Category: Junior Mining

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Base Metals Energy Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals Uncategorized

Stillwater Critical Minerals Announces 9.99% Strategic Investment by Glencore

VANCOUVER, BC / ACCESSWIRE / June 23, 2023 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) announced today that it has executed a definitive agreement for a strategic equity investment by Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (“Glencore”) in the form of a non-brokered private placement financing (the “Placement) for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.

Pursuant to the Placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full. The warrants shall be exercisable for three years from the date of issue and contain a customary acceleration provision, which shall be effective if the volume weighted average trading price of the common shares on the TSX-V is greater than $0.5625 for a period of 20 consecutive trading days.

Following closing of the investment, Glencore will have ownership and control of 9.99% of the outstanding common shares of Stillwater on a non-diluted basis and, including the warrants, 15.87% of the outstanding common shares on a partially diluted basis. Glencore does not currently own or control any securities of the Company.

Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “We are very pleased to welcome Glencore, one of the top five largest mining companies in the world, as a major investor. This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery and precious minerals that are now listed as critical in the US, and elsewhere. There are very few projects globally, and especially located within the United States, that offer the combination of grade and scale in a producing district that we see at Stillwater West. We are now booking drills and crews for our 2023 drill campaign with a focus on expansion of the high-grade nickel-copper sulphides identified in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling.”

In connection with the Placement, Stillwater and Glencore have agreed to enter into an investor rights agreement, pursuant to which Glencore will be entitled to certain customary rights including participation in future equity issuances and a right to maintain its pro-rata position in Stillwater.

In addition, a technical committee will be formed with representatives from each company.

Net proceeds of the private placement are intended to be used for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.

The Placement is expected to close, subject to customary conditions, upon acceptance by the TSX Venture Exchange. All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Stillwater Critical Minerals have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Glencore and its Holdings in the Company

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, Glencore produces, processes, recycles, sources, markets and distributes the commodities that support decarbonisation while meeting the energy needs of today.

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore’s marketing and industrial activities are supported by a global network of more than 40 offices.

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. Glencore also provides financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. Glencore is an active participant in the Extractive Industries Transparency Initiative and is working to decarbonise its operational footprint.

Certain information in this news release is provided by Glencore in satisfaction of the early warning requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids. Glencore is acquiring the common shares and warrants for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of the Company. Depending on its evaluation of these and other factors, Glencore may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of the Company through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to any of the other actions listed in (a) through (k) of National Instrument 62-103F1- Required Disclosure Under the Early Warning Requirements.

For the purposes of this press release and early warning disclosure, the number and percentages of outstanding common shares owned and controlled by Glencore following completion of the investment is based on 197,786,398 outstanding common shares following completion of the investment.

Glencore’s address is 100 King Street West, Suite 6900, P.O. Box 403, Toronto, Ontario, Canada, M5X 1E3. Glencore is incorporated under the laws of Ontario. An early warning report in respect of the investment will be filed under the Company’s profile on SEDAR at www.sedar.com. For a copy of the report or for further Glencore information, please contact Peter Fuchs at (416) 305-9273, peter.fuchs@glencore.ca.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

The Company’s address is 904, 409 Granville Street, Vancouver, British Columbia, V6C 1T2.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals

Email: info@criticalminerals.com
Web: http://criticalminerals.com
Phone: (604) 357 4790
Toll Free: (888) 432 0075

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Stillwater Critical Minerals



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Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Filing of Updated Technical Report for the Moss Lake Project

Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), further to its press release of May 8, 2023, confirms that it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects a technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada” (the “Technical Report“) in connection with the 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The Technical Report was prepared by Neal Reynolds, FAusIMM, MAIG and Matthew Field, Pr.Sci. Nat of CSA Global Consultants Canada Ltd. The Technical Report has an effective date of May 5, 2023. The Technical Report is available on SEDAR at www.SEDAR.com and is posted on the Company’s website at www.goldshoreresources.com.

In addition, further to its press release of May 17, 2023, Goldshore is working with Ausenco Engineering Canada Inc. (“Ausenco“) as its lead engineering firm to conduct the preliminary economic assessment (“PEA“) at the Moss Gold Project. Goldshore’s VP Exploration, Pete Flindell, stated, “Goldshore is reviewing high level scoping studies with Ausenco in order to identify the optimum project for the PEA. With high grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to final PEA results in Q4 of this year.”

About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. 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 positioned to advance the Moss Gold Project through the next stages of exploration and development.

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 information herein includes, but is not limited to, statements that address activities, events or developments that Goldshore expects or anticipates will or may occur in the future including conduct and timing of the PEA.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, commencement of a preliminary economic assessment and prefeasibility study, 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; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.

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/170665

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Results of 2023 Annual General and Special Meeting of Shareholders

Nevada Copper Corp.
Nevada Copper Corp.

YERINGTON, Nev., June 20, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides the results from its 2023 Annual General and Special Meeting of shareholders (the “Meeting”), held today in Toronto. Shareholders holding a total of 419,941,084 common shares of the Company (“Common Shares”) were represented by proxy at the Meeting, representing approximately 58.04% of the total 723,508,700 Common Shares outstanding as of the record date. Shareholders voted in favour of all items of business before the Meeting.

Voting Details
The following eight nominees were elected as directors of the Company until the next annual shareholder meeting of the Company or until their successors are elected or appointed, with the detailed voting results as follows:

NomineeVotes For% ForVotes Withheld% Withheld
Tom Albanese405,053,99099.64%1,461,6050.36%
Michael Brown404,802,02299.58%1,713,5730.42%
Randy Buffington404,007,54799.38%2,508,0480.62%
Guillaume de Dardel403,883,02999.35%2,632,5660.65%
Raffaele (Lucio) Genovese403,618,25299.29%2,897,3430.71%
Stephen Gill403,990,21699.38%2,525,3790.62%
Evgenij Iorich404,002,05899.38%2,513,5370.62%
G. Ernest (Ernie) Nutter404,360,92099.47%2,154,6750.53%

At the Meeting, the shareholders of the Company also (i) fixed the number of directors at eight for the ensuing year, (ii) voted to appoint PricewaterhouseCoopers LLP as the Company’s auditor and authorized the directors to fix their remuneration, and (iii) approved the omnibus equity incentive plan of the Company. A report on all matters voted on at the meeting has been filed on SEDAR.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial mineral reserves and resources including copper, gold and silver. Its two permitted projects include the higher-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 more 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

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Announces Completion of CSAMT Survey at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Highlights:

  • 14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
  • 3 lines from the 2019 CSAMT survey were extended.
  • Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
  • Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
  • A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
  • CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.

Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.1 The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”



Figure 1. Location of 2022-2023 CSAMT Survey Lines.

To view an enhanced version of this graphic, please visit:
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CSAMT Overview

CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.

In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.

2022-2023 Survey

Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.

The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8th, 2022 and the 2023 portion was completed on June 10th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.

Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.

The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.



Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15th, 2022 news release and the April 22nd, 2022 technical report for full contextualization of data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/170646_a5b62d02c4482a0c_002full.jpg



Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.

To view an enhanced version of this graphic, please visit:
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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.

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.

1Refer Company news release dated 6 June 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170646

Categories
Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Reports High-Grade Gold Results at Tuvatu

Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.

Highlights of new grade control drilling:

  • 7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
  • 52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
  • 23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
  • 19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
  • 21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
  • 9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
  • 10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
  • 33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
  • 78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)

Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.



Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.

To view an enhanced version of this graphic, please visit:
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URW1 Grade Control Drilling
The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.

A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.



Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.

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Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.

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Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.

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Zone 5 Grade Control Drilling
The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.

A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.



Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.

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Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.

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Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.

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Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TGC-003977.478.30.98.37
TGC-0039101.7102.91.27.18
including102.3102.60.315.64
TGC-004030.331.51.24.7
TGC-004051.353.11.812.63
including51.952.50.627.05
TGC-004065.4693.623.1
including6666.30.385.87
and67.267.50.3125.31
and68.468.70.313.93
and68.7690.346.89
TGC-004082.582.80.364.65
TGC-004116.819.831.52
TGC-004247.4513.63.96
including50.7510.331.99
TGC-004252.854.61.811.82
including53.7540.364.24
TGC-0042606335.52
including61.8631.211.1
TGC-004264.566.62.17.19
including64.565.10.617.34
TGC-004268.572.43.94.46
including68.569.71.28.25
TGC-004273.695.221.67.14
including76.378.11.87.47
and8292.510.512.06
which includes83.283.50.319.99
and85.986.20.311.88
and88.688.90.319.92
and89.590.10.615.26
and90.491.91.542.05
which includes90.4910.619.98
and9191.30.324.93
and91.391.90.672.68
TGC-0042118120.12.152.05
including118.6119.20.6177.66
which includes118.9119.20.3345.34
TGC-004333.334.51.25.72
including33.333.60.39.15
TGC-004366.370.23.910.13
including66.368.11.819.74
which includes66.366.90.638.58
and66.967.50.612.69
TGC-004436.6392.48.87
including36.637.50.916.81
TGC-004562.1630.933.99
including62.7630.3100.89
TGC-00457575.60.65.94
including7575.30.39.3
TGC-0047100.5101.40.923.16
TGC-0047100.5100.80.359.63
TGC-0047102.6107.75.11.54
TGC-0047123.31262.721.14
including124.51261.537.08
which includes124.5124.80.345.88
and124.8125.40.667.59
TGC-005116.219.2310.15
including16.817.40.619.15
and1818.60.616.29
and18.619.20.69.57
TGC-005149.552.83.319.43
including49.550.10.68.35
and50.150.70.680.87
and51.952.80.98.69

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

Hole IDFromToInterval (m)Au (g/t)
TGC-004929.435.15.74.07
including3032.12.19.15
which includes30.330.90.616.71
and31.231.80.68.88
TGC-004943.345.11.87.59
including43.944.50.616.87
TGC-005026.730.94.29.39
including27.630.6312.78
which includes27.929.71.818
which includes29.429.70.367.3
TGC-005240.240.50.378.03

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 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-003977.478.30.98.37
TGC-003986.1870.91.1
TGC-0039101.7102.91.27.18
TGC-0039including102.3102.60.315.64
TGC-0039106.5107.10.60.99
TGC-0039112.5113.10.61.09
TGC-0039117.3117.60.35.86
TGC-004010.812.31.52.05
TGC-004030.331.51.24.7
TGC-004049.850.10.30.85
TGC-004051.353.11.812.63
TGC-0040including51.952.50.627.05
TGC-004056.156.70.61.44
TGC-004065.4693.623.1
TGC-0040including6666.30.385.87
TGC-0040and67.267.50.3125.31
TGC-0040and68.468.70.313.93
TGC-0040and68.7690.346.89
TGC-004082.582.80.364.65
TGC-004085.5871.52.47
TGC-004090.991.20.34.66
TGC-004116.819.831.52
TGC-004151.952.80.90.82
TGC-00422425.21.20.92
TGC-00423939.60.61.94
TGC-004247.4513.63.96
TGC-0042including50.7510.331.99
TGC-004252.854.61.811.82
TGC-0042including53.7540.364.24
TGC-004256.157.31.22.32
TGC-0042606335.52
TGC-0042including61.8631.211.1
TGC-004264.566.62.17.19
TGC-0042including64.565.10.617.34
TGC-004268.572.43.94.46
TGC-0042including68.569.71.28.25
TGC-004273.695.221.67.14
TGC-0042including76.378.11.87.47
TGC-0042and8292.510.512.06
TGC-0042which includes83.283.50.319.99
TGC-0042and85.986.20.311.88
TGC-0042and88.688.90.319.92
TGC-0042and89.590.10.615.26
TGC-0042and90.491.91.542.05
TGC-0042which includes90.4910.619.98
TGC-0042and9191.30.324.93
TGC-0042and91.391.90.672.68
TGC-004297.699.72.10.96
TGC-0042110.8112.31.52.49
TGC-0042118120.12.152.05
TGC-0042including118.6119.20.6177.66
TGC-0042which includes118.9119.20.3345.34
TGC-0042122.5122.80.30.61
TGC-0042124124.60.62.88
TGC-004333.334.51.25.72
TGC-0043including33.333.60.39.15
TGC-004366.370.23.910.13
TGC-0043including66.368.11.819.74
TGC-0043which includes66.366.90.638.58
TGC-0043and66.967.50.612.69
TGC-00438485.51.51.02
TGC-00441.82.70.92.37
TGC-004436.6392.48.87
TGC-0044including36.637.50.916.81
TGC-00444040.30.31.19
TGC-004447.647.90.30.57
TGC-004464.465.30.91.3
TGC-00447474.60.61.02
TGC-004476.176.40.30.94
TGC-00448080.30.30.66
TGC-00453.34.51.21.48
TGC-004539.339.60.31.2
TGC-004544.144.70.61.78
TGC-004557.958.80.92.74
TGC-004562.1630.933.99
TGC-0045including62.7630.3100.89
TGC-004567.868.70.92.47
TGC-00457575.60.65.94
TGC-0045including7575.30.39.3
TGC-004582.583.10.61.09
TGC-004586.188.52.41.33
TGC-004593.394.20.92.29
TGC-0045105.6105.90.30.87
TGC-00474.85.40.62.55
TGC-004741.744.42.71.41
TGC-004748.649.20.61.12
TGC-004753.1540.91.83
TGC-004761.561.80.30.67
TGC-004769.970.20.32.68
TGC-004772.373.81.50.94
TGC-004777.778.60.92.71
TGC-00478181.90.91.44
TGC-004784.384.90.60.89
TGC-004791.591.80.30.56
TGC-00479696.60.62.8
TGC-004798.498.70.30.61
TGC-0047100.5101.40.923.16
TGC-0047100.5100.80.359.63
TGC-0047102.6107.75.11.54
TGC-0047110.41110.61.08
TGC-0047113.1114.91.80.94
TGC-0047123.31262.721.14
TGC-0047including124.51261.537.08
TGC-0047which includes124.5124.80.345.88
TGC-0047and124.8125.40.667.59
TGC-0047127.2128.41.20.99
TGC-0047131.7132.30.60.54
TGC-0047134.7138.33.61.39
TGC-0047143.7144.30.62.44
TGC-005116.219.2310.15
TGC-0051including16.817.40.619.15
TGC-0051and1818.60.616.29
TGC-0051and18.619.20.69.57
TGC-005123.724.30.61.77
TGC-005149.552.83.319.43
TGC-0051including49.550.10.68.35
TGC-0051and50.150.70.680.87
TGC-0051and51.952.80.98.69

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

Hole IDFromToInterval (m)Au (g/t)
TGC-003724.827.22.40.95
TGC-003729.629.90.30.57
TGC-003730.530.80.30.56
TGC-003827.527.80.30.53
TGC-003830.530.80.30.61
TGC-004621.221.50.33.33
TGC-004929.435.15.74.07
TGC-0049including3032.12.19.15
TGC-0049which includes30.330.90.616.71
TGC-0049and31.231.80.68.88
TGC-004941.542.10.61.77
TGC-004943.345.11.87.59
TGC-0049including43.944.50.616.87
TGC-004947.247.80.60.87
TGC-005026.730.94.29.39
TGC-0050including27.630.6312.78
TGC-0050which includes27.929.71.818
TGC-0050which includes27.928.20.310.04
TGC-0050and28.829.10.312.83
TGC-0050and29.429.70.367.3
TGC-005034.535.71.20.83
TGC-005227.328.81.50.77
TGC-005234.534.80.30.67
TGC-005240.240.50.378.03
TGC-005250.150.40.31.62

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

Hole IDDate CompletedEastingNorthingElevationAzimuthDipDEPTH
TGC-003720-Apr-231876438392058511782.5-0.555.4
TGC-003825-Apr-231876439392058411795.20.050.0
TGC-003927-Apr-2318764373920744139294.28.0120.1
TGC-00405-Apr-231876269392075615392.3-13.092.3
TGC-00418-Apr-231876269392075615292.1-24.5101.7
TGC-004213-Apr-231876269392075715390.40.0155.2
TGC-004317-Apr-231876269392075715387.1-13.495.6
TGC-004420-Apr-231876269392075715481.420.086.0
TGC-004525-Apr-231876269392075715376.45.3122.1
TGC-004628-Apr-231876439392058411895.413.661.7
TGC-00472-May-231876269392075715472.415.4170.7
TGC-00488-May-2318764373920744139296.22.042.4
TGC-00494-May-231876438392058611766.60.589.5
TGC-00505-May-231876438392058611866.514.256.5
TGC-005110-May-231876269392075715287.2-26.6125.6
TGC-00528-May-2318764393920583118121.120.461.2

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Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Drills 56.60 Metres at 10.05 g/t Gold Equivalent Within 329.75 Metres at 3.10 g/t Gold Equivalent in Step Out Drilling Along the Contact Zone and Discovers a New Vein System at Apollo

  • Hole APC-53 was drilled from Pad 10 with the aim of stepping out to the northeast at depth along the recently discovered high-grade Contact Zone in the Apollo system. Prior to intercepting the Contact Zone downhole, a new bulk tonnage high-grade, sheeted, precious metal vein system was discovered beginning directly from surface with results as follows:
  • Further along drill hole APC-53, the Contact Zone was intersected as planned. A remarkably continuous long zone of high-grade gold-silver-copper mineralization was cut in the hole and included a very high-grade section with assay results below:
  • The Contact Zone along the southeastern edge of the system has now been extended to 370 metres (previously 150 metres) and remains open to the northeast for further expansion. Additional drill holes testing the Contact Zone have been completed with assay results expected in July 2023. Furthermore, hole APC-53, has increased the overall dimensions of the Apollo porphyry system to the northeast (see Figure 1). 
  • Three additional drill holes intercepted high-grade gold-silver-copper mineralization. Holes APC-50 through APC-52 confirm that shallow high-grade mineralization begins at or near surface from drill Pads 9 and 10. Furthermore, all three holes added volume to the block model at shallow elevations where no prior drilling had taken place with assay results as follows:

Ari Sussman, Executive Chairman commented: “Hole APC-53 is very significant for the Company.  Firstly, we have discovered a high-grade and bulk tonnage sheeted vein system located above the Apollo porphyry system. The vein system has potential to be traced over significant distances to both the northwest and to the southeast and if drilling corroborates this potential, the overall footprint of the shallow mineralization at Apollo would expand significantly. Follow up drilling is underway from Pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.

“Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and displayed excellent continuity over a long interval. This interval is the second highest grade intercept (grams x metres) ever drilled at the project and has more than doubled the known strike length of the high-grade Contact Zone.

“With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the testing of newly generated targets, we are truly excited to see what other potential may lie ahead.”

TORONTO, June 13, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results for the first four holes drilled from newly constructed Pads 9 and 10 within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 435 metres x 395 metres x 915 metres and open for expansion.

Details (See Table 1 and Figures 1- 5)

The 2023 Phase II drilling program is advancing on schedule with twenty-two holes completed and results announced. A further seven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization and the dimensions of the Apollo porphyry system near surface, expand the overall size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 54 drill holes (approximately 22,997 metres) have been completed and announced.

This press release outlines results from four new holes testing the Apollo system. APC-50 and APC-51 were shallow holes drilled from Pad 9 and were designed to test gaps in the current mineralization block model. APC-52 and APC-53 were also drilled into untested areas from Pad 10 with APC-53 designed to step out along the Contact Zone (where the inter-mineral breccia ends at a contact with quartz diorite porphyry and is overprinted by multiple zones of sheeted CBM veins) to the northeast.

APC-50 was the first hole ever drilled from Pad 9 and was completed at a maximum downhole depth of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the central high-grade core of the deposit where no drilling had yet to be completed. The hole intercepted angular breccia commencing at 53.30 metres downhole (30 metres vertical) with sulphide mineralization flooding the matrix and consisting of chalcopyrite (up to 1.3%), pyrite (up to 1.5%) and 1% pyrrhotite. The complete assay results for the hole are summarized in Table 1 with highlights as follows:

  • 137.70 metres @ 2.60 g/t gold equivalent from 53.30 metres downhole (consisting of 0.74 g/t gold, 52 g/t silver and 0.66% copper) including:

The hole outlines the presence of shallow mineralization with high copper grades and adds volume to the mineralization block model as this area had not previously been drill tested. As expected, a well-defined post mineral dyke was encountered from surface until the start of mineralization.

APC-51 was drilled to the south from Pad 9 and was designed to test the extension of high-grade mineralization at depth within the southern portion of the Apollo system. The hole was drilled steeply to a maximum downhole depth of 435.65 metres and intercepted mineralized breccia from 163.30 metres downhole (160 metres vertical). Sulphides impregnating the breccia matrix consisted of chalcopyrite (up to 1%), pyrite (0.5%-1.5%) and pyrrhotite (1.2%) with assay results as follows:

  • 112.55 metres @ 2.26 g/t gold equivalent from 163.30 metres downhole (consisting of 1.27 g/t gold, 22 g/t silver and 0.41% copper) including;

The hole confirms the continuity of the high-grade zone in the south part of the Apollo Porphyry System and again adds volume to the mineralization block model as the area had not been previously drill tested.

APC-52 was the first shallow hole drilled to the west from Pad 10 and was designed to test for shallow mineralization in an untested area of the current mineralization block model.  Surprisingly, the hole encountered a robust sheeted vein system directly from surface before transitioning to breccia until a downhole depth of 190.20 metres (160 metres vertical).  The intercept begins with iron oxide veinlets and veins within porphyry host rock down to 20 metres followed by disseminated sulphides of pyrite (0.3%-1.0%) and pyrrhotite (0.1%-0.3%) within crackle brecciated quartz diorite associated with strong sericite-chlorite alteration to 56 metres downhole. From 56 metres, typical angular breccia was encountered with high-grade copper-silver-gold mineralization relating to a sulphide matrix of chalcopyrite (0.5%), pyrite (up to 1%) and 0.5% pyrrhotite. Additionally, the hole was overprinted by late stage CBM sheeted vein fluid with sphalerite and galena sulphides in association with carbonate. A zone with a higher percentage of chalcopyrite (+2%) was also encountered downhole from 157 metres to 182.80 metres with overall assay results as follows:

  • 190.30 metres @ 2.46 g/t gold equivalent from 1.9 metres downhole (consisting of 1.19 g/t gold, 43 g/t silver and 0.41% copper) including;

APC-53 was drilled from Pad 10 to a final downhole depth of 602.45 metres and was designed to test the high-grade Contact Zone at depth to the northeast of previously announced Contact Zone holes APC-41, APC-42 and APC45 (refer to press releases dated April 25, 2023 and May 30, 2023). Surprisingly, the hole intercepted a robustly enriched zone of north-west and east-west trending overprinting sheeted CBM veins from surface to 145 metres depth. This new discovery is located above the Apollo porphyry system and has potential to be traced in all directions while adhering to a north-west to south-east trend. The mineralization in this new zone relates to sheeted and stockwork carbonate and base metal veinlets and veins with the principal sulphides consisting of sphalerite (0.3%-1%), galena (0.3%-1%), pyrite (0.3%-1.5%) and pyrrhotite (0.2%-0.6%). Further downhole at 232.95 metres depth (225 metres vertical) below this new discovery, the Contact Zone was intercepted over 329.75 metres and consisted of mineralized angular breccia with abundant chalcopyrite (up to 2.5%), pyrite (1%-7%) and 1% pyrrhotite as well as CBM vein system sulphides such as sphalerite (0.2% to 3%) and galena (0.1% to 3%). An extremely high-grade subzone of 56.60 metres was encountered at 277.65 metres downhole with an abundance of CBM vein sulphides flooding the matrix. Assay results for APC-53 are as follows:

  • 145.0 metres @ 2.11 g/t gold equivalent commencing from surface in the newly discovered vein system, and
  • 329.75 metres @ 3.10 g/t gold equivalent from 233 metres downhole (consisting of 2.30 g/t gold, 42 g/t silver and 0.16% copper) in the Contact Zone including;

APC-53 is an important exploration hole in the context of the Apollo system as it has:

  • Expanded the footprint of the shallow mineralization with the discovery of the new outcropping vein system. The vein system is being driven from the porphyry engine at depth and has potential to be extended over significant distances along strike to the northwest above the Apollo porphyry system and to the southeast. Drilling is currently underway to trace the vein system to the northeast and northwest with follow up holes planned shortly to the south of APC-53.
  • More than doubled the length of the high-grade Contact Zone, which now measures 370 metres and is open along strike to the northeast. Two additional holes testing the Contact Zone have been completed with a third hole currently being drilled.
  • The Contact Zone has the potential to extend to deep vertical depths given its metal endowment is being driven exclusively by a source intrusion. Directional drilling will begin in early Q3 at Apollo and will target the depth extensions of the zone.
  • Extended the Apollo porphyry system to the northeast by 35 metres in this location.

Apollo Drill Program

Seven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.

The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is expected to be at the project in June 2023 and is going to test new exploration targets identified around Apollo as well as other targets at the Guayabales project.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)

Table 1: Assay Results for APC-50, APC-51, APC-52, and APC-53

Hole #From (m)To (m)Length (m)Au g/tAg g/tCu %Mo %AuEq
g/t*		CuEq
%*
APC-5053.30191.00137.700.74520.660.0022.601.39
incl64.9593.5028.550.87790.930.0033.55
and incl180.70187.707.002.7490.050.0022.90
APC-51163.30275.85112.551.27220.410.0022.261.20
incl198.25219.3521.101.50390.720.0023.25
and incl260.80275.8515.052.72130.140.0023.08
APC-521.90192.20190.301.19430.410.0012.461.31
incl56.9591.0034.054.73260.120.0015.16
and incl157.00182.8025.800.461380.750.0023.76
APC-530145.00145.001.79220.030.0012.11
incl21.0058.3037.302.91150.02–3.06
and incl89.40114.8025.403.03520.070.0023.80
and incl129.00144.4015.402.96240.040.0013.28
and232.95562.70329.752.30420.160.0013.10
Incl277.65334.2556.608.58970.210.00110.05
410.70429.8019.103.08190.04–3.32
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz, Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-50, APC-51, APC-52 and APC-53 (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-50, APC-51, APC-52 and APC-53 (CNW Group/Collective Mining Ltd.)
Figure 2: Cross Section Highlighting APC-53 and the Newly Discovered Sheeted Vein System and High-Grade Contact Zone (CNW Group/Collective Mining Ltd.)
Figure 2: Cross Section Highlighting APC-53 and the Newly Discovered Sheeted Vein System and High-Grade Contact Zone (CNW Group/Collective Mining Ltd.)
Figure 3: Core Tray Highlighting the New Sheeted Vein System Discovered in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 3: Core Tray Highlighting the New Sheeted Vein System Discovered in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photos of Mineralization from the High-Grade Contact Zone in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photos of Mineralization from the High-Grade Contact Zone in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system and test new targets on the property.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock, soils, and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither 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 news release.

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals

Metallic Minerals Appoints Dr. Wolfgang Maier as Senior Geological Advisor

VANCOUVER, BC / ACCESSWIRE / June 8, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce that Wolfgang Maier, Ph.D., recognized in both academic and industry circles for his expertise in geoscience and, particularly, magmatic systems has joined the Company as Senior Geological Advisor.

Dr. Maier has 30 years of global experience and, in addition to authoring or co-authoring 144 publications which have received more than 7,000 citations to date, he has been a contributing author or editor of numerous books, monographs, and geological maps. Dr. Maier studied geology at the Ludwig Maximilian University of Munich, Germany and at Rhodes University, South Africa, including doctoral studies on the Bushveld Complex in 1992. He taught igneous petrology and economic geology at the Universities of Pretoria (South Africa), University of Quebec at Chicoutimi (Canada), UWA (Australia), and Oulu (Finland) before joining Cardiff University in 2013, where he is currently a professor with the School of Earth and Environmental Sciences. As part of his academic pursuits, Dr. Maier is keenly interested in increasing the efficiency and sustainability of both exploration and mining.

Dr. Maier commented, “I am very impressed with the potential of Metallic Minerals’ North American projects and excited to contribute to the exceptional teams assembled by the broader Metallic Group of Companies. Getting on the ground at Metallic’s La Plata site and Stillwater Critical Minerals’ Stillwater West project this summer will be an excellent opportunity to connect in person and to study first-hand the compelling geology represented by both these assets.”

Metallic Minerals President, Scott Petsel, stated, “Dr. Maier, brings not only his experience and knowledge to Metallic, but he puts passion and energy into everything he does. From our first encounter, where he made immediate contributions to our understanding of the presence of platinum group elements as part of the mineralization at the La Plata Project, Colorado, I knew he would be a great advisor to our already strong team. We welcome Dr. Maier and look forward to working with him on Metallic Projects as we anticipate announcement of an updated resource estimate at the La Plata Copper-Gold-Silver-PGE project in Colorado, as well as start of 2023 drilling and completion of modelling towards an inaugural resource at the Keno Silver Project in Yukon, Canada.”

Yukon Mining Alliance 2023 Property Tours

Metallic Minerals will once again be participating in the Yukon Mining Alliance Property Tours and Investment Conference in Dawson City on July 19th. Select tour participants will visit Metallic’s Keno Silver Project adjacent to Hecla Mining’s Keno Hill operations on July 17th, as well as our Australia Creek alluvial gold property, currently under lease to Parker Schnabel’s Little Flake Mining as seen on Discovery Channel’s Gold Rush television program. More information about the YMA Property Tours and Conference can be found here. For more information about Metallic’s lease agreement with Little Flake Mining, click here.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

At the Company’s La Plata project in southwestern Colorado, the 2022 inaugural NI 43-101 mineral resource estimate identified a significant porphyry copper-silver resource containing 889 Mlbs copper and 15 Moz of silver. Results from 2022 expansion drilling intercepted the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. An updated NI 43-101 resource estimate for the La Plata project incorporating these results is expected in Q2 2023. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5th globally for investment attractiveness and 2nd in the USA.

In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Email: cackerman@mmgsilver.com

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Metallic Minerals Corp.

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals

Grizzly Discoveries – High-Grade Gold, Silver, Copper, and Critical Minerals, Greenwoods, B.C.

Grizzly Discoveries: TSX-V : GZD | OTCQB : GZDIF | FWB : G6H
Grizzly is targeting a number of new and existing high-priority battery metals targets at Robocop (copper, cobalt and silver) along with precious metals – battery metals targets at Greenwood (gold-silver-copper and other based metals). Recent geophysical results have outlined large areas with anomalous geological potential for new discoveries at both projects.

Website: https://www.grizzlydiscoveries.com/
Email: info@grizzlydiscoveries.com
Phone: 780-712-3559

WELL SELL PRECIOUS METALS

Physical Delivery
BRINKS depository accounts
Precious Metals IRA’s

Website| www.provenandprobable.com
Call Me |855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals – https://www.milesfranklin.com/