Category: Junior Mining

Emperor Provides Drilling Update for the Duquesne West Gold Project

Post author By admin
Post date August 15, 2023

Vancouver, British Columbia–(Newsfile Corp. – July 26, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce the resumption of drilling operations at the Duquesne West Gold Project. The drilling activities had temporarily ceased between June 4th and June 30th due to a provincial ban on work in response to the significant forest fires in the Province of Quebec.

CEO John Florek commented:

“We are excited to have resumed our fully funded, +7,000 m drilling campaign now that the province-wide wildfire ban on field exploration has been lifted. Our program was designed to test several new scenarios developed from Artificial Intelligence (A.I.) Models which highlighted evidence of the controls to mineralization following several gold-rich trends along a known plunge. Our drilling targets are designed to add ounces through several strategies based on our new understanding of these controls. Our exploration goals are to enhance grade and ounces internal to the deposit, to discover additional ounces external to the deposit, and to fill any data gaps in areas of trending gold-rich mineralization (See Figures 1 and 2).

Strategically located near Rouyn-Noranda, Quebec, there are many opportunities for additional growth and discovery at the margin of this high-grade gold deposit on this property. Numerous mines are located nearby within a district dominated by Agnico Eagle, and Newmont. We have a tremendous opportunity to continue creating value on this property.”

Figure 1: Phase 1 Targeting

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Figure 2: Examples of historic drill intercepts

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Highlights

Based on knowledge gained from in-house A.I. modelling, additional drilling permit applications were submitted on May 4^th and granted on June 26^th.. The additional permits will provide optionality to the Phase 1 drilling program as results emerge. Permits were also received for drilling in areas close to wetlands.

Emperor’s initial ~+7,000 meter Phase 1 Drill Program began on May 9^th and a province-wide wildfire ban went into effect during the drilling of the second diamond drill hole. Geological processing for the first two holes was completed and samples have been sent to SGS Laboratories in Lakefield, ON.

Drilling resumed on June 30^th and the first three diamond drill holes have now been completed:

DQ23-01: 1,068 meters
DQ23-02: 834 meters
DQ23-03: 948 meters

Drilling has commenced on the fourth diamond drill hole, DQ23-04.

The 2023 field program is expected to run until the end of September and complete 10 diamond drill holes of about 700m each on average, for a total of about 7,000m. To date, 3,000m have been completed. Each hole is carefully planned using the most current information and interpretation of results.

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (TSX: GMX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.^1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

Reinterpretation of the existing geological model was created using A.I. and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

¹ Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

²Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

QP Disclosure

The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

About Emperor Metals Inc.

Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”

John Florek, M.Sc., P.Geol
President, CEO and Director
Emperor Metals Inc.

For further information, please contact:

Mr. Alex Horsley, Director
Phone: 778-323-3058
Email: alexh@emperormetals.com
Website:www.emperormetals.com

THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.

FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174892

Lion One Updates Drill Results at Tuvatu

Post author By admin
Post date August 15, 2023

High grade composite results increased in Zone 5 drilling

North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.

The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.

Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.

Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.

Hole ID	From	To	Interval (m)	Updated Au (g/t)	Original Au (g/t)	Change (g/t)
TGC-0067	48.2	50	1.8	314.27	261.93	52.34
TUDDH-643	242.7	249.3	6.6	83.47	80.78	2.69
TGC-0067	53.3	54.2	0.9	104.00	93.05	10.95
TUDDH-643	111.6	114.9	3.3	18.40	17.48	0.92
TUDDH-643	161.7	163.2	1.5	16.13	15.96	0.17
TUDDH-638	254.7	257	2.3	10.25	9.41	0.84
TUDDH-643	101.9	103.1	1.2	13.50	13.13	0.37
TUDDH-643	123.4	124	0.6	25.19	25.95	-0.76
TGC-0061	219.2	220.4	1.2	10.31	8.32	1.99
TUDDH-637	45.3	45.6	0.3	35.98	36.2	-0.22
TUDDH-643	52.2	52.5	0.3	31.87	33.51	-1.64
TUDDH-644	55.8	58.2	2.4	3.43	3.4	0.03
TGC-0065	53.1	55.2	2.1	3.91	3.82	0.09
TUDDH-634	49.2	50.7	1.5	5.44	5.68	-0.24
TUDDH-637	216.4	217	0.6	11.63	10.99	0.64
TGC-0065	128.5	129.4	0.9	7.42	6.8	0.62
TGC-0065	57.4	58.3	0.9	7.01	6.88	0.13
TUDDH-634	154.9	155.2	0.3	14.96	15.17	-0.21
TUDDH-656	173.6	173.9	0.3	11.66	10.14	1.52
TGC-0059	220.3	220.6	0.3	10.87	12.85	-1.98
TGC-0058	133.4	133.7	0.3	10.86	10.37	0.49

Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.

Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TUDDH-634		123.4	124	0.6	25.19	-0.76
TUDDH-637		161.7	163.2	1.5	16.13	0.17
	including	161.7	162.3	0.6	38.62	–
	which includes	161.7	162	0.3	72.46	–
TUDDH-637		198.2	202.1	3.9	5.38	–
	including	198.2	198.5	0.3	10.02	–
	and	199.7	200.6	0.9	3.42	–
	and	201.2	202.1	0.9	16.13	–
	which includes	201.8	202.1	0.3	40.21	–
TUDDH-643		111.6	114.9	3.3	18.4	0.92
	including	111.6	113.7	2.1	28.44	–
	which includes	113.1	113.7	0.6	95.63	–
TUDDH-643		242.7	249.3	6.6	83.47	2.69
	including	242.7	246.3	3.6	17.39	–
	which includes	243.9	245.7	1.8	55.49	–
	which includes	243.9	244.5	0.6	79.84	–
	and	245.1	245.7	0.6	14.89	–
	and also including	247.5	249.3	1.8	271.14	–
	which includes	247.5	247.8	0.3	40.03	–
	and	248.7	249.6	0.6	793.24	–
TUDDH-643		254.7	257	2.3	10.25	0.84
	including	254.7	255.3	0.6	35.54	–
TUDDH-650		192.6	194.1	1.5	14.93	–
	including	192.6	193.5	0.9	23.89	–
TUDDH-650		203.5	207.4	3.9	11.84	–
	including	203.5	204.7	1.2	35.18	–
	which includes	203.5	204.1	0.6	48.27	–
	and	204.1	204.7	0.6	22.09	–
TUDDH-651		184.6	185.2	0.6	32.65	–
TUDDH-651		194.5	197.2	2.7	17.2	–
	including	194.5	196	1.5	25.92	–
	which includes	195.4	195.7	0.3	124.52	–
	and also including	196.9	197.2	0.3	25.22	–
TUDDH-653		53	56.9	3.9	9.53	–
	including	55.1	56.9	1.8	19.47	–
	which includes	56	56.3	0.3	46.92	–
	and	56.6	56.9	0.3	55.08	–
TUDDH-653		89.5	96.3	6.8	9.96	–
	including	91.3	92.2	0.9	66.62	–
	which includes	91.6	91.9	0.3	165.95	–
	and	91.9	92.2	0.3	30.46	–
TUDDH-655		96.4	97.9	1.5	8.24	–
	including	96.7	97	0.3	18.48	–
	and	97.6	97.9	0.3	20.77	–
TUDDH-656		101.9	103.1	1.2	13.5	0.37
	including	101.9	102.5	0.6	19.73	–
	and	102.5	103.1	0.6	6.54	–

Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TGC-0059		57.4	58.3	0.9	7.01	0.13
	including	57.4	57.7	0.3	12.89	–
	and	58	58.3	0.3	8.14	–
TGC-0061		55.8	58.2	2.4	3.43	0.03
	including	57.3	37.6	0.3	12.84	–
TGC-0065		45.3	45.6	0.3	35.98	-0.22
TGC-0065		49.2	50.7	1.5	5.44	-0.24
	including	49.2	49.5	0.3	9.59	–
	and	50.4	50.7	0.3	15.76	–
TGC-0065		52.2	52.5	0.3	31.87	-1.64
TGC-0067		48.2	50	1.8	314.27	52.34
	including	48.8	49.4	0.6	934.91	–
	which includes	48.8	49.1	0.3	1839.55	–
	and	49.1	49.4	0.3	30.26	–
TGC-0067		53.3	54.2	0.9	104	10.95
	including	53.3	53.9	0.6	155.68	–
	which includes	53.3	53.6	0.3	10.89	–
	and	53.6	53.9	0.3	300.47	–

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

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Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

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About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TUDDH-634		92.2	92.8	0.6	0.52	–
TUDDH-634		93.7	94.3	0.6	0.5	–
TUDDH-634		123.4	124	0.6	25.19	-0.76
TUDDH-634		125.2	125.5	0.3	1	–
TUDDH-634		128.5	129.4	0.9	7.42	0.62
TUDDH-634	including	129.1	129.4	0.3	10.89	–
TUDDH-634		148.5	149.1	0.6	1.46	–
TUDDH-637		48.2	48.8	0.6	0.6	–
TUDDH-637		68.8	69.4	0.6	0.81	–
TUDDH-637		161.7	163.2	1.5	16.13	0.17
TUDDH-637	including	161.7	162.3	0.6	38.62	–
TUDDH-637	which includes	161.7	162	0.3	72.46	–
TUDDH-637		173.1	177.6	4.5	2.69	–
TUDDH-637	including	173.1	174	0.9	8.59	–
TUDDH-637		180	182.1	2.1	2.7	–
TUDDH-637		183.9	187.5	3.6	2.76	–
TUDDH-637	including	185.7	187.5	1.8	5.03	–
TUDDH-637		198.2	202.1	3.9	5.38	–
TUDDH-637	including	198.2	198.5	0.3	10.02	–
TUDDH-637	and	199.7	200.6	0.9	3.42	–
TUDDH-637	and	201.2	202.1	0.9	16.13	–
TUDDH-637	which includes	201.8	202.1	0.3	40.21	–
TUDDH-637		219.2	220.4	1.2	10.31	1.99
TUDDH-637	including	219.5	220.4	0.9	12.79	–
TUDDH-637		222.2	222.5	0.3	2.29	–
TUDDH-637		224	226.4	2.4	1.87	–
TUDDH-637		243.5	245	1.5	1.13	–
TUDDH-637		251.3	253.7	2.4	2.46	–
TUDDH-637		258.5	259.1	0.6	0.94	–
TUDDH-637		281.9	282.5	0.6	5.96	–
TUDDH-637		290.9	292.1	1.2	1.97	–
TUDDH-637		298.7	299.6	0.9	6.68	–
TUDDH-638		14.2	14.8	0.6	1.31	–
TUDDH-638		29.8	30.4	0.6	1.29	–
TUDDH-638		106.9	107.2	0.3	0.99	–
TUDDH-638		123.1	123.7	0.6	1.44	–
TUDDH-638		154.9	155.2	0.3	14.96	-0.21
TUDDH-638		162.4	163.3	0.9	3.19	–
TUDDH-638		166.3	167.5	1.2	6.23	–
TUDDH-638	including	166.3	166.9	0.6	8.43	–
TUDDH-638		169.9	171.7	1.8	3.6	–
TUDDH-638	including	170.8	171.7	0.9	6.07	–
TUDDH-638		179.8	181.3	1.5	1.62	–
TUDDH-638		235.9	236.5	0.6	0.87	–
TUDDH-638		241.3	242.5	1.2	4.8	–
TUDDH-638	including	241.9	242.5	0.6	9.06	–
TUDDH-639		50.3	50.6	0.3	5.17	–
TUDDH-641		153	153.7	0.7	2.78	–
TUDDH-641	including	153	153.3	0.3	5.1	–
TUDDH-641		174.5	174.8	0.3	0.57	–
TUDDH-641		176.9	178.7	1.8	2.32	–
TUDDH-641	including	176.9	177.5	0.6	5.1	–
TUDDH-643		111.6	114.9	3.3	18.4	0.92
TUDDH-643	including	111.6	113.7	2.1	28.44	–
TUDDH-643	which includes	113.1	113.7	0.6	95.63	–
TUDDH-643		133.4	133.7	0.3	10.86	0.49
TUDDH-643		158.8	159.1	0.3	0.83	–
TUDDH-643		163.3	163.9	0.6	5.3	–
TUDDH-643		173.6	173.9	0.3	11.66	1.52
TUDDH-643		213.7	214.6	0.9	0.61	–
TUDDH-643		216.4	217	0.6	11.63	0.64
TUDDH-643		233.8	234.4	0.6	5.48	–
TUDDH-643		242.7	249.3	6.6	83.47	2.69
TUDDH-643	including	242.7	246.3	3.6	17.39	–
TUDDH-643	which includes	243.9	245.7	1.8	55.49	–
TUDDH-643	which includes	243.9	244.5	0.6	79.84	–
TUDDH-643	and	245.1	245.7	0.6	14.89	–
TUDDH-643	and also including	247.5	249.3	1.8	271.14	–
TUDDH-643	which includes	247.5	247.8	0.3	40.03	–
TUDDH-643	and	248.7	249.6	0.6	793.24	–
TUDDH-643		251.7	252.9	1.2	0.97	–
TUDDH-643		254.7	257	2.3	10.25	0.84
TUDDH-643	including	254.7	255.3	0.6	35.54	–
TUDDH-643		260.4	261.3	0.9	0.69	–
TUDDH-643		262.8	266.1	3.3	1.63	–
TUDDH-643		268.3	268.8	0.5	1.3	–
TUDDH-644		172.3	175	2.7	2.33	–
TUDDH-644	including	173.8	174.4	0.6	5.83	–
TUDDH-644		208.6	208.9	0.3	4.37	–
TUDDH-644		220.3	220.6	0.3	10.87	-1.98
TUDDH-644		237.1	237.7	0.6	1.19	–
TUDDH-646		116.7	117.3	0.6	1.65	–
TUDDH-646		154.8	155.1	0.3	0.67	–
TUDDH-646		181.5	183.3	1.8	2.41	–
TUDDH-646	including	183	183.3	0.3	13.29	–
TUDDH-646		223.9	224.5	0.6	8.98	–
TUDDH-646	including	224.2	224.5	0.3	15.09	–
TUDDH-646		231.1	233.2	2.1	4.23	–
TUDDH-646	including	232	232.6	0.6	10.27	–
TUDDH-646		252.3	252.7	0.4	2.81	–
TUDDH-646		253.9	254.2	0.3	2.16	–
TUDDH-649		24.9	25.2	0.3	1.93	–
TUDDH-649		153.6	154.2	0.6	0.74	–
TUDDH-649		161.7	162.3	0.6	0.52	–
TUDDH-649		188.1	190.8	2.7	1.21	–
TUDDH-649		248.7	249.3	0.6	1.17	–
TUDDH-649		251.4	252.3	0.9	0.86	–
TUDDH-649		257.1	257.4	0.3	3.31	–
TUDDH-650		53.6	53.9	0.3	0.61	–
TUDDH-650		76.7	77	0.3	0.62	–
TUDDH-650		104.1	104.4	0.3	0.67	–
TUDDH-650		148.5	149.1	0.6	0.51	–
TUDDH-650		179.1	179.4	0.3	1.62	–
TUDDH-650		180.6	181.2	0.6	0.51	–
TUDDH-650		192.6	194.1	1.5	14.93	–
TUDDH-650	including	192.6	193.5	0.9	23.89	–
TUDDH-650		199	199.3	0.3	1.66	–
TUDDH-650		203.5	207.4	3.9	11.84	–
TUDDH-650	including	203.5	204.7	1.2	35.18	–
TUDDH-650	which includes	203.5	204.1	0.6	48.27	–
TUDDH-650	and	204.1	204.7	0.6	22.09	–
TUDDH-650		210.4	210.7	0.3	2.05	–
TUDDH-651		18.25	18.85	0.6	0.93	–
TUDDH-651		80.55	81.15	0.6	2.09	–
TUDDH-651		100.65	100.95	0.3	1.46	–
TUDDH-651		118.65	119.25	0.6	1.46	–
TUDDH-651		139.95	140.55	0.6	4.39	–
TUDDH-651		184.6	185.2	0.6	32.65	–
TUDDH-651		194.5	197.2	2.7	17.2	–
TUDDH-651	including	194.5	196	1.5	25.92	–
TUDDH-651	which includes	195.4	195.7	0.3	124.52	–
TUDDH-651	and also including	196.9	197.2	0.3	25.22	–
TUDDH-651		222.4	224.8	2.4	2.22	–
TUDDH-653		0	0.6	0.6	3.37	–
TUDDH-653		21.9	22.2	0.3	1.26	–
TUDDH-653		53	56.9	3.9	9.53	–
TUDDH-653	including	55.1	56.9	1.8	19.47	–
TUDDH-653	which includes	56	56.3	0.3	46.92	–
TUDDH-653	and	56.6	56.9	0.3	55.08	–
TUDDH-653		64.4	65	0.6	0.56	–
TUDDH-653		89.5	96.3	6.8	9.96	–
TUDDH-653	including	91.3	92.2	0.9	66.62	–
TUDDH-653	which includes	91.6	91.9	0.3	165.95	–
TUDDH-653	and	91.9	92.2	0.3	30.46	–
TUDDH-653		111.6	111.9	0.3	6.53	–
TUDDH-653		116.7	118.8	2.1	1.59	–
TUDDH-653		120	120.6	0.6	0.59	–
TUDDH-655		59.7	61.5	1.8	2.74	–
TUDDH-655		96.4	97.9	1.5	8.24	–
TUDDH-655	including	96.7	97	0.3	18.48	–
TUDDH-655	and	97.6	97.9	0.3	20.77	–
TUDDH-655		99.1	99.7	0.6	0.9	–
TUDDH-655		101.5	102.1	0.6	1.23	–
TUDDH-655		118.3	118.6	0.3	3.16	–
TUDDH-655		126.1	126.7	0.6	1.04	–
TUDDH-656		27.2	28.4	1.2	0.89	–
TUDDH-656		77	77.6	0.6	1.05	–
TUDDH-656		80.6	81.2	0.6	0.7	–
TUDDH-656		101.9	103.1	1.2	13.5	0.37
TUDDH-656	including	101.9	102.5	0.6	19.73	–
TUDDH-656	and	102.5	103.1	0.6	6.54	–
TUDDH-656		106.7	107	0.3	0.58	–
TUDDH-656		119.6	119.9	0.3	1.71	–
TUDDH-656		130.1	132.5	2.4	4.83	–
TUDDH-656	including	131.9	132.5	0.6	7.99	–
TUDDH-656		162.5	162.8	0.3	8.55	–

Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.

Hole ID		From	To	Interval (m)	Au (g/t)	Change (g/t)
TGC-0056		26.7	29.4	2.7	1.52	–
TGC-0056		38.1	38.4	0.3	2.31	–
TGC-0056		39.6	39.9	0.3	0.73	–
TGC-0058		34.2	34.8	0.6	0.66	–
TGC-0058		35.4	35.7	0.3	0.51	–
TGC-0058		48.3	48.6	0.3	4.83	–
TGC-0058		53.1	55.2	2.1	3.91	0.09
TGC-0058	including	53.1	54	0.9	8.74	–
TGC-0058		56.4	57	0.6	1.1	–
TGC-0059		39.4	40.3	0.9	0.53	–
TGC-0059		50.5	50.8	0.3	3.1	–
TGC-0059		53.2	54.4	1.2	0.88	–
TGC-0059		57.4	58.3	0.9	7.01	0.13
TGC-0059	including	57.4	57.7	0.3	12.89	–
TGC-0059	and	58	58.3	0.3	8.14	–
TGC-0061		34.2	34.5	0.3	0.69	–
TGC-0061		35.4	36	0.6	0.75	–
TGC-0061		45.6	46.8	1.2	0.56	–
TGC-0061		49.8	50.4	0.6	0.84	–
TGC-0061		55.8	58.2	2.4	3.43	0.03
TGC-0061	including	57.3	37.6	0.3	12.84	–
TGC-0065		29.7	30	0.3	0.61	–
TGC-0065		32.4	33.6	1.2	2.44	–
TGC-0065		45.3	45.6	0.3	35.98	-0.22
TGC-0065		49.2	50.7	1.5	5.44	-0.24
TGC-0065	including	49.2	49.5	0.3	9.59	–
TGC-0065	and	50.4	50.7	0.3	15.76	–
TGC-0065		52.2	52.5	0.3	31.87	-1.64
TGC-0067		23.6	23.9	0.3	1.06	–
TGC-0067		48.2	50	1.8	314.27	52.34
TGC-0067	including	48.8	49.4	0.6	934.91	–
TGC-0067	which includes	48.8	49.1	0.3	1839.55	–
TGC-0067	and	49.1	49.4	0.3	30.26	–
TGC-0067		53.3	54.2	0.9	104	10.95
TGC-0067	including	53.3	53.9	0.6	155.68	–
TGC-0067	which includes	53.3	53.6	0.3	10.89	–
TGC-0067	and	53.6	53.9	0.3	300.47	–
TGC-0067		63.2	63.8	0.6	2.89	–
TGC-0067		67.1	67.4	0.3	9.18	–

Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0056	1876439	3920583	117	79.6	121.2	9.5
TGC-0058	1876438	3920583	116	62.2	124.6	-11.3
TGC-0059	1876438	3920583	116	74.1	122.5	-22.0
TGC-0061	1876438	3920582	118	82.8	142.6	20.1
TGC-0065	1876438	3920582	117	71.2	133.2	10.6
TGC-0067	1876437	3920581	118	86.9	155.6	12.4
TUDDH-634	1876528	3920501	310	182.5	257.6	-55.3
TUDDH-637	1876557	3920389	352	320.3	292.0	-60.5
TUDDH-638	1876509	3920445	349	257.5	294.3	-66.4
TUDDH-639	1876556	3920389	352	56.6	297.3	-57.0
TUDDH-641	1876477	3920293	402	185.7	309.3	-66.1
TUDDH-643	1876556	3920389	352	274.8	297.1	-63.4
TUDDH-644	1876476	3920293	402	248.5	307.0	-64.3
TUDDH-646	1876557	3920388	352	270.5	283.6	-63.1
TUDDH-649	1876476	3920294	402	262.3	315.7	-66.5
TUDDH-650	1876539	3920395	352	230.8	283.0	-52.0
TUDDH-651	1876539	3920395	352	240.3	293.5	-53.3
TUDDH-653	1876496	3920546	296	131.4	281.2	-46.3
TUDDH-655	1876496	3920546	296	151.7	282.7	-51.5
TUDDH-656	1876539	3920395	352	215.3	306.9	-52.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177254

Junior Mining Precious Metals

West Red Lake Gold Closes $7,000,000 Flow-Through Private Placement

Post author By admin
Post date August 15, 2023

Rowan Project Location Map

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB: WRLGF) is pleased to announce the closing of its previously announced non-brokered private placement (the “Offering”) for gross proceeds of $7,000,000 from the sale of 10,000,000 flow-through shares (“FT Shares”) at $0.70/FT Share.

The Company intends to use the proceeds from the Offering for the exploration and advancement of the Company’s properties in Red Lake, Ontario.

Proceeds from the sale of Flow-Through Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023 and incurred no later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

Certain Insiders of the Company purchased FT Shares under the Offering, constituting, to that extent, a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities distributed in the Offering nor the consideration received for those securities, in so far as the Offering involves the directors and officers, exceeds 25% of the Company’s market capitalization. The Offering remains subject to final approval of the TSX Venture Exchange.

The connection with the financing, the Company paid an aggregate cash finders fee of $216,288.45 of which $64,800.12 was to Accilent Capital Management Inc., $55,500.06 to Red Cloud Securities Inc., $45,840.06 to Canaccord Genuity, $24,000.06 to Cypress Capital Management Ltd., $14,400.12 to PI Financial Corp., $9,900.03 to Haywood Securities Inc., $1,260 to StephenAvenue Securities Inc. and $588 to Leede Jones Gable Inc.

The securities issued under this Offering are subject to a four-month hold period ending on December 12, 2023. The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Deferred Consideration Payment to Sprott

Further to an unsecured convertible promissory note dated June 16, 2023 in the amount of US$6,783,932 for deferred consideration related to the acquisition of Pure Gold Mining Inc. (the “Obligation”) between the Company and a fund managed by Sprott Resource Lending Corp (“Sprott”), the Company has received A Conversion Election Notice from Sprott to convert US$1,250,838 of the Obligations into 2,400,000 common shares in the capital of the Company at a purchase price of C$0.70 per common share of the Company. (Refer to news release of June 19, 2023 for more details.) Issuance of the 2,400,000 common shares are subject to final approval of the TSX Venture Exchange.

Investor Relations Contract with Zinger Ventures Inc.

The Company has entered into a consulting agreement (the “Consulting Agreement”) with Zinger Ventures Inc. (the “Consultant”), based in Vancouver, British Columbia, pursuant to which the Consultant will provide the Company with investor relations services (the “Services”). The Consulting Agreement effective June 1, 2023 has an initial term of six (6) months, unless terminated earlier in accordance with the Consulting Agreement, and which may be extended for ensuing one month terms by agreement in writing between the Consultant and the Company.

The Services provided by the Consultant will include, but not be limited to, consulting with the Company’s management concerning marketing and investor relations services, building relationships with the Company’s investors, and attending conferences while representing the Company.

As consideration for the provision of the Services and in accordance with the terms and provisions of the Consulting Agreement, the Company will (i) pay the Consultant a monthly fee of $5,000 plus GST, (ii) grant the Consultant 300,000 stock options (the “Options”), and (iii) reimburse the Consultant for pre-approved out of pocket expenses actually and properly incurred by the Consultant in connection with the Services. The Options will vest in stages over a 12-month period with 75,000 Options vesting every three months following the grant date (June 26, 2023).

The Consultant and its principal, Dustin Zinger, are arm’s length from the Company and hold directly, or indirectly 17,500 common shares of the Company. The Company’s engagement of the Consultant and the issuance of the Options are subject to the acceptance of the TSX Venture Exchange.

Marketing Agreement with Gold Standard Media, LLC

The Company has entered into a 12-month marketing agreement (the “Marketing Agreement”) with Gold Standard Media, LLC (“GSM”), an internet marketing and advertising company, for an aggregate consideration of US$500,000. GSM will provide marketing services including email marketing campaigns, landing pages, advertisements, and other related services to assist the Company in raising public awareness of the Company and enhance its online presence.

GSM is a limited liability company existing under the laws of the State of Texas with an office at 723 W, University Ave. #110-283 Georgetown Texas. GSM uses third party service providers for the purpose of these marketing activities. The Marketing Agreement is subject to TSX Venture approval.

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.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: investors@westredlakegold.com or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b3ada835-b397-44ac-8d80-fdbe27b62ed0

Junior Mining Precious Metals

Gold79 Announces Issuance of Shares for Gold Chain Option Payment

Post author By admin
Post date August 15, 2023

Ottawa, Ontario–(Newsfile Corp. – August 15, 2023) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) announces that it has issued 2,062,548 common shares of the Company in connection with a US$48,000 ($63,283) share payment due under the option agreement covering a portion of the Company’s landholdings for the Gold Chain project in Arizona. The common shares issued have a statutory hold period until December 15, 2023.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:

Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177145

Tags #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #MilesFranklin, #ProvenAndProbable, maurice jackson, proven and probable, Quinton Hennigh

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Royalty Announces Second Quarter 2023 Results

Post author By admin
Post date August 14, 2023

Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in USD unless otherwise noted.

HIGHLIGHTS

Financial Updates for the Three Months Ended June 30, 2023

Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income¹ of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income¹ for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).

Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash¹ provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).

Corporate Updates

Timok Dispute Update

On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.

Acquisition of Additional Royalty Interest on Caserones

During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.

Acquisition Agreement for New Royalties with Franco-Nevada

During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.

Royalty and Royalty Generation Updates

During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.

	Producing Royalties	6
	Advanced Royalties	11
	Exploration Royalties	152
	Royalty Generation Properties	105

Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/177053_e4277d9504086a82_002full.jpg

Highlights from Q2 2023 include the following:

EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.

Investment Updates

As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

OUTLOOK

The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, and Australia.

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.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe) Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived 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 year ended December 31, 2022 (the “MD&A”), and the most 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 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177053

Base Metals Energy Exclusive Interviews Junior Mining Project Generators

Dan Hurd – Youtube’s Favorite Prospector talks Gold with Proven and Probable

Post author By admin
Post date August 11, 2023

Grizzly Discoveries, Proven and Probable

Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Update on Pumpkin Hollow Restart Progress

Post author By admin
Post date August 11, 2023

YERINGTON, Nev., Aug. 11, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nevada (the “Underground Mine”).

Restart Progress

Underground development completed in Q2 2023 increased 65% to 1,424 feet (“ft”) as compared with Q1 2023 (496 ft).
Small Mine Development, Inc. (“SMD”), Nevada Copper’s development mining contractor, continues to ramp-up following their mobilization in June, with a 25% increase in average daily development footage in July compared with June development.
In Q2 2023, restart preparations for the mill and process plant advanced as planned and the mill is on track to restart in September 2023.
The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September 2023.
Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement to allow for commissioning of the paste plant.
Dumas Contracting USA Inc. (“Dumas”) completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise, Inc. for the installation and commissioning of all mechanical and electrical components including the conveyors and crusher systems.
Dumas also advanced the Geho de-watering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
To date, the Company has rehabilitated ore passes #1 and #2 and expects to complete ore pass #3 in August 2023.
The Nevada Copper workforce has increased year to date by 30% to 177 employees, not including the development and projects contractor workforce; the largest workforce in the Company’s history.

Randy Buffington, President & CEO, stated: “The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset.”

2023 Outlook Reiterated

Nevada Copper reiterates its outlook for 2023 with the principal objective of achieving nameplate milling throughput of 5,000 tons per day (“tpd”) by the end of the year and all critical underground infrastructure complete and sufficient advance development to support sustained operations.

With the vent shaft project complete, underground lateral development continues to ramp-up as SMD increases staffing levels to meet development expectations. Lateral development over the second half of 2023 is planned to be 16,000 ft of combined primary and stope development. Commissioning of the underground crush and convey system is now scheduled for late October 2023 reflecting delays in underground excavation. To support the start of stope mining by the Company in September, existing ore passes and the surface crusher are being utilized until commissioning of the underground crusher is complete.

Mill restart is scheduled in September 2023 at an expected rate of approximately 3,500 tons per day. The mill and paste plant will be re-commissioned on low-grade stockpiled ore. Mill capacity and grade are expected to increase through the balance of 2023, however, milled grades will remain lower than average stope grades, as lower grade development ore constitutes a higher percentage of mill feed through these early commissioning months. The Company plans to truck its first concentrates in late September with first revenues expected in the fourth quarter.

Filing of Second Quarter 2023 Financial Statements and MD&A
Nevada Copper filed its consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2023. These filings can be found on the Company’s website at www.nevadacopper.com and the Company’s SEDAR+ profile at www.sedarplus.ca.

Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, member of SME, Vice President of Technical Services and Greg French, C.P.G., VP Exploration of Nevada Copper, each of whom are a non-independent Qualified Person within the meaning of NI 43-101.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the advancement of restart operations at the Underground Mine. There can be no assurance that ramp-up of the Underground Mine will occur or will not cost more than expected and require the Company to raise additional financing. There can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: results of exploration programs, the potential need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, if required, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Base Metals Energy Junior Mining Precious Metals

Nevada Gold Mines Commences Drill Program at Ridgeline Minerals’s Swift Gold Project, Nevada

Post author By admin
Post date August 10, 2023

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce that Nevada Gold Mines LLC (“NGM” or “Nevada Gold Mines“), a joint venture between Barrick Gold and Newmont Corp., has mobilized a drill rig to the Swift Gold Project (“Swift“) located in the Cortez District of the Battle Mountain – Eureka mine trend (Figure 1). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021 (see press release HERE) where NGM can incur a minimum of US$ 20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. Details of the proposed drill program are highlighted below.

Drill Program Highlights

Drill hole SW23-005 will target the intersection of proposed low-angle structures and favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations.
- Drill hole will provide key litho-structural information between historical drill intercepts in hole MCK-99-5A (18.3 meters (“m”) grading 0.64 grams per tonne (“g/t”) gold (“Au”)) and 2022 NGM drill intercepts in SW22-002 (41.9 m grading 0.26 g/t Au) and SW22-003 (48.8 m grading 0.45 g/t Au), (see Figure 2 and February 16, 2023 press release HERE)
Drill hole SW22-004 will be extended from a starting depth of 1,104 m where the hole was previously halted by NGM in January 2023 due to severe winter weather conditions.
- Drilling returned up to 3.0 m grading 2.27 g/t Au in Upper Plate rocks prior to intersecting Lower Plate host rocks at 1,065 m (Figure 2).
- Hole will be extended through prospective host rocks to an anticipated depth of 1,500+ meters.

Chad Peters, Ridgeline’s President, CEO & Director commented, “To date, we are very encouraged by the exploration results at Swift with early results highlighting the potential to discover a large Carlin-Type gold system. The Nevada Gold Mines team has done an exceptional job generating a property-wide geologic model and SW23-005 will target a highly prospective structural corridor bounded by mineralized gold intercepts on both sides. We look forward to updating our shareholders as results are received.”

Figure 1: Plan view map showing the location of the Swift exploration earn-in agreement with Nevada Gold Mines. Modified from Barrick Investor Day presentation¹ (November 18, 2022 Presentation HERE)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_002full.jpg

Figure 2: Ridgeline’s conceptual long section A-A’ interpreted from drilling to-date highlights past exploration results and proposed 2023 drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_003full.jpg

Swift Project

Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend approximately 30 kilometers (“km”) south of the town of Battle Mountain, in Lander County, Nevada. The district-scale 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits (View our Swift VRIFY Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a joint venture between Barrick Gold and Newmont Corp.). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest to a total 75% interest (subject to additional expenditures and commitments).

QAQC Procedures

Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.

Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.

About Ridgeline Minerals Corp.

Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 192 km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.

On behalf of the Board
“Chad Peters”
President & CEO

Further Information:
Chad Peters, P.Geo.
President & CEO
Ridgeline Minerals Corp.
(775) 304-9773 | info@ridgelineminerals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Note regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Junior Mining Lion One Metals Precious Metals

Lion One Drills 6.6 m of 80.78 g/t Au in the Main Zone at Tuvatu, Fiji

Post author By admin
Post date August 10, 2023

Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5

North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.

Highlights of new Zone 5 drilling:

80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)

Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

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Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		123.4	124	0.6	25.95
TUDDH-637		161.7	163.2	1.5	15.96
	including	161.7	162.3	0.6	38.62
	which includes	161.7	162	0.3	72.46
TUDDH-637		198.2	202.1	3.9	5.38
	including	198.2	198.5	0.3	10.02
	and	201.2	202.1	0.9	16.13
	which includes	201.8	202.1	0.3	40.21
TUDDH-643		111.6	114.9	3.3	17.48
	including	111.6	113.7	2.1	28.44
	which includes	113.1	113.7	0.6	95.63
TUDDH-643		242.7	249.3	6.6	80.78
	including	242.7	246.3	3.6	17.39
	which includes	243.9	245.7	1.8	55.49
	which includes	243.9	244.5	0.6	79.84
	and	245.1	245.7	0.6	14.89
	and also including	247.5	249.3	1.8	271.14
	which includes	247.5	247.8	0.3	40.03
	and	248.7	249.6	0.6	793.24
TUDDH-643		254.7	257	2.3	9.41
	including	254.7	255.3	0.6	35.54
TUDDH-650		192.6	194.1	1.5	14.93
	including	192.6	193.5	0.9	23.89
TUDDH-650		203.5	207.4	3.9	11.84
	including	203.5	204.7	1.2	35.18
	which includes	203.5	204.1	0.6	48.27
	and	204.1	204.7	0.6	22.09
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
	including	194.5	196	1.5	25.92
	which includes	195.4	195.7	0.3	124.52
	and also including	196.9	197.2	0.3	25.22
TUDDH-653		53	56.9	3.9	9.53
	including	55.1	56.9	1.8	19.47
	which includes	56	56.3	0.3	46.92
	and	56.6	56.9	0.3	55.08
TUDDH-653		89.5	96.3	6.8	9.96
	including	91.3	92.2	0.9	66.62
	which includes	91.6	91.9	0.3	165.95
	and	91.9	92.2	0.3	30.46
TUDDH-656		101.9	103.1	1.2	13.13
	including	101.9	102.5	0.6	19.73
	and	102.5	103.1	0.6	6.54

Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0059		57.4	58.3	0.9	6.88
	including	57.4	57.7	0.3	12.89
	and	58	58.3	0.3	8.14
TGC-0061		55.8	58.2	2.4	3.4
	including	57.3	37.6	0.3	12.84
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
	including	49.2	49.5	0.3	9.59
	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		48.2	50	1.8	261.93
	including	48.8	49.4	0.6	934.91
	which includes	48.8	49.1	0.3	1839.55
	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
	including	53.3	53.9	0.6	155.68
	which includes	53.3	53.6	0.3	10.89
	and	53.6	53.9	0.3	300.47

Zone 5

Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).

The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).

Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.

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Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

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Infill Drilling

A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.

Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.

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Grade Control Drilling

A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.

Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.

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About Tuvatu

The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		92.2	92.8	0.6	0.52
TUDDH-634		93.7	94.3	0.6	0.5
TUDDH-634		123.4	124	0.6	25.95
TUDDH-634		125.2	125.5	0.3	1
TUDDH-634		128.5	129.4	0.9	6.8
TUDDH-634	including	129.1	129.4	0.3	10.89
TUDDH-634		148.5	149.1	0.6	1.46
TUDDH-637		48.2	48.8	0.6	0.6
TUDDH-637		68.8	69.4	0.6	0.81
TUDDH-637		161.7	163.2	1.5	15.96
TUDDH-637	including	161.7	162.3	0.6	38.62
TUDDH-637	which includes	161.7	162	0.3	72.46
TUDDH-637		173.1	177.6	4.5	2.69
TUDDH-637	including	173.1	174	0.9	8.59
TUDDH-637		180	182.1	2.1	2.7
TUDDH-637		183.9	187.5	3.6	2.76
TUDDH-637	including	185.7	187.5	1.8	5.03
TUDDH-637		198.2	202.1	3.9	5.38
TUDDH-637	including	198.2	198.5	0.3	10.02
TUDDH-637	and	199.7	200.6	0.9	3.42
TUDDH-637	and	201.2	202.1	0.9	16.13
TUDDH-637	which includes	201.8	202.1	0.3	40.21
TUDDH-637		219.2	220.4	1.2	8.32
TUDDH-637	including	219.5	220.4	0.9	12.79
TUDDH-637		222.2	222.5	0.3	2.29
TUDDH-637		224	226.4	2.4	1.87
TUDDH-637		243.5	245	1.5	1.13
TUDDH-637		251.3	253.7	2.4	2.46
TUDDH-637		258.5	259.1	0.6	0.94
TUDDH-637		281.9	282.5	0.6	5.96
TUDDH-637		290.9	292.1	1.2	1.97
TUDDH-637		298.7	299.6	0.9	6.68
TUDDH-638		14.2	14.8	0.6	1.31
TUDDH-638		29.8	30.4	0.6	1.29
TUDDH-638		106.9	107.2	0.3	0.99
TUDDH-638		123.1	123.7	0.6	1.44
TUDDH-638		154.9	155.2	0.3	15.17
TUDDH-638		162.4	163.3	0.9	3.19
TUDDH-638		166.3	167.5	1.2	6.23
TUDDH-638	including	166.3	166.9	0.6	8.43
TUDDH-638		169.9	171.7	1.8	3.6
TUDDH-638	including	170.8	171.7	0.9	6.07
TUDDH-638		179.8	181.3	1.5	1.62
TUDDH-638		235.9	236.5	0.6	0.87
TUDDH-638		241.3	242.5	1.2	4.8
TUDDH-638	including	241.9	242.5	0.6	9.06
TUDDH-639		50.3	50.6	0.3	5.17
TUDDH-641		153	153.7	0.7	2.78
TUDDH-641	including	153	153.3	0.3	5.1
TUDDH-641		174.5	174.8	0.3	0.57
TUDDH-641		176.9	178.7	1.8	2.32
TUDDH-641	including	176.9	177.5	0.6	5.1
TUDDH-643		111.6	114.9	3.3	17.48
TUDDH-643	including	111.6	113.7	2.1	28.44
TUDDH-643	which includes	113.1	113.7	0.6	95.63
TUDDH-643		133.4	133.7	0.3	10.37
TUDDH-643		158.8	159.1	0.3	0.83
TUDDH-643		163.3	163.9	0.6	5.3
TUDDH-643		173.6	173.9	0.3	10.14
TUDDH-643		213.7	214.6	0.9	0.61
TUDDH-643		216.4	217	0.6	10.99
TUDDH-643		233.8	234.4	0.6	5.48
TUDDH-643		242.7	249.3	6.6	80.78
TUDDH-643	including	242.7	246.3	3.6	17.39
TUDDH-643	which includes	243.9	245.7	1.8	55.49
TUDDH-643	which includes	243.9	244.5	0.6	79.84
TUDDH-643	and	245.1	245.7	0.6	14.89
TUDDH-643	and also including	247.5	249.3	1.8	271.14
TUDDH-643	which includes	247.5	247.8	0.3	40.03
TUDDH-643	and	248.7	249.6	0.6	793.24
TUDDH-643		251.7	252.9	1.2	0.97
TUDDH-643		254.7	257	2.3	9.41
TUDDH-643	including	254.7	255.3	0.6	35.54
TUDDH-643		260.4	261.3	0.9	0.69
TUDDH-643		262.8	266.1	3.3	1.63
TUDDH-643		268.3	268.8	0.5	1.3
TUDDH-644		172.3	175	2.7	2.33
TUDDH-644	including	173.8	174.4	0.6	5.83
TUDDH-644		208.6	208.9	0.3	4.37
TUDDH-644		220.3	220.6	0.3	12.85
TUDDH-644		237.1	237.7	0.6	1.19
TUDDH-646		116.7	117.3	0.6	1.65
TUDDH-646		154.8	155.1	0.3	0.67
TUDDH-646		181.5	183.3	1.8	2.41
TUDDH-646	including	183	183.3	0.3	13.29
TUDDH-646		223.9	224.5	0.6	8.98
TUDDH-646	including	224.2	224.5	0.3	15.09
TUDDH-646		231.1	233.2	2.1	4.23
TUDDH-646	including	232	232.6	0.6	10.27
TUDDH-646		252.3	252.7	0.4	2.81
TUDDH-646		253.9	254.2	0.3	2.16
TUDDH-649		24.9	25.2	0.3	1.93
TUDDH-649		153.6	154.2	0.6	0.74
TUDDH-649		161.7	162.3	0.6	0.52
TUDDH-649		188.1	190.8	2.7	1.21
TUDDH-649		248.7	249.3	0.6	1.17
TUDDH-649		251.4	252.3	0.9	0.86
TUDDH-649		257.1	257.4	0.3	3.31
TUDDH-650		53.6	53.9	0.3	0.61
TUDDH-650		76.7	77	0.3	0.62
TUDDH-650		104.1	104.4	0.3	0.67
TUDDH-650		148.5	149.1	0.6	0.51
TUDDH-650		179.1	179.4	0.3	1.62
TUDDH-650		180.6	181.2	0.6	0.51
TUDDH-650		192.6	194.1	1.5	14.93
TUDDH-650	including	192.6	193.5	0.9	23.89
TUDDH-650		199	199.3	0.3	1.66
TUDDH-650		203.5	207.4	3.9	11.84
TUDDH-650	including	203.5	204.7	1.2	35.18
TUDDH-650	which includes	203.5	204.1	0.6	48.27
TUDDH-650	and	204.1	204.7	0.6	22.09
TUDDH-650		210.4	210.7	0.3	2.05
TUDDH-651		18.25	18.85	0.6	0.93
TUDDH-651		80.55	81.15	0.6	2.09
TUDDH-651		100.65	100.95	0.3	1.46
TUDDH-651		118.65	119.25	0.6	1.46
TUDDH-651		139.95	140.55	0.6	4.39
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
TUDDH-651	including	194.5	196	1.5	25.92
TUDDH-651	which includes	195.4	195.7	0.3	124.52
TUDDH-651	and also including	196.9	197.2	0.3	25.22
TUDDH-651		222.4	224.8	2.4	2.22
TUDDH-653		0	0.6	0.6	3.37
TUDDH-653		21.9	22.2	0.3	1.26
TUDDH-653		53	56.9	3.9	9.53
TUDDH-653	including	55.1	56.9	1.8	19.47
TUDDH-653	which includes	56	56.3	0.3	46.92
TUDDH-653	and	56.6	56.9	0.3	55.08
TUDDH-653		64.4	65	0.6	0.56
TUDDH-653		89.5	96.3	6.8	9.96
TUDDH-653	including	91.3	92.2	0.9	66.62
TUDDH-653	which includes	91.6	91.9	0.3	165.95
TUDDH-653	and	91.9	92.2	0.3	30.46
TUDDH-653		111.6	111.9	0.3	6.53
TUDDH-653		116.7	118.8	2.1	1.59
TUDDH-653		120	120.6	0.6	0.59
TUDDH-655		59.7	61.5	1.8	2.74
TUDDH-656		27.2	28.4	1.2	0.89
TUDDH-656		77	77.6	0.6	1.05
TUDDH-656		80.6	81.2	0.6	0.7
TUDDH-656		101.9	103.1	1.2	13.13
TUDDH-656	including	101.9	102.5	0.6	19.73
TUDDH-656	and	102.5	103.1	0.6	6.54
TUDDH-656		106.7	107	0.3	0.58
TUDDH-656		119.6	119.9	0.3	1.71

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0056		26.7	29.4	2.7	1.52
TGC-0056		38.1	38.4	0.3	2.31
TGC-0056		39.6	39.9	0.3	0.73
TGC-0058		34.2	34.8	0.6	0.66
TGC-0058		35.4	35.7	0.3	0.51
TGC-0058		48.3	48.6	0.3	4.83
TGC-0058		53.1	55.2	2.1	3.82
TGC-0058	including	53.1	54	0.9	8.74
TGC-0058		56.4	57	0.6	1.1
TGC-0059		39.4	40.3	0.9	0.53
TGC-0059		50.5	50.8	0.3	3.1
TGC-0059		53.2	54.4	1.2	0.88
TGC-0059		57.4	58.3	0.9	6.88
TGC-0059	including	57.4	57.7	0.3	12.89
TGC-0059	and	58	58.3	0.3	8.14
TGC-0061		34.2	34.5	0.3	0.69
TGC-0061		35.4	36	0.6	0.75
TGC-0061		45.6	46.8	1.2	0.56
TGC-0061		49.8	50.4	0.6	0.84
TGC-0061		55.8	58.2	2.4	3.4
TGC-0061	including	57.3	37.6	0.3	12.84
TGC-0065		29.7	30	0.3	0.61
TGC-0065		32.4	33.6	1.2	2.44
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
TGC-0065	including	49.2	49.5	0.3	9.59
TGC-0065	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		23.6	23.9	0.3	1.06
TGC-0067		48.2	50	1.8	261.93
TGC-0067	including	48.8	49.4	0.6	934.91
TGC-0067	which includes	48.8	49.1	0.3	1839.55
TGC-0067	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
TGC-0067	including	53.3	53.9	0.6	155.68
TGC-0067	which includes	53.3	53.6	0.3	10.89
TGC-0067	and	53.6	53.9	0.3	300.47
TGC-0067		63.2	63.8	0.6	2.89
TGC-0067		67.1	67.4	0.3	9.18

Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0056	1876439	3920583	117	79.6	121.2	9.5
TGC-0058	1876438	3920583	116	62.2	124.6	-11.3
TGC-0059	1876438	3920583	116	74.1	122.5	-22.0
TGC-0061	1876438	3920582	118	82.8	142.6	20.1
TGC-0065	1876438	3920582	117	71.2	133.2	10.6
TGC-0067	1876437	3920581	118	86.9	155.6	12.4
TUDDH-634	1876528	3920501	310	182.5	257.6	-55.3
TUDDH-637	1876557	3920389	352	320.3	292.0	-60.5
TUDDH-638	1876509	3920445	349	257.5	294.3	-66.4
TUDDH-639	1876556	3920389	352	56.6	297.3	-57.0
TUDDH-641	1876477	3920293	402	185.7	309.3	-66.1
TUDDH-643	1876556	3920389	352	274.8	297.1	-63.4
TUDDH-644	1876476	3920293	402	248.5	307.0	-64.3
TUDDH-646	1876557	3920388	352	270.5	283.6	-63.1
TUDDH-649	1876476	3920294	402	262.3	315.7	-66.5
TUDDH-650	1876539	3920395	352	230.8	283.0	-52.0
TUDDH-651	1876539	3920395	352	240.3	293.5	-53.3
TUDDH-653	1876496	3920546	296	131.4	281.2	-46.3
TUDDH-655	1876496	3920546	296	151.7	282.7	-51.5
TUDDH-656	1876539	3920395	352	215.3	306.9	-52.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176686

Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Provides Corporate Update

Post author By admin
Post date August 10, 2023

Preliminary Economic Assessment On-Schedule; Robust Mineral Resource Independently Confirmed

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to share a corporate update in regards to its ongoing activities.

Highlights:

The Preliminary Economic Assessment (“PEA”) on the Moss Gold Project is progressing well and is on schedule for release mid Q4 2023.
The PEA is being managed by an independent multidisciplinary team at Ausenco Engineering Canada Inc. (“Ausenco”).

Base Metallurgical Laboratories Ltd. (“BaseMet”) has completed a gold deportment study with positive results and additional heap leach metallurgical test work is in progress at Kappes, Cassaday and Associates (“KCA”) to maximize potential gold recoveries.
Independent review of the May 5, 2023 Mineral Resource Estimate for the Moss Gold Project recently completed by SRK Consulting (Canada) Ltd. (“SRK”) confirms that the resource meets the CIM guidelines for the reporting of inferred mineral resources.
Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd. (“CSL”) confirms that the permitting process is on-track for development with significant studies already completed and no major information or timeline hurdles expected.
Goldshore continues to take a proactive approach to community engagement, with regular information sharing meetings with host indigenous communities and benefiting greatly from feedback on all aspects of the PEA process.
The Company has been approved to receive an Ontario Junior Exploration Program grant of $200,000.
An additional >8,000 ha of new mineral claims have been staked 15-25 km north of the Moss Gold Project.

President and CEO Brett Richards stated: “In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss Gold Project; as well as increasing our footprint in the region in a responsible manner. We continue to see great potential for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the Project as an economically viable resource in its existing size, grade, and metallurgy. Initial indications are extremely encouraging, and we are looking forward to releasing the complete economic results in mid Q4 2023.”

PEA Update

Ausenco has completed Phase One of the ongoing PEA for the Moss Gold Project. Phase One was an initial high-level review of various mining and milling rates and different plant processes that is conducted to select the optimal configuration for the detailed PEA (Phase Two). While not definitive in and of itself, Phase One indicated that the most effective method to process mineralized material from the Moss Gold Project is conventional cyanide leaching with stockpiling of low-grade material for processing at the end of mine life. The Phase One results also indicated that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade material provided similar returns, but size and scope of this approach needs to be studied in the future for project scoping on a larger resource (in both geological domains).

During Phase Two, further test work will be conducted to better define the cost and recovery profile entailed by the alternative of heap-leaching low-grade material. To this end, the Company will soon commence column leach testing of mineralization with KCA, who are recognized leaders in heap leach technology.

Alternate processing options highlight the flexibility of the Moss Gold Project, and future test work may unlock potential opportunity for upside on creating a different size scoped project in the future, with different recovery methods.

Mineral Deportment Study

Sixteen samples were submitted to BaseMet in Kamloops, BC, for gold deportment studies that evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold mineralogy. The samples are composites from shear and intrusion domains, plus combined composites, from the Main, Central and QES Zones (the “Moss Pit”), Moss Southwest Zone and East Coldstream. Within the Moss Pit, combined samples were prepared for the three zones as well as an overall pit composite.

In general, observed gold grains in all samples are ultrafine, predominantly in -20 µm size fraction. This is at the very bottom end where centrifugal gold concentrators operate, hence the low recoveries observed in the E-GRG test. The strong association with pyrite in several samples shows why flotation was successful and, with regrind, leach extractions improved significantly. The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate to the high competency and hardness seen in the comminution results.

Mineral Resource Audit

Following the inclusion of external comments within the technical report drafted by CSA Global; Goldshore retained SRK to conduct an independent review of the mineral resource estimate and its reliability. Dr. Gilles Arseneau, Principal Consultant at SRK, conducted an independent review of the May 2023 mineral resource estimate reported by CSA. He also completed an in-depth review of the drill data and wireframes used for this estimate.

Dr. Arseneau concluded that, “the mineral resource reported by CSA Global effective May 5, 2023, meets the criteria under CIM guidelines for reporting inferred mineral resources.”

Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those noted by CSA, and he also noted that with further analysis it may be possible to reclassify part of the Mineral Resource as indicated mineral resources under CIM guidelines.

Goldshore has concluded that the mineral resource estimate is suitable for the purpose of advancing the current PEA.

Independent Outlook for Permitting

CSL are Goldshore’s independent environmental site auditors as well as project managers for current baseline studies. CSL have considerable experience in this field through their work on the permitting for Impala’s Lac des Iles mine, north of Thunder Bay. This positions them perfectly to manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an independent position paper on the steps required to permit the Moss Gold Project.

CSL has used the rigour around site layout and engineering to identify additional baseline studies that will need to be undertaken and completed as part of the permitting and approvals process. This includes future engagement with indigenous communities on site layout as well as long lead time permits (federal and provincial).

Key permits that Goldshore will be seeking include:

Federally, an Impact Assessment and a Fisheries Habitat Compensation Plan, and various approvals, authorizations and licenses; and
Provincially, a Closure Plan, various Environmental Compliance Approvals and several standard work permits. All of these permits have been factored into internal planning timelines.

Chris Perusse, P.Geo., President and Senior Geoscientist with CSL, noted, “there are no major informational or timeline hurdles to permitting the Moss Gold Project and a relatively straightforward path with Goldshore well on track with studies completed to date. There is no major lake remediation process, rather a diversion of the Wawiag River, which broadens into the very shallow Snodgrass Lake, around the proposed mine site.”

Goldshore is taking a proactive approach to consultation with our host indigenous communities through regular meetings to share information and benefit from feedback on all aspects of the PEA process.

Hillcrest Project

As part of the Company’s strategy for an exploration and development pipeline, Goldshore has acquired 390 cell claims covering 8,261 hectares in the Quetico Subprovince, 15-25km kilometres north of Moss. This has been named the Hillcrest Project.

The Hillcrest Project represents a blue-sky approach to gold exploration. Fault systems cutting the area appear to be deep-seated structures, “plumbing” the mantle, that were active in the same timeframe as the “Timiskaming-type” deformation zones which have a known, close association with gold mineralization within the Shebandowan Belt (specifically, the high-grade Delta-1 and Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted tectonic regime predicts a relatively high density of subvertical second-order deformation zones which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other pathfinder elements, which highlights the unrecognized prospectivity of the area.

The Hillcrest Project is also prospective for critical minerals – specifically, Alaska-type Ni-Cu-PGE±Au and lithium pegmatites – as suggested by pre-staking prospecting conducted by Goldshore’s geologists.

The current focus remains on the Moss Gold Project and fieldwork is not planned on the Hillcrest Project until 2024-25.

Hillcrest Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/176639_9a4119a1545f3be1_002full.jpg

Ontario Junior Exploration Program Funding

The Company applied for a $200,000 grant under Ontario’s Junior Exploration Program (OJEP), which was approved on July 13, 2023. Goldshore has been using these funds to conduct geological mapping and geochemical sampling that is focused on potential copper-cobalt targets within the Moss Gold Project. The Company has received approval for the full $200,000 grant under OJEP which consists of a 50% rebate on $400,000 of grassroots focused exploration expenses incurred in 2023.

The Company mobilized field crews in May which have been actively exploring the northern tenement of the project targeting favourable geological horizons and alteration envelopes associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits. The program will progressively move south exploring regional targets around the Moss deposit and Hamlin prospect identified through the earlier completed airborne geophysics survey including many unexplained EM anomalies.

The Company looks forward to continuing its partnership with the Ontario government through OJEP and will be monitoring the program for additional opportunities for funding.

President and CEO Brett Richards stated: “I would like send a note of thanks to the Minister of Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance to receive the generous grant to continue our field work.”

Pete Flindell, VP Exploration for Goldshore, said, “Goldshore remains active with field mapping and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return later this year. At the same time, we are pursuing studies to determine the economic value of the Moss Gold Project. Initial results are highly encouraging, exceeding all of the Company’s economic metrics given to Ausenco as the framework for scoping the project.”

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and verified the scientific and technical information contained in this news release.

Dr Gilles Arseneau, P. Geo. is an associate with SRK Consulting (Canada) Inc. SRK Consulting is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multi-disciplinary teams to deliver integrated, sustainable solutions across a range of sectors – mining, water, environment, infrastructure, and energy. He has reviewed and verified the information regarding the Mineral Resource audit on the Moss Gold Project disclosed in this news release.

Robert Raponi, P.Eng is a Senior Mining Engineer Specialist with Ausenco Engineering Canada Inc. He has reviewed and verified the information regarding the metallurgical and processing results on the Moss Gold project disclosed in the news release.

Chris Perusse, P.Geo, is President and Senior Geoscientist with CSL Environmental and Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook on permitting on the Moss Gold project disclosed in the 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, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.

About Ausenco

Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project and the Hillcrest 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176639

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