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Junior Mining Precious Metals

Emperor Metals Intersects 10.8 Metres of 15.8 g/t Au (including 3.4 m of 27.24 g/t Au); Identifies Overlooked Bulk Tonnage Open Pit Potential at Duquesne West Gold Project in Quebec

Vancouver, British Columbia–(Newsfile Corp. – October 17, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce additional assay results from the ongoing summer 2023 drilling campaign at the Duquesne West Gold Project. Drilling continues at the property and, with the recent completion of hole DQ23-13, drilling has reached 8,239 metres of a planned +8,000 metres program.

Highlights

  • 10.8 metres (m) of 15.8 grams per tonne (g/t) gold (Au), including 3.4 m of 27.24 g/t Au in DQ23-05 (see Image 1, 2 and 3),
  • Drilling confirms open-pit potential with bulk tonnage grades in traditionally unsampled intervals, distinct from known underground potential (see Image 4 and 5).
  • Intersections are predicted to expand the Historical Resource of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2,
  • Drilling confirms the reliability of strategic AI Model, for example, DQ23-05 exceeds the average thickness and grade of the deposit and extends the mineralization along plunge as predicted.

CEO John Florek commented:

What is so impressive is the robustness of mineralization we are encountering. Our findings suggest a shift from a sole focus on high-grade gold to also include an open-pit potential knowing that these thick mineralized zones probably extend to the surface. Previous explorers were only focused on high-grade gold and ignored bulk tonnage opportunities. An approximate estimate of 70% of the historical core near surface has not been sampled.

Our strategic direction now encompasses the development of both pit-constrained and underground resources, which has the potential to substantially elevate the project’s prospects. The appeal of this property grows weekly as the assay results return from the lab.

The application of our AI Geological Model has been pivotal in facilitating a deeper understanding and potential expansion of the deposit. We are committed to the continued growth of this deposit in collaboration with our investors, employing targeted drilling and innovative approaches. We are clearly envisioning the ability to develop a multimillion-ounce potential with the addition of multiple mining scenarios on the property.

The proximity to multiple mills and infrastructure in a Tier 1 mining district makes this project highly valuable compared to its competitors.”

Summary of Drill Results:

DQ23-05 intersection (10.8 m of 15.8 g/t Au) was designed to extend mineralization +100 meters westward down plunge of high-grade mineralization. It intersected higher grade and thickness than predicted by the model, which will help to increase the grade and add ounces laterally to the mineralized stopes model (Images 1, 2 and 3).

Due to multiple zones of mineralization of both high-grade and lower grade bulk tonnage we have focused our remaining drilling towards the open pit concept that has been envisioned over the 2023 summer drilling program (Image 4). This is a significant milestone after examining the results of the 2023 drilling program, coupled with the lack of sampling in the near-surface historical drilling (Image 5). The partial results and the visuals from our 2023 campaign suggest broader mineralized zones potentially amenable for open pit mining (See Table 1 and previous press release dated Sept 12, 2023).

The open pit concept in images 4 and 5 show an ultimate pit with a depth extent to 400 meters; the footprint is 1.8 km by 0.8 km. Initial exploration will strategically focus on a phase 1 pit design. This will allow us to determine the economics as we progress through the phases having the necessary assay results for resource evaluation. Currently Emperor is sampling available, near-surface, core that was not assayed by previous explorers located in the historical core library. Up to 70% of this core has not been assayed.

Partial assays for these reported drillhole results continue to increase confidence to consider an open pit potential to the Duquesne West deposit. Lab results for other mineralized zones intersected in holes DQ23-02, 03, 04, and 05 are in progress.

Samples were sent to SGS Laboratories in Lakefield, ON.

Hole No.From (m)To (m)Interval (m)Au (g/t Au)
1DQ23-01659.7661.82.10.88
661.86631.20.47
663663.850.8510.7
Wt. Avg.4.152.77
794.481722.60.62
Wt. Avg.22.60.62
914.15942.9528.80.33
Wt. Avg.28.80.33
1DQ23-02517.2518.213.29
518.2519.210.69
Wt. Avg.21.99
677.1679.62.52.69
1DQ23-03417.75418.851.15.09
941.2942.2111.68
942.2943.210.59
Wt. Avg.26.14
1DQ23-04318.533617.50.45
Wt. Avg.17.50.45
433.7434.20.50.78
434.24350.81.81
435435.70.712.24
435.7436.450.758.98
Wt. Avg.2.756.23
44945012.59
45045110.22
45145219.92
Wt. Avg.34.24
548.3549.51.219.01
571.360634.70.45
Wt. Avg.34.70.45
651.35651.950.60.58
651.95652.60.655.14
Wt. Avg.1.252.95
2DQ23-05133135.52.55.01
257.2281.624.40.50
Wt. Avg.24.40.50
391.93931.13.25
393393.850.850.42
393.853951.151.98
Wt. Avg.3.12.00
556556.60.62.51
556.6557.30.71.53
557.35580.712.08
558558.650.6512.58
558.65559.350.722.54
559.35560.150.81.29
560.15560.90.750.02
560.9561.70.80.06
561.7562.711.47
562.7563.40.73.67
563.4563.90.5110
563.9564.550.6532.15
564.55565.10.5523.07
565.1565.80.70.05
565.8566.30.50.45
566.3566.80.584.42
Wt. Avg.10.815.85
Including:3.427.24
575.6559418.350.52
Wt. Avg.18.350.52
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.
2Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 80-90%.



Image 1: Figure showing DQ23-05 intercept-expanding ounces +100 meters along plunge of deposit. This intercept should continue building mineable stopes along this trend.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_001full.jpg



Image 2: Representation of mineralized and altered core from DQ23-05 (10.8 m of 15.8 g/t Au (includes 3.4 m of 27.24 g/t Au)). Highly altered breccia zone containing quartz veinlets, sericite, and ankerite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_003full.jpg



Image 3: Cross Section of DQ23-05 (Looking West) 10.8 m of 15.8 g/t Au

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_004full.jpg



Image 4: Open Pit Concept. Showing both Phase 1 and Ultimate Pit Scenario.

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https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_005full.jpg



Image 5: Historical Drillholes (DDH) in Open Pit, showing lack of sufficient sampling for proper resource characterization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_

Quality Assurance and Control

The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.

Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Lakefield laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda.

The third-party laboratory, SGS prep laboratory in Lakefield Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.

Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a Fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.

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. (GMX-TSX). 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 Artificial Intelligence (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.

2 Power-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/184284

Categories
Junior Mining Precious Metals

West Red Lake Gold (WRLG.V) High Grade Drill Results Confirm Geological Modeling at Rowan

Vancouver, British Columbia –News Direct– West Red Lake Gold Mines Ltd.

October 13, 2023 – TheNewswire – Global Stocks News – In a press release dated October 11, 2023, West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) reported additional drill results from its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

The company’s flagship asset – The Madsen Gold Mine – is debt free, fully permitted, with a brand-new 800+ tonne per day mill, a tailings and water treatment facility. [1.]

Their 100% wholly owned Rowan Gold Project is the company’s other asset, located approximately 15 kilometers as the crow flies from the Madsen mill. WRLG believes there are synergies between the high-grade resources at Rowan and the Madsen mill.

October 11, 2023 Drilling Highlights:

  • Hole RLG-23-166B Intersected 2 metres @ 45.20 g/t Au, from 297m to 299m; and 4 metres @ 6.78 g/t Au, from 191m to 195m.
  • Hole RLG-23-164 Intersected 0.5 metres @ 101.60 g/t Au, from 204.5m to 205m; and 1.35 metres @ 33.47 g/t Au, from 131m to 132.35m.
  • Hole RLG-23-159 Intersected 2.3 metres @ 12.81 g/t Au, from 262.85m to 265.15m; and 2.1 metres @ 12.43 g/t Au, from 247.4m to 249.5 m.
  • Hole RLG-23-169 Intersected 1.5m @ 14.61 g/t Au, from 506m to 507.5m, Including 0.5m @ 42.62 g/t Au from 506m to 506.5m.

WRLG CEO Shane Williams has designed, built and operated mines (open pit and underground) in Greece, Turkey and Canada – for Skeena Resources, Eldorado Gold and Rio Tinto.  He has a stellar track record of moving mineral assets into production.

“We are seeing continuation of the mineralization at Rowan,” Williams told Guy Bennett, CEO of Global Stocks News (GSN). “From Veins 100 and 101 in particular, we are getting good hits. My geological team is excited about the potential of these veins as we move forward.”

“Following on the heels of the highest-grade intercept ever drilled across the Rowan Property, the team successfully intercepted what is believed to be the same high-grade zone approximately 80 metres down-dip,” stated Williams.

“This represents one of the deepest holes drilled within the high-grade East Zone and bodes well for future expansion opportunity at Rowan as the team continues to extend this highly prospective mineralized vein zone at depth and along strike.”

Click Image To View Full Size

“The drilling completed at the Rowan Mine Target in 2023 has been focused on validating historical data across the Inferred Resource, and also infilling apparent gaps in the analytical data set which was a product of very selective sampling techniques implemented during previous drilling campaigns,” stated WRLG.

“Assay results received from the 2023 drilling program continue to confirm our thesis that quartz veining and gold mineralization continue at depth and along strike, with grades consistent with, or higher than those outlined in the current Inferred Mineral Resource which remains open in all directions”.

“For example, the 100 Vein Zone – which is the furthest north vein currently modeled within the overall Rowan vein corridor – was previously interpreted to be a lower grade portion of the block model. Recent drilling has confirmed that higher grades are present within the 100 Vein Zone below 150 metre elevation, suggesting that gold grades are increasing at depth within this zone which is a trend that has been observed elsewhere in the Red Lake district”.

Drilling at the Rowan Mine Target area will continue with an emphasis on infill and expansion of the existing high-grade mineral resource.

“Originally, Rowan started as an early-stage exploration project,” Williams told GSN. “It was a narrow vein, high grade deposit. As we advance the drill program, we’re getting deeper into the system. It’s opening up and exceeding our initial expectations. We’ve drilled good holes higher in the deposit.  The October 11, 2023 press release reports good gold values deeper down.”.

“We are seeing continuation of mineralization,” continued Williams. “We believe it is growing into a bigger deposit. We no longer think of it as a small satellite deposit, but potentially a significant feed source for our Madsen project.”

A total of 42 diamond drill holes for 15,772m have been completed so far in 2023 at the Rowan Mine target. Fire and metallic screen assays have been returned for 35 out of 42 holes completed, with 2 holes having partial assay results and 5 holes pending assays and QAQC.

“I have enjoyed working on greenfield projects, but my deepest expertise and passion is building bridges between advanced exploration and production,” Williams told GSN. “Financing, permitting, mine design, mine optimisation – that’s my bread and butter. We have a assembled a world class team.  That is what we are all focused on: putting the Madsen Gold Project back into production.”

References:

1. SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada. https://www.globenewswire.com/en/news-release/2022/08/10/2495601/0/en/PureGold-Announces-Updated-Mineral-Resource-Estimate-for-PureGold-Mine.html

guy.bennett@globalstocksnews.com

Full Disclaimer

View source version on newsdirect.com: https://newsdirect.com/news/west-red-lake-gold-wrlg-v-high-grade-drill-results-confirm-geological-modeling-at-rowan-421817683

Categories
Base Metals Energy Junior Mining Precious Metals

Grizzly Reports the First Sample Results for the New Work at the Midway, Imperial and Copper Mountain Areas of the Greenwood, BC Precious and Battery Metals Project

Edmonton, Alberta–(Newsfile Corp. – October 12, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that after the Okanogan fire danger has subsided that geological crews are back at the Rock Creek camp and have re-commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood Precious and Battery Metals Project.

Highlights

  • Two new showings identified near the historical Midway Mine including up 5.64 grams per tonne (g/t) gold (Au) from a showing 400 m to the north of Midway and up to 4.19 g/t Au from a grab sample collected about 375 m to the west of the Midway Mine. At least 6 new areas with anomalous gold (> 100 ppb Au) or silver (Ag) in soils have been identified at Midway with follow up work continuing to be conducted.
  • A total of 50 new rock grab and rock chip samples collected from the historical Imperial Mine area, with 6 samples returning greater than 1 g/t Au up to 12.1 g/t Au and 8 samples returning greater than 40 g/t silver (Ag) up to 469 g/t Ag. The samples define a targeted strike length of over 170 m for future drilling. The samples yield significant amounts of lead (Pb), zinc (Zn) and copper (Cu) with several samples yielding greater than 2% combined base metals.
  • The Mabel Jenny Trend at the Copper Mountain area continues to yield excellent results including 9 of 14 rock grab and chip samples collected this year from this new zone yielding greater than 1 g/t Au up to 13.75 g/t Au (along with up to 61.9 g/t Ag) and up to 0.475% Cu and 2.93% Zn along a new logging road cut over a strike length of more than 400 m when combined with anomalous samples from 2022.

Brian Testo, President and CEO of Grizzly Discoveries, stated: “We are excited with the new results to date and for the start of the 2023 drilling program, which will pursue a number of high grade gold – silver showings and historical mines along with significant battery metal prospects in our current 160,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“

Exploration Updates 2023

Drilling will initially be focused at the historical Midway Mine (Figure 2) but the intent is that eventually the Company will complete new drilling this fall, and then in 2024 at Midway, Imperial, Copper Mountain (Mable Jenny, Coronation and Prince of Wales targets), and potentially the Sappho areas, depending upon the timing of the receipt of drill permits, additional funding and weather permitting. We eagerly await drilling permits from the BC Ministry of Energy Mines and Petroleum Resources.



Figure 1: Exploration Targets 2023.

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The Company is awaiting land use permits for conducting drilling and trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas (Figure 1). The permit applications were submitted initially in January-February and the Company is now awaiting final comments and any required conditions or changes resulting from the recently completed 30 day notification period.

An extensive rock and soil sampling program along with new geological mapping during 2023 has been conducted in preparation for drilling this fall. The work has yielded two new showings identified near the historical Midway Mine including up 5.64 g/t Au from a showing 400 m to the north of the Midway Mine and a second showing along an apparent fault structure with 4.19 g/t Au from a grab sample collected about 375 m to the west of the Midway Mine (Figure 2). At least 6 new areas with anomalous gold (> 100 ppb Au), silver or copper in soils has been identified across the Midway Mine Property with follow up work continuing to be conducted (Figure 2).

To date, gold-silver-base metal mineralization appears to be related to veins and stockworks at contacts between altered ultramafic-carbonate rocks (listwanites) in contact with diorite intrusions in a complex structural setting, with the intersections of structures playing a key role in the localization of alteration.

At the historical Imperial Mine area, a total of 50 new rock grab and rock chip samples were collected from the Imperial showing area, with 6 samples returning greater than 1 (g/t) gold (Au) up to 12.1 g/t Au and 8 samples returning greater than 40 g/t silver (Ag) up to 469 g/t Ag. The samples define a targeted north – south strike length of over 170 m for future drilling (Figure 3). The samples show significant amounts of Pb, Zn and Cu with several samples yielding greater than 2% combined base metals. Geological mapping is in progress and ground geophysical surveys are planned prior to conducting drilling at this target.


Figure 2. Geology and Mineralization Trend at the Historical Midway Mine.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_003full.jpg


Figure 3. Geology and Mineralization Trend at the Historical Imperial Mine.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_004full.jpg

The Copper Mountain area continues to yield excellent results from a number of showings including the Coronation and Prince of Wales historical mines along with the Mabel Jenny area. A total of 9 of 14 rock grab and chip samples collected this year from a new zone discovered late in 2022 at the Mabel Jenny area has yielded greater than 1 g/t Au up to 13.75 g/t Au (along with up to 61.9 g/t Ag) and up to 0.475% Cu and 2.93% Zn (Figure 4). The discovery was made along a new logging road cut late in 2022 and appears to demonstrate quartz vein stockwork mineralization in an altered diorite over a strike length of more than 400 m when combined with anomalous samples from 2022.


Figure 4. Geology and Mabel Jenny Mineralization Trend Copper Mountain.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_005full.jpg

Geological and prospecting crews have re-commenced prospecting, geological mapping, rock and soil sampling within the Greenwood Project area and have conducted an initial pass at the new mineral claim area staked August 1, 2023 (See Company News Release dated September 7, 2023). A number of existing showings and parts or extensions to known showings have been acquired with the staking of the new mineral claims including but not limited to Marshall Lake, Sylvester K, the Great Laxey, Eholt and lands adjacent to and surrounding the historical Phoenix Mine. Results from the initial sampling programs on these new claims will be released as they are received.

The geological and prospecting crew has made several discoveries of sulphide, quartz vein zones and skarn on the new claims (Figure 5). Sulphide showings associated with skarn at Marshall Lake (Figure 5) hosted in Triassic Brooklyn Formation sedimentary rocks including limestone that has been intruded by diorite. The showings have been trenched and bulk sampled in the past (1960’s to 1970’s) yielding significant copper, silver and gold. Little to no modern exploration has been performed at the Marshall Lake target as well as a number of other showings in the Brooklyn sequence such as the Great Laxey.

To date, more than 3,300 soil samples and 600 rock samples have been collected from the Midway, Copper Mountain, Imperial and Sappho target areas and have been submitted to ALS Global Laboratories as well as an initial set of samples from the new mineral claims. Ground geophysical surveys will be performed in September in order to be ready for the 2023 drilling campaign.



Figure 5: New Mineral Claims Acquired August 1, 2023.

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The goal is to have a pipeline of high priority precious metal and battery metal targets that are all permitted and ready for a long 2023 and 2024 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.

ADDITIONAL LANDS ACQUIRED

The Company has signed an option agreement dated October 10, 2023 with Mr. Daniel Hurd of Peachland, British Columbia to purchase the mineral rights to 761.25 hectares (1,881 acres) in six (6) mineral claims in the Greenwood Mining District (“Midway-Beaverdell Option Agreement”).

These claims represent adjacent lands with some historical showings that represent additions that strengthen our land positions in these areas.

Under the terms of the Midway-Beaverdell Option Agreement, the Company may earn a 100% interest in the Midway-Beaverdell claims by paying $7,500 in cash and issuing 150,000 common shares of Grizzly by the third anniversary date of the agreement. Mr. Hurd retains a 1% Net Smelter Royalty and the right to any quarriable rocks. The issuance of common shares of Grizzly under the Midway-Beaverdell Option Agreement is subject to acceptance by the TSX Venture Exchange.

QUALITY ASSURANCE AND CONTROL

Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.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.

Caution concerning forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183759

Categories
Base Metals Energy Junior Mining

Ridgeline Minerals Intersects Shallow, High-Grade CRD Mineralization at the Selena Project, Nevada

  • Including: 0.9 m grading 720.3 g/t Ag, 12% Pb, 0.1% Zn, 0.4 g/t Au (or 1,133.6 g/t AgEq)
  • And: 60.7 m grading 69.8g/t Ag, 0.6% Pb, 1.3% Zn, 0.4 g/t Au (or 175.2 g/t AgEq)

To view a summary of today’s press release by Ridgeline CEO Chad Peters, click HERE

Vancouver, British Columbia–(Newsfile Corp. – October 12, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce results from the first two core holes of its proposed five (5) hole, 3,000-meter (“m”) drill program at the Selena (“Selena”) project, Nevada (Figure 1). Results from the Upper Chinchilla zone returned continuous intercepts of shallow-oxide, silver (“Ag”) – lead (“Pb”) – zinc (“Zn”) – gold (“Au”) containing high-grade including intervals that are consistent with nearby reverse circulation (“RC”) holes. Notably, deeper drilling beneath the Upper Chinchilla zone in hole SE23-048 also intersected localized antimony-rich (“Sb”) breccia intervals averaging 1-2% Sb, which are the first of its kind at Selena.

Chad Peters, Ridgeline’s President, and CEO commented, “This year’s drill program has two primary objectives. The first is to upgrade previously drilled, shallow-oxide RC intercepts in the Upper Chinchilla zone, and the second is to make a high-grade CRD discovery at depth. Hole 47 drilled between 2021 RC holes 13 and 14, materially upgrading both the thickness and overall grade of both holes, which includes a significant oxide gold component. This zone is shallow and projects up-dip through hole 48 to surface and is open for expansion. These intercepts confirm our belief that there is significant potential to delineate a shallow-oxide resource at Chinchilla that may be amenable to low-cost heap-leach processing methods.”

Mr. Peters continues, “The highest priority holes of the program are holes 49 and 50, which are in-progress and will drill to depths of 700 meters or more to test for stacked zones of CRD mineralization beneath the Upper Chinchilla Zone. These holes are targeting both sides of the known chimney structure that is believed to be a primary feeder to the Upper Chinchilla zone, which returned bonanza grade CRD intercepts in our 2022 program.”

Chinchilla Zone results summary

  • SE23-048: 0.9 m grading 720.3 g/t Ag, 12.0% Pb, 0.1% Zn, 0.4 g/t Au (or 1,133.6 g/t Silver Equivalent) (“AgEq”) within 10.9 m grading 94.1 g/t Ag, 1.3% Pb, 0.7% Zn, 0.2 g/t Au starting at 85.3m true vertical depth (“TVD”) (Figure 1 & Figure 2)
    • And: 0.6 m grading 3.6 g/t Ag, 2.4% Sb, 0.1 g/t Au starting at 240 m TVD
    • And: 3.6 m grading 0.5 g/t Ag, 1.2% Sb, NA g/t Au starting at 247 m TVD
  • SE23-047: 4.6 m grading 55.2 g/t Ag, 1.2% Pb, 7.2% Zn, 0.2 g/t Au (or 421.1 g/t AgEq) and 2.8 m grading 205.8 g/t Ag, 1.4% Pb, 0.3% Zn, 1.4 g/t Au (or 386.1.1 g/t AgEq) within 60.7 m grading 69.8 g/t Ag, 0.6% Pb, 1.3% Zn, 0.4 g/t Au (or 175.2 g/t AgEq) starting at 93.8 m TVD (Figure 2)
    • The 60.7 m composite calculation includes a combined 7.3 m of unrecovered core (typically in 1-2m intervals) due to collapsing hole conditions through the mineralized zone. These intervals were assigned an assay value of 0.0 across all metals, resulting in an estimated dilution of roughly 12% to the overall composite value
  • Both intercepts are hosted within 10 m to 60 m wide zones of strongly oxidized carbonate replacement (“CRD”) style alteration and are open for expansion up and down-dip.
  • Holes SE23-049 and SE23-050 are in progress and located ~500 m west of SE23-047 and SE23-048 (Figure 2). Both holes will test for stacked mineralization beneath the high-grade Upper Chinchilla zone intersected with holes SE22-039 and SE22-045 in 2022 (see January 24 press release HERE)
    • SE23-049 has ~250 m of prospective host rocks remaining to test before moving to SE23-050 and has intersected multiple zones of fugitive calcite breccias or “BBQ Rock” beneath the Upper Chinchilla zone, a proximal indicator of CRD alteration and mineralization (see BBQ Rock core photo HERE)

For a complete table of all Chinchilla Zone assay results click HERE

Figure 1: Plan view map showing SE23-047 and SE23-048 results on the eastern edge of the Chinchilla zone as well as select historical drill intercepts. SE23-049 and SE23-050 are in progress



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/183736_0169cd1654a36af3_002full.jpg

Silver Equivalent Calculation: Metal Prices ($20 Ag, $0.90 Pb, $1.25 Zn, 1800 Au, no recovery factor applied)
Silver g/t + (Gold g/t * (Gold Price/ Silver Price)) + ((22.0462* Lead Price)/ ((1/31.1035) * (Ag Price)) * Lead %) +
((22.0462* Zinc Price)/ ((1/31.1035) * (Ag Price)) * Zinc %)

Figure 2: Chinchilla Long-Section C-C’ highlighting SE23-047 and SE23-048 drill intercepts with the interpreted geometry of high-grade “chimney” and stratabound “manto” horizons shown with silver equivalent grade contours



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/183736_0169cd1654a36af3_003full.jpg

To view Chinchilla X-Section D-D’ Click HERE.

To view property-wide long-section A-A’ click HERE.

Picture 1: Shortwave ultra-violet photo of SE23-049 drill core starting at 293 m depth showing fugitive calcite veins or “BBQ Rock” within previously untested host rocks beneath the Upper Chinchilla Zone



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/183736_0169cd1654a36af3_004full.jpg

Selena Project
Selena is located in White Pine County, Nevada, approximately 64 kilometers (“km”) north of the town of Ely, NV. The Project shares a property boundary with the Butte Valley project, a US $33M earn-in agreement between Freeport-McMoRan and Falcon Butte Minerals. The 100% owned project is comprised of 39 square kms of highly prospective exploration ground including Ridgeline’s shallow-oxide 2020 Ag-Au ± Pb-Zn Chinchilla discovery. Subsequent drilling has continued to highlight the potential for high-grade CRD type mineralization (Ag-Au-Pb-Zn ±Cu) between Chinchilla and the Butte Valley Cu-Au-Ag porphyry located directly west of the property. (View the Selena VRIFY Deck Here)

QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Independent check samples are sent to Paragon Geochemical Labs (PAL) of Sparks, Nevada. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.

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 Minerals is a discovery focused precious and base metal explorer with a proven management team and a 204 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 & Director
Ridgeline Minerals Corp.
+1 775 304 9773
cpeters@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183736

Categories
Energy Junior Mining Precious Metals

Silver Bullet Announces Interception of Targeted Higher-Grade Silver Zone

Burlington, Ontario–(Newsfile Corp. – October 11, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the Company has intercepted the targeted mineralized zone at the Buckeye Mine in Arizona (the “Zone”). Based upon historical data, management expects the Zone to contain higher-grade silver mineralization. Confirmation will depend upon multiple rounds of sampling.

To target the Zone, SBMI has been working from its field team’s intensive knowledge of the area, assay data from historical drill holes drilled in 1969, mapping carried out in and around 1969, informal reports generated from such holes and mapping, actual field results as SBMI’s team drifted along the vein behind the Treasure Room, and the results of a recent LIDAR study. (As previously disclosed, the Company’s information related to those historical drill holes, the historical assaying of them, and the informal reports, do not meet NI43-101 standards and cannot be disclosed.

In its September 9, 2023 press release, and in other materials dating back to March, 2022, the Company advised, “The team now continues to drift along the vein towards a targetted area.” Management expects assay results from current and pending sampling should confirm the Zone has been hit, located where management believed it would be, based upon historical and current data. The Company is especially pleased that the historical data upon which it relied, has confirmed to be the actual location of the Zone, and can be further relied upon (see photo of targeted zone with iron oxide on right, vein and water course on left indicating fault and of the significant mineralization encountered in the zone).



Photo of mineralization on current face

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/183675_sbmimage1.jpg



Photo of mineralization on current face

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/183675_sbmimage2.jpg

In particular, SBMI drifted 708 feet from the portal, drifted behind the Treasure Room (which is not yet safe to work in), blasted through harder-than-expected host rock, and earlier this week drilled and blasted into the Zone approximately 30 feet from the projected drill holes left by a previous optionee in 1969. The assay data from those historical drill holes informed SBMI’s decision to target this zone; however, none were generally disclosed to the public. Please see the caution above.

SBMI plans to continue mining along the vein, refine a plan to maximize recovery of the metals from the Zone, and begin shipping mineralized material from the Zone to its 100%-owned mill in Globe, Arizona for processing. Multiple rounds of samples from the vein and the Zone will be collected and then assayed at SBMI’s 100%-owned assay facility. SBMI also intends to send samples to an independent third party lab for confirmation analysis and for analysis for other metals.

The Company continues to seek further data to inform its knowledge of local structures, the vein and the Zone. The Company recently contracted a Ground Penetrating Radar System study to outline the potential size and location of the Zone. The contractor for the study has advised it will use an OKM Future Walkabout 2003/5 ground penetrating radar unit that can detect historical tunnels, shafts and drifts, as well as native gold, native silver and other metals up to 60 feet deep.

The contractor has advised the company that the ground penetrating radar unit uses an electronic pulse method to select an anomaly in the Zone such as natural features, a formation of strata, hollow spaces, level groundwater, buried objects, pipes, tanks, boxes and other targets. The Company intends to further engage the contractor to help determine the overall extent of the Zone, the vein system and potential parallel structures.

The mine road was recently bladed in part by the United States Forest Service as part of its firefighting efforts. The mill has been test run, the fuel and water supply maximized, and the mill crew and assay teams are on standby. In conclusion, pending the sampling results, the mine and the mill are ready to be put into steady production.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

SBMI also announces that MNP LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective September 15, 2023, replacing Grant Thornton LLP, (the “Former Auditor”).

Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company have been filed on SEDAR.

There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.

No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which Grant Thornton LLP issued an audit report and the date of the Notice.

The termination of Grant Thornton LLP, and appointment of MNP LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183675

Categories
Breaking Junior Mining Lion One Metals Precious Metals

Lion One Pours First Gold at Tuvatu Mine in Fiji

North Vancouver, British Columbia–(Newsfile Corp. – October 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the company has poured first gold at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.

Figure 1. Lion One Metal’s First Gold Pour at the Tuvatu Mine in Fiji. On the right of the photo are Lion One Metals’ Process Operations Manager David Towle, Lion One Metals Chairman and CEO Wally Berukoff, and the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/183467_64e0c825c474797b_001full.jpg

Lion One Chairman and CEO, Walter Berukoff, commented: “The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji.

“Congratulations to the Lion One team for achieving this significant milestone. We thank our employees, contractors, local landowners and community members for their hard work and dedication. Completing construction ahead of schedule is a testament to the strength of their efforts and to the resilience of the Fijian spirit. We also thank our loyal shareholders for their continued support. This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu and to advancing our many other top-quality prospects throughout the Navilawa Caldera.”

The Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, stated that “the future looks good for Tuvatu; the best is yet to come.”

Figure 2. Photos from the Gold Pour Ceremony. Top left: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima receiving traditional flower garlands. Top middle: Lion One Metals COO Patrick Hickey giving a speech. Top right: Lion One Metals employees below the Fiji flag. Bottom left and middle: members of local communities and businesses in attendance at the gold pour ceremony. Bottom right: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima on site at Tuvatu.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/183467_64e0c825c474797b_002full.jpg

Additional photos and videos of the gold pour ceremony will be available on the Lion One Metals website at www.liononemetals.com.

About Lion One Metals Limited

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

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183467

Categories
Base Metals Energy Junior Mining Precious Metals

Rover Metals Adds 2,400 Acres to Let’s Go Lithium Project, NV, USA

VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that it has added 2,400 acres of new claims to its Let’s Go Lithium (“LGL”) project, bringing the total project size to approximately 8,300 acres.

LGL Project Expansion

Management of the Company, working with McGinley and Associates, dba UES (“UES”), identified additional prospective ground contiguous to the existing claim block this summer. Further to the Company’s news release of September 7, 2023, Culter, and Ingraffia prospected and sampled the new claim area as part of this summer’s expanded Phase 1 Exploration Program. Multiple hectorite-like clay outcrops and high-grade lithium surface samples were encountered in the staking area. The Company believes that the project expansion will take advantage of a deeper hydrologic water flow system in the area. Management will be including the new claims into its Plan of Operations submission to the Bureau of Land Management (“BLM”) which it plans to file in short order.

Judson Culter, CEO at Rover Metals, states, “The addition of 2,400 acres to the LGL project gives us the flexibility of abandoning certain existing mining claims that border the ACEC boundary of Ash Meadows. We never intended to mine or develop near to Ash Meadows, and moving the core of the LGL project further away from Ash Meadows sends a clear message that Rover is committed to developing the project in a manner that is sustainable for the surrounding area. UES, are helping Rover to ensure that there will be no impact to the critical water tables in the Amargosa basin. Rover and UES have obtained a copy of the environmental assessment study that the neighbouring mine, operated by Lhoist North America, is operating under. Management at Rover feels confident that sustainable lithium mining can be supported in the Amargosa Valley.”

A Call for Battery Recycling Partnerships and Joint Ventures

The eastern Amargosa Valley has been slated for solar farm energy development by the BLM. Solar energy, in addition to the existing hydro energy infrastructure in the area, allows for new development opportunities like EV raw materials battery recycling. Rover is seeking inbound requests to partner with recycling technology companies. Please contact info@rovermetals.com with inquiries. The LGL project is a one and half hour drive from the city of Las Vegas, one of the fastest growing cities in the U.S.

About Rover Metals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.

Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS

“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:

Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

SOURCE: Rover Metals Corp.



View source version on accesswire.com:
https://www.accesswire.com/790023/rover-metals-adds-2400-acres-to-lets-go-lithium-project-nv-usa

Categories
Base Metals Energy Junior Mining

Uranium Rally Gains Power in September

Key Takeaways

  • Uranium and uranium mining stocks posted their best monthly results in two years, as the price of U3O8 reached a 12-year high.
  • The World Nuclear Association (WNA) estimates that uranium demand will double by 2040 and that Small Modular Reactors (SMRs) will add to this increase by as early as 2030.
  • Long-term uranium contracting is on the rise, with 2023 on track to surpass 2022, coinciding with a decade of underinvestment.
  • The West continues to make strategic moves to break free of reliance on Russia for uranium supplies and services.
  • Supply jitters are increasing given geopolitical concerns in Niger and the likelihood that increased production from Kazatomprom may likely cater to China and Russia.
  • Over the long term, increased demand in the face of a uranium supply crunch may likely support a sustained bull market.

Performance as of September 30, 2023

Asset1 MO*3 MO*YTD*1 YR3 YR5 YR
U3O8 Uranium Spot Price 121.03%30.99%51.88%52.06%10.15%21.48%
Uranium Mining Equities (Northshore Global Uranium Mining Index) 223.93%41.84%50.61%46.96%13.97%25.73%
Uranium Junior Mining Equities (Nasdaq Sprott Junior Uranium Miners Index TR) 325.43%39.70%39.03%38.52%54.54%N/A
Broad Commodities (BCOM Index) 4-1.12%3.31%-7.06%-5.96%13.97%4.23%
U.S. Equities (S&P 500 TR Index) 5-4.77%-3.27%13.07%21.62%10.15%9.92%

*Performance for periods under one year not annualized.
Sources: Bloomberg and Sprott Asset Management LP. Data as of September 30, 2023. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results. 

Uranium Surges Above $73, Reaching 12-Year Price High

The U3O8 uranium spot price surged 21.03% in September, climbing from US$60.63 to $73.38 per pound.1 This surge marks September as the most impressive month since September 2021. Performance was driven primarily by strong demand from utilities worldwide in the face of threats to supply. The uranium price is now as high as it had been just before the Fukushima Daiichi power plant disaster in 2011, when it was $73 per pound. YTD, U3O8 uranium spot has risen 51.88%.

Uranium mining equities posted even higher gains in September. The broad sector of uranium miners rose by 23.93%2, while junior uranium miners gained 25.43%.3 This outperformance is similar to prior bull market cycles when uranium equities provided leverage to the uranium spot price. YTD uranium miners and junior uranium miners have climbed 50.61% and 39.03%, respectively.

While other commodities suffered in September, largely due to China’s economic weakness, uranium remained insulated from China’s economic cycle and its secular and cyclical challenges (see sidebar). Over the longer term, physical uranium and uranium equities have demonstrated significant outperformance against broad asset classes, particularly other commodities. For the five years ended September 30, 2023, the U3O8 spot price has risen a cumulative 164.56% compared to 23.05% for the broader commodities index (BCOM), as shown in Figure 1.  

Figure 1. Physical Uranium and Uranium Stocks Have Outperformed other Asset Classes over the Past Five Years (09/30/2018-09/30/2023)

Source: Bloomberg and Sprott Asset Management. Data as of 09/30/2023. Uranium miners are measured by the Northshore Global Uranium Mining Index (URNMX index); U.S. Equities are measured by the S&P 500 TR Index; the U308 spot price is from TradeTech; U.S. Bonds are measured by the Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU); Commodities are measured by the Bloomberg Commodity Index (BCOM); and the U.S. Dollar is measured by DXY Curncy Index. Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results.

The Key Drivers of Uranium’s Revival

September saw the uranium price soar past its most recent high of $63.77, posted in February 2022 shortly after Russia invaded Ukraine, to reach a 12-year high. This represents the continuation of the bull market that began in 2016 and is supported by long-term structural tailwinds gaining notable momentum in 2023. We also believe these tailwinds have the power to endure for several years to come, and we explore them in more detail below.

1. Higher Uranium Demand Forecasts

The WNA released its biennial Nuclear Fuel Report in September, which industry professionals rely on for critical insights into the market. In this Report, the WNA increased its forecasted demand for uranium to nearly double by 2040.6 One of the key new contributors to this increase in demand was the Report’s inclusion of SMRs for the first time.

2. The Rise of Small Modular Reactors (SMRs)

SMRs represent a cutting-edge evolution in nuclear technology and have the potential to amplify nuclear energy’s role and boost uranium demand. The International Atomic Energy Agency (IAEA) characterizes “small” reactors as those with a capacity of up to 300 MW(e) per unit — roughly a third of conventional nuclear reactors’ size. The modular design of SMRs means components can be prefabricated in factories and transported for on-site assembly, reducing costs and construction time. This adaptability positions SMRs to deliver clean energy to areas previously out of reach for conventional nuclear plants and offers a promising approach to decarbonizing industrial processes.

SMRs represent a burgeoning technology, with various innovative designs in development worldwide. The heightened uranium demand from SMRs is anticipated to manifest toward decade’s end and intensify into the 2030s. The World Nuclear Association (WNA) projects that SMRs might constitute up to 5% of the global nuclear capacity by 2040. However, given the infancy of the SMR industry, predictions differ. For instance, a recent forecast by BMO suggests a potential of 9%.

3. The Uranium Contracting Cycle is Accelerating

Since Russia’s 2022 invasion of Ukraine, procurement strategies have come under sharp focus. While Russia contributes only 5% to global U3O8 production, it dominates with 27% of worldwide uranium conversion capacity and 39% of fuel enrichment. Even without formal sanctions on Russian uranium and with existing contracts still intact, utilities have proactively refrained from establishing new agreements with Russian entities. In 2022, due to Russia’s significant presence in conversion and enrichment, utilities prioritized these areas over U3O8.

Today, the conversion and enrichment markets are still very tight, but some positive developments have occurred. In terms of conversion — when U₃O₈ is converted to UF₆ in preparation for enrichment — the market is nearly evenly divided between Russia’s Rosatom State Nuclear Energy Corporation (ROSATOM), France’s Orano SA, China National Nuclear Corporation (CNNC) and Canada’s Cameco Corporation. A few months ago, ConverDyn restarted in the United States to help address the conversion supply-demand imbalance and is expected to reach 11% of global UF6 production by 2026. In terms of enrichment — when gaseous UF₆ is used to enrich uranium to a U-235 concentration of about 3-5% — the majority of the capacity is split between ROSATOM, Urenco (UK), Orano and CNNC. Urenco and Orano, in particular, serve Western markets that plan to transition away from Russian conversion services. Both companies have also recently announced expansions in enrichment capabilities.

The costs of conversion and enrichment services skyrocketed after Russia invaded Ukraine. We believe these price increases, positive Western conversion and enrichment developments, and a potential shift from underfeeding to overfeeding have helped boost U3O8 prices. Although utilities remain conscious of the tight conversion and enrichment markets, they are expanding their focus to procuring U3O8.

Utilities and uranium producers generally contract in the term market, representing uranium sold under long-term, multi-year contracts with deliveries starting one to three years after the agreement is made. By contrast, a spot market contract is generally for one delivery priced at the time of purchase. Prior to the Russian invasion of Ukraine, uranium term contracting was suppressed for almost a decade. 2022 had the greatest volume of term contracting in a decade at 125 million pounds of U3O8e. 2023 YTD (as of September 30) is set to surpass this, with current term contracting at 121 million pounds of U3O8e.7

This increase in uranium term contracting should be viewed against a decade of underinvestment in uranium supply and decades of mine production that fell below world nuclear reactor requirements. The increased contracting has squeezed the market into a very tight state, and we believe it will continue to push uranium prices higher, incentivizing new production.

Notably, most term contracting YTD has been done by countries outside the U.S. However, U.S. contracting may be a future tailwind as the U.S. needs to replace inventory. Currently, the U.S. depends entirely on sourcing uranium from other countries for what represents the largest reactor requirements in the world, as shown in Figure 2. 

Figure 2. Uranium Production, Less Reactor Requirements, by Country


Source: World Nuclear Association. Production for 2022, reactor requirements estimate for 2023.

4. Uranium Supply Jitters Multiply

Although the strengthening uranium price is stimulating a supply response, recent developments underscore the complexities of introducing new supply streams and the importance of securing supply. Historically, uranium from Kazakhstan, the world’s top producer, was chiefly routed through Russia for Western markets. While this transit method persists, potential disruptions loom due to possible sanctions and challenges in shipping and insurance. Given that Kazakhstan accounts for 44% of global U3O8 production, any supply disturbances could profoundly affect the market.

Supply disruptions in this tight contracting market are having a significant impact. The coup d’état in Niger has drawn international sanctions against the military junta that has hampered logistics in the country and forced Orano to halt uranium processing in Niger.8 Though Orano is reported to have enough inventory to satisfy near-term commitments, the situation in Niger is still developing, and the potential for future disruptions in shipments amplifies the need for security of supply. In other supply news, Cameco has announced a 2.7-million-pound uranium shortfall for 2023 from its Cigar Lake and McArthur River miners.9

In response to the rising demand for uranium, NAC Kazatomprom JSC (Kazatomprom), the globe’s largest uranium producer, has declared an uptick in production. By 2025, it aims to fulfill 100% of its subsoil use contracts, marking the conclusion of seven years operating below contract ceilings. This move will boost Kazatomprom’s projected mine output in 2025 to 30,500-31,500 tonnes, up from the 20,500-21,500 tonnes forecasted for 2023.10 Kazatomprom has struggled to meet its production targets in recent years, given an ongoing shortage of sulphuric acid and piping. Given the industry’s current emphasis on diverse supply sources and geopolitical factors, we anticipate that a significant portion of Kazatomprom’s augmented production will cater to China and Russia rather than Western utilities.

In the long run, as existing mines are exhausted, the uranium supply will hinge more on the revival of dormant mines and the establishment of new ones. Recent challenges, such as those faced by Cameco and Peninsula Energy in restarting mines, or the delay in Global Atomic’s Dasa project in Niger, coupled with the lengthy 8- to 15-year timeline from discovery to production, underscore the industry’s struggle to ramp up uranium output.

Inventories have long played a role in balancing the market, but as Uranium Insider founder and publisher Justin Huhn put it, “the only inventory that exists right now in the world is strategic — this is held by nuclear utilities, and their inventories historically speaking are relatively low”.11 Further, secondary supplies generally are forecasted to play a diminishing role by the World Nuclear Association. Current levels at 11-14% of reactor uranium requirements are moving to 4-11%.

The Long-Term Uranium Demand Thesis is Well Supported

Ultimately, the demand for uranium and nuclear energy is rooted in the need for electricity. According to a September International Energy Agency (IEA) report, global electricity demand may grow 164.66% by 2050, relative to 2022.12 Electricity demand is expanding with population growth and as developing nations modernize and urbanize.

Growing Need for Cleaner Electricity

Furthermore, 97 countries representing 79.3% of global greenhouse gas emissions have communicated a 2050 net-zero emissions target.13 In order to fulfill these commitments and decarbonize, committed nations will have to transition their energy supply to low-emissions electricity. This means decarbonizing transport (i.e., transitioning to electric vehicles), heating and industry. Considering other positive factors, like technological advancements, enables us to believe that the demand for electricity will likely be well supported for decades.

The Nuclear Energy Renaissance

Given the positive electricity outlook, nuclear energy’s forecasted prevalence is the next step in uranium’s outlook. Historically, nuclear had significant growth from the 1970s to 1990s but then plateaued since 2000 (Figure 3). Going forward, the nuclear energy industry is forecasted to be ushered back into an era of increasing demand.

Figure 3. Nuclear Energy Generation in Gigawatts (GW)

Source: Ember data prior to 2022. Post 2021 from the IEA “Net Zero Roadmap: a Global Pathway to Keep the 1.5 °C Goal in Reach – 2023 Update”.

Other industry participants are even more bullish with a “Net Zero Nuclear” initiative launched in September calling for global nuclear capacity to triple by 2050.14 The case for greater nuclear generation has been building for some time. Nuclear energy is:

  • Clean: producing similar CO2 equivalent emissions to renewables
  • Reliable: provides reliable baseload energy to offset intermittency from increasing renewable energy sources
  • Efficient: high energy density reducing the impact of extraction and transport
  • Safe: nuclear energy’s impeccable long-term safety track record is gaining acceptance

Nations have been planning to decarbonize and realize they need reliable baseload power, which nuclear is primed to provide (see Figure 4). After the Russian invasion of Ukraine in February 2022, many European countries realized how problematic reliance on Russian natural gas was and that nuclear power offered greater energy security.

Figure 4. Public Acceptance for Nuclear Power, 2011 vs. 2022

Source: Source: TradeTech. Data as of 12/31/2022.

These realizations have resulted in an increased appetite for nuclear reactors, and there now are 60 under construction and another 110 planned globally, relative to 436 operating today.15 Notably, China accounts for a significant portion of these, with 24 under construction and 44 planned. China may be leading the development of new reactors, but significant demand is attributable to other countries due to reactor extensions and restarts.

Extending the Life of Existing Nuclear Plants and Restarts

Most nuclear power plants have an operating lifetime of 25 to 40 years, but many can be extended to 60 years or, in the U.S., 80. For example, the U.S.’s Diablo Canyon nuclear power plant has been in operation since 1985 and was scheduled to close by 2025, but regulators gave an extension to operate for five more years.16 Further, Pacific Gas & Electric is seeking permission to operate for up to 20 additional years. The extensions of planned operating lifetimes incrementally increase the demand for uranium. The Nuclear Fuel Report stated that upward of 140 reactors could be subject to extended operation in the period to 2040.17

Nuclear reactor restarts have also contributed to the increasing demand for uranium. Many countries have now made U-turns in their nuclear energy policies and are restarting reactors that were closed in the decade past. The quintessential example of this is Japan. Japan has restarted 11 nuclear reactors, and another 16 are at various stages in the process of restart approval.18 Japan was not the only example of a country reversing its nuclear energy policy. South Korea fully reversed its nuclear phaseout policy and expanded its program.

Overall, positive sentiment toward nuclear energy has been growing for some time, and we believe it is likely to persist in the decades to come. With support for the nuclear industry increasing, we expect that market participants will have to shift their psychology to contend with higher demand for uranium supporting higher prices. Utilities may not be able to complacently draw down existing inventories in the hope that uranium prices will come down. Over the long term, increased demand in the face of an uncertain uranium supply may likely support a sustained bull market (Figure 5).

Figure 5. Uranium Bull Market Continues (1968-2023)
Please click here to see an enlarged chart.

Note: A “bull market” refers to a condition of financial markets where prices are generally rising. A “bear market” refers to a condition of financial markets where prices are generally falling.
Source: TradeTech. Data as of 09/30/2023. TradeTech is the leading independent provider of uranium prices and nuclear fuel market information. The uranium prices in this chart dating back to 1968 are sourced exclusively from TradeTech; visit https://www.uranium.info/.

Appendix A. The Uranium Fuel Cycle

Figure 2. The Uranium Fuel Cycle

Source: Sprott Asset Management.

U₃O₈, commonly referred to as “yellowcake,” is a product of the first stage of the nuclear fuel cycle and is derived from mined uranium ore. Before it can be used in nuclear reactors, U₃O₈ undergoes a series of processes:

  • Conversion to UF₆ (Uranium Hexafluoride): U₃O₈ is typically converted to UF₆ in preparation for enrichment. This is because UF₆ is gaseous at relatively low temperatures, facilitating the isotopic separation process used in enrichment.
  • Enrichment: The natural concentration of the fissile isotope, U-235, in U3O8 is approximately 0.7%. Most commercial nuclear reactors require uranium to be enriched to a U-235 concentration of about 3-5%. This enrichment is done with gaseous UF₆.
  • Conversion to UO₂ (Uranium Dioxide): After enrichment, UF₆ is converted to UO₂. This uranium dioxide is then processed and fabricated into fuel pellets, which are subsequently loaded into fuel rods for use in nuclear reactors.

Source: World Nuclear Association.

BY JACOB WHITE | WEDNESDAY, OCTOBER 4, 2023

Footnotes

1The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco.
2The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”).
3The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index.
4The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities, and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Categories
Dolly Varden Silver Energy Junior Mining Precious Metals

Dolly Varden is Still Silver

Bob Moriarty
Archives
Oct 3, 2023

Thirteen months ago at the first of September of 2022 silver hit a DSI (Daily Sentiment Indicator) of 9 for three days in a row. I said it was a bottom for silver. Stocks continued lower the month of September but my call on September 1st was correct. The DSI had correctly timed the bottom of silver to the day.

I’ll say it again. Dolly Varden (DV-V) is silver. Dolly Varden was $.355 at the low at the end of September last year and it went to $1.25 a tiny six months later. Dolly Varden is going to do exactly the same thing again. The crash I predicted nine weeks ago is here. It has started in a different form than I anticipated when on September 20th it was reported that the Fed Funds rate was going to stay higher for longer. This time it is shooting treasury rates and the dollar higher and forcing weak hands to dump silver and gold just like it did back in 2008. Treasury rates are going to continue to climb with the dollar index until the system blows sky high. Soon everyone is going to realize there is no soft landing coming. Investors will be looking for a safe haven and the only safe haven in town is the metals.

Dolly Varden is an interesting company in that it is 93% owned by insiders and large funds leaving a tiny float of only 7%. Fury owns 23% in exchange for Homestake. Hecla maintains a 10% interest as does Eric Sprott. Various institutions own another 50%. The shares are down 50% from a high in April without anything bad happening to the company. I make a point in my books that if nothing else changes and the price goes down of a stock you really like, that’s a good thing.

The company has a resource today of 140 million Ag EQ ounces based on the 43-101 released in 2019. It’s half gold and half silver. Since that now ancient resource, Dolly has drilled another 100,000 meters. Results from 40,000 meters of drilling will be released soon from over 100 holes. Dolly is in both the SIL and SILJ indexes which is why institutions are so heavily invested in the company. If they want to show a silver side, they pretty much have to own Dolly.

The silver intercepts continue to be world class. The last press release showing results from the Wolf Vein show 381 g/t Ag over 29.0 meters. At the surface the Wolf Vein was only 9 meters but 75 meters down it widened to 29 meters. That will add a lot of ounces.

Dolly Varden is an advertiser and I participated in the last private placement. Do your own due diligence, of course I am biased.

Dolly Varden Silver Corp
DV-V $.62 (Oct 2, 2023)
DOLLF-OTCBB 255 million shares
Dolly Varden Silver website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Junior Mining Precious Metals

West Red Lake Gold Provides Project Updates and Outlines Strategic Path Forward

West Red Lake Gold Mines Ltd.
West Red Lake Gold Mines Ltd.

Rowan and Madsen Projects Location Map

Rowan and Madsen Projects Location Map
Rowan and Madsen Projects Location Map

VANCOUVER, British Columbia, Oct. 03, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) is pleased to provide a project update and an outlook on project advancement in the near to medium term for the Madsen Mine and Rowan Mine projects located in the prolific Red Lake Gold District of Northwestern, Ontario, Canada.

PATH FORWARD

  • Additional 35,000 metre (“m”) drill program planned for Rowan Property to commence in early 2024, adding second drill and to include systematic in-fill drilling and expansion drilling of high-grade zones and begin testing high priority drill targets at Mt. Jamie, Red Summit and the NT Zone.
  • Complete initial Preliminary Economic Assessment (the “PEA”) on entire portfolio of Properties by Q2 2024 (based on drilling cutoff date of Oct 1, 2023)
  • Complete updated Mineral Resource Estimate (“MRE”) at Rowan by Q4 2024 (to include all anticipated drilling up to Q3 2024)
  • Complete 3,000 m drill program at Wedge, aimed to expand deposit and complete MRE by Q4 2024
  • Complete 38,000 m underground drill program at Madsen Mine by Q4 2024
  • Complete 3,200 m of underground development by Q4 2024 for access and required infrastructure to support underground drilling.
  • Develop a connecting ramp between the East and West declines at Madsen to increase waste hauling capacity from the West ramp which previously crossed two public roads, further reducing operating costs.
  • Put the Madsen Mine back into production in 2025.

Shane Williams, President, and CEO commented: “The team has done a fantastic job since the beginning of 2023, achieving many major milestones in the relatively short life of the re-vamped West Red Lake Gold Mines. In a difficult market we have managed to complete key acquisitions, raise a considerable amount of capital to fund our growing ambitions and assembled a team of noteworthy professionals with a track record of success at both the management and board levels. We have enjoyed a tremendous amount of exploration success via the drill-bit at our Rowan project which we hope to replicate at some very exciting targets in and around our newly acquired Madsen Mine. The coming year will be a very active time for the Company as we lay the groundwork to execute on our vision to put the Madsen Mine back into production and continue to unlock significant value for our shareholders.”

ROWAN PROPERTY

The 2023 drilling program at Rowan has been incredibly successful thus far. As such, the originally planned 17,000 m of drilling at the Rowan Mine target was expanded to 25,000 m and the team is on track to complete all planned drilling at Rowan.

Our understanding of the mineralization at Rowan has been greatly enhanced and results continue to confirm internal models and our exploration strategy continues to be validated by the results achieved. The mineralized set of veins at Rowan continues to deliver high-grade gold assays over significant widths that are in-line with or exceed those modelled in the December 2022 resource estimate. A few notable highlights from 2023 drilling at Rowan include:

  • Hole RLG-23-163B Intersected 8.3 m @ 70.80 grams per tonne (“g/t”) gold (“Au”) from 387 m to 395.3 m. This interval also included 0.5 m @ 1,120.19 g/t Au and represents the highest-grade intercept ever drilled at the Rowan project.
  • Hole RLG-23-149B Intersected 4.0 m @ 50.52 g/t Au, from 299 m to 303 m.
  • Hole RLG-23-153 Intersected 2.0 m @ 66.66 g/t Au, from 235 m to 237 m
  • Hole RLG-23-134 Intersected 8.0 m @ 10.34 g/t Au, from 71 m to 79 m
  • Hole RLG-23-156B Intersected 3.11 m @ 21.84 g/t Au, from 275 m to 278.11 m
  • Hole RLG-23-150 Intersected 4.2 m @ 15.40 g/t Au, from 384 m to 388.2 m
  • Hole RLG-23-154 Intersected 10.1 m @ 6.27 g/t Au, from 214.9 m to 225 m

Our strategy at Rowan for the remainder of 2023 will be to continue increasing confidence in the 827,462 ounces (“oz”) Inferred resource through systematic in-fill drilling. We will also look to step out and expand the Rowan resource by targeting mineralization outside of the current model and testing the down-dip and down-plunge extensions of the high-grade zones.

We plan on staying aggressive with the exploration strategy at Rowan in 2024, which will include the addition of a second drill early in the year to continue advancing the Rowan Mine target, and to begin testing high priority drill targets at Mt. Jamie, Red Summit, and the NT Zone. An additional 35,000 m of exploration drilling is planned for the Rowan Property in 2024. An updated mineral resource estimate for Rowan is anticipated to be completed in Q4 2024 and will include all drilling through Q3 2024.

It is the Company’s belief that potential synergies could exist between the high-grade Rowan deposit and our flagship Madsen Mine. Early indications suggest that the gold mineralization at Rowan could be amenable to gravity separation. As such, the Company has initiated a metallurgical study at Rowan to begin evaluating this opportunity, as well as a geotechnical study to better characterize the rock mass properties within the mineralized vein zones at Rowan.

Management maintains a high degree of confidence in the merits of the Rowan deposit and has initiated necessary baseline environmental and archaeological assessments to begin moving the Rowan project towards an Advanced Exploration Permit status – this permit will be required prior to collection of a bulk sample at Rowan.

MADSEN SATELLITE TARGETS AND REGIONAL EXPLORATION

After successfully completing the acquisition of the Madsen Mine the exploration team undertook a detailed review of the property. Several promising targets were identified and prioritized with the Wedge target emerging as our highest priority target.

Previous drilling highlights from the Wedge target include.

  • Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
  • Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
  • Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
  • Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m

Surface exploration and drilling began in early September and the initial 3,000 m program is almost complete. Drilling is primarily focused on extending the high-grade zones defined at the Wedge Target. This new drilling will be used to support an updated Mineral Resource Estimate at Wedge to be completed by Q4 2024. Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au1. The target is 2 km southwest of the Madsen Mine and is adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for ~163 koz of gold2. Drilling conducted at the Wedge target and other satellite targets near mine will be incorporated into an updated mineral resource estimate. We anticipate the update to be completed by Q4 2024.

A detailed and systematic review of all available exploration and geologic data for the Madsen property has also been initiated. This information will be digitized and compiled into working GIS and 3D modeling project files to allow for target ranking and prioritization ahead of the 2024 season. Most of the ground at Madsen remains underexplored and our geology team is already seeing a lot of opportunity for new discoveries across the district.

MADSEN PROJECT

Underground diamond drilling at Madsen has recommenced. A 38,000 m program has been designed for the first 12 months and will be focused on infill and expansion of the high-grade portions of the Austin and South Austin zones. We anticipate this drilling to define an inventory of high-confidence ore-grade (6-7 g/t Au) resource to serve as a starting point for a future restart plan. Additionally, underground development work is taking place at Madsen which will provide our team with the necessary access and infrastructure required to support the underground drilling program.

Mine design and scheduling for the first 12 months have been completed with subsequent phases to be determined based on the findings of the initial underground drilling and exploration program. The first development cuts have been taken at Madsen to provide access to the areas where infill drilling has already been planned. Mine design and scheduling consider the requirements of the operations and geology teams to ensure a full collaborative approach to advancing the project in a safe, efficient, and timely manner. Over the next 12 months the Company will complete approximately 3,200 m of underground development to support engineering and geological programs. We do not intend to conduct any stoping or commercial extraction for the next 12-15 months until the re-start strategy is significantly de-risked both technically and financially.

The Company will also develop a connecting ramp between the East and West declines. The current waste hauling at Madsen from the West ramp crosses two public roads (into Madsen town). This haul route is only allowed to be used during daylight hours. A connecting ramp would increase the number of hours the team can haul waste as well as eliminate double handling, thus reducing operating costs. It will also provide for increased safety for the surrounding community due to reduced traffic.

Additional and ongoing activities at the Madsen Mine will include, but are not limited to, shaft dewatering, water treatment and environmental monitoring.

MINERAL RESOURCE UPDATE AND PEA

The West Red Lake team is committed to a timely and successful restart that will maximize value for all our stakeholders. As such the team has engaged SRK Consulting and put in place the necessary programs required to complete a Preliminary Economic Assessment. The PEA will look to unlock and deliver robust economics by incorporating the Company’s entire portfolio of Red Lake assets which is made up of our Rowan Project and Madsen Mine with its accompanying satellite deposits.

Management firmly believes this approach is in-line with its vision for the Red Lake district and a potential Hub and Spoke model utilizing the Madsen processing facilities provides plenty of optionality and opportunity to greatly bolster the project economics.

West Red Lake intends to deliver this initial PEA by the end of Q2 2024. To achieve that milestone by the anticipated deadline the decision was made to establish an Oct 1, 2023, cut-off date for 2023 Rowan drilling data to be incorporated into this PEA. As such, the updated Rowan mineral resource estimate included in the upcoming PEA will be focused primarily on the high-grade East Zone, which has been the focus of drilling at Rowan so far in 2023 and is envisioned as the first area to be mined when production from Rowan commences. The PEA will then be followed up by a more comprehensive MRE update for Rowan by Q4 2024, which will include all drilling at Rowan through Q3 2024.

RECAP OF FIRST THREE QUARTERS OF 2023

  • Completed the successful acquisition of 100% of the Rowan Gold Project from Evolution Mining
  • Appointment of new CEO, Shane Williams, to lead the Company.
  • Strengthened Senior Management Team with addition of a new CFO and new VPs of Exploration, Technical Services, Corporate Development, and Community Relations.
  • Increased board strength with key appointees including Tony Makuch, Duncan Middlemiss, and Hugh Agro.
  • Successfully completed the acquisition of our flagship Madsen Mine asset while concurrently raising C$ 25M.
  • Completed Phase 1 Exploration Program at Rowan project and initiated expanded Phase 2 drilling campaign. Results from drilling in 2023 have exceeded expectations and as a result the program was expanded from the originally announced 17,000 meters to 25,000 meters. That expanded program is well underway.
  • Initiated surface drilling campaign at Wedge target – 2km southwest of Madsen Mine. The program consists of 3,000 meters of drilling to upgrade and expand the existing resource at Wedge.
  • Successfully completed flow-through financing of C$7 million, to further strengthen treasury position.
  • Underground development activities and shaft dewatering are underway at Madsen Mine.
  • SRK was awarded the contract to conduct Preliminary Economic Assessment and work program has been initiated.

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

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ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams
President & Chief Executive Officer

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.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning: receipt of the necessary approvals, permits and access to and sufficiency of capital. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to constraint in the availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to projects or capital expenditures. These and other risks are set out in more detail in the Company’s Management’s Discussion and Analysis for the quarter ended May 31, 2023.

1 Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR.

2 http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52K13NW00011.html

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6df9da38-b1d2-451f-ac2e-a6c0f88459a8