VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR, OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assays for a number of rock samples collected during its first sampling program at the Company’s Eliza Silver Project in Eastern Nevada.
A total of 73 rock-chip samples were collected in the vicinity of the historic Passynak Mine within the Eliza project area which lies on trend of the Hamilton mining district, Nevada’s highest grade silver mining camp. An estimated over 30 million ounces of silver was produced, valued at $22 million between 1865 and 1888, from the Treasure Hill Mining area which extends onto the Eliza property.1
In addition to the assayed samples, another 35 geochemical survey samples were collected from outcrops in the northern sector of the property, south of the Eberhardt Fault which separates the Eliza Project from the abandoned Hamilton mines to the north. The assay results confirm the existence of a well-developed silver-rich mineral system that also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn). Other trace elements conventionally viewed as indicators of epithermal precious metal mineralization, such as antimony (Sb) and arsenic (As), are also present in geochemically anomalous amounts.
“We are very pleased with the results obtained by our first sampling program at Eliza. The high-grade mineralized samples provide evidence that the near-surface silver mineralization exploited by the former 30 Moz Treasure Hill Mine extends onto the Eliza property and may continue beneath a shale unit south of the Eberhardt Fault,” stated President and CEO Morgan Lekstrom. “We are also encouraged by the association of silver with base metals (Cu, Pb, Zn), as this type of mineralization may be an outer zone expression of a ‘blind’ porphyry copper system. We intend to use modern technology, including hyperspectral imaging to expand our knowledge of the geologic model and define its size potential. In addition, we intend to define drill targets for 2022.”
In addition to the targeted rock sampling that was done, the Company has undertaken hyperspectral imaging analysis of the Eliza property area. Interpretation of the imagery shows a correlation between secondary silver mineralization, mainly chloraryrite, and areas where hydrocarbon decay are outlined. This innovative exploration technology will be further employed on the property.
Plans are underway for additional geological and geochemical investigations, with the objective of defining high-potential drill targets early in 2022.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multiple-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Silver Hammer Mining Corp..
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada For further information contact: Kristina Pillon, President, High Tide Consulting Corp. T: 604.908.1695 E: investors@silverhammermining.com
For media inquiries, contact: Adam Bello, Primoris Group Inc. T: 416.489.0092 E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Vancouver, British Columbia–(Newsfile Corp. – December 2, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) announces that it has completed drilling of 35 RC holes and has received all assays for its White Rock Gold Project. The Company is pleased to report that every hole intercepted gold mineralization.
The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold hosted in silicified limestones and shales over an area 3.2 km in length and 1.3 km wide. The White Rock property was originally optioned from Ely Gold Royalties Inc., which was recently acquired by Gold Royalty Corp., combining to create a leading growth and Americas-focused precious metals royalty company. The project has a total of 101 drill holes completed, of which 67 historic holes were drilled by four previous operators. Data from these older holes has now been verified for use in a future technical report. The Company believes White Rock likely hosts an extensive open-pit grade gold deposit, with grades similar to currently operating Nevada open pit mines.
The following table lists the more significant holes obtained during Provenance’s drilling program.
White Rock Assay Summaries / Selected Drill Holes – 2021 Drill Program
0.1 g Au cutoff
Hole
Depth
Incline
Bearing
Interval-Ft
Thickness-Ft
Au g/t
Au opt
Comments
WR-15
500
-90
0
120-215
95
0.636
0.0185
Hole completed
“Including”
160-185
25
1.452
0.042
235-410
175
0.197
0.0058
240-265
25
0.427
0.012
420-435
15
0.13
0.004
WR-16
300
-50
90
95-275
180
0.618
0.018
Hole terminated
**
“Including”
95-135
40
0.83
0.024
Broken ground
“Including”
95-100
5
3.55
0.104
235-255
20
2.31
0.067
WR-19
300
-50
0
90-125
35
0.792
0.023
Hole lost in Au
**
“Including”
95-100
5
3.227
0.094
150-175
25
0.321
0.009
290-300
10
0.404
0.012
WR-23
480
-45
260
0-75
75
0.256
0.007
Hole completed
95-360
265
0.388
0.011
“Including”
100-125
25
0.778
0.023
“Including”
160-180
20
0.397
0.012
“Including”
200-220
20
0.526
0.015
“Including”
260-310
50
0.65
0.019
WR-24
300
-60
260
0-40
40
0.454
0.013
Hole terminated
**
90-300
210
0.293
0.009
Broken ground
“Including”
95-130
35
0.713
0.021
“Including”
230-240
10
0.407
0.012
WR-28
530
-90
0
75-340
265
0.376
0.011
Hole completed
“Including”
205-260
55
0.729
0.021
355-405
50
0.242
0.007
450-470
20
0.126
0.004
485-510
25
0.107
0.003
WR-32
380
-60
120
165-380
215
0.305
0.009
Hole lost in Au
**
“Including”
175-240
65
0.411
0.012
“Including”
350-365
15
0.492
0.014
WR-45
340
-80
180
55-275
220
0.517
0.015
Hole lost in Au
**
“Including”
70-170
100
0.88
0.026
“Including”
120-160
40
1.1
0.032
WR-47
310
-65
270
0-310
310
0.359
0.01
Hole lost in Au
**
“Including”
35-135
100
0.535
0.016
“Including”
170-195
25
0.717
0.21
The assay results received this year confirm similar results achieved by past operators and therefore will be used in a planned NI 43-101 resource report that will be completed in the coming months. This new report, which will report tonnage and grade at different cutoffs, will be the first gold mineral resource ever calculated for the property.
The Company currently has a permit revision being reviewed by the BLM for additional drill sites for a proposed 2022 drilling program. Once bonded, drilling could be initiated as early as next May after the snow has melted.
Steve Craig, project manager, stated: “Over the decades, I have managed many successful exploration programs in Nevada, and this is exactly what exploration companies in Nevada hope to find. I believe we have found an exceptional one.”
Rauno Perttu, Provenance’s CEO states, “It has been an extremely successful initial drilling program. Our work this season gave us a much clearer picture of the gold mineralization controls. We discovered our first feeder structure and started to outline extensive areas of strong gold mineralization. We also recognize several step-out and infill areas that we will follow up on with new exploration next season. Provenance has a large gold system that we believe will be advanced into a new mine and are looking forward to next year’s program.”
Along with the initial gold mineral resource calculation and 43-101 the Company will be further updating investors in the coming weeks with maps and diagrams of the drill program which should help as a visualization to show the size and scope of the mineralized zones.
Figure 1 – Project manager Steve Craig sitting on ore-grade outcrop near newly found feeder structure.
Quality Assurance and Quality Control: The reverse-circulation drilling program utilized by Provenance completed a quality assurance / quality control program (QA/QC) with control samples consisting of standards, blanks and duplicates inserted approximately every 100 feet. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in five-foot sample intervals. Drill samples were taken to Paragon Geochemical, an ISO 9001 compliant company in Sparks, Nevada for fire assaying for gold and silver. The rejects and pulps remain with Paragon in Sparks, Nevada. The QA/QC program was implemented as part of the sampling procedures for the exploration program.
Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Officer of the Company, has reviewed and approved the technical contents of this News Release.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in three properties in Nevada, USA. For further information please visit the Company’s website at https://provenancegold.com or contact rclark@provenancegold.com.
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Silver Bullet Mines Corp. (TSXV: SBMI) (“Silver Bullet” or the “Company”), formerly Pinehurst Capital I Inc., is pleased to announce that the Company has closed its qualifying transaction (the “Transaction”) previously announced in the Company’s comprehensive press releases dated November 12, 2020 and June 28, 2021 and more particularly set out in its filing statement dated September 27, 2021 (the “Filing Statement”) which is available under the Company’s profile at www.sedar.com, subject to final approval of the TSX Venture Exchange (the “TSXV”). The Company’s shares, which had traded on the TSXV, were halted on August 27, 2020, at the Company’s request pending completion of the Transaction and receipt of final approval of the TSXV. The Company’s common shares will commence trading on the TSXV as a Tier 2 mining issuer under the symbol “SBMI” on or about December 6, 2021.
The Transaction
Pursuant to an amalgamation agreement, Pinehurst I Acquisition Corp., a wholly owned subsidiary of the Company, and an entity formerly named Silver Bullet Mines Inc. amalgamated under the Canada Business Corporations Act (the “Amalgamation”) to form Silver Bullet Mining Inc. As a result of the Amalgamation, (i) all common shares of Pinehurst Capital I Inc. were consolidated on the basis of one (1) post-consolidation common share for every 2.1428 pre-consolidation common shares (the “Consolidation”); and (ii) in exchange for each (1) security held in the capital of Silver Bullet Mining Inc., each securityholder received one (1) security in the capital of the Company. Concurrently with the closing of the Transaction, the Company changed its name to Silver Bullet Mines Corp.
Outstanding Share Capital and Escrow
Following the closing of the Transaction, the Company has a total of 55,458,038 common shares issued and outstanding. An aggregate 24,071,668 common shares and 2,605,763 stock options held by the principals of the Company are subject to Tier 2 Surplus Security Escrow and will be released from escrow as follows: five percent (5%) of the escrowed shares will be released from escrow on the issuance of the final exchange bulletin confirming the completion of the Transaction by the TSXV (the “Final Exchange Bulletin”), five percent (5%) will be released 6 months thereafter, ten percent (10%) will be released 12 months and 18 months following the issue of the Final Exchange Bulletin, fifteen percent (15%) will be released 24 months and 30 months following the issue of the Final Exchange Bulletin, and the balance of forty percent (40%) will be released 36 months after the issue of the Final Exchange Bulletin. An additional 6,000,000 shares and 428,571 stock options held by non-principals of the Company are subject to Tier 2 Value Security Escrow and will be released from escrow as follows: ten percent (10%) of the escrowed shares will be released from escrow on the issuance of the Final Exchange Bulletin, fifteen percent (15%) will be released on each of the 6 months, 12 months, 18 months, 24 months, 30 months and 36 months thereafter.
New Board and Management
On closing of the Transaction, David Rosenkrantz, Daniel Tobon, Ilana Prussky, John A. Leja, Maurice Kagan and Shael Soberano resigned as the directors and officers of the Company.
On closing, the following individuals were appointed as directors and officers of the Company:
John Carter – CEO and Director Ron Wortel – President and Director Ron Murphy – Vice President Mining and Director Eric Balog – Director J. Birks Bovaird – Director Peter Clausi – Vice President Capital Markets and Director Jon Wiesblatt – Director Brian Crawford – Chief Financial Officer and Corporate Secretary
The incoming board of directors would like to thank Messrs. Rosenkrantz, Tobon, Leja, Kagan and Soberano and Ms. Prussky for their contributions and service to the Company.
For further information, please contact:
John Carter Silver Bullet Mines Corp. e: info@silverbulletmines.com p: 905-302-3843
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referenced herein have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
Vancouver, British Columbia–(Newsfile Corp. – December 1, 2021) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), is pleased to announce the repatriation of its 3 projects in the Beardmore-Geraldton Greenstone Belt (“BGGB”) in Ontario, Canada. In February 2021, Riverside offered the sale of its portfolio to iMetal Resources Inc. (“iMetal”). The Purchase Agreement was contingent upon a series of conditions which were not completed. At this time both parties have mutually agreed to dissolve the transaction and Riverside has now retained 100% ownership of the project portfolio of: Oakes, Longrose and Pichette located in the well-endowed and prolific BGGB. The recovery of these projects occurs at an opportune time for Riverside, particularly since the region is experiencing a renaissance in mining activity. Specifically, the recent launch of construction at the Greenstone Mine (an Equinox Gold / Orion Joint Venture) near the town of Geraldton, which bodes extremely well for Riverside’s own projects which are located along the trans-Canada highway and in close proximity to the Greenstone Mine.
During the past 7 months Riverside acted as exploration operator completing a summer field program. During the agreement with iMetal, Riverside more than doubled the induced polarization survey (IP) grid as well as conducted a focused sampling and mapping program along the survey grid at the Oakes Gold Project.
Highlights of the BGGB portfolio can be found in the press release dated February 10, 2021, which summarizes the previous work done at Oakes and also Riverside’s work on the three properties (see Figure 1).
Figure 1: Riverside’s 3 projects in the Geraldton-Beardmore gold belt shown in red along 90 km trend
Riverside’s President and CEO, John-Mark Staude:“Regaining control of this three-project portfolio of further de-risked gold properties near the developing Greenstone Gold Mine provides Riverside with a unique opportunity to advance exploration ourselves. Drill target generation progressed this summer, we have a drill permit in hand and will start with further exploration work at Oakes with a view towards drilling initial targets there during 2022.”
Oakes Project:
Riverside acquired the BGGB portfolio in 2019, through a staking program with the opportunity to secure open ground in a prolific gold belt in northwestern Ontario adjacent to the Greenstone Gold Mine, a large gold resource and near-term future mining operation. Since 2019, Riverside’s technical teams have progressed and defined a large undrilled exploration target through the compilation of historical work including high grade gold drill and trench results, and an IP survey. Riverside controls a total of 55 km2 (5,544 hectares) at the Oakes Project, which is defined as being the most advanced project within the recovered BGGB portfolio. The latest exploration work included defining drill targets over a 2.3 km long IP anomaly corresponding to approximately 30% of the property explored as presented below.
The 2021 IP survey included a total of 12 line-km with the intention to identifying continuity to the east and west of the known mineralized system. These new geophysical results show an increased anomaly from 600 m length to a total of 2.2 km with continuity of the anomaly from the 2010 IP1 grid to the 2021 grid extension. Recent field work from Riverside’s team aimed to verify the IP anomalies on the ground looking for any potential associated evidence of mineralization and collect samples (pending).
At least three targets have been described as presented below, all of them drill-ready:
High Grade (“HG”) target reporting up to 31.9 g/t Au at surface (see press release July 29, 2019)
Brinklow target reporting a sample of 0.8 g/t Au
Crib target with sample assays pending
The high chargeability anomalies are not restricted along strike, neither to the west nor the east side, leaving the possibility for extension beyond the 2.2 km three parallel chargeable corridors. This will allow for additional exploration follow up in 2022 heading toward drilling.
Figure 2: Normalized chargeability (IP) combined 2010 (Golden Chalice, 2010) and Riverside 2021 covering about 30% of the Oakes Project. Anomalies presented as targets are understood to be related to geological features/variations, all of interest potentially related to mineralization. Overall, IP anomalies strike at Az100. Assay results are from Riverside’s field work in 2019.
Moving forward, Riverside wishes to advance the project with a drill program. De-risking has allowed the company to build confidence for additional project investment. The company is also very pleased to have the projects back into its current portfolio, setting up new opportunities to move ahead in a belt that sees substantial mining investment now with the Equinox Gold / Orion Mine Finance partnership on building a large new gold mine operation at Greenstone near the Company’s property holdings.
Options Grant
On November 16, 2021 the Company granted 1,000,000 incentive stock options (the “Options”) to Directors, Officers and Consultants of the Company. The Options are exercisable at $0.16 per share for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in 3 equal instalments over 18 months and Options granted to Officers and Consultants vest in 4 equal instalments over 12 months. The Options were granted pursuant to the Company’s shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
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 geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
All data represented here from historical reporting, including but not limited to, drill results and resource estimates are historical in nature and require caution readers as the vintage work.
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 72M 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
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.
Novo’s extensive greenfields exploration program has recently identified and advanced a series Ni-Cu-Co targets adjacent to Azure Minerals Limited’s (“ Azure ”) (ASX: AZS) Andover VC-07 Ni-Cu-Co massive sulphide discovery (“ Andover ”) and Artemis Resources Limited’s (“ Artemis ”) (ASX: ARV) Carlow Castle Au-Cu-Co discovery (“ Carlow Castle ”)
Novo’s 100%-owned exploration licence 47/1745 contains several airborne electromagnetic (“ VTEM ”) anomalies (previously defined in 2007 by Legend Mining Limited (“ Legend ”) (ASX: LEG)) which have not been drill tested, along with large high order soil geochemical anomalies (including Cu, Ni and Co) associated with the VTEM conductors, including the Southcourt and Milburn prospects
Novo is now progressing ground electromagnetic (“ EM ”) geophysical surveys in the near-term to advance these discoveries
This work is consistent with Novo’s accelerated exploration strategy targeted at growing the Company’s portfolio of gold and battery metals prospects in the Pilbara region of Western Australia
VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that it has recently identified and advanced a series of Au-Cu and Ni-Cu-Co targets on EL47/1745, adjacent to Andover 1 and Carlow Castle 2 in the West Pilbara region of Western Australia, although there is no certainty that EL47/1745 contains the same levels of mineralization as either of these discoveries.
The general area has benefited from a renewed exploration interest since Azure announced its drilling success on Andover in November 2020 1 with 3.9m @ 2.85% Ni and 0.47% Cu from 94.5m in their maiden drill hole ANDD001, subsequent to success by the Creasy Group, in 2018, who intersected 7m @ 2.62% Ni and 0.65% Cu in ADRC002 3 .
Recent geochemical sampling by Novo over previously defined VTEM conductors on EL47/1745 (weak conductors within airborne electro-magnetic surveys by Legend 4 , 5 ) has defined several large high-order Cu, Ni and Co anomalies relating to the VTEM targets.
Results and technical information referred to in this news release from Azure, Legend, Artemis, Westfield Minerals Ltd (“ Westfield ”) and AMAX Exploration (“ AMAX ”) are not necessarily representative of mineralization throughout the district. This historical data was disclosed in ASX announcements, other public disclosure documents, and annual exploration reports filed on the Western Australian Department of Mines, Industry Regulation and Safety’s (“ DMIRS ”) website (collectively, “ Disclosure ”) issued by Azure, Legend, Artemis, Westfield, and AMAX. The technical information contained herein has been extracted from this Disclosure. Reference should be made to the relevant Disclosure which is available online at the links provided in various footnotes throughout this news release.
A qualified person has not verified the technical information contained in the Disclosure, and Novo is unaware of the existence of any technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Disclosure. Novo is unable to comment on the reliability of the technical information contained in the Disclosure and therefore, reliance should not be placed on such technical information.
( Figure 1 – EL47/1745 location and priority targets, in relation to Andover and Carlow Castle.)
Southcourt Anomalies
Three weak VTEM conductors 3km WNW of Andover are present in a zone of complex geology within the Andover intrusion at Novo’s Southcourt prospect ( Figure 1 ), including layered gabbro and ultramafic intrusive rocks.
Detailed 20 x 20 m to 20 x 40 m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined a high-order 500 m long Cu anomaly flanking the western two VTEM conductors ( Figure 2 ). Co and Ni partially overlap the broad copper anomaly ( Figure 3 ). Peak pXRF soil values include 1,456 ppm Cu, 1,521 ppm Ni, and 1,938 ppm Co. Peak rock chip results utilizing the pXRF for spot assaying on sulphide minerals or Cu-Ni oxide minerals yielded up to 19.6% Cu, 0.13% Co and 2.07% Ni. These results are not necessarily representative of mineralization throughout the entire district. Novo interprets the broad anomaly to be a zone of disseminated sulphide ( Figure 5a ) on the margin of potentially more substantial sulphide bodies at depth (VTEM target). Additional assay results are pending.
Milburn Anomaly
One high intensity VTEM anomaly is present at Milburn, 1.4km ESE from the east end of Carlow Castle. Previous work by Legend 6 included eight lines of ground EM which identified a single conductor modelled to a dip of 45 o west at a depth of 35 m. The EM anomaly was followed up by Legend 5 , 7 , 8 with 17 -2 mm soil samples which returned peak values of 36 and 33 ppb Au and previous rock chip sampling yielded values of 4.83% Cu, 0.15 g/t Au and 0.21% Ni. The anomaly was not drilled by Legend.
In 1967, Westfields Minerals 9 defined a 1 km long induced polarization (“ IP ”) anomaly (Fig. 3) to the south of the EM conductor and completed shallow vertical percussion holes with a best result of 6m @ 0.22% Ni and 0.15% Cu (BH31) (Fig. 3). Subsequent drilling in 1971 by AMAX 10 intersected a sequence of mafic and ultramafic rocks with 1 to 10% disseminated sulfides (pyrite, pyrrhotite and rare chalcopyrite) with best results from PDH20A (Fig. 3) of 3.66 m @ 0.23% Ni and 0.17% Cu. These results are not necessarily representative of mineralization throughout the entire district. Importantly, Au, Co and PGE minerals were not analyzed.
Detailed 20 x 20m spaced soil sampling undertaken by Novo utilizing a Niton XL5 pXRF has defined a high-order 450 m long Cu anomaly flanking the eastern side of the VTEM conductor ( Figure 4 ). Peak pXRF soil values include 1,677 ppm Cu, 1,131 ppm Ni, and 238 ppm Co. Peak rock chip results utilizing the pXRF for spot assaying on sulphide minerals or Cu-NI oxide minerals yielded up to 15.2% Cu, 92 ppm Co and 0.33% Ni. These results are not necessarily representative of mineralization throughout the entire district. Figure 5b highlights a copper rich siliceous altered mafic rock from the trend. Additional assay results are pending.
( Figure 4 – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles) and the location of Westfields IP anomaly and drillholes in the general area.)
Other significant targets ( Figure 1 ) on EL47/1745 include:
Anna Valley , which is in the SW corner of EL47/1745. This VTEM anomaly defined by Legend 4 , 5 was followed up with a ground fixed loop transient EM (“ FLTEM ”) survey 6 defining a strong conductor dipping between 35 – 55°to the northwest with a modelled depths of 30 to 35 m. The target was thought to relate to a chert body which outcrops to the west, but the target is under thick alluvial and colluvial cover.
Fortune South #1 and #2 , which are part of a 2 km long shear zone with several historic workings and a number of metal detector pits where sheared gabbro and anastomosing quartz veins are present. Previous sampling has assayed up to 8.51 g/t Au and 0.134% Cu on EL47/1745 8 . pXRF rock chip samples at Fortune South #2 into banded and sheared Cu-rich gossan ( Figure 5d ) yielded peak values of 60% Cu and 802 ppm Ni. These target types (shear-related Au-Cu) are not highlighted by VTEM.
Thorpe East , which is part of a 2 km long shear corridor with several historic workings and peak assay results of 3.11 ppm Au 8 . Novo has identified significant gossanous zones ( Figure 5c ) associated with quartz veining, yielding up to 676 ppm As, 3.5% Cu, 0.15% Ni, and 48.6 ppm Mo. These target types (shear-related Au-Cu) are not highlighted by VTEM.
Carlow Castle Extension , on which Artemis 2 have reported a soil geochemical anomaly and favourable stratigraphy along strike and to the east of Carlow Castle, on EL47/1745, directly north of Milburn. Novo has not yet conducted any work on this 1.7 km long zone of potential. This orogenic Au-Cu-Co target type is not highlighted by VTEM.
The foregoing results at Anna Valley, Fortune South #1 and #2, and Thorpe East are not necessarily representative of mineralization throughout the entire district.
Exploration planned for EL47/1745 by Novo in early 2022 includes ground FLTEM surveys to better define the EM conductors, possible induced polarization lines across the identified target zones pending results of EM, and drilling into the main target areas, including the Milburn, Southcourt and Anna Valley prospects. Drill holes will be surveyed using downhole EM techniques to locate off-hole conductors. Extensive first pass reconnaissance soil sampling, regional to detailed mapping, and rock chip sampling will be conducted across highly prospective EL47/1745.
( Figure 5a, 5b, 5c, 5d – Milburn Cu soil geochemistry (pXRF) and VTEM conductors (white dashed circles).)
Analytic Methodology
The pXRF assay technique utilized a Niton XL5 handheld XRF machine. The Niton is calibrated daily, with 4 QAQC standards (fit for purpose including certified Ni, Cu and Co values) run concurrently, with an additional 2 standards checked per 100 readings and 4 QAQC standard assayed before the machine is shut down. pXRF is utilized as a preliminary exploration technique for base metals. Soil samples are unprepared and analysed for 30 seconds using two machine filters and rock chip samples are point analysed for 90 seconds using 4 machine filters. The pXRF is a spot reading device and has diminished precision due to grainsize effect, especially on rock samples where peak results represent a window of < 10mm field of view.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Disclosure. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .
On Behalf of the Board of Directors,
Novo Resources Corp.
“ Michael Spreadborough ”
Michael Spreadborough
Executive Co-Chairman
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned exploration activities. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(Frankfurt:8NV) (“NV Gold” or the “Company“) has confirmed the correlation of a “low-resistivity zone” with known alteration and possible gold mineralization at its 100% controlled Slumber Gold Project (“Slumber”) located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA.
The Q4-2021 drill program at Slumber has currently completed five RC (reverse circulation) drill holes totaling approximately 900 meters. The goal of this program is the confirmation of a reinterpreted geological model and correlation of alteration and possible gold mineralization with a low resistivity zone identified by last year’s CSAMT work (see press release September 7th, 2021). The initial holes appear to confirm this previously untested concept.
These initial holes have been visually encouraging, extending the zone of alteration by at least 500 meters to the north, while now demonstrating significant thickness as well (+150 m). All holes into the resistor zone have encountered highly-brecciated, silicified, hematitic rocks that remained in strong alteration at termination (see figure 1). Abundant groundwater has continued to be a depth-limiting factor for the RC equipment; therefore, the Company will limit the balance of this program to testing remaining shallower resistivity zones. Follow-up drilling will be dependent upon core rig availability. Initial analytical results from this program are expected to be received in mid to late January, depending upon laboratory constraints related to COVID and staffing.
“I am very pleased with these preliminary drilling results. This drilling campaign was designed to give Slumber an additional chance to move to a pre-discovery level. I am gratified to see these intensely silicified and brecciated rocks supporting the reinterpretation of the geological model. High grades would be a success, pointing towards a discovery. NV Gold will expand the geophysical coverage and utilize core drilling equipment to test the extensive and thick piles of mineralized silicified rock possibly containing high-grade sulfide feeders,”commented Thomas Klein VP Exploration NV Gold.
After the completion of the Slumber drilling the RC rig will be mobilized to NV Gold’s next encouraging project, Discovery Bay, located 50 kilometers south of Battle Mountain and 14 kilometers southeast of the McCoy-Cove property owned and currently under exploration by i-80 Gold Corp.
A picture containing piece, chocolate, meat, eatenDescription automatically generated
Figure 1: Intensely silicified and hematitic rhyolite breccia. (To view the full sized image, please click here.)
Near-Term Strategy and Outlook
The Company continues its focus on Nevada and the Great Basin, one of the largest and most productive gold provinces in the world. On a regional-scale, Nevada is thought by many to be a thoroughly explored gold province. Much of the near surface gold that has been found over the past 40 years has already been mined or is being mined today. To find significant new deposits, the successful explorer needs to employ modern, sensitive sampling and interpretive techniques and a willingness to drill. The breadth of experience of our staff and advisors gives us our advantage. Over 50% of Nevada is covered by recent basin sediments or volcanic cover, which often obscures the classic, visible expressions of mineralization. These covered areas are composed of the same rocks with the same temporal placement as the gold deposits found in the nearby ranges. There is a strong likelihood that other, similar-sized deposits await discovery! Significant discovery potential continues to remain in one of the preeminent gold provinces on Earth. The Company has a strong property position with over 20 projects, ranging from Greenfields to advanced “pre-discovery”. Our property portfolio covers a number of geologic environments and at varying levels of advancement. Holding costs for most of these properties are minimal, particularly those that are held as joint venture or lease-out possibilities.
It is our plan to drill 4-6 projects in the 12-18-month time horizon, providing a good news flow and multiple opportunities for success. We look forward to a productive and successful exploration season ahead.
About NV Gold Corporation
NV Gold (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) is a well-financed exploration company with ~80 million shares issued, a solid treasury and no debt. The Company is based in Vancouver, British Columbia, and Reno, Nevada and is focused on delivering value through mineral discoveries in Nevada, USA. Leveraging its expansive property portfolio, its highly experienced in-house technical team, and its extensive geological data library, 2021 and 2022 promise to be highly productive for NV Gold.
We seek safe harbor.
On behalf of the Board of Directors,
John E. Watson, President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact: Freeform Communications at 604.245.0054
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Plan View Map showing the location of the project within the Tintina Gold Province.
Plan View Map showing the location of the project within the Tintina Gold Province.
Figure 2
Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.
Plan View Map of Felix Gold land holdings in relation to the City of Fairbanks, Kinross’ Fort Knox Mine and Gil satellite mine, and Freegold Ventures Golden Summit / Cleary Hill gold deposit.
VANCOUVER, British Columbia, Nov. 30, 2021 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to have received notice from Felix Gold that it has lodged a prospectus with the Australian Securities and Investments Commission. The filing initiates the process by which Felix Gold may become a publicly-traded company on the Australian Securities Exchange (“ASX”). If successful under the proposed schedule the company shares would begin trading in January 2022. Depending on the concurrent capital raise, Felix Gold would have between AUD$10 million and AUD$13 million in their treasury, with much of that funding to be directed to exploration of the mineral claims that have been contributed by Millrock and/or staked or acquired by Felix Gold in the Fairbanks Mining District. Upon successful IPO and capital raise, Millrock will be entitled to a payment of Felix Gold shares. It is anticipated that the ASX will impose a mandatory restriction on the disposal of these shares of up to two years. Readers are cautioned that the share payment will only be made if the IPO is successfully completed.
Millrock President and CEO Gregory Beischer commented: “This is great news for Millrock and its shareholders. Depending on the amount of money raised in the IPO, Millrock will receive Felix Gold shares with an initial value ranging between approximately US$1.7 million and US$1.9 million. Additionally, Millrock will be entitled to production royalties on all of the claims comprising the current extensive property position and on future claims that may be acquired within a large Area of Interest surrounding the Fairbanks Mining District. Millrock will be entitled to Advanced Minimum Royalty payments that begin January 2022. Some excellent targets have been developed over the past year, while Felix Gold was an unlisted company. With a strong treasury and a robust 2022 budget, Felix Gold will have a great chance to make new gold discoveries and expand the gold resource at the Grant Mine. Any exploration success should result in strong appreciation of the Felix Gold shares that Millrock will hold, and also should support Millrock’s share price.”
As reported in a January 12, 2021 press release, Millrock assigned Felix all of its rights in the Fairbanks area Ester Dome and Treasure Creek properties. It had held these rights for several years under agreements with prospectors. The Fairbanks Mining District is located within the prolific Tintina Gold Province, which spans Alaska and Yukon.
The Felix Gold prospectus indicates that (assuming the IPO and capital raise is successful) Millrock will be issued a minimum of 9,957,157 and a maximum of 11,442,384 Felix Gold shares at an IPO price of AUD$0.25 with an indicative initial value ranging between AUD$2,249,289 (CDN$2,047,389) and AUD$2,860,596 (CDN$2,603,491). The number of shares to be issued is dependent on the amount of capital raised. The shares will only be issued to Millrock if the IPO and capital raise is successfully completed.
Since signing the initial agreements in January 2021, the Felix Gold team, working in collaboration with Millrock, significantly expanded the claim package, targeting areas that appeared to have high potential based on a systematic evaluation of public data and Millrock’s proprietary database. A large soil sampling effort was carried out in 2021. More than 3,000 soil samples were collected using power augers which allow for the collection of soil at the bedrock – overburden interface. Overlying overburden in the Fairbanks area often consists of very fine grained windblown sediments with or without permafrost making traditional soil geochemical surveys less effective. This work has served to identify strongly anomalous areas on the Treasure Creek project with three main prospects: NW Array, Scrafford, and Eastgate. The survey also identified strong anomalies at the Northeast Fairbanks portion of the project, which is proximal to Kinross’ Fort Knox gold mine, the satellite Gil deposit recently put into production by Kinross, and the Golden Summit / Cleary Hill deposit, which is being actively explored by Freegold Ventures Limited with strong success.
Felix Gold has examined data from the former-producing Grant Mine upon which they have an option to purchase a 100% interest. As a result of the data analysis, Felix Gold has been able to calculate a gold resource that is compliant with the Australia Joint Ore Reserves Committee (“JORC”) standards that govern such calculations in Australia (source: INDEPENDENT GEOLOGIST’S REPORTS ON FELIX GOLD LIMITED’S MINERAL EXPLORATION PROJECTS IN ALASKA, Prepared by Independent Geologist Mr. Ian Taylor of Mining Associates Pty Ltd., October 15, 2021).
The independent geologist’s report is appended to the Felix Gold prospectus and reports the following:
Inferred Mineral Resource estimate (JORC 2012) for Grant Mine of 5.8 million tonnes @ 1.95 grams per tonne gold for 364,000 ounces of contained gold including an underground resource of 136,000 ounces of gold grading 6.2 grams of gold per tonne.
And also: Grant Mine Exploration Target (JORC 2012) of 5.6 million tonnes to 6.6 million tonnes at a grade of 1.9 grams per tonne gold to 2.1 grams per tonne gold for 338,000 to 545,000 ounces of gold (exclusive of the Mineral Resource).
Note: The NI43-101 standards are the standards to which Millrock must adhere as a TSX Venture Exchange issuer, and the Australia JORC standards are those to which Felix Gold must comply as an Australian issuer. The JORC standards are robust, similar and parallel to the NI43-101 standards. JORC (2012) is defined as an ‘acceptable foreign code’ under NI43-101 reporting standards and the definition and classification of Mineral Resources are essentially the same as the NI43-101 Canadian Institute of Mining Definition standards. The Millrock qualified person has not independently verified the drill hole data, drill core, and estimation methodology as reported by Felix.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the successful completion of an IPO and capital raise by Felix Gold and the intention to mount further exploration including drilling in 2022. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
North Vancouver, British Columbia–(Newsfile Corp. – November 30, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from the infill drill and re-sampling program undertaken in the near-surface portion of the Tuvatu deposit. This program was designed to further strengthen the database in the portion of the deposit earmarked for earliest production, from the Company’s 100% owned Tuvatu gold project in Fiji.
5,615m of infill drilling completed in 30 holes (~70% of the proposed program)
600 additional data points generated from infill resampling of 12 historic holes
Highlights from near-surface infill drilling and re-sampling include:
20.61 g/t Au over 7.50m inc. 89.03 g/t Au over 1.50m, and 227.3 g/t Au over 0.30m from TUDDH545 21.34 g/t Au over 2.50m inc. 38.25 g/t Au over 1.30m, and 52.27 g/t Au over 0.30m from TUDDH548 33.52 g/t Au over 2.40m inc. 185.60 g/t Au over 0.40m from TUDDH553 9.13 g/t Au over 2.59m inc. 74.58 g/t Auover 0.30m from resampling of historic hole TUDDH362
TUDDH541
4.61 g/t Au over 4.23m from 112.6-116.83m, including
14.35 g/t Au over 1.20m from 115.63-116.83, which includes
33.85 g/t Au over 0.30m from 116.23-116.53m
7.09 g/t Au over 0.60m from 124.63-125.23m, including
12.82 g/t Au over 0.30m from 124.93-125.23m
TUDDH544
8.27 g/t Au over 0.30m from 24.65-24.95m
5.46 g/t Au over 2.90m from 34.6-37.5m, including
16.75 g/t Au over 0.50m from 34.9-35.4m, and
7.83 g/t Au over 0.60m from 36.6-37.2m
9.21 g/t Au over 0.30m from 50.85-51.15m
18.62 g/t Au over 0.30m from 65.93-66.23m
9.44 g/t Au over 0.60m from 68.32-68.92m, including
13.45 g/t Au over 0.30m from 68.32-68.62
11.21 g/t Au over 0.30m from 147.23-147.53
TUDDH545
20.61 g/t Au over 7.50m from 123.6-131.1m, including
7.97 g/t Au over 1.00m from 123.6-124.6m, and
8.97 g/t Au over 0.90m from 125.6-126.5m, and
89.03 g/t Au over 1.50m from 128.3-129.8m, which includes
227.30 g/t Au over 0.30m from 128.3-128.6m, and
10.48 g/t Au over 0.30m from 128.6-128.9, and
39.01 g/t Au over 0.30m from 128.9-129.2m, and
99.42 g/t Au over 0.30m from 129.2-129.5m, and
68.95 g/t Au over 0.30m from 129.5-129.8m
9.88 g/t Au over 0.30m from 130.8-131.1m
9.38 g/t Au over 1.00m from 137.6-138.6m
TUDDH546
10.16 g/t Au over 1.20 from 104.2-105.4m, including
39.33 g/t Au over 0.30m from 104.2-104.5m
TUDDH547
13.47 g/t Au over 0.30 from 104.5-104.8m
TUDDH548
9.82 g/t Au over 0.30 from 82.6-82.9m
18.74 g/t Au over 0.30m from 101.6-101.9m
6.41 g/t Au over 1.50m from 106.2-107.7m, including
26.34 g/t Au over 0.30m from 106.2-106.5m
15.37 g/t Au over 0.30m from 110.4-110.7m
21.34 g/t Au over 2.50m from 120.85-123.35m, including
38.25 g/t Au over 1.30m from 121.75-123.05m, which includes
52.27 g/t Au over 0.30m from 121.75-122.05m, and
21.13 g/t Au over 0.30m from 122.05-122.35m, and
53.82 g/t Au over 0.30m from 122.35-122.75m, and
20.58 g/t Au over 0.30m from 122.75-123.05m
TUDDH553
7.84 g/t Au over 0.90m from 26.0-26.9m
33.52 g/t Au over 2.40m from 173.4-175.8m, including
185.60 g/t Au over 0.40m from 174.5-174.9m
Highlights from infill resampling of historic drilling include:
6.78 g/t Au over 3.50m from 91.1-94.6m, including
8.43 g/t Au over 2.70m from 91.1-93.8m, including
10.98 g/t Au over 0.90m from 91.1-92.0m in TUDDH225
9.13 g/t Au over 2.59m from 84.81-87.4m, including
74.58 g/t Au over 0.30m from 86.31-86.61m in TUDDH362
1.81 g/t Au over 0.60m from 118.2-118.8m in TUDDH410
6.88 g/t Au over 0.60m from 131.1-131.7m in TUDDH539
Infill Drilling and Resampling Program In addition to the recently reported expansion of the high-grade 500 Zone underlying the Tuvatu resource, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program. The ~8000m infill drill program was initiated in June of 2021 with the aim of infilling areas of low data density within parts of the resource currently categorized as Inferred. To date, a total of 5,615m of diamond drilling over 30 holes have been completed, with ~30% of the proposed program remaining. Concurrently, a program of resampling of unsampled intervals from historic drill holes in has been initiated with the resampling of 12 holes completed to date (23 holes planned), representing ~50% of the planned resampling program, and thus far generating ~600 additional samples in areas where data was considered sparse. The additional data generated was generated in Lion One’s own assay laboratory in Nadi and will add significant new high-grade intercepts to the resource earmarked for early production.
Final results received to date from holes drilled as part of the infill program are for 7 holes only (TUDDH541-553). All results for holes TUDDH554-562 remain pending. Figure 3 shows some of the coarse visible gold intersected as part of the infill drilling program. Photographs shown are from drill holes for which analytical results are still pending. A complete set of results for all previously unreported drill holes which form part of the infill drill program is included as Table 1.
The Company is currently undertaking two tiers of drilling: 1) the completion of shallow resource infill drilling from surface and underground, 2) deep exploration drilling from surface and underground targeting lode extensions and additional feeders under the Tuvatu resource. With the wet season starting in Fiji, the regional drill program requiring access to remote parts of the Navilawa caldera has seen a planned interruption, and is scheduled to resume in early 2022.
Deep Feeder Zone 500 – additional update An update of results obtained from the ongoing deep drilling of the high-grade 500 Zone feeder zone is also provided at this time. Additional results, as yet unreported, from ongoing drilling of the 500 Zone include: 17.43 g/t Au over 1.5m from downhole depth of 643.1-644.6m from hole TUDDH544-W1.
There are currently 3 drill holes targeting the 500 Zone. Results of these will be reported as they become available.
Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization continues to be defined both in the near-surface portion of the deposit, as well as in the expanding deep feeder Zone 500. The additional data generated by the infill drilling and resampling programs will greatly enhance our understanding of the geometry of the veins, and raise the level of confidence needed, ahead of Lion One’s near-term underground development at Tuvatu. Our objective remains to work toward a near-term modest production start, concomitant with an aggressive exploration program aimed at the continued expansion of deep bonanza-grade resources for the eventual scaled-up development of a larger and richer resource base.”
Figure 1: Left) schematic cross-section across the northern part of Tuvatu showing the location of some infill drill holes, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Figure 2: Left) schematic cross-section across the northern part of Tuvatu showing the location of some of the drill holes that have been resampled, with selected results. Right) Plan view of Tuvatu orebody as a block model, showing the trace of the Tuvatu decline and the location of the vertical section on the left. The different colors represent ore blocks of different grade forming the various lodes.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH541
52.54
54.55
2.01
1.12
59.00
59.40
0.40
2.24
63.40
63.70
0.30
1.32
69.00
70.78
1.78
1.06
109.95
110.25
0.30
2.50
112.60
116.83
4.23
4.61
including
115.63
116.83
1.20
14.35
including
116.23
116.53
0.30
33.85
118.30
118.60
0.30
1.02
120.00
123.50
3.80
3.27
including
122.30
123.50
1.20
5.71
124.63
125.23
0.60
7.09
including
124.93
125.23
0.30
12.82
127.20
130.20
3.00
0.87
including
129.90
130.20
0.30
6.69
TUDDH-542
73.00
73.60
0.60
0.75
78.10
78.40
0.30
0.73
79.80
81.50
1.70
1.65
83.60
83.90
0.30
0.87
91.90
94.70
2.80
1.36
TUDDH-545
74.60
75.60
1.00
3.38
79.60
80.20
0.60
3.23
81.60
83.60
2.00
1.4
108.10
108.40
0.30
5.36
123.60
131.10
7.50
20.61
including
123.60
124.60
1.00
7.97
and
125.60
126.50
0.90
8.97
and
128.30
129.80
1.50
89.03
including
128.30
128.60
0.30
227.3
and
128.60
128.90
0.30
10.48
and
128.90
129.20
0.30
39.01
and
129.20
129.50
0.30
99.42
and
129.50
129.80
0.30
68.95
and
130.80
131.11
0.30
9.88
137.60
138.60
1.00
9.38
TUDDH-546
80.50
81.70
1.20
2.53
97.80
99.60
1.80
1.64
104.20
105.40
1.20
10.16
including
104.20
104.50
0.30
39.33
109.20
109.50
0.30
3.76
113.20
113.50
0.30
0.92
115.90
117.40
1.50
1.04
120.50
123.30
2.80
0.85
including
123.00
123.30
0.30
3.93
60.20
60.50
0.30
1.61
66.60
67.20
0.60
1.3
68.40
69.00
0.60
1.35
TUDDH-547
70.40
71.00
0.60
2.67
76.30
77.20
0.90
1
87.10
88.90
1.80
1.13
91.60
92.50
0.90
1.59
94.30
99.70
5.40
1.96
including
94.30
95.20
0.90
5.19
97.00
99.70
2.70
1.08
104.50
104.80
0.30
13.47
107.00
107.90
0.90
3.96
110.30
111.20
0.90
0.52
115.70
118.10
2.40
0.72
TUDDH-548
82.60
82.90
0.30
9.82
99.20
100.40
1.20
1.15
101.60
101.90
0.30
18.74
106.20
107.70
1.50
6.41
including
106.20
106.50
0.30
26.34
110.40
110.70
0.30
15.37
113.90
115.30
1.40
1.16
118.45
118.75
0.30
4.31
120.85
123.35
2.50
21.34
including
121.75
123.05
1.30
38.25
including
121.75
122.05
0.30
52.27
and
122.05
122.35
0.30
21.13
and
122.35
122.75
0.40
53.82
and
122.75
123.05
0.30
20.58
74.10
74.40
0.30
4.69
TUDDH-553
26.00
26.90
0.90
7.84
108.50
109.50
1.00
0.79
115.80
120.10
4.30
1.42
173.40
175.80
2.40
33.5
including
174.50
174.90
0.40
185.6
179.90
180.50
0.60
1.91
TUDDH544W1 (500 Zone)
643.10
644.60
1.50
17.43
including
643.10
643.40
0.30
5.10
and
643.40
643.70
0.30
75.55
and
643.70
644.00
0.30
4.05
Table 2: Survey details of diamond drill holes referenced in this release not previously reported
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH544, 544W1
3920795.6
1876350.7
209.7
758.5
-65.0°
132°
TUDDH541
3920733.6
1876296.8
225.1
165.6
-49.0°
002°
TUDDH542
3920845.3
1876170.4
166.6
150.5
-7.0°
139°
TUDDH545
3920732.5
1876296.8
225.1
191.6
-80°
10°
TUDDH546
3920734.1
1876298.1
225.1
170.5
-49°
13°
TUDDH547
3920733.8
1876298.0
225.1
173.5
-61°
17°
TUDDH548
3920733.4
1876297.9
225.2
200.7
-73°
15°
TUDDH553
3920724.8
1876385.5
237.0
206.4
-74°
274°
TUDDH562
3920723.3
1876385.5
237.0
244.2
-70°
248°
TUDDH563
3920796.3
1876351.1
209.7
in progress
-63°
121°
Figure 3: A) Photo of a portion of uncut drill core from TUDDH563, one of the infill drill holes, showing coarse visible goldat 13.60m depth. Analytical results pending. B) Photo of a portion of uncut drill core from TUDDH562, one of the infill drill holes, showing coarse visible goldat 165.0m depth. C) Same interval as B after cutting. Analytical results pending.
Drilling and Assay Processes and Procedures The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here are will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. For certain high-grade samples for which results for duplicate assay are within 10% of the initial results, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
Qualified Person The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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