Edmonton, Alberta–(Newsfile Corp. – February 27, 2024) – Visit Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) at Booth #3020 at the Prospectors & Developers Association of Canada’s (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.
About Grizzly Discoveries Inc.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
About PDAC
The World’s Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 24,000 attendees in person in 2023, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world’s mineral industry.
Vancouver, British Columbia–(Newsfile Corp. – February 22, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) announces that Brett A. Richards, the Company’s President, Chief Executive Officer (“CEO“) and Director, is transitioning to Interim CEO and Director.
As part of an ongoing commitment to Goldshore, Mr. Richards has decided to transition to Interim CEO and maintain his board seat, ensuring the Company has adequate leadership and working capital for the next twenty-four (24) months.
Goldshore continues to be committed to managing the risk(s) of operating in the current capital market environment while demonstrating the resiliency of its board and management team to make difficult decisions to protect and manage the best interest of shareholders. The Goldshore board will regularly review its management structure and make adjustments as necessary in the future.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. The Company is led and supported by an industry-leading management group, board of directors and advisory personnel. Goldshore is well-positioned and well financed to advance the Moss Gold Project through the next stages of exploration and development.
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.
For More Information – Please Contact:
Brett A. Richards Interim Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, future changes to the Company’s management structure, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
In this interview we sit down with Shawn Khunkhun the CEO of Dolly Varden Silver, which just announced Step-Out Drilling at Homestake Ridge Discovers New, High-Grade Gold Zone: 79.49 g/t Au over 12.45m, including 1,335 g/t Au over 0.68m. Find out why Eric Sprott, Rick Rule, Fidelity, Fury Gold Mines, Hecla Mining, Sprott, Delbrook, U.S. Global Investors are significant shareholders in Dolly Varden Silver.
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project located in the Golden Triangle of British Columbia, Canada, 25kms by road to deep tide water.
The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
The Company’s common shares are listed and traded on the TSX.V under the symbol DV and on the OTCQX system under the symbol DOLLF.
Vancouver, British Columbia–(Newsfile Corp. – February 14, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“, or the “Company“) is pleased to announce that the Company has completed a 424 line-km aeromagnetic geophysical survey comprising 14.5 km2 at the Duquesne West Gold project in Quebec. This high-resolution survey enhances Emperor’s exploration strategy by refining geological models and targeting capabilities for gold deposition.
Highlights
Enhanced Aeromagnetic Resolution: Achieved with 50 meter and 25 m line spacing providing new and improved detail.
Advanced Geological Understanding: Advances Emperor’s understanding of the structural framework and lithological controls crucial to mineralization.
Revealed Greenstone Belt Architecture: Illustrates the underlying architecture of the greenstone belt; pinpointing areas to favorable ore environments.
Discovery of Unknown Structural Features: Reveals unknown structural features not identified by past explorers, offering new exploration targets.
CEO John Florek commented:
“This dataset not only enhances our understanding of the complex geological environment at Duquesne West but also aligns perfectly with our strategic objectives. By identifying signatures indicative of both high-grade and bulk tonnage gold deposits, we’re now equipped to expand our exploration efforts across multiple fronts. This improved aeromagnetic detail is meaningful for our 2024 drilling program, setting the stage for a transformative year. With these insights, we’re more confident than ever in our ability to uncover new targets for expanding known mineralization and exploring new prospects. We anticipate a busy and productive summer ahead.”
Strategic Implications:
This dataset is instrumental in distinguishing the signatures related to favorable gold deposition, enabling the identification of previously overlooked targets. Specifically, it aids in exploration for:
Underground High-Grade Gold
Open Pit Bulk Tonnage Gold
Underground Bulk Tonnage Gold
These findings are aligned with Emperor Metals’ strategic vision to explore and develop diverse gold resources, leveraging advanced technologies to uncover the full potential of the Duquesne West Gold Project.
2024 Geophysical Survey
This survey marks the first set of detailed (<100m line spacing) aeromagnetics geophysical data on the Duquesne West project with substantially better resolution than historical government data which gives the company valuable insight into magnetic characteristics on its claims.
The survey is expected to enhance the understanding of structure, mineralogy, and spatial positioning of potential economic mineralization related to magnetic anomalies. This survey will assist the company in expanding the footprint of known mineralization and defining near surface targets ahead of the Company’s 2024 drill program.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
Reinterpretation of the existing geological model was created using Artificial Intelligence (A.I) and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold
Open Pit Bulk Tonnage Gold
Underground Bulk Tonnage Gold.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR PLUS (www.sedarplus.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek” John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
Vancouver, British Columbia–(Newsfile Corp. – February 12, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce 2023 step-out drilling at the Homestake Ridge property intersected a new gold-rich zone, to the northwest from the Homestake Silver Deposit.
Highlights of Homestake Silver step-outs to the northwest include: (intervals shown are core length**)
HR23-389: 79.49 g/t Au and 60 g/t Ag (80.21 g/t AuEq*) over 12.45meters including 1,335 g/t Au*** and 781 g/t Ag (1,344.42 g/t AuEq*) over 0.68 meters within a broad mineralized zone grading 15.26 g/t Au and 20.05 g/t Ag (15.50 g/t AuEq*) over 66.50 meters.
HR23-399: 43.10 g/t Au and 66 g/t Ag (43.90 g/t AuEq*) over 1.01 meters and 40.33 g/t Au and 418 g/t Ag (45.37 g/t Au Eq**) over 1.75 meters within a broad mineralized zone grading 2.68 g/t Au and 20 g/t Ag (2.92 g/t AuEq*) over 57.70 meters.
HR23-410: 10.17 g/t Au over 6.61 meters including 50.70 g/t Au over 0.62 meters.
Highlights from Homestake Main infill drilling below high-grade plunge include: (intervals shown are core length**)
HR23-374:22.60 g/t Au over 0.67 meters, 18.75 g/t Au over 2.00 meters and 10.15 g/t Au over 1.00 meter in separate vein breccias included in a wider mineralized envelope grading 1.22 g/t Au and 1.90 g/t Ag (1.24 g/t AuEq*) over 83.51 meters.
HR23-386: 18.14 g/t Au and 30 g/t Ag (18.51 g/t AuEq*) over 2.50 meters including 69.9 g/t Au and 42 g/t Ag (70.41 g/t AuEq*) over 0.50 meters.
HR23-390: 129.00 g/t Au and 218 g/t Ag (131.63 g/t AuEq*) over 0.50 meters in a vein breccia included in a wider mineralized envelope grading 1.92 g/t Au and 3.58 g/t Ag (1.96 g/t AuEq*) over 50.30 meters.
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag **Estimated true widths vary depending on intersection angles and range from 50% to 85% of core lengths. ***Determined using metallic screen fire assay on 1.0 kg split
“Whether we discover new zones of high-grade gold at Homestake Ridge or expand the large, wide and high-grade silver deposits at Wolf and Torbrit, drilling continues to deliver results from the premier, undeveloped gold-silver trend in Canada,” said Shawn Khunkhun, CEO of Dolly Varden Silver.
“The new high-grade gold and silver mineralization encountered in step out drilling to the northwest of Homestake Silver represents a significant breakthrough in further defining, upgrading and expanding the mineralization at Homestake Ridge,” said Rob van Egmond, Vice-President Exploration.” This new zone remains open to the northwest, projecting towards the Homestake Main Deposit.”
This release includes the remaining drill results from 48 drill holes from the 2023 drill program at the 100%-owned Kitsault Valley Project that includes the Homestake Ridge and Dolly Varden properties in BC’s Golden Triangle. Reporting 26 drill holes at Homestake Main (11,054.90m), four drill holes (2,478.00m) from the new gold-rich zone at the Homestake Silver northwestern extension, and six exploration drill holes on the Homestake Ridge property (1,627.00m). In addition, twelve holes (6,971.00m) from the Dolly Varden property including the North Star, Red Point and Wolf areas are reported in this release.
Homestake Silver Step-Out Drilling
The high-grade gold and silver intersections in holes HR23-389 and HR23-399 are horizontally separated by approximately 40m and are interpreted to be a new gold zone extending northwest, at depth towards the Homestake Main deposit. Deeper in these holes a second, targeted mineralized envelope was encountered (Figure 5). In longitudinal section, the new gold zone overlaps parallel with the known mineralized envelopes approximately 50 meters to the east. This zone remains open to the northwest below historic drilling. Drilling in 2024 will target a 350m long gap between the Homestake Silver and Homestake Main Deposits to expand this new zone (Figure 2).
Drill hole HR23-410 is a 75-meter step-out from previously released holes HR23-395 and 398 (January 4th, 2024 release) and represents an extension of the higher grade veins to depth and below the wide, higher grade plunge.
The dip of drill hole HR23-394 steepened due to hole deviation more than anticipated and remained in the footwall to mineralized zones.
Figure 1. Location in this release along Dolly Varden’s Kitsault Valley trend
The objective of drilling during 2023 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources in the projected plunge of the wider, higher-grade zone. The drilling completed in 2023 at Homestake Main was primarily resource expansion drilling, targeting both down dip and along strike from current Mineral Resources.
At Homestake Main, the 2023 drilling tested the depth extent of the structural corridor that hosts the mineralization and infilled in areas of higher grades. Drill hole HR23-374 is located approximately 200m down dip from the modelled wide, high-grade plunge, planned as a depth test at the bottom edge of the known mineralized envelope.
Drilling along the northwest projection of the Homestake Main zone intersected the structural corridor and associated alteration but with a decrease in vein stockwork and vein breccias density.
Homestake Ridge Exploration Drilling
Four exploration drill holes (HR23-417, 420, 421 and 424) tested two parallel, northwest trending structures located 300 metres and 600 meters to the west of the Homestake Silver deposit. HR23-424 tested the Fox Reef, a parallel structure approximately 900 meters to the southwest. Numerous veins and breccias were intersected with lower grade gold values (Table 3). Another two drill holes (HR23-422 and 423) tested the Dilly – Rambler exploration target 1,500m to the south of Homestake Silver. Although zones of QSP alteration and structures of interest were intersected, no significant precious metal grades were returned from the samples in these holes.
The Homestake Ridge deposits are interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system and quart-carbonate veining (Figure 3). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader low-grade (>0.1 g/t Au) zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to steeply Southwest at Homestake Silver (Figure 2 and 5).
Figure 2. Long Section of Homestake Silver and Main. Modelled mineralized envelope from resource in Red (looking southwest)
Figure 3. Drill hole HR23-389 at the gold zone from the Homestake Silver deposit hosting quartz carbonate vein and stockwork with high-grade gold and silver mineralization.
Figure 4. Location of 2023 Drill holes at Homestake Main and northwest step outs at Homestake Silver in this release. Plan View with Current Mineral Resource block model in grey, primarily of Inferred Classification
Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Northern Extension drilling
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-389
329.50
369.93
40.43
0.11
67
0.00
0.91
76
including
366.00
368.00
2.00
0.52
559
0.03
7.26
602
including
367.00
368.00
1.00
0.99
996
0.04
13.00
1078
New Au Zone
377.50
444.00
66.50
15.26
20
0.01
15.50
1285
including
401.00
413.45
12.45
79.49
60
0.01
80.21
6649
including
409.90
410.58
0.68
1335***
781
0.01
1344.42
111440
Lower Zone
503.07
550.35
47.28
1.22
1
0.01
1.23
102
including
510.60
511.85
1.25
13.70
4
0.01
13.75
1140
including
522.77
523.37
0.60
8.53
4
0.01
8.57
711
including
525.79
526.81
1.02
13.65
6
0.01
13.72
1137
HR23-394
416.50
421.50
5.00
0.52
14
0.02
0.69
57
including
416.50
417.50
1.00
2.10
26
0.03
2.42
200
and
484.00
486.00
2.00
2.20
50
0.02
2.79
231
HR23-399 New Au Zone
377.90
435.60
57.70
2.68
20
0.02
2.92
242
including
396.24
397.25
1.01
43.10
66
0.23
43.90
3639
including
413.00
414.75
1.75
40.33
418
0.13
45.37
3761
and
446.80
452.00
5.20
1.40
5
0.02
1.46
121
Lower Zone
545.10
570.00
24.90
0.36
NSV
0.36
30
HR23-410
329.35
329.85
0.50
0.12
1215
0.04
14.77
1225
and
329.85
330.35
0.50
0.06
192
0.41
2.37
197
75m Step out
566.11
572.72
6.61
10.17
7
0.03
10.25
850
including
567.58
571.47
3.89
16.81
10
0.04
16.93
1403
including
567.58
568.20
0.62
50.70
26
0.08
51.01
4229
including
570.00
571.47
1.47
15.30
9
0.05
15.41
1277
Table 2. Completed Drill Hole Assays from the Homestake Main Deposit Area
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-367
295.75
304.80
9.05
1.66
1
0.01
1.68
139
including
299.96
300.80
0.84
3.16
2
0.03
3.19
264
including
301.32
301.82
0.50
19.80
11
0.06
19.94
1652
HR23-368
186.90
188.90
2.00
0.18
NSV
0.18
15
and
207.70
212.95
5.25
0.17
NSV
0.17
14
HR23-369
204.00
211.00
7.00
0.60
NSV
0.60
50
including
231.07
231.62
0.55
0.83
4
0.01
0.88
73
and
294.50
317.34
22.84
0.37
NSV
0.37
31
including
313.19
314.50
1.31
3.31
18
0.00
3.52
292
HR23-370
288.00
295.00
7.00
1.65
2
0.01
1.67
139
including
293.00
295.00
2.00
4.83
5
0.01
4.89
405
HR23-371
323.00
323.50
0.50
1.45
NSV
1.45
120
HR23-372
234.36
258.50
24.14
0.87
1
0.04
0.88
73
including
246.50
250.50
4.00
3.58
3
0.10
3.61
299
including
257.70
258.50
0.80
1.05
7
0.52
1.13
94
HR23-373
341.00
343.00
2.00
0.45
NSV
0.45
37
HR23-374
261.03
344.54
83.51
1.22
2
0.04
1.24
103
including
268.48
269.15
0.67
22.60
10
0.17
22.72
1883
including
311.00
313.00
2.00
18.75
8
0.22
18.85
1562
including
321.00
322.00
1.00
10.15
9
0.09
10.26
850
HR23-375
234.00
237.18
3.18
0.14
2
0.01
0.17
14
HR23-376
402.09
409.13
7.04
0.97
1
0.05
0.98
81
including
408.32
409.13
0.81
5.29
5
0.32
5.35
444
HR23-377
475.75
477.26
1.51
0.32
4
0.04
0.37
31
HR23-378
523.55
526.00
2.45
0.36
NSV
0.36
30
and
569.85
571.46
1.61
0.45
NSV
0.45
37
HR23-379
264.00
293.00
29.00
0.47
1
0.02
0.49
40
including
284.88
286.50
1.62
4.96
14
0.25
5.13
425
and
299.75
315.35
15.60
0.29
NSV
0.29
24
and
387.00
416.00
29.00
0.38
NSV
0.38
31
including
395.00
399.50
4.50
0.80
NSV
0.80
66
including
403.00
406.00
3.00
0.92
NSV
0.92
76
HR23-380
420.44
446.00
25.56
0.25
0
0.00
0.25
21
HR23-381
259.97
277.00
17.03
0.56
12
0.03
0.71
59
including
265.24
265.89
0.65
3.38
111
0.41
4.72
391
including
268.02
268.61
0.59
1.30
4
0.00
1.35
112
HR23-382
312.00
394.41
82.41
0.26
NSV
0.02
0.26
22
including
324.60
325.12
0.52
3.33
4
0.44
3.38
280
including
359.50
360.22
0.72
1.95
13
0.48
2.11
175
and
404.00
434.00
30.00
0.38
NSV
0.01
0.38
31
including
426.30
427.12
0.82
4.86
21
0.32
5.11
424
Table 2 con’t. Completed Drill Hole Assays from the Homestake Main Deposit Area
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-383
166.08
168.00
1.92
0.86
39
0.00
1.33
110
HR23-384
338.12
371.10
32.98
0.31
1
0.01
0.33
27
and
391.00
444.00
53.00
0.30
1
0.00
0.31
26
HR23-385
485.67
515.05
29.38
0.25
2
0.07
0.27
22
and
510.00
510.70
0.70
0.93
15
0.63
1.11
92
HR23-386
156.69
208.95
52.26
1.47
25
0.13
1.78
147
including
159.00
160.00
1.00
1.35
969
0.09
13.04
1081
including
161.00
163.50
2.50
18.14
30
0.24
18.51
1534
including
161.00
161.50
0.50
69.90
42
0.18
70.41
5836
including
183.90
190.00
6.10
2.19
16
0.91
2.39
198
HR23-387
146.84
190.10
43.26
0.62
6
0.13
0.69
57
including
150.00
150.50
0.50
6.18
10
0.16
6.31
523
including
166.00
168.65
2.65
2.54
35
1.68
2.96
246
including
189.10
189.60
0.50
2.62
1
0.11
2.64
219
HR23-388
211.90
229.50
17.60
1.00
4
0.14
1.04
86
including
213.86
215.00
1.14
1.90
17
0.93
2.10
174
including
219.48
220.20
0.72
7.80
8
0.13
7.90
655
including
221.50
222.00
0.50
1.03
9
0.16
1.14
94
including
225.60
228.40
2.80
2.05
4
0.14
2.10
174
and
372.50
381.50
9.00
1.76
3
0.13
1.80
149
including
373.38
373.88
0.50
28.80
47
2.23
29.37
2434
HR23-390
167.70
218.00
50.30
1.92
4
0.03
1.96
162
including
169.68
170.18
0.50
129.00
218
1.09
131.63
10911
including
173.95
174.45
0.50
5.59
8
0.13
5.68
471
including
206.00
207.00
1.00
2.72
1
0.00
2.73
227
including
216.00
218.00
2.00
2.12
5
0.03
2.18
180
HR23-391
159.00
167.50
8.50
0.12
NSV
0.12
10
and
232.00
239.55
7.55
1.22
5
0.14
1.28
106
including
234.00
236.55
2.55
3.29
11
0.36
3.43
284
and
246.04
306.90
60.86
0.72
3
0.09
0.76
63
including
246.04
246.61
0.57
3.56
40
0.12
4.04
335
including
254.48
273.30
18.82
1.52
4
0.14
1.56
130
including
304.70
305.20
0.50
13.55
50
0.27
14.15
1173
and
324.00
346.20
22.20
0.26
0
0.02
0.27
22
including
331.80
332.30
0.50
3.96
5
0.84
4.03
334
HR23-392
113.00
119.00
6.00
0.45
47
0.02
1.01
84
Table 3. Completed Drill Hole Assays from the Homestake Ridge Property Exploration
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-422
193.00
194.17
1.17
0.36
24
0.13
0.65
54
HR23-424
10.00
17.00
7.00
0.27
NSV
HR23-424
12.00
13.16
1.16
1.06
9
1.17
97
and
23.25
23.75
0.50
5.72
22
0.40
5.98
496
and
95.20
95.70
0.50
0.54
20
0.79
65
and
196.05
196.66
0.61
1.76
2
1.79
148
and
199.35
199.85
0.50
1.97
3
2.00
166
and
249.35
249.93
0.58
1.84
2
1.86
154
HR23-423
168.60
169.70
1.10
1.52
1
1.53
127
and
246.75
247.75
1.00
0.78
NSV
0.78
65
HR23-420
NSV
HR23-421
97.60
206.00
108.40
0.11
NSV
0.112
9
HR23-417
156.20
161.20
5.00
0.98
NSV
0.978
81
including
158.20
159.20
1.00
2.09
NSV
2.09
173
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag. **Estimated true widths vary depending on intersection angles and range from 50% to 90% of core lengths ***Determined using metallic screen fire assay on 1.0kg
Table 4. Drill Hole Collar Locations for 2023 Homestake Ridge drill holes in this release
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR23-367
462840
6179693
952
211
-58
351.00
HR23-368
462840
6179693
952
202
-68
402.00
HR23-369
463071
6179531
927
237
-55
414.00
HR23-370
462840
6179693
952
226
-56
324.90
HR23-371
462771
6179849
1091
200
-75
589.00
HR23-372
463071
6179531
927
235
-62
390.00
HR23-373
462840
6179693
952
230
-68
450.00
HR23-374
463166
6179562
895
232
-53
441.00
HR23-375
462771
6179849
1091
200
-62
582.00
HR23-376
462897
6179729
964
140
-65
609.00
HR23-377
463166
6179562
895
232
-71
552.00
HR23-378
462771
6179849
1091
200
-73
609.00
HR23-379
463015
6179634
918
210
-59
450.00
HR23-380
463132
6179539
914
221
-70
501.00
HR23-381
462794
6179271
1116
106
-45
402.00
HR23-382
463075
6179672
902
212
-55
450.00
HR23-383
463129
6179330
986
220
-53
285.00
HR23-384
463132
6179539
914
205
-66
501.00
HR23-385
462897
6179729
964
240
-74
600.00
HR23-386
463120
6179391
969
223
-57
300.00
HR23-387
463120
6179391
969
231
-52
306.00
HR23-388
463133
6179500
925
223
-47
399.00
HR23-390
463120
6179391
969
205
-62
354.00
HR23-391
463133
6179500
925
218
-61
439.00
HR23-392
462794
6179271
1116
116
-45
354.00
HR23-389
463590
6179193
825
228
-46
603.00
HR23-394
463590
6179193
825
228
-53
654.00
HR23-399
463590
6179193
825
232
-48
621.00
HR23-410
463560
6179124
834
220
-50
600.00
HR23-417exp
463182
6178630
1070
240
-50
283.00
HR23-420exp
463482
6178246
1014
240
-50
279.00
HR23-421exp
463295
6177829
1200
282
-46
222.00
HR23-422exp
463305
6177143
1117
166
-46
261.00
HR23-423exp
463713
6176389
1038
315
-50
255.00
HR23-424exp
463318
6178059
1169
230
-46
327.00
Dolly Varden Exploration Drilling
Result for twelve drill holes competed at the end of the 2023 season on the Dolly Varden property come from three main areas: Red Point, North Star and Wolf (Figure 6).
Red Point Drilling
Three holes were drilled in the Red Point area, located at the southern end of the western gold belt, approximately 10 kilometers southeast along the trend from the Homestake Ridge deposits. Styles of mineralization encountered including varying degrees of quartz and quartz-carbonate veining in a QSP alteration halo, similar to what is seen at the Homestake Ridge deposits. Highlights from the 2023 exploration drilling include: (intervals shown are core length**)
HR23-360: 1.92 g/t Au over 13.10 meters including 7.25 g/t Au and 1.12% Cu over 2.30 meters near surface all within a broad mineralized halo grading 0.44 g/t Au over 120.62 meters.
**Estimated true widths vary depending on intersection angles and range from 70% to 90% of core lengths.
North Star Drilling
Two drill holes intersected the stratabound mineralization of the North Star deposit, part of the Torbrit Horizon, approximately 50 meters down dip from historic underground drilling in the 1960s. The surface drill holes collars were moved further back to intercept the horizon at a better angle and test for continuity. The North Star deposit has higher lead (Pb) and zinc (Zn) values than the Torbrit deposit located across the Kitsault Valley. The Current Mineral Resource Estimate for North Star does not include any credits for the significant base metals in the mineralized horizon.
Highlights from North Star Area include: (intervals shown are core length**)
HR23-358: west step out, entire horizon: 199 g/t Ag with 1.28% Pb and 1.21% Zn (292 g/t AgEq) over 18.10 meters including 1,510 g/t Ag, 1.23% Pb and 5.34% Zn (1,755 g/t AgEq) over 0.58 meters and 753 g/t Ag, 0.51 g/t Au, 15.20% Pb and 4.32% Zn (1,430 g/t AgEq) over 1.00 meters.
**Estimated true widths vary depending on intersection angles and range from 80% to 95% of core lengths.
The North Star deposit (along the Torbrit Horizon) remains open to the west down dip along the Torbrit Horizon for follow up in the 2024 drill program.
Wolf Drilling
The five drill holes reported in this release for Wolf were part of an end of season follow up to test below the plunge of the wide, higher-grade zone. The Wolf structure was intersected with low silver grades and increased lead and zinc values, typical of below and outside of the plunge of high-grade silver zone (Figure 8).
Figure 6. Drill hole location map for Dolly Varden Property holes reported in this release.
Figure 7. Wolf Long Section with 2023 drill holes in this release highlighted in white. The 2023 result highlights shown from step-outs along the wide, high-grade plunge are from previous releases (Sept 11th and Nov 06th, 2023).
Table 5. Completed Drill Hole Assays from the Dolly Varden Property Exploration Drilling in this release.
Hole ID
From (m)
To (m)
Length (m)**
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
AgEq (g/t)
DV23-353 North Star
251.05
254.50
3.45
138
0.07
3.50
7.69
543
including
252.50
254.50
2.00
211
0.10
5.74
9.82
769
and
266.45
267.10
0.65
426
0.39
0.59
0.24
485
and
291.50
292.50
1.00
219
0.47
0.05
1.29
308
DV23-358 North Star
278.96
280.80
1.84
52
0.03
0.80
11.10
500
and
293.32
311.42
18.10
199
0.08
1.28
1.21
292
including
293.32
300.75
7.43
345
5.92
2.75
1.6
491
including
293.32
293.90
0.58
1510
0.06
1.23
5.34
1755
including
296.00
297.00
1.00
753
0.51
15.20
4.32
1430
DV23-360 Red Point
1.85
122.47
120.62
3
0.44
0.02
0.05
42
including
34.90
48.00
13.10
6
1.92
0.03
0.08
169
including
44.00
46.30
2.30
15
7.25
0.03
0.07
619
DV23-363 Red Point
29.00
109.00
80.00
NSV
0.38
including
51.00
54.10
3.10
12
3.45
298
DV23-384 Red Point
724.20
783.00
58.80
1
0.28
0.01
0.03
26
including
737.50
761.81
24.31
1
0.45
0.00
0.02
39
DV23-377 Surprise
NSV
DV23-378 Surprise
NSV
DV23-380 Wolf
575.60
584.28
8.68
2
NSV
0.12
0.55
26
DV23-381 Wolf
593.13
594.10
0.97
115
0.03
1.60
1.73
233
and
669.20
670.20
1.00
184
0.04
0.52
2.44
295
and
671.92
673.90
1.98
215
0.01
0.23
3.17
343
and
675.40
676.40
1.00
138
0.03
15.04
3.12
725
DV23-382 Wolf
549.83
570.70
20.87
39
0.18
1.25
0.70
119
including
551.00
552.30
1.30
250
0.28
15.38
3.80
895
DV23-383 Wolf
274.00
276.72
2.72
6
0.03
0.06
1.14
53
DV23-385 Wolf
369.02
384.62
15.60
21
0.05
0.77
0.61
72
including
372.10
372.92
0.82
131
0.28
0.34
0.55
185
*AgEq is calculated using $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn **Estimated true widths vary depending on intersection angles and range from 70% to 95% of core lengths
Table 6. Drill Hole Collar Locations for 2023 Dolly Varden Property drill holes in this release.
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV23-353 North Star
467575
6171329
533
115
-60
431.00
DV23-358 North Star
467575
6171329
533
155
-58
413.00
DV23-360 Red Point
467026
6172064
618
205
-50
384.00
DV23-363 Red Point
466782
6172288
707
220
-63
378.00
DV23-384 Red Point
466500
6171968
759
260
-60
912.00
DV23-377 Surprise
466815
6173693
446
232
-46
300.00
DV23-378 Surprise
466815
6173693
446
340
-60
618.00
DV23-380 Wolf
467013
6173643
383
140
-71
803.00
DV23-381 Wolf
467013
6173643
383
140
-74
824.00
DV23-382 Wolf
467013
6173643
383
142
-65
648.00
DV23-383 Wolf
467265
6172994
372
305
-55
762.00
DV23-385 Wolf
467127
6173757
364
138
-57
498.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Gold is determined by Fire Assay on a 30g split with and AA finish and over limits determined by Fire Assay with a gravimetric finish. Metallic screen fire assay analysis on 1kg sample +106umis carried out when determined to be necessary on higher grade samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
North Vancouver, British Columbia–(Newsfile Corp. – February 7, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$10.0 million (the “Offering“). The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Cantor Fitzgerald Canada Corporation (“CFCC“), as lead underwriter and sole bookrunner (the “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).
The number of Offered Units to be sold, the Offering price (the “OfferingPrice“), and the terms of the Offered Units will be determined in the context of the market and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.
The net proceeds received by the Company from the sale of the Offered Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.
The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in Ontario, British Columbia, and Alberta and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Cantor Fitzgerald Canada Corporation in Canada, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com. The Offered Units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
The closing of the Offering is expected to occur on or about February 13, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news 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 results of the Offering and associated marketing efforts, the use of proceeds of the Offering, 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, and results of ongoing production operations. 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: prevailing capital markets conditions, 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 labor 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.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, February 7, 2024 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) — EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce that it has received approval from the TSX Venture Exchange (“TSXV”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”).
Under the NCIB, the Company may purchase for cancellation up to 5,000,000 common shares (the “Shares”) (representing approximately 4.45% of its issued and outstanding Shares, being 112,234,040 Shares, as of January 24, 2024) over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.
All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The NCIB will be made in accordance with the applicable rules and policies of the TSXV, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the NCIB and the NCIB may be modified or suspended at the Company’s discretion.
EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.
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 TSXV and the NYSE American under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
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 of 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 EMX’s proposed normal course issuer bid and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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” 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 actual results, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, and other factors.
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 September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov
TORONTO, Feb. 6, 2024 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FWB: GG1) (“Collective” or the “Company”) is pleased to announce that a second rig has been mobilized to the Trap target (“Trap”) due to strong visual mineralization observed in follow up drilling currently underway. Trap is one of a series of porphyry targets within the Company’s Guayabales Project located in Caldas Colombia. The Company’s 2024 exploration plan includes up to 40,000 metres of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February 2024.
Trap Highlights (see Figures 1-4)
The Company recently announced the discovery of a gold rich porphyry system at Trap which is located approximately 3.5 kilometres to the northeast of the flagship Apollo system. The Trap target covers a large surface area measuring approximately 2 kilometres by 2 kilometres with assay results previously announced on January 18, 2024 for the initial three drill holes as follows:
301.5 metres @ 1.01 g/t AuEq from 19.5 metres depth
159.75 metres @ 1.04 g/t AuEq (TRC-3)
Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the Company has only drill tested the upper levels of a porphyry system consisting of overprinting early and late-stage porphyry veins associated with a pervasive phyllic (sericite – chlorite – sulphide) alteration assemblage. On January 19, 2024 a follow up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 metres in length.
Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization being observed as follows:
Porphyry quartz veins containing pyrite and minor chalcopyrite
Late crosscutting sheeted carbonate base metal (“CBM”) veinlets enriched in sphalerite and galena
Dark polymetallic sheeted veinlets
Sufficiently encouraged by the deeper drill hole visuals, the Company is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days. Additional assay results from Trap are expected in Q1 2024.
David Reading, Special Advisor to the Company commented: “The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins which relates to pulses of mineralized fluids typical of large systems. Additionally, based on core inspection of this hole, there is a noticeable increase in total sulphide content relative to the discovery holes previously announced by the Company.”
Richard Tosdal, Special Advisor to the Company added: “The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems.”
Figure 1: Core Photos Highlights From the Current Drill Hole Underway at Trap (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Trap Target and Visual Results From the Hole Currently Underway (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, gold and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL”, on the OTCQX under the trading symbol “CNLMF” and on the FWB under the trading symbol “GG1”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact: Follow Executive Chairman Ari Sussman (@Ariski73) on X
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state 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 information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
Collective Mining Ltd. Logo (CNW Group/Collective Mining Ltd.)
Vancouver, British Columbia–(Newsfile Corp. – February 6, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce an updated mineral resource estimate (the “MRE“) for the Moss deposit (“Moss” or the “Moss Deposit“) and East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit“), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project“).
Highlights of the 2024 Mineral Resource Estimate Update:
Upgrading of the MRE to include 23% Indicated Mineral Resources and an increase in the average grade over the 2023 MRE.
Indicated Mineral Resource of 1,535 thousand ounces grading 1.23 grams per tonne gold (g/t Au), contained within 38.96 million tonnes.
Inferred Mineral Resource of 5,198 thousand ounces grading 1.11 grams per tonne gold (g/t Au), contained within 146.24 million tonnes.
The total resource tonnage increase is just under 1% overall over the 2023 MRE, however the overall grade increase versus the 2023 MRE is approximately 11%.
The shears that host gold mineralization have been extensively remodelled as constraining domains, greatly enhancing the reliability of the current MRE.
With gold prices consistent with the 2023 MRE, 94% of the 2024 MRE’s tonnes and gold ounces are contained within these shear models.
This is a significant increase compared to the 2023 MRE, where only 35% of the tonnes and 65% of the gold ounces were contained in its shear model.
Implied stripping ratios based on diluted block models and the Reasonable Potential for Eventual Economic Extraction (“RPEEE“) constraining pit optimization are 3:1 for Moss and 6:1 for East Coldstream.
The pit depth is constrained by the model (in multiple locations), indicating the potential for a larger pit should the model be extended at depth.
The 2024 Moss Project MRE update is set to be the foundation for resource growth and development towards Tier One status, and leading to a future Preliminary Economic Assessment (PEA).
All identified zones within the Project are still open to potential expansion.
The Moss Project encompasses 36 satellite targets, including several mapped and sampled gold trends near the Moss Gold Deposit, offering prospects for discoveries and additional gold mineralization.
Table 1: Moss Project Updated Mineral Resource Estimate
Indicated
Inferred
Cutoff
Tonnes
Grade
Metal
Tonnes
Grade
Metal
(g/t Au)
(Mt)
(g/t Au)
(Koz Au)
(Mt)
(g/t Au)
(Koz Au)
Moss
Open Pit
Core Shears
0.35
19.95
1.39
893
56.32
1.39
2,525
Marginal Shears
0.35
11.35
0.92
335
70.31
0.81
1,836
Low Grade Halo
0.35
–
–
–
10.21
0.62
202
Open Pit Subtotal
31.30
1.22
1,228
136.84
1.04
4,563
Underground
2.0
–
–
–
3.22
3.43
355
Moss Total
0.35/2.0
31.30
1.22
1,228
140.07
1.09
4,919
East Coldstream
Open Pit
0.35
7.67
1.25
307
5.36
1.15
198
Underground
2.0
–
–
–
0.82
3.10
82
E Coldstream Total
0.35/2.0
7.67
1.25
307
6.18
1.41
280
Grand Total
0.35/2.0
38.96
1.23
1,535
146.24
1.11
5,198
Notes:
The 2024 Moss Mineral Resources were estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo. both of APEX Geoscience Ltd. (“APEX“) qualified persons as defined by NI 43-101, are responsible for completing the updated mineral resource estimation, effective January 31, 2024.
Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for Moss. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
The quantity and grade of reported Inferred Resources is uncertain, and there has not been sufficient work to define the Inferred Mineral Resource as an Indicated or Measured Mineral Resource. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The historical underground voids from mining in any of the deposit areas have been removed.
All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Resources are presented as undiluted and in situ.
Tonnage estimates are based on individually measured and calculated bulk densities for geological units ranging from 2.68 to 2.89 g/cm³. Overburden density is set at 1.8 g/cm³.
Metal prices are US$1,850/oz Au with a revenue factor of 1 and recovery of 90% for Moss and 95% for East Coldstream.
Open-pit resource economic assumptions are mining costs of US$2.25/waste tonne, $3.00/ore tonne, flotation-leaching processing costs of US$9.50 per tonne, and mine-site administration costs of US$2.10 per tonne processed.
Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions and 50° pit slopes.
Underground resource economic assumptions are US$75/tonne for mining mineralized and waste material and US$9.50/tonne for processing. The underground resource mining assumptions are open pit stope mining method with a minimum mining width of 1.5m and a minimum stope volume equal to stope dimensions of 1.5m x 10m x 20m.
The Underground material below the open pit was manually constrained to continuous material above the gold cutoff (2.0 g/t) that met the minimum thickness and volume requirements. Resources not meeting these size criteria are included if they maintain a grade above the cutoff once diluted to the required size.
Table 2: Moss Project Updated Open Pit Mineral Resource Estimate Sensitivity
Cutoff (g/t Au)
Indicated
Inferred
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Moss
0.2
33.55
1.16
1,249
185.72
0.83
4,985
0.3
32.36
1.19
1,239
150.61
0.97
4,707
0.35
31.30
1.22
1,228
136.84
1.04
4,563
0.4
30.15
1.25
1,214
125.85
1.10
4,431
0.5
27.31
1.34
1,173
104.78
1.22
4,126
0.6
24.05
1.44
1,115
86.6
1.37
3,807
0.8
17.88
1.70
977
60.33
1.66
3,221
1.0
13.00
2.00
836
42.89
1.97
2,721
East Coldstream
0.2
8.70
1.13
316
6.54
0.99
208
0.3
8.01
1.21
311
5.73
1.09
201
0.35
7.66
1.25
307
5.35
1.15
198
0.4
7.33
1.29
303
4.99
1.20
193
0.5
6.59
1.38
292
4.36
1.31
184
0.6
5.92
1.47
280
3.77
1.43
174
0.8
4.58
1.70
250
2.94
1.64
155
1.0
3.49
1.95
219
2.31
1.84
137
See footnotes for Table 1
Table 3: Moss Project Updated Underground Mineral Resource Estimate Sensitivity
Cutoff (g/t Au)
Inferred
Tonnes (Mt)
Grade (g/t Au)
Metal (Koz Au)
Moss
1.8
3.96
3.14
400
1.9
3.56
3.29
377
2.0
3.22
3.43
355
2.1
2.89
3.59
334
2.2
2.60
3.75
314
2.4
2.11
4.09
277
East Coldstream
1.8
1.00
2.88
93
1.9
0.90
3.00
87
2.0
0.82
3.10
82
2.1
0.76
3.19
78
2.2
0.70
3.28
74
2.4
0.60
3.45
66
See footnotes for Table 1
President and CEO Brett Richards stated: “The MRE results above are extremely encouraging, and validate the strategic exploration and drilling campaign we embarked on almost 3 years ago. We have consistently delivered exciting drilling results as they relate to the Moss Gold Project, and this MRE illustrates a meaningful and material increase in the quality, quantity, and grade of the deposit. Conducting this update to the MRE was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project; in an effort to maximize shareholder value. We continue to believe that the Moss Gold Project will be a sector anomaly of having top quartile grade and top quartile size and scale within our comparable peers; as it moves closer to being a Tier One asset.”
Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project
APEX Geoscience Ltd. (“APEX“) completed an in-depth review and validation of assays collected before 2010 at the Moss Deposit and East Coldstream Deposit to establish whether the data is suitable for mineral resource estimation. APEX reviewed previous studies’ evaluation of twin drilling and resampling programs and drew the following conclusions regarding this data:
Five twin holes have been completed in the Moss Zone. APEX regards this dataset as limited, insufficient for definitive conclusions, but adequate for a preliminary assessment. This view is due to the deposit’s characteristics and challenges in accurately positioning twin holes adjacent to historical holes. The data indicate that the twin holes generally exhibit mineralization that corresponds with the mineralization trends noted in the historical drillholes they were designed to test and confirm.
Six historical drillholes were resampled to determine potential bias in the historical dataset.
Prior analyses of the resampling program focused on comparing the difference between each interval’s historical and modern assays and noting variance discrepancies between the two datasets.
APEX performed a quantile-to-quantile comparison between resampled and historical assays and the results show similar distributions, indicating no significant bias in resampling assay values vs original values.
APEX considers the noted variance difference to be within expected ranges, as the differences in sampling volumes could explain any discrepancies.
These findings remain partially inconclusive due to the limited number of holes resampled.
Due to the inconclusive results from the twinning and resampling programs, APEX conducted a spatial pairing analysis. This analysis compared the distribution of historical assays with modern drilling data. The assay data was limited to samples within the 2023 modelled shear domains, ensuring only assays from similar geological settings were compared. In this analysis, only assays from either dataset that are within 15 meters of an assay from the other dataset could be considered. The dataset included thousands of paired samples to complete the analysis on. Below are APEX’s conclusions:
The assay distributions of historical paired data and modern paired data were found to be similar after accounting for comparable mineralization zones.
No evident bias in historical assays was observed that could be attributed to assay methods or assay labs or different generations (ages) of data.
Some historical data involved selective assaying. Inserting nominal waste values for unsampled intervals yields a conservative gold content estimate at the sample location.
Based upon this analysis, the QP believes that the historical assays can be used for a mineral resource estimate even with limited historical QA/QC data. Details of the Historical Assay Review and Analysis will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with National Instrument 43-101 (“NI 43-101“) standards.
Moss Deposit Geology
The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the Shebandowan Belt in the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusion complex. The deposit comprises a network of centimetre- to meter-scale northeast-trending shear zones hosting high-grade gold mineralization. Surrounding the shear zones are areas of lower-grade gold mineralization associated with less intense shearing and more brittle deformation. This includes veining in both the intrusion rock and adjacent wall rocks between the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and millimetre- to centimetre-scale irregular quartz-carbonate veinlets.
East Coldstream Deposit Geology
The East Coldstream Deposit is a structurally controlled gold deposit located approximately 13 km northeast of the Moss Deposit within the Moss Gold Project area. The East Coldstream Deposit’s mineralized zones are located on the south margin of a shear zone that separates a gabbroic intrusion to the north and a mafic-intermediate volcanic suite to the south. Mineralization is found within sheared volcanic units, proximal to sills of quartz and quartz-feldspar porphyries and distinctive, brick-red syenites. The mineralized zones show silica, carbonate, and hematite alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite throughout the silica-hematite zones and within quartz-carbonate veinlets. Iron carbonate is present in areas proximal to strong silicification. A north-south-trending diabase dike has cut the two main mineralized zones.
Mineral Resource Methodology, Assumptions, and Cutoff Grades
Estimation Domains
APEX personnel comprehensively remodelled shear-hosted gold estimation domains at Moss and East Coldstream deposits using implicit modelling. The orientation of these domains is informed by a structural trend model derived from oriented core structural measurements. Additionally, APEX personnel developed an updated geological model to guide estimation domain modelling and facilitate density assignment by geological unit. The shear estimation domains are delineated by connecting intervals of mineralization that align with the structural trend and are predominantly within a single geological unit. Discontinuous and lower-grade gold mineralization associated with less intense shearing and more brittle deformation are captured within a grade shell with a nominal cutoff of 0.15 g/t Au.
The Granodiorite (IGD) unit at the Moss Lake Deposit is associated with zones of higher-grade mineralization. In the 2024 Moss Deposit MRE Update, modelled shear estimation domains are categorized as “Core Shears” or “Marginal Shears.” Core Shears, continuous along strike, represent higher-grade material within or adjacent to the IGD unit. Marginal Shears, in contrast, are shears positioned further from the IGD unit or within shear domains where lower-grade material is included to provide continuity along the structural trend. Core shears are characterized by more intense fracturing and extensive hydrothermal alteration than marginal shears. The Core and Marginal Shears classification merges short-range geological with longer-range structural continuity at the Moss Deposit.
In this 2024 model, more than 94% of the in pit block modelled gold mineralization tonnage above the cutoff grade is contained within the wireframed Core Shear and Marginal Shear domains. More than 96% of the block modelled gold mineralization in terms of metal content above the cutoff grade is also contained within the Core Shear and Marginal Shear domains.
Mineral Resource Methodology
Modelling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the North American Datum (NAD) 1983 and UTM zone 15N (EPSG: 26915). The mineral resource block model utilized a block size of 3.0 m (X) x 3.0 m (Y) x 3.0 m (Z) to honour the mineralization wireframes. The percentage of the volume of each block below the bare earth surface, below the modelled waste overburden surface and within each mineralization domain was calculated using the 3D geological models and a 3D surface model. For the open pit resources, the block model was block-averaged up to a 9 m (X) x 9 m (Y) x 9 m (Z) SMU block size for pit optimization with the outer blocks on the boundaries of the domains diluted. Resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980s exploration program have been removed from the MRE at the Moss Deposit.
The MRE is based on the combination of geological modelling, geostatistics and conventional block modelling using the Ordinary Kriging method of grade interpolation with locally varying anisotropy variogram models.
The Moss Project drillhole database consists of 538 drill holes that intersected the interpreted mineralization wireframes at the Moss Deposit and 156 drill holes that intersected the interpreted mineralization wireframes at the East Coldstream Deposit for a total of 738 Drill Holes used in the Mineral Resource Estimate. Gold assays were composited to 2-meter composite lengths, and the estimation utilized 31,149 composited samples. A total of 1.8% of the total drilled meters inside the interpreted mineralization wireframes were not sampled, assumed to be waste, and assigned a nominal waste value of half the detection limit of modern assay methods (0.0025 g/t Au).
Gold estimation was completed using ordinary kriging. The search ellipsoid size used to estimate the Au grades was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis. Blocks within estimation domains are assigned rotation angles using a modelled 3D mineralization trend surface wireframe, which allows structural complexities to be reproduced in the estimated block model. The number of variogram structures, contributions of each structure, and their ranges are set per estimation domain and do not vary within the estimation domain.
A total of 2,812 bulk-density samples are available from the Moss Project drillhole database. APEX personnel performed exploratory data analysis of the bulk density samples available, and the density was assigned for each geologic unit modelled within the Moss Lake Deposit and East Coldstream Deposit areas. The density of the deposits ranged from 2.68 g/cm3 to 2.89 g/cm3. The modelled overburden was assigned a density of 1.8 g/cm3.
Mineral Resource Classification
The Moss Gold Project MRE has been classified as an Indicated and Inferred Mineral Resource. This resource classification reflects that much of the drill hole data used for the resource estimate is historical, and no QA/QC data or reports exist for most of these drill holes. Statistical assessment of historical data spatially near modern assay data support the use of the historical data in the mineral resource estimate including the indicated category of classification..
The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Reasonable Prospects for Eventual Economic Extraction
The CIM guidelines for mineral resources require that reported mineral resources demonstrate reasonable prospects for eventual economic extraction (RPEEE). Table 4 outlines the cost parameters and other assumptions used to constrain the open-pit mineral resource statement and reporting cutoff. The resource block model underwent several pit optimization scenarios using Deswik’s Pseudoflow pit optimization. The resulting pit shell is used to constrain the reported open-pit MRE that reaches a maximum depth of approximately 510m and 340m in the Moss Deposit and East Coldstream Deposit, respectively.
Table 4: Open Pit RPEEE Cost and Parameter Assumptions
Costs and Geometry
Parameter
Unit
2024 MRE
Mining Waste
US$/ tonne waste
2.25
Mining Mineralized Material
US$/ tonne milled
3.00
Flotation Leach Processing
US$/ tonne milled
9.50
General and Administration
US$/ tonne milled
2.10
Slope
Degrees
50
Sale Price and Recoveries
Gold Recovery (Moss Lake)
Percent
90
Gold Recovery (East Coldstream)
Percent
95
Gold Price
US$/ozt
1850
The reported underground MRE is constrained within mining shapes assuming open-stope mining methods, a grade cutoff of 2.0 g/t Au, and the assumptions detailed in Table 5. The mining shapes were manually constructed, constraining continuous material above the gold cutoff that met the minimum thickness and volume requirements.
Table 5: Underground RPEEE Cost and Parameter Assumptions
Costs and Geometry
Parameter
Unit
2024 MRE
Mining
US$/ tonne removed
75
Flotation Leach Processing
US$/ tonne milled
9.50
General and Administation
US$/ tonne milled
2.10
Assumed Open Stope Dimensions (W x H x L)
Meters
1.5 x 10 x 20
Sale Price and Recoveries
Gold Recovery (Moss Lake)
Percent
90
Gold Recovery (East Coldstream)
Percent
95
Gold Price
US$/ozt
1850
Additional Exploration Potential
The modelled shears extend to much greater depth below the optimized open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the modelled strike length of 5.7km. Historical drilling has intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s 2023 soil geochemistry and structural mapping programs. This work suggests a series of en echelon “master shears” with a second prospective zone trending from just north of QES to the northeast beyond Span (Figures 2 to 4 and 8).
Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes up to 2.5km to the southeast of the Moss Deposit.
An additional 4 million tonnes of gold mineralization has been identified and modelled inside the conceptual open pit that is beyond the support distances required for Inferred or Indicated classification. This tonnage represents a target for future exploration drilling and resource development.
Similar to the Moss deposit, the modelled shears in East Coldstream extend to a greater depth below the optimized open pit constraining the reported MRE. The mineralization demonstrates a distinct shallow easterly plunge which has been successfully tested at depth by Goldshore drilling and represents potential for additional gold mineralization discoveries beneath the current defined MRE open pit (Figures 5 to 7).
Figure 8: Long section at the Moss Deposit showing gold mineralization in drillholes along strike and at depth looking northwest
Goldshore will also continue an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes are also being surveyed using modern downhole surveying equipment. Resampling of historical drill core will continue, although most core blocks are now illegible rendering resampling impossible.
Pete Flindell, VP Exploration for Goldshore, said: “APEX have completed a thorough and objective review of the geology of the Moss and East Coldstream Gold Deposits, and the underlying drill database. Their implicit modelling of core and marginal shears has led to a more accurate model of the gold distribution. This has resulted in a significant improvement in the Mineral Resource Estimate, which can now form the basis for infill and step out drill planning, and a definitive PEA. Their work also highlights immediate potential to grow the MRE in and outside of the RPEEE pits.“
Qualified Person Statements
Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo are both considered independent “qualified persons” under NI 43-101 and are jointly responsible for the 2024 Moss Gold Project MRE Update. Mr. Dufresne and Mr. Black have prepared and approved the scientific and technical information related to the MRE contained in this news release.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a “qualified person” under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.
Updated Technical Report
Details of the Moss Gold Project MRE will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with NI 43-101 standards, which will be filed under the Company’s SEDAR+ profile within 45 days of this news release. The Moss Gold Project MRE was prepared by independent mining consulting firm APEX Geoscience Ltd. in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
Results of the Company’s Annual General Meeting
The Company also announces that all matters proposed at the Annual General and Special Meeting (the “Meeting“) held on January 23, 2024 were approved. At the Meeting, shareholders of the Company voted in favour of setting the number of directors at six (6); as well as electing Galen McNamara, Brett Richards, Brandon Macdonald, Shawn Khunkhun, Joanna Pearson and Kyle Hickey as directors. The shareholders also approved the re-appointment of Davidson & Company LLP as the Company’s auditors, approved the adoption of a new omnibus incentive plan (the “Incentive Plan“) and provided disinterested approval ratifying a previous grant of restricted share units under the new Incentive Plan.
The new Incentive Plan replaces the existing stock option plan previously adopted by the Company, and allows for the grant of incentive stock options, restricted share units and deferred share units to a maximum of ten percent of the issued and outstanding share capital from time-to-time. For further information regarding the matters presented at the Meeting, or to review a copy of the new Incentive Plan, readers are encouraged to review the Company’s management proxy circular, a copy of which is available under the Company’s profile on SEDAR+.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. The Company is led and supported by an industry-leading management group, board of directors and advisory personnel. Goldshore is well-positioned and well financed to advance the Moss Gold Project through the next stages of exploration and development.
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.
For More Information — Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news 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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Burlington, Ontario–(Newsfile Corp. – February 5, 2024) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce the assay results from its last blast prior to MSHA inspection and training. Select material collected from the vein assayed as high as 480 ounces per ton silver (see photo).
Random samples of the muck pile associated with that blast assayed 7.0, 3.8, and 8.0 ounces per ton silver. These random samples were not hand selected for grade but were taken directly from the raw material in pails to determine the mineralization in the blast muck. The Company continues to see an increase in the grade of the muck assays with each round, and reasonably believes the grade could continue to increase with each advancing round.
The main reason for this belief is the assay results from that area, which include the December 11, 2023 results of the concentrates averaging 24.2 ounces per ton (829.7 grams/tonne) silver, with the high grade line on the shaker table then assaying at 334 ounces per ton (11,451.5 grams/tonne). The Company also relies on the high grade silver results reported in its November 11, 2023 press release, and upon other internal assay results which have not been disclosed. As previously disclosed, the Company continually runs its own production assay lab and not all assay results, whether lower or higher than those above, have been or will be disclosed.
This material when combined with the high-grade material should provide excellent feed material to the mill.
SBMI is also pleased to advise its MSHA training has been completed and approved. The field team was back at the mine and mill sites making the necessary changes required by MSHA, and plans to commence production upon completion of those changes. The Company will provide a projected production schedule in the near future.
The Company is pleased with both the continued improvement in the head grade at the mine as well as the successful completion of its MSHA training and approval.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
