FRANKFURT (Reuters) – Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed.
Inflation in the 20 countries sharing the euro currency accelerated to 2.0% from 1.7% in September mostly on higher food and energy costs, coming above expectations for 1.9% in a Reuters poll of economists.
A more closely watched figure which strips out volatile food and energy prices meanwhile held steady at 2.7%, above forecasts for 2.6%, Eurostat said on Thursday.
Inflation has fallen quickly since hitting double digit territory two years ago and most economists see it back at the European Central Bank’s 2% target basis sometime in the first half of next year after some volatility in the final months of 2024.
This relatively quick return to target has also fuelled a debate in recent weeks, with some ECB officials arguing there was a growing risk that price growth will actually fall below target and the ECB will have to start stimulating growth to prevent excessively low inflation.
Such a dim outlook could even force the ECB to accelerate the pace of rate cuts and bolster the case for a bigger than usual step in December, some said.
This argument has yet to gain significant traction, however, and conservatives, or policy hawks in central bank-speak, have pushed back, arguing for measured, incremental steps because a long list of factors could still push prices higher.
A key concern is that inflation in services, the biggest single item in the consumer price basket remains way too fast, holding steady at 3.9%.
Wage growth is also faster than the 3% rate the ECB considers consistent with its target and households are sitting on ample savings, which could bolster consumer savings and overall growth.
The labour market also remains tight with the jobless rate holding steady at an all-time low of 6.3% in September, separate Eurostat data showed on Thursday.
The policy doves’ argument that overall growth is simply too weak to sustain 2% inflation was also dealt a blow this week when fresh data showed the economy expanding at 0.4% in the third quarter, twice as fast as expected, with Germany, France and Spain all showing surprising resilience.
But economists also appear to agree that no meaningful rebound in growth was likely and the euro zone will continue to grow at a lukewarm pace, below what is considered its potential.
That is why further ECB rate cuts are almost assured and no policymaker has challenged the need to move again on Dec. 12, suggesting that the step is largely a done deal, unless major data surprises alter the outlook.
Financial investors are now betting that the ECB’s 3.25% deposit rate could dip to 2% or possibly below that by the end of 2025.
The biggest uncertainty, however, is likely to be the U.S. election, policymakers say, since it could have far reaching implications for trade, growth and inflation which may require policy action further down the road.
(Reporting by Balazs Koranyi; Editing by Toby Chopra)
KELOWNA, BC / ACCESSWIRE / October 30, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds, announces that the Company intends to complete a term loan financing (the “Financing”) of up to CAD$1,500,000. Term loans under the Financing will be unsecured, carry an annual interest rate of 15%, and the Company will issue a total of 150,000 common shares in its authorized share capital, along with 75,000 share purchase warrants, for every CAD$100,000 of principal advanced under the Financing by participants/lenders pursuant to policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. The principal and interest of the term loans will be due and payable on the 12 month anniversary of the closing date. Each share purchase warrant (each a “Warrant”) is exercisable to purchase an additional common share at a price of CAD$0.07 per share for a period of 12 months.
The proceeds of the Financing will be used to expedite efforts to support the processing of material at significantly higher volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the advancement of work programmes previously underway, preparations for bulk sampling aimed at expansion into the greater portions of the Project, and for general corporate purposes. The Company believes the short-term issues which caused the recent reduction in demand and depressed prices throughout the rough diamond sector in 2024 are now showing signs of improvement, and the potential for recovery in 2025 is widely expected by most in the industry. Excess inventories experienced throughout much of the industry’s supply chain due to elevated post-Covid buying are now becoming more balanced, more restrictive sanctions are being imposed on Russian diamonds, and many of the world’s largest luxury retailers are launching significant advertising campaigns to educate consumers on the differences between lab grown diamonds and the long-term value and rarity of natural diamonds. These elements, when combined with the expected future reduction in global production due to the age of existing mines and the lack of any significant new finds in over 10 years, all provide the potential for companies with the ability to supply natural non-conflict rough diamonds to be very well-positioned moving forward. The Company would also note that it continues to advance discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the De Beers Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sybilla Gross Wed, October 30, 2024 at 9:15 PM EDT
(Bloomberg) — Gold climbed to a record, boosted by haven demand before the US election and shrugging off data that could influence the size of Federal Reserve rate cuts this year.
Bullion reached $2,790.10 an ounce in early trading on Thursday, narrowly beating the previous all-time high posted the day before. While higher-than-expected US jobs data and robust GDP figures saw traders trim bets on the size of interest-rate cuts by the US central bank, it remains on track to implement more monetary easing at its meeting next week. Lower borrowing costs tend to benefit the precious metal, as it doesn’t pay interest.
Gold has surged by more than a third this year, supported by central-bank buying and haven demand amid conflicts in the Middle East and Ukraine. The tight US presidential race between Kamala Harris and Donald Trump is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors.
Still, the Nov. 5 election is seen as a major risk event for the precious metal, which could open gold up to a correction of more than $100 an ounce, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S.
Spot gold was 0.1% higher at $2,789.04 an ounce at 9:11 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver was flat, while palladium and platinum declined.
Vancouver, British Columbia–(Newsfile Corp. – October 29, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce the results from the first 3 holes in our 19 drillhole program, focused on the conceptual open-pit. This represents 1,452 meters – 18% of the completed 8,166 m drilling campaign for 2024.
Full results for DQ24-01 to DQ24-03 have been released from SGS Laboratories (see Table 1 intercept highlights). These results indicate the potential for resource expansion within the open pit concept. Emperor is targeting a multi-million-ounce resource in a combination of conceptual open pit and underground mining scenarios. The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2
Highlights:
DQ24-02 intersects 52.1 metres (m) of 0.8 grams per tonne (g/t) gold (Au) (including 7.0 m of 1.74 g/t Au) within the open pit concept (see Figure 1). The mineralization is both within Quartz Feldspar Porphyry (QFP) and adjacent Mafic Volcanics.
DQ24-03 intersected 30.2 m of 0.4 g/t Au and DQ24-02 intersected 7.0 m of 1.30 g/t Au. Both these intercepts are adjacent to and within the QFP’s.
Drilling adds incremental ounces outside of known high-grade areas in the open pit scenario. These intercepts are expected to reduce the stripping ratio due to gold endowment in areas that were overlooked and historically unsampled.
Assay results for additional drill holes are expected to be provided in the next 2 weeks.
CEO John Florek commented: “We have been successful in demonstrating that additional ounces are contained within our conceptual open-pit model, and that the potential for low-grade bulk tonnage was indeed unaccounted for, which we expect will greatly enhance a new mineral resource estimate expected in Q1 of 2025.
As we advance towards the mineral resource estimate, lower-grade and bulk tonnage material will be key for assessing the economics of this deposit and developing an open-pit model.”
The 2024 drilling campaign at Emperor’s Duquesne West Gold Project in Quebec builds on the success of the 2023 program, which focused on adding inferred ounces within the Conceptual Ultimate Open Pit. The initial 1,452 meters of drilling concentrated on near-surface mineralization, allowing Emperor to add ounces more efficiently and at a lower grade compared to an underground mining scenario.
The 2024 season is a multifaceted program designed to test several scenarios to add ounces and/or expand the footprint:
Explore Lower Grade Discoveries: Target additional discoveries within the host rock containing high-grade gold lenses, focusing on the conceptual open-pit model.
Increase the Thickness of the High-Grade Lenses: Incorporate previously unaccounted lower-grade gold from the margins of high-grade lenses to enhance their overall thickness.
Expand Mineralized Zones: Extend the lateral footprint of mineralized zones along strike and dip.
Discover New Zones: Explore potential new zones not yet included in the Conceptual Open Pit Model, with a particular focus on eastward expansion.
With the overwhelming majority of drill holes hitting near-surface mineralization along this multi-kilometre trend, we have identified the clear potential for additional high-grade gold mineralization at depth. Emperor Metals plans to significantly expand its resource base with drill testing. A mineral resource update is scheduled for Q1 of 2025, reflecting the results of the ongoing exploration program.
The common theme to the discussion of low-grade bulk tonnage mineralization at Duquesne West is that it is hosted adjacent and within the previously unsampled Quartz Feldspar Porphyries. More drilling is needed to define the full extent and breath of this mineralization (see Figure 2).
In general, this pervasive mineralization expands in thickness as well as continuity along strike and dip. Although this mineralization is lower grade, it is contained in the Conceptual Open-Pit Model and is expanding zones in the footwall of this deposit that will certainly add ounces to the upcoming mineral resource estimate. Additionally new zones are being discovered for follow-up.
By concentrating on drilling near-surface mineralization within an ultimate conceptual open pit, Emperor can add ounces more rapidly and mine at a significantly lower grade compared to an underground mining scenario. Deposits in the region at currently active open pits have been economic at grades equal 0.30 g/t Au (see Agnico Eagles press release dated Feb 15, 2024 – Detour Lake Deposit cut-off grade, pg. 52.)
Emperor plans on a mineral resource update scheduled for Q1 of 2025.
Figure 2: Image showing DQ24-02 intercept in relation to historical DDH (Blue). Notice paucity of drilling to define lenses.
Table 1 – Intercept Highlights- Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-011
12
13
1
0.18
13
14
1
0.19
14
15
1
2.54
15
16
1
0.09
16
17
1
0.005
17
18
1
0.07
18
19
1
0.19
19
20
1
0.1
20
21
1
0.04
21
22
1
0.25
22
23
1
0.73
23
24
1
0.05
24
25
1
0.01
25
26
1
0.005
26
27
1
0.005
27
28
1
0.005
28
29
1
0.005
29
30
1
0.005
30
31
1
0.005
31
32
1
0.005
32
33
1
0.01
33
34
1
1.58
34
35
1
0.13
35
36
1
0.31
36
37
1
0.55
37
38
1
1.26
38
39
1
0.26
39
40.35
1.35
0.41
40.35
41.7
1.35
0.11
Wt. Avg.
29.7
0.31
Including: (12-23m)
11
0.40
Including:(33-41.7m)
8.7
0.55
66
67
1
0.71
67
68
1
0.33
68
69
1
0.02
69
70
1
0.02
70
71
1
0.23
Wt. Avg.
5
0.3
106
107
1
0.32
107
108
1
0.25
108
109
1
0.1
109
110
1
0.02
110
111
1
0.1
111
112
1
0.06
112
113
1
0.79
113
114
1
0.25
114
115
1
0.16
115
116
1
0.27
116
117
1
0.81
117
118
1
0.41
118
119
1
0.36
119
120
1
0.11
120
121
1
0.41
Wt. Avg.
15
0.3
165
166
1
0.64
166
167
1
0.79
167
168
1
0.005
168
169
1
0.03
169
170
1
0.39
170
171
1
0.19
171
172
1
0.06
172
173
1
0.01
173
174
1
0.09
174
175
1
0.58
Wt. Avg.
10
0.3
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-021
12.75
13.75
1
0.3
13.75
14.75
1
0.33
14.75
15.75
1
0.05
15.75
16.75
1
0.45
Wt. Avg.
4
0.3
49.5
51
1.5
11.8
51
53.5
2.5
0.005
53.5
56
2.5
0.005
56
58.5
2.5
0.02
58.5
61
2.5
2.15
61
63.5
2.5
0.85
63.5
66
2.5
0.03
66
68.5
2.5
0.005
68.5
71
2.5
0.12
71
73.5
2.5
0.005
73.5
76
2.5
0.005
76
78.5
2.5
0.005
78.5
80.7
2.2
0.005
80.7
82.3
1.6
0.15
82.3
84.7
2.4
0.005
84.7
85.7
1
0.04
85.7
86.7
1
0.23
86.7
87.7
1
0.25
87.7
88.7
1
0.02
88.7
90.25
1.55
0.25
90.25
91.25
1
0.005
91.25
92.25
1
0.95
92.25
93.25
1
1.75
93.25
94.25
1
3.83
94.25
95.25
1
3.47
95.25
96.25
1
0.66
96.25
97.25
1
0.38
97.25
98.25
1
1.12
98.25
99.25
1
0.005
99.25
100.25
1
0.28
100.25
101.6
1.35
0.13
Wt. Avg.
52.1
0.8
Including: (85.7-101.6m)
14.55
0.92
Including: (91.25-98.25m)
7
1.74
205
206
1
7.34
206
207
1
0.16
207
208
1
0.01
208
209
1
0.16
209
210
1
0.005
210
211
1
0.26
211
212
1
0.88
Wt. Avg.
7
1.3
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-031
114.6
115.6
1
1.09
115.6
116.6
1
1.11
116.6
117.6
1
0.92
117.6
118.85
1.25
0.45
Wt. Avg.
4.25
0.87
142.2
143.2
1
1.4
143.2
144.2
1
0.64
144.2
145.2
1
0.48
Wt. Avg.
3
0.84
178.5
179.5
1
2.23
179.5
180.5
1
0.56
180.5
181.5
1
0.19
181.5
182.5
1
0.03
182.5
183.5
1
0.01
183.5
184.5
1
0.03
184.5
185.5
1
0.19
185.5
187.4
1.9
0.06
187.4
188.65
1.25
0.07
188.65
189.7
1.05
0.03
189.7
190.7
1
0.68
190.7
191.7
1
0.07
191.7
192.7
1
0.01
192.7
193.7
1
2.7
193.7
194.7
1
0.12
194.7
195.7
1
0.23
195.7
196.7
1
0.11
196.7
197.7
1
0.26
197.7
198.7
1
0.16
198.7
199.7
1
0.83
199.7
200.7
1
0.24
200.7
201.7
1
0.19
201.7
202.7
1
0.27
202.7
203.7
1
0.19
203.7
204.7
1
0.09
204.7
205.7
1
0.14
205.7
206.7
1
0.07
206.7
207.7
1
2.49
207.7
208.7
1
0.29
Wt. Avg.
30.2
0.4
Including: (189.7-208.7m)
19
0.5
330.1
331.1
1
0.42
331.1
332.1
1
1.67
332.1
333.1
1
0.44
333.1
334.1
1
0.95
334.1
335.1
1
0.35
335.1
336.1
1
0.05
336.1
337.1
1
0.06
337.1
338.1
1
0.01
338.1
339.1
1
0.005
339.1
340.1
1
0.005
340.1
341.1
1
0.66
341.1
342.1
1
0.68
342.1
343.1
1
0.12
343.1
344.1
1
0.38
Wt. Avg.
14
0.4
Including:( 330.1-335.1m)
5
0.766
400
401
1
0.41
401
402
1
0.36
Wt. Avg.
2
0.4
478.2
479.2
1
0.12
479.2
480.2
1
0.36
480.2
481.2
1
1.14
Wt. Avg.
3
0.5
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.
Quality Assurance and Control
The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.
Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Sudbury laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda.
The third-party laboratory, SGS prep laboratory in Sudbury Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.
Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet, Quebec, Canada. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (CIM) guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold.
Open Pit Bulk Tonnage Gold.
Underground Bulk Tonnage Gold.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent CIM standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek”
John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
TORONTO, Ontario – (NewMediaWire) – October 28, 2024 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (Cboe:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce the signing of a definitive royalty purchase agreement (the “Agreement“) with BacTech Environmental Corporation (“BacTech“) (CSE:BAC, OTCQB:BCCEF). Pursuant to the terms of the Agreement, SCRi will be granted a royalty on BacTechs’s future bioleaching facility in Tenguel, Ecuador (the “Project“) equal to the cash equivalent of 90% of the silver processed at Project (the “Royalty“). Additionally, the Royalty provides that SCRi is to receive payments of a minimum 35,000 ounces annually for at least ten years following the commencement of regular processing operations at the Project (“Commercial Production“).
The total purchase price for the Royalty is C$4,000,000 in SCRi units (“Units“) at a deemed value of C$10.00 per Unit, with each Unit consisting of a common share of SCRi and a common share purchase warrant entitling the holder to acquire an additional Common Share at a price of C$16.00 for a period of 36 months from issue, will be deployed in three tranches based on milestones as follows:
1) 100,000 Units will be issued to BacTech upon the grant of the Royalty at Closing,
2) 100,000 Units will be issued upon BacTech successfully financing the Project, and
3) 200,000 Units will be issued upon BacTech achieving Commercial Production.
Peter Bures, Silver Crown’s Chief Executive Officer, commented, “We believe this transaction opens the door to a very exciting new opportunity for Silver Crown Royalties in Ecuadora country with immense potential that is gaining recognition from companies such as Lundin Gold, Franco-Nevada, Osisko Gold Royalties, BHP and SolGold. Additionally, we are eager to cultivate a partnership with an operator that utilizes environmentally sensitive methods for precious metals extraction and seeks an innovative approach to further unlock value.”
Ross Orr, BacTech’s President and Chief Executive Officer, added: “We are happy to be working with Silver Crown. Many of the projects that we are looking at contain complementary amounts of silver, and, as a shareholder in SCRi, it only makes sense for them to be our first call with any future silver ounces we acquire. We look forward to developing a long-standing mutual relationship with Silver Crown.”
ABOUT BACTECH ENVIRONMENTAL
BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we can neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.
ABOUT SILVER CROWN ROYALTIES INC.
Founded by industry veterans, Silver Crown is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which two are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.
This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – October 24, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (the “Company” or “Emperor“) is pleased to announce that it has arranged a non-brokered private placement (the “Offering“) of 7,500,000 flow-through shares (the “FT Shares” and each an “FT Share“) at a price of $0.11 per FT Share for gross proceeds of $825,000. Each FT Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The gross proceeds from the issuance of the FT Shares will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures,” as such terms are defined in the Income Tax Act (Canada), and in addition, with respect to Quebec resident subscribers who purchase FT Shares who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the “exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses” within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec) (the “Qualifying Expenditures“). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2024.
All FT Shares issued will be subject to a four-month hold period. The Offering is subject to the acceptance of the Canadian Securities Exchange.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Alexander Horsley” Alexander Horsley, Director
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
Not for distribution to United States newswire services or for dissemination in the United States.
VANCOUVER, BC / ACCESSWIRE / October 17, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) (“Irving” or the “Company“) is pleased to announce that, further to its news releases of June 6 and January 23, 2024, it has entered into an agreement with Newmont Overseas Exploration Limited (“Newmont“), a wholly-owned subsidiary of Newmont Corporation, and Sumitomo Corporation (“Sumitomo“) in respect of the formation of a joint venture over the Yamagano and Noto properties. The initial interests of the parties in the joint venture are Newmont as to 60%, Irving as to 27.5% and Sumitomo as to 12.5%.
Irving will be the initial manager of the joint venture. Newmont has the right to assume the responsibilities of manager at any time.
“Irving entered Japan, because it views the potential for discovering large epithermal gold deposits to be very favorable”, commented Dr. Quinton Hennigh, director and geologic advisor to Irving. “With support from Newmont and Sumitomo, Irving has been able to consolidate the historically important Yamagano mining district, site of one of the earliest large-scale high-grade veins deposits mined in the country. Yamagano is the closest mining district to Sumitomo Metal Mining’s famous Hishikari gold mine, one of the largest high-grade epithermal vein deposits on earth. Technical work suggests similar geological characteristics are evident at Yamagano to those observed at Hishikari. While the targeted veins are blind at depth, our first drill hole has already confirmed the presence of high-grade veins well outside of areas underlain by historic mining activities. This is a project that will require successive deep drill holes to test for “Hishikari” type potential, but the prize could be substantial. Irving recently completed a second diamond drill hole at East Yamagano and is now mobilizing to drill its third hole.”
About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp. Additional information can be found on the Company’s website: www.IRVresources.com.
Gold retreated from a new all-time high set on Wednesday as some investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts.
Spot gold dropped 1.0% to $2,718.79 an ounce by 12:10 p.m. ET after briefly hitting an all-time high of $2,758.25 in the morning trading. US gold futures also fell 1.0% to $2,734.00 an ounce in New York.
Bullion was down as much as 1.5% earlier in the session, with some traders exiting positions amid signs that the precious metal’s recent rally to successive highs may be excessive.
Gold’s relative strength index has been above the overbought level of 70 for the past three sessions, according to Bloomberg data.
A stronger US dollar and rising bond yields also weighed on the metal, whose price has surged by more than 30% in anticipation of the Federal Reserve’s pivot to interest rate cuts. The rally also intensified as uncertainties surrounding the US presidential race and the Middle East conflict grew.
Standard Chartered analyst Suki Cooper expects further upside risk in the coming weeks. The bank sees gold averaging $2,800 an ounce in the fourth quarter, with prices set to average $2,900 for the first three months of next year.
Those from Citi Research gave a similar outlook. The bank recently upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its 6- to 12-month forecast is $3,000.
If we start with VMS Volcanogenic Massive Sulphide Ore Deposits and their Mineralization we see from this image shows some of the sulphide chimneys associated with the model black smoker VMS deposit. VMS will emit black plume of hot water venting from one of the chimneys. You’ll remember this cross section from reads on both porphyry deposits and epithermal, in the case of VMS deposit, we are basically looking at a submarine high sulfidation epithermal deposit venting from an underlying hot chamber into the sea.
VMS deposits are dominated by copper and zinc, but there are a number of other minor minerals, including: lead, silver, gold, cobalt, tin, selenium, magnesium, cadmium and a whole host of other ones that are associated with them.
The deposits consist of a massive sulphide cap that formed on the seafloor and sort of lies parallel between two stratigraphy and an underlying feeder zone or streamer zone as it is usually called. VMS is basically mushroom shaped, Streamer zone tends to be copper rather than zinc rich. VMS deposits often form as clusters over a large intrusive heat source. If the heat chamber is long-lived you may get flat lenses of massive sulphide, each fed from the same fault, beginning successively younger as you go up through the stratigraphy. The deposits are pretty common although, as with any deposit type. There are only a few big enough or high enough grade to be economic. In spite of that, they really are economically significant with 27% of Canada’s copper production and almost 50% of its historical zinc production, and 20% of the Pb having come from this group of deposits.
VMS deposits have been forming throughout geological history and they still are forming on the seafloor today. Here’s a bunch of the better-known deposits you may have heard of. As you can see they are scattered all around the world, but I’m going to talk a little bit about the distribution later on. This is a cartoon 3D viewer of an active VMS black smoker developing on the oceanic crust on the seafloor (good rock crusher). Some of the metals are contributed by the underlying magma chamber, but as the hydrothermal fluids rise above the hot magma it sucks in cool sea water, this is then heated and mixing with the magnetic water, rises to the vent returning to the sea forming large circulation cells that maybe several kilometres across. It is the seawater circulation through the host volcanic that provides the remainder of the metal inputs. Leaching metals particularly iron there’s also bases metals and sulphur on the volcanic. Metal concentration in the hydrothermal fluids, volcanic and recycled seawater, are really low- just fractions of a percent. So how do we end up with the ore that makes up 20- 30% metal? The next slide will be on the seafloor to explain this. You can see there is a neck of fractured rock below the seafloor caused by the violent boiling of the hot fluids as the pressure is reduced, that in turn is surmounted by a series of chimneys that allow the fluid escape into the cold sea, at the bottom of the thermocline is really very cold, it’s often only a few degrees above freezing even in the tropical areas. Surrounding the chimney is an exhalative length of sulphuric material that forms on the floor. The secret of the high grade of the ore lies in rapid cooling of the hydrothermal fluid when it reaches the full seafloor.
As in porphyry deposits, the main focus of trend in deposits is the drop in temperature rather than changes in EH or pH. Different metal sulphides tend to drop out a metal solution at different temperatures- copper and gold first, followed by zinc, then lead and finally iron. There’s an overlap in the metal deposition, but that’s the broad trend. Copper starts to drop out as the temperature starts to drop from 400 degrees Celsius down to 300 degrees. The Iron and the copper drops out before the fluids actually reach the seafloor. Precipitating is a stockwork of veins in the brecciated funnel also called stringer zone, beneath the sulphide lens.
The fluids are hot, and because they are from a high sulfidation source, they’re moderately acid. This acidity alters the feldspars and host rocks to clays, some of which are washed out the rock and others metamorphous form sericite mica. Dissolved silica in the hot solutions distributes deposits such as quartz along with iron sulphide. You may hear geologist referring to this characteristic leach quartz, sericite pyrite assemblage the results are either QSP or folic alteration.
As the hydrothermal fluids reach the cold seawater, the temperature drops within seconds from 300 degrees down to 100 degrees and less. The lead and the zinc sulphite precipitates along with along with the remainder of copper. The sulfides dissolve along the sides and at the top of the vents, extending them and then bellow out to form black and white smoke as you see in National Geographic pictures. The fine clouds of sulphide cool and settles on the seafloor, building up a finely banded layers of pure sulphate which are closest to the vent, galena and sphalerite next. Pyrite deposits throughout the sequence and most desolate from the bed that is the only sphalerite still available to deposit. Beyond that the sulphur is exhausted and iron-oxide or hematite and silica is all that’s left to precipitate.
The massive sulphide is made up of a combination of finely interbedded sulphides that settle out of the black smokers and fragments of chimneys that have broken off and rolled down the slope. Here are couple of shots of massive sulphides in outcrop, note the typical, fine rhythmic banding just below the hammer on the left hand photo. The photo in the bottom right shows abandoned iron formation, developed very distantly to a VMS vent, as you can see it is made of hematite or magnetite which is oxide, rather than sulphide and white silica.
The fluids that form VMS deposits usually reach the seafloor of faults, because those faults represent zones of weakness when the stratigraphy is subsequently subject to deformation, the area around the faults is often particularly deformed. Combine this with the highly ductile nature of massive sulphides, we find that massive sulphide lenses themselves often exhibits extreme deformation. Very often the stringy cap which started off with a very high angle to the massive sulphide mushroom cap, is flattened and rotated to a much more acute angle and the massive sulphide may end up squeezed into a cigar shaped broad.
So not we know a little more about how VMS deposits are formed, let’s consider; where they occur; how common they are; and more importantly how big they are and what metal grades can we expect.
VMS deposits have been forming since the earliest of times in the Earth’s history and they are still forming today on the seafloor. As you might expect, they are found all over the world and in all ages of rocks. However, there are few areas in history where they seem to be particularly prevalent- the late Archean and the Tertiary, seem to be very prolific times. The blue, green and red symbols mark some of the more important VMS deposits worldwide.
Ok, what about size and grade? There are a number of different classes of VMS, each with somewhat very different characteristics.
It’s nice to say that economic VMS deposits generally range in size from 4- 25 million tonnes with an average of about 5 million tonnes, although there are a few monsters such as Peak Creek in Ontario which is 150 million tonnes.
Average Volcanogenic Massive Sulphide Ore Deposits Grades:
5% copper
4% zinc
< 1% lead
Maybe 1 gram per tonne of gold.
Again there are a few outlines with far higher grades than these.
Let’s look now at a few examples of VMS deposits.Nevsun’s Bisha deposit near Eritrea is a superb example of a VMS deposit. It was discovered in January in 2003, construction began in 2008 and production in 2011. This is a view of the Bisha deposit looking south, before development began. The dark brown material in the foreground is a zinc rich deposit the without the outcrop of the mineralization. Not surprisingly, the way the mineralization is being folded and it plunges to the south, where the stringer zone smeared out, parallel to the massive sulphides. The massive sulphide material varies from 1- 70 meters thick, this is unusual as most VMS deposits are less than 20 meters in thickness. Bisha is a footprint that’s about 1 kilometre long and 200 meters wide. In spite of the steep dip to the mineralization which results in a pit with a high stripping ratio the deposit has one big advantage. So there is a leach gold zone on the surface, underlain by a secondary enrich copper zone with the primary zinc dominated, primary zone below that.
The advantage of this is the expense is concentrated and does not have to be booked by start-up and could be constructed just a few years later when the primary sulphides are reached and funded, most importantly from cash flow, rather than debt. Most attractive of all in Bisha, is the size:
With reserves of 26 million tonnes
at 1.8% copper
6.3% zinc
0.9 grams per tonne gold
and 41 grams per tonne silver.
This is 5 times the average VMS site. VMS deposits occur in clusters/groups and Bisha is no exception. With at least 7 other VMS deposits discovered within 20 kilometres. Although Bisha is the only one in production so far.
The second example we are going to talk about today is kind of unusual, it’s actually a group of deposits that only recently been formed, in fact they are so young they are still on the ocean floor and will have to be mined remotely from floating platforms. They were discovered by Nautilus Mining Company using a combination of both metrics and EM geophysics. To date it gives and fascinating insight to the nature of the black smoker fields.This image is taken from Nautilus’ 43 101 report and it shows an amazing isometric view of the chimney of Salwara 1 target off the coast of Papua New Guinea derived from the symmetry.The image covers about 800 meters from left to right and the individual chimneys are clearly visible. The small image shows remote operating vehicles claws, removing a sample of a smoker chimney for for assay. For environmental reasons only extinct smokers were targeted. Once the hot water stop flowing, the cold and lack of nutrients causes the once abundant sea life to move away or to die. Extinct smokers are therefore devoid of significant sea life, and environmentally not an issue. In the cross section of the Solwara 1 VMS based on mapping and drilling of deposits we can see the massive sulphides in red, the alterations associated with stringer zones in pale green. Although the resource is relatively small, just two and a half million tonnes, the grades are exceptionally high- with a copper grade of almost 8% and a gold grade of over 6 grams per tonne, as is typical there has been at least 18 other deposits discovered in this particular cluster.The Solwara 1 VMS is at a depth, 1600 meters below sea level. Submarine VMS deposits have never been mined before but the equipment that Nautilus plants use has a proven record, excavating trenches for submarine cables and mining marine diamonds off the South African coast. Its practicality is well established. This is another piece of mining equipment that Nautilus is considering having custom built, you will notice the proposed completion date in this old material, to my knowledge this construction is still on hold which gives the indication that funding and mining will not be straight forward. Once the material is remotely mined, its plan to pump it to the surface as a slurry then to transfer debarked or to transport to lower a sure base concentrator.
