One side of the coin is stamped with NE to signify it was made in New England. Stack’s Bowers Galleries
An American silver coin dating back to the 17th century, before the United States was founded, has sold for a record-breaking $2.52 million at auction, eight years after it was discovered in an old cabinet in Amsterdam.
The threepence coin was struck in 1652 in Boston just weeks after the first mint in the then-British colony had opened, according to a statement released Monday by Stack’s Bowers Galleries, which handled the sale.
Although the coin is only about the size of a nickel and has a silver value of just $1.03 on today’s market, its age and ties to American history have made it the most expensive non-gold US coin struck before the founding of the United States Mint, the auction house added.
When this coin was found in 2016in an old cabinetin the Netherlands, its owner was unsure of its historical significance for it was in a pasteboard box that simply said “Silver token unknown/ From Quincy Family/B. Ma. Dec, 1798.”
It was only after extensive research, testing, analysis and comparison with another surviving specimen that its true value was identified and subsequently verified by the PCGS, an independent body that grades rare coins.
When the note attached to the coin was written in 1798, coins made at the Boston Mint in 1652 had already become a prized possession for collectors.
Distinguishable by their simple NE stamp representing New England on one side, and their value in pence in Roman numerals on the other, these coins were already extremely rare since it’s likely they were only made in this style for a few months that year.
This was a threepence coin, as shown by the Roman numerals on one side of it. Stack’s Bowers Galleries
The Boston Mint had defied the British crown’s authority to produce coins, representing New England’s “growing sense of identity as separate from the mother country and its determination to regulate its own economy,” according to the Massachusetts Historical Society.
After the American Revolution, the coins it had produced became vogue even in England.
English collector Thomas Brand Hollis wrote to then-American ambassador to the Netherlands John Adams in 1781 askingfor help in sourcing one of these coins. In turn, Adams wrote to ask his wife, Abigail, for help since her great-grandfather had been the stepbrother of John Hull, the silversmith who minted these coins.
Just one other threepence coin of this type is known to have survived to the present day and it is in the collection of the Massachusetts Historical Society, making this specimen the only one available to private collectors. Another coin is perhaps still in existence after it was stolen from Yale College sometime before the 1960s, although its whereabouts is unknown.
This coin was subject to an intense, 12-minute bidding battle that auctioneer Ben Orooji called “an exhilarating ride and a career highlight,” as it fetched more than three times its presale estimates.
Other historic US coins have fetched vast sums at auction too. A rare 1794 silver dollar believed to be one of the first – if not the first – made by the US mint sold for $10 million in 2013.
Meanwhile, a rare 1933 “Double Eagle” coin, one of the last gold coins ever struck for circulation in the US, sold for $18.9 million in 2021.
Vancouver, British Columbia–(Newsfile Corp. – November 19, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to share initial metallurgical testing results from drilling intercepts in the 2023 drilling program. The drill core samples were collected from the Duquesne West Project, located on Highway 393, just 20 km north of Rouyn, Quebec, in a Tier 1 district.
Highlights:
Initial metallurgical testing commenced in 2024 and focused on both the replacement style mineralization and low-grade bulk tonnage style mineralization within the Quartz-Feldspar Porphyry (QFP). A total of 5 composites were gathered, by collecting 87 original drill core composites thorough key mineralized zones. These composites comprised approximately 73.4 metres of drill core with a combined weight of 168 kilograms.
Weighted average gold extraction ranged from 90 to 100% in the Replacement Style Mineralization.
Average of all samples was 90%. This average included a sample within the low-grade QFP related mineralization of 76% recovery; probably due to its nugget effect in the interval tested.
Deleterious elements that consume both cyanide and oxygen are not present in quantities to be an issue for future metallurgical processes.
CEO John Florek commented: “We are quickly building confidence that Duquesne West has key attributes for successful future extraction. As we continue to explore, expand, and discover the full potential of this deposit, we are very encouraged about our upcoming mineral resource estimate expected in Q1 of 2025.”
Process The cyanide leach process monitors gold extraction efficiencies in metallurgical applications.
These initial results were produced by SGS Laboratory using an accelerated cyanide leach techniques to determine bulk leachable gold in our exploration samples using modified cyanide leach (Leachwell™). This Leachwell™ tab product method is a proprietary and patented process. The large sample is mixed with water and Leachwell™ tabs and tumbled.
This test work confirmed that the mineralization from Duquesne West can be processed using conventional gravity separation and carbon-in-leach (CIL) technology.”
Results
The replacement-style ore in DQ23-01, 02, and 05 showed very consistent recovery (over 90% with an average of 92%). This result aligns with the typical characteristics of this type of mineralization, which is known for its good homogeneity over several meters, both visually and chemically.
Quartz Feldspar Porphyry (QFP) related mineralization recovery varied, ranging from 76% to 100%. The variability is likely due to lower-grade gold values and the nuggetty nature of gold in this rock type. Larger sample sizes would be needed to better account for this variability. Despite the variability, the average recovery for the samples submitted to the lab was a reasonable 88%.
We are also very encouraged about low values of potentially detrimental elements in the mineralization, which consume oxygen and cyanide during metallurgical recovery. Figure 1 shows the low values of Copper (Cu) and Arsenic (As) in a representative drill-hole which encountered both the replacement style mineralization and the quartz-feldspar porphyry related mineralization.
By having low concentrations of these potentially harmful elements, the deposit becomes more favorable for efficient and cost-effective processing, with reduced need for expensive treatments or additional steps to manage these issues. This often results in a more straightforward, cleaner, and economically viable extraction process.
Samples (Hole ID)
CN (Au ppm)
Fire Assay (Au ppm)
Thickness (m)
Recovery
RDQ23-01
5.12
5.63
11.7
91%
RDQ23-02
3.58
3.97
10.65
90%
QDQ23-02
1.21
1.59
27
76%
RDQ23-05
14.87
15.85
10.8
94%
QDQ23-09
3.76
3.75
13.2
100%
R: Replacement Style Mineralization
Q: Quartz Feldspar Porphyry Related Mineralization
Table 1: Results of the bulk leachable gold using modified cyanide (CN) leach vs Fire Assay to determine recovery.
Figure 1: Graph displays low levels of Copper (Cu) and Arsenic (As) values. These are element that are detrimental to oxygen and cyanide consumption during cyanide extraction processes.
Replacement Style Mineralization: The high-grade replacement-style mineralization achieved an average recovery of 92%.
This result was observed in DQ23-01, 02, and 05, with mineralization displaying:
Complete replacement by quartz-ankerite-sericite-pyrite.
Partial replacement in breccia zones.
The uniformity of both grade and thickness over the intervals makes this type of mineralization highly suitable for mining scenarios.
Images 1 to 3 illustrate these zones.
Quartz Feldspar Porphyry Related Mineralization DQ23-02 and DQ23-09 represent a Quartz Feldspar Porphyry (QFP) related style of mineralization.
This style of mineralization achieved an average recovery of 88%, but recovery ranged from 76% to 100%.
The mineralized QFP is characterized by sericite and quartz alteration, with sulfide disseminations in the host rock and quartz veins in higher-grade portions. Gold occurs in both the altered host rock and the quartz veins. This mineralization style is broad and pervasive compared to others.
The mineralization discussed is lower grade compared to Replacement-Style Mineralization but equally important as the high-grade mineralization characterized by offering several key points:
Economic Significance: Despite the lower grade, it’s equally important for mining economics. Its broad intervals, such as a 25-meter section grading 1.7 grams per tonne (g/t) of gold (Au), contribute to the overall value. Image 4 shows this intercept (press release September 12, 2023).
Operational Benefits: This type of broad mineralization can reduce stripping ratios, which are the amounts of non-valuable material that must be removed to access the mineralized ore.
Added Value: It adds previously overlooked, incremental ounces to the deposit, enhancing the project’s viability.
Image 1: Replacement Style Mineralization, DQ23-01 recovery was 91% from 11.7 m of 5.6 g/t Au
The 2024 season is a multifaceted program designed to test several scenarios to add ounces and/or expand the footprint:
Explore Lower Grade Discoveries: Target additional discoveries within the host rock containing high-grade gold lenses, focusing on the conceptual open-pit model.
Increase the Thickness of the High-Grade Lenses: Incorporate previously unaccounted lower-grade gold from the margins of high-grade lenses to enhance their overall thickness.
Expand Mineralized Zones: Extend the lateral footprint of mineralized zones along strike and dip.
Discover New Zones: Explore potential new zones not yet included in the Conceptual Open Pit Model, with a particular focus on eastward expansion.
Emperor Metals is positioned to significantly expand its resource base with drill testing. A mineral resource update is scheduled for Q1 of 2025, reflecting the results of the ongoing exploration program.
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 Sudbury 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 Sudbury 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, Quebec, Canada. 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 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 Oct. 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 Canadian Institute of Mining and Metallurgy (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.
A reinterpretation of the existing geological model was created using AI 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.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold.
Open Pit Bulk Tonnage Gold.
Underground Bulk Tonnage Gold.
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 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.
Grant of Options
Subject to regulatory approval, the Company has granted 2.4 million options to its directors, officers and consultants, exercisable for five years at a price of $0.10.
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.
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 the 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.
North Vancouver, British Columbia–(Newsfile Corp. – November 19, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report an intensification of roscoelite-targeting efforts at Tuvatu and announces the return of Sergio Cattalani to Fiji to lead the technical team in these efforts. The company is also pleased to announce the additions of Ivan Maldonado and Alexander Valencia as the new Mine Geology Manager and Senior Mine Geologist respectively at the Company’s Tuvatu Gold Mine in Fiji.
Roscoelite Targeting
A new significantly mineralized structure has been exposed in the near-surface underground workings at Tuvatu. This structure has consistently returned very high-grade gold since it was first identified in September from underground face sampling. The structure is associated with abundant roscoelite, a feature which is characteristic of several large alkaline gold deposits such as Porgera1, Cripple Creek2, and Vatukoula3 (see Figure 1 below). An initial underground bulk sample from this structure has returned 11.6 g/t gold from 861 tonnes of material fully diluted (November 12, 2024 News Release).
Figure 1. Visible gold and roscoelite vein underground at Tuvatu. Top: Abundant visible gold and roscoelite from exposed vuggy quartz-roscoelite vein seen in-situ underground at Tuvatu. The gold displays a “wire gold” textural habit indicating the rapid deposition of gold from hydrothermal fluids. Bottom: Close-up image of visible gold in quartz-roscoelite vein. Tungsten-carbide scratcher used for scale.
The new structure has been continuously mapped and mined for over 100 m in the E-W direction and appears to extend further to the east of the current underground workings. While roscoelite-bearing mineralized structures have been identified in drill core at Tuvatu, this is the first time that a significant roscoelite-bearing lode array with high-grade gold has been identified and exposed continuously over a significant distance underground.
Notably, this structure is striking E-W and dipping at approximately -20° to the north. This is an orientation that has not previously been defined or predicted in the Tuvatu geological model, though it has been identified in recent structural analysis.
Roscoelite-bearing structures represent an important target-type at Tuvatu as they are directly associated with high-grade gold. Lion One management has therefore determined that a dedicated effort be allocated to better characterize these lode types, with the goal being to define specific criteria that can be used to identify additional structures with similar attributes at Tuvatu. The current underground exposure of a high-grade roscoelite-bearing structure provides the Company with an invaluable opportunity to carry out detailed sampling and analysis to better understand the mineralogy, geochemistry, and orientation of these structures in situ. Sergio Cattalani has returned to Fiji to lead these efforts on site. Mr Cattalani has over 40 years of experience and as the former Senior Vice President of Exploration for Lion One Metals from mid-2021 to the end of 2023, he is intimately familiar with the deposit and is ideally suited to lead these efforts.
One of the Company’s primary objectives is to develop a detailed understanding of the spatial mineralogical and grade characteristics of the exposed roscoelite structure, and to document if/how the structure and associated gold mineralization varies with proximity to cross-cutting structures of different orientations. The conceptual model, strengthened by direct observations underground, suggests that high-grade “blow-out” zones (or “shatter zones” as described at Vatukoula) are produced at the intersection of multiple structures with different orientations, as has previously been observed in deposits with similar alteration and grade characteristics to Tuvatu, such as the Porgera gold mine.1 Mr. Cattalani has been charged with investigating precisely how the gold grades, widths, and alteration type and intensity vary along the exposed roscoelite-bearing structure with proximity to the cross-cutting, predominantly steeply dipping, structures that are widely prevalent at Tuvatu. An increased understanding of both the primary characteristics of these roscoelite-bearing structures, as well as their structural interactions, will enable the company to efficiently interrogate and augment the extensive database at Tuvatu to effectively target additional similar features throughout the deposit, and to thereby enhance and expand the long-term mine plan at Tuvatu.
Strengthened Fiji Technical Team
Lion One Metals is pleased to welcome Mr Ivan Maldonado and Mr Alexander Valencia to the Lion One technical team in Fiji. Both Mr Maldonado and Mr Valencia bring extensive technical experience to Lion One, and both will be working with the production geology team at Tuvatu.
Ivan Maldonado, P.Geo. – Mine Geology Manager Mr. Ivan Maldonado is a professional geoscientist with over 17 years’ experience in mine production, resource modeling, and brownfields exploration in Mexico and Canada. Mr Maldonado gained significant experience with Red Lake Gold Mines at the Campbell mine & Cochenour mine where he spent six years in positions such as Underground Production Geologist, Exploration Geologist and Resource estimation Geologist, followed by six years at Newmont’s Borden gold mine where he rose to the rank of Senior Underground Production Geologist.
Mr. Maldonado’s past experiences as a production geologist includes positions at Pan American Silver’s Dolores open pit mine, and Goldcorp’s San Dimas underground gold-silver mine, both in Mexico.
Alexander Valencia MSc. G.I.T. CAPM – Senior Mine Geologist Mr. Alexander Valencia is a professional geoscientist with over 12 years’ experience in the mining industry, specializing in resource modeling and with expertise in the exploration of Porphyry Cu-Au, Epithermal Au-Ag, VMS, Orogenic and Skarn deposits. Mr Valencia also has experience in open-pit and underground mining production, ground control, and slope stability and gained significant experience over the last four years as Underground Production Geologist at Newmont’s Borden, Porcupine, and Hoyle Pond gold mines in Ontario.
Mr. Valencia’s prior experience includes one year as a Geological Technician at Glencore’s Kidd Creek Mine, and five years as a Geologist Engineer for ESCARTEC and Constructora Villacreces Andrade in Quito, Ecuador.
The Company also announces that Mr. Alex Nichol has resigned from his role as Vice President, Exploration and Geology, to pursue other opportunities. The Company thanks Mr. Nichol for his hard work and significant contributions to Tuvatu and extends their best wishes to him on his future endeavors.
Lion One Chairman and CEO Walter Berukoff commented: “We are delighted to welcome Ivan and Alexander to Fiji where their expertise will be invaluable to our team at the Tuvatu Gold Mine. I also wish to thank Alex Nichol for his valuable contributions to the Company and wish him the best of luck in all his future endeavours.”
References:
Ronacher, E. (2002). The Porgera gold deposit: Fluid characteristics, ore deposition processes, and duration of the ore forming event. [Doctoral Thesis, University of Alberta].
Kadel-Harder, I. K., Spry, P. G., McCombs, A. L., Zhang, H. (2020). Identifying pathfinder elements for gold in bulk-rock geochemical data from the Cripple Creek Au-Te deposit: a statistical approach. Geochemistry: Exploration, Environment, Analysis, v. 21.
Scherbath, N. L., & Spry, P. G. (2006). Mineralogical, Petrological, Stable Isotope, and Fluid Inclusion Characteristics of the Tuvatu Gold-Silver Telluride Deposit, Fiji: Comparisons with the Emperor Deposit. Economic Geology, v 101.
Competent Persons Statement The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Vancouver, British Columbia–(Newsfile Corp. – November 18, 2024) – Silver47 Exploration Corp. (TSXV: AGA) (“Silver47” or the “Company), is pleased to announce the first results from the 2024 drill program at the Company’s wholly-owned flagship Red Mountain Project in Alaska, USA. The results for the first of 6 holes drilled on the property in 2024 indicate strong potential for increased high-grade infill drilling within the Dry Creek resource area. A total of 1,039 metres of drilling was completed in 6 holes at the Dry Creek, West Tundra Flats, and Kiwi prospects combined.
Highlights from hole DC24-106:
Drilling cut several massive sulphide horizons within a 24.5m semi-massive mineralized section at the Dry Creek Zone with the highest gold grade interval intercepted to date on the project and remains open
From a depth of 128.29m, hole 106 cut 2.48 m of 61.44% ZnEq or 2,938.5 g/t AgEq (14.95 g/t gold 249.50 g/t silver, 21.97% zinc, 7.03% lead, 0.42% copper)
From a depth of 133.87m, hole 106 cut 0.91 m of 46.74% ZnEq or 2,235 g/t AgEq (8.08 g/t gold, 225.00 g/t silver, 21.20% zinc, 6.68% lead, 0.42% copper)
From 126.40 m-150.91m a 24.51 m interval graded 10.17% ZnEq or 486.3 g/t AgEq (1.99 g/t gold, 55.50 g/t silver, 4.08% zinc 1.32% lead, 0.10% copper)
Mr. Alex Walls, P.Geo., Vice President of Exploration, stated: “We are extremely excited to report these kinds of high-grade polymetallic intercepts in our first drill program on the Project. This drill intercept supports our thesis that Red Mountain Project hosts significant precious metal enrichment in addition to the base metal endowment.”
Dry Creek Target Area
The Dry Creek mineralization consists of multiple horizons of semi-massive to massive sulfides within the metavolcanics and metasediments of the Totatlanika Schist which can be traced for 4,500m and dips steeply to the north. The Fosters and Discovery lenses of VMS mineralization make up the central 1,400m of the Dry Creek North Horizon occurring as massive to semi-massive silver-zinc-lead-gold-copper sulfides. The lenses pinch and swell along strike and down-dip, as is typical of VMS deposits. True width intersections are up to 40 m at Fosters where there is evidence of growth faults, showing potential proximity to a VMS feeder zone.
Figure 1. Plan map of drill holes at Dry Creek and West Tundra Flats resource areas.
Equivalencies are calculated using ratios with metal prices of US$2,750/tonne Zn, US$2,100/tonne Pb, US$8,880/tonne Cu, US$1,850/oz Au, and US$23/oz Ag and
Metal recoveries are based on metallurgical work returned of 90% Zn, 75% Pb, 70% Cu, 70% Ag, and 80% Au.
Zinc Equivalent (ZnEq %) = [Zn (%) x 1] + [Pb (%) x 0.6364] + [Cu (%) x 2.4889] + [Ag (ppm) x 0.0209] + [Au (ppm) x 1.923]
Silver Equivalent (AgEq g/t) = [Zn (%) x 47.81] + [Pb (%) x 30.43] + [Cu (%) x 119] + [Ag (g/t) x 1] + [Au (g/t) x 91.93]
Hole DC24-106 was planned to step 60m down-dip from near-surface mineralized intercepts in DC97-03, DC97-04, DC97-07, and DC97-08. Additionally, the hole was intended to test continuity of high-grade mineralization between the 1997 holes and the deep, down-dip intercept in DC18-79. DC24-106 passes through regionally metamorphosed metasediments and metavolcanics of the Totatlanika Schist. The 24.51m mineralized intercept is hosted in a metarhyolite unit, with increasing intervals of semi-massive sulfides from 126.40m, massive sulfides from 128.3m, and finishing with semi-massive sulfides from 143.45 to 150.91m. The sulfides are comprised of aphanitic to coarse pyrite, sphalerite, galena, and chalcopyrite. The mineralized widths are consistent with the historical results, and the 2.48m of 14.95 g/t gold is the highest-grade gold interval drilled to date on the Red Mountain Project.
This successful infill hole in the centre of the Dry Creek resource indicates a strong potential for rapid resource upgrade and growth extending down-dip. The wide spacing of the historical drilling provides ample opportunity to increase the resource, which remains open at depth and along strike.
Table 2. 2024 Drill Collar Information, Red Mountain Project.
Red Mountain 2024 Diamond Drill Hole Collars
Hole ID
Easting
Northing
Elevation (m)
Azimuth
Dip
Depth (m)
Zone
Status
DC24-106
481059
7088384
1233
170
-72
192
Dry Creek
Reported Here
DC24-104
480364
7088200
1218
180
-45
112
Dry Creek
Results Pending
DC24-105
480364
7088200
1218
180
-75
120
Dry Creek
Results Pending
WT24-33
483950
7090863
982
0
-90
185
West Tundra Flats
Results Pending
WT24-34
484196
7090851
968
38
-78
146
West Tundra Flats
Results Pending
KW24-03
470228
7085491
1561
180
-50
283
Kiwi
Results Pending
Easting and northing in metres, NAD27 zone 6
About the Red Mountain VMS-SEDEX Project – Alaska, USA
Silver47’s flagship Red Mountain property covers 633 square kilometres of Alaska State-managed land 100km south of Fairbanks, Alaska. The project is well situated for infrastructure, 30km east of the community of Healy which has power, rail and state highway access to Alaska Route 3, providing a valuable connection to Anchorage and tide water. The Company has an approved permit to conduct advanced exploration, including drilling, across the property.
Red Mountain hosts a NI 43-101 inferred mineral resource estimate of 15.6Mt at 7% ZnEq for 1Mt of ZnEq or 335.7 g/t AgEq for 168.6 Moz AgEq at the Dry Creek (DC) and West Tundra Flats (WTF) resource areas as combined open pit and underground. DC and WTF are the two most advanced mineralized zones at Red Mountain, with at least 20 additional mineralized prospects discovered on the property to date over the 60 kilometres of highly prospective geology.
For more information, see the Red Mountain NI 43-101 technical report titled “Technical Report on the Red Mountain VMS Property, Bonnifield Mining District, Alaska, USA” dated January 12, 2024, prepared by Apex Geoscience Ltd., can be found on the Company’s website https://silver47.ca/ and SEDAR+.
Quality Assurance and Quality Control
Quality assurance and quality control (QAQC) protocols for drill core sampling at Red Mountain project followed industry standard practices. Core samples were typically taken at 1.0m intervals in mineralized zones, and 3.0m intervals outside of mineralized zones. Sample lengths were adjusted as necessary so as not to cross lithologic and mineralogic boundaries. QAQC check samples were inserted into the sample stream with one blank, one duplicate (coarse), and one certified reference material (CRM) occurring within every 20 samples. Drill core was cut in half, bagged, sealed and delivered directly to ALS Minerals Fairbanks, Alaska for transport to the ALS Minerals Laboratories labs in North Vancouver, British Columbia. ALS Minerals Laboratories are registered to ISO 9001:2008 and ISO 17025 accreditations for laboratory procedures. Core samples were analyzed at ALS Laboratory facilities in North Vancouver using four-acid digestion with an ICP-MS finish. Gold analysis was by fire assay with atomic absorption finish, or gravimetric finish for over-limit samples. Over-limits for silver, zinc, copper, and lead were analyzed using Ore Grade four-acid digestion. The standards, certified reference materials, were acquired from CDN Resource Laboratories Ltd. of Langley, British Columbia and selected to represent expected mineralization.
Qualified Person
Mr. Alex S. Wallis, P.Geo., is Vice President of Exploration for the Company who is a “qualified person” as defined by National Instrument 43-101. Mr. Wallis has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information and has approved the technical information in this press release.
About Silver47 Exploration Corp.
Silver47 wholly-owns three silver and critical metals (polymetallic) exploration projects in Canada and the US: the Flagship Red Mountain silver-gold-zinc-copper-lead VMS-SEDEX project in southcentral Alaska; the Adams Plateau silver-zinc-copper-gold-lead SEDEX-VMS project in southern British Columbia, and the Michelle silver-lead-zinc-gallium-antimony MVT-SEDEX Project in Yukon Territory. Silver47 Exploration Corporation shares trade on the TSX-V under the ticker symbol AGA. For more information about Silver47, please visit our website at www.silver47.ca.
On Behalf of the Board of Directors Mr. Gary R. Thompson, Director and CEO info@silver47.ca 403-870-1166
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-Looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, including statements relating to the trading of the Company’s common shares on the TSXV, the prospective geology and composition of its properties, anticipated results of further exploration on its properties, statements relating to the YESAB litigation, or other similar expressions and all statements, other than statements of historical fact included herein. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; the satisfaction of the conditions imposed by the TSXV on the Listing; operational risks associated with mineral exploration; regulatory risks; fluctuations in commodity prices; title matters; litigation risks; and the additional risks identified in the Company’s long form prospectus dated October 25, 2024 filed under its issuer profile on SEDAR+ and other reports and filings with the TSXV and applicable Canadian securities regulators. Forward-Looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
(Bloomberg) — President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department.
Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name for himself as a vocal proponent of oil and gas, saying fossil fuels are crucial for spreading prosperity and lifting people from poverty. The threat of global warming, he has said, is exaggerated.
“Chris has been a leading technologist and entrepreneur in Energy,” Trump said in a statement Saturday. “He has worked in Nuclear, Solar, Geothermal, and Oil and Gas. Most significantly, Chris was one of the pioneers who helped launch the American Shale Revolution that fueled American Energy Independence, and transformed the Global Energy Markets and Geopolitics.”
Trump said Wright, if confirmed, would also sit on the newly formed Council of National Energy that will be chaired by Doug Burgum, Trump’s nominee to lead the Interior Department.
The Energy Department has a disparate mission that includes helping to maintain the nation’s nuclear warheads, studying supercomputers and maintaining the US’s several hundred million-barrel stockpile of crude oil.
It also plays a key role in approving projects to export liquefied natural gas, something that was paused during Biden’s administration. Trump has vowed to undo the pause.
While the department has little authority over oil and gas development, Wright will play a leading role in helping Trump carry out his energy priorities.
Trump’s selection of Wright, whose company is among the largest providers of fracking services globally, is a show of support for the hot-button oil and gas extraction method that Trump frequently touted during the campaign to attack his Democratic opponent Kamala Harris.
Harris said she’d consider banning the technique during her 2020 primary run and reversed course in her 2024 campaign.
‘No Climate Crisis’
Wright’s company published a 180-page paper this year that concluded climate change “is far from the world’s greatest threat to human life,” and that “hydrocarbons are essential to improving the wealth, health, and life opportunities for the less energized.”
“There is no climate crisis. And we are not in the midst of an energy transition either,” Wright said in a video posted on his LinkedIn page. “Humans, and all complex life on earth, is simply impossible without carbon dioxide — hence the term carbon pollution is outrageous.”
Wright holds engineering degrees from the Massachusetts Institute of Technology and the University of California at Berkeley. He describes himself on his Denver-based company’s website as a “tech nerd turned entrepreneur and a dedicated humanitarian.”
While Wright has warned that subsidies for wind and solar drive up power prices and increase grid instability, he does support alternative energy. He serves on the board of small modular reactor developer Oklo Inc., and his company is an investor in geothermal energy and sodium-ion battery technology.
“I’m not here to protect market share for oil gas,” he said during a 2022 interview with Bloomberg Television. “We should do credible things, mostly driven by market forces. But shoveling subsidies at wind and solar, which are 3% of global energy, that’s not meaningfully going to change greenhouse gas emissions. But it is going to drive electricity prices up.”
Wright is also on the board EMX Royalty Corp., a global mining royalties firm, according to his company bio.
Trump named Wright with backing from Continental Resources Chairman Harold Hamm, a Trump energy adviser and donor. Hamm said in an interview with the Houston-based trade publication Hart Energy that Wright was his choice for the job.
If confirmed by Congress, Wright would play a leading role in Trump carrying out his campaign pledge to declare a national emergency on energy. Trump has cast such a declaration as helping increase domestic energy production — including for electricity — which he says is needed to help meet booming power needs for artificial intelligence.
Under the first Trump administration, the Energy Department played a critical role in the president-elect’s efforts to revive US coal power, an initiative he’s hinted he may attempt again.
Wright would also oversee Trump’s promise to refill the nation’s emergency cache of crude oil. The Strategic Petroleum Reserve, which has a capacity of more than 700 million barrels, reached lows not seen since the 1980s following the Biden administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine.
Trump’s first energy secretary, former Texas Governor Rick Perry, called for eliminating the agency entirely during a run for president in the 2012 cycle. He later apologized and vowed to defend the agency “after being briefed on so many of the vital functions” it plays.
He ran for president in 2020 on a climate-friendly agenda, which was followed by his opponents in the Democratic primary solidifying their climate proposals. Since then, he’s founded Galvanize Climate Solutions, an investment firm focused on climate impact, which former Secretary of State John Kerry recently joined as co-executive chair.
Given that context, you’d think Steyer would be nervous about the next four years with the election of Donald Trump, who is likely to exit the Paris Climate Agreement again.
But in an interview at Yahoo Finance’s Invest conference, Steyer stated, “To a very large extent, it doesn’t matter” who is in the White House. As he sees it, climate solutions will win in the free market.
Steyer pointed to the energy transition that’s already taking place in “deep red states” across the country. Texas, for instance, is the biggest wind energy producer in the United States despite state legislation that excludes wind projects from tax breaks and favors fossil fuels.
“Why are they doing that? Because of the money,” Steyer said. “This is business. This is economics. Nobody gets to get away from the rules of markets and prices.”
Steyer’s comments mirror Apollo (APO) CEO Marc Rowan’s view that the US needs to get on board with the energy transition or it risks getting left behind, which is part of why Rowan is “incredibly optimistic” about four more years under Trump. (Disclosure: Yahoo Finance is owned by Apollo Global Management.)
“Those countries that build power, that support data, that support advanced data, advanced AI, advanced power are going to win,” Rowan said. “Those that don’t are going to be left behind. This is going to be table stakes.”
Innovation fueling change in government is part of the thesis behind Steyer’s latest book, “Cheaper, Faster, Better.” In the book, the billionaire argues that consumer demand for climate-related innovations, which are often cheaper as well, will drive adoption.
One example is electric vehicles. Kelley Blue Book reported that EVs now make up about 9% of the car market in the US, nearing a critical 10% adoption threshold. The falling cost of EV ownership has contributed to this trend.
Since this data came out, however, the incoming Trump administration announced it plans to roll back EV tax credits from the Inflation Reduction Act, which could reverse this trend.
Democratic presidential candidate Tom Steyer speaks at “Our Rights, Our Courts” forum New Hampshire Technical Institute’s Concord Community College, Saturday, Feb. 8, 2020, in Concord, N.H. (AP Photo/Andrew Harnik) · ASSOCIATED PRESS
The next wave of climate investments
For investors who want high impact and high returns, Steyer said to stick with the fundamentals.
“People think that the breakthroughs in the technologies are going be gadgets … electric vehicles, batteries, things you can touch,” Steyer said. “I think there’s going be a whole other part of this economy absolutely relevant to climate where returns are going to be really good.”
Some areas of investment Steyer is bullish on include real estate, credit, carbon sequestration, and agriculture. Steyer’s firm has a real estate fund that focuses on optimizing properties for energy efficiency savings to increase the underlying property value, which fits Steyer’s interest in investments that can solve problems in the next decade rather than over the long term.
One such solution that’s getting a lot of attention and investment in the tech world is nuclear energy, with Microsoft (MSFT), Amazon (AMZN), and Google (GOOG) all pouring hundreds of millions of dollars into the space.
But Steyer doesn’t see a bull case there yet.
“Just being part of the energy transition doesn’t necessarily mean that it’s a good investment,” he said, adding, “You’d have to be awfully aggressive” to see nuclear fusion energy scale in the next decade. Even nuclear fission, the form of nuclear energy deployed in power plants today, has risks that should be evaluated closely.
The success of longer-term bets like nuclear energy may depend on investments from Big Tech, which has been willing to take on riskier investments, since the future of its business depends on energy usage.
“Microsoft is definitely really serious about their responsibilities in terms of emissions and climate,” Steyer said. “So they’re willing to go and try something that’s difficult to do and maybe controversial to do.”
Regardless of which climate solution wins or who sits in the Oval Office, Steyer believes the momentum toward solving the climate crisis is clear.
“In my mind, from the standpoint as an American, I would like to see us continue to be a world leader, both from a business standpoint, an economic standpoint, and also a value standpoint,” he said.
About 1,000 gold miners have already been arrested and the army and police are waiting for the rest
An estimated 4,000 illegal gold miners are hiding underground in South Africa after the government cut off food and water in an effort to “smoke them out” and arrest them.
The miners have been in a mineshaft in Stilfontein, in the North West province, for about a month.
They have refused to cooperate with authorities as some are undocumented – coming from neighbouring countries like Lesotho and Mozambique – and fear being deported.
Illegal miners are called “zama zama” (“take a chance” in Zulu) and operate in abandoned mines in the mineral-rich country. Illegal mining costs the South African government hundreds of millions of dollars in lost sales each year.
Many South African mines have closed down in recent years and workers have been sacked.
To survive, the miners and undocumented migrants go beneath the surface to escape poverty and dig up gold to sell it on the black market.
Some spend months underground – there is even a small economy of people selling food, cigarettes and cooked meals to the miners.
Local residents have pleaded with the authorities to assist the miners, but they have refused.
“We are going to smoke them out. They will come out. We are not sending help to criminals. Criminals are not to be helped – they are to be persecuted [sic],” said Minister in the Presidency Khumbudzo Ntshavheni on Wednesday.
Police are hesitant to go into the mine as some of those underground may be armed.
Some are part of criminal syndicates or “recruited” to be in one, Busi Thabane, from Benchmarks Foundation, a charity which monitors corporations in South Africa, told the BBC’s NewsDay programme.
Without any access to supplies, conditions underground are said to be dire.
“It is no longer about illegal miners – this is a humanitarian crisis,” said Ms Thabane.
On Thursday, community leader Thembile Botman told the BBC that volunteers had used ropes and seat belts to pull a body out of the mine.
“The stench of decomposing bodies has left the volunteers traumatised,” he said.
It’s not clear how the person died.
Although the authorities have been blocking food and water, they have temporarily allowed local residents to send some supplies down by rope.
Mr Botman said they had been communicating with the miners by notes written on pieces of paper.
Police have blocked off entrances and exits in an effort to compel the miners to come out.
This is part of the Vala Umgodi, or “Close the Hole”, operation to curb illegal mining.
Five miners were pulled out on Wednesday by rope, but they were frail and weak. Paramedics attended to them, and then they were taken into police custody.
In the last week, 1,000 miners have emerged and been arrested.
Police and the army are still at the scene waiting to detain those who are not in need of medical care after resurfacing.
“It’s not as easy as the police make it seem – some of them are fearing for their lives,” said Ms Thabane.
Many miners spend months underground in unsafe conditions to provide for their families.
“For many of them it’s the only way they know how to put food on the table,” said Ms Thabane.
Local residents wait near the mineshaft in Stilfontein
Local residents have also attempted to convince the miners to come out of the mineshaft.
“Those people must come out because we have brothers there, we have sons there, the fathers of our kids are there, our children are struggling,” local resident Emily Photsoa told AFP.
The South African Human Rights Commission says it will investigate the police for depriving the miners of food and water.
It said there is concern that the government’s operation could have an impact on the right to life.
Minister Ntshavheni’s remarks have provoked mixed reaction from South Africans, with some praising the government’s unyielding approach.
“I love this. Finally, our government is not tiptoeing on these serious matters. Decisiveness will help this country,” one person wrote on X.
While others felt the stance was inhumane.
“In my view, this kind of talk from the Minister in the Presidency is disgraceful and dangerous hate speech,” one user said.
Another wrote: “They are criminals but they have rights too.”
Illegal mining is a lucrative business across many of South Africa’s mining towns.
Since December last year, nearly 400 high-calibre firearms, thousands of bullets, uncut diamonds and money have been confiscated from illegal miners.
This is part of an intensive police and military operation to stop the practice that has severe environmental implications.
Vancouver, British Columbia–(Newsfile Corp. – November 14, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH), an innovative Canadian mineral exploration company, is thrilled to announce its participation at the highly anticipated 2024 New Orleans Investment Conference, held from November 20-23 at the Hilton New Orleans Riverside.
Celebrating its 50th year, the New Orleans Investment Conference remains one of the most influential gatherings for resource investors and industry leaders. Emperor Metals will showcase its flagship Duquesne West Gold Project located in the Abitibi Greenstone Belt of Rouyn-Noranda, Quebec. The project boasts a 2011 historical resource of 727,000 ounces of gold at 5.42 g/t and an average thickness of 5.71 meters.
Since the property acquisition in 2022, the company has used advanced AI-driven 3D geological modeling. These efforts have laid the groundwork for adapting the traditional underground mine model to a more dynamic and cost-effective open pit mining concept, significantly enhancing the project’s scale and potential.
In 2024, Emperor Metals built on its Phase II drilling program momentum by completing over 8,000 meters of drilling. This program aimed to further delineate resources and enhance the open-pit model. Notably, in October 2024, the company announced the expansion of near-surface mineralization at the Duquesne West Gold Deposit, intersecting 52.1 meters of 0.8 g/t Au, underscoring the project’s potential for significant resource growth. See the Oct. 29, 2024, Press Release for full details.
“The New Orleans Investment Conference offers a unique platform to connect with forward-thinking investors and partners who share our passion for exploration and growth,” said John Florek, President and CEO of Emperor Metals. “With AI and modern geological modeling, we’re transforming data into actionable insights that expand our resource potential. We’re excited to share our journey and discuss what lies ahead as we redefine our growth trajectory.”
Sunrise Presentation
CEO John Florek will present during the event on Thursday, Nov 21, at 7:15 a.m. in Churchill C1, second floor. Investors are invited to join and learn about the company’s innovative approach, recent discoveries, and strategic roadmap for building a sustainable, high-impact gold resource portfolio. Attendees are also invited to meet the Emperor team at booth 226. For further information and registration for the conference, please visit neworleansconference.com.
About Emperor Metals Inc.
Emperor Metals Inc. is a forward-thinking Canadian mineral exploration company dedicated to advancing high-grade gold properties in Canada’s most promising geological regions. With a focus on integrating advanced technology and sustainable practices, Emperor Metals is well-positioned to create significant shareholder value while responsibly developing resources. Visit emperormetals.com for more information.
This release contains forward-looking statements, reflecting current management expectations on future events. These statements are subject to risks and uncertainties; actual outcomes may differ significantly.
Vancouver, British Columbia–(Newsfile Corp. – November 14, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the completed transfer of its three key Ontario gold properties: Pichette, Oakes, and Duc to its wholly-owned subsidiary, Blue Jay Resources Inc (“Blue Jay”). This move lays the groundwork for Riverside’s strategic plan to advance its Ontario portfolio by establishing Blue Jay as a standalone exploration company. Blue Jay can fully focus on the exploration, discovery, and value-creation potential that these assets deserve. This structure provides Riverside shareholders with exposure to potential gains, while also paving the way for capital investment aimed at unlocking value in these properties.
This approach is similar to Riverside’s past strategy with Capitan Silver Corp. (“CAPT”), where Riverside shareholders received shares of CAPT, which gained value as exploration progressed successfully. Now, Blue Jay offers another opportunity to further unlock shareholder value, while Riverside retains a 2% NSR on each project.
Blue Jay is led by Geordie Mark as Chief Executive Officer, with the company in the final stages of appointing its Chairman, John-Mark Staude, along with a strong lineup of board of directors. Geordie brings extensive experience in the mining industry, with leadership roles spanning exploration, academia, and financial markets. He has spent over 15 years as a mining analyst on both the buy and sell sides in North American equity markets. Under Geordie’s leadership, Blue Jay will leverage Riverside’s Ontario-based gold assets and is already working on an exploration strategy, with plans to initiate a targeted drill campaign during H1 2025.
“We are excited to see Blue Jay Resources rapidly progress towards becoming a focused exploration company, dedicated to advancing this quality portfolio of Ontario gold assets. This spinout provides our shareholders with exposure to a new vehicle for value creation, while Riverside retains upside through a 2% net smelter royalty (NSR) on the projects,” said Dr. John-Mark Staude, CEO of Riverside Resources. “Our goal is to unlock the inherent value of these properties for our shareholders through the potential share spinout.”
Geordie Mark, CEO of Blue Jay Resources, stated, “I’m thrilled by the opportunity to lead Blue Jay as we explore Ontario’s well-established Beardmore-Geraldton greenstone belt, especially in such a proactive mining jurisdiction. Both the Pichette and Oakes projects are strategically positioned near the Equinox Gold Greenstone Gold project, Canada’s 4th largest open pit gold mine, which emphasizes the potential of this area. Our team is committed to realizing the value of these assets through a focused exploration strategy, and we’re eager to expand our work.”
The proposed spinout structure includes Riverside potentially issuing shares of Blue Jay to Riverside shareholders, allowing them direct ownership in the new exploration-focused entity. While terms of the spinout are under consideration and have not been finalized, Riverside’s intention is to ensure shareholders can benefit from the success of both Riverside and Blue Jay Resources and provide positive upside for the growth of both companies.
About the Projects:
Pichette Project The Pichette Gold Project, covering approximately 1190 hectares, is situated in the prolific Geraldton-Beardmore Greenstone Belt of Northwestern Ontario, a renowned gold-producing region in Canada. This 100%-owned project is strategically positioned near Equinox Gold’s Greenstone Gold Project, Canada’s newest large-scale mine and immediately east of Beardmore mining camp that produced from high grade veins similar to some of the targets found at Pichette.
Historical drilling at Pichette, primarily conducted in the 1950s, intersected shallow high-grade gold mineralization, including notable intercepts such as 3.4 meters at 16.7 g/t Au and 3.2 meters at 4.8 g/t Au, associated with banded iron formations (“BIF”). These BIF structures, which span over 15 kilometers of interpreted trend across the project, remain largely untested at depth, with gold mineralization open along strike. Positioned for efficient exploration, Pichette has road access via the Trans-Canada Highway and benefits from existing regional infrastructure. The assay information is historic in nature and will be retested as part of the planned work for Blue Jay to carry out in 2025.
Oakes Project The Oakes Gold Project, located within the productive Geraldton-Beardmore Greenstone Belt in Northwestern Ontario, sits 20km east of the Equinox Gold’s Greenstone Gold Mine. The project is approximately 5200 hectares in size and hosts a series of parallel favorable geology and shear zones with gold mineralization identified along its length. Historical drilling and recent surface sampling have returned high-grade gold values, with drill intercepts of up to 8 g/t Au and surface assays over 30 g/t Au. Geophysical surveys, including magnetics and induced polarization, have mapped several fault zones and structural features aligned with known geological units, offering significant exploration potential.
The project is accessible with robust local infrastructure, including roads, train line and power, which supports low-cost exploration efforts. The future exploration program could expand on previous findings by further testing mineralized zones along strike and at depth, positioning Oakes as a strong candidate for additional high-grade gold discoveries in a historically productive district.
Duc Project The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE) mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key structural elements and identified promising areas for follow-up targeting work.
The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these targets and advance the project towards more detailed exploration.
Qualified Person & QA/QC: The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
