VANCOUVER, BC / ACCESSWIRE / October 25, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) (“NV Gold” or the “Company“) is pleased to announce that drilling has commenced at the 100% controlled Slumber Gold Project (“Slumber”) located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA. Drilling at Slumber will encompass up to 1,500 m in 6-8 RC drill holes.
“Drilling commenced today at the Slumber Gold Project, targeting a potential shallow oxide gold system that was newly identified in our late-2020 program.” commented John Watson, President and CEO of NV Gold. This marks the third phase of drilling at Slumber, with continuing progress on the property. The mineralization at Slumber is almost entirely obscured by gravel cover, making exploration challenging. This drilling marks the beginning of a multi-project drilling campaign, expected to continue through Q4 and perhaps into Q2-2022. For additional information on the Slumber program plans, please refer to the Company’s press release dated 9-7-2021.
“NV Gold is entering a new stage of exploration where discoveries will be built on the foundation of a strong and aggressive Project Execution Pipeline. The new strategy of turning our focus away from the over-explored and drilled-tested mountain ranges and “trends” towards the pediment and obscured, undercover targets will pave the Company’s pathway to discovery,” commented Thomas Klein VP Exploration.
On behalf of the Board of Directors,
John E. Watson President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact: Freeform Communications at 604.245.0054
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements This news release includes certain forward-looking statements or information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
VANCOUVER, BC / ACCESSWIRE / October 21, 2021 / Group Ten Metals Inc. (TSX.V:PGE | OTCQB:PGEZF; FSE:5D32) (the “Company” or “Group Ten”) is pleased to report the first independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2021 Resource”) for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA. The study was completed by SGS Geological Services (“SGS”).
The Company will host a live webcast on Thursday October 28th at 9am Pacific time (12pm Eastern) to discuss the 2021 Resource, recent drill campaign, and plans for the Stillwater West project. To register, click here.
Highlights
Inferred mineral resources total 2.4 million ounces palladium, platinum, rhodium, and gold (“4E”) plus 1.1 billion pounds of nickel, copper and cobalt in a constrained model totaling 157 million tonnes at an average grade of 0.45% total nickel equivalent (“NiEq”) (equal to 1.20 g/t palladium equivalent, or “PdEq”) using a 0.20% NiEq cut-off grade. See detailed breakdown in Tables 1 and 2 below.
The 2021 Resource incorporates five deposits of sulphide mineralization that cover 8.7 kilometers of strike length within the central area of the project. The strong correlation that is demonstrated between resource areas and untested high-level geophysical targets (Figure 1), and metal-in-soil anomalies, provides a strong basis for expansion of the resource with 2021 drill results, and future drill campaigns (Figures 2 to 6).
Mineralization, consisting of thick horizons of nickel and copper sulphide that are enriched in palladium, platinum, rhodium, gold and cobalt, is consistent with Group Ten’s “Platreef-style” geological model that is based on known parallels with South Africa’s Bushveld Igneous Complex.
Deposits in the 2021 Resource are defined by 83 drill holes from a total of 216 holes drilled at Stillwater West prior to 2021, including all holes from Group Ten’s 2019 and 2020 campaigns. A number of the remaining drill holes provide early confirmation of target mineralization in otherwise untested anomalies across much of the 32-kilometer project, accelerating future exploration programs and demonstrating significant expansion potential outside of the known deposit areas.
Assays are pending from the 14-hole 2021 drill campaign, which focused on expansion of three of the five deposits by completing step-out holes designed to build onto the 2021 Resource.
Rhodium totaling 61,000 ounces was modeled at three of the five target areas, where sufficient data was available. At recent spot prices, this endowment is equivalent to over 400,000 ounces palladium and over 750,000 ounces platinum. The Company believes rhodium results are understated due to the lack of historic assay data and is working to fully include rhodium in future mineral resource updates.
The 2021 Resource estimate will be incorporated into an NI43-101-compliant technical report for the Stillwater West project to be filed within 45 days.
Michael Rowley, Group Ten’s President and CEO states, “We are extremely pleased with the results of our inaugural resource estimate that provides a robust debut of high-demand battery and platinum group metals in a top US mining district. This is a major milestone in the advancement of both the project and Group Ten Metals. Mineralization in the five deposits shows excellent continuity and grade across large areas, with strong geophysical and geochemical signatures that remain open in all directions demonstrating excellent potential for expansion in subsequent drill campaigns. In this regard, we look forward to reporting results from our 2021 campaign, our biggest yet, which we believe met the objective of increasing the 2021 Resource. More than ever we see extraordinary potential for Stillwater West to become a large-scale and strategically significant US-based source of battery metals to meet growing electrification needs while also supplying PGEs for catalytic convertors and increasing fuel cell demand.”
TABLE 1 – Grade and Contained Metal by Deposit at a 0.20% NiEq Cut-Off Grade (Equals 0.53 g/t PdEq) – Stillwater West Inferred Mineral Resource Estimate (Base Case)
CIM (2014) definitions were followed for Mineral Resources Reporting. The constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Cut-off grades and metal equivalents are based on metal prices of $7.00/lb Ni, $3.50/lb Cu, $20.00/lb Co, $900/oz Pt, $1,800/oz Pd and $1,600/oz Au, with assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.20/t rock, and processing and G&A cost of US$12.75/t mineralized material. Rhodium modeled but not included in equivalency calculations. All figures are rounded to reflect the relative accuracy of the estimate.
The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
TABLE 2 – Grade and Contained Metal by Deposit at a Higher Grade 0.35% NiEq Cut-Off (Equals 0.93 g/t PdEq)
FIGURE 1 – 2021 Stillwater West Mineral Resource Estimate Over 3D Model of Induced Polarization Survey Results
Sensitivity Analysis
A sensitivity analysis is provided in Table 3 below which demonstrates the variation in grade and tonnage in the deposit at various cut-off grades. Mineralization shows exceptional continuity, enabling models at higher-cut-off grades including inferred mineral resources of 97 million tonnes of 0.55% NiEq (equal to 1.47 g/t PdEq) containing 1.8 million ounces palladium, platinum, rhodium, and gold (“4E”) with 857 million pounds of nickel, copper and cobalt (see Table 2, above).
TABLE 3 – Grade and Contained Metal Sensitivity at Various NiEq Cut-off Grades
Constrained Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Values in the table reported above and below the cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. All figures are rounded to reflect the relative accuracy of the estimate. Composites have been capped where appropriate.
2021 Exploration Update
Work in 2021 focused largely on diamond core drilling within the area of the 2021 Resource and an Induced Polarization “IP” geophysical survey on the west side of the core project area, including the Pine target.
Phase I of planned expansion drilling has now been completed. 14 holes totaling 5,138 meters were drilled in a two-rig program that tested priority targets at Chrome Mountain (Hybrid and DR deposit areas), and at Iron Mountain at the CZ (formerly Camp) and HGR deposit areas. Holes were prioritized to step out from known mineralization with the primary objective of expanding and upgrading the 2021 Resource estimate in 2022. Assays are pending, however, on a visual basis the predictive geologic model developed by Group Ten Metals is effectively targeting expansion of known horizons of sulphide mineralization, including high-grade intervals identified in the 2019 and 2020 drill campaigns, and identifying numerous untested targets at Stillwater West. Drill core is in various stages of processing with first results expected over the coming weeks and continuing over the coming months. Expansion drilling is expected to resume in Q2 2022 upon review and integration of 2021 results.
The 2021 portion of the expansion IP survey is also complete, with approximately 25 line-kilometers focused on the Chrome Mountain and high-grade Pine target areas at the west side of the highly successful 2020 survey. Very high-level anomalies in untested areas were identified in preliminary results that will be presented in a coming news release as final information becomes available. The second phase of the expanded IP survey is expected to resume in 2022 in the central and eastern portions of the 2020 survey grid.
Rhodium
Rhodium has been identified at potentially significant co-product grades of 0.03 to 0.10 g/t Rh in drill results in four of the five deposit areas at Stillwater West, with shorter intervals ranging up to 0.50 g/t Rh. The lack of historic rhodium assay data has prevented assessment of the rhodium content at the Central and Crescent deposits and in some parts of the other deposits. For this reason, the Company believes rhodium levels are currently understated at Stillwater West and will continue to include complete rhodium assays in future campaigns with the objective of fully integrating rhodium in future resource updates.
Rhodium is a rare platinum group element that is primarily used as a specialized catalyst alongside platinum and palladium in automotive catalytic converters. It is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America. Sibanye-Stillwater, adjacent to Group Ten’s Stillwater West project, is the primary US producer.
Supply constraints for rhodium have supported elevated prices since 2017. At recent values, rhodium trades at more than 12 times the value of platinum on a spot price basis at over USD$13,000 per ounce, meaning 0.1 g/t Rh equates to approximately 1.2 g/t platinum equivalent.
Metallurgy
Preliminary metallurgical assessments by Group Ten Metals returned strong nickel tenor in sulphides drilled by the Company in 2020. In addition, favorable historic bench-scale metallurgical results completed by AMAX in the 1970s at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery. Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies.
Carbon Capture at Stillwater West
All five deposits in the 2021 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of Group Ten’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.
Preliminary results demonstrate the presence of certain minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation. As announced in a news release on September 23, 2021, the Company has entered a second phase of research with Dr. Greg Dipple and his team at the University of British Columbia, Canada, to assess the capacity of rock samples from Stillwater West to bind carbon dioxide for permanent disposal as part of a potential mining operation.
In addition to being strongly aligned with Group Ten’s Environmental, Social and Governance guidelines and principles, the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US.
Qualified Person
The Stillwater West PGE-Ni-Cu-Co + Au project 2021 Resource estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Armitage conducted a site visit to the property on August 9 and 10, 2021
Estimation Methodology and Parameters
Completion of the 2021 Resource involved the assessment of a drill hole database, which included all data for surface drilling completed through the fall of 2020, as well as 3D mineral resource models, and available written reports. SGS used 83 holes and 18,386 meters of drill data to delineate five deposits in the 2021 Resource estimate, from a total database of 216 drill holes and 32,465 meters of core data compiled by the Company. All holes from Group Ten’s 2019 and 2020 drill campaigns were included. No assay data has been received to date from the 2021 drill program.
Inverse Distance squared restricted to mineralized domains were used to Interpolate grades for the main elements of interest including Ni (ppm), Cu (ppm), Co (ppm), Pt (g/t), Pd (g/t) and Au (g/t), as well as NiEq (%), NiEq_R (%), Rh (ppb), Cr (ppm), and S (%) into block models. Composites of 1 meter have been capped where appropriate. Fixed specific gravity values of 2.90 – 3.10 g/cm3 (depending on deposit) were used to estimate the 2021 Resource tonnage from block model volumes. Waste in all areas was given a fixed density of 2.9 g/cm3.
The constrained 2021 Resource grade blocks were quantified above the base case cut-off grade. At this base case cut-off grade the deposits show excellent geologic and grade continuity. The project is at an early stage of exploration and all deposits are open along strike and down dip. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
The constrained 2021 Resources are presented undiluted and in situ (no minimum thickness), constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction. Based on a review of the project location, size, geometry, continuity of mineralization and proximity to surface of the deposits, and spatial distribution of the five main deposits of interest (all within a 8.7 kilometer strike length), it is envisioned that the deposits may be mined by open pit or bulk tonnage underground methods. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by open pit mining methods and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the project. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. Pit optimization does not represent an economic study. Future engineering studies will be needed to develop optimal bulk tonnage mining methods.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
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’s 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, have delineated five deposits of Platreef-style mineralization across a core 9.2-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder 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.
Mr. Allan Armitage, Ph.D., P.Geo., is a Qualified Person in accordance with National Instrument 43-101 and has reviewed and approved the technical content of this news release with respect to the 2021 Resource estimate. As independent QP, Mr. Armitage was responsible for the preparation of the technical information pertaining to the Resource estimate.
Mr. Mike Ostenson, P.Geo., is the Qualified Person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure outside of the 2021 Resource estimate that is contained in this news release.
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.
TORONTO, ON / ACCESSWIRE / October 20, 2021 / Vox Royalty Corp. (TSXV:VOX)(OTCQX:VOXCF)(“Vox” or the “Company“), a high growth precious metals focused royalty company,is pleased to provide recent development and exploration updates from royalty operating partners Thor Explorations Ltd. (THX) (“Thor“), Jangada Mines plc (JAN) (“Jangada“), Kalamazoo Resources Limited (KZR) (“Kalamazoo“), Genesis Minerals Limited (GMD) (“Genesis“), and ValOre Metals Corp. (VO) (“ValOre“)
Spencer Cole, Chief Investment Officer stated, “The past month has delivered a number of key developments at projects linked to Vox’s royalty portfolio, including commercial production at Segilola, feasibility study progress at Pitombeiras, and further drilling success at Ashburton, Puzzle North and Pedra Branca. These operator developments are representative of Vox’s innovative event-driven acquisition model, designed to selectively acquire royalties immediately prior to major project developments that have a material impact on value.”
Key Development Updates
Commercial production milestone achieved at the Segilola Gold Mine by Thor;
Update on the near-term preparation of the Definitive Feasibility Study on the Pitombeiras vanadium project by Jangada;
High-grade drilling results at the Ashburton Gold Project by Kalamazoo;
Significant new wide, shallow drilling results from emerging Puzzle North discovery by Genesis; and
High-grade drilling results at the Pedra Branca platinum-group-elements (“PGE“) project by ValOre.
Segilola (Producing) – Commercial Production Milestone Achieved
Vox holds a 1.5% net smelter return royalty over the Segilola gold mine, capped at US$3.5M;
On October 5, 2021, Thor announced that commercial production had been achieved at the Segilola Gold Mine, highlighting:
First gold pour in July 2021;
The mine is fully operational and operating at the target daily mine production rate; and
the process plant is operating in-line with its design throughput capacity of 715,000 tonnes per annum.
Vox Management Summary: Based on production guidance from Thor issued on March 29, 2021, which forecast production of 46,000 ounces of gold in 2021 and 109,000 ounces of gold in 2022, Vox management estimates that total pre-tax royalty revenues of US$3.5M will be receivable within the first two full years of production.
Pitombeiras (PEA Stage) – Feasibility Study Expected in Q4 2021
Vox holds a 1% net smelter return royalty over the Pitombeiras vanadium-iron ore project;
On September 30, 2021, Jangada announced the following:
It has appointed an independent engineering advisory company to prepare a NI 43-101 compliant definitive feasibility study, which is expected to be completed in Q4 2021;
Having been granted a trial mining license to initiate the extraction of ferrovanadium from the Pitombeiras project through an open pit mine operation, Jangada hopes to fast-track the project to early production; and
Brian McMaster, Executive Chairman of Jangada, said: “Since its discovery in 2019, we have made significant progress in developing this exciting ferrovanadium deposit and have a high level of confidence in fast-tracking the Project to production. With the Project substantially de-risked and having demonstrated its robust economics during the Preliminary Economic Assessment stage, we are now working on the final details of the FS and look forward to providing further updates in due course.”
Vox Management Summary: Pitombeiras has been fast-tracked from discovery to feasibility in less than 3 years, which typically takes 6 – 10 years for most mining projects. This rapid progress is a testament to Jangada Mines’ management team and related stakeholders. Initial production and royalty revenue in 2022 looks increasingly likely given the current pace of development.
Ashburton (Exploration) – High Grade Drilling Results
Vox holds a 1.75% gross revenue gold royalty (>250koz cumulative production) on the Ashburton gold project;
It has completed its 14,772m drill program at the Ashburton gold project;
Drilling to the north-west and south-east of the Waugh Deposit has extended the moderate to high-grade mineralisation zone in the northern section of the Ashburton Gold Project to 2.5km long (“Waugh Zone“);
Stand out drill results have been received from several prospects across the Waugh Zone showing intercepts of moderate to high grade mineralisation including:
5m @ 7.37g/t Au from 93m including 2m @ 13.58g/t Au from 93m (KARC0065);
2m @ 9.49g/t Au from 40m including 1m @ 17.85g/t Au from 40m (KARC0122);
8m @ 3.56g/t Au from 1m including 1m @ 7.25g/t Au from 6m (KARC0015);
7m @ 2.07g/t Au from surface including 5m @ 2.75g/t Au from surface (KARC0016);
Significant new gold mineralisation discovered at the Annie Oakley Prospect at the north-western end of the Waugh Zone included drill assays from two holes 240m apart returning 8m @ 3.56g/t from surface (KARC0015) and 2m @ 9.49g/t Au (including 1m @ 17.85g/t Au (KARC0122)) from 40m;
Shallow conglomerate hosted gold mineralisation at Annie Oakley shares many similarities with the nearby Mt Olympus deposit and supports Kalamazoo’s aim to substantially increase the shallow oxide resources at the Ashburton Gold Project;
Several thick >1oz/t Au intercepts from historical drilling at the Waugh Deposit undertaken by Sipa Resources (ASX: SRI) in 2002 and thick moderate to high-grade down plunge intercepts by Northern Star Resources (ASX: NST) in 2012 and Kalamazoo in 2020 confirms the considerable high-grade potential of the 2.5km long Waugh Zone; and
Plans to commence an extensive drill program at Ashburton in early 2022.
Vox Management Summary: The drilling success that has extended the moderate to high-grade mineralisation zone in the northern section of the Ashburton project to 2.5km long indicates that Kalamazoo management’s exploration target of 2Moz – 3Moz is potentially achievable. We look forward to further newsflow on Kalamazoo’s development studies which are progressing in parallel with exploration drilling.
Kookynie (Pre-Feasibility) – Puzzle North Discovery Drilling Results
Vox holds a A$1/t production royalty on part of the Kookynie gold project(1);
Strong new results from Reverse Circulation (“RC“) and diamond drilling continue to confirm the potential to expand the 1.6Moz Mineral Resource at the Ulysses Gold Project near Leonora in WA;
It has completed a further 6,150m RC drilling and 433m diamond drilling at the royalty-linked Puzzle North project;
Broad zones of strong gold mineralisation were intersected from shallow depths in RC and diamond drilling at the emerging Puzzle North Prospect, including:
44.1m @ 3.51g/t gold from 58.9m (21USDH0184), including 10.2m @ 10.6g/t gold from 67.8m;
29m @ 4.26g/t gold from 28m (21USRC1038), including 4m @ 18.39g/t gold from 32m;
28.0m @ 1.99g/t gold from 161m (21USDH0184);
32m @ 1.42g/t gold from 58m (21USRC1013), including 5m @ 5.14g/t gold from 84m;
Drilling at Puzzle North has been completed over 500m of strike with the mineralisation remaining open both at depth and along strike. The northernmost hole, 21USRC1026, has returned an intercept of 11m @ 2.13g/t gold from 38m down-hole; and
Genesis Managing Director Michael Fowler said: “Drilling will resume here [at Puzzle North] in November to in-fill and extend the mineralised zone, allowing us to bring this exciting new discovery into our Mineral Resource inventory by the end of the year.”
Vox Management Summary: The high gold grades and broad intersections of this drilling suggests that the Puzzle North discovery has strong potential to host an economic orebody. Vox management believes that if Puzzle North is included in the broader Ulysses project feasibility study this potential orebody could be fast-tracked towards a construction decision within 12 months.
Pedra Branca (Preliminary Economic Assessment) – High Grade Drilling Results
Vox holds a 1% net smelter return royalty on the Pedra Branca PGE project;
Recent drilling returned high-grade, shallow PGE mineralized intercepts including:
7m at 2.95g/t 2PGE+Au from surface, including 45m at 4.76g/t 2PGE+Au, 0.1g/t Rh from 16m, and 6.4m at 16.92g/t 2PGE+Au and 0.52g/t Rh from 30m (DD21ES15C);
49m at 2.03g/t 2PGE+Au from 19m, including 4.6m at 11.94g/t 2PGE+Au, 0.25g/t Rh from 23.68m (DD21CU12A);
77m at 1.01g/t 2PGE+Au from surface (DD21PBE30A);
47m at 1.51g/t 2PGE+Au from surface (DD21CU12A); and
Metallurgical testwork is expected to commence in mid-October, with a primary focus on mineralogy and conventional processing circuits.
Vox Management Summary: These drilling results are some of the highest grade and broadest zones drilled to date at the Pedra Branca project. We look forward to the release of a resource update by ValOre in the coming months, particularly following recent exploration success at the Trapia 1 and Trapia 2 target areas, given their geological strike lengths have increased by factors of three and five respectively.
Qualified Person
Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.
About Vox
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Cautionary Note Regarding Forward-Looking Information
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results ” may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”.
The forward-looking statements and information in this press release include, but are not limited to, summaries of operator updates provided by management and the potential impact on the Company of such operator updates, statements regarding expectations for the timing of commencement of construction at and resource production from various mining projects, expectations regarding the size, quality and exploitability of the resources at various mining projects, future operations and work programs of Vox’s mining operator partners, the receipt of future royalty payments derived from various royalty assets of Vox, anticipated future cash flows and future financial reporting by Vox and requirements for regulatory approvals.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Vox to control or predict, that may cause Vox’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals and third party consents, the impact of general business and economic conditions, the absence of control over the mining operations from which Vox will receive royalties, including risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Vox’s expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither the 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.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project operators based on the information/data available in the public domain as at the date hereof and none of this information has been independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations. Although Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such information from the project operators is complete or accurate. Some information publicly reported by the project operators may relate to a larger property than the area covered by Vox’s royalty interests. Vox’s royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of a property.
References & Notes:
Kookynie Royalty is split in two separate terms: a. Kookynie (Melita) Royalty – which covers the Puzzle Deposit: A$1/t production royalty >650Kt cumulative ore mined and treated. b. Kookynie (Consolidated Gold) Royalty – which covers the Puzzle North Discovery: A$1/tonne (for each Ore Reserve with a gold grade <= 5g/t Au), for grades > 5g/t Au royalty = ((Ore grade per Tonne – 5) x 0.5)+1).
Location of planned drilling area along the Appleton Fault Zone.
Location of planned drilling area along the Appleton Fault Zone.
TORONTO, Oct. 18, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the receipt of Exploration Approval for diamond drilling of regional Appleton Fault Zone targets at its 100% controlled Kingsway Project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.
LabGold has mobilized a drill rig to the first target, located approximately 800m northeast of Big Vein (see Figure 1) and the Company expects drilling to begin this week. Initial drilling will take place up ice from where a significant number of pristine gold grains in till were found earlier this year (see news release dated August 5, 2021). Follow up exploration by the LabGold team has demonstrated the potential of this area and defined drill targets will be systematically drilled over the coming weeks. This is one of several gold anomalies comprising the “string of pearls” along the Appleton Fault Zone that are in various stages of advancement.
“We are very excited to begin drilling the most advanced of six prospective gold targets that we have generated and are currently exploring along the Appleton Fault Zone,” said Roger Moss, President and CEO of Labrador Gold. “We know this is a very productive fault and the LabGold team has worked hard to get this target to the drill stage. With discoveries first at Big Vein, and more recently at Golden Glove, this anomalous area is next in line for a potential discovery. Now that we have the permit in place, we look forward to testing targets over a four km strike length of the Appleton Fault Zone northeast of Big Vein.”
Roger Moss, PhD., P.Geo., President and CEO of LabGold, 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 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 $34 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 152,912,462 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.
VANCOUVER, British Columbia, Oct. 15, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR) (the “Company” or “Silver Hammer”) is pleased to announce the appointment of Morgan Lekstrom as CEO of the Company and Alnesh Mohan as Corporate Secretary of the Company, effective immediately.
Morgan Lekstrom, currently serving as the President of Silver Hammer, will now assume the role of President and CEO and Alnesh Mohan, currently serving as the CFO of Silver Hammer, will now resume the role of Corporate Secretary. Michael Dake, who has served as CEO of the Company since 2017, will step down from his executive role and will remain as a director of Silver Hammer.
“We thank Michael for his service and expertise, including helping take Silver Hammer (formerly Lakewood Exploration) public and wish him success in his future endeavors,” stated Morgan Lekstrom. “I am excited to undertake the role of CEO, leading a team of industry experts as we grow and advance our portfolio of top-tier, US silver assets.”
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multi-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President
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 does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Toronto, Ontario–(Newsfile Corp. – October 13, 2021) – Kesselrun Resources Ltd. (TSXV: KES) is pleased to announce that the company will be presenting at Red Cloud’s 2021 Oktoberfest Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be a virtual event this year and will take place from October 18-20, 2021.
Michael Thompson, President & CEO will be presenting on October 18th at 11:15 AM Eastern Daylight time.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
Treasury Secretary Janet Yellen shot down the idea, calling it a “gimmick.”ByMichelle StoddartOctober 7, 2021, 11:27 AM• 7 min read
1:58
Why the debt ceiling mattersThe debt ceiling system was passed by Congress in 1917.Burwell and Burwell Photography/U.S. Mint via AP
Could a $1 trillion platinum coin be the solution to the U.S. government’s debt limit crisis?
Before reaching a short-term deal to end a standoff and avert a U.S. default, some senators and other proponents renewed talk of the improbable idea.
The U.S. government was set to run out of money to pay its bills, including salaries of federal employees and to pay Social Security benefits, which the White House and experts say would have had grave economic effects and could trigger a recession.
Legislation enacted in 2001 allows the treasury to mint platinum coins of any value without congressional approval. Under that law, the coin’s value could be anything, but it would have to be platinum, not gold or silver, nickel, bronze or copper, which are under Congress’ control.
So, in theory, President Joe Biden could order Treasury Secretary Janet Yellen to have a coin with the value of $1 trillion be minted and deposited into the Treasury, giving the government an extra trillion dollars to cover debts and prevent default.MORE: As Republicans play debt limit brinkmanship, nation barrels toward default
The idea was floated before in 2011 when the government faced another debt ceiling crisis. Former President Barack Obama said in 2017, on the podcast “Pod Save America,” that he and his advisers discussed use of a trillion dollar coin as a safety valve.
“There were all kind of wacky ideas about how potentially you could …. have this massive coin.” Obama said in the 2017 interview. “I mean … it was some primitive — it was like out of the Stone Age or something and I pictured rolling in some coin.”
Treasury Secretary Janet Yellen said Tuesday in an interview with CNBC that she is “opposed” to the idea, and doesn’t believe it should be considered seriously.
Kevin Dietsch/POOL/AFP via Getty ImagesTreasury Secretary Janet Yellen speaks during a Senate Banking, Housing and Urban Aff…Read More
“It’s really a gimmick and what’s necessary is for Congress to show that the world can count on America paying its debts,” Yellen said Tuesday on CNBC’s “Squawk Box“.
Yellen also raised concerns about how using a trillion dollar coin would affect trust in and independence of the Federal Reserve and treasury.
“The platinum coin is equivalent to asking the Federal Reserve to print money to cover deficits that Congress is unwilling to cover by issuing debt, it compromises the independence of the Fed conflating monetary and fiscal policy, and instead of showing that Congress and the administration can be trusted to pay, to pay the country’s bills, it really does the opposite,” Yellen said.
Many experts are unsure about what the economic effects of the move would be given that it is unprecedented. But experts cite concerns about inflation, saying that creating more money would weaken the value of existing money circulating in the economy. That would mean that existing dollars would have less buying power, which could affect American consumers.
Still, some Democratic lawmakers backed the idea. House Speaker Nancy Pelosi said that Rep. Jerod Nadler, D-N.Y., brought up the coin during a closed policy meeting last week as one of other “options” to prevent government default without congressional action.MORE: What the debt ceiling is, and why you should care about it
“Jerry Nadler wants to have a coin … a trillion dollar coin that doesn’t even require congressional [action].” Pelosi said. “So, we talked about an array of things.”
Zach Gibson/Getty ImagesHouse Judiciary Chairman Jerrold Nadler is pictured at the start of a House Judiciary Co…Read More
Rep. Rashida Tlaib, D-Mich., tweeted in support for the idea in late September.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=ABC%20News&dnt=false&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3NwYWNlX2NhcmQiOnsiYnVja2V0Ijoib2ZmIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1442852913915826187&lang=en&origin=https%3A%2F%2Fabcnews.go.com%2FPolitics%2Fminting-trillion-platinum-coin-answer-debt-limit-crisis%2Fstory%3Fid%3D80434078&sessionId=2d2df8dbf1f6e90340487048d7b44459ff955cdb&siteScreenName=ABC&theme=light&widgetsVersion=fcb1942%3A1632982954711&width=550px
On Monday, White House press secretary Jen Psaki was asked if the coin was being considered as the debt crisis debate heated up and she shot down the idea.
“We obviously look at a range of options, and none of those options were viable, either because they wouldn’t be accepted by the Federal Reserve, by the guidance of our treasury secretary, or just by legal restrictions,” Psaki said.
Psaki, like Yellen, said that the only solution is for Congress to act.
“There’s a simple process that could be done in the next few days, before we hit Friday, to reduce uncertainty, to make sure the American people don’t have to worry about their bank accounts, their retirement savings,” Psaki said. “And all Republicans need to do is get out of the way, let Democrats be the adults in the room, and take a vote.”
Trish Turner and Sarah Kolinovsky contributed to this report.
Gold production of 18,144 oz Au in Q3 2021 (vs 14,890 oz Au in Q2 2021)
Mining and milling targeted rates achieved
Head grades have been lower than forecast due to previous reliance on wide-spaced grade control drilling which results in lower accuracy of the modelled Beatons Creek oxide mineral resource
Higher mining dilution associated with the more complex mining areas of Beatons Creek also a contributing factor
Continued progression of closer spaced grade control drilling combined with rapid assay turnaround is providing more certainty for forecasting Beatons Creek oxide mineralization grade, with the backlog of assays being mostly resolved through Q3 2021
Commencement of oxide mining study, focused on further optimizing production and profitability of mining of the Beatons Creek oxide resource
Batch test processing of Beatons Creek fresh mineralization confirmed processing throughputs and recovery with good grade prediction
Strong financial position
Q3 2021 revenue of C$43 million (A$45.8 million) from the sale of 18,753 oz Au at an average realized gold price of A$2,483
Quarter-end cash balance of C$44.1 million
Investment portfolio fair value of approximately C$135 million1
Q2 2021
Q3 2021
Change
Gold Production
(oz Au)
14,890
18,144
+22%
Mining
(tonnes)
477,000
478,000
–
Processing
(tonnes)
366,000
451,000
+23%
Revenue
(C$M)
C$31.7
C$43
+36%
Cash Position
(C$M)
C$46.0M
C$44.1M
($1.9M)
Key Q3 Operational and Financial Performance
____________________ 1 This value excludes the fair value of warrants held in GBM Resources Ltd. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management discussion and analysis for the 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (“E3D”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rate as at September 30, 2021.https://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
VANCOUVER, British Columbia, Oct. 12, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a Q3 2021 operational update from Beatons Creek, located in Nullagine, Western Australia.
Commenting on Q3 2021 operational performance, Novo’s Executive Co-Chairman Mr. Mike Spreadborough said, “The ramp up of operations since February has proceeded well, with both mining and processing achieving target rates. However, gold production fell short of expectations. We saw lower head grade than forecast as a result of lower accuracy in the grade control grade estimate. This was due to the current predominant wide-spaced grade control drilling at the high-nugget Beatons Creek oxide mineralization combined with higher mining dilution from the more complex mining areas.
We have found that closer spaced drilling is providing more certainty for mine forecasting and we are continuing to progress the completion of this drilling. The rapid assay turnaround provided by the Chrysos PhotonAssay technology through Intertek is allowing for this data to be used to mine more selectively.
To incorporate all of the learnings from this unique mining at Beatons Creek into future mine planning, we have initiated an oxide mining study. We are confident that the outcomes of the review, when delivered later this year, will result in a plan which will further optimize production levels and profitability of the oxide resource.
Importantly, Novo remains in a very strong financial position to optimize production results and maximize value from Beatons Creek and, importantly, our exploration activities are being accelerated.”
NULLAGINE GOLD PROJECT
Safety and COVID Update
Safety is a core value, with continuous focus on safety outcomes. Over the past 12 months through Q3 2021, the lost time injury frequency rate remained zero. The Company continues to experience minimal COVID-19 pandemic-related operational disruptions.
Operations
Mining rates at Beatons Creek stabilized throughout Q3 2021, with 478 kt of mineralized material mined from the Beatons Creek deposit compared to 477 kt in Q2 2021.
The Company’s Golden Eagle processing plant (“Golden Eagle Plant”) processed 451 kt of mineralized material in Q3 2021, representing a 23% increase over Q2 2021 throughput of 366 kt.
Since the start of commissioning of Beatons Creek in February 2021 (refer to the Company’s news release dated February 3, 2021) based on the Beatons Creek mineral resource, Novo targeted a throughput rate of 1.8 Mtpa to match the capacity of the Golden Eagle Plant. This milestone was achieved in Q3 2021.
Production in Q3 2021 totalled 18,144 ounces of gold, representing a 22% increase over Q2 2021 production of 14,890 ounces of gold. Recovery rates were approximately 94% throughout Q2 and Q3 2021.
The Q3 2021 head grade was 1.34 g/t Au, a slight increase from a Q2 2021 head grade of 1.30 g/t Au2. However, the head grade has been relatively variable throughout Q2 and Q3 2021, which reflects the high-nugget content of the conglomerate Beatons Creek gold deposit and necessary mine sequencing. Additional high-grade Beatons Creek oxide material assisted to increase July 2021 head grade to 1.94 g/t Au.
The lower head grades compared to forecast is due to previous reliance on wide spaced grade control drilling which results in lower accuracy of the modelled high-nugget effects in the Beatons Creek oxide mineral resource combined with higher mining dilution associated with more complex mining areas.
In order to provide greater certainty in grade forecasting for mine planning, the Company continues to progress its Beatons Creek grade control drilling program at a spacing of 10 m x 10 m. Analysis confirms that this level of grade control drilling provides improved reconciliation between the resource model grade and the actual grade mined.
The operation previously relied on wide-spaced grade control drilling due to slow assay turnaround. The use of the Chrysos PhotonAssay technology through Intertek Testing Services (Australia) Pty Ltd (“Intertek”) has allowed rapid assay turnaround allowing for this data to be used to mine more selectively. This assay technique is a necessity given the high-nugget nature of the Beatons Creek conglomerate gold mineralization. This rapid assay turnaround is necessary to support the use of closer-spaced grade control drilling.
In July 2021, a test package of approximately 43 kt of Beatons Creek fresh mineralization was processed at an average head grade of 1.83 g/t Au confirming processing throughputs and recovery with good grade prediction. This data will be used to optimize fresh mining in the future. The most recently announced Beatons Creek mineral resource estimate includes a fresh component comprising approximately 65% of the global estimate (refer to the Company’s news release dated April 30, 2021 and the report titled “Preliminary Economic Assessment on the Beatons Creek Gold Project, Western Australia” with an effective date of February 5, 2021 and an issue date of April 30, 2021). Mineral resources that are not mineral reserves do not have demonstrated economic viability.
To further optimize the Beatons Creek oxide mineralization mine plan, Novo has initiated an oxide mining study which will focus on increased grade control drilling to improve the accuracy of resource modelling, mining approaches, cut-off grade sensitivities, and costs in order to enhance production and profitability of the Beatons Creek oxide resource component of the Nullagine Gold Project. The Company intends to provide an update on this review once complete in Q4 2021.
The Company’s processing and mining rates stabilized sufficiently throughout Q3 2021 to enable Novo to declare commercial production2 effective October 1, 2021. Of particular importance is that the Golden Eagle Plant has met it performance parameters.
____________________ 2 Refer to the Company’s management’s discussion and analysis for the six-month period ended June 30, 2021, available on the Company’s website at www.novoresources.com and under the Company’s profile on SEDAR at www.sedar.com.
Novo Financial Position
Novo’s strong financial position allows the Company to address operational requirements while leveraging the value of its strategic investment portfolio.
Q3 2021 gold sales totalled 18,753 ounces of gold and 2,399 ounces of silver, representing a 34% increase over Q2 2021 gold sales of 13,958 ounces.
Q3 2021 gross revenue grew by 36% from Q2 2021 to C$43 million (A$45.8 million).
The Company experienced a Q3 2021 average realized gold price of A$2,483 compared to a Q2 2021 average realized gold price of A$2,4012. Novo sells its gold in Australian dollars to ABC Refinery of Sydney, Australia and continues to enjoy strong gold price performance in Australian dollar terms.
Novo’s cash and working capital positions remain strong, with cash reserves of C$44.1 million as at September 30, 2021 as compared to C$46.3 million as at June 30, 2021 while spending approximately C$6 million on exploration during Q3 2021.
In addition to its cash reserves, the Company’s strategic portfolio of investments held a fair value of approximately C$135 million1 as at September 30, 2021, including its 9.5% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$116 million1.
QP STATEMENT
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.
CAUTIONARY STATEMENT
The decision by the Company to produce at the Nullagine Gold Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.
The Company cautions that the declaration of commercial production only indicates that the Nullagine Gold Project is operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.
ABOUT NOVO
Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com.
On Behalf of the Board of Directors,
Novo Resources Corp.
“Michael Spreadborough”
Michael Spreadborough
Executive Co-Chairman
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned mining and processing activities; that grade control drilling may control variability of the Nullagine Gold Project’s head grade and provide for greater certainty for mine planning efforts; that the strategic operational review, which is scheduled to be completed in Q4 2021, may optimize production and profitability of the oxide resource component of the Nullagine Gold Project; the declaration of commercial production (which only indicates that the Nullagine Gold Project is operating at anticipated and sustainable levels and does not indicate that economic results will be realized); and that Novo’s strong financial position allows the Company to address the operational variabilities mentioned in this news release while leveraging the value of its strategic portfolio. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six-month period ended June 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
Eliza silver complex, Hamilton, Nevada, included previously reported surface samples. (See September 9, 2021 News Release for comprehensive sampling data).
Eliza silver complex, Hamilton, Nevada, included previously reported surface samples. (See September 9, 2021 News Release for comprehensive sampling data).
Figure 2
Silverton claim layout with northeast sampling showing 6.1 g/t gold from a surface sample
Silverton claim layout with northeast sampling showing 6.1 g/t gold from a surface sample
VANCOUVER, British Columbia, Oct. 07, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR / OTC: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report that it has staked an additional 52 new claims at its Eliza Silver Project in the historic Hamilton District of Nevada, more than doubling its land package.
The Eliza Silver Project is located along the south side of the Eberhardt fault, opposite the past-producing Treasure Hill Mine in the Hamilton Mining District, Nevada’s highest-grade silver district producing 40 million (M) ounces (oz) silver with historic mined ore grades of up to 18,700 grams per tonne (g/t) between 1860-1872. Surface samples as high as 25,000 g/t were collected in the 1960s.1
With the addition of these new claims, the Eliza land package now comprises 88 claims totaling 5.52 square kilometres, (see Figure 1).
“Our initial exploration work has identified mineralization that extends onto these newly acquired claims along the lower half of the Eliza project,” stated President Morgan Lekstrom. “We are currently conducting a mapping and geochemistry program on the property where we see significant potential for discovery in areas that have never been explored using modern exploration techniques. We will use this data to plan an extensive initial exploration program targeted for early 2022.”
Additionally, initial results from a sampling program at the Company’s Silverton Mine, a project sharing similar geology and Aster signature to Kinross Gold’s Round Mountain project located approximately 108 kilometres to the west, have confirmed surface gold mineralization on the east side of the property. A sample of 6.1 g/t gold was taken from the silicified tuff (see Figure 2).
The Company also announces that David Grandy has stepped down as a director of the Company in order to pursue other opportunities. The Company thanks Mr. Grandy for his services, including helping take the company public, and wishes him the best in his future endeavours.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, P.Geo. Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Lakewood strives to become a multimine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President
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 does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
VANCOUVER, BC / ACCESSWIRE / October 7, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) (“NV Gold” or the “Company“) is pleased to announce that the Company has completed 3 Notices of Intent (NOI) to commence drilling at its 100% owned Slumber, Discovery Bay and Pickhandle projects in north-central Nevada, USA. The Company also reports that a 2D seismic survey has been completed at its optioned SW Pipe Project located along the Cortez Gold Belt approximately 6 km southwest of the Pipeline Gold Complex operated by Nevada Gold Mines.
Upcoming Plans:
The upcoming Slumber drill program is designed to determine the extent of additional near-surface oxide-mineralization at its north-central Nevada (see Figure 1) project. The 6-8 drill program is expected to commence later this month.
The Discovery Bay Project is located approximately 15 km southeast of the Cove-McCoy gold deposits in Lander County, Nevada (see Figure 1) controlled by I-80 Gold Corp. This North-South structural zone, also known as the “Rabbit Suture”, hosts other significant gold deposits such as Turquoise Ridge, Twin Creeks as well as the Fortitude, Phoenix and Lone Tree Mines. Drilling of a four-hole recon program is expected to commence in November.
The Pickhandle Project is located at the structural intersection of the Rabbit Suture (Hwy 305) and the Crescent Valley Fault Zone (see Figure 1). Pickhandle is located 25 kilometers south of the Discovery Bay Project. The 3-4-hole drilling program is anticipated to begin in December.
The recently announced IP/Resistivity program at the Sandy Project has added a highly compelling target that will likely be drilled in Q1 2022. See news release on 9/28/2021.
At the SW Pipe, a 2D Seismic survey was recently completed by the optionee to determine depth to Carlin-type host lithologies and structural drill targets (see Figure 2). Drilling at SW Pipe is scheduled for mid-2022 depending on core rig availability.
Our projects are pushing forward, and I am more than pleased to have our drill contract in place, equipment committed and permits in-hand. NV Gold has high-quality projects with excellent discovery potential that can now be drill-tested. Besides Slumber, Discovery Bay and Pickhandle, there are several more projects entering the project pipeline. These projects are moving toward permitting, fulfilling our goal of drill-testing multiple, high-potential projects within the next 18 months to deliver value to our shareholders,” commented Thomas Klein, VP Exploration of NV Gold.
Figure 1: NV Gold’s projects with NOIs in place and location of SW Pipe with 2D Seismic completed.
Figure 2: 2D Seismic equipment at SW Pipe with Cortez mines in the background.
On behalf of the Board of Directors,
John E. Watson President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact: Freeform Communications Inc. at 604.245.0054
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the extent and timing of the Company’s planned exploration activities, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
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