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EMX Executes Agreement to Acquire Royalty Portfolio from SSR Mining

Figure 1: Locations of assets in the Royalty Portfolio

EMX Executes Agreement to Acquire Royalty Portfolio from SSR Mining

Vancouver, British Columbia, July 29, 2021 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) – EMX Royalty Corporation (the “Company”, or “EMX”) is pleased to announce that it has entered into an agreement (the “Royalty Purchase Agreement”) dated July 29, 2021 with SSR Mining Inc. and certain of its subsidiaries (“SSR Mining”) to purchase a portfolio of royalty interests and deferred payments (the “Royalty Portfolio”). The Royalty Portfolio consists of 18 geographically diverse royalties, with four royalty assets at advanced stages of project development, and also includes U.S. $18 million in future cash payments to be made to the owner of the Royalty Portfolio (see Figure 1 and Table 1). Upon closing of the transaction EMX will pay to SSR Mining U.S. $33 million in cash and U.S. $33 million in common shares of EMX. EMX will also make deferred and contingent payments to SSR Mining of up to U.S. $34 million if certain project advancement milestones are achieved. Further details of the commercial terms are provided below. Completion of the transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange (the “TSX-V”).

The portfolio is highlighted by the Gediktepe royalties, which cover assets currently being developed by Lidya Madencilik (“Lidya”), a private Turkish company that expects initial production from Gediktepe in late 2021. These include a 10% NSR royalty on production from an oxide gold-silver deposit and a 2% NSR royalty on underlying polymetallic volcanogenic massive sulfide (“VMS”) mineralization. Yenipazar (Turkey) and Diablillos (Argentina) are additional royalties on advanced stage projects (see summaries below) and the other 14 royalty interests cover both precious metal and base metal assets in South America, Mexico, the United States (Nevada) and Canada.

This transaction will leverage EMX’s experience base in Turkey, is expected to provide significant near-term cash flow to the Company, and establishes a pipeline of quality royalty assets in numerous well-recognized mineral belts around the world. EMX has been working in Turkey for nearly 20 years and looks forward to building its relationship with both SSR Mining and Lidya. In Lidya, EMX sees a well funded and highly capable operator that is developing both the Gediktepe and Hod Maden mines in Turkey. The Gediktepe and Yenipazar royalty interests will bolster EMX’s existing royalty portfolio in Turkey, which includes an uncapped 4% NSR royalty on the Balya North polymetallic deposit and other royalty interests in Turkey. Balya North is being developed by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”) and remains on schedule to commence commercial production in 2021.

This Royalty Portfolio acquisition is well aligned with EMX’s corporate growth strategy, whereby the Company leverages its in-region expertise in identifying opportunities in jurisdictions where EMX already has a strategic presence. Through the years this approach has led to continuous value creation for the Company and synergies with existing EMX initiatives around the world. Further, securing near term positive cash flow will represent an important step in the Company’s evolution.

Rodney Antal, President and Chief Executive Officer of SSR Mining, commented “We are very excited to become a shareholder of EMX where our investors will have the opportunity to participate in the value creation associated with an established, growth-oriented company with an attractive portfolio of precious, base and battery metals royalties”.

Commercial Terms Overview. As stated above, upon closing of the transaction EMX will pay to SSR Mining U.S. $33 million in cash and U.S. $33 million in common shares of EMX. The number of common shares to be issued by EMX to SSR Mining will be based on the volume-weighted average price (“VWAP”) of the shares on the NYSE American stock exchange for the 20 days prior to the date of completion of the transaction (the “Closing Date”). All such shares will be subject to a hold period of 4 months and a day from the Closing Date. Upon closing, SSR Mining will own an approximate 12% undiluted equity interest in EMX, subject to final calculation at closing.

Additional deferred payments of up to U.S. $34 million will be made by EMX to SSR Mining in consideration for the Net Profits Interest (“NPI”) royalty on the Yenipazar property in Turkey. These will be payable as follows: (i) U.S. $2,000,000 in EMX common shares based on the 20-day VWAP prior to the date of commencement of construction of a mill on the Yenipazar property; (ii) U.S. $2,000,000 in EMX common shares based on the 20-day VWAP prior to the date of commencement of commercial production; (iii) U.S. $15,000,000 in cash, payable when EMX has received U.S. $10,000,000 in net profits interest payments under the Yenipazar NPI; and (iv) U.S. $15,000,000 in cash, payable when EMX has received a second U.S. $10,000,000 in net profits interest payments. All such shares will be subject to a hold period of 4 months and a day from the date of issue.

EMX intends to pay up to U.S. $10,000,000 of the cash payable at closing with the proceeds of a U.S. $10,000,000 senior secured credit facility (the “Credit Facility”) provided for in a non-binding term sheet EMX has entered into with Sprott Private Resource Lending II (Collector), LP (“Sprott”). The Credit Facility is to mature one year from the Closing Date, bear interest at a rate of 7% per annum, and be secured by general security agreements over the assets of EMX and certain of its subsidiaries, and pledges of the shares of certain of EMX’s subsidiaries, who will, at Sprott’s election, also be guarantors of the loan. In addition to interest payable, the U.S. $10,000,000 to be advanced under the Credit Facility will also be subject to an original issue discount equal to 5% of the amount of the advance. Under the term sheet, Sprott will subscribe for U.S. $300,000 of EMX common shares at closing, at a deemed price equal to U.S. $2.74 per share. All such shares will be subject to a hold period of 4 months and a day from the Closing Date.

If the Credit Facility is not ultimately entered into, the Royalty Purchase Agreement provides for vendor takeback financing by SSR Mining of up to U.S. $5,000,000 (the “VTB Note”), and EMX will pay the balance of the cash payable at closing from available working capital. The VTB Note will bear interest at 14% per annum and will mature 60 days from the Closing Date. If unpaid within such 60 day period, the VTB Note ‎will bear additional interest at a rate of 2% per annum for each 60 day period past due‎.

Royalty Portfolio Overview. As summarized in Figure 1 and Table 1, the Royalty Portfolio spans over 69,000 hectares across seven countries on three continents. Summaries for Gediktepe, Yenipazar and Diablillos are provided here, and further information on the Royalty Portfolio and other EMX assets can be found at www.emxroyalty.com. Upon completion of the transaction, of the royalties purchased, only the royalty over the Gediktepe property in Turkey will be material to EMX at the present time. EMX is currently preparing a technical report on the Gediktepe property to be filed on SEDAR.

Gediktepe VMS Deposit, Western Turkey: The Gediktepe VMS deposit was discovered by a Joint Venture (“JV”) initiative between Alacer Gold Corp. (“Alacer”) and Lidya in 2012-2013 and was quickly advanced to PEA (2014) and Prefeasibility stages (2016). The deposit is comprised of a polymetallic VMS system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit. Operator Lidya has commenced development and construction of the project and is anticipating initial production in late 2021.

Alacer, the previous owner of the Gediktepe royalties, completed a merger with SSR Mining in September of 2020. The Gediktepe Royalties consist of: (i) a perpetual 10% NSR royalty over metals produced from the oxide zone (predominantly gold and silver) after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone (predominantly copper, zinc, lead, silver and gold), payable after cumulative production of 25,000 gold-equivalent sulfide ounces.

The Gediktepe property is the subject of an NI 43-101 Prefeasibility study entitled “Gediktepe 2019 Prefeasibility Study” prepared by OreWin Pty Ltd. on behalf of Alacer with an effective date of Mar. 26, 2019 (the “Gediktepe Report”). The 2019 Gediktepe Report is filed on SEDAR and contains historical mining reserve and resource estimates (summarized in Tables 2.1 and 2.2).

Yenipazar VMS Deposit, Central Turkey: The Yenipazar polymetallic VMS deposit was discovered in the late 1990’s by YAMAS, a predecessor of Alacer and SSR Mining. Aldridge Minerals Inc. (“Aldridge”), a public Canadian corporation formerly listed on the TSX-V, formed a JV with Alacer in 2004 with the right to earn a majority interest in the project. Later modifications to the JV agreement in 2006 led to Aldridge acquiring a 100% project equity interest, with Alacer retaining an NPI royalty that is set at 6% until U.S. $165 million in revenues are received by the royalty holder, after which the NPI converts to a 10% interest.

Aldridge delivered a feasibility study in 2013 that was updated in 2014 before Aldridge encountered financial difficulties. Ultimately, Aldridge (and Yenipazar) were sold to a new private company (Virtus Madencilik) headed by Aldridge’s major shareholder, Ahmet Taçyildiz. Trafigura Ventures V B.V. also owns a 30% interest in Virtus. Virtus recently updated the feasibility study for Yenipazar and is currently seeking project financing for development of the project.

Diablillos Gold-Silver Epithermal deposit, Argentina. Diablillos is an extensive 7,900 hectare property located in the mining friendly Province of Salta in the Argentine Puna region. There are currently seven known mineralized zones on the Diablillos property, with the Oculto zone being the most important and the most explored. Oculto is a deeply oxidized, high-sulfidation epithermal silver-gold deposit.

Operator AbraSilver Resource Corp. (TSX-V: ABRA, “AbraSilver”) has an option to acquire 100% of the Diablillos property, with one outstanding payment due on the earlier of the date on which commercial production occurs at Diablillos or July 31, 2025. A 2018 PEA reported historical Indicated Resources at Oculto of 26.85 million tonnes grading 93g/t silver and 0.85g/t gold, for 80.3 million ounces of contained silver and 732 thousand ounces of contained gold[1]. Preliminary metallurgical tests indicate high recoveries from a crushing, grinding and agitated leach plant with a Merrill-Crowe circuit. High-grade copper intercepts have been discovered at depth and may suggest deeper porphyry-style potential.

AbraSilver continues to drill Oculto as well as advancing other targets on the property. An updated PEA is expected in Q3 2021, with a feasibility study slated for 2022.


Note: A qualified person has not performed sufficient work to classify the historical resource estimate for Diablillos as current, and EMX is not treating the historical estimate as current mineral resources. Significant data compilation, confirmation drilling, re-sampling and data verification by a qualified person may be required before the historical estimates can be classified as current mineral resources. The historical estimate is considered by EMX to be reliable and relevant, and is presented for the purpose of describing the extent and nature of mineralization as presently understood. The historical estimate should not be relied upon until verified.

Summary: By agreeing to acquire the Royalty Portfolio, EMX seeks to secure near term and sustained cash flow from a diverse collection of royalty interests and deferred consideration payments. Further, EMX welcomes SSR Mining as a strategic shareholder in EMX. EMX views this transaction as wholly accretive to its overall business, where royalties over multiple advanced and resource stage assets add significant value and diversity to EMX’s global portfolio.

Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.

[1] As reported in Technical Report on the Diablillos Project, Salta Province, Argentina, prepared by Roscoe Postle Associates (RPA) and filed on SEDAR by AbraPlata Resource Corporation with an effective date of April 16, 2018. Mineral Resources were reported to CIM guidelines and definitions. The resources were estimated using Ordinary Kriging within grade shell domains and reported within an optimized pit based upon metal prices of $1500/oz gold and $23/oz silver and variably calculated recoveries (refer to the technical report for details).

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX. Please see www.EMXroyalty.com for more information.

About SSR Mining. SSR Mining Inc. is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.
For further information contact:
David M. ColePresident and Chief Executive OfficerPhone: (303) 979-6666Dave@EMXroyalty.com
Scott CloseDirector of Investor RelationsPhone: (303) 973-8585SClose@EMXroyalty.com
Isabel BelgerInvestor Relations (Europe)Phone: +49 178 4909039Ibelger@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actualresults, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Categories
Base Metals Junior Mining Precious Metals Project Generators Uncategorized

Riverside Resources Drills New Gold Vein System Developing an Updated Exploration Model at the Cuarentas Project in Sonora, Mexico

Vancouver, British Columbia–(Newsfile Corp. – July 29, 2021) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to present the new exploration model for the Cuarentas Project in Sonora, Mexico. This new model results from the compilation of the updated geochemistry processing from an external expert geochemist consultant, combined with the new proof of concept drill results from hole LC20-010. This is the first drill hole testing the Santa Rosalia Sur target by Riverside.

Highlights from the hole LC20-010 discovering a new drilled vein system:

  • 3.15 m at 0.36 g/t Au including 0.7 m at 0.88 g/t Au
  • 1.55 m at 0.58 g/t Au including 0.65 m at 1.05 g/t Au

Riverside’s President and CEO, John-Mark Staude: “We are excited to receive the new and first ever drill assay results from the Santa Rosalia Sur target area which begins to outline a strong drill target area at the Cuarentas Project. We are optimistic that with just one initial hole the campaign has encountered two vein areas wide open at strike and depth to continue seemingly above a degassing Laramide porphyry Cu-Au center.“https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html

The Cuarentas epithermal vein drilled mineralized area intersected at surface and appears to be the upper part of a copper-gold porphyry system that is potentially responsible for the extensive >6 km2 area including sericite and pyrophyllite alteration. Some of the key features include:

  • A major NW oriented fault corridor, linked with a 2.5 km continuous strong (>0.3 g/t Au) gold anomaly along trend.
  • Detailed and regional mapping by Riverside defines post-mineral cover boundary which was previously interpreted as the limit of the system and is now clearly seen as younger cover with the system being significantly larger and only a fraction exposed at the surface. Channel rock-sampling highlighting up to 3.4m @ 9.1 g/t Au at the surface of the single drill hole demonstrates potential for more gold in further drilling of this Santa Rosalia Sur target.
  • Strong geophysical texture with airborne and ground magnetic features defines the continuity of main shear zones which control veins and then downward into a porphyry Cu-Au targeting at depth. Further drilling is warranted to test the magnetic features.
  • Extensive pyritic halo across the entire property with zones of white micas and pyrophyllite indicate higher temperature vectors toward an undrilled porphyry system.
  • Extensive database from work done by Paget, Millrock, Centerra, Hochschild and Riverside gives abundant data now compiled.
  • Historical production reporting more than ten old adits and up to 100,000 tonnes mined from the 1950s.
  • A total of 14 historical and recent drill holes, which are evidence for mineralization, alteration useful for vectoring and targeting for future work.

And recently:

  • Defined Intermediate Sulfidation system at Santa Rosalia Sur which is vectoring toward a potential feeder zone; Geochemistry analysis are showing zoning of higher ratios which compiled with mapping and drilling is leading to a potential feeder zone (see Figure 1 below).
  • Single drill hole at the Santa Rosalia Sur target by Riverside has intersected wide pyritic zones, similar to the upper parts of known porphyry systems and vein halos in this Arizpe Sonora District including like portions of Las Chispas Mine and also Mercedes Mine which are nearby neighbors to the east and west respectively. Drilling here at Santa Rosalia Sur cut a gold rich mineralized quartz vein zone beneath post-mineral cover (see Figure 3 below – core pictures). Geologically, this hole is important for interpretation and vectoring purposes.



Figure 1: Two maps of the Cuarentas Project highlighting above the geochemistry ratio distributing spatial (top map), and Interpretation for targeting next drill program (bottom map of same area as top map).

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6101/91539_7982025584517b94_002full.jpg

To conclude, after taking into consideration, Riverside is highlighting the possibility of a feeder system of intermediate sulfidation along the Testerazo fault corridor. The latter is known to be involved as a deep-seated structure within the Arizpe district, and regionally associated with porphyry feeder further to the south. Distribution of evidence is showing an opportunity for more geophysics within the southern block, near the Sombrerito target, which then will lead to test drilling (see Figure 2 below).



Figure 2: Interpretative SW-NE Cross Section of the Cuarentas Project, indicating prospective target at depth for drill testing of feeder zone (based on current drill and surface data).

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6101/91539_7982025584517b94_003full.jpg

Overall, the Cuarentas district is particularly prolific, with extensive alteration and can be seen at surface with extensive jarosite, limonite and pyrite non-oxidized in drill holes (see Figure 3 below). This pyritic halo extends for multiple km2. Zones of higher temperature clays are an important vector for the feeder zone, which are defined in Figure 1 above.



Figure 3: Core pictures of the hole LC20-010. Left picture: sheeted vein zone – and gold interval upper part of the core hole; Right picture: Example of pyritic halo intersected in drill hole.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6101/91539_7982025584517b94_004full.jpg

Qualified Person & QA/QC:

The scientific and technical data contained in this news release pertaining to the Cuarentas Project 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 in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Riverside completed a QA/QC program as part of the drilling program with about 10% of the samples assayed being control samples. Standards and blanks were inserted approximately every 20 samples and duplicates every 30 samples. Drill samples were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.

Rock samples from the previous exploration programs discussed above at Cuarentas were taken to remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M 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

Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

Categories
Junior Mining Precious Metals Uncategorized

Lakewood Exploration Appoints Ron Burk as Technical Advisor

VANCOUVER, British Columbia, July 28, 2021 (GLOBE NEWSWIRE) — Lakewood Exploration (CSE: LWD / OTC: LWDEF) (“Lakewood” or the “Company”) is pleased to welcome Ron Burk as a Technical Advisor to the Company.

Mr. Burk is an exploration geologist with over 30 years of experience in the minerals industry, primarily focused on identifying and evaluating exploration properties. He has held numerous senior roles, including Vice President Exploration at Centerra Gold Inc. and Vice President of Exploration and Chief Geologist at Silver Standard Resources Inc. (now SSR Mining), where he contributed to discoveries that resulted in the definition of a world-class silver resource at the Pitarrilla project in Durango, Mexico and major gold resources forming the Snowfield and Brucejack deposits in northern British Columbia, Canada. Prior to joining Silver Standard in 2004, Ron had worked since 1989 as an exploration geologist for Teck Resources Ltd. and its predecessors, focused on target generation and property evaluations in the Americas.

“The addition of Ron Burk as an advisor brings even more depth to our technical team as we advance the Company’s recently acquired past-producing Silver Stand mine towards an initial drill program later this year,” said Lakewood President, Morgan Lekstrom. “Mr. Burk’s extensive experience, including nearly a decade in senior roles for a silver-focused mining company (Silver Standard), will be invaluable as we advance Silver Strand and evaluate new acquisition targets as part of our growth strategy.”https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html

About Lakewood Exploration

Lakewood Exploration is a junior resource company that controls the Lacy Gold Project in British Columbia, Canada, and the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA. The Company is rapidly advancing towards an initial drill program at Silver Strand with the aim of defining a large silver resource within a belt that has produced more than 1.2 billion ounces of silver to-date. Geologic studies indicate that the Silver Strand Mine is hosted by the Revett formation, suggesting the potential for significant down dip extensions as demonstrated by other major mines in the district. Previous operators were solely interested in developing the known shallow mineralization, with the mine’s lowest level extending only 90 metres below surface. Lakewood strives to become a multi-mine silver producer.

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 Lakewood Exploration Inc.

Morgan Lekstrom

President

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

Contact Kristina Pillon, President, High Tide Consulting Corp., 604.908.1695 / investors@silverhammermining.com

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.htmlhttps://jac.yahoosandbox.com/0.7.0/safeframe.html

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Precious Metals

Minera Alamos Announces Passing of CFO Chris Chadder; Appointment of New CFO

Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – July 28, 2021) – Minera Alamos Inc. (TSXV: MAI) (the “Company” or “Minera Alamos”) is saddened to report the untimely passing of Chris Chadder, CFO, on July 24th, 2021 after a brief illness. Chris had worked with the Minera Alamos team as CFO for over a decade and will be sorely missed by all those who have worked closely with him. Our condolences and sympathies, and those of our Board of Directors, Management team, and colleagues, go out to his wife and family at this difficult time.

“In addition to all his positive contributions to our business over the years, Chris was first and foremost a close personal friend to our entire group and he will be profoundly missed. Professionally, he worked extensively with our technical team both in Canada and in Mexico and through a number of different business ventures. Chris’ unique combination of technical and operations knowledge combined with his financial abilities made him a truly exceptional part of the group and instrumental to the successes we were able to achieve,” stated Darren Koningen, CEO of Minera Alamos. “On a personal note, and to quote a close friend to us both, ‘he was both a gentleman and a scholar’ and I will dearly miss his advice and his companionship.”

As part of overall efforts late last year to bolster internal finance department resources, the Company was able to add support from Janet O’Donnell. Janet was formerly the CFO of Castle Gold Corporation and has worked closely in the past with the Minera Alamos team during the construction and operation of the El Castillo gold mine prior to its acquisition by Argonaut Gold in 2010. Janet O’Donnell has been appointed the new CFO of the Company.https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html

“While the circumstances surrounding Janet’s appointment are far from ideal, we are fortunate to be able to bring her back to the team that functioned so well together during the Castle Gold days. I have no doubt that our entire team will push forward to make Minera Alamos’ lasting success a fitting tribute to Chris’ hard work, dedication, and contribution to the Company,” stated Doug Ramshaw, President of Minera Alamos.

The Board of Directors of Minera Alamos has approved the issuance of 500,000 options to Janet O’Donnell pursuant to its stock option plan. The options are exercisable at a price of $0.72 and expire in five years and are subject to certain vesting provisions based on attaining specific production milestones.

For Further Information Please Contact:

Minera Alamos Inc.

Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com

Victoria Vargas de Szarzynski, VP Investor Relations
Tel: 289-242-3599
Email: vvargas@mineraalamos.com

About Minera Alamos Inc.

Minera Alamos is a gold development company poised to join the ranks of gold producers in 2021. The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach development project in Sonora that is currently under construction, and which is expected to have its first gold production approximately mid-2021. The newly acquired 100%-owned Cerro de Oro oxide gold project in northern Zacatecas that has considerable past drilling and metallurgical work completed and could enter the permitting process rapidly. The La Fortuna open pit gold project in Durango (100%-owned) has an extremely robust and positive preliminary economic assessment (PEA) completed and the main Federal permits in hand. Minera Alamos is built around its operating team that together brought 3 mines into production in Mexico over the last 13 years.

The Company’s strategy is to develop very low capex assets while expanding the projects’ resources and continuing to pursue complementary strategic acquisitions.

NEITHER 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.

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Junior Mining Precious Metals

Eloro Intersects 129.65 g Ag eq/t over 300.75m in the Mineralized Envelope of the Santa Barbara Breccia Pipe at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

July 28, 2021

The Gate of the Sun

TORONTO, July 28, 2021 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 46 diamond drill holes totalling 22,398.9 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) and the central-southern part of the Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the major Porco (South) Target. The second surface drill is currently cleaning out drill holes on the SBBP radial platform for the planned downhole induced polarization/resistivity (IP/RES) survey then will be moved to test the gap area between the Central and Porco Breccia Pipes. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. This drill will shortly be moved to a new drill bay recently completed on the west end of the Santa Barbara adit. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and northern CBP areas showing the magnetic low target to the northwest of the SBBP where drilling is planned (see press release June 7, 2021 for an overview of the magnetic results). Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

  • Hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings to test the mineralized envelope of the SBBP, intersected 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m. This includes higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which continuous channel sampling previously reported returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals;
  • Hole DSB-11, drilled to the southeast at -40 degrees from the SBBP radial centre to test the area approximately 300m below the Santa Barbara adit intersected 121.90 g Ag eq/t (40.27g Ag/t, 0.10 g Au/t 0.48% Pb, 0.11% Cu and 0.14% Sn) over 137.4m from 190.02m to 327.36m. This includes a higher-grade interval grading 173.53 g Ag eq/t over 80.54m. Notable intercepts lower in the hole include 76.59 Ag eq/t over 55.9m from 407.60m to 463.51m including a higher-grade section of 105.56 g Ag eq/t over 33.31m and 78.82 g Ag eq/t over 143.03m from 520.7m to 773.73m including 105.48 g Ag eq/t over 34.82m and 120.70 g Ag/t over 19.54m. Overall 61% of this 665.3m hole contains reportable intersections.
  • Hole DCS-01 drilled due east at -60 degrees was the first reconnaissance hole drill from the south radial platform on CBP. This hole, which was drilled to 1,007.5m, intersected 25 reportable Ag-Zn-Pb-Sn mineralized intervals ranging in size from 1.43m to 34.86m from the start of the hole to its end. Best results include 87.75 g Ag eq/t over 21.67m, 161.07 g Ag eq/t over 13.25m, 100.60 g Ag eq/t over 15.15m, 54.44 g Ag eq/t over 34.86m, 90.24 g Ag eq/t over 26.91m and 117.48 g Ag eq/t over 16.51m.
  • Hole DCN-03 was drilled southeast at -60 degrees from the northern radial platform of the CBP. This hole intersected nine mineralized intersections principally Sn-Ag over its 464.5m length. The best result was 48.59 g Ag eq/t (16.23 g Ag/t, 0.12% Pb and 0.064% Sn) over 15.05m.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are close to completing first pass drilling over three of our major target areas in the Iska Iska Caldera Complex. Following completion of the downhole IP/Res survey, we will be carrying out additional drilling in the SBBP and its surrounding envelope to define the full extent of mineralization which remains open in all directions. This drilling will also test the potential extension of the mineralized zone to the northwest as indicated by the strong magnetic low as shown in Figure 2. Hole DCS-01 intersected silver-tin polymetallic mineralization similar to what we are seeing visually in the initial drill holes on Porco. Analysis of the magnetic data suggests the potential for a centre of mineralization in the gap zone between CBP and Porco; this will be drill tested soon. The northern part of CBP is primarily an Sn target with some Ag. We will determine the follow-up drill plan there once we receive pending assays from the drill holes. Our Tupiza-based exploration team led by Dr. Osvaldo Arce, P.Geo. continues to do an excellent job keeping up with all the drilling and we thank our drill contractor Leduc Drilling for the continuing high quality drill production.”

Dr. Quinton Hennigh, Senior Technical Advisor to Eloro stated: “The 300.75m intercept grading 129.65 g Ag eq/t in hole DHK-18 generates a metal factor of approximately 39,000 gram-meters Ag eq/t, a remarkable result and a clear testament to the strength of the Iska Iska Ag-Sn-base metal system. For those more familiar with gold, this grade is equivalent to almost 2 g Au eq/t over 300.75m. Importantly, mineralization occurs in the wall rock envelope east of the SBBP, thus the system is not constrained to the limits of the breccia pipes. All holes drilled across the project to date display intervals of alteration and mineralization, and the limits of the system have not yet been delineated. In short, all geologic settings, either in or out of the breccia pipes, can be considered prospective, and the deposit is wide open for expansion in all directions. We have lots to look forward to as results return from multiple outstanding holes including those recently completed at Porco (South).”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 28, 2021:
https://www.globenewswire.com/NewsRoom/AttachmentNg/791b9920-e338-4786-bc91-cf7cebb0780b

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:

ElementPrice (per kg)Ratio to Ag
Ag$875.001.00000
Sn$28.000.03200
Zn$2.800.00320
Pb$2.100.00240
Au$57,40065.6000
Cu$8.800.01006
Bi$12.760.01458
In$305.000.34857
Cd$5.500.00629


In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 28, 2021.

Hole No.TypeCollar
Easting		Collar
Northing		ElevAzimuthAngleHole Length
m
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-19UG205422.77656359.84151.6145-45329.8
DHK-20UG205421.27656359.24151.4180-50350.8
DHK-21UG205418.57656360.04151.9235-70512.9
DHK-22UG205418.57656360.04151.9210-60600.0
      Subtotal1,793.5
DHK-23UG205418.57656360.04151.9270-50In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-04S204902.07655860.04420.00-80851.4
DCN-05S204902.07655860.04420.090-60524.3
DCN-06S204902.07655860.04420.0180-80626.4
DCN-07S204902.07655860.04420.0270-60680.4
      Subtotal2,682.5
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-01S204852.07655612.84429.690-601,007.5
DCS-02S204852.37655612.44429.6135-60800.5
DCS-03S204852.17655612.34429.7225-60443.5
DCS-04S204852.17655612.34429.7180-60644.4
      Subtotal2,895.9
Porco Central – Surface Radial Drill Program
DPC-01S205457.27655110.94175.0270-60767.5
DPC-02S205457.27655110.94175.0225-60908.2
DPC-03S205457.27655110.94175.0135-60524.5
      Subtotal2,200.2
DPC-04S205457.27655110.94175.00-60In progress
      TOTAL9,571.9

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 22,398.9m in 46 holes (18 underground holes and 28 surface holes) with one underground and one surface hole in progress. The second surface drill is cleaning out holes for the downhole IP survey.


Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:

  • 122.66 grams silver equivalent/tonne (“g Ag eq/t”) (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m from 236.60m to 360.21m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m, from 317.21m to 349.53m.
  • 105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m from 449.87m to 623.45m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m, from 551.19m to 590.27m.
  • 146.19 g Ag eq/t (1.70 g Ag/t, 0.00% Zn, 0.01% Pb, 0.42% Sn and 0.02 g Au/t) over 10.20m from 171.60m to 181.80m in the oxide zone indicating potential for significant Sn mineralization in this strongly leached nearer surface zone.
  • In aggregate, 64% of this 683.4m long hole returned reportable mineralized intervals.

Eloro Resources reported additional multiple holes with significant silver-tin polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes on July 6, 2021 including:

  • Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.
  • Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m, 80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

A detailed ground magnetic survey of the Iska Iska property reported on June 6, 2021 confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data. The Santa Barbara and Central Breccia Pipes, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the that the Central and Porco Breccia Pipes likely merge at depth. There is a prominent area of low intensity magnetics northwest of the Santa Barbara Breccia Pipe which requires follow-up work.

Geological mapping and satellite interpretation identified a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. This target is currently being drill tested. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A a downhole induced polarization/resistivity survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9b76591-0f6e-4c85-a9a5-bb851b962e8b

Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing location of strong magnetic low target:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7302270-331b-4e58-a0f9-0cee6634bc19

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Breaking Junior Mining Lion One Metals Precious Metals

Lion One Drills Additional High Grade Gold Intercepts Targeting Deep High Grade Feeder at Tuvatu

Mon, July 26, 2021, 3:01 AMIn this article:

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Highlights Include 437.13 g/t Au over 0.60m and 55.44 g/t Au over 2.30m

North Vancouver, British Columbia–(Newsfile Corp. – July 26, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce assay results from ongoing deep step-out drilling at the Company’s 100% owned Tuvatu gold project in Fiji.

Multiple high-grade gold intercepts have been encountered in TUDDH533. The deepest intercept of 55.44 g/t Au over 2.30m (including 221.60 g/t over 0.40m) from a downhole depth of 575.70m, is believed to be a continuation of the same structure that encountered 55.44 g/t over 12.70m in TUDDH500, 40m to the SW, in July 2020 (see July 24, 2020 News Release). Evidence is growing that this deep NE-oriented structure is nearly vertical, with a strike length of at least 360m, and vertical extent of at least 720m from surface. It is believed to be an extension of the high grade UR4 lode, open both at depth and along strike where it projects from the Tuvatu resource area to the Banana Creek target 3.5km to the NE.

Highlights include:

  • 18.96 g/t Au over 0.65m beginning at a down hole depth of 13.00m
  • 437.13 g/t Au over 0.60m beginning at a down hole depth of 266.80m
  • 16.14 g/t Au over 1.45m beginning at a down hole depth of 309.35m
  • 55.44 g/t Au over 2.30m including 221.60 g/t Au over 0.40m from 575.70m

Lion One interprets this deep intercept from TUDDH533 to be part of the same important structure as TUDDH500 with both intercepts displaying strong visual similarities including coarse pyrite and visible gold in gray silica within centimetric-scale veins with distinct light gray potassium feldspar alteration halos around the veins (see Figure 1).

Several shallower high-grade intercepts in hole TUDDH533 are also very important, especially 473.13 g/t Au over 0.60m occurring at 266.80m down hole depth. Veining in this area appears almost perpendicular to core suggesting this high-grade intercept possibly represents a flat lode. Such flat lodes, known as the SKL group, are common higher up at Tuvatu. If this intercept is indeed from a flat lode, it would be the deepest known flat lode at Tuvatu. Lion One believes that the ore-forming fluids that generated the high-grade feeder discussed above may have found their way into nearby fractures thus forming lodes similar to those seen in the SKL group.



Figure 1: Comparison of drill core from TUDDH 500 (L) and TUDDH533 (R)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/91172_863e682524336811_001full.jpg

Results from hole TUDDH533 include:

Drill HoleFrom (m)To (m)Drilled Interval (m)Au (g/t)
TUDDH53313.0013.650.6518.96
Incl.13.0013.300.3036.69
20.3023.803.502.59
Incl.20.3021.801.504.16
30.3030.870.573.54
36.0039.003.003.47
Incl.37.0038.201.207.54
266.80267.400.60437.13
309.35310.801.4516.14
Incl.310.15310.450.3051.20
335.24335.640.4012.84
538.45539.451.003.47
575.70578.002.3055.44
Incl.576.68578.001.3296.13
Incl.577.60578.000.40221.60

Note: true width of intersections has yet to be accurately determined for the numerous lodes intersected to date.

“The deep high-grade intercept encountered in hole TUDDH533 is almost certainly from the same high-grade structure encountered in hole TUDDH500 late last July,” commented Dr. Quinton Hennigh, technical advisor to Lion One. “Visual appearances of these two intercepts are strikingly similar. We are now growing comfortable with the idea that this is a northeast-trending, near vertical lode, likely the down-dip and strike continuation of the UR4 lode. This is very exciting, because this lode remains open to the northeast and at depth. In fact, this lode projects toward the Banana Creek target approximately 3.5km to the northeast from Tuvatu. It is intriguing to think that the UR4 structure might be a main mineralizing conduit that could tie together the bigger gold system within the Navilawa caldera. Lion One has several deep drill holes planned at Banana Creek this drill season.”

The Company is currently undertaking three tiers of drilling: 1) shallow resource infill drilling from surface, 2) resource infill drilling from underground and 3) deep exploration drilling looking for lode extensions under the Tuvatu resource and soon, other target areas within the Navilawa caldera such as Banana Creek, 3.5 km NE of Tuvatu (Figure 2).



Figure 2: Navilawa Caldera and Lion One Mining Lease and Exploration License Areas

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/91172_863e682524336811_002full.jpg

Survey details of diamond drill holes discussed in this release

Hole NocoordinatesRLfinal depthdipazimuth
NE(TN)
TUDDH53339207951876351209.4In progress-60130



Figure 3: Longitudinal Section of the UR4 Lode Showing Block Model and 2020 and 2021 Drill Intercepts. The grid is 100m, the bright yellow is indicated and the darker yellow is inferred.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/2178/91172_863e682524336811_003full.jpg

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 samples with results >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Assays reported here 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. 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. Stephen Mann, P. Geo, and a Director of Lion One, 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

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Junior Mining Precious Metals Uncategorized

Labrador Gold Intersects 276.56 g/t Gold Over 0.5 Metres at Big Vein, Kingsway Project

Labrador Gold Corp.Wed, July 21, 2021, 8:00 AMIn this article:

Figure 1

Big Vein Plan Map.
Big Vein Plan Map.
Big Vein Plan Map.

Figure 2

High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31.
High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31.
High-grade gold intercept in Hole K-21-31. Note photo is not intended to be representative of gold mineralization in Hole K-21-31.

Figure 3

Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31.
Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31.
Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection. Note that this photo is not intended to be representative of mineralization in hole K-21-31.

TORONTO, July 21, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce further high-grade intercepts of near surface gold mineralization from its 100% controlled Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

The high-grade intersections are from holes K-21-29 and -31 that contain fine particles of visible gold in quartz vein that is typically vuggy, locally contains stylolites, and is similar to quartz veins containing high grade gold intersections reported previously (see news release dated June 3, 2021). Hole K-21-31 intersected 276.56 g/t Au over 0.5 metres which represents a “metal factor” (grade x width) of 138.28 g/t Au x m*, the highest value yet on the Kingsway Property. A second intersection in hole K-21-31 intersected 13.14g/t Au over 0.65m from 54.5m. Hole K-21-29 intersected two mineralized zones a near surface zone grading 16.44g/t over 0.5m and a deeper zone starting at 49.35m downhole grading 37.72g/t over 0.21m. A summary of the high-grade intersections, as well as other holes with assays received to date, are given in Table 1 below.
*width used to calculate metal factor is downhole width as there is insufficient information to calculate true width.

Table 1. Assay highlights

HoleFrom (m)To (m)Length (m)Au (g/t)
K-21-31**10.5110.5276.56
And**54.555.150.6513.14
K-21-29**88.50.516.44
And**49.3549.560.2137.72
K-21-20202111.03
K-21-19819111.03
and46.5492.51.09
and12413061.87
including125.5128.533.83
K-21-18111211.14
and138.231423.772.03
K-21-175555.60.61.51
K-21-1610.516.560.98
and106.5107.511.2
K-21-156.5169.50.95
and242840.69
and364041.93
and51.555.64.10.75
and10210311.08
K-21-132559.534.50.97
inc.4355121.46
incl.48.5512.52.05

**Interval contains visible gold. All intersections are downhole length as
there is insufficient Information to calculate true width.

“The Big Vein target continues to deliver near surface high grade gold mineralization shown by the grade x width value of 138.28 g/t Au x m in Hole-21-31, the highest value obtained so far from the Kingsway drilling,” said Roger Moss, President and CEO of the Company. “In addition to the drilling at Big Vein, our field crews continue to develop targets along the entire 12km strike length of Appleton Fault Zone covered by the property, including within the quartz vein corridor.”

Figure 1. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/42ce11ce-b9a1-44b3-bfa0-e704c90e0168

Figure 2. High-grade gold intercept in Hole K-21-31.
Note photo is not intended to be representative of gold mineralization in Hole K-21-31.
https://www.globenewswire.com/NewsRoom/AttachmentNg/7adc67f0-8e1c-4057-90d4-be53a29a96fc

Figure 3. Core photo of Hole K-21-31 from 0.0 to 12.86m showing high grade intersection.
Note that this photo is not intended to be representative of mineralization in hole K-21-31.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8790761f-97a6-4c33-bb55-9798161c94db

Table 2. Drill hole Collar details

Hole IDEastingNorthingAzimuthInclinationTotal Depth
K-21-31661596543521810557140
K-21-29661596543521810545110
K-21-20661596543521814052179
K-21-19661603543524914858200.7
K-21-18661596543521815645201
K-21-17661603.3543524914845251
K-21-16661596543521814858191
K-21-15661551543518014854191
K-21-13661551543518014845189

Big Vein target

The Big Vein target is an auriferous quartz vein exposed at surface that has been traced over 400 metres at surface along the Appleton Fault Zone. It lies within a larger northeast-southwest trending “quartz vein corridor” that stretches for over 7.5 kilometres as currently outlined with potential for expansion along the 12km strike length of the Appleton Fault Zone in both directions. Gold mineralization observed at Big Vein includes six occurrences of visible gold, assays of samples from which range from 1.87g/t to 1,065g/t gold. The visible gold is typically hosted in annealed and vuggy gray quartz, that is locally stylolitic with vugs often containing euhedral quartz infilling features characteristic of epizonal gold deposits.

The current drill program, recently increased to 50,000 metres, has only tested Big Vein over approximately 100 metres of strike length of the 400m surface exposure and to vertical depths of 50 metres. However, drilling has already produced visible gold in six drill holes giving high grade intercepts as well as wide areas of gold mineralization associated with significant quartz veining and sulphide mineralization including arsenopyrite, pyrite and possible boulangerite noted along vein margins and as strong disseminations in the surrounding wall rocks.

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with ICP (inductively coupled plasma) finish with samples containing visible gold assayed by metallic screen/fire assay. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

bGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration

Roger Moss, PhD., P.Geo., President and CEO of La company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 16km of the Appleton fault zone which is associated with gold occurrences in the region, including the New Found Gold discovery. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold recently increased its 20,000 metre diamond drill program to 50,000 metres targeting high-grade epizonal gold mineralization following encouraging early results. The Company has approximately $36 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Hunt River and Florence Lake greenstone belts that stretch over 80 km. The belts are typical of greenstone belts around the world but have been underexplored by comparison. Initial work by Labrador Gold during 2017 show gold anomalies in soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 kilometres along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 57km strike length of the Florence Lake Greenstone Belt.

The Company has 150,577,206 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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.

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Categories
Base Metals Energy Junior Mining Precious Metals

Group Ten Metals Announces Arrival of Second Drill Rig, Provides Update on 10,000 Meter Drill Program at Stillwater West PGE-Ni-Cu-Co + Au Project in Montana, USA

VANCOUVER, BC / ACCESSWIRE / July 20, 2021 / Group Ten Metals Inc. (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “Group Ten”) announces the arrival of the second drill rig at the Company’s flagship Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA, and provides an update on progress of the planned 10,000 meter 2021 drill campaign. Drilling is now underway in the Chrome Mountain target area (see Figure 1), and a second rig will be installed in the Camp target area this week.

Picture 1
Picture 1

Figure 1 – Drilling in progress in the Chrome Mountain target area, Stillwater West PGE-Ni-Cu-Co + Au project

The primary objective of the 2021 program is: 1) the expansion of existing drill-defined kilometer-scale nickel and copper sulphide mineralization, enriched in palladium, platinum, rhodium, gold and cobalt, at the advanced Chrome Mountain, Camp and Iron Mountain target areas; and 2) step-out testing of adjacent priority targets identified in the 2020 Induced Polarization (“IP”) survey (see Figure 2 and April 19, 2021 news release). In addition, an expanded IP geophysical survey, mapping and prospecting programs are planned as part of this season’s program, with the aim of advancing earlier-stage targets to drill-ready status across Stillwater West’s 32-kilometer strike length.

Michael Rowley, President and CEO, commented, “We are very pleased to have initiated our most extensive drill campaign to date at Stillwater West, and to be accelerating advancement of the project towards its potential to become a major source of low-carbon battery, green, and precious metals in a premier US mining district. The 2021 campaign will focus on the most advanced target areas with the objective of expanding the initial resource estimates that are now in progress with release targeted for this summer. Our work to date, combined with the large, productive, and metal-rich nature of the district, highlights the terrific scale and expansion potential of the Stillwater West project. We look forward to further announcements in the near term.”

Figure 2 – Drilling in progress in the Chrome Mountain target area, Stillwater West PGE-Ni-Cu-Co + Au project

About Stillwater West

Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, are driving 3D models of Platreef-style mineralization in the five most advanced target areas, three of which are expected to become formal mineral resources by mid-2021. Multiple earlier-stage Platreef-style and reef-type targets are being advanced across the rest of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Group Ten Metals Inc.

Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com
Web: http://grouptenmetals.com
Phone: (604) 357 4790
Phone: (604) 357 4790

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing of the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, titlefuture driling actiivities and the locations of such drilling, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Group Ten Metals Inc.

Categories
Base Metals Junior Mining Precious Metals

Metallic Minerals Announces Start of First Phase Drilling at La Plata Silver-Gold-Copper Project in Southwest Colorado, USA

VANCOUVER, BC / ACCESSWIRE / July 20, 2021 / Metallic Minerals (TSX.V:MMG |OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the start of the first phase of drilling of up to 2,000 meters at the La Plata silver-gold-copper project in southwest Colorado along with an update on exploration activities to date. This initial diamond core drill program is designed to test and confirm mineralization in the central porphyry system, which hosts an historical resource estimate, as the first steps toward developing a new NI 43-101 compliant resource estimate.

The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.

Project Highlights

  • Drilling to date within the central porphyry system has defined a northeast trending, near vertical zone of copper-silver-gold mineralization covering an area of at least 3 km by 1 km with over 1 km of vertical relief that remains open to expansion along trend and to depth with excellent potential for additional discoveries (see Figure 1).
  • Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures.
  • Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold1.
  • Drill hole LP-03 intersected 395 m of porphyry style mineralization grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) starting from surface and with the hole ending in mineralization.
  • Exploration in 2021 is designed to expand known zones of mineralization and to advance a new NI 43-101 compliant resource estimate for the central porphyry system.

Project History

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 54 drill holes totaling 14,400 m have been drilled on the property since the 1950s which confirm the presence of large-scale, multi-phase porphyry system with significant silver, gold and copper (see Table 1). This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration.

Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years applying modern technologies and deposit modeling techniques. The Company sees the potential to rapidly extend the size of the known mineralized system and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones.

Fieldwork completed by Metallic Minerals at La Plata to date has focused on resampling of drill core and underground sampling, surface mapping, and soil sampling. In addition, the Company has flown airborne resistivity and magnetics, completed a preliminary ground-based induced polarization survey and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified at least 25 anomalous targets within four broader target zones showing excellent potential to extend resources outside of the main historically recognized mineralized areas.

Allard Zone

Drilling to date on the Allard zone within the central porphyry system has defined a northeast trending zone of copper-silver-gold mineralization that begins at surface and continues to a depth of at least 850 m and more than a kilometer of strike. Recent underground chip channel sampling by Metallic Minerals within the Allard tunnel has confirmed a true width of 98.2 m grading 0.55% Cu Eq. across the zone including 61.6 m grading 0.65% Cu Eq. Historical drill hole LP-03 intersected 395 m of porphyry style mineralization grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) starting at surface with the hole ending in mineralization.

Copper Hill Zone

Copper Hill is one of several additional parallel zones of copper and precious metals mineralization have been intersected in drilling, located 1.5 km to the southeast of the Allard zone it is also associated with significant platinum and palladium mineralization. The Company completed systematic analyses of unsampled core from the Copper Hill target area which returned significant results in an area with little previous drilling. Two zones of copper and precious metals mineralization were encountered in this drilling with an upper zone grading 0.27% Cu Eq. over 207 m and a lower zone of mineralization grading 0.44% Cu Eq. over 44 m with associated gold, platinum, and palladium mineralization. The Copper Hill target area represents a significant platinum group element-enriched copper mineralized target more than a kilometer vertically below the high-grade surface mining at the Copper Hill prospect and is completely outside of the historic resource area.

Figure 1– La Plata Long Section

Greg Johnson, President and CEO of Metallic Minerals, stated, “Metallic is the first company to complete significant exploration on the La Plata silver-gold-copper project in nearly 50 years and we are very excited to be kicking off this inaugural drill campaign. Our work to date has confirmed the multi-kilometer scale of the mineralized porphyry and epithermal system at La Plata through surface sampling, geophysics and satellite based remote sensing. This initial work has demonstrated the potential for the La Plata system to be much larger than previously recognized, with excellent potential to expand zones of known mineralization and to make new discoveries. We have begun 3D modelling of drilling and geophysical data with the objective of advancing towards a NI 43-101 compliant resource estimate for the project. We look forward to providing additional updates on drilling and modelling work in coming weeks and months at La Plata, as well as updates from our on-going work on the high-grade Keno Silver project and alluvial projects in the Klondike Gold district.”

Table 1 – Highlight significant mineralized drill and underground sample results from La Plata porphyry system

Hole IDFrom mTo mWidthCuEq.%Cu %Au g/tAg g/tPt g/tPd g/t
LP-010.0854.4854.41, 20.2612
Including573.9828.4254.51, 20.4112
Including623.0638.215.20.450.360.0346.863,5
Including743.7764.420.71, 21.1512
LP-031.5396.8395.30.560.5116.263, 5
Including1.5109.1107.60.720.6517.693, 5
Including172.8199.927.10.860.76111.543, 5
LP-041.5304.8303.30.440.4014.683, 5
Including4.6102.898.20.740.6915.743, 5
Including69.5102.733.20.940.8618.703, 5
C-011.1416.9415.81, 20.2612
Including299.336363.71, 20.4212
CA-030.0304.8304.81, 20.3912
HEN-02076.476.40.50.310.2294.355
HEN-040.091.991.90.760.360.5205.505
95-1680.2887.5207.30.270.210.0302.140.030.025
995.21039.444.20.440.150.0301.460.140.105
1005.91027.221.30.50.210.0472.050.190.165
Allard UG48.6146..898.20.550.460.0304.764, 5
Including51.7113.361.60.650.550.0305.554, 5

Table notes: 1 – incomplete gold assay data; 2 – incomplete silver assay data; 3 – gold and silver assay data from sample composites 6.1 to 12.2 m in length; 4 – Allard tunnel sawn channel samples collected in 2020; 5 – Cu Eq. % calculated using $3.25 lbs. Cu, $1,650/oz Au, $20/oz Ag, $1,000/oz Pt and $2,000/oz Pd in US$.

OTC Metals and Mining Virtual Conference

Metallic Minerals will be presenting at the upcoming Green Energy and Precious Metals Investor Conference hosted by OTC Markets on July 29 at 2:30pm ET. Chairman & CEO, Greg Johnson, will provide a comprehensive overview of the Company, including an update on 2021 exploration activities to date and upcoming newsflow, followed by a Q&A. To register, click here.

Foot notes: 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard deposit, La Plata Mining District, Durango, Colorado, 2005.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past-production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420
Phone: 604-629-7800

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com

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

SOURCE: Metallic Minerals Corp.