THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
VANCOUVER, British Columbia, Feb. 27, 2019 (GLOBE NEWSWIRE) — Riverside Resources Inc.(the “Company” or “Riverside”)(RRI.V) is pleased to announce that the Company has received exceptionally strong investor interest and intends to increase its previously announced non-brokered private placement (see press release February 13, 2019) by an additional $800,000. Riverside now plans to raise up to $2,300,000 in gross proceeds from the issuance of 14,375,000 units at a purchase price of $0.16, up from the original $1,500,000 target.
Each unit consists of one common share and one whole common share purchase warrant (“Unit”). Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.22 (“Warrant”). If, at any time after four months following the closing of the private placement, the closing price of the common shares on the TSX Venture Exchange (“TSX-V”) trades at a VWAP equal or greater than $0.45 for 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release announcing the new expiry date whereupon the Warrants will expire on the 30th trading day after the date on which such press release is disseminated.
The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project acquisitions and further target refinement on existing projects to advance towards new partnerships. The Company may pay finders fees in cash or Units to qualified finders of up to 8.0% of the aggregate gross proceeds realized from subscribers identified by the finder. The closing of the private placement is subject to TSX-V approval.
The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or an applicable exemption from registration requirements.
About Riverside Resources Inc.:
Riverside is an exploration company driven by value generation and discovery. The Company has 45M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own 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 additional properties available for option, with more 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.
Toronto, Ontario–(Newsfile Corp. – February 26, 2019) – Minera Alamos Inc. (TSXV: MAI) (OTC Pink: MAIFF) (the “Company” or “Minera Alamos“) is pleased to announce that it is undertaking a non-brokered private placement offering for aggregate proceeds of up to C$5 million (the “Offering“).
Pursuant to the Offering, the Company may issue an aggregate of up to 50,000,000 common shares (the “Shares“) at a price of CDN$0.10 per Share (the “Offering Price“). There are no warrants being issued as part of this offering. All shares issued under the Offering will be subject to a four month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The closing of the Offering is expected to occur on or about March 1, 2019 and remains subject to receipt of all necessary regulatory approvals including acceptance for filing by the TSX Venture Exchange. A finder’s fee may be paid by the Company in the form of a 6% cash fee and the issuance of finder’s warrants (the “Finder’s Warrants“) in an amount equal to 6% of the Shares placed with subscribers introduced by any finder under the Offering. The Finder’s Warrants will each be exercisable for one Share at the Offering Price for a period of two years following the closing of the Offering.
About Minera Alamos
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heapleach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.
The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.
Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and approved the scientific and technical disclosures in this news release.
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S.A. NEWSWIRES
VANCOUVER , Feb. 26, 2019 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has entered into an acquisition agreement with Frontline Gold Corporation (FGC.V) to acquire additional mineral claims in the Red Lake District, Ontario (the “Property“). These additional mineral claims are located contiguous and to the north of Pacton’s current landholdings and extend to within 3 km of Goldcorp’s newest #3 production shaft. The Property includes limited historical diamond drilling, including an intersection of 24 g/t Au over 1.0 m completed by SkyHarbour Resources in 2003. With this strategic acquisition, Pacton’s expanded land position overlaps with the prolific Balmer Assemblage, known to host significant high-grade mineralization at Pure Gold’s Madsen mine and GoldCorp’s Red Lake and Campbell mines, historically producing over 20M oz. of gold combined. The Property geology contains the contact between Confederation and Balmer Assemblage rock units as well as folded mafic and ultramafic volcanics with mafic and felsic intrusives also present.
Pacton’s Red Lake mineral claims are strategically located between Pure Gold’s Madsen property, including the Wedge Zone, and Great Bear Resource’s Dixie discovery. The property geology is made up of two key packages known to host significant gold mineralization in the district. The Confederation Assemblage and the Balmer Assemblage host the high-grade gold mineralization at Great Bear Resources’ Dixie Project and Pure Gold’s Madsen property, respectively. A high-resolution helicopter magnetics survey is underway to identify D2 structures and folding that are proposed to have significant control on gold mineralization in the district.
Pacton Gold is currently compiling historical data and formulating plans for exploration work in 2019 to advance the project.
Figure 1. Location map of mineral claims acquired by Pacton Gold (red outline). (CNW Group/Pacton Gold Inc.)
The Company can earn a 100% interest in the Property by:
completing a heli-mag survey on the Property; and
issuing an aggregate of 350,000 common shares and paying a total of $100,000 over a period of two years.
The Property is subject to net smelter return royalties of 2.25%. The Company has the option to purchase a portion of the royalties for $250,000 for each 0.25%.
The transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold is a Canadian exploration company with key strategic partners focused on the exploration and development of high grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario .
The technical content of this news release has been reviewed and approved by Peter Caldbick , P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
TORONTO , Feb. 26, 2019 /CNW/ – Anaconda Mining Inc. (“Anaconda” or the “Company”) – (ANX.TO) (ANXGF) is pleased to provide an update on the development activities at its 100%-owned Goldboro Gold Project (“Goldboro” or the “Project”) in Nova Scotia, Canada . Since publishing the Goldboro preliminary economic assessment (the “PEA”) dated March 2, 2018 and updated on October 25, 2018 , Anaconda has been executing a 10,000-tonne underground bulk sample (the “Bulk Sample”), advancing its evaluation of Goldboro to the feasibility study stage and permitting the Project.
“Less than two years ago, we acquired the Goldboro Gold Project at a tremendous value. In that short period of time, we have produced a positive preliminary economic assessment, registered the project for permitting, completed mining a 10,000-tonne Bulk Sample, and increased the deposit to over 600,000 ounces of Measured and Indicated Resources and over 450,000 ounces of Inferred Resources. We look forward to continued progress in 2019 with the commencement of a feasibility study and the continuation of permitting, with the aim of obtaining the requisite permits to begin construction in 2020.”
~ Dustin Angelo , President and CEO, Anaconda Mining Inc.
Bulk Sample Update
At the end of January 2019 , Anaconda completed the mining phase of the Bulk Sample and the underground mining contractor, Cementation Canada Inc., has demobilized from site. Access to the mine has been secured and site closure activities for the Bulk Sample are scheduled to be completed in the spring. The tonnes extracted for the Bulk Sample came from a combination of development and stoping. A long hole mining method was used to mine three stopes, ranging from one to four metres wide, within belts 1 and 2 of the Boston – Richardson gold system. The stopes tested the use of up-holes and down-holes as well as conventional raising and drop raising. Sill drifts and most of the stope access development was done within mineralized zones of the belts to minimize the amount of waste rock extracted.
The Company intends to barge the material to Point Rousse, Newfoundland , in the second quarter of 2019, once transport conditions are favorable, where the material will be processed at Anaconda’s Pine Cove Mill. The Company will report full Bulk Sample results shortly thereafter.
Commencement of the Goldboro Feasibility Study and Conclusions from Trade-Off Studies
In February 2019 , Anaconda commenced a feasibility study of the Project (the “Study”), which will incorporate the data from the Bulk Sample and include the results of the first 22,000 metres of diamond drilling that was completed from June 2017 to December 2018 . The Company also expects to generate a new mineral resource estimate as part of the Study, which is expected to be completed in Q3 2019. The Company has retained WSP Canada Inc. (“WSP”) to lead the Study and work on the mine design, project infrastructure, and economics. Ausenco Solutions Canada Inc. (“Ausenco”) has also been engaged to support WSP with respect to process optimization and mill design for the Study (Ausenco was involved in the engineering and construction of Atlantic Gold Corporation’s mill at the Moose River Consolidated Project in Nova Scotia ). The Study will also incorporate additional metallurgical testing, performed by Base Metallurgical Laboratories Ltd, based in Kamloops, British Columbia , using samples taken from the Boston – Richardson and East Goldbrook gold systems during the Bulk Sample extraction and recent diamond drilling. The Study is expected to be completed and filed in Q4 2019.
Following the update of the Goldboro Mineral Resource Estimate published in December 2018 , Anaconda initiated certain trade-off studies to determine the optimal mining and milling scenarios for the Study. Given the predominately narrow vein, high-grade nature of the deposit, Anaconda has determined the optimal approach for the Project to be based on the use of selective mining methods at a processing throughput rate of approximately 575 tonnes per day. This confirms the initial mine development and operation scenario contemplated in the PEA, where the Project begins open pit mining for two to three years before transitioning to an underground mining operation for the remaining mine life.
Furthermore, due to the growth of the Mineral Resource Estimate at Goldboro demonstrated from its recent drill programs, and the Company’s confidence in its ability to continue to substantially expand the deposit, Anaconda has optimized its processing strategy for the Study, which will now contemplate a full-scale milling facility at Goldboro that will produce a doré bar. This is different than the processing scenario in the PEA, which was based on shipping concentrate to its Pine Cove Mill in Newfoundland .
Anaconda also evaluated two options for ore processing and processing plant construction: the use of a gravity circuit, followed by concentration of the gravity tails by flotation and gold recovery via leaching; and gravity concentration followed by whole ore leaching. Both options assume a full-scale processing facility at Goldboro , producing a doré bar from gravity and leach concentrates. Anaconda ultimately concluded the preferred scenario to be gravity concentration followed by whole ore leaching, which will be evaluated further as part of the Study.
Permitting Process Update
Since February of 2018, Anaconda has been working through the permitting process in the Province of Nova Scotia , and has engaged the assistance of GHD Limited (“GHD”), who had worked with Atlantic Gold Corporation during its permitting of the Moose River Consolidated Project. In August 2018 , the Company submitted its Environmental Assessment application and is currently compiling further information required by the various regulators in the Terms of the Reference (“TOR”) issued on October 15, 2018 . In addition, the Company has submitted the application for the Crownland Lease and is advancing the applications for a Mineral Lease and Industrial Approval. Based on progress to date and continued communication with relevant government departments and regulators, Anaconda expects to secure all permits by the end of Q1 2020, with the aim of beginning site construction in mid-2020 with commercial production to follow in mid-2021.
A version of this press release will be available in French on Anaconda’s website (www.anacondamining.com) in two to three business days.
ABOUT ANACONDA
Anaconda Mining is a TSX and OTCQX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia . The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland , comprised of the Stog’er Tight Mine, the Pine Cove open pit mine, the Argyle Mineral Resource, the fully-permitted Pine Cove Mill and tailings facility, and approximately 9,150 hectares of prospective gold-bearing property. Anaconda is also developing the Goldboro Gold Project in Nova Scotia , a high-grade Mineral Resource, subject to a 2018 a preliminary economic assessment which demonstrates strong project economics. The Company also has a wholly owned exploration company that is solely focused on early stage exploration in Newfoundland and New Brunswick .
GOLDBORO PROJECT MINERAL RESOURCE UPDATE AND PRELIMINARY ECONOMIC ANALYSIS for Anaconda Mining Inc., dated October 25, 2018 , and authored by independent qualified persons Todd McCracken , P.Geo., Shane Ghouralal , MBA, P.Eng., and Sebastian Bertelegni , P.Eng., all of WSP Canada Inc., J. Dean Thibault , P.Eng., of Thibault & Associates Inc., and non-independent qualified person Gordana Slepcev, P.Eng., of Anaconda.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable Canadian and United States securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Anaconda to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current production, development and exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the annual information form for the fiscal year ended December 31, 2017 , available on www.sedar.com. Although Anaconda has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Anaconda does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Toronto, Ontario–(Newsfile Corp. – February 25, 2019) – Maritime Resources Corp. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to provide an update on its recent exploration program at the Whisker Valley gold project, a new exploration target located 10 kilometres north of the Company’s high-grade Hammerdown gold project in the Baie Verte Mining District, Newfoundland & Labrador.
Whisker Valley Assay Interval Highlights
Maritime’s initial 650m diamond drill program at Whisker Valley consisted of 4 wide-spaced holes completed in late 2018. The holes targeted a series of high-grade gold, sulphide-bearing quartz veins (Gary, Ben and Jackson) that were trenched and sampled over a 250 metre strike length (see press release dated January 22nd, 2018).
Highlights from the 2018 exploration program include (Refer to Table 1 for complete results):
16.04 grams per tonne (“gpt”) gold (“Au”) over 0.97 m, including 36.6 gpt Au over 0.40 m in drill hole WH-18-03 (Ben vein)
24.06 gpt Au over 0.33 m in drill hole WH-18-04 (Gary vein)
15.18 gpt Au over 0.29 m in drill hole WH-18-02 (Jackson vein)
3.16 gpt Au over 3.19 m in drill hole WH-18-01 (Gary vein)
Maritime President & CEO, Garett Macdonald adds: “Our initial drilling program at Whisker Valley was very successful in identifying high-grade gold contained in sulphide mineralization below each of the three identified veins. Early indications are that the mineralization at Whisker Valley shares many similarities to our nearby Hammerdown deposit. Maritime will continue to evaluate Whisker’s potential over the coming months as it represents an exciting new target for exploration.”
Geological Description
Mineralization at Whisker Valley consists of a series of narrow high-grade sulfide-bearing quartz veins dipping between 60-70 degrees that occur along the contacts of a series of east-west trending mafic and felsic dykes intruding the host Burlington granodiorite. Alteration zones characterized by moderate to strong hematization, sericitization and chloritization form a 2-3m wide envelope around the mineralized quartz veins. Re-healed brecciated zones proximal to the veins are indicative of a brittle structural environment. Localized fault offsets of the veins have been identified in the Ben, Jackson and Gary trenches.
The gold-bearing quartz veins at Whisker Valley are epigenetic and of similar style and orientation to that seen at Hammerdown. Maritime is currently evaluating the historical exploration work to help inform the next phase of work at Whisker Valley.
In early 2018, a detailed Induced Polarization (IP) survey was completed by Maritime, which recognized the sulphide-bearing gold veins (see press release dated September 26, 2018). This survey extended the potential strike length of the vein system from the 250 m length exposed in the trenches to about 500 metres. The IP anomalies associated with the veins remain strong at the 50 m depth, the vertical limit of detection for this survey.
The drill hole traces are shown on the IP Anomaly map (Figure 1.), indicating the position of the three known vein systems at Whisker, shown as red lineaments in IP Anomaly “A”. The drill holes are also plotted on the Whisker Valley Trench map (Figure 2) and the major intersections are shown, along with some of the 2017 trench channel sample results (see press release dated February 13th, 2018).
Assay Results
Each diamond drill hole encountered a number of gold bearing veins with higher grade assay intervals detailed in Table 1 below. Significantly, drilling on each of the Jackson, Ben and Gary veins encountered high-grade gold zones. This included 15.2 gpt over 0.29 m in the Jackson vein (WH-18-02), 16.0 gpt over 0.97 m in the Ben vein which included a higher-grade interval of 36.6 gpt over 0.40 m (WH-18-03). Drilling on the Gary vein identified a high-grade interval of 24.1 gpt over 0.33 m (WH-18-04) and a separate, thicker interval grading 3.2 gpt over 3.19 m (WH-18-01) indicating that wider gold zones are also present at Whisker Valley.
Table 1. Significant Drill Hole Intersections – Whisker Valley December 2018 Drill Program
Vein/Zone
Drill Hole
From (m)
To (m)
Width (m)
Au (gpt)
Gary
WH-18-01
83.50
84.49
0.99
1.69
WH-18-01
93.45
96.64
3.19
3.16
WH-18-01
98.30
98.50
0.20
2.65
Jackson
WH-18-02
82.80
83.60
0.80
4.08
WH-18-02
85.41
85.70
0.29
15.18
Ben
WH-18-03
32.07
32.19
0.12
3.05
WH-18-03
33.89
34.09
0.20
1.52
WH-18-03
45.10
46.07
0.97
16.04
Including
45.67
46.07
0.40
36.61
Gary
WH-18-04
42.30
42.55
0.25
5.54
WH-18-04
73.37
73.70
0.33
24.06
Next Steps
This first phase of diamond drilling at Whisker has returned highly encouraging results and was successful in identifying high-grade gold mineralization to vertical depths of between 50 to 100 metres. Additional drilling at Whisker will target the full extent of the 500 meter long IP Anomaly “A” and test other portions of the vein system. Some drill testing of IP Anomalies “B, C & D” is intended where gold soil geochemical anomalies are coincident. Maritime is currently evaluating these results and is planning for a follow up drill program in the Spring of 2019.
Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (“EAL”) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL bears no relationship to Maritime Resources. Samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
Qualified Persons
Exploration activities are administered on site by the Company’s Manager of Exploration, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Bernard. H. Kahlert, P.Eng. Vice President Exploration, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release.
About Maritime Resources Corp.
Maritime Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine, located near the Baie Verte Mining District and Springdale, Newfoundland and Labrador. The Green Bay Property hosts a resource estimates on two deposits, the Hammerdown and the Orion deposits. Hammerdown contains measured and indicated resources of 925,670 tonnes grading 10.6 gpt for 315,535 ounces of gold and inferred resources of 1,557,000 tonnes grading 7.53 gpt for 377,000 ounces of gold. The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 gpt for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 gpt for 225,300 ounces.
CIM definition standards were followed for the resource estimate. The resource models used Ordinary Krig grade estimation within a three-dimensional block model with mineralized zones defined by wireframed solids. A cut-off grade of 3.0 gpt gold over 1.2 meters was used for reporting resources with capping of gold grades at 125 gpt at Hammerdown and 50 gpt at Orion. A specific gravity of 2.84 was applied.
For additional information relating to the Hammerdown gold project, refer to the NI 43-101 technical report entitled “Pre-Feasibility Study Technical Report, Green Bay Property” with an effective date of March 2, 2017, which is available on the Company’s profile at www.sedar.com.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.
On Behalf of the Board
MARITIME RESOURCES CORP.
Toronto Office
1900-110 Yonge St., Toronto, ON M5C 1T4
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including information relating to future financial or operating performance and other statements that express the expectations of management or estimates of future performance constitute “forward-looking statements”. Such forward-looking statements include, without limitation, statements regarding copper, gold and silver forecasts, the financial strength of the Company, estimates regarding timing of future development and production and statements concerning possible expansion opportunities for the Company. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief are based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, copper concentrate, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, interpretation and implications of drilling and geophysical results; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied, uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied, estimates regarding timing of future capital expenditures and costs towards profitable commercial operations, estimates regarding timing of future capital expenditures and costs towards profitable commercial operations. Other factors that could cause actual results, developments or events to differ materially from those anticipated include, among others, increases/decreases in production; volatility in metals prices and demand; currency fluctuations; cash operating margins; cash operating cost per pound sold; costs per ton of ore; variances in ore grade or recovery rates from those assumed in mining plans; reserves and/or resources; the ability to successfully integrate acquired assets; operational risks inherent in mining or development activities and legislative factors relating to prices, taxes, royalties, land use, title and permits, importing and exporting of minerals and environmental protection. Accordingly, undue reliance should not be placed on forward-looking statements and the forward- looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and the Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise, except as required under applicable security law.
Figure 1. Drill Hole Location Plan – Phase 1 Diamond Drill Program
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The frog in slowly boiling water fails to recognize the changes happening and eventually gets boiled. The end result of all democracies is communism. It is merely that this is a slow process of degradation—with many reversals on the way. The slowness also creates moral fogginess. Eventually a society must wake up to a thoroughly indoctrinated society, a kind similar to Huxley’s “Brave New World.” It eventually, must go to the next phase, that of Orwell’s “1984.”
In the US of 1950s, Alexandria Ocasio-Cortez would have been seen as a stand-up comedian. She is, unfortunately, a rising political star.
As time has passed, I have come to see Trump as a real leader. Moreover, he has made me seriously think about what makes someone intellectually superior. Perhaps those who operate out of instincts based on experience are better than those who have reached their conclusions using detailed reasoning, with the former displaying a more complex understanding of life.
On investments…
Last week, Cory Fleck and I discussed about several companies. The talk is linked here.
Keep track of Cory’s fabulous website for a lot information on mining and commodities.
Finally, next week at PDAC I will be speaking on why East Asia is the future of humanity.
Warm regards,
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Rover Metals (TSXV: $ROVR) (OTCQB: $ROVMF) will be in Toronto fromFebruary 26th to March 6th and available for meetings with existing shareholders and new investors.
Please contact me to set-up a one-on-one meeting to discuss the exploration work planned for the high-grade gold ‘iron formation’ Cabin Lake Group Project in the NWT, of Canada.
Rover Metals will have a booth (#2951) from March 3rd – March 6th on thePDAC trade show floor. Please come by and talk to myself, Keith Minty, and/or Raul Sanabria.
I would also like to invite you to visit the 321 Gold website to read upcoming featured articles on Rover Metals.
VANCOUVER, British Columbia, Feb. 22, 2019 (GLOBE NEWSWIRE) — Nevada Copper Corp. (NCU.TO) (“Nevada Copper” or the “Company’’) is pleased to confirm that its Pumpkin Hollow underground copper project (the “Underground Project”) remains on target to commence production in Q4 2019 and wishes to provide an update on recent operations progress, financing discussions and exploration activity.
HIGHLIGHTS
Operations update:
• Underground project construction progressing on budget and on schedule for first production targeting Q4 2019
• New technical report, including the open pit project pre-feasibility study, well-progressed with completion targeted for end of Q1 2019, and ongoing focus on capital efficiency and IRR maximization
Exploration update:
• Regional survey work has led to new prospects being identified and the Company has subsequently staked approximately 5700 acres of unpatented claims, expanding the Pumpkin Hollow property by 32% to the east
Financing update:
• Discussions well underway regarding ECA-backed project finance facility to further optimize its balance sheet for the long-term
• Working capital facility and offtake arrangements also in progress
Matt Gili, Chief Executive Officer of Nevada Copper, stated, “We are very pleased that construction at Pumpkin Hollow remains on target for entering production in the fourth quarter of this year. As highlighted by our solid progress, our team is performing extremely well and we now have 250 employees, contractors and subcontractors active on site. In addition, we are continuing to execute on our longer-term development plans and have significantly expanded our mineral claims area to the east via staking.”
OPERATIONS UPDATE
As at mid-February, with approximately 250 employees, contractors and subcontractors on site, the construction of the Pumpkin Hollow Underground Project is progressing on schedule, including:
Underground Works – consisting of the production shaft and shaft stations (east main shaft), the ventilation shaft (east north ventilation shaft) and lateral development.
East Main shaft utilities installation completed ahead of schedule
Lateral development on the 2850 level and 2770 level have advanced 322ft and 182ft respectively (exclusive of shaft station)
East North Ventilation Shaft surface infrastructure is complete and shaft sinking has advanced to 150ft
Surface Works – consisting of processing plant, dry stack storage and all other surface facilities.
Earthworks complete for the primary dry stack facilities
Concrete foundations for the grinding and cyclone areas are well underway
The previously announced new technical report, including the open pit project pre-feasibility study, is well progressed with targeted completion by the end of Q1 2019. The Company continues to apply its philosophy of focusing on capital efficiency and IRR-maximizing staged development.
EXPLORATION ACTIVITY UPDATE
Regional survey work has led to new prospects being identified and the Company has subsequently staked approximately 5700 acres of unpatented claims, expanding the Pumpkin Hollow property by 32% to the east. The staked claims appear to have good porphyry-style alteration and copper mineralization at surface. The Company is currently mapping and sampling the newly-acquired claims area, in addition to following-up on additional areas of high-grade surface skarn mineralization on its property.
ENVIRONMENTAL & COMMUNITY ASSESSMENT UPDATE
As part of its ongoing commitment to community engagement the Company has recently prepared an updated Environmental and Community Assessment Summary which provides information on the studies that have been performed and the permits and authorizations in place to protect the environment and address any community-related issues. This report is available on the website at www.nevadacopper.com under the Community heading.
FINANCING UPDATE
The Company is continuing discussions with potential export credit agency-backed project finance lenders with the objective to further optimize its balance sheet for the long-term. Such discussions may provide the opportunity to substantially reduce the cost of the Company’s debt service and attract strong finance partners for potential future open pit development. Discussions are also ongoing relating to associated agreements to complement such a project finance facility, including a working capital facility, and should it be required or preferable, other financing, such as a standby/overrun facility, as well as offtake arrangements.
EN Ventilation Shaft Surface Infrastructure Completed and in Use
Sag/Ball/Verti Mills and Cyclone Foundations well Advanced
Caterpillar R1600 Loader being installed on the 2850 Shaft Station
January 15, Site Construction Progress including East Main Headframe
Qualified Persons
The information and data in this news release was reviewed by David Swisher, P. E., VP of Operations for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper’s (NCU.TO) Pumpkin Hollow project is the only major, shovel-ready and fully-permitted copper project in North America that is currently under construction. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully-permitted projects include: the high-grade Pumpkin Hollow underground project which is in construction with a view to commencement of copper production in Q4, 2019; and the Pumpkin Hollow open pit project, a large-scale copper deposit.
Additional Information
For further information please visit the Nevada Copper corporate website
(www.nevadacopper.com).
Vancouver, British Columbia–(Newsfile Corp. – February 21, 2019) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FRA: 6MR) (“Miramont” or the “Company”) announces that it has granted stock options to acquire up to 1,145,000 common shares of the Company, 900,000 of which were granted to certain directors and officers of the Company. Each of the stock options is exercisable for a five year term expiring on February 21, 2024 at a price of $0.415 per common share. On February 20, 2019, the last day that the Company’s common shares traded prior to the granting of the stock options, the closing trading price of the common shares on the Canadian Securities Exchange was $0.415. The options are subject to vesting provisions, with one-third vesting on the date of grant, an additional one-third on the first anniversary of the date of grant and the remaining one-third on the second anniversary thereof. The stock options are non-transferable. Any common shares issued pursuant to the exercise of the stock options will be subject to a four month hold period expiring on June 22, 2019.
About Miramont Resources Corp.
Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont’s two key projects are Cerro Hermoso and Lukkacha, both located in southern Peru. Cerro Hermoso is a diatreme-hosted copper dominant polymetallic prospect. Lukkacha is a classic copper-porphyry prospect.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, Feb. 21, 2019 (GLOBE NEWSWIRE) — Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces results from the Chrome Mountain and East Boulder target areas on the west side of the Stillwater West Project in Montana, USA. This is the second in a series of planned news releases to report results of 2018 exploration programs, on-going historical data compilation, and modeling work at the Company’s flagship PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in the Stillwater Igneous Complex. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of inferred resources at over 16 g/t palladium and platinum, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization1,2.
Michael Rowley, President and CEO, commented, “We are pleased to report results of our work to date in the Chrome Mountain and East Boulder target areas at the middle-west portion of the 25-km-long Stillwater West project (see Figure 1). Mineralization including platinum group elements (PGE), nickel, copper and cobalt at these target areas is associated with two major electro-magnetic geophysical conductors that are approximately 2.9 and 2.6 km in length respectively, and correspond with broad coincident soil and rock geochemical anomalies. The scale of these targets demonstrates the potential for discovery of a major new bulk-tonnage “Platreef-style” PGE-Ni-Cu deposit in the Stillwater Complex, geologically similar to those in the Bushveld Complex of South Africa.”
“Chrome Mountain, in particular, is one of our highest priority target areas and has advanced very rapidly with the discovery of a new style of platinum and palladium mineralization associated with nickel and copper sulphides at the Hybrid Zone (see December 17, 2018 news release). This discovery has attracted significant interest in the Stillwater West project with wide intervals of platinum, palladium, nickel, copper, and cobalt mineralization starting at surface, including nine intervals of over 100 meters in thickness with grade-thickness values of more than 100 gram-meter Total Platinum Equivalent (TotPtEq), including six holes which returned composite mineralization of over 200 meters with grade-thickness values of 200 to 294 gram-meter TotPtEq (see Table 1). Grade-thickness values of 25 gram-meter or more are considered economically significant, with the grade-thickness values at the adjacent J-M Reef mines averaging approximately 34 gram-meter palladium and platinum1. Values of 100 to 300 gram-meter are exceptional, highlighting the strength of the Stillwater West system.”
“Rock sampling programs at Chrome Mountain in 2018 returned up to 16 g/t 3E(8.72 g/t Pt, 7.25 g/t Pd and 0.03 g/t Au) (see Table 2) in previously unrecognized areas, confirming the underexplored nature of the lower Stillwater Complex, and the substantial potential for new discoveries of both higher-grade and bulk tonnage deposits in this famously metal-rich district.”
Chrome Mountain – Overview
As shown in Figure 1, the Chrome Mountain target area is one of eight major bulk tonnage target areas identified by Group Ten Metals across the Ultramafic and Basal Series of the Stillwater Complex. These target areas are highlighted by strong, multi-kilometer electro-magnetic conductive signatures that are characteristic of large bodies of interconnected to strongly disseminated sulphides. These conductive geophysical targets have overlapping highly elevated platinum, palladium, gold, nickel, copper, and chromium values in soils and rock sampling. The limited drilling completed to date on these large geophysical and geochemical targets confirms the presence of corresponding PGE-Ni-Cu mineralization within the 31 holes drilled across the broad Chrome Mountain target area. In addition, the Company has obtained most of the core samples drilled on the property since 2001 for re-logging and sampling as part of the ongoing modeling work, which has allowed the Group Ten team to identify and confirm the potential for Platreef-style deposits in the Stillwater Complex.
Figure 1 – 14 Target Areas Across the 25-Kilometer Width of the Stillwater West Project
The Chrome Mountain target area covers an area of approximately 2.9 km by 2.3 km that includes bulk tonnage “Platreef-style” PGE-Ni-Cu targets within the Hybrid Zone (the Discovery, Dunite Ridge, Bald Hills, and Tarantula Targets), as well as potential bulk tonnage PGE-enriched Ni and Cu sulphide mineralization targets within the basal portion of the complex. Potential also exists for higher-grade PGE “reef-type” targets. Comprehensive soil geochemical data has been collected across Chrome Mountain with high levels of PGE, Ni, Cu and Cr in soils shown across kilometer-scale areas coincident with high level electro-magnetic conductors shown in geophysical survey results (see Figures 2, 3 and 4).
Chrome Mountain – Hybrid Zone
The Hybrid Zone is characterized by broad intervals of highly anomalous PGE levels associated with chromite and nickel and copper sulfides with complex pegmatoidal and magmatic breccia textures in the Ultramafic Series lithologies. The complexly textured host rocks, together with broadly disseminated chromite and sulphide, are geologically similar to the Platreef setting in South Africa’s Bushveld Complex.
Table 1 presents highlight intercepts from ten holes drilled in the Discovery target where nine separate intercepts exceeded 100 meters thickness with continuous highly elevated PGE, Ni, Cu and Co mineralization, starting at surface, including 118 m at 1.73 g/t TotPtEq (0.36 Pt, 0.56 Pd, and 0.09 Au for 1.0 g/t 3E along with 0.12% Ni, 0.03% Cu and 0.01% Co for 0.17% NiEq). In addition, six holes returned composite mineralization of over 200 meters in thickness that occurs over a strike length of approximately 600 meters which remains open in all directions and occurs within a broader one kilometer wide area of highly anomalous metals in soils. These holes were targeted on highly elevated platinum and palladium values in soils that characterize the entire Hybrid Zone (see Figure 3). Along with the untested additional soil targets and geophysical conductors, these drill results demonstrate the potential for significant bulk tonnage mineralization at the Chrome Mountain target area.
Chrome Mountain – Dunite Ridge and Bald Hills Targets
Several intrusive dunite targets have been identified in the core of the Hybrid Zone (see cross section CM-6 in Figure 7). Work at Chrome Mountain in 2018 led to the discovery of the Dunite Ridge and Bald Hill targets where mapping of olivine chromite-rich intrusive returned chip samples of up to 16.0 g/t 3E (as 8.72 g/t Pt, 7.25 g/t Pd, and 0.03 g/t Au) at Dunite Ridge. A second sample at Dunite Ridge returned 7.45 g/t 3E as 2.32 g/t Pt, 5.10 g/t Pd, and 0.02 g/t Au (see Table 2). These samples occur within a highly elevated PGE, Ni and Cu soil anomaly covering at least 750 meters of strike. Intrusive dunites can have spectacular grades in the Bushveld Complex, but have not been systematically explored for in the Stillwater Complex. The intrusive dunites identified at the Chrome Mountain target area are one of several occurrences across the overall Stillwater West Project. Dunite Ridge and Bald Hills are priority targets for follow-up work in 2019.
TABLE 1 – Highlight mineralized drill intercepts from the Chrome Mountain Target Area
INTERVAL
PRECIOUS METALS
BASE METALS
TOTAL METAL EQUIVALENTS
GRADE THICKNESS
HOLE ID
From
To
Width
Pt
Pd
Au
3E
Ni
Cu
Co
NiEq
TotPtEq
TotNiEq
Grade x Width
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
(%)
(%)
(%)
(%)
(Pt g/t)
(Ni %)
(gram-meters)
CM2007-01
3.1
148.1
145.1
0.24
0.21
0.01
0.46
0.07
0.01
0.009
0.10
0.89
0.22
129.5
including
7.9
25.9
18.0
0.46
0.54
0.02
1.02
0.08
0.01
0.010
0.12
1.52
0.37
27.4
including
56.7
77.4
20.7
0.34
0.35
0.01
0.70
0.07
0.00
0.010
0.11
1.15
0.28
23.8
AND
261.5
448.1
186.5
0.04
0.04
0.01
0.08
0.12
0.02
0.014
0.18
0.82
0.20
153.9
including
294.4
362.7
68.3
0.07
0.07
0.02
0.17
0.16
0.04
0.016
0.24
1.15
0.28
78.5
including
305.4
334.7
29.3
0.10
0.10
0.02
0.22
0.18
0.06
0.018
0.27
1.34
0.33
39.2
CM2007-02
0.0
210.6
210.6
0.20
0.28
0.02
0.49
0.10
0.01
0.011
0.14
1.08
0.26
227.4
including
13.4
109.4
96.0
0.37
0.56
0.03
0.96
0.12
0.02
0.012
0.17
1.65
0.40
158.5
including
38.7
68.6
29.9
0.60
1.25
0.09
1.93
0.19
0.04
0.014
0.26
3.03
0.74
90.4
AND
300.8
387.7
86.9
0.04
0.03
0.01
0.08
0.10
0.02
0.010
0.14
0.66
0.16
57.0
CM2007-03
0.0
47.5
47.5
0.30
0.44
0.13
0.87
0.13
0.05
0.010
0.19
1.68
0.41
79.9
including
0.0
17.7
17.7
0.33
0.42
0.16
0.92
0.14
0.06
0.011
0.21
1.82
0.44
32.1
including
23.5
41.8
18.3
0.38
0.62
0.13
1.13
0.15
0.06
0.010
0.21
2.03
0.49
37.1
CM2007-04
1.5
119.5
118.0
0.36
0.56
0.09
1.00
0.12
0.03
0.010
0.17
1.73
0.42
204.3
including
1.5
18.9
17.4
0.40
0.52
0.15
1.06
0.12
0.04
0.010
0.17
1.81
0.44
31.5
including
33.5
51.8
18.3
0.52
0.91
0.10
1.54
0.16
0.06
0.011
0.22
2.48
0.60
45.3
including
34.8
43.3
8.5
0.55
0.94
0.14
1.63
0.22
0.10
0.012
0.31
2.94
0.71
25.1
including
71.3
118.3
46.9
0.45
0.71
0.11
1.27
0.13
0.04
0.011
0.18
2.04
0.50
95.9
AND
151.2
242.6
91.4
0.21
0.21
0.02
0.44
0.12
0.02
0.012
0.17
1.15
0.28
105.1
CM2007-05
1.2
239.3
238.1
0.14
0.22
0.04
0.40
0.12
0.03
0.011
0.17
1.12
0.27
267.4
including
64.6
128.3
63.7
0.19
0.33
0.07
0.60
0.15
0.05
0.012
0.22
1.51
0.37
96.4
including
85.3
107.6
22.3
0.26
0.41
0.10
0.77
0.18
0.07
0.012
0.25
1.84
0.45
40.9
CM2007-06
0.0
128.0
128.0
0.15
0.18
0.06
0.40
0.19
0.07
0.014
0.27
1.52
0.37
194.1
including
8.8
119.5
110.6
0.16
0.20
0.07
0.43
0.20
0.08
0.015
0.29
1.64
0.40
180.9
CM2007-07
1.5
227.1
225.6
0.15
0.32
0.05
0.52
0.13
0.04
0.011
0.19
1.30
0.32
293.2
including
42.1
55.5
13.4
0.19
0.45
0.06
0.70
0.14
0.05
0.010
0.20
1.54
0.37
20.7
including
68.3
172.5
104.2
0.19
0.36
0.06
0.61
0.16
0.06
0.013
0.24
1.60
0.39
166.5
including
76.2
93.3
17.1
0.22
0.34
0.06
0.62
0.16
0.04
0.015
0.23
1.60
0.39
27.2
including
121.3
137.8
16.5
0.17
0.19
0.06
0.42
0.18
0.09
0.012
0.27
1.53
0.37
25.2
including
148.7
172.5
23.8
0.26
0.70
0.08
1.04
0.18
0.08
0.013
0.27
2.15
0.52
51.2
CM2007-08
0.0
209.7
209.7
0.20
0.26
0.07
0.52
0.14
0.04
0.013
0.21
1.38
0.34
290.4
including
18.3
143.9
125.6
0.27
0.38
0.10
0.75
0.16
0.05
0.013
0.23
1.72
0.42
216.6
including
52.1
75.6
23.5
0.21
0.32
0.13
0.66
0.19
0.07
0.013
0.27
1.79
0.43
41.9
including
81.5
100.6
19.1
0.30
0.48
0.10
0.88
0.21
0.06
0.018
0.30
2.13
0.52
40.5
including
123.1
142.7
19.5
0.54
0.78
0.07
1.39
0.14
0.04
0.013
0.20
2.23
0.54
43.6
CM2007-09
3.7
22.9
19.2
0.37
0.60
0.10
1.07
0.14
0.04
0.011
0.20
1.92
0.47
36.9
including
9.5
22.9
13.4
0.45
0.75
0.13
1.32
0.17
0.06
0.012
0.23
2.31
0.56
31.0
CM2007-10
3.4
255.7
252.4
0.14
0.18
0.02
0.34
0.14
0.02
0.013
0.20
1.16
0.28
293.8
including
9.5
44.8
35.4
0.39
0.58
0.06
1.04
0.15
0.05
0.012
0.22
1.94
0.47
68.6
including
92.4
108.2
15.9
0.35
0.48
0.07
0.91
0.24
0.08
0.016
0.33
2.29
0.56
36.4
Intercepts with grade thickness values over 25 gram-meter TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent calculations reflect total gross metal content using metals prices as follows (all USD): $6.00/lb nickel (Ni), $3.00/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,000/oz palladium (Pd) and $1,250/oz gold (Au). Values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals, where available. Results labelled ‘n/a’ were not assayed for that metal. Total platinum equivalent grade thickness was determined by multiplying the thickness (in meters) by the Total Platinum Equivalent grade (in grams/tonne) to provide gram-meter values (g-m) as shown. All holes were conducted by Group Ten’s QP and are not considered historic.
Chrome Mountain – Tarantula Target
In the eastern area of the Hybrid Zone, work in 2018 identified the Tarantula Target, where highly anomalous PGE mineralization occurs in the Ultramafic Series. Host rocks are pegmatoidal bronzitite; disseminated chromite, sulphide and magmatic breccia textures have been described over an approximate strike length of at least 500 meters.
Table 2 presents select rock sample results from reconnaissance prospecting and geological mapping programs at the Chrome Mountain and East Boulder target areas in 2018 which confirm the presence of significant platinum, palladium, nickel, copper and cobalt mineralization with grades up to 3.56 g/t Pd, 0.618% Ni, and 0.049% Co outside of the Dunite Ridge Target discussed above (see Table 2). High chromium levels were also noted with 14 samples returning grades of 10 to 26.8% Cr. In addition, test work indicates a consistent ratio of rhodium content relative to platinum values. Neither chromium nor rhodium values have been included in the calculation of metal equivalents in the tables above and below.
TABLE 2 – Highlight 2018 rock sample results from the Chrome Mountain Target Area
PRECIOUS METALS
BASE METALS
TOTAL METAL EQUIVALENTS
SAMPLE ID
LOCATION
Pt
Pd
Au
3E
Ni
Cu
Co
NiEq
TotPtEq
TotNiEq
(g/t)
(g/t)
(g/t)
(g/t)
(%)
(%)
(%)
(%)
(Pt g/t)
(Ni %)
337388
Dunite Ridge
8.72
7.25
0.03
16.00
0.106
0.020
0.016
0.17
16.70
4.06
1409950
Dunite Ridge
2.32
5.10
0.02
7.45
0.093
<0.005
0.012
0.13
8.00
1.94
337391
Dunite Ridge
0.38
1.23
0.05
1.67
0.112
0.058
0.026
0.23
2.62
0.64
337392
Dunite Ridge
0.41
1.00
0.08
1.49
0.157
0.056
0.019
0.25
2.53
0.61
3190364
Discovery
0.99
3.56
0.06
4.61
0.084
0.000
0.011
0.12
5.12
1.24
3190372
Discovery
1.53
2.34
0.01
3.88
0.088
0.000
0.018
0.15
4.49
1.09
3190368
Discovery
1.78
1.42
0.01
3.21
0.156
0.000
0.017
0.21
4.08
0.99
3190351
Discovery
0.87
2.15
0.06
3.09
0.139
0.019
0.019
0.21
3.97
0.97
3190375
Discovery
0.78
2.00
0.06
2.84
0.111
0.032
0.022
0.20
3.68
0.89
3190373
Discovery
0.47
1.17
0.04
1.68
0.104
0.000
0.020
0.17
2.39
0.58
3190362
Discovery
0.28
0.80
0.15
1.23
0.193
0.083
0.009
0.26
2.35
0.57
3190363
Discovery
0.21
0.79
0.05
1.04
0.182
0.085
0.020
0.29
2.25
0.55
3190461
Bald Hills
1.04
1.81
0.24
3.09
0.336
0.027
0.030
0.45
5.00
1.22
337378
Bald Hills
0.10
0.08
0.06
0.23
0.618
0.094
0.049
0.83
3.66
0.89
3190467
Bald Hills
0.97
1.47
0.10
2.53
0.170
0.000
0.021
0.24
3.54
0.86
3190464
Bald Hills
1.02
0.72
0.05
1.78
0.233
0.000
0.030
0.33
3.16
0.77
337381
Bald Hills
0.44
1.77
0.07
2.28
0.107
0.000
0.024
0.19
3.07
0.75
337380
Bald Hills
1.09
0.64
0.03
1.76
0.137
0.018
0.029
0.24
2.77
0.67
3190394
Bald Hills
1.28
0.40
0.03
1.71
0.086
0.063
0.024
0.20
2.53
0.61
3190390
Bald Hills
0.72
0.62
0.17
1.50
0.050
0.034
0.017
0.12
2.05
0.50
3190471
Tarantula
0.71
2.48
0.06
3.25
0.243
0.030
0.020
0.32
4.60
1.12
3190397
Tarantula
1.44
1.88
0.14
3.46
0.100
0.007
0.010
0.14
4.05
0.99
3190306
Tarantula
0.92
2.16
0.01
3.09
0.111
0.000
0.016
0.16
3.77
0.92
3190376
Tarantula
0.97
0.41
0.01
1.39
0.101
0.000
0.018
0.16
2.05
0.50
1409933
East Boulder
0.68
2.58
0.15
3.41
0.212
0.152
0.015
0.34
4.84
1.18
3190452
East Boulder
0.44
1.06
0.01
1.51
0.162
0.000
0.016
0.22
2.39
0.58
337365
Lindgren
0.00
0.10
0.04
0.14
0.315
0.976
0.030
0.90
3.87
0.94
337368
Lindgren
0.03
0.21
0.08
0.32
0.342
0.054
0.034
0.48
2.32
0.56
3190389
Hybrid Zone
1.73
0.42
0.01
2.16
0.081
0.036
0.019
0.16
2.83
0.69
Results over 2 g/t TotPtEq are presented above. Total Platinum Equivalent (TotPtEq g/t) and Total Nickel Equivalent were determined as per Table 1.
Figures 6 and 7 present cross sections representing the Company’s current understanding of the Hybrid Zone and surrounding stratigraphy. The Hybrid Zone is open in all directions, and is a priority target for follow-up in 2019.
Chrome Mountain – Basal Zone Targets
The Company is also targeting potential bulk-tonnage sulphide mineralization in the Basal Series of the complex at Chrome Mountain where mineralization may be associated with interaction between the layered basal magmatic system and the basement country rocks. Interaction and assimilation of basement country rocks is an important component of the Platreef deposits in the Bushveld Complex, where the country rocks may be in place as the footwall or occur as large rafts within the layered magmatic stratigraphy. Kilometer-scale geophysical, geochemical and geological signatures present compelling bulk-tonnage targets in this type of setting for PGE-enriched Ni/Cu sulfides in the lower Stillwater Complex stratigraphy.
The potential for deposits of this type in the Chrome Mountain area has been confirmed by reconnaissance rock chip samples and geological mapping work by Group Ten in 2018, as well as in limited historic drilling, which targeted nickel and copper sulphides in the Basal and lowest Ultramafic Series. These drill holes were relatively shallow, and were only selectively assayed where base metal sulphide levels were high. A few of these high-sulphide intercepts were assayed for PGEs confirming that the nickel and copper sulphides in these areas are highly enriched in PGEs. Notably, this historic drill sampling did not assay areas enriched in chromite, which typically exhibit higher-grade PGE mineralization. Data from the 355 series drill holes by AMAX in the 1960s and 1970s, shown on cross sections in Figures 6 and 7, confirm the presence of net-textured to massive sulphide hosted mineralization proximal to the strongest electro-magnetic conductive signatures.
2018 rock sample results from the historic Lindgren Target in the basal series at Chrome Mountain are particularly compelling as they confirm the presence of significant PGE, Ni and Cu mineralization with results of 0.315% Ni, 0.976% Cu, and 0.030% Co (0.94% Ni Eq) in sample 337365 and 0.342% Ni, 0.054% Cu and 0.034% Co (0.56% Ni Eq) in sample 337368 (see Table 2). Basal zone sulphide targets will be a priority for follow-up work in 2019 at Chrome Mountain.
East Boulder Target Area
As shown in Figure 2, the East Boulder target area centers on a highly conductive geophysical anomaly with coincident highly elevated levels of PGE, Ni, Cu and Cr metals in soils (Figures 3 and 4) covering an area approximately 2.6 km x 1.9 km. The East Boulder target area has less outcrop exposure than the adjacent Chrome Mountain target area (Figure 5) and, as a result, remains much less explored despite historic placer mining in the area. Two drill holes from 2008 confirm the presence of Pt, Pd and Au mineralization adjacent to the EM conductive high anomaly but were not tested for base metals.
Work in 2018 included surface mapping and limited sampling with results up to 3.4 g/t 3E, 0.21% Ni, and 0.15% Cu (4.84 g/t TotPtEq) (see Table 2) providing support that similar mineralized stratigraphic horizons continue into the East Boulder target area.
Future work at the East Boulder target area will include detailed mapping and rock sampling to develop and refine drill targets in the area of the electro-magnetic conductors and coincident soil anomalies.
Amendment to the Catalyst Property Agreement
Group Ten announces that it has amended the terms of the agreement for the Catalyst Project within the Company’s Kluane PGE-Ni-Cu Project in Canada’s Yukon Territory, as announced on August 16, 2017. The amendment allows the Company to meet the $10,000 cash payment requirement by the issuance of 200,000 common shares, and is subject to regulatory approval.
Upcoming Events
Group Ten will be exhibiting in the Investor’s Exchange at booth #3018 at the PDAC convention in March in Toronto, among other upcoming shows. The Company looks forward to releasing further results from the adjacent target areas in the coming weeks.
About Stillwater West
The Stillwater West PGE-Ni-Cu project positions Group Ten as the second largest landholder in the Stillwater Complex, adjoining and adjacent to Sibanye-Stillwater’s world-leading Stillwater, East Boulder, and Blitz platinum group elements (PGE) mines in south central Montana, USA. With more than 41 million ounces of past production and current M&I resources, plus another 49 million ounces of Inferred resources1,2, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex, while the lower part of the Stillwater Complex also shows the potential for much larger scale disseminated and high-sulphide PGE-nickel-copper type deposits, possibly similar to Platreef in the Bushveld Complex3. Group Ten’s Stillwater West property covers the lower part of the Stillwater Complex along with the Picket Pin PGE Reef-type deposit in the upper portion, and includes extensive historic data, including soil and rock geochemistry, geophysical surveys, geologic mapping, and historic drilling.
Note 1: Report on Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater, November 2017, Measured and Indicated Resources of 57.2 million tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and 92.5 million tonnes grading 16.6 g/t containing 49.4 million ounces. Grade thickness was determined by applying the reported minimum mining width of 2.0 meters to the M&I grade of 17 g/t Pt+Pd for an average grade thickness of approximately 34 gram-meter (g-m). Note 2: Public production records from Stillwater Mining Company from 1992 to present. Note 3: Magmatic Ore Deposits in Layered Intrusions—Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012–1010.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario and the highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum’s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of platinum & palladium, silver and copper. Member companies include Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill silver district, and Granite Creek Copper (GCX.V) in the Yukon’s Carmacks copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
2018 rock chip samples were analyzed by Bureau Veritas Mineral Laboratories in Vancouver, B.C. Samples were crushed and split, and a 250 g split pulverized with 85% passing 200 mesh. Gold, platinum, and palladium were analyzed by fire assay (FA350) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with ICP-EB finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
2007 drilling was conducted by Group Ten’s QP while working for Beartooth Platinum. Pre-2001 drill results are considered historic and have not been independently verified by Group Ten. Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
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 Group Ten 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 Group Ten 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.
Photos accompanying this announcement are available at:
