Category: Precious Metals

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Vancouver, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the final tranche of its non-brokered private placement financing (the “Offering”) of units (the ”Units”) for total gross proceeds of $1,212,778. The Company further announces that it has completed the 2,000 m, Phase II drill program at the flagship, 216 km² Viogor-Zanik project (the “Project”) in eastern Bosnia and Herzegovina.

Highlights

• In total, 17 diamond drill holes were completed during the 2023 Phase II campaign totalling approximately 2,000 m with a significant number of them macroscopically exhibiting sulphide mineralization. Twelve drill holes were completed at the polymetallic silver-lead-zinc Cumavici target while 5 holes were drilled at the Au-Cu, skarn-porphyry Brezani target (see Figures 1 and 2). All drill holes are at the ALS laboratory in Serbia with assays expected by the beginning of October;
  
• Terra has raised $1,212,778 pursuant to the Offering announced on April 4^th, 2023.
  

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “The conclusion of exploration drilling perfectly coincided with the closing of the private placement financing. I am proud of the field efforts made by the entire team Terra Balcanica but equally thankful to all those who helped raise the funds needed to advance our key assets in Bosnia and Serbia. Having finalized an oversubscribed financing of over $1.2M in such a challenging macroeconomic environment is a positive signal and has allowed us to complete a robust, 17-hole 2,000-meter Phase II drill program and materially advance the flagship Viogor-Zanik project. The composite drill core samples are now awaiting laboratory completion and an internal QA/QC check before being released as a part of Terra’s steady news flow for months to come.”

Drilling Brezani Target Completed
The 2023 diamond drilling at the Brezani target focussed on testing the coincident magnetic-conductivity anomaly at depth below the Au-skarn mineralisation observed on surface. Further shallow drillholes BRE23001-004 aimed to add scale to the initial 88 m at 0.61 g/t AuEq intercepted in drillhole BREDD002 (See Company’s news release dated 24^th January 2023), all within a > 800 m NW/SE trending Au in soil anomaly.

Drillhole BREDD002: Continued from a depth of 215 m to 674 m in 2023 commencing in the same chlorite-sericite altered diorite which returned 0.26 g/t Au (214 – 215 m) in 2022 drilling. At a depth of 482.1 m a 9.8 m continuous zone of banded vein and sulphide cemented breccias with characteristics of both low and intermediate sulphidation epithermal deposits was intersected. The margins of the vein host repeating bands of chalcedonic quartz-rhodochrosite-calcite and sulphides/sulphosalts stibnite-pyrite-arsenopyrite-sphalerite-galena-jamesonite. The centre of the structure is dominated by hydrothermal breccia with a sulphide-quartz-carbonate cement. Clasts are banded vein fragments and wall rock hornfels. In the vein footwall the lithology changed to 118.4 m of chlorite-sericite altered diorite porphyry intrusive. Sinuous quartz-pyrite-molybdenite veins, quartz-magnetite, anhydrite-carbonate, pyrite-chlorite, and pyrrhotite-carbonate veining is present alongside disseminated pyrite-pyrrhotite.

Drillhole BRE23001: Located 102 m SW of the initial discovery hole at Brezani, which returned 0.61 g/t AuEq over 88 m from surface BRE23001 intercepted a similar package of calc-silicate mineralisation with a strong chlorite retrograde overprint. Intervals of coarse garnet-pyroxene skarn were also intercepted in contact with dioritic intrusives.

Figure 1. Geological map illustrating the 2022 and 2023 drillholes at the silver-dominated, polymetallic Cumavici Ridge target 12 km northwest from the Brezani target (click here to view image).

Drillhole BRE23002: Located 91 m west of BREDD002 intersected a new style of mineralization for the Brezani target. Commencing at 98 m depth a sulphide-calcite cemented contact breccia between altered diorite and silicic hornfels was encountered. The sulphide matrix was composed of pyrite-sphalerite-galena-pyrrhotite-chalcopyrite with individual sphalerite crystals up to 3 cm. The breccia was semi-continuous until 105.2m where it graded into patchy brecciation and intermediate sulphidation veining to 117.6 m. Detailed observations of BRE23001-004 will be completed and updates released in due course.

Figure 2. Geological map illustrating the 2022 and 2023 drillholes into the Brezani skarn-porphyry target. Note that the 2022 drillhole, BREDD002 was redrilled from 215 – 674 m during the 2023 drilling campaign. (click here to view image).

Final Tranche of Private Placement Financing Closed
The Company issued an aggregate of 1,826,470 Units at a price of $0.085 per Unit for gross proceeds of $155,250 pursuant to the Offering announced on April 4^th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until September 22^nd, 2026. Finders’ fees in the amount of $3,570 were paid in the final tranche of the Offering.

In total, the Company has issued 14,267,967 units at a price of $0.085 for gross proceeds of $1,212,778. Terra used the net proceeds of the Offering for working capital and to finance the Phase II drilling of the two target zones in Bosnia and Herzegovina.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the fifth tranche of the Private Placement will be subject to a four (4) month hold period ending January 23^rd, 2024.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.

About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.
“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

For further information, please contact Aleksandar Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Cautionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

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

September 19, 2023 – TheNewswire – Global Stocks News – West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) CEO Shane Williams has sent part three of seven communications to WRLG shareholders.

CEO Message Part 3: Existing Infrastructure at West Red Lake Gold Mines

By Shane Williams

Thank you for your interest in West Red Lake Gold Mines (WRLG.V). This is the Part 3 of seven messages I am sending to WRLG shareholders. Today I want to discuss the existing infrastructure at the Madsen mine.

In mining circles, “existing infrastructure” can mean a logging road, a plywood core-shack, a rusted ball mill or a capsized Porta-potty.

The West Red Lake Gold Mines’ situation is a bit different. We inherited a modern, fully permitted, virtually-unused mining facility which includes underground equipment, double ramp access, a 1,273-metre-deep shaft, expandable 800+ tonne per day mill, excess tailings capacity and a water treatment plant. [1.}

The mill achieves 95% gold recovery [2}. The tailings pond and water treatment are regularly inspected and pass with flying colours. Last month I was on site with the Ontario Minister of Mines – a former executive at Placer Dome. He is very supportive of the project.

It’s difficult to put an exact price tag (value) on the existing infrastructure. The mill itself cost approximately $100 million. With rampant inflation in construction, the replacement cost would be significantly higher. But the biggest benefit of the permitted existing infrastructure is the effect on production timelines.

The permitting process can take ten years.

We have challenges to overcome, but in my opinion, the modern, debt-free, permitted infrastructure has significantly de-risked this project.

Next in Part 4 of my message to shareholders, I will tell you about the resource expansion potential at Madsen.

Sincerely,

Shane Williams

We invite you to click here to learn more about our West Red Lake Gold Mines

The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.

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.

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]. SRK Consulting. https://westredlakegold.com/wp-content/uploads/2023/07/NI43-101_Madsen_Report_Update_v20230619.pdf
2. Pure Gold Mining Inc. “PureGold Achieves Third Quarter Gold Production Guidance and Announces Fourth Quarter Outlook.” GlobeNewswire News Room, 6 Oct. 2022, www.globenewswire.com/news-release/2022/10/06/2529302/0/en/PureGold-Achieves-Third-Quarter-Gold-Production-Guidance-and-Announces-Fourth-Quarter-Outlook.html

Frank Giustra – who owns about 10% of WRLG was recently on stage at the Precious Metals Summit in Beaver Creek, Colorado.

“Never listen to what a central bank has to say,” Giustra stated on a panel hosted by The Northen Miner. “Watch what they do. And right now, they’re screaming, buy gold. They’re loading up. And it is my belief they’re loading up because there will be a monetary system reset that we don’t know what it looks like yet. But gold will play a role, otherwise they wouldn’t be loading up this way.”

guy.bennett@globalstocksnews.com

Full Disclaimer

View source version on newsdirect.com: https://newsdirect.com/news/west-red-lake-gold-wrlg-v-ceo-message-part-3-existing-infrastructure-at-the-madsen-mine-411227976

VANCOUVER, BC / ACCESSWIRE / September 12, 2023 / Blackwolf Copper and Gold Ltd. (“Blackwolf“, or the “Company“) (TSXV:BWCG)(OTC PINK:BWCGF) and Optimum Ventures Ltd. (“Optimum“) (TSXV:OPV) are pleased to announce that they have completed their previously announced plan of arrangement, pursuant to which the Company acquired all the issued and outstanding shares of Optimum, and, in exchange, shareholders of Optimum received 0.65 of a common share of Blackwolf for each Optimum share held (the “Transaction“). In addition, Andrew Bowering, mining entrepreneur, a founder of Optimum, has joined the Company’s board of directors, replacing Don Birak, who stepped down effective September 12, 2023.

Andrew Bowering is a renowned venture capitalist with over 30 years of experience in global mineral exploration and development and a track record of building shareholder value. He has founded, funded, and led teams in the pursuit of various metals, from initial exploration to production. Mr. Bowering has held senior management roles, overseeing asset acquisitions, sales, and raising over $250 million in development capital. He was a founder of Millennial Lithium Corp (acquired by Lithium Americas) and is actively involved in other publicly traded companies in the battery metals and precious metals sectors, such as Prime Mining Corp and American Lithium Corp.

Morgan Lekstrom, CEO and Director of the Company stated, “With the acquisition of Optimum, Blackwolf has become a top developer of precious and strategic metal projects in Alaska and British Columbia’s Golden Triangle. We are excited to welcome Optimum shareholders and our new board member, Andrew Bowering. This merger has brought exciting projects and expertise to Blackwolf, and we believe it contribute significantly to our goal of creating value for our shareholders.“

Rob McLeod, Executive Chairman of Blackwolf, said, “We are proud to welcome Andrew Bowering as a new director of Blackwolf. Andy is one of Canada’s top mining entrepreneurs, and we have a history of working together in the Golden Triangle since 1995. We are looking forward to working together again. Also, on behalf of the rest of the Blackwolf Team, I want to thank Don Birak for his valuable service to the Company and wish him the best in his future endeavours.“

Delisting of Optimum Shares and Information for Optimum Shareholders

The Optimum shares are expected to be delisted from the TSX Venture Exchange at the close of trading on September 14, 2023, and Optimum intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations.

Further information about the Transaction is set forth in Optimum’s management information circular dated July 31, 2023 relating to the annual general and special meeting of securityholders of Optimum (the “Circular“), which is available under Optimum’s SEDAR+ profile at www.sedarplus.ca. Information regarding the procedure for exchange of Optimum shares for Blackwolf shares is provided for in the Circular. In order to receive Blackwolf shares in exchange for Optimum shares, registered shareholders of Optimum must complete, sign, date and return the letter of transmittal that was mailed to each registered Optimum shareholder along with the Circular. For those shareholders of Optimum whose Optimum shares are registered in the name of a broker, investment dealer, bank, trust company or other intermediary or nominee, they should contact such intermediary or nominee for instructions and assistance in depositing their Optimum shares.

Advisors and Counsel

In connection with the Transaction, Fiore Management and Advisory Corp. was issued 567,299 common shares of the Company in consideration for advisory services provided to the Company.

DuMoulin Black LLP acted as legal counsel to Blackwolf. Boughton Law Corporation acted as legal counsel to Optimum.

Upon closing of the Transaction and the issuance of shares for advisory services the Company’s issued and outstanding common shares is 108,957,568.

About Blackwolf Copper and Gold Ltd.

Blackwolf’s founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as six Hyder Area gold-silver and base metal properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the Cantoo and Harry properties. For more information on Blackwolf, please visit the Company’s website at www.blackwolfcopperandgold.com.

On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.

“Morgan Lekstrom”

CEO and Director

For more information, contact:

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

Cautionary Statements Regarding Forward-Looking Statements

This news release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian securities legislation (collectively herein referred to as “forward-looking information”). Wherever possible, words such as “expects”, “expected”, “strategic” and similar expressions or statements that certain actions, events or results “will” or “may” be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking information. Forward-looking information contained herein includes, but is not limited to, the anticipated benefits of the Transaction, and discussion of future plans, projects, objectives, estimates and forecasts and the timing related thereto, the timing of the delisting of Optimum, Optimum ceasing to be a reporting issuer.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual results, actions, events, conditions, performance or achievements to materially differ from those expressed or implied by the forward-looking information, including, without limitation, risks related to exploration and potential development of the Company’s projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and such other risks as are identified in the public disclosure documents of the Company filed on SEDAR+ at www.sedarplus.ca (the “Disclosure Documents”). This list is not exhaustive of the factors that may affect any of our forward-looking information. Although we have attempted to identify important factors that could cause actual results, actions, events, conditions, performance or achievements to differ materially from those contained in forward-looking information, there may be other factors that cause results, actions, events, conditions, performance or achievements to differ from those anticipated, estimated or intended.

Our forward-looking information is based on the assumptions, beliefs, expectations, and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond our control. In connection with the forward-looking information contained in this news release, we have made certain assumptions about, among other things, the Company’s ability to achieve the business and operational synergies expected as a result of the Transaction and explore and develop its projects as currently anticipated. Although we believe that the assumptions inherent in forward-looking information are reasonable as of the date of this news release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained in this news release.

Additional information about the risks and uncertainties concerning forward-looking information and material factors or assumptions on which such forward-looking information is based is provided in the Disclosure Documents. Forward-looking information is not a guarantee of future performance. 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 information. Forward-looking information involves statements about the future and is inherently uncertain, and our actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this news release and the Disclosure Documents. For the reasons set forth above, readers and prospective investors should not place undue reliance on forward-looking information.

We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law.

SOURCE: Blackwolf Copper and Gold Ltd

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