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Vancouver, British Columbia–(Newsfile Corp. – November 6, 2023) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the Wolf Vein. Drill hole DV23-375, an 81 meter step-out from mineralization encountered in 2022 and 50 meters below DV23-268 (Sept. 11, 2023 news release) that intersected a wide breccia vein zone. In addition, initial drilling at the Moose Vein, 1.5 kilometers North of Wolf, intersected silver mineralized veining similar to the system at Wolf.
Highlights from the Wolf Vein drilling include:
- DV23-375, Southwest Extension step-out: 461 g/t AgEq* (296g/t Ag, 1.68% Pb, 3.01% Zn) over 26.99 meters, including 2,260 g/t AgEq* (1,475g/t Ag, 10.65% Pb, 12.00% Zn) over 0.50 meter from an 81 meter step-out
- DV23-379, Southwest Extension infill: 287 g/t AgEq* (247g/t Ag, 0.40% Pb, 0.73% Zn) over 18.21 meters, including 1,170g/t AgEq (1,125g/t Ag, 0.14% Pb, 1.09% Zn) over 0.50 meters
Highlights from initial drilling at the Moose Vein, located 1.5 kilometers from Wolf Vein within the 5.4 kilometer long belt of silver mineralization **:
- DV23-371: 712 g/t Ag over 1.00 meter within a 7.55 meters length interval averaging 269 g/t Ag
1AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn, assays are uncut
Reported intervals are drill core length; true widths vary from 50 to 85% of core length interval. The dip of the Wolf Vein at depth, and the Moose Vein have insufficient data to define accurate dip (tables 1 and 2).
“The results we are seeing from the Wolf Vein continue to demonstrate depth continuity of the high-grade silver mineralization as well as an increase in base metal content,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver. “Drill hole DV23-375 has extended the plunge length to over 950 meters with increased thickness of the potentially underground bulk-mineable mineralization and it remains wide open for expansion. With over 70 drill holes remaining to be assayed and announced we eagerly await their results.”
A total of 51,454 meters was completed during 2023 in 115 drill holes at the Dolly Varden and Homestake Ridge areas with 23,923 of those from the Dolly Varden Project area. The Contractor’s drills have been demobilized and the exploration camp has been winterized. This release includes eight holes from Wolf and four holes from Moose. A total of 31 holes for 15,860 meters were drilled at Wolf in 2023.
Figure 1. Location of Wolf and Moose Veins as well as significant Silver and Gold Deposits of Dolly Varden’s Kitsault Valley Trend. Suggested 1.5km periodicity of cross-valley silver bearing veins
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Holes DV23-375 is an 81m step-out down plunge from drill hole DV22-320, that intersected 321g/t Ag over 12.85 meters (see Feb. 6, 2023 news release) and 50 meters below DV23-268 that intersected 381 g/t Ag over 29.34 meters (see Sept. 11, 2023 news release). Wolf Vein mineralization has consistent, high-grade silver mineralization within a wide multi phase vein breccia within a northeast-southwest oriented epithermal vein system. The mineralization and alteration encountered at the Wolf Vein system is becoming wider in the southwest step-outs and the dip of the system is steepening at depth.
Drill hole DV23-379 intersected silver mineralization 25 meters above DV22-320 and was planned infill between DV22-320 and DV23-368; this hole did not deviate as much as other holes typically do and thus intersected the Wolf Vein closer to DV23-320 than planned.
Initial holes at Wolf during the 2023 drill program tested between the widely spaced holes completed the previous season and successfully intersected the vein structure both within and peripheral to the southwest plunge of the high-grade silver mineralization. Drilling at Wolf during the 2023 program consisted of infill and testing for extensions to the high-grade silver mineralization.
Drill holes DV23-366, 367 and 370 are located on the northeast extension of the Wolf structure and encountered strong potassic alteration and narrow vein stockwork with anomalous lead and zinc associated with the extension of the Wolf structure.
Drill holes DV23-364 and 366 tested the limits outside of the wider and higher-grade silver shoot and encountered the Wolf structure with minor veining and strong alteration.
Figure 2. Wolf Vein Longitudinal section with plunge of high-grade silver mineralization and DV23-375 step-out,
assays received in this release shown in bold white
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Figure 3. Drill hole DV23-375 (743.00m to 768.25m) from the Wolf Vein hanging wall side; wide, multi-phase breccia vein style mineralization with argentiferous galena, argentite and native silver
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Figure 4. Wolf Vein Plan View showing Drill Hole locations, A-A’ long section position, bold white this release.
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Figure 3. Drill hole DV23-371 (141.75m) Moose Vein textures similar to Wolf Vein with silver sulfosalts and argentiferous galena in bands
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Table 1. Complete Drill Hole Assays from Wolf Vein
| Hole ID | From | To | Length* (m) | Ag (g/t) | Pb (%) | Zn (%) | Au (ppm) | AgEq** (g/t) |
| DV23-379 | 719.89 | 738.10 | 18.21 | 247 | 0.40 | 0.73 | 287 | |
| Hanging Wall | 719.89 | 728.67 | 8.78 | 430 | 0.39 | 0.46 | 459 | |
| including | 724.30 | 724.80 | 0.5 | 1125 | 0.14 | 1.09 | 1170 | |
| Foot wall | 729.17 | 738.10 | 8.93 | 78 | 0.44 | 1.03 | 131 | |
| DV23-376 | 784.50 | 857.85 | 73.35 | 10 | 0.50 | 0.52 | 45 | |
| stkwrk | 784.50 | 845.12 | 60.62 | 5 | 0.28 | 0.57 | 35 | |
| including | 825.73 | 826.75 | 1.02 | 72 | 7.13 | 1.36 | 344 | |
| Hanging Wall | 845.12 | 852.60 | 7.48 | 34 | 2.47 | 1.02 | 149 | |
| Foot Wall | 852.60 | 857.85 | 5.25 | 31 | 0.20 | 0.35 | 50 | |
| DV23-375 | 747.16 | 774.15 | 26.99 | 296 | 1.68 | 3.01 | 461 | |
| Hanging Wall | 747.16 | 757.90 | 10.74 | 371 | 2.82 | 4.99 | 647 | |
| including | 751.80 | 752.30 | 0.5 | 1475 | 10.65 | 12.00 | 2260 | |
| Foot Wall | 765.75 | 774.15 | 8.4 | 328 | 1.38 | 1.96 | 445 | |
| DV23-370 | 52.67 | 53.17 | 0.5 | 102 | 0.41 | 0.06 | 117 | |
| and | 168.21 | 168.71 | 0.5 | 48 | 0.48 | 1.20 | 108 | |
| DV23-369 | 478.80 | 480.00 | 1.2 | 9 | 1.31 | 1.10 | 91 | |
| and | 512.63 | 513.13 | 0.5 | 21 | 0.14 | 4.85 | 209 | |
| DV23-367 | 68.75 | 69.30 | 0.55 | 119 | 0.12 | 0.08 | 126 | |
| and | 132.15 | 132.75 | 0.6 | 2 | 0.06 | 0.08 | 1.83 | 158 |
| DV23-366 | 107.85 | 108.35 | 0.5 | 67 | 1.30 | 0.05 | 110 | |
| and | 140.00 | 140.77 | 0.77 | 281 | 0.48 | 0.08 | 299 | |
| and | 207.75 | 208.55 | 0.8 | 32 | 1.67 | 0.40 | 99 | |
| DV23-364 | 263.61 | 289.33 | 25.72 | 7 | 0.37 | 0.22 | 27 | |
| including | 268.30 | 268.81 | 0.51 | 33 | 1.93 | 0.82 | 123 | |
| including | 269.70 | 270.56 | 0.86 | 21 | 3.46 | 0.87 | 161 |
Table 2. Complete Drill Hole Assays from Moose Vein
| Hole ID | From | To | Length* (m) | Ag (g/t) | Pb (%) | Zn (%) | Au (ppm) | AgEq** (g/t) |
| DV23-371 | 140.15 | 147.70 | 7.55 | 269 | 0.38 | 0.13 | 285 | |
| including | 144.00 | 145.00 | 1 | 712 | 0.29 | 0.19 | 728 | |
| and | 168.30 | 171.50 | 3.2 | 42 | 1.86 | 0.72 | 127 | |
| DV23-372 | 132.63 | 137.25 | 4.62 | 14 | 0.57 | 0.28 | 42 | |
| including | 133.30 | 134.50 | 1.2 | 24 | 1.76 | 0.94 | 114 | |
| DV23-373 | 73.90 | 74.66 | 0.76 | 27 | 1.64 | 1.10 | 120 | |
| 90.00 | 94.08 | 4.08 | 19 | 0.56 | 0.41 | 52 | ||
| DV23-374 | 30.60 | 32.35 | 1.75 | 39 | 0.93 | 1.17 | 112 |
* Intervals given are drill core length, true widths vary from 50 to 85% of core length interval. Assays reported are uncut.
**AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 3. Drill Hole Collars for 2023 Dolly Varden Wolf and Moose Area Drilling (this release)
| Hole ID | Easting | Northing | Elev. | Azimuth | Dip | Length |
| UTM83 (m) | UTM83 (m) | (m) | (m) | |||
| DV23-364 | 467227 | 6173773 | 385 | 140 | -60 | 474 |
| DV23-366 | 467283 | 6173984 | 517 | 115 | -45 | 225 |
| DV23-367 | 467351 | 6173891 | 496 | 120 | -45 | 250 |
| DV23-369 | 467013 | 6173643 | 383 | 130 | -61 | 675 |
| DV23-370 | 467278 | 6173906 | 448 | 120 | -45 | 213 |
| DV23-371 | 467141 | 6174889 | 750 | 170 | -55 | 181 |
| DV23-372 | 467141 | 6174889 | 750 | 198 | -60 | 240 |
| DV23-373 | 467283 | 6174746 | 726 | 320 | -45 | 151 |
| DV23-374 | 467283 | 6174746 | 726 | 30 | -45 | 133 |
| DV23-375 | 466780 | 6173610 | 481 | 130 | -56 | 846 |
| DV23-376 | 466780 | 6173610 | 481 | 128 | -60 | 888 |
| DV23-379 | 466815 | 6173693 | 446 | 136 | -56 | 849 |
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program for Dolly Varden on the Kitsault Valley Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the Company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedarplus.ca. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186352
Vancouver, British Columbia–(Newsfile Corp. – November 2, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that, further to its news release dated October 30, 2023, the Company completed the sale of 15,384,616 common shares of the Company to Hecla Canada Ltd. (“Hecla“) on November 1, 2023 at a price of $0.65 per Common Share for gross proceeds of $10 million (“Offering“). As a result of the Offering, Hecla has increased its shareholding in the Company to 15.7% from 10.6%, calculated on an undiluted basis.
No bonuses, finder’s fee or commissions were paid in connection with the Offering. The Common Shares issued pursuant to the Offering are subject to a four-month hold period from the closing of the Offering in addition to any other restrictions under applicable law.
In connection with the Offering, Dolly Varden has agreed with Hecla that the Company will not complete any further debt or equity financings for the remainder of 2023. Additionally, Dolly Varden has agreed that between January 1, 2024 and September 1, 2024, without the prior consent of Hecla, it will not complete any debt or equity financings other than equity financings for net proceeds to the Company of up to $15 million and provided that the issue price under such financing is greater than $0.65 per security. These restrictions do not capture customary exceptions such as the issuances of securities related to the Company’s equity based incentive compensation, the exercise of existing convertible securities and strategic transactions for non-cash consideration.
$6 million of the net proceeds from the Offering will be used for exploration expenditures, mineral resource expansion and related costs in the Kitsault Valley project, located in northwestern British Columbia, Canada, with the balanced to be used for working capital and G&A costs.
Hecla is considered a related party of the Company under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as a result of its ownership of more than 10% of the currently issued and outstanding Common Shares. As a result, the issuance of Common Shares to Hecla pursuant to the Offerings was a related party transaction. The Company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Offering by Hecla does not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time. Further details can be found in the material change report that will be filed by the Company in due course.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, the intended use of proceeds from the Offering, the future release of a material change report and other statements that are not historical facts. These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the use of proceeds of the Offering, the adequacy of the Company’s current financial position, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the Company on desirable and permitted terms, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the risk that the Company may not be able to complete the Offering on the terms described herein or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The risk factors identified herein are not intended to represent a complete list of factors that could affect the Company. For additional information on risks and uncertainties, see the Company’s annual information form dated April 11, 2023 for the year ended December 31, 2022 and the Company’s base-shelf prospectus dated April 25, 2023, both available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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.
For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185969
North Vancouver, British Columbia–(Newsfile Corp. – November 2, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of Tuvatu, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. Grade control drilling is focused on the sections of lodes UR1, UR2, and URW3 that are scheduled for mining in early 2024, whereas infill drilling is focused on the parts of Zone 5 that are scheduled for mining in 2024 and 2025. Previous results from Zone 5 are available in the news releases dated June 14, 2023 and August 10, 2023.
Highlights of results (3.0 g/t cutoff):
- 90.76 g/t Au over 2.4 m (including 261.47 g/t Au over 0.6 m) (TUDDH-659, from 221.3 m depth)
- 18.56 g/t Au over 3.0 m (including 101.89 g/t Au over 0.3 m) (TGC-0081, from 92.1 m depth)
- 86.47 g/t Au over 0.6 m (TUDDH-672, from 141.1 m depth)
- 11.31 g/t Au over 3.9 m (including 65.29 g/t Au over 0.3 m) (TGC-0084, from 99.3 m depth)
- 46.78 g/t Au over 0.6 m (TUDDH-671, from 127.7 m depth)
- 38.75 g/t Au over 0.6 m (including 64.10 g/t Au over 0.3 m) (TGC-0107, from 136.2 m depth)
- 16.60 g/t Au over 1.2 m (including 24.37 g/t Au over 0.6 m) (TGC-0101, from 125.7 m depth)
- 31.56 g/t Au over 0.6 m (TUDDH-676, from 158.9 m depth)
- 51.76 g/t Au over 0.3 m (TUDDH-665, from 260.3 m depth)
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
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Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 4 in the appendix.
| Hole ID | From | To | Interval (m) | Au (g/t) | |
| TUDDH-659 | 221.3 | 223.7 | 2.4 | 90.76 | |
| including | 221.3 | 222.5 | 1.2 | 176.28 | |
| which includes | 221.3 | 221.6 | 0.3 | 83.62 | |
| and | 221.6 | 222.2 | 0.6 | 261.47 | |
| and | 222.2 | 222.5 | 0.3 | 98.55 | |
| TGC-0081 | 92.1 | 95.1 | 3 | 18.56 | |
| including | 92.1 | 92.4 | 0.3 | 101.89 | |
| and | 92.4 | 92.7 | 0.3 | 35.02 | |
| TUDDH-672 | 141.1 | 141.7 | 0.6 | 86.47 | |
| TGC-0084 | 99.3 | 103.2 | 3.9 | 11.31 | |
| including | 99.6 | 99.9 | 0.3 | 28.93 | |
| and | 100.8 | 101.1 | 0.3 | 65.29 | |
| TUDDH-671 | 127.7 | 128.3 | 0.6 | 46.78 | |
| TGC-0107 | 136.2 | 136.8 | 0.6 | 38.75 | |
| including | 136.2 | 136.5 | 0.3 | 64.10 | |
| and | 136.5 | 136.8 | 0.3 | 13.40 | |
| TGC-0101 | 125.7 | 126.9 | 1.2 | 16.60 | |
| including | 125.7 | 126.3 | 0.6 | 24.37 | |
| TUDDH-676 | 158.9 | 159.5 | 0.6 | 31.56 | |
| TUDDH-676 | 252.2 | 253.1 | 0.9 | 18.59 | |
| TUDDH-676 | 243.2 | 245 | 1.8 | 9.05 | |
| including | 243.2 | 243.8 | 0.6 | 19.87 | |
| TUDDH-665 | 260.3 | 260.6 | 0.3 | 51.76 | |
| TUDDH-657 | 109.6 | 111.1 | 1.5 | 9.32 | |
| including | 109.6 | 109.9 | 0.3 | 35.89 | |
| and | 110.8 | 111.1 | 0.3 | 10.25 | |
| TUDDH-674 | 130.7 | 131.9 | 1.2 | 11.65 | |
| including | 130.7 | 131.3 | 0.6 | 20.18 |
Zone 5
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes at Tuvatu (UR1, UR2, UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several smaller lodes to the west of the main decline (URW2, URW2A, URW3). The lodes in Zone 5 are all steeply dipping structures. Zone 5 represents the upward extension of the Zone 500 feeder zone, where several lodes coalesce into a wide zone of very high-grade mineralization, such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608). The Zone 5 lodes targeted in the current round of drilling are shown in Figure 2. The location of Zone 5 relative to Zone 500 is also shown in Figure 2.
Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
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A total of 10 grade control and 10 infill drillholes are included in this release. The grade control drill program was conducted from underground and targeted the UR1, UR2, and URW3 lodes. The program was designed to provide a detailed understanding of the mineralization and geometry of these lodes both above and below the current underground developments. The grade control drillholes reported in this news release were drilled on 20 m centers. This will be followed up by additional grade control drilling to increase drill density to 10 m centers in advance of mining. The area targeted by these grade control drillholes is outside the current PEA mine plan but is being brought into the mine plan for 2024 based on drilling results. This part of Zone 5 is currently scheduled for mining in early 2024.
The infill drill program was conducted from surface and was designed to target the portions of lodes UR1 to UR7 located between the surface and the current underground developments. The purpose of the infill drill program is to increase knowledge and grade continuity in this area, and to further de-risk this portion of the deposit, which is scheduled for mining in 2024 and 2025. High-grade intercepts from the current round of Zone 5 grade control drilling are shown in Figure 3, while high-grade intercepts from the current round of Zone 5 infill drilling are shown in Figure 4. Examples of Zone 5 mineralization are shown in Figure 5.
Figure 3. Location of High-Grade Gold Intercepts from Zone 5 Grade Control Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 grade control drillholes reported in this news release. The grade control drilling targeted sections of the UR1, UR2, and URW3 lodes above and below current underground developments, shown in grey. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, grades between 10 and 30 g/t gold are shown in red, and grades over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking north.
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Figure 4. Location of High-Grade Gold Intercepts from Zone 5 Infill Drilling, 3.0 g/t cutoff. High-grade gold intervals from Zone 5 infill drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t gold are shown in orange, intervals with grades between 10 and 30 g/t gold are shown in red, and intervals over 30 g/t gold are shown in purple. Select high-grade intervals are identified. View is looking approximately NNE.
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Figure 5. Example Mineralization from Zone 5 Infill and Grade Control Drilling. Top left: Monzonite-hosted silica-pyrite-sphalerite-galena veins (TGC-0096, 87.5 m). Top middle: Chalcedonic quartz veins with coarse pyrite cross-cutting potassically altered monzonite (TUDDH-658, 69.5 m). Top right: Breccia zone with coarse-grained honey sphalerite and pyrite (TUDDH-657, 109.7 m). Bottom left: Stockwork-style veining with diffuse alteration halos and pyrite, sphalerite, and galena. (TGC-0081, 92.3 m). Bottom middle: Stockwork-style silica-pyrite-sphalerite-galena veins within altered monzonite (TUDDH-668, 127.2 m). Bottom right: Close-up view of coarse-grained pyrite within a zone of stockwork-style silica-pyrite veining. Specks of visible gold are highlighted in the yellow circles, width of image is approximately 3.5 cm (TUDDH-672, 141.3 m). Core diameter is 4.76 cm in each photo.
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About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control and infill drillholes in the Zone 5 area (grade >3.0 g/t Au)
| Hole ID | From | To | Interval (m) | Au (g/t) | |
| TGC-0081 | 92.1 | 95.1 | 3 | 18.56 | |
| including | 92.1 | 92.4 | 0.3 | 101.89 | |
| and | 92.4 | 92.7 | 0.3 | 35.02 | |
| TGC-0084 | 99.3 | 103.2 | 3.9 | 11.31 | |
| including | 99.6 | 99.9 | 0.3 | 28.93 | |
| and | 100.8 | 101.1 | 0.3 | 65.29 | |
| TGC-0086 | 82.3 | 84.1 | 1.8 | 3.98 | |
| TGC-0088 | 75.7 | 76.9 | 1.2 | 5.87 | |
| TGC-0093 | 99 | 99.9 | 0.9 | 4.65 | |
| TGC-0096 | 87.4 | 88 | 0.6 | 13.31 | |
| TGC-0098 | 104.8 | 105.1 | 0.3 | 5.19 | |
| TGC-0098 | 107.8 | 108.4 | 0.6 | 6.29 | |
| TGC-0098 | 111.4 | 111.7 | 0.3 | 6.18 | |
| TGC-0101 | 125.7 | 126.9 | 1.2 | 16.6 | |
| including | 125.7 | 126.3 | 0.6 | 24.37 | |
| TGC-0107 | 136.2 | 136.8 | 0.6 | 38.75 | |
| including | 136.2 | 136.5 | 0.3 | 64.1 | |
| and | 136.5 | 136.8 | 0.3 | 13.4 | |
| TGC-0107 | 138 | 139.2 | 3211.2 | 5.21 | |
| TUDDH-657 | 109.6 | 111.1 | 1.5 | 9.32 | |
| including | 109.6 | 109.9 | 0.3 | 35.89 | |
| and | 110.8 | 111.1 | 0.3 | 10.25 | |
| TUDDH-658 | 62.5 | 62.8 | 0.3 | 6.85 | |
| TUDDH-658 | 69.4 | 69.7 | 0.3 | 20.06 | |
| TUDDH-658 | 83.2 | 83.5 | 0.3 | 3.82 | |
| TUDDH-658 | 96.4 | 96.7 | 0.3 | 3.08 | |
| TUDDH-659 | 122.6 | 122.9 | 0.3 | 3.82 | |
| TUDDH-659 | 124.7 | 125 | 0.3 | 5.41 | |
| TUDDH-659 | 221.3 | 223.7 | 2.4 | 90.76 | |
| including | 221.3 | 222.5 | 1.2 | 176.28 | |
| which includes | 221.3 | 221.6 | 0.3 | 83.62 | |
| and | 221.6 | 222.2 | 0.6 | 261.47 | |
| and | 222.2 | 222.5 | 0.3 | 98.55 | |
| TUDDH-659 | 225.5 | 225.8 | 0.3 | 25.35 | |
| TUDDH-659 | 228.2 | 228.5 | 0.3 | 5.95 | |
| TUDDH-659 | 268.9 | 269.2 | 0.3 | 5.96 | |
| TUDDH-660 | 28.9 | 29.5 | 0.6 | 6.39 | |
| TUDDH-660 | 150.4 | 151 | 0.6 | 8.57 | |
| TUDDH-665 | 152.3 | 152.6 | 0.3 | 3.05 | |
| TUDDH-665 | 204.2 | 204.5 | 0.3 | 25.99 | |
| TUDDH-665 | 260.3 | 260.6 | 0.3 | 51.76 | |
| TUDDH-668 | 112.6 | 112.9 | 0.3 | 3.71 | |
| TUDDH-668 | 123.1 | 123.4 | 0.3 | 3.54 | |
| TUDDH-668 | 123.7 | 124 | 0.3 | 3.91 | |
| TUDDH-668 | 125.2 | 127.3 | 2.1 | 3.99 | |
| including | 126.7 | 127.3 | 0.6 | 10.25 | |
| TUDDH-668 | 138.1 | 138.4 | 0.3 | 5.28 | |
| TUDDH-671 | 127.7 | 128.3 | 0.6 | 46.78 | |
| TUDDH-671 | 143.6 | 144.2 | 0.6 | 6.83 | |
| TUDDH-671 | 242 | 242.3 | 0.3 | 6.53 | |
| TUDDH-672 | 141.1 | 141.7 | 0.6 | 86.47 | |
| TUDDH-672 | 149.5 | 149.8 | 0.3 | 4.15 | |
| TUDDH-674 | 130.7 | 131.9 | 1.2 | 11.65 | |
| including | 130.7 | 131.3 | 0.6 | 20.18 | |
| TUDDH-676 | 126.5 | 127.4 | 0.9 | 5.05 | |
| TUDDH-676 | 158.9 | 159.5 | 0.6 | 31.56 | |
| TUDDH-676 | 243.2 | 245 | 1.8 | 9.05 | |
| including | 243.2 | 243.8 | 0.6 | 19.87 | |
| TUDDH-676 | 252.2 | 253.1 | 0.9 | 18.59 | |
| TUDDH-676 | 254.6 | 254.9 | 0.3 | 3.33 | |
| TUDDH-676 | 256.1 | 257.6 | 1.5 | 6.02 | |
| including | 256.1 | 256.7 | 0.6 | 9.24 | |
| and | 257.3 | 257.6 | 0.3 | 10.46 |
Table 3. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
| Hole ID | Easting | Northing | Elevation | Azimuth | Dip | Depth |
| TGC-0081 | 1876384 | 3920627 | 129 | 95.0 | 1.2 | 107.1 |
| TGC-0084 | 1876384 | 3920626 | 128 | 94.2 | -13.1 | 121.6 |
| TGC-0086 | 1876383 | 3920626 | 130 | 105.6 | 20.2 | 126.6 |
| TGC-0088 | 1876384 | 3920626 | 129 | 99.2 | 10.5 | 121.3 |
| TGC-0093 | 1876383 | 3920627 | 129 | 72.1 | 11.4 | 121.0 |
| TGC-0096 | 1876383 | 3920627 | 129 | 86.4 | 11.3 | 115.4 |
| TGC-0098 | 1876384 | 3920627 | 127 | 88.3 | -28.3 | 131.6 |
| TGC-0101 | 1876383 | 3920627 | 127 | 89.1 | -41.1 | 196.9 |
| TGC-0106 | 1876384 | 3920626 | 127 | 96.3 | -20.3 | 130.1 |
| TGC-0107 | 1876383 | 3920628 | 127 | 60.4 | -38.2 | 176.2 |
| TUDDH-657 | 1876497 | 3920546 | 296 | 288.8 | -60.1 | 161.6 |
| TUDDH-658 | 1876496 | 3920546 | 296 | 299.6 | -40.2 | 122.2 |
| TUDDH-659 | 1876556 | 3920388 | 352 | 284.3 | -63.0 | 270.0 |
| TUDDH-660 | 1876477 | 3920295 | 402 | 328.2 | -61.5 | 156.1 |
| TUDDH-665 | 1876475 | 3920296 | 402 | 325.3 | -59.5 | 293.0 |
| TUDDH-668 | 1876496 | 3920546 | 296 | 283.0 | -69.2 | 170.0 |
| TUDDH-671 | 1876475 | 3920296 | 402 | 326.2 | -56.3 | 270.3 |
| TUDDH-672 | 1876496 | 3920546 | 296 | 273.6 | -74.1 | 180.0 |
| TUDDH-674 | 1876496 | 3920546 | 296 | 300.4 | -70.6 | 170.0 |
| TUDDH-676 | 1876476 | 3920296 | 402 | 332.7 | -57.2 | 287.6 |
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Vancouver, British Columbia–(Newsfile Corp. – November 2, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a non-brokered private placement (the “Private Placement“), for aggregate gross proceeds of $3,750,000. In connection with Private Placement, the Company will issue the following securities (the “Offered Securities“):
(i) 37,500,000 units of the Company (“Units“) at a price of $0.10 per Unit. Each Unit consists of one common share (each, a “Common Share“) and one common share purchase warrant (each whole warrant, a “Warrant“); and
(ii) Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share“) at an exercise price of $0.13 per Warrant Share for thirty-six (36) months from the date of closing.
Fully Funded Through 2025
The net proceeds from the Private Placement will be used to continue to advance the Moss Gold Project through development of a new resource model and a new mineral resource estimation (“MRE“); in addition to continuing the engineering and metallurgical studies being done on various leach methodologies (including heap leach) and ultimately factoring this new information into a preliminary economic assessment (“PEA“). With 80,000 meters of drilling completed and $48 million spent directly in the ground defining the current MRE; Goldshore is well positioned to achieve meaningful project milestones over the next 24 months with minimal cash expenditures and within the net proceeds and current cash balances of the Company.
Strategic Partnership
The Company announces that it has engaged with a strategic natural resources private capital group (the “Strategic Advisor“) participating, in aggregate, in the Private Placement for $3,000,000 or 30,000,000 Units, with a long-term financial commitment to unlocking the value of the Moss Gold Project and delivering increased return to all stakeholders.
Board Changes
The Company also announces that Michael Michaud has stepped down from the Board as an appointee of Wesdome Gold Mines Ltd. (“Wesdome“). Wesdome has advised that it does not intend to nominate a replacement at this time. Kyle Hickey will be appointed to the Goldshore Board of Directors upon closing of the Private Placement. Mr. Hickey has been a professional advisor to boards of directors, executive management teams, and private and public capital on a wide range of capital structure solutions including equity, debt, and hybrid financial instruments, as well as merger and acquisition transactions.
President and CEO Brett Richards stated: “We welcome this partnership with our new strategic shareholders, who are committed to advancing the project through its next stages of development. On behalf of the Goldshore directors, we would like to thank Mike for his tenure on the Board, as his technical and commercial approach has helped guide the Company since inception. We would also like to welcome Kyle to the Goldshore board. Kyle has extensive experience in the commodity and resource capital markets, financing assets through all stages of development from resource definition to construction and project finance, and long-term operating capital structures. This financing and partnership represents a new phase for Goldshore and is key to unlocking long-term value and driving success.”
PEA and Resource Update
As a result of the new financial and strategic commitment in Goldshore, the Company is reviewing the current PEA in an effort to rescope and optimize the Moss Gold Project under multiple operational and economic parameters. To that end, the Company has engaged APEX Geoscience to prepare a new resource model and a new MRE. The Company has also engaged the expertise of Kappes Cassiday & Associates, leaders in heap leach engineering and technology, to conduct detailed metallurgical test work to determine the efficacy of heap leaching the lower grade material contained in the Moss Gold deposit. Once the results from these activities are received, the Company will determine its next course of development.
Vice President, Exploration, Pete Flindell: “We welcome our new strategic partners, as this commitment allows us to recalibrate the scope of the future project we want to take to feasibility study. We have a significant portion of high-grade mineralization in the shear zones (3.35M oz Au or 55% of the current mineral resource) with an average head grade of 1.84 g/t Au. This creates the opportunity for a hybrid process with a small flotation, regrind and carbon in leach plant for the high-grade mineralization, and a large heap leach operation for the low-grade material.”
Additional Financing Details
Eventus Capital Corp. has been appointed as a finder in connection with the Private Placement. The Company may pay a finder’s fee of 6% in either cash or in Units of the gross proceeds received by the Company from the Private Placement. The securities issued pursuant to the Private Placement will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is expected to occur on or about November 14, 2023 and is subject to approval by the TSX Venture Exchange.
Qualified Person
Mr. Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. The Company is well-financed and supported by an industry-leading management group, board of directors, and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.
For More Information – Please Contact:
Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.
P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com
Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-Looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
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Burlington, Ontario–(Newsfile Corp. – November 1, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces a third potential revenue stream. This potential revenue stream flows from SBMI’s relationship with a lender announced earlier this year.
Earlier this year SBMI announced it had entered into an agreement with an arm’s length third party (the “Investor/Client”) for the amount of USD$350,000. This investment was structured as a loan having a five year term and a zero per cent interest rate. Following extensive due diligence of SBMI’s operations, the Investor/Client asked SBMI to work with it to advance other projects in which the Investor/Client is involved. The first two such projects under consideration were in Arizona and Colorado.
The Investor/Client and SBMI have entered into a verbal agreement whereby the Investor/Client will ship approximately 900 pounds of what it advises to be high grade gold concentrate to SBMI’s mill in Globe, Arizona from an Investor/Client mine in Colorado, to be processed through SBMI’s modular processing facility. SBMI expects to receive the material in early November, following which it intends to run the material through its system to determine recovery, develop a process flowsheet, and ultimately pour gold dore bars.
The design of SBMI’s 100% owned mill affords the flexibility to process many different types of material and optimize the resulting output with its state of the art gravity circuit. The Investor/Client has indicated the facility that produced the concentrate is not capable of processing the material to a purity desired by the Investor/Client. This concentrate may be well suited for SBMI’s circuit to yield a higher purity gold product than the other facility could provide.
Remuneration for this work being done for the Investor/Client will be determined after SBMI’s receipt of the material and initial evaluation.
The Investor/Client has advised it has a substantial stockpile of similar material to be processed by SBMI’s mill, assuming this test run is successful.
If this run is successful, processing material for the Investor/Client is a third potential near-term revenue stream for SBMI, with the other two being silver production out of the Buckeye Silver Mine and silver / gold production from the Washington Mine in Idaho. Production at Idaho will not commence until stable production is achieved in Arizona. The delivery of this material shows the Investor/Client strongly believes SBMI has the capacity and ability to provide the necessary services and achieve the Investor/Client’s desired results.
The Company will continue to update as this project moves forward.
SBMI is in discussions with other parties whereby SBMI will process third party material, and the Company will advise as such discussions progress.
At the Buckeye Mine, the team continues to drift in Zone1 towards what management believes is a volume of higher grade silver mineralization.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185886
HALIFAX, Nova Scotia, Nov. 01, 2023 (GLOBE NEWSWIRE) — Morien Resources Corp. (“Morien” or the “Company“) (TSX-V:MOX), is pleased to announce that Vulcan Materials Company (“Vulcan”), owner of the Black Point Quarry Project (“BPQ Project” or the “Project”) in Guysborough County, Nova Scotia, is now advancing the Project. Vulcan has indicated a tentative, directional time goal of 18-months to complete various permit-related monitoring plans and commitments as outlined in the Project’s approved environmental assessment.
Morien owns an industry competitive production royalty (“Royalty”) payable on all material sold from the Project.
The BPQ Project hosts a large granite deposit along the southern shore of Chedabucto Bay in Guysborough County, Nova Scotia, with suitable characteristics for the development of a crushed stone marine export operation for supplying markets in the eastern United States. The expected mine life of the Project exceeds 50-years allowing for long-term, multi-generational economic prosperity in the Guysborough region. It is anticipated the operation will create 50-70 direct, full-time jobs in addition to creating multiple spin-off economic impacts in the region.
Since 2017, Morien has received an advanced minimum royalty payment of $25,000 per quarter from Vulcan, subjected to annual inflationary adjustments according to the Producer Price Index for crushed stone. All advanced payments are recorded by Morien as unearned revenue and will be credited against future production royalties from the Project. As at June 30, 2023, Morien’s total recorded unearned revenue amounted to $679,000. Morien is due a milestone payment from Vulcan in the amount of $400,000, to be paid upon the completion of related and pending permitting agreements for the Project.
About Vulcan
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the United States largest producer of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.
About Morien
Morien is a Nova Scotia based, mining development company created in 2012 to be a vehicle of direct prosperity for Nova Scotians, its largest shareholder group. Led by Nova Scotians, Morien’s primary assets are a royalty on the sale of coal from the producing Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of crushed stone from the permitted Black Point Quarry Project, in Guysborough County, Nova Scotia. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has 51,292,000 issued and outstanding common shares and a fully diluted position of 54,192,000. Further information is available at www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian securities regulators on SEDAR (www.sedar.com) from time to time. Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this news 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.
For more information, please contact:
Dawson Brisco, President & CEO
Phone: (902) 403-3149
dbrisco@MorienRes.com
or
John P.A. Budreski, Executive Chairman
Phone: (416) 930-0914
www.MorienRes.com
Vancouver, British Columbia–(Newsfile Corp. – October 30, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that the Company has today entered into an agreement (“Subscription Agreement“) for a further strategic investment by Hecla Canada Ltd. (“Hecla“) whereby Hecla has agreed to subscribe for 15,384,616 common shares of the Company (“Common Shares“) at a price of $0.65 per Common Share for gross proceeds of $10 million (“Offering“). Upon completion of the Offering, Hecla will increase its shareholding in the Company to 15.7% from 10.6%, calculated on an undiluted basis.
Closing of the Offering is anticipated to occur on or about November 1, 2023. Closing of the Offering remains subject to customary closing conditions, including the approval of the TSX Venture Exchange (the “TSXV“).
Shawn Khunkhun, Chief Executive Officer of Dolly Varden Silver remarked, “Hecla’s support for Dolly Varden Silver’s high-grade Kitsault Valley Project in BC’s prolific Golden Triangle is validated with today’s financing news. Hecla is the world’s fastest growing established silver producer, the largest in the US and soon to be in Canada. We celebrate Hecla agreeing to increase their stake in Dolly from 10% to 15% and want to extend our gratitude for their financial and technical support of the Company and the project.”
In connection with the Offering, Dolly Varden has agreed with Hecla that the Company will not complete any further debt or equity financings for the remainder of 2023. Additionally, Dolly Varden has agreed that between January 1, 2024 and September 1, 2024, without the prior consent of Hecla, it will not complete any debt or equity financings other than equity financings for net proceeds to the Company of up to $15 million and provided that the issue price under such financing is greater than $0.65 per security. These restrictions do not capture customary exceptions such as the issuances of securities related to the Company’s equity based incentive compensation, the exercise of existing convertible securities and strategic transactions for non-cash consideration.
$6 million of the net proceeds from the Offering will be used for exploration expenditures, mineral resource expansion and related costs in the Kitsault Valley project, located in northwestern British Columbia, Canada, with the balanced to be used for working capital and G&A costs.
No bonuses, finder’s fee or commissions were paid in connection with the Offering. The Common Shares issued pursuant to the Offering will be subject to a four-month hold period from the closing of the Offering in addition to any other restrictions under applicable law.
Hecla is considered a related party of the Company under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as a result of its ownership of more than 10% of the currently issued and outstanding Common Shares. As a result, the issuance of Common Shares to Hecla pursuant to the Offerings would be considered a related party transaction. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Offering by Hecla does not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time. Further details will be provided in a material change report to be filed by the Company subsequent to the dissemination of this news release.
The Common Shares to be acquired by Hecla will be acquired for investment purposes by Hecla. Hecla does not have any present intention to acquire ownership of, or control over, additional securities of Dolly Varden. It is the intention of Hecla to evaluate its investment in Dolly Varden on a continuing basis and such holdings may be increased or decreased in the future.
On October 30, 2023, Hecla entered into the Subscription Agreement. The 15,384,616 Common Shares to be acquired by Hecla represent approximately 6.04% of the 254,681,283 Common Shares outstanding immediately prior to when the Subscription Agreement was entered into (calculated on an undiluted basis). Prior to entering into the Subscription Agreement, Hecla held 27,040,880 Common Shares representing 10.62% of the outstanding Common Shares. Hecla does not hold any securities convertible into Common Shares. After completion of the subscription, Hecla will hold 42,425,496 Common Shares, representing 15.71% of the then outstanding 270,065,899 Common Shares (calculated on an undiluted basis). The change in Hecla’s percentage ownership is therefore an increase of 5.09% on an undiluted basis.
Pursuant to the investor rights agreement between Fury Gold Mines Ltd. (“Fury“) and the Company dated February 25, 2022, Fury has waived its anti-dilution right in respect of the Offering.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, the intended use of proceeds from the Offering, the intended release of drilling information, the anticipated closing of the Offering and other statements that are not historical facts. These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the receipt of approval of the Offering from the TSXV, use of proceeds of the Offering, the adequacy of the Company’s current financial position, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the Company on desirable and permitted terms, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the risk that the Company may not be able to complete the Offering on the terms described herein or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The risk factors identified herein are not intended to represent a complete list of factors that could affect the Company. For additional information on risks and uncertainties, see the Company’s annual information form dated April 11, 2023 for the year ended December 31, 2022 and the Company’s base-shelf prospectus dated April 25, 2023, both available on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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.
For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185561
ABOUT EMPEROR
Emperor Metals Inc. is a gold exploration company focused on proving and developing the substantial resource potential of the Duquesne West Gold project, located in Rouyn-Noranda, Québec, Canada. The project hosts a 727,000 oz Au historical resource.
A phase I, ~8,000m drill campaign is underway, which includes resource confirmation and exploration drilling, focusing on delineating and growing the resource towards development.
The company is led by a dynamic group of resource sector professionals who have a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and overcoming adversity to deliver exceptional shareholder value.
The flagship Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt and is a high-grade Archean Lode Gold Deposit.
The property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold in 4.17 million tonnes of material grading 5.42 g/t gold with an average thickness of 5.7 meters. The resource is distributed across eight zones, with the majority occurring in two zones, Fox and Liz. The resource is a greenstone-hosted mesothermal vein system, which occurs throughout the Abitibi gold belt.
Emperor Metals is part of the Metals Group.
Investor Relations
Alex Horsley
Director – Corporate Development
Mobile 778.323.3058
Email alexh@emperormetals.com
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