VANCOUVER , Feb. 4, 2019 /CNW/ – Rover Metals Corp. (ROVR.V)(ROVMF) (“Rover Metals” or the “Company“) is pleased to announce that it has developed a 3D interpretative video model summarizing the gold exploration work carried out on the Bugow Iron Formation, the known host of the historic gold mineralization on the Cabin Lake Gold Project (the “Property”). The 3D interpretative video model has been uploaded to Company’s website for viewing by the public. The 3D model also includes both the recent geophysical and geochemical survey data, as well as Rover’s updated interpreted structure of the Bugow Iron Formation.
Judson Culter, CEO at Rover Metals, states: “there is tremendous blue sky potential for high grade gold discovery given the number of untested fold areas now identified within the iron formation vis-à-vis high grade gold discovered in the historical drilling campaigns in the 1980’s.” The iron formation overlay can be found at time stamp 1:11 of the 3D video model.
The Company has found and GPS-referenced all the historic blasted trenches and small pits at the Andrew North and South Zones, as well as those located at the Beaver, Camp and other locations within the Property. The UAS magnetic survey was key to providing the required high-resolution and contrast on the Bugow Iron Formation, the known host of the Property’s gold mineralization. The 2018 ground geochemical soil survey produced multi-element (Au-Ag-As-S-Cu) anomalies over known mineralization zones and additional zones coincident with conceptual mineralized targets.
As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin Lake Gold Zone, but further drilling is needed to bring that up to CIM Definition Standards. The reader is cautioned that a qualified person has not done sufficient work to classify the historical estimates as current mineral resources and Rover Metals is not treating the historical estimates as current mineral resources.
Technical information in this news release has been approved by Raul Sanabria , M.Sc., P.Geo., VP of Exploration at Rover Metals and the Qualified Person for the purposes of National Instrument 43-101.
About Rover Metals Rover Metals is a natural resource exploration company specialized in Canadian precious metal resources (specifically gold) that is currently focused on the Northwest Territories of Canada , one of the most mining friendly jurisdictions in North America . The Cabin Lake Group of Gold Projects are located within 20km of Fortune Minerals’ (FT.TO) NICO Project gold processor.
Rover Metals’ management team will be manning the booth (#2951) at the upcoming PDAC conference in Toronto, ON , from March 3-6, 2019 . We welcome the public to stop by end learn more about our gold exploration plans for 2019.
DTC eligibility for the Company’s U.S. OTCQB Listing is still in progress and will be announced at a future date.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – February 4, 2019) – Contact Gold Corp. (TSXV: C) (the “Company” or “Contact Gold”) is pleased to announce the terms of a non-brokered private placement (the “Offering”) of up to 6,896,552 common shares of the Company (“Common Shares”) at a price of $0.29 per Common Share (the “Offering Price”) for gross proceeds of up to $2,000,000. The Offering Price represents an approximate 9.4% discount to the closing price of the Common Shares on February 1, 2019 (the “Current Market Price”).
Each Common Share shall be accompanied by one right (a “Right”) which shall entitle the holder thereof to a certain number of additional Common Shares upon conversion of the Right, with such number of additional Common Shares to be determined based on completion of the first of specific milestones as detailed in this release.
Net proceeds of the Offering are expected to be used to undertake further drilling at Contact Gold’s Pony Creek project located in Elko County, Nevada, and for general working capital.
Pony Creek Project:
The Pony Creek project is located on Nevada’s prolific Carlin Trend, immediately south of Gold Standard Venture’s Railroad project and 20 km south of Newmont Mining’s Rain and Emigrant gold mines. Pony Creek totals 107 km2 of prospective mineral tenure and hosts multiple Carlin Type gold occurrences, including the Bowl and West Zones, and multiple untested exploration targets.
In 2018 Contact Gold made a new gold discovery at Pony Creek’s West Zone, with near surface oxide gold mineralization in drilling over a 2.3 kilometre strike length.
During 2019, the Company anticipates continuing exploration on the Pony Creek property. The Company plans to grow the new discovery at the West Zone, expand the footprint at North Zone and follow-up on the Pony Spur, Moleen and Elliott Dome targets.
Details of the Offering:
Each Common Share shall be accompanied by one Right which shall automatically convert and entitle the holder thereof to additional Common Shares on the date which is the earlier of: (i) the closing of a public offering by the Company pursuant to a registration statement or offering statement filed with the United States Securities Exchange Commission (a “Qualified Offering”) under the United States Securities Act of 1933, as amended (the “Securities Act”); (ii) a change of control of the Company (a “Change of Control”); or (iii) the date which is one year following the Closing Date (the “Time Deadline”).
Qualified Offering: In the event the Common Shares are offered at a price (the “Qualified Offering Price”) which is greater than the Offering Price, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective price per Common Share in the Offering is equal to a 5% discount to the Offering Price. Alternatively, in the event the Qualified Offering Price is equal to or lower than the Offering Price, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective Offering Price is equal to a 10% discount to the Qualified Offering Price, provided that, in no circumstances, would the additional number of Common Shares issued result in an implied discount greater than that which is prescribed pursuant to the rules of the TSX Venture Exchange (the “TSXV”).
Change of Control: In the event of a transaction resulting in a change of control of the Company, each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective price per Common Share is equal to a 5% discount to the Offering Price, provided that, in no circumstances, would the additional number of Common Shares issued result in an implied discount greater than that which is prescribed under the rules of the TSXV.
Time Deadline: In the event that the Rights are exercised at the Time Deadline each Right will entitle the holder thereof, for no additional consideration, to receive that number of additional Common Shares such that the effective Offering Price is equal to the maximum allowable discount prescribed pursuant to the rules of the TSXV.
Certain eligible persons may receive finder fees in connection with the Offering in the way of cash commission.
The offered securities have not been, nor will they be, registered under the Securities Act or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or any “U.S person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. Offers and sales in the United States will be limited to institutional accredited investor. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
The securities issued pursuant to the Offering will be subject to a four month and one day statutory hold period and are deemed to be “restricted securities” under Rule 144 of the Securities Act, which generally requires a one-year hold period. Completion of the Offering is also subject to the receipt of all necessary approvals, including the approval of the TSXV.
Closing of the Offering is expected to occur as soon as possible.
About Pony Creek:
Pony Creek is an early stage exploration property and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). There has been insufficient exploration to define a mineral resource estimate at Pony Creek. It is uncertain if further exploration will result in targets at Pony Creek being delineated as a mineral resource. There are no assurances that the geological similarities to projects mentioned herein (or documents referenced herein) operated by Gold Standard Ventures or Newmont, or any other project along the Carlin Trend, will result in the establishment of any resource estimates at any of the Company’s property interests including Pony Creek, or that the Pony Creek can be advanced in a similar timeframe.
Additional information about Pony Creek is summarized in the NI 43-101 Technical Report entitled “NI 43-101 Technical Report on the Pony Creek Project, Elko County, Nevada, USA” prepared for Contact Gold, with an effective date of October 16, 2018, and dated October 22, 2018, as prepared by Vance Spalding, C.P.G; VP Exploration of Contact Gold, and can be viewed under Contact Gold’s issuer profile on SEDAR at www.sedar.com.
About Contact Gold Corp.
Contact Gold is an exploration company focused on producing district scale gold discoveries in Nevada. Contact Gold’s extensive land holdings are on the prolific Carlin, Independence and Northern Nevada Rift gold trends which host numerous gold deposits and mines. Contact Gold’s land position comprises approximately 212 km2 of target rich mineral tenure hosting numerous known gold occurrences, ranging from early- to advanced-exploration and resource definition stage.
Additional information about the Company is available at www.contactgold.com.
For more information, please contact: +1 (604) 449-3361
Matthew Lennox-King – President & CEO
E-mail: info@ContactGold.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the anticipated closing of the Offering, the anticipated participation of Waterton therein, the use of proceeds therefrom, the ability to complete a Qualified Offering and there timing thereof, the probability and timing thereof of a change of control, receipt of applicable regulatory approvals, and proposed exploration activities of the Company on the Pony Creek property and the results thereof.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include; receipt of applicable regulatory approvals; availability of financing; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Vancouver, British Columbia, February 4, 2019 (Globe Newswire) – Irving Resources Inc. (CSE:IRV) (“Irving” or the “Company”) is pleased to announce that its wholly-owned subsidiary, Irving Resources Japan GK, has recently acquired two new gold projects in Hokkaido, Japan. Shimokawa Gold Project
Irving recently filed applications for 15 mineral prospecting licenses totaling 48.50 sq km (4,850 hectares) at Shimokawa, an area prospective for hot spring epithermal gold mineralization (Figure 1). All applications have been accepted by the Ministry of Economy, Trade and Industry (“METI”), Hokkaido Bureau, and a multi-step review now begins for final approval. Mitsui Mineral Development Engineering Co., Ltd. (“MINDECO”) is assisting the Company throughout the process.
Irving identified this area as prospective upon discovery of extensive, stacked hot spring silica terraces. The exceptional continuity of these terraces suggests they may have formed in a shallow lake or bay, and Irving believes the feeder structures that generated these deposits are a potential target for high-grade gold-silver veins like those found at the Company’s Omu project 25 km northeast of Shimokawa. Irving plans to undertake stream sediment sampling as well as preliminary mapping and prospecting at Shimokawa during the 2019 field season. Engaru Gold Project
Near the town of Engaru, Irving recently filed applications for 25 mineral prospecting licenses totaling 84.42 sq km (8,442 hectares) covering an area a few km south of the historic Konomai gold field. All applications have been accepted by METI, and a multi-step review now begins for final approval.
Reconnaissance prospecting near Engaru by Irving geologists in November, 2018, led to discovery of several areas of epithermal quartz vein float within a sub-basin of Miocene intermediate and felsic volcanic rocks. Hot spring silica sinter deposits, some with fossilized wood, are also present at Engaru. Like Shimokawa, Irving believes the feeder structures that fed these deposits are a potential target for high-grade gold-silver veins. Irving plans to undertake stream sediment sampling as well as preliminary mapping and prospecting at Engaru during the 2019 field season. Omu Gold Project Additions
Irving recently filed applications for five mineral prospecting licenses totaling 16.26 sq km (1,626 hectares) extending its Omu gold project further west. The Omu gold project now encompasses 168.29 sq km (16,829 hectares). These tenements cover prospective areas west of the recently discussed Hokuryu West high grade vein float samples (please refer to the Company’s news release dated October 19, 2018 for further details). All applications have been accepted by METI, and a multi-step review now begins for final approval.
Quinton Hennigh (Ph.D., P.Geo.) is the Qualified Person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and director of Irving Resources Inc. About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, Project Venture Agreements with Japan Oil, Gas and Metals National Corporation (JOGMEC) for joint regional exploration programs in the United Republic of Tanzania, the Republic of Malawi and the Republic of Madagascar. JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.
Additional information can be found on the Company’s website: www.IRVresources.com. Akiko Levinson, President & Director
For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 641-1214 info@IRVresources.com Forward-looking information
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry as well as Irving having sufficient cash to fund any planned drilling and other exploration activities. THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE. (Figure 1: Map showing Irving’s Hokkaido mineral prospecting licenses.)
Vancouver, British Columbia–(Newsfile Corp. – January 31, 2019) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) (“Miramont” or the “Company”) is pleased to announce that the non-brokered private placement previously announced on January 17, 2019 (the “Private Placement“) was oversubscribed and has now closed. Under the Private Placement, the Company issued an aggregate of 4,716,498 units (“Units“) at a price of $0.35 per Unit for gross proceeds of $1,650,774. Each Unit was comprised of one (1) common share (each, a “Common Share“) in the capital of the Company and one (1) transferrable Common Share purchase warrant (each, a “Warrant“). Each Warrant entitles the holder to purchase one Common Share at a price of $0.50 per Common Share until January 31, 2021. All dollar amounts in this release are expressed in Canadian dollars, unless otherwise stated.
In connection with the Private Placement, the Company paid a total of $28,054 in cash and issued a total of 80,156 Warrants to eligible finders who introduced subscribers to the Private Placement.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring June 1, 2019.
The Company intends to use the net proceeds from the Private Placement for its planned drilling and other activities at Cerro Hermoso, advancing the Lukkacha project and general working capital purposes.
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 key assets are located in southern Peru. The Cerro Hermoso property hosts a 1.4km diameter breccia pipe targeting gold – polymetallic mineralization, while the Lukkacha property is targeting porphyry copper mineralization.
On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
VANCOUVER, British Columbia, Jan. 31, 2019 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce it has received encouraging results from initial testing of mechanical rock sorting of gold-bearing conglomerate from its Karratha gold project.
As discussed in the Company’s news releases dated November 19 and December 20, 2018, the potential viability of mechanical rock sorting was tested by subjecting four bulk samples (see Figure 1 below for sample locations) to crushing, screening, and sorting using a TOMRA mechanical rock sorter. Sorted rock concentrates of very small volume were generated returning high gold contents.
Assays of the sorted waste material, undersize (-6 mm) fraction and oversize fraction (+63 mm) have returned allowing for further evaluation of this technique (please refer to Table 1 below).
Samples KX234 and KX237 generated 81.1% and 89.4% recovery of gold, respectively, from the 6-63 mm fraction that was sorted. These recoveries are considered very encouraging considering these tests are first pass and un-optimized. Interestingly, the best recovery is from the lowest grade sample, KX237.
Although samples KX235 and KX236 generated lower recoveries, the fine (-6 mm) unsorted fraction of each of these samples displays higher grade than the respective calculated head grade. Novo believes the well-oxidized, crumbly nature of the rock comprising these bulk samples may have played a role in lower recoveries. Gold particles appear to have preferentially reported to the fines rather than remain encapsulated in rock that was sorted. Such oxidation persists to about 1-2 m below surface at Karratha. Below this level, Novo believes the targeted conglomerate will be harder and less crumbly.
Sorter tailings commonly display gravity recoveries of gold of over 50% indicating significant coarse gold remains in this material. Novo believes crushing to somewhat finer size, perhaps 50 mm, may improve sorter recoveries because X-rays will more readily penetrate smaller rock particles making it easier for the mechanical sorter to identify gold particles.
Although testing was conducted on rock particles down to 6 mm size, further work is needed to determine the lowest range of particle size that can effectively be sorted. Further crush testing is also required in order to determine means of minimizing generation of fines and maximizing the fraction of material that can be sorted.
Gravity recoveries of gold from the undersize (-6 mm) fraction of the four bulk samples tested during this study range between 44%-64%. This data suggests gravity recovery of gold from unsorted fines may be a viable treatment option.
Novo considers mechanical sorting a potentially low cost means of concentrating gold that is particularly suitable for the nuggety conglomerates Novo is exploring in the Pilbara. Novo is currently undertaking a thorough review of recent mechanical sorting test data to determine means of optimizing crushing and sorting and what further testing is needed.
Table 1 – TOMRA mechanical rock sorting results from four Karratha bulk samples.
Sample
ID
Mass
(kg)
Size Fraction
Size Fraction as % of Total
Mass
Mass of Sorter Concentrate (kg)
Mass of Sorter Concentrate as % of Total Mass
Gold Grade of Sorter Concentrate (gpt)
Gold Grade of Unsorted Material
(gpt)
Gold Grade of Sorter Tails
(gpt)
Stage Recovery of Sorter
(%)
Gold Distribution to Sorter Concentrate (%)
Calculated Head Grade of Sample (gpt)
KX234
5460
greater than 63 mm
2.3%
–
–
–
5.18
–
2.97
6 to 63 mm
67.2%
13.5
0.25%
792.4
–
0.68
81.1%
66.0%
less than 6 mm
30.6%
–
–
–
1.43
–
KX235
3981
greater than 63 mm
19.3%
–
–
–
0.21
–
1.91
6 to 63 mm
64.8%
19.1
0.48%
188.8
–
1.01
58.1%
47.5%
less than 6 mm
15.8%
–
–
–
1.95
–
KX236
4205
greater than 63 mm
9.6%
–
–
–
0.57
–
1.40
6 to 63 mm
61.5%
13.0
0.31%
92.1
–
0.70
39.8%
20.3%
less than 6 mm
28.9%
–
–
–
2.19
–
KX237
4418
greater than 63 mm
9.2%
–
–
–
0.17
–
0.46
10 to 63 mm
41.5%
3.2
0.07%
377.8
–
0.08
89.4%
60.3%
less than 10 mm
49.3%
–
–
–
0.27
–
Size fractions in italics were too coarse or too fine to be sorted
Reported masses may be slightly different to those quoted in the Company’s news release dated December 20, 2018 because materials were re-weighed at the assay laboratory
“Novo is highly encouraged by initial mechanical sorting results,” commented Rob Humphryson, CEO and a Director of Novo. “Typically, mechanical sorting machines are utilized to upgrade mineralization by sorting out waste. In this case, gold is being directly and effectively concentrated. Novo expects that optimizations can be made to further enhance this means of gold recovery.”
Novo staff collected bulk samples discussed in this news release. Bulk samples were crushed at Cook Industrial Minerals in Perth, Australia prior to being shipped to TOMRA. Once rock sorting was completed, the concentrate and smaller mass tailings samples were submitted to MinAnalytical Laboratory Services Australia in Perth, Australia for analysis via Photon assay and fire assay. PhotonAssay methodologies are described in Novo’s news release dated December 20, 2018. Larger tailings samples were submitted to SGS Minerals in Perth, Australia where they were treated in a test plant detailed in Novo’s news releases dated February 6 and May 31, 2018. All assay certificates and head grade calculations were provided by SGS and MinAnalytical, with the calculations and head grades checked by Novo internal resources. There were no limitations to the verification process and all relevant data provided to date was verified.
Dr. Quinton Hennigh, P. Geo., the Company’s, President, Chairman, Director, and a qualified person as defined by National Instrument 43-101, has approved the geological content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
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 news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
Figure 1 – Plan map showing the location of samples KX234, KX235, KX236 and KX237. Sample KX234 is material from the Lower Cannonball Conglomerate. The remaining samples are from the Upper Cannonball Conglomerate.
VANCOUVER , Jan. 31, 2019 /CNW/ – Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the “Company” or “Pacton“) is pleased to announce that it has commenced a high-resolution heliborne magnetic survey over Pacton’s claims in Red Lake, Ontario (Figure 1). This is the initial step in order to prioritize upcoming drill targets as part of an aggressive exploration strategy going forward in this prospective area.
Pacton Red Lake Key Highlights:
Completion of heliborne magnetic survey to identify high priority D2 structures in the Red Lake district
Surface programs to commence on both geological and geophysical targets in 2019
Geologically and structurally similar to Great Bear’s Dixie Project
Pacton’s mineral claims are strategically located between Pure Gold’s Madsen property including the Wedge Zone and Great Bear Resource’s Dixie discovery. Recent drill results from Great Bear Resources (GBR.V) reported 190.78 g/t Au over 5.90 meters including 1,600 g/t Au over a drill width of 0.7 meters in the Hinge Zone (see Great Bear Resources press release dated January 16, 2019 ). Pacton’s Red Lake property geology is similar to the geology that hosts the high-grade discoveries at the Dixie project and Pacton will be using the geophysical data to focus on D2 structures that are proposed to have significant control on gold deposits in the Confederation Assemblage (Figure 2).
View photos
Figure 1. Location map of Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)
View photos
Figure 2. Geology map with D2 structures and Pacton Claims in Red Lake, Ontario (CNW Group/Pacton Gold Inc.)
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of their Red Lake project in North-Western Ontario and their conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company currently controls the third largest conglomerate-hosted gold property portfolio totaling in excess of 2,500 km2, and continues to aggressively review additional accretive acquisitions.
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. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President and CEO
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.
VANCOUVER, Jan. 30, 2019 /PRNewswire/ – 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“). The Property is comprised of 88 mineral claims totaling 1,760 Ha.
View photos
Figure 1. Location map of mineral claims acquired by Pacton Gold. (CNW Group/Pacton Gold Inc.)
Under the terms of the agreement, Pacton will purchase 100% of the Property by issuing 192,310 common shares on receipt of TSX Venture Exchange acceptance to the transaction. The Property is subject to net smelter return royalties totaling 2.25%. The Company has the option to buy back a portion of the royalties for $250,000.
The transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold is a well-financed Canadian explorer 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. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
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.
VANCOUVER, British Columbia, Jan. 29, 2019 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU:TSX-V) (AUXXF:OTCQX) is pleased to report that drilling has commenced at its Monitor Hills gold project in Nevada. ALLEGIANT is drilling a total of six “discovery potential” projects located principally in the world-class gold mining jurisdiction of Nevada, over a 10-12-month period to approximately June 2019. The drilling campaign was initiated at the Red Hills project in August 2018; Monitor Hills is the 4th project to be drilled.
Monitor Hills is 100% owned by ALLEGIANT and is located approximately 35km east-southeast of Tonopah, Nevada. ALLEGIANT began drilling at Monitor Hills in late January 2019; 10-12 rotary drill holes, totaling up to 2,150 meters are planned. Drilling is focused on geochemical gold anomalies determined by surface sampling.
ALLEGIANT performed detailed geologic mapping, completed grid geochemical surveys, and collected over 250 samples of outcrop and float at Monitor Hills. Surface sampling identified eight new target areas where gold values in outcrop exceed 1 g/t gold. Several gold anomalies (values from 20-245 ppb gold) were identified in mostly covered areas that are up to 300 metres long and 100 metres wide.
The target at Monitor Hills is Carlin-type gold mineralization in Cambrian and Ordovician sedimentary rocks. Gold occurs in replacement silicification (jasperoid) of carbonate rocks, or along iron-stained fault zones. The mineralized faults trend mainly north, but northeast and northwest trending structures are also mineralized. A buried Tertiary diorite intrusive body, believed to be shallow under blow sand and sand dunes, occurs just west and southwest of the claim block.
A geology map showing the location of proposed drill sites can be viewed at the following link:
www.allegiantgold.com/nr/2019-01-29-map.pdf
Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.
ABOUT ALLEGIANT
ALLEGIANT owns 100% of 12 highly-prospective drill-ready gold projects in the United States, 9 of which are located in the mining-friendly jurisdiction of Nevada. ALLEGIANT is one of the most active explorers in the gold sector; three projects with “discovery” potential have been drilled since August 2018, and at least four more are planned to be drilled in 2019. ALLEGIANT’s flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com
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.
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include, but are not limited to statements and information regarding: Allegiant’s property holding costs savings or income generated from optioning out certain properties; Allegiant’s drilling and exploration plans for its properties, including anticipated costs and timing thereof; the potential of hosting good grade gold mineralization or expansion; Allegiant’s belief with respect to North Brown anomalies and the related transportation of mineralized fragments, including the discovery of the source of the mineralized breccia fragments; Allegiant’s plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, working capital requirements; and Barrian’s plan to complete an initial public offering and its acquisition of certain properties. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
January 28, 2018, Vancouver, B.C., Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic” or the “Company”) announces additional high-grade results from the 2018 exploration programs conducted at its 100% owned McKay Hill Project, located 50 kilometers north of the historic Keno Hill Silver District in the Yukon Territory, and adjacent to ATAC’s Rackla property. Although earlier stage than the Company’s Keno Silver Project to the south, Metallic see’s similar potential for a district scale high-grade silver-lead-zinc-copper system at McKay Hill based on results to date including:
Total of 37 vein structures identified on the property to date, with the discovery of 18 new silver-lead-zinc-rich structures in 2018, with 61 samples ranging 1,000 to 4,326 g/t silver equivalent;
The outline of six kilometer-scale areas of highly elevated silver, lead, zinc, copper and gold in soils and rock sampling; and
Advancement of the Central Zone targets to drill-ready stage along with demonstration of the potential to host bulk-tonnage mineralization.
The McKay Hill Project occurs within a belt of silver-lead-zinc related deposits that stretches from the Alaska border to the southern part of the Yukon and includes the famous Keno Hill Silver District. McKay Hill was discovered in the 1920s and had production in the 1940s of high-grade material from the No. 6 Vein Corridor grading 390.8 g/t Ag and 74.1% Pb.1 With at least 37 vein structures (including the 18 new structures discovered in 2018) which have only seen limited exploration, the area shows potential to host a significant district-scale vein system similar to Keno Hill.
Metallic CEO and Chairman, Greg Johnson, stated, “We are very pleased to report these additional rock and trenching results from our 2018 exploration program at the McKay Hill Project, which significantly advanced the project with 18 newly defined vein structures, including some spectacular bonanza grades. To date, a total of 61 rock samples have exceeded 1,000 g/t silver equivalent values with values up to 4,326 g/t silver equivalent in rock samples and up to 2,126 g/t silver equivalent over 2 meters in channel sampling. Work in 2018 has identified 6 separate kilometric-scale target areas with high-grade silver values along with associated lead, zinc and copper mineralization covering an area approximately 3 kilometers by 1.5 kilometers wide in soil and rock sampling (See news release December 4th, 2018, Metallic Minerals Identifies Multiple Kilometer-long Anomalies at McKay Hill, Yukon Territory). These results have significantly expanded the areas of known mineralization but cover only a small portion of the 44 square kilometer property, supporting the potential for the discovery of additional mineralized targets in future programs. This year’s program successfully achieved the key objectives of expansion of the main Central Zone target through trench, rock and soil sampling and identifying and refining six additional kilometric-scale target zones, including the West McKay, Bella, Red, Falls and Snowdrift and Independence Zones (see Figure 1). A comprehensive exploration program is being planned for 2019 at McKay Hill in coordination with the Company’s Keno Silver Project exploration activities. We look forward to providing additional updates on Metallic’s portfolio of projects in coming weeks.” Central Zone Target Area
The Central Zone was the focus of historic exploration, and production occurred from a small area of the No. 6 Vein within the Central Zone. Exploration work in 2018 has substantially expanded the number of the Central Zone vein exposures, and understanding thereof, resulting in the identification of high-quality targets for drill testing. Importantly, this year’s program has demonstrated that the historically productive No. 6 Vein is part of a much larger system of vein structures than had been previously recognized, now termed the No. 6 Vein Corridor. At least 20 major north-northeast-trending vein structures have been identified in the Central Zone along with northeast-trending stockwork zones in what is now interpreted to be a >1 kilometer-long by 250-metre-wide mineralized corridor that remains open to expansion at both ends (see Figure 1 inset).
The northeast-trending No. 6 Vein Corridor consists of widespread, near-vertical, high-grade silver-bearing massive sulfide veins. Very high combined silver and gold grades occur where these veins intersect with the numerous NNE trending gold and copper enriched veins. To date, 35 samples in the Central Zone have exceeded 1,000 g/t silver equivalent (“Ag Eq”) values, demonstrating the potential for high-grade mineralization in these vein systems (see Table 2 values from 2018 sampling). In addition, as part of the exploration program in 2018, a portable excavator was used to trench across key vein intersections to allow for detailed mapping of the structures, including their orientations and true thickness, and to better understand their relationships with the underlying geology (see Figure 2). Sample results from the trenches that indicate these features, returned composite mineralized widths of up to 16 m of 321 g/t Ag Eq and 7.3 m at 542 g/t Ag Eq with both trenches internal to the mineralized boundary, suggesting the potential for significantly broader packages of bulk tonnage mineralization. The small size of the equipment and topographic limitations did not allow for longer trenches to test across the entire 250 m wide mineralized zone in 2018, but such sampling will be a priority in future programs. Bella and other Surrounding Target Areas
In addition to the work on the Central Zone, exploration on the surrounding areas included the West McKay, Bella, Falls, Red, Independence, Snowdrift, Nash and White Hill targets. Work in these target areas focused on systematic soil grid sampling, along with rock sampling within the identified zones of interest. Results of the 2018 field program have revealed more than a dozen newly discovered vein structures in new areas for follow with seven rock samples returning greater than 500 g/t Ag equivalent values.
Analytical metal values from the 2018 assays provide encouraging results and select assays from all surface related sampling activities at the McKay Hill Project are presented in Table 2. Select sample results from these veins, highlighted in grey, show elevated silver, gold, copper, lead and zinc numbers. These veins returned promising results for initial sampling efforts on new discoveries.
Figure 1: Mineralized Zones, Rock Chip Samples and Soil Sample Locations from the 2018 Field Program
Table 1: Central Zone Target Area Highlight Rock Sample Assays from 2018 Field Program. Most significant values are shown in red
Silver Equivalent values assume Ag $16/oz, Pb $1.10/lb, Zn $1.25/lb, Au $1,250/oz, Cu $3.00/lb and 100% recovery
Table 2: 2018 Surface Sample Results from McKay Hill Project on Surrounding Target Areas.
Results of new vein discoveries are shaded in gray. Most significant values are shown in red
Silver Equivalent values assume Ag $16/oz, Pb $1.10/lb, Zn $1.25/lb, Au $1,250/oz, Cu $3.00/lb and 100% recovery
Figure 2: Trench Assay Locations and Results from the Central Zone Target Area
Table 3: Sample Results from 2018 Reconnaissance Survey of Outlying Target Areas. Most significant values are shown in red.
Silver Equivalent (Ag Eq g/t) values assume Ag $16/oz, Pb $1.10/lb, Zn $1.25/lb, Au $1,250/oz, Cu $3.00/lb and 100% recovery. Next Steps
While compilation and analysis of the new results is ongoing, the Company envisions the following next steps for the McKay Hill Project:
Continued reconnaissance and prospecting of the broader project area including the 42 new claims staked in 2018;
Continued mapping, soil sampling and trenching activities to extend the six identified target areas as well as to expand covered with new soil grids over additional targets and extensions of current open anomalies; and
Refinement of targets on the Central Zone mineralization for initial drill testing focused on the No. 6 Vein Corridor to assess the composite grades over the length and width of the kilometric scale corridor.
Upcoming News and Events, Including Sample Display at AMEBC Roundup
Metallic will be participating in the 2019 AMEBC Mineral Roundup Event in Vancouver. Investors are invited to view samples from the Keno Silver and McKay Hill projects at booth #1009 in the Exhibit Hall for the duration of the show, and will be at the PDAC convention in March in Toronto, among other upcoming shows.
The Company looks forward to releasing additional results from the Keno Silver Project in coming weeks. About the McKay Hill Project
The 100% owned McKay Hill Project covers 44 km2 within a belt of silver-lead-zinc related deposits that stretch from the Alaska border to the southern part of the Yukon and includes the famous Keno Hill Silver District, approximately 50 kilometers to the south. McKay Hill is a historic high-grade producer that shows potential to host a significant district scale vein system like Keno Hill, with at least 37 identified mineralized vein structures that have seen very limited modern exploration. Recent field work conducted by Metallic Minerals has confirmed high grades of silver, lead and zinc as well as significant associated gold and copper values. Targets include both high-grade structurally controlled mineralization as well as potential bulk tonnage mineralization.
All 2018 rock and soil samples collected on the property were processed at Bureau Veritas Mineral Laboratories in Vancouver British Columbia.
1 – Geological and Geochemical Evaluation Report on the McKay Hill Project, Jean Pautler, P.Geo. JP Exploration Services Inc., 2009 About Metallic Minerals Corp.
Metallic Minerals Corp. is a growth-stage exploration company focused on the acquisition and development of high-grade silver and gold in the Yukon within under-explored districts with potential to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s McKay Hill Project, northeast of Keno Hill, is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing. 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 silver, platinum and palladium, and copper producers. Member companies include Metallic Minerals (TSX-V: MMG) in the Yukon’s Keno Hill Silver District, Group Ten Metals (TSX-V: PGE) in the Stillwater PGM-Ni-Cu district of Montana, and Granite Creek Copper (TSX-V: GCX.H) in the Yukon’s Carmacks copper district. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.metallic-minerals.com
Email: chris.ackerman@metallic-minerals.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Quality Assurance / Quality Control
Analytical work in 2017 was done by Bureau Veritas Commodities Canada Ltd. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Each rock (grab) sample was analyzed for 36 elements using an Aqua Regia digestion with inductively coupled plasma-atomic emission spectroscopy (ICP-AES) and inductively coupled Plasma-mass spectrometry (ICP-MS) (AQ202). Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish (FA530-Ag, Au). Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry (MA404) or titration (GC516, GC8917). All results have passed the QAQC screening by the lab.
Qualified Person
Scott Petsel, P.Geo, Vice President, Exploration and an employee of Metallic Minerals Corp., is a Qualified Person as defined by National Instrument 43-101. Mr. Petsel has reviewed the scientific and technical information in this news release and approves the disclosure contained herein. Mr. Petsel has reviewed the results of the sampling program and confirmed that all procedures, protocols and methodologies used in the drill program conform to industry standards.
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 Metallic Minerals 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 Metallic Minerals 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.
Vancouver, British Columbia–(Newsfile Corp. – January 28, 2019) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce Boreal Metals Corp.’s (“Boreal”) recent diamond drill results and the discovery of a high grade zone of zinc-silver-lead-gold mineralization at EMX’s Gumsberg royalty property. EMX is a royalty holder on the Gumsberg project, and currently owns a 9.4% equity interest in Boreal. Gumsberg is located in the Bergslagen mining district of southern Sweden. The drill results include 11.00 meters averaging 5.90% zinc, 239.0 g/t silver, 2.51% lead, and 0.96 g/t gold in hole GUM-18-003, and 11.01 meters averaging 7.45% zinc, 275.1 g/t silver, 2.65% lead, and 0.77 g/t gold in hole GUM-18-004 (true widths estimated at 50% of reported interval lengths). EMX congratulates Boreal on its new high grade discovery, termed the South Zone, and looks forward to further advancement of the Company’s Gumsberg royalty interests.
Boreal reported results from the first four holes of its recently completed nine hole, 1,620.8 meter winter drill program, including GUM-18-003 and GUM-18-004, which intersected South Zone massive sulfide mineralization east and west of previously reported hole BM-17-005 (10.94 meters averaging 16.97% zinc, 656.7 g/t silver, 8.52% lead, and 0.76 g/t gold; true width estimated at 20-50% of reported interval length). The South Zone occurs near the historic Östra Silvberg mine, and is currently delineated as 130 meters of eastward plunging mineralization that remains open for expansion to the east and at depth. Holes GUM-18-001 and GUM-18-002, drilled west of the South Zone, did not return significant intercepts. GUM-18-001 terminated when it drilled into an unmapped mine working, and GUM-18-002 deviated from plan and failed to intersect the target horizon.
Boreal reported that additional assays pending from the remaining holes of the winter campaign are expected in the coming weeks. Please see Boreal’s news release dated January 28, 2019 for further details, and Appendix 1 of this news release for a table of drill results reported by Boreal.
EMX has a significant equity interest in Boreal, as well as its subsidiary company Boreal Energy Metals Corp. (“BEMC”), that resulted from the sale of Gumsberg and other royalty generation properties in Sweden and Norway[1]. EMX retains uncapped 3% net smelter return (NSR) royalty interests on each of the properties sold to Boreal and BEMC[2], including the Gumsberg project, and will receive annual advance royalty (AAR) payments and other considerations from the sale of the projects.
The Boreal agreements are an excellent example of EMX’s execution of the royalty generation aspect of the Company’s business model. EMX leveraged in-country geologic and business development expertise to acquire prospective properties on open ground, built value through low cost work programs and targeting, and partnered the projects for retained royalty interests, equity interests, and AAR payments. This business strategy has provided EMX with substantial share equity in Boreal and BEMC, exposure to exploration and discovery upside at no additional cost, and the potential for future royalty payments upon the commencement of production.
EMX continues to build its portfolio of precious metal, base metal, and cobalt properties in Scandinavia. Many new properties are available for partnership. Please see www.EMXroyalty.com for more information.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
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For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the nine month period that ended on September 30, 2018 (the “MD&A”), and themost recently filed Form 20-F for the year that ended on December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Appendix 1
Drill results reported in Boreal’s January 28, 2019 news release.
Hole ID
From Meters
To Meters
Length Meters
Zn %
Ag g/t
Pb %
Au g/t
GUM-18-001
No significant intercepts; intersected previously unidentified mine stope.
GUM-18-002
No significant intercepts; geological interpretations suggest hole failed to reach the targeted horizon.
GUM-18-003
105.00
116.00
11.00
5.90
239.00
2.51
0.96
Including
105.00
108.00
3.00
5.71
386.00
2.30
2.33
and
109.65
111.10
1.45
23.78
666.48
9.37
1.72
and
113.00
114.00
1.00
4.73
222.00
2.83
0.70
and
114.80
116.00
1.20
6.96
227.00
3.49
0.31
GUM-18-004
162.16
173.17
11.01
7.45
275.12
2.65
0.77
Including
162.16
164.18
2.02
11.09
313.00
3.61
0.76
and
165.28
166.18
0.90
8.93
403.00
3.62
1.17
and
165.28
168.50
3.22
8.57
343.39
3.68
1.52
and
169.45
172.25
2.80
11.05
429.14
3.25
0.70
True widths are estimated to be 50% of reported interval lengths.
Statement of Quality Control, Quality Assurance and Core Handling Protocols reported in Boreal’s January 28, 2019 news release.
Drill core is logged and prepped for sampling before submittal to ALS in Malå, Sweden where it is cut, bagged and prepped for analysis. Accredited control samples (blanks and accredited standards) are inserted into the sample intervals regularly. Samples are dried (if necessary), weighed, crushed (70% < 2mm), and riffle split into two fractions. One is retained (coarse reject) and the other is pulverized to 85% < 75µm. Pulps are analyzed by ultra-trace ICP-MS (ME-MS41) and ICP-AES Au-Pt-Pd (PGM-ICP23). Over detection limit samples are reanalyzed using ore grade ICP-AES by aqua regia (ME-OG46) or by AAS in the case of high grade zinc (Zn-AAORE).
[1]See EMX news releases dated November 22, 2016, January 16, 2018, February 9, 2018 and April 11, 2018.
[2]Boreal and BEMC retain a right to purchase 1% of the NSR royalty on individual projects by paying EMX CDN $2,500,000 in cash and shares within five years of the closing date.
