Burlington, Ontario–(Newsfile Corp. – October 11, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the Company has intercepted the targeted mineralized zone at the Buckeye Mine in Arizona (the “Zone”). Based upon historical data, management expects the Zone to contain higher-grade silver mineralization. Confirmation will depend upon multiple rounds of sampling.
To target the Zone, SBMI has been working from its field team’s intensive knowledge of the area, assay data from historical drill holes drilled in 1969, mapping carried out in and around 1969, informal reports generated from such holes and mapping, actual field results as SBMI’s team drifted along the vein behind the Treasure Room, and the results of a recent LIDAR study. (As previously disclosed, the Company’s information related to those historical drill holes, the historical assaying of them, and the informal reports, do not meet NI43-101 standards and cannot be disclosed.
In its September 9, 2023 press release, and in other materials dating back to March, 2022, the Company advised, “The team now continues to drift along the vein towards a targetted area.” Management expects assay results from current and pending sampling should confirm the Zone has been hit, located where management believed it would be, based upon historical and current data. The Company is especially pleased that the historical data upon which it relied, has confirmed to be the actual location of the Zone, and can be further relied upon (see photo of targeted zone with iron oxide on right, vein and water course on left indicating fault and of the significant mineralization encountered in the zone).
In particular, SBMI drifted 708 feet from the portal, drifted behind the Treasure Room (which is not yet safe to work in), blasted through harder-than-expected host rock, and earlier this week drilled and blasted into the Zone approximately 30 feet from the projected drill holes left by a previous optionee in 1969. The assay data from those historical drill holes informed SBMI’s decision to target this zone; however, none were generally disclosed to the public. Please see the caution above.
SBMI plans to continue mining along the vein, refine a plan to maximize recovery of the metals from the Zone, and begin shipping mineralized material from the Zone to its 100%-owned mill in Globe, Arizona for processing. Multiple rounds of samples from the vein and the Zone will be collected and then assayed at SBMI’s 100%-owned assay facility. SBMI also intends to send samples to an independent third party lab for confirmation analysis and for analysis for other metals.
The Company continues to seek further data to inform its knowledge of local structures, the vein and the Zone. The Company recently contracted a Ground Penetrating Radar System study to outline the potential size and location of the Zone. The contractor for the study has advised it will use an OKM Future Walkabout 2003/5 ground penetrating radar unit that can detect historical tunnels, shafts and drifts, as well as native gold, native silver and other metals up to 60 feet deep.
The contractor has advised the company that the ground penetrating radar unit uses an electronic pulse method to select an anomaly in the Zone such as natural features, a formation of strata, hollow spaces, level groundwater, buried objects, pipes, tanks, boxes and other targets. The Company intends to further engage the contractor to help determine the overall extent of the Zone, the vein system and potential parallel structures.
The mine road was recently bladed in part by the United States Forest Service as part of its firefighting efforts. The mill has been test run, the fuel and water supply maximized, and the mill crew and assay teams are on standby. In conclusion, pending the sampling results, the mine and the mill are ready to be put into steady production.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
SBMI also announces that MNP LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective September 15, 2023, replacing Grant Thornton LLP, (the “Former Auditor”).
Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company have been filed on SEDAR.
There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.
No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which Grant Thornton LLP issued an audit report and the date of the Notice.
The termination of Grant Thornton LLP, and appointment of MNP LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.
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.
North Vancouver, British Columbia–(Newsfile Corp. – October 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the company has poured first gold at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.
Figure 1. Lion One Metal’s First Gold Pour at the Tuvatu Mine in Fiji. On the right of the photo are Lion One Metals’ Process Operations Manager David Towle, Lion One Metals Chairman and CEO Wally Berukoff, and the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji.
Lion One Chairman and CEO, Walter Berukoff, commented: “The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji.
“Congratulations to the Lion One team for achieving this significant milestone. We thank our employees, contractors, local landowners and community members for their hard work and dedication. Completing construction ahead of schedule is a testament to the strength of their efforts and to the resilience of the Fijian spirit. We also thank our loyal shareholders for their continued support. This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu and to advancing our many other top-quality prospects throughout the Navilawa Caldera.”
The Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, stated that “the future looks good for Tuvatu; the best is yet to come.”
Figure 2. Photos from the Gold Pour Ceremony. Top left: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima receiving traditional flower garlands. Top middle: Lion One Metals COO Patrick Hickey giving a speech. Top right: Lion One Metals employees below the Fiji flag. Bottom left and middle: members of local communities and businesses in attendance at the gold pour ceremony. Bottom right: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima on site at Tuvatu.
Additional photos and videos of the gold pour ceremony will be available on the Lion One Metals website at www.liononemetals.com.
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
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.
VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that it has added 2,400 acres of new claims to its Let’s Go Lithium (“LGL”) project, bringing the total project size to approximately 8,300 acres.
LGL Project Expansion
Management of the Company, working with McGinley and Associates, dba UES (“UES”), identified additional prospective ground contiguous to the existing claim block this summer. Further to the Company’s news release of September 7, 2023, Culter, and Ingraffia prospected and sampled the new claim area as part of this summer’s expanded Phase 1 Exploration Program. Multiple hectorite-like clay outcrops and high-grade lithium surface samples were encountered in the staking area. The Company believes that the project expansion will take advantage of a deeper hydrologic water flow system in the area. Management will be including the new claims into its Plan of Operations submission to the Bureau of Land Management (“BLM”) which it plans to file in short order.
Judson Culter, CEO at Rover Metals, states, “The addition of 2,400 acres to the LGL project gives us the flexibility of abandoning certain existing mining claims that border the ACEC boundary of Ash Meadows. We never intended to mine or develop near to Ash Meadows, and moving the core of the LGL project further away from Ash Meadows sends a clear message that Rover is committed to developing the project in a manner that is sustainable for the surrounding area. UES, are helping Rover to ensure that there will be no impact to the critical water tables in the Amargosa basin. Rover and UES have obtained a copy of the environmental assessment study that the neighbouring mine, operated by Lhoist North America, is operating under. Management at Rover feels confident that sustainable lithium mining can be supported in the Amargosa Valley.”
A Call for Battery Recycling Partnerships and Joint Ventures
The eastern Amargosa Valley has been slated for solar farm energy development by the BLM. Solar energy, in addition to the existing hydro energy infrastructure in the area, allows for new development opportunities like EV raw materials battery recycling. Rover is seeking inbound requests to partner with recycling technology companies. Please contact info@rovermetals.com with inquiries. The LGL project is a one and half hour drive from the city of Las Vegas, one of the fastest growing cities in the U.S.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Uranium and uranium mining stocks posted their best monthly results in two years, as the price of U3O8 reached a 12-year high.
The World Nuclear Association (WNA) estimates that uranium demand will double by 2040 and that Small Modular Reactors (SMRs) will add to this increase by as early as 2030.
Long-term uranium contracting is on the rise, with 2023 on track to surpass 2022, coinciding with a decade of underinvestment.
The West continues to make strategic moves to break free of reliance on Russia for uranium supplies and services.
Supply jitters are increasing given geopolitical concerns in Niger and the likelihood that increased production from Kazatomprom may likely cater to China and Russia.
Over the long term, increased demand in the face of a uranium supply crunch may likely support a sustained bull market.
*Performance for periods under one year not annualized. Sources: Bloomberg and Sprott Asset Management LP. Data as of September 30, 2023. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results.
Uranium Surges Above $73, Reaching 12-Year Price High
The U3O8 uranium spot price surged 21.03% in September, climbing from US$60.63 to $73.38 per pound.1 This surge marks September as the most impressive month since September 2021. Performance was driven primarily by strong demand from utilities worldwide in the face of threats to supply. The uranium price is now as high as it had been just before the Fukushima Daiichi power plant disaster in 2011, when it was $73 per pound. YTD, U3O8 uranium spot has risen 51.88%.
Uranium mining equities posted even higher gains in September. The broad sector of uranium miners rose by 23.93%2, while junior uranium miners gained 25.43%.3 This outperformance is similar to prior bull market cycles when uranium equities provided leverage to the uranium spot price. YTD uranium miners and junior uranium miners have climbed 50.61% and 39.03%, respectively.
While other commodities suffered in September, largely due to China’s economic weakness, uranium remained insulated from China’s economic cycle and its secular and cyclical challenges (see sidebar). Over the longer term, physical uranium and uranium equities have demonstrated significant outperformance against broad asset classes, particularly other commodities. For the five years ended September 30, 2023, the U3O8 spot price has risen a cumulative 164.56% compared to 23.05% for the broader commodities index (BCOM), as shown in Figure 1.
Figure 1. Physical Uranium and Uranium Stocks Have Outperformed other Asset Classes over the Past Five Years (09/30/2018-09/30/2023) Source: Bloomberg and Sprott Asset Management. Data as of 09/30/2023. Uranium miners are measured by the Northshore Global Uranium Mining Index (URNMX index); U.S. Equities are measured by the S&P 500 TR Index; the U308 spot price is from TradeTech; U.S. Bonds are measured by the Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU); Commodities are measured by the Bloomberg Commodity Index (BCOM); and the U.S. Dollar is measured by DXY Curncy Index. Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results.
The Key Drivers of Uranium’s Revival
September saw the uranium price soar past its most recent high of $63.77, posted in February 2022 shortly after Russia invaded Ukraine, to reach a 12-year high. This represents the continuation of the bull market that began in 2016 and is supported by long-term structural tailwinds gaining notable momentum in 2023. We also believe these tailwinds have the power to endure for several years to come, and we explore them in more detail below.
1. Higher Uranium Demand Forecasts
The WNA released its biennial Nuclear Fuel Report in September, which industry professionals rely on for critical insights into the market. In this Report, the WNA increased its forecasted demand for uranium to nearly double by 2040.6 One of the key new contributors to this increase in demand was the Report’s inclusion of SMRs for the first time.
2. The Rise of Small Modular Reactors (SMRs)
SMRs represent a cutting-edge evolution in nuclear technology and have the potential to amplify nuclear energy’s role and boost uranium demand. The International Atomic Energy Agency (IAEA) characterizes “small” reactors as those with a capacity of up to 300 MW(e) per unit — roughly a third of conventional nuclear reactors’ size. The modular design of SMRs means components can be prefabricated in factories and transported for on-site assembly, reducing costs and construction time. This adaptability positions SMRs to deliver clean energy to areas previously out of reach for conventional nuclear plants and offers a promising approach to decarbonizing industrial processes.
SMRs represent a burgeoning technology, with various innovative designs in development worldwide. The heightened uranium demand from SMRs is anticipated to manifest toward decade’s end and intensify into the 2030s. The World Nuclear Association (WNA) projects that SMRs might constitute up to 5% of the global nuclear capacity by 2040. However, given the infancy of the SMR industry, predictions differ. For instance, a recent forecast by BMO suggests a potential of 9%.
3. The Uranium Contracting Cycle is Accelerating
Since Russia’s 2022 invasion of Ukraine, procurement strategies have come under sharp focus. While Russia contributes only 5% to global U3O8 production, it dominates with 27% of worldwide uranium conversion capacity and 39% of fuel enrichment. Even without formal sanctions on Russian uranium and with existing contracts still intact, utilities have proactively refrained from establishing new agreements with Russian entities. In 2022, due to Russia’s significant presence in conversion and enrichment, utilities prioritized these areas over U3O8.
Today, the conversion and enrichment markets are still very tight, but some positive developments have occurred. In terms of conversion — when U₃O₈ is converted to UF₆ in preparation for enrichment — the market is nearly evenly divided between Russia’s Rosatom State Nuclear Energy Corporation (ROSATOM), France’s Orano SA, China National Nuclear Corporation (CNNC) and Canada’s Cameco Corporation. A few months ago, ConverDyn restarted in the United States to help address the conversion supply-demand imbalance and is expected to reach 11% of global UF6 production by 2026. In terms of enrichment — when gaseous UF₆ is used to enrich uranium to a U-235 concentration of about 3-5% — the majority of the capacity is split between ROSATOM, Urenco (UK), Orano and CNNC. Urenco and Orano, in particular, serve Western markets that plan to transition away from Russian conversion services. Both companies have also recently announced expansions in enrichment capabilities.
The costs of conversion and enrichment services skyrocketed after Russia invaded Ukraine. We believe these price increases, positive Western conversion and enrichment developments, and a potential shift from underfeeding to overfeeding have helped boost U3O8 prices. Although utilities remain conscious of the tight conversion and enrichment markets, they are expanding their focus to procuring U3O8.
Utilities and uranium producers generally contract in the term market, representing uranium sold under long-term, multi-year contracts with deliveries starting one to three years after the agreement is made. By contrast, a spot market contract is generally for one delivery priced at the time of purchase. Prior to the Russian invasion of Ukraine, uranium term contracting was suppressed for almost a decade. 2022 had the greatest volume of term contracting in a decade at 125 million pounds of U3O8e. 2023 YTD (as of September 30) is set to surpass this, with current term contracting at 121 million pounds of U3O8e.7
This increase in uranium term contracting should be viewed against a decade of underinvestment in uranium supply and decades of mine production that fell below world nuclear reactor requirements. The increased contracting has squeezed the market into a very tight state, and we believe it will continue to push uranium prices higher, incentivizing new production.
Notably, most term contracting YTD has been done by countries outside the U.S. However, U.S. contracting may be a future tailwind as the U.S. needs to replace inventory. Currently, the U.S. depends entirely on sourcing uranium from other countries for what represents the largest reactor requirements in the world, as shown in Figure 2.
Figure 2. Uranium Production, Less Reactor Requirements, by Country
Source: World Nuclear Association. Production for 2022, reactor requirements estimate for 2023.
4. Uranium Supply Jitters Multiply
Although the strengthening uranium price is stimulating a supply response, recent developments underscore the complexities of introducing new supply streams and the importance of securing supply. Historically, uranium from Kazakhstan, the world’s top producer, was chiefly routed through Russia for Western markets. While this transit method persists, potential disruptions loom due to possible sanctions and challenges in shipping and insurance. Given that Kazakhstan accounts for 44% of global U3O8 production, any supply disturbances could profoundly affect the market.
Supply disruptions in this tight contracting market are having a significant impact. The coup d’état in Niger has drawn international sanctions against the military junta that has hampered logistics in the country and forced Orano to halt uranium processing in Niger.8 Though Orano is reported to have enough inventory to satisfy near-term commitments, the situation in Niger is still developing, and the potential for future disruptions in shipments amplifies the need for security of supply. In other supply news, Cameco has announced a 2.7-million-pound uranium shortfall for 2023 from its Cigar Lake and McArthur River miners.9
In response to the rising demand for uranium, NAC Kazatomprom JSC (Kazatomprom), the globe’s largest uranium producer, has declared an uptick in production. By 2025, it aims to fulfill 100% of its subsoil use contracts, marking the conclusion of seven years operating below contract ceilings. This move will boost Kazatomprom’s projected mine output in 2025 to 30,500-31,500 tonnes, up from the 20,500-21,500 tonnes forecasted for 2023.10 Kazatomprom has struggled to meet its production targets in recent years, given an ongoing shortage of sulphuric acid and piping. Given the industry’s current emphasis on diverse supply sources and geopolitical factors, we anticipate that a significant portion of Kazatomprom’s augmented production will cater to China and Russia rather than Western utilities.
In the long run, as existing mines are exhausted, the uranium supply will hinge more on the revival of dormant mines and the establishment of new ones. Recent challenges, such as those faced by Cameco and Peninsula Energy in restarting mines, or the delay in Global Atomic’s Dasa project in Niger, coupled with the lengthy 8- to 15-year timeline from discovery to production, underscore the industry’s struggle to ramp up uranium output.
Inventories have long played a role in balancing the market, but as Uranium Insider founder and publisher Justin Huhn put it, “the only inventory that exists right now in the world is strategic — this is held by nuclear utilities, and their inventories historically speaking are relatively low”.11 Further, secondary supplies generally are forecasted to play a diminishing role by the World Nuclear Association. Current levels at 11-14% of reactor uranium requirements are moving to 4-11%.
The Long-Term Uranium Demand Thesis is Well Supported
Ultimately, the demand for uranium and nuclear energy is rooted in the need for electricity. According to a September International Energy Agency (IEA) report, global electricity demand may grow 164.66% by 2050, relative to 2022.12 Electricity demand is expanding with population growth and as developing nations modernize and urbanize.
Growing Need for Cleaner Electricity
Furthermore, 97 countries representing 79.3% of global greenhouse gas emissions have communicated a 2050 net-zero emissions target.13 In order to fulfill these commitments and decarbonize, committed nations will have to transition their energy supply to low-emissions electricity. This means decarbonizing transport (i.e., transitioning to electric vehicles), heating and industry. Considering other positive factors, like technological advancements, enables us to believe that the demand for electricity will likely be well supported for decades.
The Nuclear Energy Renaissance
Given the positive electricity outlook, nuclear energy’s forecasted prevalence is the next step in uranium’s outlook. Historically, nuclear had significant growth from the 1970s to 1990s but then plateaued since 2000 (Figure 3). Going forward, the nuclear energy industry is forecasted to be ushered back into an era of increasing demand.
Figure 3. Nuclear Energy Generation in Gigawatts (GW) Source: Ember data prior to 2022. Post 2021 from the IEA “Net Zero Roadmap: a Global Pathway to Keep the 1.5 °C Goal in Reach – 2023 Update”.
Other industry participants are even more bullish with a “Net Zero Nuclear” initiative launched in September calling for global nuclear capacity to triple by 2050.14 The case for greater nuclear generation has been building for some time. Nuclear energy is:
Clean: producing similar CO2 equivalent emissions to renewables
Reliable: provides reliable baseload energy to offset intermittency from increasing renewable energy sources
Efficient: high energy density reducing the impact of extraction and transport
Safe: nuclear energy’s impeccable long-term safety track record is gaining acceptance
Nations have been planning to decarbonize and realize they need reliable baseload power, which nuclear is primed to provide (see Figure 4). After the Russian invasion of Ukraine in February 2022, many European countries realized how problematic reliance on Russian natural gas was and that nuclear power offered greater energy security.
Figure 4. Public Acceptance for Nuclear Power, 2011 vs. 2022
Source: Source: TradeTech. Data as of 12/31/2022.
These realizations have resulted in an increased appetite for nuclear reactors, and there now are 60 under construction and another 110 planned globally, relative to 436 operating today.15 Notably, China accounts for a significant portion of these, with 24 under construction and 44 planned. China may be leading the development of new reactors, but significant demand is attributable to other countries due to reactor extensions and restarts.
Extending the Life of Existing Nuclear Plants and Restarts
Most nuclear power plants have an operating lifetime of 25 to 40 years, but many can be extended to 60 years or, in the U.S., 80. For example, the U.S.’s Diablo Canyon nuclear power plant has been in operation since 1985 and was scheduled to close by 2025, but regulators gave an extension to operate for five more years.16 Further, Pacific Gas & Electric is seeking permission to operate for up to 20 additional years. The extensions of planned operating lifetimes incrementally increase the demand for uranium. The Nuclear Fuel Report stated that upward of 140 reactors could be subject to extended operation in the period to 2040.17
Nuclear reactor restarts have also contributed to the increasing demand for uranium. Many countries have now made U-turns in their nuclear energy policies and are restarting reactors that were closed in the decade past. The quintessential example of this is Japan. Japan has restarted 11 nuclear reactors, and another 16 are at various stages in the process of restart approval.18 Japan was not the only example of a country reversing its nuclear energy policy. South Korea fully reversed its nuclear phaseout policy and expanded its program.
Overall, positive sentiment toward nuclear energy has been growing for some time, and we believe it is likely to persist in the decades to come. With support for the nuclear industry increasing, we expect that market participants will have to shift their psychology to contend with higher demand for uranium supporting higher prices. Utilities may not be able to complacently draw down existing inventories in the hope that uranium prices will come down. Over the long term, increased demand in the face of an uncertain uranium supply may likely support a sustained bull market (Figure 5).
Figure 5. Uranium Bull Market Continues (1968-2023) Please click here to see an enlarged chart. Note: A “bull market” refers to a condition of financial markets where prices are generally rising. A “bear market” refers to a condition of financial markets where prices are generally falling. Source: TradeTech. Data as of 09/30/2023. TradeTech is the leading independent provider of uranium prices and nuclear fuel market information. The uranium prices in this chart dating back to 1968 are sourced exclusively from TradeTech; visit https://www.uranium.info/.
Appendix A. The Uranium Fuel Cycle
Source: Sprott Asset Management.
U₃O₈, commonly referred to as “yellowcake,” is a product of the first stage of the nuclear fuel cycle and is derived from mined uranium ore. Before it can be used in nuclear reactors, U₃O₈ undergoes a series of processes:
Conversion to UF₆ (Uranium Hexafluoride): U₃O₈ is typically converted to UF₆ in preparation for enrichment. This is because UF₆ is gaseous at relatively low temperatures, facilitating the isotopic separation process used in enrichment.
Enrichment: The natural concentration of the fissile isotope, U-235, in U3O8 is approximately 0.7%. Most commercial nuclear reactors require uranium to be enriched to a U-235 concentration of about 3-5%. This enrichment is done with gaseous UF₆.
Conversion to UO₂ (Uranium Dioxide): After enrichment, UF₆ is converted to UO₂. This uranium dioxide is then processed and fabricated into fuel pellets, which are subsequently loaded into fuel rods for use in nuclear reactors.
Source: World Nuclear Association.
BY JACOB WHITE | WEDNESDAY, OCTOBER 4, 2023
Footnotes
1
The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco.
2
The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”).
3
The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index.
4
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities, and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Thirteen months ago at the first of September of 2022 silver hit a DSI (Daily Sentiment Indicator) of 9 for three days in a row. I said it was a bottom for silver. Stocks continued lower the month of September but my call on September 1st was correct. The DSI had correctly timed the bottom of silver to the day.
I’ll say it again. Dolly Varden (DV-V) is silver. Dolly Varden was $.355 at the low at the end of September last year and it went to $1.25 a tiny six months later. Dolly Varden is going to do exactly the same thing again. The crash I predicted nine weeks ago is here. It has started in a different form than I anticipated when on September 20th it was reported that the Fed Funds rate was going to stay higher for longer. This time it is shooting treasury rates and the dollar higher and forcing weak hands to dump silver and gold just like it did back in 2008. Treasury rates are going to continue to climb with the dollar index until the system blows sky high. Soon everyone is going to realize there is no soft landing coming. Investors will be looking for a safe haven and the only safe haven in town is the metals.
Dolly Varden is an interesting company in that it is 93% owned by insiders and large funds leaving a tiny float of only 7%. Fury owns 23% in exchange for Homestake. Hecla maintains a 10% interest as does Eric Sprott. Various institutions own another 50%. The shares are down 50% from a high in April without anything bad happening to the company. I make a point in my books that if nothing else changes and the price goes down of a stock you really like, that’s a good thing.
The company has a resource today of 140 million Ag EQ ounces based on the 43-101 released in 2019. It’s half gold and half silver. Since that now ancient resource, Dolly has drilled another 100,000 meters. Results from 40,000 meters of drilling will be released soon from over 100 holes. Dolly is in both the SIL and SILJ indexes which is why institutions are so heavily invested in the company. If they want to show a silver side, they pretty much have to own Dolly.
The silver intercepts continue to be world class. The last press release showing results from the Wolf Vein show 381 g/t Ag over 29.0 meters. At the surface the Wolf Vein was only 9 meters but 75 meters down it widened to 29 meters. That will add a lot of ounces.
Dolly Varden is an advertiser and I participated in the last private placement. Do your own due diligence, of course I am biased.
VANCOUVER, British Columbia, Oct. 03, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) is pleased to provide a project update and an outlook on project advancement in the near to medium term for the Madsen Mine and Rowan Mine projects located in the prolific Red Lake Gold District of Northwestern, Ontario, Canada.
PATH FORWARD
Additional 35,000 metre (“m”) drill program planned for Rowan Property to commence in early 2024, adding second drill and to include systematic in-fill drilling and expansion drilling of high-grade zones and begin testing high priority drill targets at Mt. Jamie, Red Summit and the NT Zone.
Complete initial Preliminary Economic Assessment (the “PEA”) on entire portfolio of Properties by Q2 2024 (based on drilling cutoff date of Oct 1, 2023)
Complete updated Mineral Resource Estimate (“MRE”) at Rowan by Q4 2024 (to include all anticipated drilling up to Q3 2024)
Complete 3,000 m drill program at Wedge, aimed to expand deposit and complete MRE by Q4 2024
Complete 38,000 m underground drill program at Madsen Mine by Q4 2024
Complete 3,200 m of underground development by Q4 2024 for access and required infrastructure to support underground drilling.
Develop a connecting ramp between the East and West declines at Madsen to increase waste hauling capacity from the West ramp which previously crossed two public roads, further reducing operating costs.
Put the Madsen Mine back into production in 2025.
Shane Williams, President, and CEO commented: “The team has done a fantastic job since the beginning of 2023, achieving many major milestones in the relatively short life of the re-vamped West Red Lake Gold Mines. In a difficult market we have managed to complete key acquisitions, raise a considerable amount of capital to fund our growing ambitions and assembled a team of noteworthy professionals with a track record of success at both the management and board levels. We have enjoyed a tremendous amount of exploration success via the drill-bit at our Rowan project which we hope to replicate at some very exciting targets in and around our newly acquired Madsen Mine. The coming year will be a very active time for the Company as we lay the groundwork to execute on our vision to put the Madsen Mine back into production and continue to unlock significant value for our shareholders.”
ROWAN PROPERTY
The 2023 drilling program at Rowan has been incredibly successful thus far. As such, the originally planned 17,000 m of drilling at the Rowan Mine target was expanded to 25,000 m and the team is on track to complete all planned drilling at Rowan.
Our understanding of the mineralization at Rowan has been greatly enhanced and results continue to confirm internal models and our exploration strategy continues to be validated by the results achieved. The mineralized set of veins at Rowan continues to deliver high-grade gold assays over significant widths that are in-line with or exceed those modelled in the December 2022 resource estimate. A few notable highlights from 2023 drilling at Rowan include:
Hole RLG-23-163B Intersected 8.3 m @ 70.80 grams per tonne (“g/t”) gold (“Au”) from 387 m to 395.3 m. This interval also included 0.5 m @ 1,120.19 g/t Au and represents the highest-grade intercept ever drilled at the Rowan project.
Hole RLG-23-149B Intersected 4.0 m @ 50.52 g/t Au, from 299 m to 303 m.
Hole RLG-23-153 Intersected 2.0 m @ 66.66 g/t Au, from 235 m to 237 m
Hole RLG-23-134 Intersected 8.0 m @ 10.34 g/t Au, from 71 m to 79 m
Hole RLG-23-156B Intersected 3.11 m @ 21.84 g/t Au, from 275 m to 278.11 m
Hole RLG-23-150 Intersected 4.2 m @ 15.40 g/t Au, from 384 m to 388.2 m
Hole RLG-23-154 Intersected 10.1 m @ 6.27 g/t Au, from 214.9 m to 225 m
Our strategy at Rowan for the remainder of 2023 will be to continue increasing confidence in the 827,462 ounces (“oz”) Inferred resource through systematic in-fill drilling. We will also look to step out and expand the Rowan resource by targeting mineralization outside of the current model and testing the down-dip and down-plunge extensions of the high-grade zones.
We plan on staying aggressive with the exploration strategy at Rowan in 2024, which will include the addition of a second drill early in the year to continue advancing the Rowan Mine target, and to begin testing high priority drill targets at Mt. Jamie, Red Summit, and the NT Zone. An additional 35,000 m of exploration drilling is planned for the Rowan Property in 2024. An updated mineral resource estimate for Rowan is anticipated to be completed in Q4 2024 and will include all drilling through Q3 2024.
It is the Company’s belief that potential synergies could exist between the high-grade Rowan deposit and our flagship Madsen Mine. Early indications suggest that the gold mineralization at Rowan could be amenable to gravity separation. As such, the Company has initiated a metallurgical study at Rowan to begin evaluating this opportunity, as well as a geotechnical study to better characterize the rock mass properties within the mineralized vein zones at Rowan.
Management maintains a high degree of confidence in the merits of the Rowan deposit and has initiated necessary baseline environmental and archaeological assessments to begin moving the Rowan project towards an Advanced Exploration Permit status – this permit will be required prior to collection of a bulk sample at Rowan.
MADSEN SATELLITE TARGETS AND REGIONAL EXPLORATION
After successfully completing the acquisition of the Madsen Mine the exploration team undertook a detailed review of the property. Several promising targets were identified and prioritized with the Wedge target emerging as our highest priority target.
Previous drilling highlights from the Wedge target include.
Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m
Surface exploration and drilling began in early September and the initial 3,000 m program is almost complete. Drilling is primarily focused on extending the high-grade zones defined at the Wedge Target. This new drilling will be used to support an updated Mineral Resource Estimate at Wedge to be completed by Q4 2024. Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au1. The target is 2 km southwest of the Madsen Mine and is adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for ~163 koz of gold2. Drilling conducted at the Wedge target and other satellite targets near mine will be incorporated into an updated mineral resource estimate. We anticipate the update to be completed by Q4 2024.
A detailed and systematic review of all available exploration and geologic data for the Madsen property has also been initiated. This information will be digitized and compiled into working GIS and 3D modeling project files to allow for target ranking and prioritization ahead of the 2024 season. Most of the ground at Madsen remains underexplored and our geology team is already seeing a lot of opportunity for new discoveries across the district.
MADSEN PROJECT
Underground diamond drilling at Madsen has recommenced. A 38,000 m program has been designed for the first 12 months and will be focused on infill and expansion of the high-grade portions of the Austin and South Austin zones. We anticipate this drilling to define an inventory of high-confidence ore-grade (6-7 g/t Au) resource to serve as a starting point for a future restart plan. Additionally, underground development work is taking place at Madsen which will provide our team with the necessary access and infrastructure required to support the underground drilling program.
Mine design and scheduling for the first 12 months have been completed with subsequent phases to be determined based on the findings of the initial underground drilling and exploration program. The first development cuts have been taken at Madsen to provide access to the areas where infill drilling has already been planned. Mine design and scheduling consider the requirements of the operations and geology teams to ensure a full collaborative approach to advancing the project in a safe, efficient, and timely manner. Over the next 12 months the Company will complete approximately 3,200 m of underground development to support engineering and geological programs. We do not intend to conduct any stoping or commercial extraction for the next 12-15 months until the re-start strategy is significantly de-risked both technically and financially.
The Company will also develop a connecting ramp between the East and West declines. The current waste hauling at Madsen from the West ramp crosses two public roads (into Madsen town). This haul route is only allowed to be used during daylight hours. A connecting ramp would increase the number of hours the team can haul waste as well as eliminate double handling, thus reducing operating costs. It will also provide for increased safety for the surrounding community due to reduced traffic.
Additional and ongoing activities at the Madsen Mine will include, but are not limited to, shaft dewatering, water treatment and environmental monitoring.
MINERAL RESOURCE UPDATE AND PEA
The West Red Lake team is committed to a timely and successful restart that will maximize value for all our stakeholders. As such the team has engaged SRK Consulting and put in place the necessary programs required to complete a Preliminary Economic Assessment. The PEA will look to unlock and deliver robust economics by incorporating the Company’s entire portfolio of Red Lake assets which is made up of our Rowan Project and Madsen Mine with its accompanying satellite deposits.
Management firmly believes this approach is in-line with its vision for the Red Lake district and a potential Hub and Spoke model utilizing the Madsen processing facilities provides plenty of optionality and opportunity to greatly bolster the project economics.
West Red Lake intends to deliver this initial PEA by the end of Q2 2024. To achieve that milestone by the anticipated deadline the decision was made to establish an Oct 1, 2023, cut-off date for 2023 Rowan drilling data to be incorporated into this PEA. As such, the updated Rowan mineral resource estimate included in the upcoming PEA will be focused primarily on the high-grade East Zone, which has been the focus of drilling at Rowan so far in 2023 and is envisioned as the first area to be mined when production from Rowan commences. The PEA will then be followed up by a more comprehensive MRE update for Rowan by Q4 2024, which will include all drilling at Rowan through Q3 2024.
RECAP OF FIRST THREE QUARTERS OF 2023
Completed the successful acquisition of 100% of the Rowan Gold Project from Evolution Mining
Appointment of new CEO, Shane Williams, to lead the Company.
Strengthened Senior Management Team with addition of a new CFO and new VPs of Exploration, Technical Services, Corporate Development, and Community Relations.
Increased board strength with key appointees including Tony Makuch, Duncan Middlemiss, and Hugh Agro.
Successfully completed the acquisition of our flagship Madsen Mine asset while concurrently raising C$ 25M.
Completed Phase 1 Exploration Program at Rowan project and initiated expanded Phase 2 drilling campaign. Results from drilling in 2023 have exceeded expectations and as a result the program was expanded from the originally announced 17,000 meters to 25,000 meters. That expanded program is well underway.
Initiated surface drilling campaign at Wedge target – 2km southwest of Madsen Mine. The program consists of 3,000 meters of drilling to upgrade and expand the existing resource at Wedge.
Successfully completed flow-through financing of C$7 million, to further strengthen treasury position.
Underground development activities and shaft dewatering are underway at Madsen Mine.
SRK was awarded the contract to conduct Preliminary Economic Assessment and work program has been initiated.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.
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ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams President & Chief Executive Officer
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.
Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning: receipt of the necessary approvals, permits and access to and sufficiency of capital. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to constraint in the availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to projects or capital expenditures. These and other risks are set out in more detail in the Company’s Management’s Discussion and Analysis for the quarter ended May 31, 2023.
1 Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR.
VANCOUVER, BC / ACCESSWIRE / October 3, 2023 / Blackwolf Copper and Gold Ltd. (“Blackwolf“, or the “Company“) (TSXV:BWCG),(OTC PINK:BWCGF) is pleased to announce that it has completed its initial drilling program targeting the Swann Zone on the Harry Property, recently acquired as part of the Optimum Ventures transaction. Seven drill holes were completed from two drill pads for a total of 1,740 meters of drilling, with each hole encountering significant mineralization. The sixth drill hole encountered coarse visible gold, including an approximately 10cm long streak at roughly 140 meters depth. This drill hole was approximately 250 meters from a 2021 diamond drill hole completed by Optimum Ventures at the Swann Zone which encountered 15.64 meters of 1437 g/t Silver Equivalent* (3.1 g/t Au, 433.4 g/t Ag, 0.60% Cu, 7.17% pb and 8.74% Zn) beginning at 8.75 meters depth. The Harry Property is located in the Golden Triangle, northwest of Stewart BC; it has road access and is situated between the past-producing Scottie Gold Mine and the historic Premier Gold Project, currently in re-development. Assays are pending and initial results are expected in the coming weeks.
The Swann Zone is a northwest trending structural corridor, typified by multiple, overlapping phases of quartz and sulphide veins. The sixth drill hole encountered coarse, visible gold in one of these vein phases. Based on previous surface sampling and limited drilling by Optimum Ventures, these different vein phases can host significant gold, silver and/or base metal-rich mineralization that can include pyrite, galena, sphalerite, tetrahedrite and other sulphosalt minerals. These multiphase, structurally complex and evolved metallogenic systems have similarities toother high-grade gold-silver deposits in the Golden Triangle such as Brucejack and Premier.
Figure 1. Harry Property, Regional Geology and significant deposits/mines.
Blackwolf’s CEO Morgan Lekstrom states, “The presence and quantity of visible gold in the drill core at the Swann Zone is promising. We eagerly await assay results from the Swann Zone, where drilling has expanded the strike length by an impressive 250 meters and remains open for expansion in all directions.”
*Silver Equivalent values were calculated by Optimum using Au USD/oz $1,977.40, Ag USD/oz $25.82, Cu USD/lb $4.72, Pb USD/lb $1.12, Zn USD/lb $2.05. All values are reported in USD and do not consider metal recoveries (see Optimum press release of April 20, 2022).
QA/QC and Qualified Person Analytical work for the Harry Project drill core samples will be completed by two analytical laboratories: MSA Labs of Langley, BC, and Bureau Veritas of Vancouver, BC, both of whom are certified analytical service providers.
At MSA Labs, samples will be prepared using procedure PRP-910 (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method FAS-111 (30g fire assay with AAS finish) for gold and IMS-230 (1.0g, 4-acid digestion and ICP-MS analysis, 48 elements). Any samples containing >10g/t Au will be reanalyzed using method FAS-415 (30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn will be reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore grade ICP-AES analysis). Samples containing >1000 g/t Ag will be reanalyzed using method FAS-418 (30g fire assay with AAS finish) and samples containing >20% Pb will be reanalyzed using method STI-8Pb (volumetric titration).
At Bureau Veritas, samples will be prepared using PRP70-250 (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method FA-430 (30g fire assay with AAS finish) for gold and MA-200 (0.25, multi-acid digestion and ICP-ES/MS analysis, 45 elements). Any samples containing >10g/t Au will be reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn will be reanalyzed using method MA-370 (1.0g, 4-acid digestion and ore grade ICP-AES analysis). Samples containing >1000 g/t Ag will be reanalyzed using method FA-530 (30g fire assay with AAS finish) and samples containing >20% Pb will be reanalyzed using method GC817. Samples with visible gold will be subject to method FS-632, a screen metallics analysis with duplicate minus fractions analyzed, and 30g fire assay for gold.
The 2023 Drilling Program at the Harry Property was completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard, blanks and duplicates into the sample stream. The Qualified Person has reviewed the data and detected no significant QA/QC issues.
Andrew Hamilton, P.Geo., Consultant to the Company, a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this release.
Investor Awareness and Marketing Agreement Blackwolf has retained i2i Marketing Group LLC (“i2i”) to provide ongoing marketing services including online content distribution and advertising. i2i will work to facilitate investor awareness about the Company and its exploration assets. i2i has been paid USD $250,000 to develop required content and for advertising for the two months or until such funds last. After exhaustion of the initial funds the budget may be adjusted monthly based on market conditions and Company requirements. The Company will not issue any securities to i2i in consideration for the marketing services. i2i does not have any prior relationship with the Company and the Company and i2i deal at arm’s length. i2i is based out of Odessa, Florida.
About Blackwolf Copper & Gold Ltd. Blackwolf’s founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as six Hyder Area gold-silver and base metal properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the Cantoo and Harry properties. For more information on Blackwolf, please visit the Company’s website at www.blackwolfcopperandgold.com.
On behalf of the Board of Directors of Blackwolf Copper & Gold Ltd.
“Morgan Lekstrom” CEO and Director
For more information, contact:
Morgan Lekstrom 250-574-7350 (Mobile) 604-343-2997 (Office) MLL@bwcg.ca
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.
Cautionary Statement Regarding Forward-Looking Information This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements relating to the properties located in the Golden Triangle area and the Company’s future objectives and plans.Forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices and changes in the Company’s business plans.In making the forward-looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Company seeks safe harbor.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedarplus.ca.
KELOWNA, BC / ACCESSWIRE / October 2, 2023 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that the Company intends to complete a term loan financing (the “Financing”) of up to CDN$5,000,000. Term loans under the Financing will be unsecured with a 36-month term and will carry an annual interest rate of 10% with interest only payments required at 12 and 24 months. The principal and remaining interest of the Term Loans will be due and payable on the 36-month anniversary of the closing date. The Company will issue one (1) bonus share in its authorized share capital for every CDN$1.00 of principal advanced, along with one (1) share purchase warrant for every CDN$1.00 of principal advanced under the Financing by participants/lenders pursuant to Policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. Each share purchase warrant will entitle the holder thereof to purchase one (1) Class “A” Voting Common share in its authorized capital at a price of $0.25 per share for a period of 36 months.
The proceeds from the Financing will be used for general corporate purposes, the deployment of additional operational equipment to support increased processing volumes, the continued advancement of the work programmes currently underway at the Company’s Krone-Endora at Venetia Project, and to provide the Company with additional working capital to offset the time frames associated with the tendering and sale of rough diamonds.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of the shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
For Investor Relations contact:
Mr. Rich Matthews
Mr. Neil Simon
Integrous Communications
Investor Cubed Inc
+1 (604) 355-7179
+1 (647) 258-3310
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – October 2, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to provide an update for EMX’s Hardshell royalty property, which is part of South32 Limited’s (“South32”) Hermosa Project in southeast Arizona. Recent drill results from the Peake prospect, which is partially covered by the Hardshell royalty, include the best intercept to date in hole HDS-813 reported as 139 meters (1302.7-1441.7 m) averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver, with a subinterval of 58.2 meters averaging 3.1% copper, 0.6% lead, 0.24% zinc, 74g/t silver and 0.015% molybdenum (true width not reported)1. EMX retains a 2% net smelter return (“NSR”) royalty on Hardshell that is not capped nor subject to buy down.
South32’s Hermosa Project is comprised of the a) Taylor polymetallic (Zn-Pb-Ag) development project adjacent to the north of Hardshell with carbonate replacement deposit (“CRD”) mineralization that projects towards EMX’s royalty footprint, b) the Peake Cu-Pb-Zn-Ag skarn prospect, which as currently outlined is mostly covered by EMX’s royalty ground, and c) the Clark manganese manto deposit to the east of the royalty footprint.
In addition to the encouraging drill results at Peake, other recent advances reported by South32 include the designation of Hermosa as the first mining project given FAST-41 status by the US Federal Permitting Improvement Steering Council to facilitate the potential to supply designated critical minerals (i.e., zinc and manganese), and an updated JORC mineral resource estimate for Taylor to support ongoing feasibility work. Although Taylor (and Clark) occur outside of EMX’s royalty property boundary, the Hermosa Project’s overall prospectivity is attracting capitalized exploration of US$23 million to test priority targets, including further drilling at Peake and other prospects2.
EMX’s Hardshell royalty was organically generated by the Company’s wholly-owned subsidiary Bronco Creek Exploration Inc. (“BCE”). BCE recognized the alteration and mineralization zoning patterns within the district, and staked prospective open ground. Hardshell was optioned in 2015 for a 2% NSR retained royalty interest. The Hermosa Project, including Hardshell, was acquired by South32 in 2018. Since then, South32 has steadily advanced Hermosa, which includes the step-out exploration drilling that continues to delineate mineralization at Peake. The recognition of mineralization at Peake highlights the discovery optionality of EMX’s Hardshell royalty property.
Discussion of Drill Results. South32’s drilling at Peake is delineating a series of stacked horizons that have a general north-westerly dip of 30 degrees and host disseminated to semi-massive sulphide mineralization. According to South32 “the upper and lower extents of the horizons tend to have polymetallic mineralisation with the central component dominated by copper sulphides, predominantly chalcopyrite. Mineralisation within the stacked profile is approximately 130 m thick, for an approximate 450 m strike and 300 m width.”
The Peake prospect is currently characterized by 17 diamond drill holes, with intercepts from the most recent four holes summarized in Table 1, and the previous 13 holes reported in EMX’s news release dated June 21, 2022. The recent intercepts in Table 1 have been reported at a 0.2% copper cutoff by South32, reflecting the early-stage nature of exploration and evaluation of the Peake prospect.
Intercepts reported by South32 at a 0.2% Cu cutoff, as summarized by EMX. True widths not reported. CuEq (%) = Cu% + 0.3965*Zn% + 0.2331*Pb% + 0.0068*Ag g/t. Average payable metallurgical recovery assumptions are 90% for Zn, 91% for Pb, 81% for Ag and 80% for Cu. Metals pricing assumptions are South32’s long-term consensus prices as at the April 2023 quarter. See South32 news release dated July 24, 2023.
Figure 1. Peake drilling and mineralized domain with EMX Hardshell royalty boundary as well as Taylor & Clark mineralized domains. Figure modified from figure 5 of South32 news release dated July 24, 2023.
Figure 2. Cross section looking east (2000 m wide) showing South32’s Peake drilling and mineralized domains as well as Taylor and Clark mineralized domains (see Figure 1 for A-A’ cross section line). Figure modified from figure 6 of South32 news release dated July 24, 2023.
Hermosa Project and Hardshell Royalty Property Overview. South32’s Hermosa Project, located in the Patagonia mining district of southeastern Arizona, includes CRD sulfide (i.e., Taylor) and oxide manto (i.e., Clark) deposits (which are not covered by EMX’s Hardshell royalty), as well as the Peake skarn prospect (partially covered by EMX’s Hardshell royalty). EMX’s Hardshell 2% NSR royalty property consists of 16 unpatented federal lode mining claims. South32 has stated that it (refer to FY 2023 Financial Results and Outlook and July 24, 2023 news release) is continuing to follow up on Peake’s exploration potential, which is open in several directions.
The ongoing delineation of the Peake prospect by South32 represents the potential to create significant value for the Company’s Hardshell royalty property. EMX looks forward to South32’s continued exploration success at Hardshell, as well as from the greater Hermosa Project.
Comments on Adjacent and Nearby Projects. The adjacent and nearby projects, which include the Taylor and Clark deposits, provide geological context for the Peake prospect, which is partially covered by EMX’s Hardshell royalty claim block. However, this is not necessarily indicative that the Hardshell royalty claim block represents similar styles or tonnages of mineralization as the Taylor deposit, nor a similar style of mineralization as the Clark deposit.
Qualified Person. Michael P. Sheehan, 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 is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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 merit 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 quarter ended June 30, 2023 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
1 See South32 news release dated July 24, 2023. 2 See South32 “Financial Results and Outlook Year Ended 30 June 2023” dated August 24, 2023.
Vancouver, British Columbia–(Newsfile Corp. – September 28, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market with respect to results from the Company’s summer exploration program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Highlights:
Goldshore field crews have identified five unique gold mineralization trends including two polymetallic Au-Cu trends across the Moss Gold Project through a combination of ionic leach soil sampling and property wide field mapping with a combined strike of over 35 kilometers. Recent rock sample results include:
Moss Trend – 9.59 g/t Au and 60.6 g/t Ag plus 5.0 g/t Au, 96.2 g/t Ag, and 0.98% Cu from samples in diorite-hosted shears along strike from the current Mineral Resource
24.9 g/t Au and 9.99g/t Ag from samples of strongly altered dacite 200m south of the Moss Main zone, representing a new parallel zone.
Kawa Trend – 33.7 g/t Au, 0.64% Zn and 75.3ppm Mo from sheared diorite/volcanic contacts within a new 6.5 kilometer long belt.
Hamlin Trend – has been expanded to become an 8 kilometer long polymetallic Au-Ag-Cu-Mo belt with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
Coldstream Trend – has been widened to 800 meters through the discovery of parallel structures assaying 1.07 g/t Au and 0.98% Zn.
9.79 g/t Au from mafic-hosted carbonate shear veins at the “Benton” prospect, east of the East Coldstream deposit.
Vanguard Trend – 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a 9 kilometer long belt of polymetallic VMS Cu-Zn-Au-Ag mineralization that is now found to be 120 meters wide through discovery of additional lenses.
President and CEO Brett Richards stated: “We have previously stated our confidence to the market that the Moss Project of c.183Mt containing an inferred resource of 6M oz Au at 1.02g/t (with 55% of the deposit hosting a shear domain at 1.84 g/t)1 could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multi-generational mining camp in the Shebandowan Greenstone belt.”
Field Program Update
Goldshore embarked on a property wide field reconnaissance program in June 2022 – in the background to drilling – exploring the numerous unexplained geophysical anomalies and under explored gold and base metal showings. This program accelerated over the last several months. The field crews have compiled a systematic interpretation of the project geology, structure, alteration, and mineralization across the Project. Through this investigation and in combination with a substantial ionic soil leach program, the historic gold showings and newly discovered mineralization have resolved to be part of five distinct mineralized trends, including two polymetallic trends.
Figure 1: Selective results from the ongoing Moss Gold Project field program
The Moss Trend has been confirmed over an 8-kilometer strike containing the existing resource. The mineralization is dominantly hosted in anastomosing shears through an extensive altered diorite package. This zone is consistent with a belt of magnetic low bodies (altered intrusions) adjacent to folded magnetic highs (magnetic-bearing wall rocks) that present a belt with a high competency and redox contrast. Recent work has discovered elevated copper and silver mineralization towards the southwestern extents with recent rock samples returning values including 9.59 g/t Au and 60.6 g/t Ag,5.0 g/t Au plus 96.2 g/t Ag, and 0.98% Cu. Samples of strongly altered dacite 200m south of the Moss Main zone returned assays of 24.9 g/t Au and 9.99g/t Ag, representing a new parallel zone. The field results confirm the interpretation from the step out and deep drilling at the Moss Gold Project that the mineralized corridor is at least 1,000 meters wide.
The Kawa Trend lies approximately 2 kilometers south of, and parallel to, the Moss Trend over a 6.5-kilometer strike length with a confirmed width of 550m. It has a similar magnetic character as the Moss Trend and mapping has shown that mineralization is hosted within and along a sheared diorite/volcanic contact. We therefore expect the Kawa Trend to have the same potential as the Moss Trend. Partial assays results have been received for this area with values including 33.7g/t Au.
The known Hamlin Trend has been extended by 4 kilometers to the east to form an 8-kilometer-long belt of polymetallic Au-Ag-Cu-Mo mineralization with a confirmed width from 400 to 700 meters. Recent expanded ICP analysis indicate additional Bi and Te potential. Partial assays results have been received for this area with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
The Coldstream Trend containing the East Coldstream deposit has a confirmed strike of 3.5 kilometers hosted by late shearing within altered mafic volcanics and includes the historic North Coldstream Cu-Co mine. Recent exploration has discovered parallel mineralized shears within the northern intermediate volcanics expanding the width potential of the mineralization with rock sample assays returning values including 1.07 g/t Au and 0.98% Zn.
The Vanguard Trend has an established 9-kilometer strike length of polymetallic VMS Cu-Zn-Au-Ag mineralization linking with the Iris Lake Au prospect through a series of untested geophysical conductors. Results from the recent exploration have discovered additional parallel gold bearing shears north of the main Vanguard showing and ignored by much of the historical exploration giving it width of 120 meters. Partial assays results have been received for this area with values including 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag and 2.94 g/t Au.
Additional poorly understood prospects defined by historical prospecting and known to host Cu-Au mineralization have been confirmed toward the east, west, and south of the East Coldstream deposit with assay results including 9.79 g/t Au. Future exploration programs will focus on better understanding this mineralization and its potential.
Pete Flindell, VP Exploration for Goldshore, said “Goldshore’s geologists have done an excellent job of mapping and sampling through challenging terrain to uncover the additional mineralized potential of the Moss Gold Project. This includes ionic leach soil sampling across muskeg to understand the character of concealed structural targets. These results speak to district-scale potential of the Moss Gold Project.”
Corporate Announcement
Heather Laxton has resigned from the Goldshore board of directors with immediate effect. Heather was a nominee of Wesdome Gold Mines Ltd. and served on the Board since the listing of the Company.
Qualified Persons
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 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. Wesdome is currently a large shareholder of Goldshore with an approximate 19% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the 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.
1 NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada, dated effective May 5, 2023.
