KELOWNA, BC / ACCESSWIRE / January 18, 2024 / Diamcor Mining Inc. (TSX-V.DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that the Company intends to complete a convertible loan financing (the “Financing”) of up to CDN$2,000,000.00, and anticipates that an aggregate of approximately CDN$1,250,000.00 of the Financing will be subscribed to by existing larger shareholders and management of the Company. The financing will consist of unsecured convertible promissory notes (the “Notes”) having a term of two (2) years from the closing date and bearing interest at the rate of 15% per annum. During the first year, interest will accrue and be payable 12 months from the date of closing. No principal payments will be required until maturity. The principal amount of the Notes will be convertible at the election of the noteholder into Common Shares of the Company at any time up to the maturity date at the rate of CND$0.10 per share. As provided in Policy 5.2 of the TSX Venture Exchange Corporate Finance Policy Manual, interest will be convertible at the election of the noteholder into Common Shares of the Company at the Market Price as at the time of conversion of the interest.
In addition, subject to the exceptions noted below, the Company will issue non-transferable share purchase warrants to eligible participating investors, with each share purchase warrant entitling the holder thereof to purchase one (1) Common share of the Company at a price of CND$0.15 for a period of two (2) years from the date of issuance (the “Warrants”). The number of Warrants issuable to the eligible participating investors will be equal to the number of Common Shares into which the principal amount of the investor’s Note is convertible.
The proceeds from the Financing will be used for the continued advancement of efforts to increase processing volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the work programmes previously underway, the announced efforts surrounding drilling and bulk sampling on the greater portions of the Project, and for general corporate purposes. While the Company plans to continue ongoing discussions with financiers and industry-related parties on additional funding scenarios which may be beneficial in increasing long-term shareholder value and added growth, the Company will not be proceeding with the term loan financing of up to CND$5.0M previously announced on October 2, 2023.
For further detail on the Company’s future plans and its perspective on the diamond industry, please see the following in depth interview with Dean Taylor, chief executive officer of Diamcor.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
MONTREAL, Jan. 18, 2024 /CNW/ – Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade drill exploration results from its 2023 completed program of 76,000 meters at Boumadine in the Kingdom of Morocco. The new results confirm the large, high-grade mineralized zones in the southern and northern portions of the Main Trend, which remains open in all directions.
Key Highlights1
Definition of new high-grade mineralization from the infill drilling program:
BOU-DD23-223 intersected 763 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 38.3 meters (“m”) (1.53 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu), including 11.0m at 996 g/t AgEq
BOU-DD23-230 intersected 991 g/t AgEq over 17.6m (2.64 g/t Au, 247 g/t Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu), including 3.7m at 1,662 g/t AgEq
BOU-DD23-248 intersected 1,136 g/t AgEq over 5.9m (5.94 g/t Au, 59 g/t Ag, 8.8% Zn, 1.0% Pb and 0.1% Cu)
BOU-DD23-220 intersected 575 g/t AgEq over 10.9m (1.77 g/t Au, 91 g/t Ag, 4.5% Zn, 1.7% Pb and 0.1% Cu), including 2.4m at 1,275 g/t AgEq
BOU-DD23-218 intersected 1,409 g/t AgEq over 4.2m (13.59 g/t Au, 115 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu) and 978 g/t AgEq over 5.8m (9.21 g/t Au, 80 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu)
BOU-DD23-251 intersected 531 g/t AgEq over 9.4m (2.66 g/t Au, 32 g/t Ag, 4.4% Zn, 0.2% Pb and 0.04% Cu), including 2.4m at 1,719 g/t AgEq
“Today’s high-grade drill results including BOU-DD23-223 in the south and BOU-DD23-218 in the north of the Main Trend confirm continuity and grade of the Main Trend at Boumadine,” said Benoit La Salle, President & CEO. “Infill drilling has decreased the spacings between drill holes to improve our confidence in grades and tonnages for the upcoming Q1-2024 mineral resource estimate, which will provide visibility on Boumadine’s potential for near-term value creation.”
______________________________
1All intersections are in core lengths; Ag equivalent is based on a 100% recovery with the following ratios: 1g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag
Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)
DDH No.
Section
Zone
From (m)
To (m)
Au (g/t)
Ag (g/t)
Length* (m)
Cu (%)
Pb (%)
Zn (%)
Mo (g/t)
Ag Eq** (g/t)
BOU-DD23-208
6675N
Main
129.9
139.4
1.60
35
9.5
0.2
0.1
0.4
35
231
Including
134.9
139.4
2.51
59
4.5
0.3
0.1
0.5
55
367
BOU-DD23-211
9150N
Main
6.0
9.8
2.01
99
3.8
0.0
4.3
0.0
17
426
BOU-DD23-214
8850N
Main
214.0
223.0
4.77
61
9.0
0.1
0.1
0.2
5
535
Including
216.2
221.5
6.61
90
5.3
0.2
0.1
0.3
6
749
BOU-DD23-218
8850N
Para
244.3
247.5
14.72
19
3.2
0.0
0.2
0.1
4
1,411
BOU-DD23-218
8850N
Para
252.6
256.8
13.59
115
4.2
0.1
0.1
0.1
3
1,409
BOU-DD23-218
8850N
Para
261.2
275.1
1.22
30
13.9
0.0
0.0
0.1
5
153
Including
272.3
274.0
5.89
119
1.7
0.2
0.1
0.1
13
698
BOU-DD23-218
8850N
Main
280.3
286.1
9.21
80
5.8
0.2
0.1
0.1
8
978
Including
280.3
284.3
13.05
108
4.0
0.3
0.1
0.2
8
1,377
BOU-DD23-218
8850N
Para
290.0
302.0
1.98
58
12.0
0.1
0.1
0.2
8
265
Including
292.1
297.4
3.50
107
5.3
0.1
0.1
0.1
11
459
BOU-DD23-218
8850N
Para
333.1
334.3
0.03
1026
1.2
0.0
0.0
0.0
1
1,031
BOU-DD23-220
6575N
Main
105.0
115.9
1.77
91
10.9
0.1
1.7
4.5
133
575
Including
112.3
114.7
6.26
261
2.4
0.3
1.2
6.6
16
1,275
BOU-DD23-220
6575N
Para
133.4
136.8
0.89
76
3.4
0.3
2.5
7.0
7
649
BOU-DD23-221
6575N
Main
225.5
239.0
1.07
12
13.5
0.0
0.2
0.3
4
136
BOU-DD23-223
6525N
Main
131.6
169.9
1.53
311
38.3
0.0
1.8
4.4
101
763
Including
144.9
155.9
2.34
494
11.0
0.1
1.9
3.9
36
996
BOU-DD23-223
6525N
Para
239.5
247.0
0.46
94
7.5
0.0
0.2
0.7
35
192
BOU-DD23-225
9325N
Para
47.4
53.7
1.44
54
6.3
0.0
0.9
5.3
12
508
Including
50.8
53.7
2.88
86
2.9
0.0
1.0
9.9
21
927
BOU-DD23-225
9325N
Main
73.2
77.4
2.70
21
4.2
0.1
0.3
3.2
16
465
Including
75.2
77.4
4.72
31
2.2
0.1
0.3
4.5
16
738
BOU-DD23-226
9325N
Main
182.8
186.7
1.26
35
3.9
0.1
1.5
4.7
8
466
Including
184.5
185.7
3.33
53
1.2
0.1
1.8
9.5
14
951
BOU-DD23-226
9325N
Para
197.0
198.1
7.73
47
1.1
0.3
0.5
0.5
8
852
BOU-DD23-227
9325N
Main
259.7
268.3
3.34
18
8.6
0.1
0.1
0.5
6
369
Including
263.5
268.3
5.42
21
4.8
0.1
0.1
0.1
7
545
BOU-DD23-228
6300N
Main
267.2
276.1
1.99
81
8.9
0.0
1.0
3.4
59
488
Including
267.7
273.0
3.09
119
5.3
0.0
1.5
4.7
87
715
BOU-DD23-229
6525N
Para
111.9
116.0
1.60
175
4.1
0.1
1.9
7.3
259
810
BOU-DD23-230
6575N
Main
166.6
184.2
2.64
247
17.6
0.3
1.2
7.7
86
991
Including
177.6
181.3
2.91
651
3.7
0.1
3.2
11.5
106
1,662
BOU-DD23-230
6575N
Para
188.2
202.3
2.78
97
14.1
0.2
0.4
6.5
31
755
BOU-DD23-231
5375N
Main
582.0
585.7
0.96
110
3.7
0.0
0.6
2.4
339
371
BOU-DD23-232
7825N
Main
426.4
431.8
3.91
18
5.4
0.1
0.1
0.1
2
402
Including
426.4
427.7
10.72
49
1.3
0.2
0.1
0.2
2
1,092
BOU-DD23-234
6575N
Main
310.6
317.3
1.40
19
6.7
0.1
0.3
4.5
1
407
Including
315.0
316.3
4.78
41
1.3
0.2
0.4
18.4
2
1,518
BOU-DD23-238
7825N
Para
216.0
217.8
1.59
47
1.8
0.1
3.7
3.5
10
517
BOU-DD23-244
6450N
Para
64.0
70.4
1.06
49
6.4
0.0
0.7
2.0
131
287
BOU-DD23-244
6450N
Para
112.8
120.6
0.71
62
7.8
0.0
0.2
1.3
196
216
BOU-DD23-244
6450N
Para
134.6
145.4
0.41
41
10.8
0.0
0.8
1.2
361
190
BOU-DD23-244
6450N
Main
148.5
155.1
0.52
56
6.6
0.0
0.9
2.6
298
295
Including
150.5
152.1
1.19
187
1.6
0.0
2.5
9.0
946
925
BOU-DD23-245
6450N
Para
106.0
111.0
0.05
17
5.0
1.5
0.4
1.5
70
312
BOU-DD23-245
6450N
Main
198.4
206.5
0.73
122
8.1
0.0
2.3
4.7
68
524
Including
198.4
200.2
1.83
299
1.8
0.1
4.8
13.1
269
1,355
BOU-DD23-245
6450N
Para
217.5
226.5
0.86
6
9.0
0.0
0.3
0.3
2
112
BOU-DD23-248
6450N
Main
329.5
335.4
5.94
59
5.9
0.1
1.0
8.8
23
1,136
BOU-DD23-249
5800N
Main
598.7
601.8
4.19
48
3.1
0.1
0.1
2.5
12
587
BOU-DD23-249
5800N
Para
693.1
695.5
2.18
57
2.4
0.0
0.7
7.3
10
680
BOU-DD23-250
5800N
Para
236.7
239.7
3.34
1
3.0
0.0
0.0
0.0
5
316
BOU-DD23-250
5800N
Main
377.7
384.0
1.44
49
6.3…
0.1
0.1
0.5
12
225
BOU-DD23-250
5800N
Para
448.8
455.5
1.02
25
6.7
0.1
0.1
0.4
12
155
BOU-DD23-251
6450N
Main
345.9
355.3
2.66
32
9.4
0.0
0.2
4.4
14
531
Including
346.4
348.8
7.99
91
2.4
0.1
0.3
15.8
19
1,719
BOU-DD23-254
7650N
Main
241.4
243.4
5.63
61
2.0
0.3
0.2
1.4
6
703
* True width remains undetermined at this stage; all values are uncut.
** Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag;
1% Zn: 54.1 Ag.
Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)
2023 Exploration Results
For 2023, 197 diamond drill holes (“DDH”) for 74,295m were completed at Boumadine (Figure 1 and Appendix 2) with the remaining meterage of the 76,000m were completed in the first week of January 2024. Infill drilling was conducted on strike along the Main Trend (South, Central, and North Zones) while exploration drilling also targeted the North-West, Tizi and North-East Zones.
The majority of results have been received for drill holes up to BOU-DD23-255 (Table 1, Figure 3, Figure 4, and Appendix 1).
Results received since November 2023 confirm the high grade of the southern infill sections of the Main Trend, notably with holes BOU-DD23-223 and BOU-DD23-230 intersecting large, mineralized zones.
The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Figure 3 presents the results of the Boumadine Main Zone on a longitudinal section along the deposit, defining ore shoots shallowly dipping toward south, in both the Central and South Zones.
Figure 2 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)
Figure 3 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Figure 4 – Surface Plan of South Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)
Next Steps
Following completion of the 2023 drilling program, the Corporation expects to publish an NI 43-101 compliant resource by the end of Q1-2024.
The 2024 drill program is already underway, a portion of which will continue extending the strike-length of the Boumadine Main Trend but with a primary focus on exploring targets outside of the Main Trend. Final numbers will be announced later in Q1.
Fieldwork commenced on the new permits in 2024 with a hyperspectral survey, mapping and prospecting. High resolution airborne geophysics (magnetics and MobileMT) is expected to begin later in Q1.
Technical Information
Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.
Qualified Person
The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.
About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.
The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya’s Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.
Aya’s management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “confirm”, “remains”, “confidence”, “potential”, “complete”, “expect” “extend”, “belief”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine , and timing for the release of the Company’s disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya’s 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedarplus.ca. Furthermore, Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.
Appendix 1 – Full Drill Results from Boumadine (core lengths)
DDH No.
Section
Zone
From (m)
To (m)
Au (g/t)
Ag (g/t)
Length* (m)
Cu (%)
Pb (%)
Zn (%)
Mo (g/t)
Ag Eq** (g/t)
BOU-DD23-170
8025N
Para
8.5
9.6
0.27
45
1.1
0.0
0.0
0.8
1
118
BOU-DD23-199
8275N
Para
28.6
29.1
0.22
35
0.5
0.0
0.2
0.4
7
84
BOU-DD23-199
8275N
Para
124.2
125.4
0.25
32
1.2
0.0
0.7
0.4
1
100
BOU-DD23-199
8275N
Para
154.9
155.5
0.81
51
0.6
0.0
0.5
6.2
5
481
BOU-DD23-199
8275N
Para
222.1
224.3
1.38
21
2.2
0.0
0.5
1.0
6
222
BOU-DD23-199
8275N
Main
255.0
255.8
0.19
12
0.8
0.0
0.5
1.0
235
112
BOU-DD23-199
8275N
Para
340.6
341.3
1.99
23
0.7
0.1
0.3
0.6
4
260
BOU-DD23-199
8275N
Para
365.6
366.1
0.33
40
0.5
0.0
0.6
1.2
5
154
BOU-DD23-199
8275N
Para
380.6
382.8
1.83
25
2.2
0.0
0.2
3.3
11
383
BOU-DD23-199
8275N
Para
436.8
437.4
0.76
16
0.6
0.0
0.1
1.6
8
180
BOU-DD23-199
8275N
Para
441.4
442.0
0.70
32
0.6
0.0
0.3
2.7
12
255
BOU-DD23-204
8375N
Para
7.8
9.0
0.59
32
1.2
0.0
0.3
0.5
7
127
BOU-DD23-204
8375N
Para
74.2
74.8
1.19
28
0.6
0.0
0.4
0.9
12
203
BOU-DD23-204
8375N
Para
367.2
368.5
0.54
16
1.3
0.1
0.2
0.3
1
97
BOU-DD23-204
8375N
Main
373.8
375.0
1.92
68
1.2
0.3
0.2
0.6
1
323
BOU-DD23-204
8375N
Para
428.3
429.9
2.38
79
1.6
0.3
0.9
1.6
3
460
BOU-DD23-205
8850N
Main
118.7
120.2
0.20
60
1.5
0.0
2.4
4.8
15
422
BOU-DD23-205
8850N
Para
415.0
415.9
0.56
24
0.9
0.0
0.1
0.1
10
85
BOU-DD23-206
6100N
NSR
0.0
207.0
0.00
0
207.0
0.0
0.0
0.0
0
0
BOU-DD23-207
6675N
Para
64.4
65.4
0.74
16
1.0
0.0
0.1
0.1
12
92
BOU-DD23-207
6675N
Para
68.4
69.6
0.73
8
1.2
0.0
0.1
0.2
8
89
BOU-DD23-207
6675N
Main
76.1
78.0
0.28
44
1.9
0.1
0.1
0.1
4
89
BOU-DD23-207
6675N
Para
92.4
93.1
0.44
19
0.7
0.1
0.1
0.1
7
80
BOU-DD23-207
6675N
Para
95.9
96.4
0.21
32
0.5
0.1
0.3
0.2
4
86
BOU-DD23-207
6675N
Para
146.5
148.7
1.36
27
2.2
0.0
0.6
1.3
27
249
BOU-DD23-207
6675N
Para
356.4
358.1
0.70
8
1.7
0.0
0.1
0.0
2
78
BOU-DD23-207
6675N
Para
360.8
362.7
0.83
1
1.9
0.0
0.0
0.0
6
82
BOU-DD23-207
6675N
Para
365.1
365.8
0.47
20
0.7
0.0
0.1
0.0
7
71
BOU-DD23-207
6675N
Para
367.9
369.0
0.66
48
1.1
0.0
1.4
0.7
5
192
BOU-DD23-207
6675N
Para
370.0
370.6
0.42
33
0.6
0.0
0.4
2.9
5
244
BOU-DD23-207
6675N
Para
417.8
418.4
0.18
60
0.6
0.0
0.7
1.2
198
173
BOU-DD23-207
6675N
Para
449.2
449.8
0.56
32
0.6
0.0
0.3
0.5
1
124
BOU-DD23-208
6675N
Para
119.4
120.4
1.42
29
1.0
0.1
0.2
0.1
5
190
BOU-DD23-208
6675N
Para
125.8
126.8
0.65
28
1.0
0.0
0.0
0.7
3
132
BOU-DD23-208
6675N
Main
129.9
139.4
1.60
35
9.5
0.2
0.1
0.4
35
231
Including
134.9
139.4
2.51
59
4.5
0.3
0.1
0.5
55
367
BOU-DD23-208
6675N
Para
239.0
243.5
0.51
9
4.5
0.0
0.0
0.1
7
66
BOU-DD23-208
6675N
Para
247.5
248.5
0.69
4
1.0
0.0
0.0
0.0
2
72
BOU-DD23-208
6675N
Para
250.5
252.1
0.65
9
1.6
0.0
0.0
0.1
5
76
BOU-DD23-209
6100N
Para
163.3
165.6
0.69
36
2.3
0.0
0.0
0.0
23
107
BOU-DD23-209
6100N
Main
170.5
171.3
1.77
65
0.8
0.1
0.1
0.3
35
258
BOU-DD23-209
6100N
Para
173.7
174.2
1.68
39
0.5
0.0
0.1
0.2
31
214
BOU-DD23-209
6100N
Para
213.5
217.5
0.34
72
4.0
0.0
0.9
0.8
57
180
BOU-DD23-209
6100N
Para
240.0
240.5
0.21
36
0.5
0.0
0.3
4.6
1
316
BOU-DD23-210
6100N
Para
221.8
222.8
0.63
8
1.0
0.0
0.0
0.0
64
73
BOU-DD23-210
6100N
Main
390.6
391.6
0.11
4
1.0
0.0
0.0
0.0
7
18
BOU-DD23-210
6100N
Para
575.6
576.2
0.33
16
0.6
0.0
0.1
0.1
2
56
BOU-DD23-210
6100N
Para
580.3
581.4
0.67
4
1.1
0.0
0.0
0.0
1
68
BOU-DD23-210
6100N
Para
585.6
586.6
0.55
8
1.0
0.0
0.0
0.0
1
62
BOU-DD23-211
9150N
Main
6.0
9.8
2.01
99
3.8
0.0
4.3
0.0
17
426
BOU-DD23-211
9150N
Para
18.0
18.8
0.96
44
0.8
0.0
0.3
0.0
13
147
BOU-DD23-211
9150N
Para
103.8
104.9
0.03
65
1.1
0.0
0.3
0.3
3
95
BOU-DD23-211
9150N
Para
140.6
143.0
1.20
26
2.4
0.0
0.2
1.0
6
200
BOU-DD23-212
6675N
Main
182.4
183.4
0.99
13
1.0
0.0
1.3
0.6
11
181
BOU-DD23-212
6675N
Para
189.4
190.3
0.03
61
0.9
0.1
0.1
0.6
21
109
BOU-DD23-213
6675N
Main
270.4
271.5
0.03
66
1.1
0.1
0.0
0.0
2
77
BOU-DD23-214
8850N
Para
146.6
147.6
0.97
12
1.0
0.0
0.3
0.5
23
143
BOU-DD23-214
8850N
Para
200.2
201.2
0.14
60
1.0
0.1
0.1
0.1
8
88
BOU-DD23-214
8850N
Main
214.0
223.0
4.77
61
9.0
0.1
0.1
0.2
5
535
Including
216.2
221.5
6.61
90
5.3
0.2
0.1
0.3
6
749
BOU-DD23-214
8850N
Para
224.0
226.0
0.52
10
2.0
0.0
0.0
0.3
5
76
BOU-DD23-214
8850N
Para
228.9
229.4
2.13
56
0.5
0.1
0.4
5.3
25
571
BOU-DD23-215
9150N
Para
39.6
40.8
0.48
20
1.2
0.0
0.2
1.0
12
125
BOU-DD23-215
9150N
Main
179.9
181.0
0.35
1
1.1
0.0
0.1
0.5
6
66
BOU-DD23-215
9150N
Para
276.8
277.6
0.46
24
0.8
0.0
0.3
0.2
3
88
BOU-DD23-215
9150N
Para
280.1
280.7
0.54
39
0.6
0.0
0.1
0.1
1
100
BOU-DD23-215
9150N
Para
294.8
297.6
1.38
22
2.8
0.0
0.5
0.9
5
217
BOU-DD23-215
9150N
Para
307.3
308.2
1.31
29
0.9
0.0
0.1
0.0
8
155
BOU-DD23-216
6100N
Para
296.0
297.2
0.59
4
1.2
0.0
0.0
0.0
1
62
BOU-DD23-216
6100N
Para
299.6
300.8
0.47
4
1.2
0.0
0.0
0.0
1
50
BOU-DD23-216
6100N
Main
483.1
485.5
1.25
32
2.4
0.2
0.3
0.1
22
194
BOU-DD23-216
6100N
Para
531.9
532.4
0.94
60
0.5
0.1
5.2
1.3
3
390
BOU-DD23-216
6100N
Para
559.0
559.8
0.51
16
0.8
0.2
0.3
0.3
10
110
BOU-DD23-217
9150N
Para
47.2
48.4
0.64
8
1.2
0.0
0.1
0.2
7
83
BOU-DD23-217
9150N
Para
220.4
220.9
1.03
39
0.5
0.1
0.6
7.8
19
593
BOU-DD23-217
9150N
Para
226.6
227.8
0.94
49
1.2
0.0
0.1
0.6
18
174
BOU-DD23-217
9150N
Main
232.9
233.5
6.92
58
0.6
0.1
1.0
2.8
7
895
BOU-DD23-217
9150N
Para
310.8
312.2
1.49
66
1.4
0.0
0.1
0.0
6
214
BOU-DD23-217
9150N
Para
313.2
314.3
0.25
24
1.1
0.0
0.1
0.0
1
55
BOU-DD23-217
9150N
Para
327.5
328.0
2.02
96
0.5
0.0
1.1
3.3
5
502
BOU-DD23-217
9150N
Para
337.3
337.8
1.28
84
0.5
0.0
0.1
0.0
9
211
BOU-DD23-218
8850N
Para
226.3
227.1
0.86
13
0.8
0.0
0.4
2.2
1
226
BOU-DD23-218
8850N
Para
238.6
239.7
0.57
12
1.1
0.0
0.1
0.4
5
91
BOU-DD23-218
8850N
Para
244.3
247.5
14.72
19
3.2
0.0
0.2
0.1
4
1,411
BOU-DD23-218
8850N
Para
250.6
251.6
0.53
8
1.0
0.0
0.0
0.3
1
76
BOU-DD23-218
8850N
Para
252.6
256.8
13.59
115
4.2
0.1
0.1
0.1
3
1,409
BOU-DD23-218
8850N
Para
257.8
258.7
0.43
28
0.9
0.0
0.1
0.1
8
78
BOU-DD23-218
8850N
Para
261.2
275.1
1.22
30
13.9
0.0
0.0
0.1
5
153
Including
272.3
274.0
5.89
119
1.7
0.2
0.1
0.1
13
698
BOU-DD23-218
8850N
Main
280.3
286.1
9.21
80
5.8
0.2
0.1
0.1
8
978
Including
280.3
284.3
13.05
108
4.0
0.3
0.1
0.2
8
1,377
BOU-DD23-218
8850N
Para
290.0
302.0
1.98
58
12.0
0.1
0.1
0.2
8
265
Including
292.1
297.4
3.50
107
5.3
0.1
0.1
0.1
11
459
BOU-DD23-218
8850N
Para
303.0
304.0
0.38
12
1.0
0.0
0.0
0.6
8
82
BOU-DD23-218
8850N
Para
333.1
334.3
0.03
1026
1.2
0.0
0.0
0.0
1
1,031
BOU-DD23-219
9150N
Para
278.6
279.1
0.42
44
0.5
0.0
0.4
0.1
9
103
BOU-DD23-219
9150N
Para
281.1
282.2
1.78
33
1.1
0.1
0.3
1.2
1
282
BOU-DD23-219
9150N
Para
286.3
288.4
1.72
69
2.1
0.1
0.1
0.0
4
242
BOU-DD23-219
9150N
Para
294.4
299.0
1.19
17
4.6
0.1
0.1
0.2
3
152
BOU-DD23-219
9150N
Para
309.1
310.2
0.54
4
1.1
0.0
0.0
0.0
1
59
BOU-DD23-219
9150N
Para
309.1
311.3
0.54
4
2.2
0.0
0.0
0.0
2
58
BOU-DD23-219
9150N
Para
312.4
313.6
0.49
1
1.2
0.0
0.0
0.0
1
49
BOU-DD23-219
9150N
Para
314.5
315.6
0.52
4
1.1
0.0
0.1
0.2
2
65
BOU-DD23-219
9150N
Para
325.0
325.5
1.27
12
0.5
0.0
0.1
0.0
1
136
BOU-DD23-219
9150N
Para
332.5
334.5
0.65
12
2.0
0.0
0.1
0.1
1
81
BOU-DD23-219
9150N
Para
337.1
337.9
2.09
27
0.8
0.1
1.0
5.1
1
544
BOU-DD23-219
9150N
Para
369.0
370.0
0.33
16
1.0
0.0
0.3
0.5
12
83
BOU-DD23-219
9150N
Main
371.9
377.2
0.95
17
5.3
0.0
0.1
0.5
6
137
BOU-DD23-220
6575N
Para
79.2
80.4
0.48
16
1.2
0.0
0.7
1.6
99
174
BOU-DD23-220
6575N
Para
97.2
98.4
0.83
28
1.2
0.0
0.1
1.1
69
172
BOU-DD23-220
6575N
Main
105.0
115.9
1.77
91
10.9
0.1
1.7
4.5
133
575
Including
112.3
114.7
6.26
261
2.4
0.3
1.2
6.6
16
1,275
BOU-DD23-220
6575N
Para
120.0
121.1
3.17
68
1.1
0.1
0.3
0.3
84
404
BOU-DD23-220
6575N
Para
129.0
130.1
0.41
8
1.1
0.0
0.5
0.8
4
105
BOU-DD23-220
6575N
Para
133.4
136.8
0.89
76
3.4
0.3
2.5
7.0
7
649
BOU-DD23-221
6575N
Para
62.7
63.7
4.48
11
1.0
0.0
0.0
0.0
1
434
BOU-DD23-221
6575N
Para
72.0
73.0
0.53
4
1.0
0.0
0.1
0.0
1
58
BOU-DD23-221
6575N
Para
80.2
81.4
0.08
126
1.2
0.1
0.1
0.0
4
147
BOU-DD23-221
6575N
Main
225.5
239.0
1.07
12
13.5
0.0
0.2
0.3
4
136
BOU-DD23-221
6575N
Para
345.0
345.5
0.59
20
0.5
0.0
0.3
0.4
12
107
BOU-DD23-222
9325N
NSR
0.1
171.1
0.00
0
171.0
0.0
0.0
0.0
0
0
BOU-DD23-223
6525N
Main
131.6
169.9
1.53
311
38.3
0.0
1.8
4.4
101
763
Including
144.9
155.9
2.34
494
11.0
0.1
1.9
3.9
36
996
BOU-DD23-223
6525N
Para
174.9
176.8
1.45
100
1.9
0.0
0.5
2.9
11
410
BOU-DD23-223
6525N
Para
188.4
189.2
0.28
20
0.8
0.0
0.1
0.8
7
90
BOU-DD23-223
6525N
Para
201.0
202.0
0.15
60
1.0
0.0
0.4
2.3
1
211
BOU-DD23-223
6525N
Para
216.0
216.6
0.23
43
0.6
0.0
1.1
3.6
8
292
BOU-DD23-223
6525N
Para
224.8
226.4
0.29
22
1.6
0.0
0.3
0.7
1
96
BOU-DD23-223
6525N
Para
227.5
228.0
0.43
94
0.5
0.0
1.8
0.7
8
231
BOU-DD23-223
6525N
Para
232.0
233.0
0.40
24
1.0
0.0
0.5
0.3
16
95
BOU-DD23-223
6525N
Para
239.5
247.0
0.46
94
7.5
0.0
0.2
0.7
35
192
BOU-DD23-223
6525N
Para
254.0
254.9
0.45
12
0.9
0.0
0.1
0.2
24
68
BOU-DD23-223
6525N
Para
262.7
263.2
0.54
8
0.5
0.0
0.1
0.0
2
64
BOU-DD23-224
6300N
Para
93.9
94.6
1.15
20
0.7
0.0
0.2
0.3
16
152
BOU-DD23-224
6300N
Para
106.9
108.8
0.90
44
1.9
0.0
0.2
0.1
151
152
BOU-DD23-224
6300N
Para
114.0
114.9
0.57
1
0.9
0.0
0.0
0.0
2
56
BOU-DD23-224
6300N
Para
159.0
160.0
0.32
23
1.0
0.0
0.2
0.5
307
102
BOU-DD23-224
6300N
Main
161.0
163.7
0.68
89
2.7
0.0
1.3
0.6
785
275
BOU-DD23-225
9325N
Para
41.9
43.4
0.37
54
1.5
0.0
1.5
4.7
49
400
BOU-DD23-225
9325N
Para
47.4
53.7
1.44
54
6.3
0.0
0.9
5.3
12
508
Including
50.8
53.7
2.88
86
2.9
0.0
1.0
9.9
21
927
BOU-DD23-225
9325N
Para
68.2
70.2
0.65
16
2.0
0.0
0.4
2.3
48
215
BOU-DD23-225
9325N
Main
73.2
77.4
2.70
21
4.2
0.1
0.3
3.2
16
465
Including
75.2
77.4
4.72
31
2.2
0.1
0.3
4.5
16
738
BOU-DD23-225
9325N
Para
79.3
80.7
0.34
14
1.4
0.0
0.2
0.9
5
104
BOU-DD23-225
9325N
Para
83.1
84.0
2.54
40
0.9
0.1
1.0
1.7
47
409
BOU-DD23-226
9325N
Para
175.9
176.4
0.25
52
0.5
0.0
3.9
4.5
2
447
BOU-DD23-226
9325N
Main
182.8
186.7
1.26
35
3.9
0.1
1.5
4.7
8
466
Including
184.5
185.7
3.33
53
1.2
0.1
1.8
9.5
14
951
BOU-DD23-226
9325N
Para
189.9
190.4
1.69
20
0.5
0.0
1.1
3.5
23
407
BOU-DD23-226
9325N
Para
197.0
198.1
7.73
47
1.1
0.3
0.5
0.5
8
852
BOU-DD23-227
9325N
Para
253.0
254.0
0.24
1
1.0
0.0
0.2
1.5
2
113
BOU-DD23-227
9325N
Main
259.7
268.3
3.34
18
8.6
0.1
0.1
0.5
6
369
Including
263.5
268.3
5.42
21
4.8
0.1
0.1
0.1
7
545
BOU-DD23-228
6300N
Para
43.0
44.0
0.03
83
1.0
0.4
0.0
0.0
4
138
BOU-DD23-228
6300N
Para
185.2
186.2
0.66
4
1.0
0.0
0.0
0.0
2
70
BOU-DD23-228
6300N
Para
258.2
260.8
0.55
18
2.6
0.0
0.8
1.2
10
159
BOU-DD23-228
6300N
Main
267.2
276.1
1.99
81
8.9
0.0
1.0
3.4
59
488
Including
267.7
273.0
3.09
119
5.3
0.0
1.5
4.7
87
715
BOU-DD23-228
6300N
Para
277.1
278.1
0.36
12
1.0
0.0
0.2
0.4
3
74
BOU-DD23-228
6300N
Para
301.1
302.1
0.38
12
1.0
0.0
0.0
0.3
53
72
BOU-DD23-228
6300N
Para
308.7
311.6
0.27
35
2.9
0.0
0.5
0.5
3
106
BOU-DD23-228
6300N
Para
312.6
313.6
0.27
20
1.0
0.0
0.3
0.8
1
99
BOU-DD23-228
6300N
Para
314.6
315.4
0.52
20
0.8
0.0
0.3
1.7
2
169
BOU-DD23-228
6300N
Para
319.3
325.0
0.36
23
5.7
0.0
0.1
0.3
8
80
BOU-DD23-228
6300N
Para
330.1
331.8
1.07
20
1.7
0.0
0.0
0.0
5
125
BOU-DD23-228
6300N
Para
333.5
334.5
0.58
27
1.0
0.0
0.0
0.0
14
86
BOU-DD23-228
6300N
Para
356.4
357.0
0.75
16
0.6
0.1
0.0
0.1
3
96
BOU-DD23-228
6300N
Para
364.0
365.5
3.31
7
1.5
0.1
0.0
0.0
6
328
BOU-DD23-228
6300N
Para
380.5
381.0
0.51
20
0.5
0.0
0.3
0.1
6
86
BOU-DD23-229
6525N
Para
84.0
85.0
0.40
11
1.0
0.1
0.3
1.1
7
130
BOU-DD23-229
6525N
Para
87.8
89.4
0.33
27
1.6
0.0
0.5
1.8
24
179
BOU-DD23-229
6525N
Para
90.3
91.2
0.24
24
0.9
0.1
0.5
1.1
22
133
BOU-DD23-229
6525N
Para
92.1
93.0
0.38
16
0.9
0.0
0.5
0.6
3
97
BOU-DD23-229
6525N
Para
102.2
103.2
0.67
5
1.0
0.0
0.2
0.3
14
92
BOU-DD23-229
6525N
Para
111.9
116.0
1.60
175
4.1
0.1
1.9
7.3
259
810
BOU-DD23-229
6525N
Para
119.3
120.3
1.32
15
1.0
0.0
0.1
1.4
44
221
BOU-DD23-229
6525N
Para
141.4
142.4
0.48
16
1.0
0.0
0.3
0.4
48
98
BOU-DD23-229
6525N
Para
153.4
153.9
1.02
64
0.5
0.0
0.0
0.0
19
166
BOU-DD23-229
6525N
Para
162.9
163.4
0.20
103
0.5
0.0
8.5
1.1
5
452
BOU-DD23-229
6525N
Para
257.4
258.4
0.03
85
1.0
0.0
0.0
0.0
2
95
BOU-DD23-229
6525N
Main
306.0
306.7
0.88
23
0.7
0.0
0.1
0.5
9
134
BOU-DD23-230
6575N
Para
143.4
145.4
0.84
22
2.0
0.1
0.1
0.1
6
116
BOU-DD23-230
6575N
Para
157.4
158.4
0.51
12
1.0
0.0
0.2
0.6
38
102
BOU-DD23-230
6575N
Para
162.9
163.8
0.26
24
0.9
0.0
0.0
0.1
23
59
BOU-DD23-230
6575N
Main
166.6
184.2
2.64
247
17.6
0.3
1.2
7.7
86
991
Including
177.6
181.3
2.91
651
3.7
0.1
3.2
11.5
106
1,662
BOU-DD23-230
6575N
Para
188.2
202.3
2.78
97
14.1
0.2
0.4
6.5
31
755
BOU-DD23-231
5375N
Para
521.7
522.7
0.13
33
1.0
0.0
0.4
0.4
9
79
BOU-DD23-231
5375N
Para
571.3
572.3
0.54
28
1.0
0.0
0.3
0.1
24
92
BOU-DD23-231
5375N
Para
574.3
575.2
0.34
20
0.9
0.0
0.5
0.1
8
76
BOU-DD23-231
5375N
Main
582.0
585.7
0.96
110
3.7
0.0
0.6
2.4
339
371
BOU-DD23-231
5375N
Para
589.0
592.0
1.11
8
3.0
0.0
0.1
0.4
121
147
BOU-DD23-231
5375N
Para
596.0
597.0
0.54
1
1.0
0.0
0.0
0.0
6
54
BOU-DD23-231
5375N
Para
609.3
609.8
1.25
251
0.5
0.1
2.6
2.7
2863
774
BOU-DD23-231
5375N
Para
610.8
611.8
0.33
24
1.0
0.0
0.2
0.1
301
84
BOU-DD23-232
7825N
Para
320.4
321.4
0.31
23
1.0
0.0
1.1
2.1
35
205
BOU-DD23-232
7825N
Para
420.0
421.0
0.79
16
1.0
0.0
0.2
0.6
6
130
BOU-DD23-232
7825N
Main
426.4
431.8
3.91
18
5.4
0.1
0.1
0.1
2
402
Including
426.4
427.7
10.72
49
1.3
0.2
0.1
0.2
2
1,092
BOU-DD23-232
7825N
Para
438.8
439.8
0.48
28
1.0
0.0
0.4
1.2
8
153
BOU-DD23-232
7825N
Para
521.3
522.0
3.56
20
0.7
0.1
0.1
0.1
4
378
BOU-DD23-232
7825N
Para
532.6
534.0
1.78
22
1.4
0.1
0.3
1.2
3
268
BOU-DD23-232
7825N
Para
596.8
597.8
0.03
60
1.0
0.0
0.0
0.0
3
65
BOU-DD23-233
6525N
NSR
0.0
76.5
0.00
0
76.5
0.0
0.0
0.0
0
0
BOU-DD23-234
6575N
Para
308.6
309.6
0.75
1
1.0
0.0
0.7
1.8
3
192
BOU-DD23-234
6575N
Main
310.6
317.3
1.40
19
6.7
0.1
0.3
4.5
1
407
Including
315.0
316.3
4.78
41
1.3
0.2
0.4
18.4
2
1,518
BOU-DD23-234
6575N
Para
322.2
323.1
0.40
24
0.9
0.0
0.3
0.7
9
112
BOU-DD23-234
6575N
Para
324.0
324.7
2.12
20
0.7
0.0
0.3
0.2
7
240
BOU-DD23-234
6575N
Para
363.7
364.7
0.57
12
1.0
0.0
0.2
0.2
1
82
BOU-DD23-234
6575N
Para
407.6
408.6
0.53
1
1.0
0.0
0.1
0.0
3
56
BOU-DD23-235
6525N
Main
382.3
384.3
0.39
81
2.0
0.3
0.3
0.3
5
179
BOU-DD23-236
6300N
Main
343.5
345.5
1.41
16
2.0
0.0
0.1
3.3
3
330
BOU-DD23-236
6300N
Para
357.3
358.3
0.34
12
1.0
0.0
0.1
0.3
15
66
BOU-DD23-236
6300N
Para
394.1
395.1
0.45
8
1.0
0.0
0.1
0.1
3
60
BOU-DD23-236
6300N
Para
437.8
438.8
0.03
51
1.0
0.4
0.2
0.0
5
109
BOU-DD23-236
6300N
Para
479.2
480.2
0.42
12
1.0
0.1
0.1
0.1
24
78
BOU-DD23-236
6300N
Para
553.5
554.5
0.23
43
1.0
0.0
0.1
0.1
4
73
BOU-DD23-237
7825N
Main
373.1
374.8
2.92
25
1.7
0.0
0.4
0.6
2
349
BOU-DD23-237
7825N
Para
377.8
379.8
0.68
16
2.0
0.0
0.3
1.1
3
149
BOU-DD23-237
7825N
Para
469.0
469.5
4.54
31
0.5
0.1
0.2
1.4
7
556
BOU-DD23-237
7825N
Para
475.5
476.5
0.33
16
1.0
0.0
0.2
0.7
8
93
BOU-DD23-238
7825N
Para
65.0
66.7
0.54
4
1.7
0.0
0.1
0.8
6
99
BOU-DD23-238
7825N
Para
72.1
73.0
1.04
1
0.9
0.0
0.0
0.1
2
107
BOU-DD23-238
7825N
Para
216.0
217.8
1.59
47
1.8
0.1
3.7
3.5
10
517
BOU-DD23-238
7825N
Para
301.0
302.0
0.58
1
1.0
0.0
0.1
0.5
2
88
BOU-DD23-238
7825N
Para
307.0
309.0
1.34
18
2.0
0.1
1.3
2.7
3
335
BOU-DD23-238
7825N
Main
312.3
315.7
1.32
11
3.4
0.0
0.1
0.2
2
151
BOU-DD23-238
7825N
Para
403.4
403.9
1.08
12
0.5
0.0
0.4
0.2
3
137
BOU-DD23-238
7825N
Para
428.7
429.7
0.07
39
1.0
0.0
0.1
0.2
5
60
BOU-DD23-239
6575N
Para
135.8
136.8
0.41
8
1.0
0.0
0.0
0.0
3
49
BOU-DD23-239
6575N
Para
137.8
138.9
0.10
36
1.1
0.1
0.1
0.0
2
55
BOU-DD23-239
6575N
Para
450.7
451.7
0.48
4
1.0
0.0
0.0
0.0
5
52
BOU-DD23-239
6575N
Para
453.7
454.7
0.78
4
1.0
0.0
0.1
0.0
1
82
BOU-DD23-240
6525N
Para
335.6
336.6
0.62
20
1.0
0.0
0.3
1.2
3
154
BOU-DD23-240
6525N
Para
337.6
338.6
0.81
16
1.0
0.0
0.2
0.2
8
111
BOU-DD23-240
6525N
Main
432.2
433.0
0.03
45
0.8
0.1
0.6
0.0
3
75
BOU-DD23-241
6300N
Para
497.0
498.0
0.15
36
1.0
0.0
0.1
0.0
4
55
BOU-DD23-241
6300N
Para
507.5
509.0
0.61
26
1.5
0.0
0.1
0.0
26
94
BOU-DD23-241
6300N
Main
528.3
532.1
0.93
12
3.8
0.1
0.1
0.0
3
113
BOU-DD23-241
6300N
Para
554.8
555.4
0.39
24
0.6
0.0
0.2
0.1
5
72
BOU-DD23-241
6300N
Para
565.1
566.1
3.82
36
1.0
0.3
0.0
0.2
23
449
BOU-DD23-241
6300N
Para
570.0
571.0
0.31
16
1.0
0.0
0.1
0.1
6
53
BOU-DD23-241
6300N
Para
572.0
575.0
0.73
7
3.0
0.0
0.3
0.4
6
107
BOU-DD23-241
6300N
Para
590.2
592.0
1.07
8
1.8
0.0
0.1
0.8
7
158
BOU-DD23-241
6300N
Para
747.6
748.4
0.64
28
0.8
0.1
0.5
0.9
4
160
BOU-DD23-241
6300N
Para
753.9
754.5
0.50
8
0.6
0.0
0.1
0.1
3
65
BOU-DD23-242
7825N
Para
96.4
97.2
0.51
1
0.8
0.0
0.1
0.7
3
93
BOU-DD23-242
7825N
Para
173.9
174.7
0.37
12
0.8
0.0
0.3
0.3
3
72
BOU-DD23-242
7825N
Para
178.2
179.2
0.41
8
1.0
0.0
0.2
0.2
6
62
BOU-DD23-242
7825N
Para
197.2
198.2
0.81
4
1.0
0.0
0.1
0.2
1
97
BOU-DD23-242
7825N
Main
277.2
278.7
1.04
15
1.5
0.0
0.1
0.2
3
129
BOU-DD23-242
7825N
Para
281.5
282.0
1.86
20
0.5
0.0
0.1
0.2
2
207
BOU-DD23-242
7825N
Para
371.7
372.7
0.53
4
1.0
0.0
0.2
0.9
4
107
BOU-DD23-242
7825N
Para
375.6
376.6
1.52
36
1.0
0.1
0.4
5.8
9
515
BOU-DD23-243
7650N
Para
85.8
86.8
0.03
126
1.0
0.0
0.1
0.4
8
154
BOU-DD23-243
7650N
Para
107.0
108.0
0.06
43
1.0
0.1
3.8
0.0
3
179
BOU-DD23-243
7650N
Para
234.9
235.4
0.44
20
0.5
0.1
1.1
2.8
8
260
BOU-DD23-243
7650N
Para
236.3
236.8
0.48
59
0.5
0.1
3.7
1.1
2
291
BOU-DD23-243
7650N
Main
493.0
494.0
0.47
8
1.0
0.0
0.1
0.5
12
83
BOU-DD23-243
7650N
Para
624.8
625.5
3.07
4
0.7
0.0
0.4
0.6
5
337
BOU-DD23-244
6450N
Para
47.4
48.1
0.28
20
0.7
0.0
0.2
0.6
13
86
BOU-DD23-244
6450N
Para
52.7
53.5
0.64
39
0.8
0.0
0.1
0.1
12
112
BOU-DD23-244
6450N
Para
64.0
70.4
1.06
49
6.4
0.0
0.7
2.0
131
287
BOU-DD23-244
6450N
Para
72.6
73.5
0.39
16
0.9
0.0
0.7
2.2
22
194
BOU-DD23-244
6450N
Para
74.4
76.2
0.47
34
1.8
0.0
0.3
2.3
98
221
BOU-DD23-244
6450N
Para
79.2
80.2
0.58
4
1.0
0.0
0.4
1.3
4
144
BOU-DD23-244
6450N
Para
81.2
83.2
0.40
8
2.0
0.0
0.2
0.6
6
88
BOU-DD23-244
6450N
Para
87.9
88.7
1.40
126
0.8
0.0
2.0
9.1
68
821
BOU-DD23-244
6450N
Para
102.1
103.6
0.50
45
1.5
0.0
0.6
3.0
74
280
BOU-DD23-244
6450N
Para
105.5
106.4
0.38
52
0.9
0.0
0.5
2.5
31
240
BOU-DD23-244
6450N
Para
112.8
120.6
0.71
62
7.8
0.0
0.2
1.3
196
216
BOU-DD23-244
6450N
Para
125.6
126.1
1.87
16
0.5
0.0
0.1
0.3
37
214
BOU-DD23-244
6450N
Para
131.9
132.8
0.33
24
0.9
0.0
0.3
1.1
64
129
BOU-DD23-244
6450N
Para
134.6
145.4
0.41
41
10.8
0.0
0.8
1.2
361
190
Including
138.0
0.70
90
1.7
0.0
1.9
3.5
866
456
BOU-DD23-244
6450N
Main
148.5
155.1
0.52
56
6.6
0.0
0.9
2.6
298
295
Including
150.5
152.1
1.19
187
1.6
0.0
2.5
9.0
946
925
BOU-DD23-244
6450N
Para
172.0
172.5
0.58
29
0.5
0.0
0.6
1.7
7
198
BOU-DD23-244
6450N
Para
173.4
174.2
0.27
28
0.8
0.0
0.3
0.2
8
78
BOU-DD23-245
6450N
Para
106.0
111.0
0.05
17
5.0
1.5
0.4
1.5
70
312
BOU-DD23-245
6450N
Para
146.4
149.4
0.34
32
3.0
0.0
0.2
1.5
29
153
BOU-DD23-245
6450N
Para
157.4
159.6
0.50
86
2.2
0.0
1.5
3.4
161
377
BOU-DD23-245
6450N
Para
179.4
180.4
0.35
24
1.0
0.0
0.6
0.4
6
98
BOU-DD23-245
6450N
Para
184.4
185.4
0.46
44
1.0
0.0
0.1
0.2
9
105
BOU-DD23-245
6450N
Main
198.4
206.5
0.73
122
8.1
0.0
2.3
4.7
68
524
Including
198.4
200.2
1.83
299
1.8
0.1
4.8
13.1
269
1,355
BOU-DD23-245
6450N
Para
213.5
214.5
0.64
20
1.0
0.0
0.2
0.6
7
117
BOU-DD23-245
6450N
Para
217.5
226.5
0.86
6
9.0
0.0
0.3
0.3
2
112
BOU-DD23-246
7650N
Para
46.6
48.9
0.56
38
2.3
0.1
0.3
0.7
8
145
BOU-DD23-246
7650N
Para
50.9
54.0
0.26
31
3.1
0.1
0.1
0.2
7
75
BOU-DD23-246
7650N
Para
138.4
139.9
0.66
12
1.5
0.0
0.7
1.0
3
156
BOU-DD23-246
7650N
Main
383.2
384.2
0.08
196
1.0
0.0
1.6
0.2
2
265
BOU-DD23-246
7650N
Para
554.9
556.3
1.21
16
1.4
0.1
0.2
0.1
4
153
BOU-DD23-246
7650N
Para
617.8
618.8
0.99
24
1.0
0.0
0.3
0.7
3
167
BOU-DD23-247
6450N
Para
38.7
42.3
0.03
13
3.6
0.8
1.4
1.1
38
230
BOU-DD23-247
6450N
Para
104.2
105.2
1.13
4
1.0
0.1
0.0
0.0
16
119
BOU-DD23-247
6450N
Main
254.0
257.5
0.75
48
3.5
0.0
0.2
0.6
44
159
BOU-DD23-247
6450N
Para
261.9
262.6
0.33
45
0.7
0.0
0.5
2.7
5
242
BOU-DD23-248
6450N
Para
261.0
262.0
0.03
55
1.0
0.1
0.0
0.0
1
71
BOU-DD23-248
6450N
Para
322.0
323.0
0.37
24
1.0
0.0
0.1
0.1
2
67
BOU-DD23-248
6450N
Main
329.5
335.4
5.94
59
5.9
0.1
1.0
8.8
23
1,136
BOU-DD23-249
5800N
Para
346.9
347.7
1.68
28
0.8
0.0
0.0
0.3
23
202
BOU-DD23-249
5800N
Para
357.4
358.0
0.46
1
0.6
0.0
0.0
0.0
2
47
BOU-DD23-249
5800N
Para
400.0
400.9
0.64
31
0.9
0.1
0.1
0.2
8
115
BOU-DD23-249
5800N
Para
477.7
479.5
0.91
29
1.8
0.0
0.1
0.0
10
124
BOU-DD23-249
5800N
Para
480.5
481.5
0.46
8
1.0
0.0
0.0
0.0
8
57
BOU-DD23-249
5800N
Para
517.8
524.3
0.62
19
6.5
0.0
0.1
0.2
10
98
BOU-DD23-249
5800N
Para
532.4
532.9
0.73
32
0.5
0.1
0.1
0.0
26
118
BOU-DD23-249
5800N
Para
557.3
558.3
0.47
8
1.0
0.0
0.1
0.1
14
59
BOU-DD23-249
5800N
Para
559.3
561.6
1.16
12
2.3
0.0
0.1
0.0
13
132
BOU-DD23-249
5800N
Para
590.1
590.9
0.42
12
0.8
0.1
0.2
0.1
18
83
BOU-DD23-249
5800N
Para
593.7
594.2
0.52
32
0.5
0.1
0.3
0.2
9
115
BOU-DD23-249
5800N
Main
598.7
601.8
4.19
48
3.1
0.1
0.1
2.5
12
587
BOU-DD23-249
5800N
Para
603.7
605.7
0.31
18
2.0
0.0
0.1
0.0
9
52
BOU-DD23-249
5800N
Para
606.7
607.7
0.35
12
1.0
0.1
0.0
0.0
3
53
BOU-DD23-249
5800N
Para
609.7
610.7
0.69
4
1.0
0.0
0.1
0.0
2
74
BOU-DD23-249
5800N
Para
647.3
651.5
0.98
10
4.2
0.0
0.1
0.2
2
118
BOU-DD23-249
5800N
Para
658.1
658.7
0.52
8
0.6
0.0
0.0
0.0
3
60
BOU-DD23-249
5800N
Para
693.1
695.5
2.18
57
2.4
0.0
0.7
7.3
10
680
BOU-DD23-249
5800N
Para
714.3
718.5
0.55
15
4.2
0.1
0.2
0.5
3
107
BOU-DD23-249
5800N
Para
725.5
727.5
0.44
12
2.0
0.1
0.4
0.1
2
81
BOU-DD23-249
5800N
Para
747.6
748.2
1.15
60
0.6
0.1
0.2
0.1
9
196
BOU-DD23-249
5800N
Para
747.6
748.8
0.85
38
1.2
0.1
0.2
0.2
33
148
BOU-DD23-250
5800N
Para
221.0
222.0
0.62
1
1.0
0.0
0.0
0.0
2
61
BOU-DD23-250
5800N
Para
226.0
228.0
0.81
4
2.0
0.0
0.1
0.0
5
85
BOU-DD23-250
5800N
Para
229.0
230.0
0.58
1
1.0
0.0
0.0
0.0
3
58
BOU-DD23-250
5800N
Para
236.7
239.7
3.34
1
3.0
0.0
0.0
0.0
5
316
BOU-DD23-250
5800N
Para
326.8
327.8
0.71
40
1.0
0.0
0.1
0.0
82
116
BOU-DD23-250
5800N
Para
373.7
374.7
0.45
8
1.0
0.0
0.0
0.0
5
54
BOU-DD23-250
5800N
Main
377.7
384.0
1.44
49
6.3
0.1
0.1
0.5
12
225
BOU-DD23-250
5800N
Para
411.0
411.9
0.31
24
0.9
0.0
0.0
0.1
18
62
BOU-DD23-250
5800N
Para
420.1
421.1
0.22
36
1.0
0.0
0.4
2.2
20
192
BOU-DD23-250
5800N
Para
448.8
455.5
1.02
25
6.7
0.1
0.1
0.4
12
155
BOU-DD23-250
5800N
Para
508.9
509.5
0.67
32
0.6
0.2
0.1
0.0
5
121
BOU-DD23-251
6450N
Para
262.0
263.0
0.03
44
1.0
0.0
0.0
0.0
1
49
BOU-DD23-251
6450N
Para
278.6
279.4
0.03
51
0.8
0.0
0.0
0.0
12
59
BOU-DD23-251
6450N
Main
345.9
355.3
2.66
32
9.4
0.0
0.2
4.4
14
531
Including
346.4
348.8
7.99
91
2.4
0.1
0.3
15.8
19
1,719
BOU-DD23-251
6450N
Para
431.4
432.1
6.65
139
0.7
0.4
0.1
0.0
1
818
BOU-DD23-251
6450N
Para
439.1
439.8
0.50
24
0.7
0.1
0.1
0.0
1
82
BOU-DD23-252
5800N
Main
204.5
207.4
0.63
58
2.9
0.0
0.7
1.1
230
210
BOU-DD23-252
5800N
Para
258.0
261.0
0.04
164
3.0
0.0
0.1
0.1
2
179
BOU-DD23-253
7650N
Para
203.0
204.0
1.01
106
1.0
0.7
0.4
0.1
4
312
BOU-DD23-253
7650N
Main
281.0
283.5
0.52
24
2.5
0.0
0.3
0.5
1
110
BOU-DD23-254
7650N
Para
162.1
162.7
0.62
24
0.6
0.0
0.3
1.2
6
158
BOU-DD23-254
7650N
Para
220.9
221.5
0.53
16
0.6
0.1
2.6
2.6
5
306
BOU-DD23-254
7650N
Main
241.4
243.4
5.63
61
2.0
0.3
0.2
1.4
6
703
BOU-DD23-254
7650N
Para
269.3
270.1
0.51
12
0.8
0.1
0.3
0.5
3
101
* True width remains undetermined at this stage; all values are uncut.
** Ag equivalent is based on a 100% recovery with the following ratio; 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 Ag; 1% Pb: 31.8 Ag;
1% Zn: 54.1 Ag.
Appendix 2 – New Drillhole Coordinates of 2023 Boumadine Exploration Program (completed holes)
Edmonton, Alberta–(Newsfile Corp. – January 17, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce the first assay results for rock and soil samples collected from the newly acquired and staked mineral claims in the Beaverdell area of the Greenwood District. These are the first results from an initial exploration program conducted in the South Beaverdell target area within the Greenwood Precious and Battery Metals Project. In addition, results will also be forthcoming from additional prospecting and sampling in the Greenwood area and from recent work conducted at the Robocop Property following up on copper-cobalt anomalous soils identified in work over the last two years.
Highlights:
A total of 49 rock grab samples were collected from mostly outcrop and some mineralized dump material across the South Beaverdell claims acquired in early 2023 (Figures 1 & 2).
Additional staking has been conducted to expand and firm up the land position in the area.
Rock grab samples from showings and mineralized dumps in the Gold Drop portion of the claim area returned 4 samples with >42.8 grams per tonne (g/t) silver (Ag) (1.25 ounces per ton [opt] up to 97 g/t (2.83 opt) Ag.
The high Ag values are often accompanied by high lead and zinc in the 0.1 – 2% range. The high values are associated with gossanous sulphide material in quartz veins and breccia in a shear zone in granodiorite in contact with a diorite or felsic porphyry dike (Figures 3 & 4).
A few 2023 samples from the Gold Drop claim returned weakly anomalous gold values. A single sample from a road cut to the south yielded 0.624 g/t (0.018 opt) Au (Figures 1 and 2). Historical exploration has yielded a number of high silver and gold values from selective grab samples and some chip samples from the Gold Drop underground workings including up to 51.4 g/t (1.5 opt) Au and 377.1 g/t (11.0 opt) Ag (Minfile 082ESW041).
A total of 329 soil samples were collected during 2023 at and surrounding the Gold Drop showing. A number of soil samples returned anomalous Ag, Au and Zn results (Figures 1, 2 and 5). A total of 25 samples yielded from 20 up to 348 parts per billion (ppb) Au with three samples yielding >200 ppb Au (Figure 5).
Brian Testo, President and CEO of Grizzly Discoveries, stated “We are excited with the new results to date from the new Beaverdell mineral claims and we are planning follow-up exploration including extensive soil and rock sampling programs along with ground geophysical surveys. Much of the newly acquired ground has seen little exploration and evaluation since the 1980’s. We also are looking forward to pursuing a number of high grade gold – silver – copper showings and historical mines with drilling in 2024 along with additional exploration for significant battery metal prospects in our current 165,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“
Figure 1: Initial 2023 Ag results rock & soil sampling – South Beaverdell Area, Greenwood Project.
An extensive rock and soil sampling program along with new geological mapping during 2023 has been completed in preparation for drilling at a number of locations in the Greenwood Area. Additional results should be forthcoming over the next month and will be presented in additional news releases.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
VANCOUVER, BC / ACCESSWIRE / January 17, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce significantly increased recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project (“Carmacks Project” or the “Project“) was achieved through metallurgical studies conducted by Kemetco Research Inc. from (“Kemetco“).
The Company’s 2023 Preliminary Economic Assessment (“2023 PEA”) for the Project identified the opportunity to significantly increase net present value (“NPV”) by improving oxide recovery. Metallurgical testing completed on the project in support of the 2023 PEA showed that while a copper recovery of over 93% could be achieved via a well-established froth flotation technique for sulphide ore, only 39.8% copper recovery from oxide ore was achieved using the same process (see Table 1 for summary of flotation results). The current test results show a total recovery of 88% for oxide material is possible, an increase of 48% over the PEA base case (Tables 1 and 2). These results will have a significant impact on the economics for the project as the PEA identified an additional $180 M of NPV5% value by increasing life of mine average recovery for copper from 64% to 77%. With sulfide recoveries of 93.7% identified in the PEA and combined oxide recoveries (initial flotation + leaching and precipitate) of 88% the potential recoveries for copper are well above the 77% target level highlighted in the 2023 PEA.
The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life. During this time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. An increase in recovery of oxide material for the first five years of mine life, as demonstrated in these test results, would have a potentially very significant impact on project economics.
Kemetco Research Inc. was retained to complete testing on tailings produced in previous metallurgical work to develop a process for treating material that will have passed through the mill and still have significant oxide copper minerals present (See Figure 1 for simplified flow sheet). This laboratory test program showcased the efficacy of copper recovery from Carmacks copper oxide flotation tailings through a low-concentration acid leach at ambient temperature and pressure followed by chemical precipitation of copper minerals. The precipitation of copper sulphide (“CuS”) from the resulting leachate was shown to be an effective method of fully recovering the leached copper from solution, yielding a very high-grade CuS precipitate that would be added to the copper concentrate further increasing the copper grade of the high-quality concentrates from the project. For reference the PEA estimated an average concentrate grade of 40% copper with significant gold and silver credits.
Figure 1: Simplified Flow Sheet
Results of this testing are outlined below:
Acid leaching was able to extract as much as 80% of the remnant copper present in a composite prepared from Carmacks copper oxide flotation tailings.
Copper in precipitates varied, but in most tests approached the theoretical grade of pure CuS which grades 66.5% Cu. High grades were obtained without pH adjustment.
This testing shows a total copper recovery from oxide material of 88% with Initial Flotation recovery of 39.8% + Leach and Precipitate recovery of 48% (80% of the remnant copper).
Adding Sodium hydrosulphide (“NaHS”) solution resulted in up to 100% precipitation of copper from leach solutions, offering a promising avenue for further refinement. Hydrogen sulphide gas was equally effective as a sulphide source for copper precipitation.
In all tests, the precipitation of CuS resulted in a drop in pH as free acid was regenerated as a by-product of the precipitation reaction, creating the potential to reuse/recycle the regenerated acid.
Table 1 Summary of flotation testing results and average values used in PEA.
Recovery %
Sample
Cu
Au
Ag
Sulphide Sample Flotation1
93.7
69.0
78.4
Oxide Sample Flotation2
39.8
57.5
37.4
Total Oxide Recovery (Initial Flotation + Leach and Precipitate)
88.0
N/A
N/A
PEA LOM Base Case3
64.0
58
60
PEA Target Case4
> 77
58
60
Sulphide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023.
Oxide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023.
Calculated LOM average recovery based on a regression curve dependant on oxide content.
Projected PEA target based on achieving a 20% increase in oxide recovery LOM.
Table 2 2023 – PEA Copper Recovery Sensitivity Table
Copper Recovery Sensitivity
PEA BASE
Target1
Pre-Tax NPV (5-10% Discount)
Overall recovery
51%
58%
64%
70%
77%
Sensitivity Range
80%
90%
100%
110%
120%
5%
$136.6M
$231.3M
$324.1M
$416.6M
$509.6M
6%
$122.2M
$209.4M
$269.6M
$383.8M
$471.0M
7%
$107.3M
$189.4M
$271.5M
$353.6M
$453.6M
8%
$93.8M
$171.1M
$248.4M
$325.8M
$403.1M
9%
$81.4M
$154.3M
$227.3M
$300.2M
$373.2M
10%
$70.1M
$139.0M
$207.8M
$276.7M
$345.6M
Based on a recovery of 93.7% for sulphide and 88% for oxide this would exceed the PEA LOM 77% target
About the Carmacks Deposit:
The road accessible Carmacks deposits hosts a NI 43-101 resource consisting of 36.2 Mt M&I, grading 1.07% CuEq 0.81% Cu, 0.31 g/t Au, 3.41 g/t Ag (see news release January 19, 2023). The deposit was the subject of a positive PEA released in January 2023 that envision a 9-year mine life based on a mill capable of processing 7,000 t/d of combined oxide and sulfide ore. The resources are contained within three conceptual open pits and are open for expansion.
Contained Copper in Measured and Indicated Resources
147 Pit 280 Mlbs copper in oxide 126 Mlbs copper in sulfide
2000 Pit 10.5 Mlbs copper in oxide 51.3 Mlbs copper in sulfide
1213 Pit 35.4 Mlbs copper in oxide 122.3 Mlbs copper in sulfide
Tim Johnson, President & CEO stated, “The 2023 PEA, a major milestone for the Company, identified several opportunities for the Project including increased recovery, resource expansion and additional mine and process optimisation. The unlocking of additional value through the improved oxide recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn’t make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto Copper belt where oxidized or partially oxidized (POX) copper ores have not been processed by other operators.”
Corporate Update
Granite Creek announces the appointment of Susan Henderson as Corporate Secretary. In this role, Ms. Henderson will play a crucial role in overseeing and managing corporate governance matters, ensuring compliance with regulatory requirements, and serving as a key liaison between the company and its stakeholders. She brings her extensive experience in the mining industry, making her well-suited to contribute to Granite Creek’s continued success. The board and executive team are confident in her ability to navigate the complex landscape of corporate governance and provide valuable insights.
Qualified Persons
Mr. Douglas Warkentin, P.Eng., a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure related to metallurgical testing contained in this news release. Mr. Warkentin is a Senior Metallurgist with Kemetco Research and an advisor to the Company.
The NI 43-101 technical report entitled CARMACKS PROJECT PRELIMINARY ECONOMIC ASSESMENT (PEA) YUKON, CANADA, referenced in this news release is available on the company’s website as well as on SEDAR under the company’s profile.
2023 PEA: The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, Jan. 17, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce additional assay results from the 2023 Phase II drill campaign confirming continuation of the high-grade Cumavici Ridge polymetallic mineralization within its flagship Viogor-Zanik project in Bosnia and Herzegovina. The Company further announces closing of the final tranche of its non-brokered private placement financing (the “Offering”) of shares (the ”Shares”) for total gross proceeds of $212,200.
Highlights
Drillhole CMV23002b intersected 499 g/t AgEq over 3.8 m from 22 m downhole with a further mineralized interval of 227 g/t AgEq over 2.0 m from 31 m (Table 1);
Drillhole collar for CMV23002b is located 39 m northeast of previously reported CMV23003 and 004 and 38 m SE of 2022 drillhole CMVDD001 which returned:
CMVDD001 – 824 g/t AgEq over 4 m (see company news release dated 8th September, 2022);
CMV23003 – 457 g/t AgEq over 4.15 m;
CMV23004 – 1168 g/t AgEq over 1.35 m;
The mineralization remains open immediately northwest and down-dip to the southwest;
Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “We are delighted to continue reporting impressive silver grades from the central Cumavici Ridge system. This polymetallic, near-surface target keeps on delivering and is open along strike and down-dip. Cumavici Ridge is only one of five target zones along the 7.2 km NW-SE trending fault-hosted system that remains to be drilled, thus offering upside to advance a deposit immediately adjacent to the existing Sase Pb-Zn-Ag mine with infrastructure including mining and processing facilities. We are excited to continue advancing Viogor-Zanik’s full potential as a unique critical raw minerals land package right at Europe’s doorsteps. Additional assay results will continue to be released very shortly.”
Hole ID
From (m)
To (m)
Length (m)
Ag (g/t)
Au (g/t)
Pb (%)
Sb (%)
Zn (%)
AgEq (g/t)
CMV23002b
22.00
25.80
3.80
125
0.70
2.72
0.48
5.53
499
CMV23002b
31.00
33.00
2.00
166
0.57
0.11
0.12
0.21
227
Table 1.Assay results from drillhole CMV23002b of the Phase II drilling campaign. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are 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). 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 (%)
CMV23002b
360224.6
4888498.1
594.58
-50
050
56.2
99
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 system remains untested and open to the southwest down-dip which will also be targeted in 2024 drilling.
Figure 2. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at Cumavici Ridge. Assay interval reported for CMV23002b (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.
Final Tranche of Private Placement Financing Closed The Company issued an additional aggregate of 1,200,000 Shares at a price of $0.04 per Share for gross proceeds of $48,000 pursuant to the Offering announced on December 1st, 2023.
In total, the Company has issued 5,305,000 Shares at a price of $0.04 for gross proceeds of $212,200. Terra will use the net proceeds of the Offering for working capital and to finance the acquisition of a strategic mineral exploration licence in Bosnia and Herzegovina. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the final tranche of the Private Placement will be subject to a four (4) month hold period ending May 17th, 2024. There were no finders’ fees paid in any of the tranches of the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.
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.
Must watch interview with a serial wealth builder sharing his valuable insights into the gold exploration stocks and how you may profit. Learn how to appraise gold exploration and mining companies. Joining us for a conversation is Brett Richards of Goldshore Resources, which is on a journey to become Canada’s next Tier 1 Gold Asset. In this interview will cover a number of fundamental aspects about speculation in the gold exploration companies, 5 key criteria that all speculators should know before buy a resource stock. We will cover the cost basis for gold 43-101 Mineral Resource categories for inferred, indicated, measured resources, along with proven, and probable reserves.
After a comprehensive review of the aforementioned we discuss the unique investment proposition for Goldshore Resources, which hosts the 6,000,000 Oz. (Inferred) Moss Lake Gold Project, along with catalyst for 2024.
Timestamp: :17 Gold price and disconnect with gold mining and gold exploration stocks 4:30 Have we reached capitulation 5:25 5 Key Criteria for Natural Resource Speculators 9:28 Gold Grades and Cost Per Oz. for Inferred, Indicated, Measured, Proven and Probable 11:26 Investment Proposition for GoldShore Resources 13:12 Let’s go on-site 19:17 Updated MRE 21:13 Summary: 23:17 Next Unanswered Question 27:14 Capital Structure 28:55 Stock took a hit 30:40 Why you don’t sell because the stock price drops 31:47 What keeps you up at night 33:40 What did I forget to ask
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Vancouver, British Columbia–(Newsfile Corp. – January 16, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from its 2023 program at the Homestake Silver deposit in BC’s Golden Triangle. The 23 drillholes reported total 12,150m of drilling targeting priority zones within the deposit and have significantly expanded the width and extent of the reinterpreted high-grade silver and gold mineralized plunge.
Highlights from Homestake Silver (intervals shown are core length**):
HR23-419: Mineralized envelope: 315 g/t AgEq (2.57 g/t Au and 102 g/t Ag) over 79.20 meters, including internal breccia vein intervals grading 1,508 g/t AgEq (9.53 g/t Au and 718 g/t Ag) over 9.22 meters length, 7,572 g/t AgEq (36.66 g/t Au and 4,533 g/t Ag) over 1.05 meters.
HR23-416 Mineralized envelope: 357 g/t AgEq (1.74 g/t Au, 213 g/t Ag) over 93.95 meters length, including internal breccia vein intervals grading 2,802 g/t AgEq (11.80 g/t Au and 1,824 g/t Ag) over 9.16 meters length, 4,176 g/t AgEq (13.16 g/t Au and 3,085 g/t Ag) over 2.26 meters and 9,422 g/t AgEq (55.40 g/t Au and 4,830 g/t Ag) over 1.02 meters.
HR23-415: Mineralized envelope: 630 g/t AgEq (5.11 g/t Au and 206 g/t Ag) over 22.80 meters, including internal breccia vein intervals grading 1,754 g/t AgEq (14.38 g/t Au and 562 g/t Ag) over 6.80 meters length, 4,617 g/t AgEq (43.40 g/t Au and 1,020 g/t Ag) over 0.88 meters.
HR23-413: Mineralized envelope: 226 g/t AgEq (1.40 g/t Au and 110 g/t Ag) over 40.00 meters, including internal breccia vein intervals grading 668 g/t AgEq (3.05 g/t Au and 415 g/t Ag) over 3.96 meters, 1,998 g/t AgEq (6.49 g/t Au and 1,460 g/t Ag) over 0.63 meters.
HR23-407: Mineralized envelope: 246 g/t AgEq (2.32 g/t Au and 54 g/t Ag) over 55.90 meters length, including internal breccia vein intervals grading 932 g/t AgEq (8.94 g/t Au and 191 g/t Ag) over 10.72 meters length, 2,149 g/t AgEq (24.38 g/t Au and 129 g/t Ag) over 0.57 meters and 1,883 g/t AgEq (17.78 g/t Au and 410 g/t Ag) over 2.20 meters.
HR23-411: Expansion step out hole to the southeast; 445 g/t AgEq (0.91 g/t Au and 369 g/t Ag) over 10.55 meters including 2,068 g/t AgEq (1.73 g/t Au and 1,925 g/t Ag) over 0.55 meters.
*AuEq and AgEq are calculated using only the two precious metal components at $US1650/oz Au, $US20/oz Ag, Assays are not capped
**Estimated true widths vary depending on intersection angles and range from 65% to 85% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated
“The 2023 drilling at Homestake Silver has identified a substantial zone of exceptional precious metal grades, often typified by multiple phases of silver and gold mineralization, over wide, continuous intervals that are potentially amendable to bulk underground mining methods,” said Shawn Khunkhun, CEO of Dolly Varden Silver. “Results from additional step-out holes to the north of these intercepts are being finalized and are expected to be announced shortly.”
“Applying what was learned from the structural reinterpretation work at the Homestake Main gold zone to the existing wider spaced drilling at Homestake Silver Zone has led to the discovery of high-grade pathways within a continuous mineralized envelope with average precious metal grades above the average resource grades and over much wider intervals than expected,” states Rob Van Egmond, P.Geo, Vice President of Exploration.
Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits
Drill holes HR23-416 and HR23-419 have a down dip spacing of 105 meters on the same vertical cross-section. The holes were up and down dip, respectively, from historic drill hole HR09-161 which graded 352 AgEq (2.89 g/t Au and 112 g/t Ag) over 72.75 meters over the width of the mineralized envelope (see figure 2 section). Drillholes HR23-413 and HR23-415 are located on section 25m to the north-northwest and HR23-407 is 100m along strike from HR23-416/419.
Drillholes HR23-396 and 397 were drilled up dip of the wide, higher-grade plunge intersecting individual higher-grade vein breccias extending above the mineralized envelope.
Drilling targeted the high-grade plunge within the Homestake Silver deposit. These holes focused on defining and expanding the wide gold and silver (+/- lead and zinc) mineralized zone along the low angle, northerly plunge of the high-grade mineralization. The reinterpretation concluded that the wider mineralization zone at Homestake Silver is at a similar plunge orientation as that of the Homestake Main deposit, located 300m to the northwest. The average grades are higher, on a precious metal silver equivalent basis, than the average grade of the silver deposits at the Dolly Varden property to the south due to the increased gold content at the Homestake Ridge deposits.
Figure 2. Drill hole HR23-416 from the Homestake Silver deposit. A 12.60-meter section from the 93.95-meter mineralized envelope highlighting the 1.02-meter high-grade multi-pulse vein breccia pathway. Strong alteration and stockwork with local multi-pulse vein and vein breccias can be seen throughout the interval.
Drill hole HR23-411 is a 50m step out (down dip) from the southeastern end of Homestake Silver showing that the gold and silver mineralization remains open in that direction. Drill hole HR23-414 was drilled in the unmineralized footwall to Homestake Silver.
Finalized results remain to be released for 47 of the 115 drill hole, 51,454.90 meter, 2023 Kitsault Valley Project exploration drill program. These include 25 drill holes at Homestake Main (11,054.90m), 4 drill holes (2,478.00m) from Homestake Silver northern extension and 6 drill holes (1,627m) from Homestake Ridge property exploration drill holes. Plus 12 drill holes (7,400m) from the southern Dolly Varden property.
Figure 3. Homestake Silver Long section looking southwest with 2023 drill hole highlights. 100m wide window.
The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic aged Hazelton volcanic rocks. Mineralization consists of pyrite, +/-galena and sphalerite in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader Mineralized envelope at the Homestake Silver deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to vertical or steeply southwest at Homestake Silver (see Figure 5).
Figure 4. Homestake Silver Plan View with Current Mineral Resource block model, primarily of Inferred resource classification with 2023 drill collar locations highlighted.
Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Area
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
AuEq* (g/t)
AgEq* (g/t)
HR23-419
306.40
385.60
79.20
2.57
102
3.80
315
including
313.43
322.65
9.22
9.53
718
18.19
1508
including
320.00
321.00
1.00
33.05
184
35.26
2923
including
321.60
322.65
1.05
36.66
4533
91.34
7572
including
325.74
326.84
1.10
20.90
121
22.36
1853
including
328.95
329.55
0.60
29.30
302
32.94
2731
including
367.39
368.55
1.16
21.60
36
22.03
1826
HR23-418
NSV
NSV
HR23-416
204.05
298.00
93.95
1.74
213
4.30
357
including
214.13
215.13
1.00
2.77
519
9.03
748
including
230.64
239.80
9.16
11.80
1824
33.80
2802
including
231.32
231.89
0.57
5.75
4290
57.50
4767
including
234.04
236.30
2.26
13.16
3085
50.38
4176
including
238.78
239.80
1.02
55.40
4830
113.67
9422
including
283.00
284.50
1.50
8.37
207
10.87
901
and
320.00
343.00
23.00
1.13
46
1.68
139
including
329.00
331.00
2.00
3.58
281
6.97
578
including
339.00
343.00
4.00
3.78
82
4.77
395
HR23-415
305.90
328.70
22.80
5.11
206
7.59
630
including
313.40
314.40
1.00
2.74
453
8.21
680
including
318.40
325.20
6.80
14.38
562
21.16
1754
including
319.42
320.30
0.88
43.40
1020
55.71
4617
and
336.75
393.50
56.75
1.22
32
1.61
133
including
338.75
346.60
7.85
3.13
149
4.93
409
including
382.80
384.15
1.35
4.10
114
5.48
454
HR23-414
NSV
NSV
HR23-413
230.00
244.00
14.00
3.96
15
4.15
344
including
237.00
238.00
1.00
47.30
40
47.79
3961
and
263.00
303.00
40.00
1.40
110
2.72
226
including
264.55
265.60
1.05
4.32
479
10.10
837
including
271.85
275.81
3.96
3.05
415
8.05
668
including
271.85
272.48
0.63
6.49
1460
24.10
1998
including
278.57
280.74
2.17
8.43
622
15.93
1321
including
279.79
280.74
0.95
13.60
966
25.25
2093
HR23-412
165.95
166.45
0.50
0.66
401
5.49
455
including
280.38
281.85
1.47
0.29
177
2.43
201
and
293.30
304.00
10.70
0.95
238
3.82
316
including
298.00
302.00
4.00
1.79
538
8.28
686
including
299.35
300.00
0.65
2.71
1245
17.73
1470
Table 1. con’t. Completed Drill Hole Assays from the Homestake Silver Deposit Area
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
AuEq* (g/t)
AgEq* (g/t)
HR23-411
464.65
475.20
10.55
0.91
369
5.37
445
including
469.95
474.20
4.25
1.41
801
11.07
918
including
470.45
471.00
0.55
1.73
1925
24.95
2068
including
473.20
474.20
1.00
1.59
1120
15.10
1252
HR23-410
Results Pending
HR23-409
457.69
466.20
8.51
1.80
21
2.05
170
including
457.69
458.22
0.53
2.19
162
4.14
344
HR23-408
100.00
102.10
2.10
NSV
478
5.77
479
and
168.50
169.36
0.86
0.88
123
2.36
196
and
211.10
212.40
1.30
NSV
622
7.51
622
including
279.85
280.33
0.48
3.21
27
3.53
293
HR23-407
317.90
338.00
20.10
1.96
3
2.00
165
including
328.76
330.00
1.24
23.80
13
23.96
1986
and
346.10
402.00
55.90
2.32
54
2.97
246
including
354.88
365.60
10.72
8.94
191
11.24
932
including
354.88
355.45
0.57
24.38
129
25.93
2149
including
356.90
357.40
0.50
18.80
481
24.60
2039
including
360.55
361.87
1.32
8.71
382
13.31
1103
including
363.40
365.60
2.20
17.78
410
22.72
1883
HR23-406
NSV
NSV
HR23-405
394.00
433.23
39.23
1.78
NSV
1.78
148
including
402.65
414.00
11.35
3.20
NSV
3.20
265
including
417.00
423.25
6.25
2.48
NSV
2.48
206
HR23-404
614.25
651.60
37.35
0.58
2
0.60
50
HR23-403
287.50
395.00
107.50
1.46
16
1.65
137
including
288.00
288.50
0.50
24.30
659
32.25
2673
including
342.00
346.00
4.00
12.37
143
14.09
1168
including
342.00
344.00
2.00
22.26
248
25.25
2093
including
371.00
372.00
1.00
11.55
7
11.64
965
HR23-402
613.78
652.00
38.22
1.81
2
1.84
152
including
613.78
617.66
3.88
7.05
5
7.11
589
including
614.85
615.85
1.00
12.80
4
12.85
1065
HR23-401
538.00
539.40
1.40
0.04
180
2.22
184
HR23-400
352.82
354.00
1.18
0.36
471
6.04
501
and
534.07
576.00
41.93
1.24
2
1.27
105
including
543.00
550.00
7.00
2.47
4
2.52
209
HR23-399
Results Pending
HR23-398
536.75
567.00
30.25
1.31
3
1.34
111
including
544.00
545.30
1.30
5.20
2
5.22
433
Table 1. con’t. Completed Drill Hole Assays from the Homestake Silver Deposit Area
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
AuEq* (g/t)
AgEq* (g/t)
and
576.79
577.95
1.16
4.15
7
4.23
351
HR23-397
210.50
253.69
43.19
0.45
62
1.21
100
including
228.65
229.59
0.94
2.16
326
6.09
505
HR23-396
187.38
227.25
39.87
0.53
61
1.26
104
including
213.57
214.07
0.50
2.76
668
10.82
897
and
250.00
250.50
0.50
0.20
744
9.17
760
HR23-395
341.65
342.15
0.50
2.19
1715
22.88
1897
and
382.30
403.92
21.62
2.57
2
2.60
215
including
386.00
387.12
1.12
12.00
10
12.13
1005
including
396.87
401.50
4.63
6.40
4
6.45
534
including
396.87
398.40
1.53
10.45
6
10.53
873
HR23-394
Results Pending
HR23-393
560.70
562.75
2.05
NSV
364
4.44
368
HR23-389
Results Pending
*AuEq and AgEq are calculated using two precious metal components at $US1650/oz Au, $US20/oz Ag. Assays are not capped. No Significant Values (NSV)
**Estimated true widths vary depending on intersection angles and range from 50% to 90% of core lengths
Table 2. Drill Hole Collar Data for 2023 Homestake Silver Deposit Drilling Reported
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elevation (m)
Azimuth
Dip
Length (m)
HR23-393
464252
6178460
703
235
-51
855.00
HR23-395
463581
6179029
834
225
-48
516.00
HR23-396
463642
6178780
857
235
-45
300.00
HR23-397
463642
6178780
857
230
-50
300.00
HR23-398
463581
6179029
834
225
-55
600.00
HR23-400
463607
6178909
841
223
-60
612.00
HR23-401
464118
6178529
720
230
-50
696.00
HR23-402
463714
6179021
798
220
-50
681.00
HR23-403
463607
6178909
841
230
-50
516.00
HR23-404
463714
6179021
798
23
-50
654.00
HR23-405
463607
6178909
841
235
-54
522.00
HR23-406
464017
6178679
738
223
-50
642.00
HR23-407
463677
6178837
828
223
-50
441.00
HR23-408
463737
6178684
819
223
-45
402.00
HR23-409
463677
6178837
828
223
-60
575.00
HR23-411
463947
6178487
748
235
-50
588.00
HR23-412
463737
6178684
819
223
-60
475.00
HR23-413
463690
6178787
827
223
-46
399.00
HR23-414
463631
6179194
814
225
-53
501.00
HR23-415
463690
6178787
827
223
-54
449.00
HR23-416
463693
6178746
833
223
-50
383.00
HR23-418
463352
6178808
997.35
275
-52
585.00
HR23-419
463693
6178746
833
223
-60
458.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen assays may be completed on very high grade samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
Dolly Varden Announces New Investor Relations Services Providers
The Company has entered into an agreement with Triomphe Holdings Ltd. (dba Capital Analytica) (“Capital Analytica”) for investor relations and communication services (the “Consulting Agreement”). The Consulting Agreement has an initial term of six months, commencing January 1 , 2024 under which the Company will pay to Capital Analytica an aggregate of $120,000 at a rate of $20,000 per month, and has an option to renew the Consulting Agreement for an additional 6 months at a rate of $10,000 per month, unless terminated earlier in accordance with the Consulting Agreement.
Pursuant to the terms of the Consulting Agreement, Capital Analytica will provide ongoing capital markets consultation, ongoing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.
Capital Analytica is a Nanaimo based company owned and operated by Jeff French who is arm’s length to the Company and holds no securities, directly or indirectly of the Company.
The Company is also pleased to announce the engagement of Zoppa Media Group to provide additional investor relations services beginning effective January 12, 2024. Dolly Varden has entered into a consulting agreement with Zoppa Media Group (the “Services Agreement”), pursuant to which Zoppa Media Group will provide certain investor relations services including investor outreach and management of the Company’s social media accounts in order to increase awareness regarding Dolly Varden. Pursuant to the Services Agreement, the Zoppa Media Group will provide such services on a month-to-month basis for a renewable one year term for a fee of $10,000 per month.
Zoppa Media Group is a Vancouver based company, owned by Diana Zoppa. Diana Zoppa has previously served Dolly Varden in an executive assistant role prior to gaining investor relations experience with a number of publicly trading companies. The Zoppa Media Group and Diana Zoppa hold 25,200 common shares of the Company.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – January 15, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”) is proud to outline its 2024 milestones and highlights from the past year. The Company continues to advance its 100% owned portfolio leveraging its proprietary databases, exploration expertise, and on-the-ground knowledge to identify, stake, or acquire high-quality prospects. Riverside has over C$6,000,000 in cash, zero debt, no warrant overhang, and a tight share structure with fewer than 75,000,000 shares outstanding. Positioned with a strong balance sheet, Riverside is well-prepared to capitalize on opportunities in 2024.
Riverside’s President and CEO, John-Mark Staude, stated: “We are in a good position for the New Year with a strong balance sheet, excellent projects and the key transactions that Riverside completed in 2023, setting us up now for an excellent 2024. To our knowledge, Riverside is one of the better positioned companies, compared to our peers, to benefit from a potential incoming general commodities sector upside.”
Our plan is to expand upon the growth of the past year with the following 2024 goals and potentially newsworthy events:
Transaction of mineral assets and value capture from its growing portfolio of exploration assets in Canada (Ontario & British Columbia) including gold (Pichette, Oaks & Elly) and rare earth element projects (Revel).
Sale or farmout transactions with gold and copper assets in Mexico including the Cecilia and Union Projects.
Work towards a new Strategic Alliance with a major base metal producer.
Maximize value from Riverside’s Royalty Portfolio through a targeted marketing/sales process.
2023 Recap:
The Company has experienced a busy year marked by the continued development of high-quality mineral exploration portfolio in Canada, expansion into British Columbia and several high-quality acquisitions. Additionally, in Mexico new consolidations have been pursued to capitalize on market opportunities, positioning Riverside for a robust upcoming year. Some of the key milestones include:
Canada
Ontario
Completed the acquisition of the Duc Project, strategically located in Ontario’s Porcupine Mining District. This significant land area is recognized for its gold mineralization and is near a former phosphate mine, which offers potential for rare earth elements.
Successfully completed detailed interpretations of advanced helicopter magnetic surveys at the Duc Project utilizing the state-of-the-art SHA Geophysics’ Heli-3G system. These surveys have been instrumental in identifying and developing promising near-surface drill targets. A successful acquisition of the P.A.T. Gold Mine, within the Pichette Project, demonstrating substantial gold potential and a key step in the consolidation and preparation for 2024. To that effect the company is currently progressing a new NI 43-101 for Q1 2024 on the project.
The Pichette Project, now a top priority for Riverside given the high-grade gold results. The project boasts excellent road access and is situated near Canada’s third largest open pit gold producing mine at Greenstone Gold Mine owned by Equinox Gold and Orion.
British Columbia
The generation/acquisition of the Elly Gold Project, in southern British Columbia, has expanded Riverside’s footprint in southwestern British Columbia. The Company has been continuing with its prospecting and integrating databases, laying the groundwork for partnering and potential drilling in 2024.
Acquisition of the Revel Carbonatite Rare Earth Element (REE) Project in British Columbia was a key strategic move to add REE and critical metals to the company portfolio of assets. The Revel area is a key district Riverside now has and will be progressing in 2024 with partners.
Mexico
The Company continued with its ongoing efforts in Mexico by reaching key milestones and preparing for the upcoming fall season through the acquisition of updated drill permits. This crucial development ensures that the properties will maintain their compliance and good standing for a period of up to three years.
On the Ariel Project, we are focusing on porphyry copper, crucial consolidation of land, encouraging copper results, and strides in securing drill permits and transferring titles to Riverside, positioning the Company for potential joint venture opportunities.
Continuing with its acquisition of the Union Mine in Sonora, Mexico, situated in the high-grade Union District, the site has shown promising results, with discoveries of up to 1 ounce of gold and over 30% zinc, highlighting the potential for further expansion in the area.
The Cecilia Project in Sonora, Mexico has a large dome complex which has already yielded significant gold intercepts from previous drilling efforts. Riverside is poised to progress with partners for a potential next phase of drilling in 2024.
Upcoming Events:
Riverside Resources Inc. has received and accepted invitations to present at the Vancouver Round Up conference in late January and will exhibit in early March, at the Prospectors & Developers Association of Canada (PDAC) in Toronto.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $6M in cash, no debt, and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We offer herein an investment rationale for gold mining equities that rests primarily on investment fundamentals particular to the mining sector. Speculation on the future course of the gold price takes a back seat. A tailwind from higher metal prices would, of course, be helpful but in our view would only add heft to an already powerful investment case.
1. Extreme Undervaluation
Gold mining stock valuations are the lowest in 25 years. The spread between the gold price and the discount implied to spot based on the market price of the equities is a massive $700+ per ounce. In other words, cash flow from a gold price 65% of the current spot price would return the entire market value of the group based on existing reserves. BMO calculates an average return on capital of 14.4% for mid-capitalization producers and 25.8% for small-cap producers in a semi-liquidation scenario (see Figure A2). We believe investment returns would be substantially greater in a full liquidation scenario, which would assume the elimination of all discretionary capital spending. In essence, the theoretical returns from taking many of the mid- and small-cap producers private would be compelling from the perspective of a corporate raider. The “corporate raider” perspective is of course only a notional concept to illustrate the extreme undervaluation of the sector. The risk typically associated with extreme undervaluation is the amount of time required for the investment thesis to prove out, not loss of capital.
Figure A1. Gold Price Discounted by the Market @ 0% Discount Rate
Source: BMO Capital Markets. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
Figure A2. Return on Capital for Gold Miners
2. Divergence from Gold Price
The average annual gold price has increased over 20% since 2011. The gold price is the single most important fundamental driver of earnings and returns on capital. However, gold stocks have declined over 40% (based on GDX1) since 2011. We have enumerated several reasons for this 60% performance divergence in an earlier commentary, Gold vs. Gold Stocks, An Unresolved Incongruity. In our view, those factors have been excessively discounted. In our opinion, there is near-term potential for a substantial mean reversion trade even assuming no further rise in the gold price.
Figure B. Gold Mining Equities vs. Average Gold Price2
Source: BMO Capital Markets. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
3. 2024 Profitability Set for Sharp Improvement
Profit margins will improve even in a flat gold price environment. Inflation has started to cool off thanks to the Federal Reserve’s (Fed’s) tight money campaign. More importantly, this capital-intensive industry has made significant advances in productivity that will drive margin expansion. BMO Research forecasts a decline in production costs (All In Sustaining Costs or AISC) of 14%, 11% and 25% for large-, mid- and small-cap producers, respectively. These projections are based on BMO’s “bottoms up” analysis of each company’s 2024 outlook. The improvement can be explained by general cost deflation, across-the-board productivity advances and, for smaller producers, the normal post-start-up improvement in recently completed mine construction.
Figure C. Gold Miners: All In Sustaining Costs Estimates
Source: BMO Capital Markets, Bloomberg, FactSet. Included for illustrative purposes only. Past performance is no guarantee of future results.
4. Chronic Underinvestment Sets Up Potential Demand/Supply Squeeze
According to Bloomberg, the reserve life of the top 10 miners has declined 33% in the last 10 years. As noted in #1 above, the gold mining industry is in a quasi-liquidation mode.
Figure D. Gold Reserves by the Top 10 Miners
Source: Bloomberg. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
5. Understatement of Book Value
According to anecdotal inputs from industry management, the replacement cost of existing capacity is substantially above (50% or more) stated book value. That observation suggests a consistent metal price range of $2,500 to $3,000 would be necessary to sustain the current annual mine production of 3,500 metric tonnes. The response of production to higher gold prices has been non-existent, with little rise since 2018.
Figure E. Annual Gold Mine Production Has Been Relatively Flat
Source: World Gold Council. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
6. Classic Contrarian Setup
Gold mining equities represent a classic contrarian setup, especially if gold prices continue their steady historic rate of increase. GDX (passive) and active managers have experienced minimal inflows in recent years. In fact, GDX has seen outflows of nearly 17% over the past five years. Peak assets under management for GDX were $18.4 billion in 2020, versus $13 billion at the end of 2023. The market cap of the entire gold mining sector is ~$300 billion, less than the market caps of individual companies like The Home Depot, Costco and Mastercard.
7. Fed Pivots Precede Outsized Performance
Every Fed pivot has been followed by outsized gains in gold mining equities. GDX gains:
Period 5/00-1/08: 400%
Period 1/16-8/16: 238%
Period 3/20-7/20: 208%
The current Fed pivot, telegraphed at the December Federal Open Market Committee (FOMC) meeting, appears related to pressure from U.S. Treasury Secretary Yellen (and the Biden administration) due to election-year politics. In a December 12, 2023, interview, just ahead of the December FOMC meeting, Treasury Secretary Yellen stated, “Of course, as inflation comes down, other things equal, real interest rates tend to rise, which causes a tightening of monetary policy in a sense. So that’s one factor that could weigh in a decision that the Fed makes about the path of interest rates.”
A subtle hint, to be sure, but there is no doubt that the administration views current Fed policy as too restrictive. Could the subsequent Fed pivot amount to a premature declaration of victory over inflation? We must wait and see, but wage settlements, a major component of manufacturing costs, have been rising at an accelerating rate, as shown in Figure F.
Figure F.
Source: Bloomberg Law labor. Data as of Q1 2023. Note: Starting with Q1 2016, averages are based on each contract’s ratification date. Prior to 2016, averages are based on the date each contract was added to Bloomberg Law’s database. Included for illustrative purposes only. Past performance is no guarantee of future results.
Productivity gains notwithstanding, it is not a stretch to suggest that another Fed policy mistake may be in the cards.
8. New Geopolitical Landscape Favors Gold
The emerging geopolitical landscape favors gold and outweighs the traditional inverse relationship of gold to restrictive central bank monetary policy. Central bank buying of gold bullion increased 14% through Q3 2023 versus 2022 and easily exceeded the record level established the previous year. Importantly, official purchases are not sensitive to market prices. Such purchases are integral to a strategy recently formulated by the BRICs (Brazil, Russia, India and China) trading block to recycle trade surpluses through channels other than U.S. Treasuries, which have lost luster as safe, neutral assets. Even though the realignment of geopolitical forces that has become obvious in recent months has been gestating for several years, the actions taken to reduce U.S. dollar exposure are, in our opinion, in their infancy. In December, JPMorgan Chase estimated that 20% of oil is now traded in currencies other than the U.S. dollar. (Luke Gromen, 1/5/2024 Ten Interesting Things We Have Read Recently.)
Figure G. Gold Buying by Central Banks Has Reached All-Time High
Source: State Street Global Advisors, Metals Focus, Refinitiv GFMA, World Gold Council. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
9. Western Investment Absent from Gold Ascent to Record High
Under 1% of all global AUM is allocated to gold versus 8% at the peak in 1980. Is it not somewhat astonishing that gold is managing to trade at record highs with virtually no participation from Western investors? These same investors helped drive gold to its previous record high in 2011 of $1,921 per ounce by piling into SPDR Gold Trust ETF (GLD)3 and other fledgling gold-backed ETFs whose AUMs grew from infancy in (2004) to over 2,500 tonnes at the peak in 2012. In our view, a gold rush proportional to 2008-2011 could easily double the gold price from current levels. What might drive allocation, as reflected in Figure H, to 2% or even 3%? The 8% of 1980 might be a stretch as there was no Bitcoin, little private equity, AI or other exotic options for portfolio “diversifiers” in those ancient days. However, it doesn’t take much to imagine that these overcrowded trades (the opposite of gold) could become discredited and/or played out, somewhat similar to the dot-com bust of 2000.
Figure H. Gold’s % Share of Global Equity and Bond Securities
Source: BIS, ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Bank, World Federation of Exchanges, World Gold Council. Included for illustrative purposes only. Past performance is no guarantee of future results.
10. Catalyst = Higher Gold Prices
Value trades can drag on endlessly without a spark. What is the catalyst to ignite performance in gold mining equities? The simple answer is the continuation of the rising trend of gold prices. The chart below instructs that gold has soundly outpaced the S&P 5004 over the past 25 years, excluding income, and more than kept pace with income included. The gold price is not in nosebleed territory. One must simply expect the 25-year trend to continue for gold stocks to combust spontaneously. The simple explanation for the trend is the long-term devaluation of the US dollar against physical assets.
Figure Ia. Gold vs. S&P 500 for 25 Years Ended 12/31/2023
Cumulative Returns
Gold Bullion 617%
S&P 500 Index 288%
S&P 500 Total Return Index (Dividends Reinvested) 518%
Source: Bloomberg. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
The optically flashy $2,035 per ounce gold price of yesterday’s closing, is well below the peaks set in 2011 and 1980 on an inflation-adjusted basis.
Figure Ib. Inflation Adjusted Gold Price, Adjusted to Today’s Dollar
Source: GuruFocus. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
Taking only the past decade into account, most would agree that the macroeconomic landscape for the U.S. dollar, the principal competitor for gold, is materially worse. Our view that the metal would be more properly priced in the range of $2,500-$3,000 does not seem farfetched.
Our expectation of further upside for gold and related mining stocks is corroborated by technical analysis:
Figures J.
Source: Worth Charting. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
11. M&A Activity Set to Accelerate
The present-day investment case for gold stocks echoes that for quality industrial stocks of the late 1970s. In essence: solid, cash flow generating companies that in many instances could be worth more in liquidation than as going concerns. Corporate raiders acquired investment stakes to pressure management to “surface” values for the benefit of long-suffering shareholders. We do not think this highly specialized sector will attract corporate raiders. However, we do think impatient shareholders could welcome predatory M&A (mergers and acquisitions). A perfect example is the recently announced takeover of Marathon Gold by Calibre Mining. The related information circular states that as many as 20 counterparties expressed potential interest in acquiring Marathon. We believe that many of the rejected suitors are likely to be actively considering other takeover targets. On this note, we saw yet another opportunistic acquisition of Osino Resources by Dundee Precious Metals near the end of 2023.
The Investment Case: Clear and Compelling
In our opinion, the investment case for gold mining equities is clear and compelling. It is based on considerations of value and circumstances. The unknown element is the requisite patience before investors discover the attraction. In our view, that uncertainty is easily outweighed by the asymmetric proposition of minimal downside offset by outsized upside potential.
1
VanEck Vectors Gold Miners ETF (GDX) tracks the overall performance of companies involved in the gold mining industry.
2
Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
3
The SPDR Gold Shares ETF (GLD) tracks the price of gold bullion in the over-the-counter (OTC) market.
4
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Important Disclosure
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and statements are unique and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in this content are those of the author and may vary widely from opinions of other Sprott affiliated Portfolio Managers or investment professionals.
This content may not be reproduced in any form, or referred to in any other publication, without acknowledgment that it was produced by Sprott Asset Management LP and a reference to sprott.com. The opinions, estimates and projections (“information”) contained within this content are solely those of Sprott Asset Management LP (“SAM LP”) or its affiliates and are subject to change without notice. SAM LP makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, SAM LP and affiliates assume no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. SAM LP and affiliates are not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by SAM LP or its affiliates. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell.
The information contained herein does not constitute an offer or solicitation to anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.
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