposit“) and East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit“), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project“).
Highlights of the 2024 Mineral Resource Estimate Update:
Upgrading of the MRE to include 23% Indicated Mineral Resources and an increase in the average grade over the 2023 MRE.
Indicated Mineral Resource of 1,535 thousand ounces grading 1.23 grams per tonne gold (g/t Au), contained within 38.96 million tonnes.
Inferred Mineral Resource of 5,198 thousand ounces grading 1.11 grams per tonne gold (g/t Au), contained within 146.24 million tonnes.
The total resource tonnage increase is just under 1% overall over the 2023 MRE, however the overall grade increase versus the 2023 MRE is approximately 11%.
The shears that host gold mineralization have been extensively remodelled as constraining domains, greatly enhancing the reliability of the current MRE.
With gold prices consistent with the 2023 MRE, 94% of the 2024 MRE’s tonnes and gold ounces are contained within these shear models.
This is a significant increase compared to the 2023 MRE, where only 35% of the tonnes and 65% of the gold ounces were contained in its shear model.
Implied stripping ratios based on diluted block models and the Reasonable Potential for Eventual Economic Extraction (“RPEEE“) constraining pit optimization are 3:1 for Moss and 6:1 for East Coldstream.
The pit depth is constrained by the model (in multiple locations), indicating the potential for a larger pit should the model be extended at depth.
The 2024 Moss Project MRE update is set to be the foundation for resource growth and development towards Tier One status, and leading to a future Preliminary Economic Assessment (PEA).
All identified zones within the Project are still open to potential expansion.
The Moss Project encompasses 36 satellite targets, including several mapped and sampled gold trends near the Moss Gold Deposit, offering prospects for discoveries and additional gold mineralization.
Table 1: Moss Project Updated Mineral Resource Estimate
Indicated
Inferred
Cutoff
Tonnes
Grade
Metal
Tonnes
Grade
Metal
(g/t Au)
(Mt)
(g/t Au)
(Koz Au)
(Mt)
(g/t Au)
(Koz Au)
Moss
Open Pit
Core Shears
0.35
19.95
1.39
893
56.32
1.39
2,525
Marginal Shears
0.35
11.35
0.92
335
70.31
0.81
1,836
Low Grade Halo
0.35
–
–
–
10.21
0.62
202
Open Pit Subtotal
31.30
1.22
1,228
136.84
1.04
4,563
Underground
2.0
–
–
–
3.22
3.43
355
Moss Total
0.35/2.0
31.30
1.22
1,228
140.07
1.09
4,919
East Coldstream
Open Pit
0.35
7.67
1.25
307
5.36
1.15
198
Underground
2.0
–
–
–
0.82
3.10
82
E Coldstream Total
0.35/2.0
7.67
1.25
307
6.18
1.41
280
Grand Total
0.35/2.0
38.96
1.23
1,535
146.24
1.11
5,198
Notes:
The 2024 Moss Mineral Resources were estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo. both of APEX Geoscience Ltd. (“APEX“) qualified persons as defined by NI 43-101, are responsible for completing the updated mineral resource estimation, effective January 31, 2024.
Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for Moss. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
The quantity and grade of reported Inferred Resources is uncertain, and there has not been sufficient work to define the Inferred Mineral Resource as an Indicated or Measured Mineral Resource. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The historical underground voids from mining in any of the deposit areas have been removed.
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Resources are presented as undiluted and in situ.
Tonnage estimates are based on individually measured and calculated bulk densities for geological units ranging from 2.68 to 2.89 g/cm³. Overburden density is set at 1.8 g/cm³.
Metal prices are US$1,850/oz Au with a revenue factor of 1 and recovery of 90% for Moss and 95% for East Coldstream.
Open-pit resource economic assumptions are mining costs of US$2.25/waste tonne, $3.00/ore tonne, flotation-leaching processing costs of US$9.50 per tonne, and mine-site administration costs of US$2.10 per tonne processed.
Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions and 50° pit slopes.
Underground resource economic assumptions are US$75/tonne for mining mineralized and waste material and US$9.50/tonne for processing. The underground resource mining assumptions are open pit stope mining method with a minimum mining width of 1.5m and a minimum stope volume equal to stope dimensions of 1.5m x 10m x 20m.
The Underground material below the open pit was manually constrained to continuous material above the gold cutoff (2.0 g/t) that met the minimum thickness and volume requirements. Resources not meeting these size criteria are included if they maintain a grade above the cutoff once diluted to the required size.
Table 2: Moss Project Updated Open Pit Mineral Resource Estimate Sensitivity
Cutoff (g/t Au)
Indicated
Inferred
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Moss
0.2
33.55
1.16
1,249
185.72
0.83
4,985
0.3
32.36
1.19
1,239
150.61
0.97
4,707
0.35
31.30
1.22
1,228
136.84
1.04
4,563
0.4
30.15
1.25
1,214
125.85
1.10
4,431
0.5
27.31
1.34
1,173
104.78
1.22
4,126
0.6
24.05
1.44
1,115
86.6
1.37
3,807
0.8
17.88
1.70
977
60.33
1.66
3,221
1.0
13.00
2.00
836
42.89
1.97
2,721
East Coldstream
0.2
8.70
1.13
316
6.54
0.99
208
0.3
8.01
1.21
311
5.73
1.09
201
0.35
7.66
1.25
307
5.35
1.15
198
0.4
7.33
1.29
303
4.99
1.20
193
0.5
6.59
1.38
292
4.36
1.31
184
0.6
5.92
1.47
280
3.77
1.43
174
0.8
4.58
1.70
250
2.94
1.64
155
1.0
3.49
1.95
219
2.31
1.84
137
See footnotes for Table 1
Table 3: Moss Project Updated Underground Mineral Resource Estimate Sensitivity
Cutoff (g/t Au)
Inferred
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Moss
1.8
3.96
3.14
400
1.9
3.56
3.29
377
2.0
3.22
3.43
355
2.1
2.89
3.59
334
2.2
2.60
3.75
314
2.4
2.11
4.09
277
East Coldstream
1.8
1.00
2.88
93
1.9
0.90
3.00
87
2.0
0.82
3.10
82
2.1
0.76
3.19
78
2.2
0.70
3.28
74
2.4
0.60
3.45
66
See footnotes for Table 1
President and CEO Brett Richards stated: “The MRE results above are extremely encouraging, and validate the strategic exploration and drilling campaign we embarked on almost 3 years ago. We have consistently delivered exciting drilling results as they relate to the Moss Gold Project, and this MRE illustrates a meaningful and material increase in the quality, quantity, and grade of the deposit. Conducting this update to the MRE was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project; in an effort to maximize shareholder value. We continue to believe that the Moss Gold Project will be a sector anomaly of having top quartile grade and top quartile size and scale within our comparable peers; as it moves closer to being a Tier One asset.”
Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project
APEX Geoscience Ltd. (“APEX“) completed an in-depth review and validation of assays collected before 2010 at the Moss Deposit and East Coldstream Deposit to establish whether the data is suitable for mineral resource estimation. APEX reviewed previous studies’ evaluation of twin drilling and resampling programs and drew the following conclusions regarding this data:
Five twin holes have been completed in the Moss Zone. APEX regards this dataset as limited, insufficient for definitive conclusions, but adequate for a preliminary assessment. This view is due to the deposit’s characteristics and challenges in accurately positioning twin holes adjacent to historical holes. The data indicate that the twin holes generally exhibit mineralization that corresponds with the mineralization trends noted in the historical drillholes they were designed to test and confirm.
Six historical drillholes were resampled to determine potential bias in the historical dataset.
Prior analyses of the resampling program focused on comparing the difference between each interval’s historical and modern assays and noting variance discrepancies between the two datasets.
APEX performed a quantile-to-quantile comparison between resampled and historical assays and the results show similar distributions, indicating no significant bias in resampling assay values vs original values.
APEX considers the noted variance difference to be within expected ranges, as the differences in sampling volumes could explain any discrepancies.
These findings remain partially inconclusive due to the limited number of holes resampled.
Due to the inconclusive results from the twinning and resampling programs, APEX conducted a spatial pairing analysis. This analysis compared the distribution of historical assays with modern drilling data. The assay data was limited to samples within the 2023 modelled shear domains, ensuring only assays from similar geological settings were compared. In this analysis, only assays from either dataset that are within 15 meters of an assay from the other dataset could be considered. The dataset included thousands of paired samples to complete the analysis on. Below are APEX’s conclusions:
The assay distributions of historical paired data and modern paired data were found to be similar after accounting for comparable mineralization zones.
No evident bias in historical assays was observed that could be attributed to assay methods or assay labs or different generations (ages) of data.
Some historical data involved selective assaying. Inserting nominal waste values for unsampled intervals yields a conservative gold content estimate at the sample location.
Based upon this analysis, the QP believes that the historical assays can be used for a mineral resource estimate even with limited historical QA/QC data. Details of the Historical Assay Review and Analysis will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with National Instrument 43-101 (“NI 43-101“) standards.
Moss Deposit Geology
The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the Shebandowan Belt in the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusion complex. The deposit comprises a network of centimetre- to meter-scale northeast-trending shear zones hosting high-grade gold mineralization. Surrounding the shear zones are areas of lower-grade gold mineralization associated with less intense shearing and more brittle deformation. This includes veining in both the intrusion rock and adjacent wall rocks between the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and millimetre- to centimetre-scale irregular quartz-carbonate veinlets.
East Coldstream Deposit Geology
The East Coldstream Deposit is a structurally controlled gold deposit located approximately 13 km northeast of the Moss Deposit within the Moss Gold Project area. The East Coldstream Deposit’s mineralized zones are located on the south margin of a shear zone that separates a gabbroic intrusion to the north and a mafic-intermediate volcanic suite to the south. Mineralization is found within sheared volcanic units, proximal to sills of quartz and quartz-feldspar porphyries and distinctive, brick-red syenites. The mineralized zones show silica, carbonate, and hematite alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite throughout the silica-hematite zones and within quartz-carbonate veinlets. Iron carbonate is present in areas proximal to strong silicification. A north-south-trending diabase dike has cut the two main mineralized zones.
Mineral Resource Methodology, Assumptions, and Cutoff Grades
Estimation Domains
APEX personnel comprehensively remodelled shear-hosted gold estimation domains at Moss and East Coldstream deposits using implicit modelling. The orientation of these domains is informed by a structural trend model derived from oriented core structural measurements. Additionally, APEX personnel developed an updated geological model to guide estimation domain modelling and facilitate density assignment by geological unit. The shear estimation domains are delineated by connecting intervals of mineralization that align with the structural trend and are predominantly within a single geological unit. Discontinuous and lower-grade gold mineralization associated with less intense shearing and more brittle deformation are captured within a grade shell with a nominal cutoff of 0.15 g/t Au.
The Granodiorite (IGD) unit at the Moss Lake Deposit is associated with zones of higher-grade mineralization. In the 2024 Moss Deposit MRE Update, modelled shear estimation domains are categorized as “Core Shears” or “Marginal Shears.” Core Shears, continuous along strike, represent higher-grade material within or adjacent to the IGD unit. Marginal Shears, in contrast, are shears positioned further from the IGD unit or within shear domains where lower-grade material is included to provide continuity along the structural trend. Core shears are characterized by more intense fracturing and extensive hydrothermal alteration than marginal shears. The Core and Marginal Shears classification merges short-range geological with longer-range structural continuity at the Moss Deposit.
In this 2024 model, more than 94% of the in pit block modelled gold mineralization tonnage above the cutoff grade is contained within the wireframed Core Shear and Marginal Shear domains. More than 96% of the block modelled gold mineralization in terms of metal content above the cutoff grade is also contained within the Core Shear and Marginal Shear domains.
Mineral Resource Methodology
Modelling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the North American Datum (NAD) 1983 and UTM zone 15N (EPSG: 26915). The mineral resource block model utilized a block size of 3.0 m (X) x 3.0 m (Y) x 3.0 m (Z) to honour the mineralization wireframes. The percentage of the volume of each block below the bare earth surface, below the modelled waste overburden surface and within each mineralization domain was calculated using the 3D geological models and a 3D surface model. For the open pit resources, the block model was block-averaged up to a 9 m (X) x 9 m (Y) x 9 m (Z) SMU block size for pit optimization with the outer blocks on the boundaries of the domains diluted. Resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980s exploration program have been removed from the MRE at the Moss Deposit.
The MRE is based on the combination of geological modelling, geostatistics and conventional block modelling using the Ordinary Kriging method of grade interpolation with locally varying anisotropy variogram models.
The Moss Project drillhole database consists of 538 drill holes that intersected the interpreted mineralization wireframes at the Moss Deposit and 156 drill holes that intersected the interpreted mineralization wireframes at the East Coldstream Deposit for a total of 738 Drill Holes used in the Mineral Resource Estimate. Gold assays were composited to 2-meter composite lengths, and the estimation utilized 31,149 composited samples. A total of 1.8% of the total drilled meters inside the interpreted mineralization wireframes were not sampled, assumed to be waste, and assigned a nominal waste value of half the detection limit of modern assay methods (0.0025 g/t Au).
Gold estimation was completed using ordinary kriging. The search ellipsoid size used to estimate the Au grades was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis. Blocks within estimation domains are assigned rotation angles using a modelled 3D mineralization trend surface wireframe, which allows structural complexities to be reproduced in the estimated block model. The number of variogram structures, contributions of each structure, and their ranges are set per estimation domain and do not vary within the estimation domain.
A total of 2,812 bulk-density samples are available from the Moss Project drillhole database. APEX personnel performed exploratory data analysis of the bulk density samples available, and the density was assigned for each geologic unit modelled within the Moss Lake Deposit and East Coldstream Deposit areas. The density of the deposits ranged from 2.68 g/cm3 to 2.89 g/cm3. The modelled overburden was assigned a density of 1.8 g/cm3.
Mineral Resource Classification
The Moss Gold Project MRE has been classified as an Indicated and Inferred Mineral Resource. This resource classification reflects that much of the drill hole data used for the resource estimate is historical, and no QA/QC data or reports exist for most of these drill holes. Statistical assessment of historical data spatially near modern assay data support the use of the historical data in the mineral resource estimate including the indicated category of classification..
The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Reasonable Prospects for Eventual Economic Extraction
The CIM guidelines for mineral resources require that reported mineral resources demonstrate reasonable prospects for eventual economic extraction (RPEEE). Table 4 outlines the cost parameters and other assumptions used to constrain the open-pit mineral resource statement and reporting cutoff. The resource block model underwent several pit optimization scenarios using Deswik’s Pseudoflow pit optimization. The resulting pit shell is used to constrain the reported open-pit MRE that reaches a maximum depth of approximately 510m and 340m in the Moss Deposit and East Coldstream Deposit, respectively.
Table 4: Open Pit RPEEE Cost and Parameter Assumptions
Costs and Geometry
Parameter
Unit
2024 MRE
Mining Waste
US$/ tonne waste
2.25
Mining Mineralized Material
US$/ tonne milled
3.00
Flotation Leach Processing
US$/ tonne milled
9.50
General and Administration
US$/ tonne milled
2.10
Slope
Degrees
50
Sale Price and Recoveries
Gold Recovery (Moss Lake)
Percent
90
Gold Recovery (East Coldstream)
Percent
95
Gold Price
US$/ozt
1850
The reported underground MRE is constrained within mining shapes assuming open-stope mining methods, a grade cutoff of 2.0 g/t Au, and the assumptions detailed in Table 5. The mining shapes were manually constructed, constraining continuous material above the gold cutoff that met the minimum thickness and volume requirements.
Table 5: Underground RPEEE Cost and Parameter Assumptions
Costs and Geometry
Parameter
Unit
2024 MRE
Mining
US$/ tonne removed
75
Flotation Leach Processing
US$/ tonne milled
9.50
General and Administation
US$/ tonne milled
2.10
Assumed Open Stope Dimensions (W x H x L)
Meters
1.5 x 10 x 20
Sale Price and Recoveries
Gold Recovery (Moss Lake)
Percent
90
Gold Recovery (East Coldstream)
Percent
95
Gold Price
US$/ozt
1850
Additional Exploration Potential
The modelled shears extend to much greater depth below the optimized open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the modelled strike length of 5.7km. Historical drilling has intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s 2023 soil geochemistry and structural mapping programs. This work suggests a series of en echelon “master shears” with a second prospective zone trending from just north of QES to the northeast beyond Span (Figures 2 to 4 and 8).
Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes up to 2.5km to the southeast of the Moss Deposit.
An additional 4 million tonnes of gold mineralization has been identified and modelled inside the conceptual open pit that is beyond the support distances required for Inferred or Indicated classification. This tonnage represents a target for future exploration drilling and resource development.
Similar to the Moss deposit, the modelled shears in East Coldstream extend to a greater depth below the optimized open pit constraining the reported MRE. The mineralization demonstrates a distinct shallow easterly plunge which has been successfully tested at depth by Goldshore drilling and represents potential for additional gold mineralization discoveries beneath the current defined MRE open pit (Figures 5 to 7).
Figure 8: Long section at the Moss Deposit showing gold mineralization in drillholes along strike and at depth looking northwest
Goldshore will also continue an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes are also being surveyed using modern downhole surveying equipment. Resampling of historical drill core will continue, although most core blocks are now illegible rendering resampling impossible.
Pete Flindell, VP Exploration for Goldshore, said: “APEX have completed a thorough and objective review of the geology of the Moss and East Coldstream Gold Deposits, and the underlying drill database. Their implicit modelling of core and marginal shears has led to a more accurate model of the gold distribution. This has resulted in a significant improvement in the Mineral Resource Estimate, which can now form the basis for infill and step out drill planning, and a definitive PEA. Their work also highlights immediate potential to grow the MRE in and outside of the RPEEE pits.“
Qualified Person Statements
Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo are both considered independent “qualified persons” under NI 43-101 and are jointly responsible for the 2024 Moss Gold Project MRE Update. Mr. Dufresne and Mr. Black have prepared and approved the scientific and technical information related to the MRE contained in this news release.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a “qualified person” under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.
Updated Technical Report
Details of the Moss Gold Project MRE will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with NI 43-101 standards, which will be filed under the Company’s SEDAR+ profile within 45 days of this news release. The Moss Gold Project MRE was prepared by independent mining consulting firm APEX Geoscience Ltd. in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Results of the Company’s Annual General Meeting
The Company also announces that all matters proposed at the Annual General and Special Meeting (the “Meeting“) held on January 23, 2024 were approved. At the Meeting, shareholders of the Company voted in favour of setting the number of directors at six (6); as well as electing Galen McNamara, Brett Richards, Brandon Macdonald, Shawn Khunkhun, Joanna Pearson and Kyle Hickey as directors. The shareholders also approved the re-appointment of Davidson & Company LLP as the Company’s auditors, approved the adoption of a new omnibus incentive plan (the “Incentive Plan“) and provided disinterested approval ratifying a previous grant of restricted share units under the new Incentive Plan.
The new Incentive Plan replaces the existing stock option plan previously adopted by the Company, and allows for the grant of incentive stock options, restricted share units and deferred share units to a maximum of ten percent of the issued and outstanding share capital from time-to-time. For further information regarding the matters presented at the Meeting, or to review a copy of the new Incentive Plan, readers are encouraged to review the Company’s management proxy circular, a copy of which is available under the Company’s profile on SEDAR+.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. The Company is led and supported by an industry-leading management group, board of directors and advisory personnel. Goldshore is well-positioned and well financed to advance the Moss Gold Project through the next stages of exploration and development.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information — Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
VANCOUVER, BC / ACCESSWIRE / February 5, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce the appointment of a new President and Director to the Company. Further to its release of July 10, 2023, Mr. Paddy J. Moylan has been promoted from Business Development Advisor, to both Director and President of the Company.
Judson Culter, CEO at Rover Metals, states “In 2023 we saw the expansion of Rover Metals into Australia as part of our strategic growth plans with the appointment of Mr. Paddy J. Moylan as our Business Development Advisor (Australasia). Now in 2024, I am thrilled to announce that Mr. Moylan has accepted the role as President and Director at Rover. Australians are world leaders in the mining of lithium and other critical minerals. The appointment of Mr. Moylan confirms that Rover intends to be a Lithium and Critical Minerals producer.”
Paddy Moylan, President, Director
Paddy Moylan holds combined Bachelor of Commerce and Law degrees and a graduate diploma in legal practice. He has been a lawyer for over 20 years. He is a significant investor in battery metals in Australia and internationally. Mr. Moylan has developed a large network in the battery metals space as an early investor in lithium. He has successfully advised companies on project acquisition, development, divestment and corporate advisory.
Mr. Moylan says “I have been impressed with the board and Judson’s leadership over the last seven months. The market has not been positive, but we have a developing project that we are working hard on. I am excited by this opportunity, and I look forward to working hard to grow the company’s value proposition to investors and partners. I will also be focused on the value-add to the Company in terms of our project line-up and investor base. Battery Metals and Critical Minerals are the future of the mining industry. Whilst we are at the lower end of the cycle, it is the time to ensure Rover is set for success and I will have a laser like focus on doing just that. I look forward to meeting with and talking to investors as we develop Rover as a leading critical minerals company.”
The appointment of Mr. Moylan as President and Director of the Company is subject to final approval by the Toronto Venture Exchange (the “TSXV”). An updating release will be provided once the TSXV provides their acceptance.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
“Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Burlington, Ontario–(Newsfile Corp. – February 5, 2024) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce the assay results from its last blast prior to MSHA inspection and training. Select material collected from the vein assayed as high as 480 ounces per ton silver (see photo).
Random samples of the muck pile associated with that blast assayed 7.0, 3.8, and 8.0 ounces per ton silver. These random samples were not hand selected for grade but were taken directly from the raw material in pails to determine the mineralization in the blast muck. The Company continues to see an increase in the grade of the muck assays with each round, and reasonably believes the grade could continue to increase with each advancing round.
The main reason for this belief is the assay results from that area, which include the December 11, 2023 results of the concentrates averaging 24.2 ounces per ton (829.7 grams/tonne) silver, with the high grade line on the shaker table then assaying at 334 ounces per ton (11,451.5 grams/tonne). The Company also relies on the high grade silver results reported in its November 11, 2023 press release, and upon other internal assay results which have not been disclosed. As previously disclosed, the Company continually runs its own production assay lab and not all assay results, whether lower or higher than those above, have been or will be disclosed.
This material when combined with the high-grade material should provide excellent feed material to the mill.
SBMI is also pleased to advise its MSHA training has been completed and approved. The field team was back at the mine and mill sites making the necessary changes required by MSHA, and plans to commence production upon completion of those changes. The Company will provide a projected production schedule in the near future.
The Company is pleased with both the continued improvement in the head grade at the mine as well as the successful completion of its MSHA training and approval.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Vancouver, British Columbia–(Newsfile Corp. – February 2, 2024) – EMPEROR METALS INC. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor” or the “Company“) is pleased to announce that it has paid Duparquet Assets Ltd., a private company owned 50% by Globex Mining Enterprises (“Globex”), the second year’s option payment to maintain Emperor’s option on the Duquesne West property in Duparquet township, Quebec, NTS-32D06. The option renewal for 2024 consisted of a $500,000 cash payment and the issuance of 2,583,119 common shares of Emperor equivalent to $300,000 based upon a 20-day volume weighted average price.
During 2023, Emperor undertook a 14-hole drill campaign and relogged 3,000 samples of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. Pursuant to previous press releases, Emperor has announced both high grade and low grade intersections building upon the Company’s open pit model. Additional drill hole results are pending and the 3,000 metres of historical core samples are being prepared to submit for assay.
The Duquesne West property straddles the Porcupine-Destor gold localizing fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined a historical inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI 43-101 report “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada” by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer dated October 20, 2011. This report is available on Globex’s website and is considered relevant and reliable. A “qualified person” as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves.
The technical information in this press release was reviewed and approved by John Florek, P. Geo., President and CEO of Emperor in his capacity as the Company’s “qualified person.” For further information on the Duquesne West Property see Emperor’s press release dated October 12, 2022, available on SEDAR.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Alexander Horsley” Alexander Horsley, Director
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
Vancouver, British Columbia, Jan. 30, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce the final geochemical assay results from the Phase II drill campaign at Cumavici Ridge confirming continuation of the high-grade epithermal vein mineralization at the Viogor-Zanik project in Bosnia and Herzegovina.
Highlights
Drillhole CMV23001 intersected 551 g/t AgEq over 4.8 m from 11 m downhole with a further mineralized interval of 669 g/t AgEq over 0.3 m from 31.60 m (Table 1);
Drillhole CMV23001 is located on the same platform as previously CMV23002b which returned 499 g/t AgEq over 3.8 m from 22 m reported (see Company news release 17 January 2024);
The Cumavici Ridge mineralization remains open and untested immediately northwest and down-dip to the southwest, which will be targeted by our 2024 Phase III drill program;
Further assay results from the 2023 Phase II drilling program are pending release, including 4 shallow drillholes at the Brezani Au skarn, which aim to add strike length to the previously reported 88.0 m at 0.61 g/t AuEq from surface (news release dated 24 January 2023).
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Terra keeps on confirming average grades of over 500 g/t Ag Eq and average mineralization thicknesses of approximately 5-10 m of massive sulfides and associated Ag-Sb-Pb-Zn-Au mineralogy at Cumavici Ridge which is only one of six target zones along the 7.2 km corridor of vein-hosted epithermal mineralization. This zone is de-risked by drilling shallow, high grade silver mineralization at both the Cumavici Ridge and Joseva targets over 2.3 km apart. We are very excited to carry on adding to the existing mineralized horizon at Cumavici Ridge by testing it down dip to SW as well as along strike to NW while expanding drill campaign to Cumurnica and two other targets along the corridor in 2024.”
Hole ID
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Pb (%)
Sb (%)
Zn (%)
AgEq (g/t)
CMV23001
11.00
15.80
4.8
132
1.61
0.57
1.56
1.51
551
CMV23001
31.60
31.90
0.3
106
0.47
0.28
3.22
1.00
669
Table 1.Assay results from drillhole CMV23001 of the Phase II drilling campaign. Interval lengths reported are drilled lengths, not true widths. Silver equivalent (“AgEq”) is based on assumed metal prices of US$1,980/oz for gold (Au), US$23/oz for silver (Ag), US$1.15/lb for zinc (Zn), US$5.42/lb for antimony (Sb) and US$1.00/lb for lead (Pb). Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94% Pb and Zn are based on published metallurgical tests on analogous intermediate sulphidation epithermal vein deposits.
Figure 1. Geological map illustrating the drillholes at the Cumavici Ridge locality. AgEq values are labelled for selected 2022 and 2023 drill intercepts (See Company’s new releases dated 13 November 2023, 27 February 2023, 17 January 2024). Current drilling efforts confirm mineralization over 82 m NW/SE strike length. (WGS84/UTM Zone 34N; click here to view image).
Hole ID
Easting
Northing
Elevation (m)
Dip
Azimuth
Depth (m)
Recovery (%)
CMV23001
360223.3
4888497.2
594.63
-85
050
61.7
98.8
Table 2.Collar locations for reported Phase II drillhole. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
Future Exploration Program Further drilling efforts at Cumavici Ridge will aim to connect the shallow high-grade interval reported in this release to the 531 g/t AgEq over 0.75 m and 355 g/t AgEq over 1.10 m reported over 600 m to the northwest (see Company news release dated 5th November 2023). The shallow, vein hosted system remains untested and open to the southwest down-dip which will also be targeted during the 2024 Phase III drilling.
Figure 2. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at Cumavici Ridge. Assay intervals reported for CMV23001. (Click here to view image)
Hole ID
Easting
Northing
Dip
Azimuth
Depth (m)
Comments
CMV23005
360232
4888411
-85
050
58.2
Ended before target depth
CMV23006
359917
4888823
-60
050
82.2
No visible mineralization
CMV23008
359865
4888914
-60
050
65.8
No visible mineralization
CMV23010
359770
4888949
-50
050
91.5
No visible mineralization
CMV23011
360225
4888446
-85
050
50.2
No visible mineralization
CMV23012
360245
4888471
-85
050
67.6
No visible mineralization
Table 3.Collar locations and comments for the remaining Cumavici Ridge phase II drillholes. Coordinates and elevation were taken using a differential GPS unit. (WGS84/UTM Zone 34N; click here to view image).
QAQC Half core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia for sample preparation and analysis at the ALS laboratory Loughrea, Ireland an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70% less than 2 mm, rotary split 1kg and pulverizing the split to greater than 85% passing 75 microns. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidising digestion with HNO3, KClO3 and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 9% and investigated as part of the company’s quality assurance and quality control program.
Qualified Person Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp. “Aleksandar Mišković”
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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