Category: Precious Metals

Lion One Provides Update on Tuvatu Operations in Fiji, Grants Options

Post author By admin
Post date January 18, 2024

North Vancouver, British Columbia–(Newsfile Corp. – January 18, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide an update on ongoing operations at the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Lion One Metals’ Chairman and CEO Walter Berukoff stated: “2023 was a year of noteworthy accomplishments for Lion One Metals. Within one year we have gone from pouring concrete to pouring gold. We built the entire processing plant at Tuvatu within one year, completed over 2,000 m of underground mine development, drilled over 40,000 m of core, completed Stage 1 of our Tailings Storage Facility, and on October 10^th we celebrated with over 1,000 community members, employees, and government officials as we poured our first gold at Tuvatu. We’re very proud of our technical team’s ability to achieve these significant milestones, especially in such a short period of time.”

“In 2024 we expect another watershed year for Lion One Metals. During the 300 TPD pilot plant phase of operations we will be focusing on the development of the mine and the expansion of the processing plant to 500 TPD. We are pursuing a staged increase in development and the 300 TPD pilot plant stage is a critical step in the continuous improvement of mining and milling at Tuvatu. The knowledge and experience gained during the pilot plant stage of operations will be crucial in achieving long-term success and in optimizing performance at the 500 TPD stage. The goal for 2024 is to have the 500 TPD processing plant in operation by the end of Q3. We will then use the cash flow from our 500 TPD operations to fund the next stage of growth for Lion One, which includes the development of the 500 Zone at Tuvatu, and the advancement of our regional exploration program throughout the Navilawa Caldera, where we intend to discover and develop the next Tuvatu.”

Mine Operations

The focus of mining activities during the 300 TPD pilot plant phase of operations is the development of the underground mine, with the goal of advancing the main decline to the 500 Zone as quickly as is safely possible. A secondary goal during this phase of operations is the development of as many stope access points as feasible in advance of the plant expansion to 500 TPD. A significant portion of the material mined during the 300 TPD pilot plant phase of operations is therefore expected to be development material.

As mine development has progressed at Tuvatu, additional mineralization has been discovered in areas in Zone 2 that were not previously expected to be mineralized. This includes mineralization associated with stockwork veining as well as entirely new mineralized lodes. Many of the development headings at Tuvatu have been found to contain low-grade gold mineralization. This low-grade development material is ideal for use as feed stock to test the different gold recovery circuits during the initial stages of plant operation. Processing the development material also serves to offset costs during mine development as this material needs to be removed regardless of whether it is mineralized. Most of the mill feed during the start-up of the 300 TPD pilot plant has therefore consisted of low-grade development material. The first production material was extracted on December 13^th, 2023, from the URW1 leading edge stope in Zone 2. This stope is located outside the original PEA resource and represents an expansion of the resource.

Mining activities at Tuvatu in 2024 will consist of a mix of handheld and mechanized mining methods. Handheld mining is ideal for narrow vein mining as it is precise and enables the effective development of narrow drives, thereby minimizing dilution. Mechanized mining produces wider voids and results in a considerably higher production rate. It is therefore the preferred alternative for wider zones of mineralization that are not sensitive to dilution. At Tuvatu there are areas more suitable for handheld mining and others more suitable for mechanized mining. The mining method employed will be tailored to the style of mineralization being extracted. Mine development is proceeding in a manner designed to preserve the optionality of switching between mining methods as appropriate. To date, development mining at Tuvatu has progressed using both handheld and mechanized mining, yet production mining has been limited to handheld methods. Mechanized production is scheduled to start in Q1 2024. Production mining refers to the mining of production stopes through which most of the mineralized material will be extracted, whereas development mining refers to all the supporting development required to access the production stopes, such as the declines, access drives, crosscuts, ventilation rises, and so on. While the primary mining objective during the 300 TPD pilot plant stage is development, mine production is anticipated to steadily increase as production mining is introduced and as the number of available production areas increases ahead of the plant expansion to 500 TPD.

Mill Operations

The focus of mill operations during the 300 TPD pilot plant stage is on determining the best methods and parameters required to maximize gold recovery from each type of gold mineralization at Tuvatu. Mill operations to date have consisted of a start-up period and a campaign period with feed from different areas within Zone 2 and Zone 5.

During the start-up period of operations from late October to early December 2023, predominantly low-grade material was put through the mill. This is typical of mill start-ups and is done while identifying and resolving any start-up issues that may be present before ramping up production. It also serves to build the in-process store of gold that is retained within the plant. During the subsequent campaign periods of operation, the focus changed to the metallurgical variability of the gold mineralization. Several different types of mineralization have been identified at Tuvatu, including three different types within Zone 2 and Zone 5. Due to the complexity of the deposit, additional variability in mineralization is anticipated as development progresses deeper into the mine. The campaign period of operations, which began in mid-December, has consisted of processing separate batches of material from specific parts of Zone 2 and Zone 5 to determine how the plant responds in each case. The knowledge gained from these campaigns will be applied to maximize gold recovery from the larger production stopes in these areas. Gold recovery rates during the start-up and campaign periods have been in line with expectations.

In addition to the start-up and campaign activities, mill commissioning and upgrading has been carried out. Commissioning of both the continuous gravity concentrator and the intensive leach circuit has been on hold due to a delayed shipment of component parts from suppliers. Both circuits are expected to be brought on-line by early February. Similarly, the blowers supplied to aerate the CIL tanks and cyanide detoxification circuit were found to be undersized by the supplier. New blowers will be installed, along with new air spargers and diffusion cones to improve the performance of the CIL circuit.

The mill expansion to 500 TPD is scheduled to be complete by the end of Q3 2024. The expansion consists of three main components: a tower mill, a flotation circuit, and a third ball mill. The purpose of the tower mill is to produce a finer grind of concentrates from the continuous gravity concentrator, thereby further increasing recoveries. The tower mill is expected to be on site in February. The flotation circuit is also being added to maximize recoveries, while the third ball mill is required to increase the milling capacity of the plant. Site preparations for both the flotation circuit and the third ball mill are already complete and construction is pending. All three mill components are on schedule for completion and commissioning by the end of Q3 2024, which is a year ahead of the originally scheduled completion date of Q3 2025.

Figure 1. Aerial Views of Tuvatu Processing Plant and Mine Portal, December 2022 and January 2024. Top image: Aerial view in December 2022 shortly after plant construction started. Bottom image: Aerial view in January 2024 after construction is complete and the 300 TPD pilot plant is in operation. These views highlight some of the substantial progress made at Tuvatu throughout 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/194707_liononeimage.jpg

Options

The Company also announces it has granted stock options pursuant to its 10% rolling stock option plan to an officer of the Company to purchase up to an aggregate of 500,000 common shares of the Company. The stock options are exercisable at $1.00 per share and expire 5 years from the date of grant.

Qualified Person (NI43-101)

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.

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.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Investor inquiries: info@liononemetals.com
Phone:1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194707

Junior Mining Precious Metals

Aya Gold & Silver Reports High-Grade Drill Results from Completed 2023 Drill Exploration Program at Boumadine

Post author By admin
Post date January 18, 2024

MONTREAL, Jan. 18, 2024 /CNW/ – Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade drill exploration results from its 2023 completed program of 76,000 meters at Boumadine in the Kingdom of Morocco. The new results confirm the large, high-grade mineralized zones in the southern and northern portions of the Main Trend, which remains open in all directions.

Key Highlights¹

Definition of new high-grade mineralization from the infill drilling program:
- BOU-DD23-223 intersected 763 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 38.3 meters (“m”) (1.53 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu), including 11.0m at 996 g/t AgEq
- BOU-DD23-230 intersected 991 g/t AgEq over 17.6m (2.64 g/t Au, 247 g/t Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu), including 3.7m at 1,662 g/t AgEq
- BOU-DD23-248 intersected 1,136 g/t AgEq over 5.9m (5.94 g/t Au, 59 g/t Ag, 8.8% Zn, 1.0% Pb and 0.1% Cu)
- BOU-DD23-220 intersected 575 g/t AgEq over 10.9m (1.77 g/t Au, 91 g/t Ag, 4.5% Zn, 1.7% Pb and 0.1% Cu), including 2.4m at 1,275 g/t AgEq
- BOU-DD23-218 intersected 1,409 g/t AgEq over 4.2m (13.59 g/t Au, 115 g/t Ag, 0.1% Zn, 0.1% Pb and 0.1% Cu) and 978 g/t AgEq over 5.8m (9.21 g/t Au, 80 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu)
- BOU-DD23-251 intersected 531 g/t AgEq over 9.4m (2.66 g/t Au, 32 g/t Ag, 4.4% Zn, 0.2% Pb and 0.04% Cu), including 2.4m at 1,719 g/t AgEq

“Today’s high-grade drill results including BOU-DD23-223 in the south and BOU-DD23-218 in the north of the Main Trend confirm continuity and grade of the Main Trend at Boumadine,” said Benoit La Salle, President & CEO. “Infill drilling has decreased the spacings between drill holes to improve our confidence in grades and tonnages for the upcoming Q1-2024 mineral resource estimate, which will provide visibility on Boumadine’s potential for near-term value creation.”

______________________________

¹ All intersections are in core lengths; Ag equivalent is based on a 100% recovery with the following ratios: 1g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag

Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

DDH No.	Section	Zone	From (m)	To (m)	Au (g/t)	Ag (g/t)	Length* (m)	Cu (%)	Pb (%)	Zn (%)	Mo (g/t)	Ag Eq** (g/t)
BOU-DD23-208	6675N	Main	129.9	139.4	1.60	35	9.5	0.2	0.1	0.4	35	231
Including			134.9	139.4	2.51	59	4.5	0.3	0.1	0.5	55	367
BOU-DD23-211	9150N	Main	6.0	9.8	2.01	99	3.8	0.0	4.3	0.0	17	426
BOU-DD23-214	8850N	Main	214.0	223.0	4.77	61	9.0	0.1	0.1	0.2	5	535
Including			216.2	221.5	6.61	90	5.3	0.2	0.1	0.3	6	749
BOU-DD23-218	8850N	Para	244.3	247.5	14.72	19	3.2	0.0	0.2	0.1	4	1,411
BOU-DD23-218	8850N	Para	252.6	256.8	13.59	115	4.2	0.1	0.1	0.1	3	1,409
BOU-DD23-218	8850N	Para	261.2	275.1	1.22	30	13.9	0.0	0.0	0.1	5	153
Including			272.3	274.0	5.89	119	1.7	0.2	0.1	0.1	13	698
BOU-DD23-218	8850N	Main	280.3	286.1	9.21	80	5.8	0.2	0.1	0.1	8	978
Including			280.3	284.3	13.05	108	4.0	0.3	0.1	0.2	8	1,377
BOU-DD23-218	8850N	Para	290.0	302.0	1.98	58	12.0	0.1	0.1	0.2	8	265
Including			292.1	297.4	3.50	107	5.3	0.1	0.1	0.1	11	459
BOU-DD23-218	8850N	Para	333.1	334.3	0.03	1026	1.2	0.0	0.0	0.0	1	1,031
BOU-DD23-220	6575N	Main	105.0	115.9	1.77	91	10.9	0.1	1.7	4.5	133	575
Including			112.3	114.7	6.26	261	2.4	0.3	1.2	6.6	16	1,275
BOU-DD23-220	6575N	Para	133.4	136.8	0.89	76	3.4	0.3	2.5	7.0	7	649
BOU-DD23-221	6575N	Main	225.5	239.0	1.07	12	13.5	0.0	0.2	0.3	4	136
BOU-DD23-223	6525N	Main	131.6	169.9	1.53	311	38.3	0.0	1.8	4.4	101	763
Including			144.9	155.9	2.34	494	11.0	0.1	1.9	3.9	36	996
BOU-DD23-223	6525N	Para	239.5	247.0	0.46	94	7.5	0.0	0.2	0.7	35	192
BOU-DD23-225	9325N	Para	47.4	53.7	1.44	54	6.3	0.0	0.9	5.3	12	508
Including			50.8	53.7	2.88	86	2.9	0.0	1.0	9.9	21	927
BOU-DD23-225	9325N	Main	73.2	77.4	2.70	21	4.2	0.1	0.3	3.2	16	465
Including			75.2	77.4	4.72	31	2.2	0.1	0.3	4.5	16	738
BOU-DD23-226	9325N	Main	182.8	186.7	1.26	35	3.9	0.1	1.5	4.7	8	466
Including			184.5	185.7	3.33	53	1.2	0.1	1.8	9.5	14	951
BOU-DD23-226	9325N	Para	197.0	198.1	7.73	47	1.1	0.3	0.5	0.5	8	852
BOU-DD23-227	9325N	Main	259.7	268.3	3.34	18	8.6	0.1	0.1	0.5	6	369
Including			263.5	268.3	5.42	21	4.8	0.1	0.1	0.1	7	545
BOU-DD23-228	6300N	Main	267.2	276.1	1.99	81	8.9	0.0	1.0	3.4	59	488
Including			267.7	273.0	3.09	119	5.3	0.0	1.5	4.7	87	715
BOU-DD23-229	6525N	Para	111.9	116.0	1.60	175	4.1	0.1	1.9	7.3	259	810
BOU-DD23-230	6575N	Main	166.6	184.2	2.64	247	17.6	0.3	1.2	7.7	86	991
Including			177.6	181.3	2.91	651	3.7	0.1	3.2	11.5	106	1,662
BOU-DD23-230	6575N	Para	188.2	202.3	2.78	97	14.1	0.2	0.4	6.5	31	755
BOU-DD23-231	5375N	Main	582.0	585.7	0.96	110	3.7	0.0	0.6	2.4	339	371
BOU-DD23-232	7825N	Main	426.4	431.8	3.91	18	5.4	0.1	0.1	0.1	2	402
Including			426.4	427.7	10.72	49	1.3	0.2	0.1	0.2	2	1,092
BOU-DD23-234	6575N	Main	310.6	317.3	1.40	19	6.7	0.1	0.3	4.5	1	407
Including			315.0	316.3	4.78	41	1.3	0.2	0.4	18.4	2	1,518
BOU-DD23-238	7825N	Para	216.0	217.8	1.59	47	1.8	0.1	3.7	3.5	10	517
BOU-DD23-244	6450N	Para	64.0	70.4	1.06	49	6.4	0.0	0.7	2.0	131	287
BOU-DD23-244	6450N	Para	112.8	120.6	0.71	62	7.8	0.0	0.2	1.3	196	216
BOU-DD23-244	6450N	Para	134.6	145.4	0.41	41	10.8	0.0	0.8	1.2	361	190
BOU-DD23-244	6450N	Main	148.5	155.1	0.52	56	6.6	0.0	0.9	2.6	298	295
Including			150.5	152.1	1.19	187	1.6	0.0	2.5	9.0	946	925
BOU-DD23-245	6450N	Para	106.0	111.0	0.05	17	5.0	1.5	0.4	1.5	70	312
BOU-DD23-245	6450N	Main	198.4	206.5	0.73	122	8.1	0.0	2.3	4.7	68	524
Including			198.4	200.2	1.83	299	1.8	0.1	4.8	13.1	269	1,355
BOU-DD23-245	6450N	Para	217.5	226.5	0.86	6	9.0	0.0	0.3	0.3	2	112
BOU-DD23-248	6450N	Main	329.5	335.4	5.94	59	5.9	0.1	1.0	8.8	23	1,136
BOU-DD23-249	5800N	Main	598.7	601.8	4.19	48	3.1	0.1	0.1	2.5	12	587
BOU-DD23-249	5800N	Para	693.1	695.5	2.18	57	2.4	0.0	0.7	7.3	10	680
BOU-DD23-250	5800N	Para	236.7	239.7	3.34	1	3.0	0.0	0.0	0.0	5	316
BOU-DD23-250	5800N	Main	377.7	384.0	1.44	49	6.3…	0.1	0.1	0.5	12	225
BOU-DD23-250	5800N	Para	448.8	455.5	1.02	25	6.7	0.1	0.1	0.4	12	155
BOU-DD23-251	6450N	Main	345.9	355.3	2.66	32	9.4	0.0	0.2	4.4	14	531
Including			346.4	348.8	7.99	91	2.4	0.1	0.3	15.8	19	1,719
BOU-DD23-254	7650N	Main	241.4	243.4	5.63	61	2.0	0.3	0.2	1.4	6	703

* True width remains undetermined at this stage; all values are uncut.

** Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag;

1% Zn: 54.1 Ag.

Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)

2023 Exploration Results

For 2023, 197 diamond drill holes (“DDH”) for 74,295m were completed at Boumadine (Figure 1 and Appendix 2) with the remaining meterage of the 76,000m were completed in the first week of January 2024. Infill drilling was conducted on strike along the Main Trend (South, Central, and North Zones) while exploration drilling also targeted the North-West, Tizi and North-East Zones.

The majority of results have been received for drill holes up to BOU-DD23-255 (Table 1, Figure 3, Figure 4, and Appendix 1).

Results received since November 2023 confirm the high grade of the southern infill sections of the Main Trend, notably with holes BOU-DD23-223 and BOU-DD23-230 intersecting large, mineralized zones.

The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Figure 3 presents the results of the Boumadine Main Zone on a longitudinal section along the deposit, defining ore shoots shallowly dipping toward south, in both the Central and South Zones.

Figure 2 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)

Figure 3 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)

Figure 4 – Surface Plan of South Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)

Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)

Next Steps

Following completion of the 2023 drilling program, the Corporation expects to publish an NI 43-101 compliant resource by the end of Q1-2024.

The 2024 drill program is already underway, a portion of which will continue extending the strike-length of the Boumadine Main Trend but with a primary focus on exploring targets outside of the Main Trend. Final numbers will be announced later in Q1.

Fieldwork commenced on the new permits in 2024 with a hyperspectral survey, mapping and prospecting. High resolution airborne geophysics (magnetics and MobileMT) is expected to begin later in Q1.

Technical Information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

Qualified Person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya’s Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

Aya’s management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “confirm”, “remains”, “confidence”, “potential”, “complete”, “expect” “extend”, “belief”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information. Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine , and timing for the release of the Company’s disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya’s 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedarplus.ca. Furthermore, Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 – Full Drill Results from Boumadine (core lengths)

DDH No.	Section	Zone	From (m)	To (m)	Au (g/t)	Ag (g/t)	Length* (m)	Cu (%)	Pb (%)	Zn (%)	Mo (g/t)	Ag Eq** (g/t)
DDH No.	Section	Zone	From (m)	To (m)	Au (g/t)	Ag (g/t)	Length* (m)	Cu (%)	Pb (%)	Zn (%)	Mo (g/t)
BOU-DD23-170	8025N	Para	8.5	9.6	0.27	45	1.1	0.0	0.0	0.8	1	118
BOU-DD23-199	8275N	Para	28.6	29.1	0.22	35	0.5	0.0	0.2	0.4	7	84
BOU-DD23-199	8275N	Para	124.2	125.4	0.25	32	1.2	0.0	0.7	0.4	1	100
BOU-DD23-199	8275N	Para	154.9	155.5	0.81	51	0.6	0.0	0.5	6.2	5	481
BOU-DD23-199	8275N	Para	222.1	224.3	1.38	21	2.2	0.0	0.5	1.0	6	222
BOU-DD23-199	8275N	Main	255.0	255.8	0.19	12	0.8	0.0	0.5	1.0	235	112
BOU-DD23-199	8275N	Para	340.6	341.3	1.99	23	0.7	0.1	0.3	0.6	4	260
BOU-DD23-199	8275N	Para	365.6	366.1	0.33	40	0.5	0.0	0.6	1.2	5	154
BOU-DD23-199	8275N	Para	380.6	382.8	1.83	25	2.2	0.0	0.2	3.3	11	383
BOU-DD23-199	8275N	Para	436.8	437.4	0.76	16	0.6	0.0	0.1	1.6	8	180
BOU-DD23-199	8275N	Para	441.4	442.0	0.70	32	0.6	0.0	0.3	2.7	12	255
BOU-DD23-204	8375N	Para	7.8	9.0	0.59	32	1.2	0.0	0.3	0.5	7	127
BOU-DD23-204	8375N	Para	74.2	74.8	1.19	28	0.6	0.0	0.4	0.9	12	203
BOU-DD23-204	8375N	Para	367.2	368.5	0.54	16	1.3	0.1	0.2	0.3	1	97
BOU-DD23-204	8375N	Main	373.8	375.0	1.92	68	1.2	0.3	0.2	0.6	1	323
BOU-DD23-204	8375N	Para	428.3	429.9	2.38	79	1.6	0.3	0.9	1.6	3	460
BOU-DD23-205	8850N	Main	118.7	120.2	0.20	60	1.5	0.0	2.4	4.8	15	422
BOU-DD23-205	8850N	Para	415.0	415.9	0.56	24	0.9	0.0	0.1	0.1	10	85
BOU-DD23-206	6100N	NSR	0.0	207.0	0.00	0	207.0	0.0	0.0	0.0	0	0
BOU-DD23-207	6675N	Para	64.4	65.4	0.74	16	1.0	0.0	0.1	0.1	12	92
BOU-DD23-207	6675N	Para	68.4	69.6	0.73	8	1.2	0.0	0.1	0.2	8	89
BOU-DD23-207	6675N	Main	76.1	78.0	0.28	44	1.9	0.1	0.1	0.1	4	89
BOU-DD23-207	6675N	Para	92.4	93.1	0.44	19	0.7	0.1	0.1	0.1	7	80
BOU-DD23-207	6675N	Para	95.9	96.4	0.21	32	0.5	0.1	0.3	0.2	4	86
BOU-DD23-207	6675N	Para	146.5	148.7	1.36	27	2.2	0.0	0.6	1.3	27	249
BOU-DD23-207	6675N	Para	356.4	358.1	0.70	8	1.7	0.0	0.1	0.0	2	78
BOU-DD23-207	6675N	Para	360.8	362.7	0.83	1	1.9	0.0	0.0	0.0	6	82
BOU-DD23-207	6675N	Para	365.1	365.8	0.47	20	0.7	0.0	0.1	0.0	7	71
BOU-DD23-207	6675N	Para	367.9	369.0	0.66	48	1.1	0.0	1.4	0.7	5	192
BOU-DD23-207	6675N	Para	370.0	370.6	0.42	33	0.6	0.0	0.4	2.9	5	244
BOU-DD23-207	6675N	Para	417.8	418.4	0.18	60	0.6	0.0	0.7	1.2	198	173
BOU-DD23-207	6675N	Para	449.2	449.8	0.56	32	0.6	0.0	0.3	0.5	1	124
BOU-DD23-208	6675N	Para	119.4	120.4	1.42	29	1.0	0.1	0.2	0.1	5	190
BOU-DD23-208	6675N	Para	125.8	126.8	0.65	28	1.0	0.0	0.0	0.7	3	132
BOU-DD23-208	6675N	Main	129.9	139.4	1.60	35	9.5	0.2	0.1	0.4	35	231
Including			134.9	139.4	2.51	59	4.5	0.3	0.1	0.5	55	367
BOU-DD23-208	6675N	Para	239.0	243.5	0.51	9	4.5	0.0	0.0	0.1	7	66
BOU-DD23-208	6675N	Para	247.5	248.5	0.69	4	1.0	0.0	0.0	0.0	2	72
BOU-DD23-208	6675N	Para	250.5	252.1	0.65	9	1.6	0.0	0.0	0.1	5	76
BOU-DD23-209	6100N	Para	163.3	165.6	0.69	36	2.3	0.0	0.0	0.0	23	107
BOU-DD23-209	6100N	Main	170.5	171.3	1.77	65	0.8	0.1	0.1	0.3	35	258
BOU-DD23-209	6100N	Para	173.7	174.2	1.68	39	0.5	0.0	0.1	0.2	31	214
BOU-DD23-209	6100N	Para	213.5	217.5	0.34	72	4.0	0.0	0.9	0.8	57	180
BOU-DD23-209	6100N	Para	240.0	240.5	0.21	36	0.5	0.0	0.3	4.6	1	316
BOU-DD23-210	6100N	Para	221.8	222.8	0.63	8	1.0	0.0	0.0	0.0	64	73
BOU-DD23-210	6100N	Main	390.6	391.6	0.11	4	1.0	0.0	0.0	0.0	7	18
BOU-DD23-210	6100N	Para	575.6	576.2	0.33	16	0.6	0.0	0.1	0.1	2	56
BOU-DD23-210	6100N	Para	580.3	581.4	0.67	4	1.1	0.0	0.0	0.0	1	68
BOU-DD23-210	6100N	Para	585.6	586.6	0.55	8	1.0	0.0	0.0	0.0	1	62
BOU-DD23-211	9150N	Main	6.0	9.8	2.01	99	3.8	0.0	4.3	0.0	17	426
BOU-DD23-211	9150N	Para	18.0	18.8	0.96	44	0.8	0.0	0.3	0.0	13	147
BOU-DD23-211	9150N	Para	103.8	104.9	0.03	65	1.1	0.0	0.3	0.3	3	95
BOU-DD23-211	9150N	Para	140.6	143.0	1.20	26	2.4	0.0	0.2	1.0	6	200
BOU-DD23-212	6675N	Main	182.4	183.4	0.99	13	1.0	0.0	1.3	0.6	11	181
BOU-DD23-212	6675N	Para	189.4	190.3	0.03	61	0.9	0.1	0.1	0.6	21	109
BOU-DD23-213	6675N	Main	270.4	271.5	0.03	66	1.1	0.1	0.0	0.0	2	77
BOU-DD23-214	8850N	Para	146.6	147.6	0.97	12	1.0	0.0	0.3	0.5	23	143
BOU-DD23-214	8850N	Para	200.2	201.2	0.14	60	1.0	0.1	0.1	0.1	8	88
BOU-DD23-214	8850N	Main	214.0	223.0	4.77	61	9.0	0.1	0.1	0.2	5	535
Including			216.2	221.5	6.61	90	5.3	0.2	0.1	0.3	6	749
BOU-DD23-214	8850N	Para	224.0	226.0	0.52	10	2.0	0.0	0.0	0.3	5	76
BOU-DD23-214	8850N	Para	228.9	229.4	2.13	56	0.5	0.1	0.4	5.3	25	571
BOU-DD23-215	9150N	Para	39.6	40.8	0.48	20	1.2	0.0	0.2	1.0	12	125
BOU-DD23-215	9150N	Main	179.9	181.0	0.35	1	1.1	0.0	0.1	0.5	6	66
BOU-DD23-215	9150N	Para	276.8	277.6	0.46	24	0.8	0.0	0.3	0.2	3	88
BOU-DD23-215	9150N	Para	280.1	280.7	0.54	39	0.6	0.0	0.1	0.1	1	100
BOU-DD23-215	9150N	Para	294.8	297.6	1.38	22	2.8	0.0	0.5	0.9	5	217
BOU-DD23-215	9150N	Para	307.3	308.2	1.31	29	0.9	0.0	0.1	0.0	8	155
BOU-DD23-216	6100N	Para	296.0	297.2	0.59	4	1.2	0.0	0.0	0.0	1	62
BOU-DD23-216	6100N	Para	299.6	300.8	0.47	4	1.2	0.0	0.0	0.0	1	50
BOU-DD23-216	6100N	Main	483.1	485.5	1.25	32	2.4	0.2	0.3	0.1	22	194
BOU-DD23-216	6100N	Para	531.9	532.4	0.94	60	0.5	0.1	5.2	1.3	3	390
BOU-DD23-216	6100N	Para	559.0	559.8	0.51	16	0.8	0.2	0.3	0.3	10	110
BOU-DD23-217	9150N	Para	47.2	48.4	0.64	8	1.2	0.0	0.1	0.2	7	83
BOU-DD23-217	9150N	Para	220.4	220.9	1.03	39	0.5	0.1	0.6	7.8	19	593
BOU-DD23-217	9150N	Para	226.6	227.8	0.94	49	1.2	0.0	0.1	0.6	18	174
BOU-DD23-217	9150N	Main	232.9	233.5	6.92	58	0.6	0.1	1.0	2.8	7	895
BOU-DD23-217	9150N	Para	310.8	312.2	1.49	66	1.4	0.0	0.1	0.0	6	214
BOU-DD23-217	9150N	Para	313.2	314.3	0.25	24	1.1	0.0	0.1	0.0	1	55
BOU-DD23-217	9150N	Para	327.5	328.0	2.02	96	0.5	0.0	1.1	3.3	5	502
BOU-DD23-217	9150N	Para	337.3	337.8	1.28	84	0.5	0.0	0.1	0.0	9	211
BOU-DD23-218	8850N	Para	226.3	227.1	0.86	13	0.8	0.0	0.4	2.2	1	226
BOU-DD23-218	8850N	Para	238.6	239.7	0.57	12	1.1	0.0	0.1	0.4	5	91
BOU-DD23-218	8850N	Para	244.3	247.5	14.72	19	3.2	0.0	0.2	0.1	4	1,411
BOU-DD23-218	8850N	Para	250.6	251.6	0.53	8	1.0	0.0	0.0	0.3	1	76
BOU-DD23-218	8850N	Para	252.6	256.8	13.59	115	4.2	0.1	0.1	0.1	3	1,409
BOU-DD23-218	8850N	Para	257.8	258.7	0.43	28	0.9	0.0	0.1	0.1	8	78
BOU-DD23-218	8850N	Para	261.2	275.1	1.22	30	13.9	0.0	0.0	0.1	5	153
Including			272.3	274.0	5.89	119	1.7	0.2	0.1	0.1	13	698
BOU-DD23-218	8850N	Main	280.3	286.1	9.21	80	5.8	0.2	0.1	0.1	8	978
Including			280.3	284.3	13.05	108	4.0	0.3	0.1	0.2	8	1,377
BOU-DD23-218	8850N	Para	290.0	302.0	1.98	58	12.0	0.1	0.1	0.2	8	265
Including			292.1	297.4	3.50	107	5.3	0.1	0.1	0.1	11	459
BOU-DD23-218	8850N	Para	303.0	304.0	0.38	12	1.0	0.0	0.0	0.6	8	82
BOU-DD23-218	8850N	Para	333.1	334.3	0.03	1026	1.2	0.0	0.0	0.0	1	1,031
BOU-DD23-219	9150N	Para	278.6	279.1	0.42	44	0.5	0.0	0.4	0.1	9	103
BOU-DD23-219	9150N	Para	281.1	282.2	1.78	33	1.1	0.1	0.3	1.2	1	282
BOU-DD23-219	9150N	Para	286.3	288.4	1.72	69	2.1	0.1	0.1	0.0	4	242
BOU-DD23-219	9150N	Para	294.4	299.0	1.19	17	4.6	0.1	0.1	0.2	3	152
BOU-DD23-219	9150N	Para	309.1	310.2	0.54	4	1.1	0.0	0.0	0.0	1	59
BOU-DD23-219	9150N	Para	309.1	311.3	0.54	4	2.2	0.0	0.0	0.0	2	58
BOU-DD23-219	9150N	Para	312.4	313.6	0.49	1	1.2	0.0	0.0	0.0	1	49
BOU-DD23-219	9150N	Para	314.5	315.6	0.52	4	1.1	0.0	0.1	0.2	2	65
BOU-DD23-219	9150N	Para	325.0	325.5	1.27	12	0.5	0.0	0.1	0.0	1	136
BOU-DD23-219	9150N	Para	332.5	334.5	0.65	12	2.0	0.0	0.1	0.1	1	81
BOU-DD23-219	9150N	Para	337.1	337.9	2.09	27	0.8	0.1	1.0	5.1	1	544
BOU-DD23-219	9150N	Para	369.0	370.0	0.33	16	1.0	0.0	0.3	0.5	12	83
BOU-DD23-219	9150N	Main	371.9	377.2	0.95	17	5.3	0.0	0.1	0.5	6	137
BOU-DD23-220	6575N	Para	79.2	80.4	0.48	16	1.2	0.0	0.7	1.6	99	174
BOU-DD23-220	6575N	Para	97.2	98.4	0.83	28	1.2	0.0	0.1	1.1	69	172
BOU-DD23-220	6575N	Main	105.0	115.9	1.77	91	10.9	0.1	1.7	4.5	133	575
Including			112.3	114.7	6.26	261	2.4	0.3	1.2	6.6	16	1,275
BOU-DD23-220	6575N	Para	120.0	121.1	3.17	68	1.1	0.1	0.3	0.3	84	404
BOU-DD23-220	6575N	Para	129.0	130.1	0.41	8	1.1	0.0	0.5	0.8	4	105
BOU-DD23-220	6575N	Para	133.4	136.8	0.89	76	3.4	0.3	2.5	7.0	7	649
BOU-DD23-221	6575N	Para	62.7	63.7	4.48	11	1.0	0.0	0.0	0.0	1	434
BOU-DD23-221	6575N	Para	72.0	73.0	0.53	4	1.0	0.0	0.1	0.0	1	58
BOU-DD23-221	6575N	Para	80.2	81.4	0.08	126	1.2	0.1	0.1	0.0	4	147
BOU-DD23-221	6575N	Main	225.5	239.0	1.07	12	13.5	0.0	0.2	0.3	4	136
BOU-DD23-221	6575N	Para	345.0	345.5	0.59	20	0.5	0.0	0.3	0.4	12	107
BOU-DD23-222	9325N	NSR	0.1	171.1	0.00	0	171.0	0.0	0.0	0.0	0	0
BOU-DD23-223	6525N	Main	131.6	169.9	1.53	311	38.3	0.0	1.8	4.4	101	763
Including			144.9	155.9	2.34	494	11.0	0.1	1.9	3.9	36	996
BOU-DD23-223	6525N	Para	174.9	176.8	1.45	100	1.9	0.0	0.5	2.9	11	410
BOU-DD23-223	6525N	Para	188.4	189.2	0.28	20	0.8	0.0	0.1	0.8	7	90
BOU-DD23-223	6525N	Para	201.0	202.0	0.15	60	1.0	0.0	0.4	2.3	1	211
BOU-DD23-223	6525N	Para	216.0	216.6	0.23	43	0.6	0.0	1.1	3.6	8	292
BOU-DD23-223	6525N	Para	224.8	226.4	0.29	22	1.6	0.0	0.3	0.7	1	96
BOU-DD23-223	6525N	Para	227.5	228.0	0.43	94	0.5	0.0	1.8	0.7	8	231
BOU-DD23-223	6525N	Para	232.0	233.0	0.40	24	1.0	0.0	0.5	0.3	16	95
BOU-DD23-223	6525N	Para	239.5	247.0	0.46	94	7.5	0.0	0.2	0.7	35	192
BOU-DD23-223	6525N	Para	254.0	254.9	0.45	12	0.9	0.0	0.1	0.2	24	68
BOU-DD23-223	6525N	Para	262.7	263.2	0.54	8	0.5	0.0	0.1	0.0	2	64
BOU-DD23-224	6300N	Para	93.9	94.6	1.15	20	0.7	0.0	0.2	0.3	16	152
BOU-DD23-224	6300N	Para	106.9	108.8	0.90	44	1.9	0.0	0.2	0.1	151	152
BOU-DD23-224	6300N	Para	114.0	114.9	0.57	1	0.9	0.0	0.0	0.0	2	56
BOU-DD23-224	6300N	Para	159.0	160.0	0.32	23	1.0	0.0	0.2	0.5	307	102
BOU-DD23-224	6300N	Main	161.0	163.7	0.68	89	2.7	0.0	1.3	0.6	785	275
BOU-DD23-225	9325N	Para	41.9	43.4	0.37	54	1.5	0.0	1.5	4.7	49	400
BOU-DD23-225	9325N	Para	47.4	53.7	1.44	54	6.3	0.0	0.9	5.3	12	508
Including			50.8	53.7	2.88	86	2.9	0.0	1.0	9.9	21	927
BOU-DD23-225	9325N	Para	68.2	70.2	0.65	16	2.0	0.0	0.4	2.3	48	215
BOU-DD23-225	9325N	Main	73.2	77.4	2.70	21	4.2	0.1	0.3	3.2	16	465
Including			75.2	77.4	4.72	31	2.2	0.1	0.3	4.5	16	738
BOU-DD23-225	9325N	Para	79.3	80.7	0.34	14	1.4	0.0	0.2	0.9	5	104
BOU-DD23-225	9325N	Para	83.1	84.0	2.54	40	0.9	0.1	1.0	1.7	47	409
BOU-DD23-226	9325N	Para	175.9	176.4	0.25	52	0.5	0.0	3.9	4.5	2	447
BOU-DD23-226	9325N	Main	182.8	186.7	1.26	35	3.9	0.1	1.5	4.7	8	466
Including			184.5	185.7	3.33	53	1.2	0.1	1.8	9.5	14	951
BOU-DD23-226	9325N	Para	189.9	190.4	1.69	20	0.5	0.0	1.1	3.5	23	407
BOU-DD23-226	9325N	Para	197.0	198.1	7.73	47	1.1	0.3	0.5	0.5	8	852
BOU-DD23-227	9325N	Para	253.0	254.0	0.24	1	1.0	0.0	0.2	1.5	2	113
BOU-DD23-227	9325N	Main	259.7	268.3	3.34	18	8.6	0.1	0.1	0.5	6	369
Including			263.5	268.3	5.42	21	4.8	0.1	0.1	0.1	7	545
BOU-DD23-228	6300N	Para	43.0	44.0	0.03	83	1.0	0.4	0.0	0.0	4	138
BOU-DD23-228	6300N	Para	185.2	186.2	0.66	4	1.0	0.0	0.0	0.0	2	70
BOU-DD23-228	6300N	Para	258.2	260.8	0.55	18	2.6	0.0	0.8	1.2	10	159
BOU-DD23-228	6300N	Main	267.2	276.1	1.99	81	8.9	0.0	1.0	3.4	59	488
Including			267.7	273.0	3.09	119	5.3	0.0	1.5	4.7	87	715
BOU-DD23-228	6300N	Para	277.1	278.1	0.36	12	1.0	0.0	0.2	0.4	3	74
BOU-DD23-228	6300N	Para	301.1	302.1	0.38	12	1.0	0.0	0.0	0.3	53	72
BOU-DD23-228	6300N	Para	308.7	311.6	0.27	35	2.9	0.0	0.5	0.5	3	106
BOU-DD23-228	6300N	Para	312.6	313.6	0.27	20	1.0	0.0	0.3	0.8	1	99
BOU-DD23-228	6300N	Para	314.6	315.4	0.52	20	0.8	0.0	0.3	1.7	2	169
BOU-DD23-228	6300N	Para	319.3	325.0	0.36	23	5.7	0.0	0.1	0.3	8	80
BOU-DD23-228	6300N	Para	330.1	331.8	1.07	20	1.7	0.0	0.0	0.0	5	125
BOU-DD23-228	6300N	Para	333.5	334.5	0.58	27	1.0	0.0	0.0	0.0	14	86
BOU-DD23-228	6300N	Para	356.4	357.0	0.75	16	0.6	0.1	0.0	0.1	3	96
BOU-DD23-228	6300N	Para	364.0	365.5	3.31	7	1.5	0.1	0.0	0.0	6	328
BOU-DD23-228	6300N	Para	380.5	381.0	0.51	20	0.5	0.0	0.3	0.1	6	86
BOU-DD23-229	6525N	Para	84.0	85.0	0.40	11	1.0	0.1	0.3	1.1	7	130
BOU-DD23-229	6525N	Para	87.8	89.4	0.33	27	1.6	0.0	0.5	1.8	24	179
BOU-DD23-229	6525N	Para	90.3	91.2	0.24	24	0.9	0.1	0.5	1.1	22	133
BOU-DD23-229	6525N	Para	92.1	93.0	0.38	16	0.9	0.0	0.5	0.6	3	97
BOU-DD23-229	6525N	Para	102.2	103.2	0.67	5	1.0	0.0	0.2	0.3	14	92
BOU-DD23-229	6525N	Para	111.9	116.0	1.60	175	4.1	0.1	1.9	7.3	259	810
BOU-DD23-229	6525N	Para	119.3	120.3	1.32	15	1.0	0.0	0.1	1.4	44	221
BOU-DD23-229	6525N	Para	141.4	142.4	0.48	16	1.0	0.0	0.3	0.4	48	98
BOU-DD23-229	6525N	Para	153.4	153.9	1.02	64	0.5	0.0	0.0	0.0	19	166
BOU-DD23-229	6525N	Para	162.9	163.4	0.20	103	0.5	0.0	8.5	1.1	5	452
BOU-DD23-229	6525N	Para	257.4	258.4	0.03	85	1.0	0.0	0.0	0.0	2	95
BOU-DD23-229	6525N	Main	306.0	306.7	0.88	23	0.7	0.0	0.1	0.5	9	134
BOU-DD23-230	6575N	Para	143.4	145.4	0.84	22	2.0	0.1	0.1	0.1	6	116
BOU-DD23-230	6575N	Para	157.4	158.4	0.51	12	1.0	0.0	0.2	0.6	38	102
BOU-DD23-230	6575N	Para	162.9	163.8	0.26	24	0.9	0.0	0.0	0.1	23	59
BOU-DD23-230	6575N	Main	166.6	184.2	2.64	247	17.6	0.3	1.2	7.7	86	991
Including			177.6	181.3	2.91	651	3.7	0.1	3.2	11.5	106	1,662
BOU-DD23-230	6575N	Para	188.2	202.3	2.78	97	14.1	0.2	0.4	6.5	31	755
BOU-DD23-231	5375N	Para	521.7	522.7	0.13	33	1.0	0.0	0.4	0.4	9	79
BOU-DD23-231	5375N	Para	571.3	572.3	0.54	28	1.0	0.0	0.3	0.1	24	92
BOU-DD23-231	5375N	Para	574.3	575.2	0.34	20	0.9	0.0	0.5	0.1	8	76
BOU-DD23-231	5375N	Main	582.0	585.7	0.96	110	3.7	0.0	0.6	2.4	339	371
BOU-DD23-231	5375N	Para	589.0	592.0	1.11	8	3.0	0.0	0.1	0.4	121	147
BOU-DD23-231	5375N	Para	596.0	597.0	0.54	1	1.0	0.0	0.0	0.0	6	54
BOU-DD23-231	5375N	Para	609.3	609.8	1.25	251	0.5	0.1	2.6	2.7	2863	774
BOU-DD23-231	5375N	Para	610.8	611.8	0.33	24	1.0	0.0	0.2	0.1	301	84
BOU-DD23-232	7825N	Para	320.4	321.4	0.31	23	1.0	0.0	1.1	2.1	35	205
BOU-DD23-232	7825N	Para	420.0	421.0	0.79	16	1.0	0.0	0.2	0.6	6	130
BOU-DD23-232	7825N	Main	426.4	431.8	3.91	18	5.4	0.1	0.1	0.1	2	402
Including			426.4	427.7	10.72	49	1.3	0.2	0.1	0.2	2	1,092
BOU-DD23-232	7825N	Para	438.8	439.8	0.48	28	1.0	0.0	0.4	1.2	8	153
BOU-DD23-232	7825N	Para	521.3	522.0	3.56	20	0.7	0.1	0.1	0.1	4	378
BOU-DD23-232	7825N	Para	532.6	534.0	1.78	22	1.4	0.1	0.3	1.2	3	268
BOU-DD23-232	7825N	Para	596.8	597.8	0.03	60	1.0	0.0	0.0	0.0	3	65
BOU-DD23-233	6525N	NSR	0.0	76.5	0.00	0	76.5	0.0	0.0	0.0	0	0
BOU-DD23-234	6575N	Para	308.6	309.6	0.75	1	1.0	0.0	0.7	1.8	3	192
BOU-DD23-234	6575N	Main	310.6	317.3	1.40	19	6.7	0.1	0.3	4.5	1	407
Including			315.0	316.3	4.78	41	1.3	0.2	0.4	18.4	2	1,518
BOU-DD23-234	6575N	Para	322.2	323.1	0.40	24	0.9	0.0	0.3	0.7	9	112
BOU-DD23-234	6575N	Para	324.0	324.7	2.12	20	0.7	0.0	0.3	0.2	7	240
BOU-DD23-234	6575N	Para	363.7	364.7	0.57	12	1.0	0.0	0.2	0.2	1	82
BOU-DD23-234	6575N	Para	407.6	408.6	0.53	1	1.0	0.0	0.1	0.0	3	56
BOU-DD23-235	6525N	Main	382.3	384.3	0.39	81	2.0	0.3	0.3	0.3	5	179
BOU-DD23-236	6300N	Main	343.5	345.5	1.41	16	2.0	0.0	0.1	3.3	3	330
BOU-DD23-236	6300N	Para	357.3	358.3	0.34	12	1.0	0.0	0.1	0.3	15	66
BOU-DD23-236	6300N	Para	394.1	395.1	0.45	8	1.0	0.0	0.1	0.1	3	60
BOU-DD23-236	6300N	Para	437.8	438.8	0.03	51	1.0	0.4	0.2	0.0	5	109
BOU-DD23-236	6300N	Para	479.2	480.2	0.42	12	1.0	0.1	0.1	0.1	24	78
BOU-DD23-236	6300N	Para	553.5	554.5	0.23	43	1.0	0.0	0.1	0.1	4	73
BOU-DD23-237	7825N	Main	373.1	374.8	2.92	25	1.7	0.0	0.4	0.6	2	349
BOU-DD23-237	7825N	Para	377.8	379.8	0.68	16	2.0	0.0	0.3	1.1	3	149
BOU-DD23-237	7825N	Para	469.0	469.5	4.54	31	0.5	0.1	0.2	1.4	7	556
BOU-DD23-237	7825N	Para	475.5	476.5	0.33	16	1.0	0.0	0.2	0.7	8	93
BOU-DD23-238	7825N	Para	65.0	66.7	0.54	4	1.7	0.0	0.1	0.8	6	99
BOU-DD23-238	7825N	Para	72.1	73.0	1.04	1	0.9	0.0	0.0	0.1	2	107
BOU-DD23-238	7825N	Para	216.0	217.8	1.59	47	1.8	0.1	3.7	3.5	10	517
BOU-DD23-238	7825N	Para	301.0	302.0	0.58	1	1.0	0.0	0.1	0.5	2	88
BOU-DD23-238	7825N	Para	307.0	309.0	1.34	18	2.0	0.1	1.3	2.7	3	335
BOU-DD23-238	7825N	Main	312.3	315.7	1.32	11	3.4	0.0	0.1	0.2	2	151
BOU-DD23-238	7825N	Para	403.4	403.9	1.08	12	0.5	0.0	0.4	0.2	3	137
BOU-DD23-238	7825N	Para	428.7	429.7	0.07	39	1.0	0.0	0.1	0.2	5	60
BOU-DD23-239	6575N	Para	135.8	136.8	0.41	8	1.0	0.0	0.0	0.0	3	49
BOU-DD23-239	6575N	Para	137.8	138.9	0.10	36	1.1	0.1	0.1	0.0	2	55
BOU-DD23-239	6575N	Para	450.7	451.7	0.48	4	1.0	0.0	0.0	0.0	5	52
BOU-DD23-239	6575N	Para	453.7	454.7	0.78	4	1.0	0.0	0.1	0.0	1	82
BOU-DD23-240	6525N	Para	335.6	336.6	0.62	20	1.0	0.0	0.3	1.2	3	154
BOU-DD23-240	6525N	Para	337.6	338.6	0.81	16	1.0	0.0	0.2	0.2	8	111
BOU-DD23-240	6525N	Main	432.2	433.0	0.03	45	0.8	0.1	0.6	0.0	3	75
BOU-DD23-241	6300N	Para	497.0	498.0	0.15	36	1.0	0.0	0.1	0.0	4	55
BOU-DD23-241	6300N	Para	507.5	509.0	0.61	26	1.5	0.0	0.1	0.0	26	94
BOU-DD23-241	6300N	Main	528.3	532.1	0.93	12	3.8	0.1	0.1	0.0	3	113
BOU-DD23-241	6300N	Para	554.8	555.4	0.39	24	0.6	0.0	0.2	0.1	5	72
BOU-DD23-241	6300N	Para	565.1	566.1	3.82	36	1.0	0.3	0.0	0.2	23	449
BOU-DD23-241	6300N	Para	570.0	571.0	0.31	16	1.0	0.0	0.1	0.1	6	53
BOU-DD23-241	6300N	Para	572.0	575.0	0.73	7	3.0	0.0	0.3	0.4	6	107
BOU-DD23-241	6300N	Para	590.2	592.0	1.07	8	1.8	0.0	0.1	0.8	7	158
BOU-DD23-241	6300N	Para	747.6	748.4	0.64	28	0.8	0.1	0.5	0.9	4	160
BOU-DD23-241	6300N	Para	753.9	754.5	0.50	8	0.6	0.0	0.1	0.1	3	65
BOU-DD23-242	7825N	Para	96.4	97.2	0.51	1	0.8	0.0	0.1	0.7	3	93
BOU-DD23-242	7825N	Para	173.9	174.7	0.37	12	0.8	0.0	0.3	0.3	3	72
BOU-DD23-242	7825N	Para	178.2	179.2	0.41	8	1.0	0.0	0.2	0.2	6	62
BOU-DD23-242	7825N	Para	197.2	198.2	0.81	4	1.0	0.0	0.1	0.2	1	97
BOU-DD23-242	7825N	Main	277.2	278.7	1.04	15	1.5	0.0	0.1	0.2	3	129
BOU-DD23-242	7825N	Para	281.5	282.0	1.86	20	0.5	0.0	0.1	0.2	2	207
BOU-DD23-242	7825N	Para	371.7	372.7	0.53	4	1.0	0.0	0.2	0.9	4	107
BOU-DD23-242	7825N	Para	375.6	376.6	1.52	36	1.0	0.1	0.4	5.8	9	515
BOU-DD23-243	7650N	Para	85.8	86.8	0.03	126	1.0	0.0	0.1	0.4	8	154
BOU-DD23-243	7650N	Para	107.0	108.0	0.06	43	1.0	0.1	3.8	0.0	3	179
BOU-DD23-243	7650N	Para	234.9	235.4	0.44	20	0.5	0.1	1.1	2.8	8	260
BOU-DD23-243	7650N	Para	236.3	236.8	0.48	59	0.5	0.1	3.7	1.1	2	291
BOU-DD23-243	7650N	Main	493.0	494.0	0.47	8	1.0	0.0	0.1	0.5	12	83
BOU-DD23-243	7650N	Para	624.8	625.5	3.07	4	0.7	0.0	0.4	0.6	5	337
BOU-DD23-244	6450N	Para	47.4	48.1	0.28	20	0.7	0.0	0.2	0.6	13	86
BOU-DD23-244	6450N	Para	52.7	53.5	0.64	39	0.8	0.0	0.1	0.1	12	112
BOU-DD23-244	6450N	Para	64.0	70.4	1.06	49	6.4	0.0	0.7	2.0	131	287
BOU-DD23-244	6450N	Para	72.6	73.5	0.39	16	0.9	0.0	0.7	2.2	22	194
BOU-DD23-244	6450N	Para	74.4	76.2	0.47	34	1.8	0.0	0.3	2.3	98	221
BOU-DD23-244	6450N	Para	79.2	80.2	0.58	4	1.0	0.0	0.4	1.3	4	144
BOU-DD23-244	6450N	Para	81.2	83.2	0.40	8	2.0	0.0	0.2	0.6	6	88
BOU-DD23-244	6450N	Para	87.9	88.7	1.40	126	0.8	0.0	2.0	9.1	68	821
BOU-DD23-244	6450N	Para	102.1	103.6	0.50	45	1.5	0.0	0.6	3.0	74	280
BOU-DD23-244	6450N	Para	105.5	106.4	0.38	52	0.9	0.0	0.5	2.5	31	240
BOU-DD23-244	6450N	Para	112.8	120.6	0.71	62	7.8	0.0	0.2	1.3	196	216
BOU-DD23-244	6450N	Para	125.6	126.1	1.87	16	0.5	0.0	0.1	0.3	37	214
BOU-DD23-244	6450N	Para	131.9	132.8	0.33	24	0.9	0.0	0.3	1.1	64	129
BOU-DD23-244	6450N	Para	134.6	145.4	0.41	41	10.8	0.0	0.8	1.2	361	190
Including				138.0	0.70	90	1.7	0.0	1.9	3.5	866	456
BOU-DD23-244	6450N	Main	148.5	155.1	0.52	56	6.6	0.0	0.9	2.6	298	295
Including			150.5	152.1	1.19	187	1.6	0.0	2.5	9.0	946	925
BOU-DD23-244	6450N	Para	172.0	172.5	0.58	29	0.5	0.0	0.6	1.7	7	198
BOU-DD23-244	6450N	Para	173.4	174.2	0.27	28	0.8	0.0	0.3	0.2	8	78
BOU-DD23-245	6450N	Para	106.0	111.0	0.05	17	5.0	1.5	0.4	1.5	70	312
BOU-DD23-245	6450N	Para	146.4	149.4	0.34	32	3.0	0.0	0.2	1.5	29	153
BOU-DD23-245	6450N	Para	157.4	159.6	0.50	86	2.2	0.0	1.5	3.4	161	377
BOU-DD23-245	6450N	Para	179.4	180.4	0.35	24	1.0	0.0	0.6	0.4	6	98
BOU-DD23-245	6450N	Para	184.4	185.4	0.46	44	1.0	0.0	0.1	0.2	9	105
BOU-DD23-245	6450N	Main	198.4	206.5	0.73	122	8.1	0.0	2.3	4.7	68	524
Including			198.4	200.2	1.83	299	1.8	0.1	4.8	13.1	269	1,355
BOU-DD23-245	6450N	Para	213.5	214.5	0.64	20	1.0	0.0	0.2	0.6	7	117
BOU-DD23-245	6450N	Para	217.5	226.5	0.86	6	9.0	0.0	0.3	0.3	2	112
BOU-DD23-246	7650N	Para	46.6	48.9	0.56	38	2.3	0.1	0.3	0.7	8	145
BOU-DD23-246	7650N	Para	50.9	54.0	0.26	31	3.1	0.1	0.1	0.2	7	75
BOU-DD23-246	7650N	Para	138.4	139.9	0.66	12	1.5	0.0	0.7	1.0	3	156
BOU-DD23-246	7650N	Main	383.2	384.2	0.08	196	1.0	0.0	1.6	0.2	2	265
BOU-DD23-246	7650N	Para	554.9	556.3	1.21	16	1.4	0.1	0.2	0.1	4	153
BOU-DD23-246	7650N	Para	617.8	618.8	0.99	24	1.0	0.0	0.3	0.7	3	167
BOU-DD23-247	6450N	Para	38.7	42.3	0.03	13	3.6	0.8	1.4	1.1	38	230
BOU-DD23-247	6450N	Para	104.2	105.2	1.13	4	1.0	0.1	0.0	0.0	16	119
BOU-DD23-247	6450N	Main	254.0	257.5	0.75	48	3.5	0.0	0.2	0.6	44	159
BOU-DD23-247	6450N	Para	261.9	262.6	0.33	45	0.7	0.0	0.5	2.7	5	242
BOU-DD23-248	6450N	Para	261.0	262.0	0.03	55	1.0	0.1	0.0	0.0	1	71
BOU-DD23-248	6450N	Para	322.0	323.0	0.37	24	1.0	0.0	0.1	0.1	2	67
BOU-DD23-248	6450N	Main	329.5	335.4	5.94	59	5.9	0.1	1.0	8.8	23	1,136
BOU-DD23-249	5800N	Para	346.9	347.7	1.68	28	0.8	0.0	0.0	0.3	23	202
BOU-DD23-249	5800N	Para	357.4	358.0	0.46	1	0.6	0.0	0.0	0.0	2	47
BOU-DD23-249	5800N	Para	400.0	400.9	0.64	31	0.9	0.1	0.1	0.2	8	115
BOU-DD23-249	5800N	Para	477.7	479.5	0.91	29	1.8	0.0	0.1	0.0	10	124
BOU-DD23-249	5800N	Para	480.5	481.5	0.46	8	1.0	0.0	0.0	0.0	8	57
BOU-DD23-249	5800N	Para	517.8	524.3	0.62	19	6.5	0.0	0.1	0.2	10	98
BOU-DD23-249	5800N	Para	532.4	532.9	0.73	32	0.5	0.1	0.1	0.0	26	118
BOU-DD23-249	5800N	Para	557.3	558.3	0.47	8	1.0	0.0	0.1	0.1	14	59
BOU-DD23-249	5800N	Para	559.3	561.6	1.16	12	2.3	0.0	0.1	0.0	13	132
BOU-DD23-249	5800N	Para	590.1	590.9	0.42	12	0.8	0.1	0.2	0.1	18	83
BOU-DD23-249	5800N	Para	593.7	594.2	0.52	32	0.5	0.1	0.3	0.2	9	115
BOU-DD23-249	5800N	Main	598.7	601.8	4.19	48	3.1	0.1	0.1	2.5	12	587
BOU-DD23-249	5800N	Para	603.7	605.7	0.31	18	2.0	0.0	0.1	0.0	9	52
BOU-DD23-249	5800N	Para	606.7	607.7	0.35	12	1.0	0.1	0.0	0.0	3	53
BOU-DD23-249	5800N	Para	609.7	610.7	0.69	4	1.0	0.0	0.1	0.0	2	74
BOU-DD23-249	5800N	Para	647.3	651.5	0.98	10	4.2	0.0	0.1	0.2	2	118
BOU-DD23-249	5800N	Para	658.1	658.7	0.52	8	0.6	0.0	0.0	0.0	3	60
BOU-DD23-249	5800N	Para	693.1	695.5	2.18	57	2.4	0.0	0.7	7.3	10	680
BOU-DD23-249	5800N	Para	714.3	718.5	0.55	15	4.2	0.1	0.2	0.5	3	107
BOU-DD23-249	5800N	Para	725.5	727.5	0.44	12	2.0	0.1	0.4	0.1	2	81
BOU-DD23-249	5800N	Para	747.6	748.2	1.15	60	0.6	0.1	0.2	0.1	9	196
BOU-DD23-249	5800N	Para	747.6	748.8	0.85	38	1.2	0.1	0.2	0.2	33	148
BOU-DD23-250	5800N	Para	221.0	222.0	0.62	1	1.0	0.0	0.0	0.0	2	61
BOU-DD23-250	5800N	Para	226.0	228.0	0.81	4	2.0	0.0	0.1	0.0	5	85
BOU-DD23-250	5800N	Para	229.0	230.0	0.58	1	1.0	0.0	0.0	0.0	3	58
BOU-DD23-250	5800N	Para	236.7	239.7	3.34	1	3.0	0.0	0.0	0.0	5	316
BOU-DD23-250	5800N	Para	326.8	327.8	0.71	40	1.0	0.0	0.1	0.0	82	116
BOU-DD23-250	5800N	Para	373.7	374.7	0.45	8	1.0	0.0	0.0	0.0	5	54
BOU-DD23-250	5800N	Main	377.7	384.0	1.44	49	6.3	0.1	0.1	0.5	12	225
BOU-DD23-250	5800N	Para	411.0	411.9	0.31	24	0.9	0.0	0.0	0.1	18	62
BOU-DD23-250	5800N	Para	420.1	421.1	0.22	36	1.0	0.0	0.4	2.2	20	192
BOU-DD23-250	5800N	Para	448.8	455.5	1.02	25	6.7	0.1	0.1	0.4	12	155
BOU-DD23-250	5800N	Para	508.9	509.5	0.67	32	0.6	0.2	0.1	0.0	5	121
BOU-DD23-251	6450N	Para	262.0	263.0	0.03	44	1.0	0.0	0.0	0.0	1	49
BOU-DD23-251	6450N	Para	278.6	279.4	0.03	51	0.8	0.0	0.0	0.0	12	59
BOU-DD23-251	6450N	Main	345.9	355.3	2.66	32	9.4	0.0	0.2	4.4	14	531
Including			346.4	348.8	7.99	91	2.4	0.1	0.3	15.8	19	1,719
BOU-DD23-251	6450N	Para	431.4	432.1	6.65	139	0.7	0.4	0.1	0.0	1	818
BOU-DD23-251	6450N	Para	439.1	439.8	0.50	24	0.7	0.1	0.1	0.0	1	82
BOU-DD23-252	5800N	Main	204.5	207.4	0.63	58	2.9	0.0	0.7	1.1	230	210
BOU-DD23-252	5800N	Para	258.0	261.0	0.04	164	3.0	0.0	0.1	0.1	2	179
BOU-DD23-253	7650N	Para	203.0	204.0	1.01	106	1.0	0.7	0.4	0.1	4	312
BOU-DD23-253	7650N	Main	281.0	283.5	0.52	24	2.5	0.0	0.3	0.5	1	110
BOU-DD23-254	7650N	Para	162.1	162.7	0.62	24	0.6	0.0	0.3	1.2	6	158
BOU-DD23-254	7650N	Para	220.9	221.5	0.53	16	0.6	0.1	2.6	2.6	5	306
BOU-DD23-254	7650N	Main	241.4	243.4	5.63	61	2.0	0.3	0.2	1.4	6	703
BOU-DD23-254	7650N	Para	269.3	270.1	0.51	12	0.8	0.1	0.3	0.5	3	101

* True width remains undetermined at this stage; all values are uncut.

** Ag equivalent is based on a 100% recovery with the following ratio; 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 Ag; 1% Pb: 31.8 Ag;

1% Zn: 54.1 Ag.

Appendix 2 – New Drillhole Coordinates of 2023 Boumadine Exploration Program (completed holes)

DDH No.	Easting	Northing	Elevation	Azimuth	Dip	Length (m)
BOU-DD23-245	317 112	3 474 649	1 270	70	-50	252.4
BOU-DD23-246	317 456	3 476 055	1 215	250	-50	640.1
BOU-DD23-247	317 071	3 474 635	1 265	70	-50	348.7
BOU-DD23-248	317 034	3 474 621	1 261	70	-50	400.9
BOU-DD23-249	317 202	3 473 992	1 270	70	-50	768.0
BOU-DD23-250	317 285	3 474 022	1 262	70	-50	515.0
BOU-DD23-251	316 997	3 474 609	1 259	70	-50	465.4
BOU-DD23-252	317 359	3 474 049	1 268	70	-50	368.4
BOU-DD23-253	317 387	3 476 031	1 217	250	-50	515.6
BOU-DD23-254	317 315	3 476 006	1 221	250	-50	433.5
BOU-DD23-255	317 431	3 474 075	1 277	70	-50	211.7
BOU-DD23-256	317 626	3 473 723	1 278	70	-50	400.6
BOU-DD23-257	315 153	3 476 030	1 283	270	-50	211.0
BOU-DD23-258	315 407	3 476 030	1 263	270	-50	584.0
BOU-DD23-259	317 949	3 477 049	1 195	135	-50	370.0
BOU-DD23-260	314 739	3 478 150	1 228	290	-50	204.2
BOU-DD23-261	315 198	3 476 030	1 288	270	-50	150.5
BOU-DD23-262	314 821	3 478 120	1 230	290	-50	366.2
BOU-DD23-263	317 891	3 477 108	1 193	135	-50	427.1
BOU-DD23-264	317 834	3 477 160	1 192	135	-50	564.1
BOU-DD23-265	317 182	3 477 244	1 205	250	-50	609.7
BOU-DD23-266	315 238	3 476 030	1 283	270	-50	162.0
BOU-DD23-267	314 569	3 477 999	1 239	110	-50	219.7
BOU-DD23-268	315 324	3 476 030	1 270	270	-50	159.3
BOU-DD23-269	315 281	3 476 030	1 277	270	-50	207.1
BOU-DD23-270	317 066	3 477 511	1 201	250	-50	710.0
BOU-DD23-271	314 906	3 478 089	1 235	290	-50	498.2
BOU-DD23-272	315 310	3 477 763	1 278	270	-50	189.4
BOU-DD23-273	317 109	3 477 527	1 200	250	-50	176.8
BOU-DD23-274	317 152	3 477 543	1 200	250	-50	246.0
BOU-DD23-275	314 499	3 478 024	1 231	110	-50	307.3
BOU-DD23-276	315 350	3 477 763	1 276	270	-50	200.9
BOU-DD23-277	315 392	3 477 763	1 273	270	-50	275.7
BOU-DD23-278	317 194	3 477 558	1 198	250	-50	284.8
BOU-DD23-279	315 440	3 477 763	1 278	270	-50	243.9
BOU-DD23-280	315 482	3 477 763	1 276	270	-50	288.1
BOU-DD23-281	314 432	3 478 049	1 221	110	-50	449.8
BOU-DD23-282	315 522	3 477 763	1 268	270	-50	500.6

SOURCE Aya Gold & Silver Inc

Base Metals Energy Junior Mining Precious Metals

Terra Balcanica Drills 499 g/T AgGEq Over 3.8 m at Cumavici Ridge in Bosnia and Herzegovina and Closes Private Placement Financing

Post author By admin
Post date January 17, 2024

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, Jan. 17, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce additional assay results from the 2023 Phase II drill campaign confirming continuation of the high-grade Cumavici Ridge polymetallic mineralization within its flagship Viogor-Zanik project in Bosnia and Herzegovina. The Company further announces closing of the final tranche of its non-brokered private placement financing (the “Offering”) of shares (the ”Shares”) for total gross proceeds of $212,200.

Highlights

Drillhole CMV23002b intersected 499 g/t AgEq over 3.8 m from 22 m downhole with a further mineralized interval of 227 g/t AgEq over 2.0 m from 31 m (Table 1);
Drillhole collar for CMV23002b is located 39 m northeast of previously reported CMV23003 and 004 and 38 m SE of 2022 drillhole CMVDD001 which returned:
- CMVDD001 – 824 g/t AgEq over 4 m (see company news release dated 8^th September, 2022);
- CMV23003 – 457 g/t AgEq over 4.15 m;
- CMV23004 – 1168 g/t AgEq over 1.35 m;
The mineralization remains open immediately northwest and down-dip to the southwest;

Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “We are delighted to continue reporting impressive silver grades from the central Cumavici Ridge system. This polymetallic, near-surface target keeps on delivering and is open along strike and down-dip. Cumavici Ridge is only one of five target zones along the 7.2 km NW-SE trending fault-hosted system that remains to be drilled, thus offering upside to advance a deposit immediately adjacent to the existing Sase Pb-Zn-Ag mine with infrastructure including mining and processing facilities. We are excited to continue advancing Viogor-Zanik’s full potential as a unique critical raw minerals land package right at Europe’s doorsteps. Additional assay results will continue to be released very shortly.”

Hole ID	From (m)	To (m)	Length (m)	Ag (g/t)	Au (g/t)	Pb (%)	Sb (%)	Zn (%)	AgEq (g/t)
CMV23002b	22.00	25.80	3.80	125	0.70	2.72	0.48	5.53	499
CMV23002b	31.00	33.00	2.00	166	0.57	0.11	0.12	0.21	227

Table 1. Assay results from drillhole CMV23002b of the Phase II drilling campaign. Interval lengths reported are drilled lengths, not true widths. Silver equivalents (“AgEq”) are based on assumed metal prices of US$1,980/oz for gold (Au), US$23/oz for silver (Ag), US$1.15/lb for zinc (Zn), US$5.42/lb for antimony (Sb) and US$1.00/lb for lead (Pb). Assumed metal recoveries of 90% Au, 93% Ag, 95% Sb, 94% Pb and Zn are based on published metallurgical tests on analogous intermediate sulphidation epithermal vein deposits.

Figure 1. Geological map illustrating the drillholes at the Cumavici Ridge locality. AgEq values are labelled for selected 2022 and 2023 drill intercepts (See Company’s new releases dated 13 November 2023, 27 February 2023). Current drilling efforts confirm mineralization over 82 m NW/SE strike length. (WGS84/UTM Zone 34N (click here to view image).

Hole ID	Easting	Northing	Elevation (m)	Dip	Azimuth	Depth (m)	Recovery (%)
CMV23002b	360224.6	4888498.1	594.58	-50	050	56.2	99

Table 2. Collar locations for reported Phase II drillhole. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).

Future Exploration Program
Further drilling efforts at Cumavici Ridge will aim to connect the shallow high-grade interval reported in this release to the 531 g/t AgEq over 0.75 m and 355 g/t AgEq over 1.10 m reported over 600 m to the northwest (see Company news release dated 5^th November 2023). The system remains untested and open to the southwest down-dip which will also be targeted in 2024 drilling.

Figure 2. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at Cumavici Ridge. Assay interval reported for CMV23002b (click here to view image).

QAQC
Half core (PQ3 and HQ3) samples were delivered by truck to ALS Bor, Serbia for sample preparation and analysis at the ALS laboratory Loughrea, Ireland an ISO/IEC 17025:2017 certified testing laboratory. Sample preparation PREP-31BY method was used on all core samples. This involves crushing to 70% less than 2 mm, rotary split 1kg and pulverizing the split to greater than 85% passing 75 microns. Gold was assayed by 30g fire assay with ICP-AES finish (Au-ICP21). Analyses of silver and base metals were completed by highly oxidising digestion with HNO₃, KClO₃ and HBr (ASY-ORE) and the final solution in dilute aqua regia is determined by ICP-AES (ME-ICPORE). Control samples, comprising certified reference materials (CDN-ME-1811), quarter core field duplicates and blanks were inserted at a rate of 9% and investigated as part of the company’s quality assurance and quality control program.

Final Tranche of Private Placement Financing Closed
The Company issued an additional aggregate of 1,200,000 Shares at a price of $0.04 per Share for gross proceeds of $48,000 pursuant to the Offering announced on December 1^st, 2023.

In total, the Company has issued 5,305,000 Shares at a price of $0.04 for gross proceeds of $212,200. Terra will use the net proceeds of the Offering for working capital and to finance the acquisition of a strategic mineral exploration licence in Bosnia and Herzegovina. Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the final tranche of the Private Placement will be subject to a four (4) month hold period ending May 17^th, 2024. There were no finders’ fees paid in any of the tranches of the Offering.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.

Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.

About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.
“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

For further information, please contact Alex Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Cautionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

Base Metals Energy Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources – Canada’s Next Tier 1 Gold Asset

Post author By admin
Post date January 16, 2024

Must watch interview with a serial wealth builder sharing his valuable insights into the gold exploration stocks and how you may profit. Learn how to appraise gold exploration and mining companies.
Joining us for a conversation is Brett Richards of Goldshore Resources, which is on a journey to become Canada’s next Tier 1 Gold Asset. In this interview will cover a number of fundamental aspects about speculation in the gold exploration companies, 5 key criteria that all speculators should know before buy a resource stock. We will cover the cost basis for gold 43-101 Mineral Resource categories for inferred, indicated, measured resources, along with proven, and probable reserves.

After a comprehensive review of the aforementioned we discuss the unique investment proposition for Goldshore Resources, which hosts the 6,000,000 Oz. (Inferred) Moss Lake Gold Project, along with catalyst for 2024.

Timestamp:
:17 Gold price and disconnect with gold mining and gold exploration stocks
4:30 Have we reached capitulation
5:25 5 Key Criteria for Natural Resource Speculators
9:28 Gold Grades and Cost Per Oz. for Inferred, Indicated, Measured, Proven and Probable
11:26 Investment Proposition for GoldShore Resources
13:12 Let’s go on-site
19:17 Updated MRE
21:13 Summary:
23:17 Next Unanswered Question
27:14 Capital Structure
28:55 Stock took a hit
30:40 Why you don’t sell because the stock price drops
31:47 What keeps you up at night
33:40 What did I forget to ask

Goldshore Resources – (TSX.V: GSHR | OTCQB: GSHRF)
CEO: Brett Richards
Website: https://goldshoreresources.com/
3D Deck: https://goldshoreresources.com/investors/#corporate-presentation

About Goldshore Resources:

Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

Join us Saturday Jan. 20th @ 4PM EST: http://bit.ly/3S0lqwS

Tags #BrettRichards, #GoldShoreResources, #GSHR, #MauriceJackson, #ProvenAndProbable

Base Metals Dolly Varden Silver Junior Mining Precious Metals

Dolly Varden Silver Intersects 93.95 m of 357 g/t AgEq Including 9,422 g/t AgEq over 1.02m Expanding Homestake Silver High-Grade Trend

Post author By admin
Post date January 16, 2024

Vancouver, British Columbia–(Newsfile Corp. – January 16, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from its 2023 program at the Homestake Silver deposit in BC’s Golden Triangle. The 23 drillholes reported total 12,150m of drilling targeting priority zones within the deposit and have significantly expanded the width and extent of the reinterpreted high-grade silver and gold mineralized plunge.

Highlights from Homestake Silver (intervals shown are core length**):

HR23-419: Mineralized envelope: 315 g/t AgEq (2.57 g/t Au and 102 g/t Ag) over 79.20 meters, including internal breccia vein intervals grading 1,508 g/t AgEq (9.53 g/t Au and 718 g/t Ag) over 9.22 meters length, 7,572 g/t AgEq (36.66 g/t Au and 4,533 g/t Ag) over 1.05 meters.
HR23-416 Mineralized envelope: 357 g/t AgEq (1.74 g/t Au, 213 g/t Ag) over 93.95 meters length, including internal breccia vein intervals grading 2,802 g/t AgEq (11.80 g/t Au and 1,824 g/t Ag) over 9.16 meters length, 4,176 g/t AgEq (13.16 g/t Au and 3,085 g/t Ag) over 2.26 meters and 9,422 g/t AgEq (55.40 g/t Au and 4,830 g/t Ag) over 1.02 meters.
HR23-415: Mineralized envelope: 630 g/t AgEq (5.11 g/t Au and 206 g/t Ag) over 22.80 meters, including internal breccia vein intervals grading 1,754 g/t AgEq (14.38 g/t Au and 562 g/t Ag) over 6.80 meters length, 4,617 g/t AgEq (43.40 g/t Au and 1,020 g/t Ag) over 0.88 meters.
HR23-413: Mineralized envelope: 226 g/t AgEq (1.40 g/t Au and 110 g/t Ag) over 40.00 meters, including internal breccia vein intervals grading 668 g/t AgEq (3.05 g/t Au and 415 g/t Ag) over 3.96 meters, 1,998 g/t AgEq (6.49 g/t Au and 1,460 g/t Ag) over 0.63 meters.

HR23-407: Mineralized envelope: 246 g/t AgEq (2.32 g/t Au and 54 g/t Ag) over 55.90 meters length, including internal breccia vein intervals grading 932 g/t AgEq (8.94 g/t Au and 191 g/t Ag) over 10.72 meters length, 2,149 g/t AgEq (24.38 g/t Au and 129 g/t Ag) over 0.57 meters and 1,883 g/t AgEq (17.78 g/t Au and 410 g/t Ag) over 2.20 meters.
HR23-411: Expansion step out hole to the southeast; 445 g/t AgEq (0.91 g/t Au and 369 g/t Ag) over 10.55 meters including 2,068 g/t AgEq (1.73 g/t Au and 1,925 g/t Ag) over 0.55 meters.

*AuEq and AgEq are calculated using only the two precious metal components at $US1650/oz Au, $US20/oz Ag, Assays are not capped

**Estimated true widths vary depending on intersection angles and range from 65% to 85% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated

“The 2023 drilling at Homestake Silver has identified a substantial zone of exceptional precious metal grades, often typified by multiple phases of silver and gold mineralization, over wide, continuous intervals that are potentially amendable to bulk underground mining methods,” said Shawn Khunkhun, CEO of Dolly Varden Silver. “Results from additional step-out holes to the north of these intercepts are being finalized and are expected to be announced shortly.”

“Applying what was learned from the structural reinterpretation work at the Homestake Main gold zone to the existing wider spaced drilling at Homestake Silver Zone has led to the discovery of high-grade pathways within a continuous mineralized envelope with average precious metal grades above the average resource grades and over much wider intervals than expected,” states Rob Van Egmond, P.Geo, Vice President of Exploration.

Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/194209_397c290ed40ae8a7_002full.jpg

Drill holes HR23-416 and HR23-419 have a down dip spacing of 105 meters on the same vertical cross-section. The holes were up and down dip, respectively, from historic drill hole HR09-161 which graded 352 AgEq (2.89 g/t Au and 112 g/t Ag) over 72.75 meters over the width of the mineralized envelope (see figure 2 section). Drillholes HR23-413 and HR23-415 are located on section 25m to the north-northwest and HR23-407 is 100m along strike from HR23-416/419.

Drillholes HR23-396 and 397 were drilled up dip of the wide, higher-grade plunge intersecting individual higher-grade vein breccias extending above the mineralized envelope.

Drilling targeted the high-grade plunge within the Homestake Silver deposit. These holes focused on defining and expanding the wide gold and silver (+/- lead and zinc) mineralized zone along the low angle, northerly plunge of the high-grade mineralization. The reinterpretation concluded that the wider mineralization zone at Homestake Silver is at a similar plunge orientation as that of the Homestake Main deposit, located 300m to the northwest. The average grades are higher, on a precious metal silver equivalent basis, than the average grade of the silver deposits at the Dolly Varden property to the south due to the increased gold content at the Homestake Ridge deposits.

Figure 2. Drill hole HR23-416 from the Homestake Silver deposit. A 12.60-meter section from the 93.95-meter mineralized envelope highlighting the 1.02-meter high-grade multi-pulse vein breccia pathway. Strong alteration and stockwork with local multi-pulse vein and vein breccias can be seen throughout the interval.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/194209_397c290ed40ae8a7_003full.jpg

Drill hole HR23-411 is a 50m step out (down dip) from the southeastern end of Homestake Silver showing that the gold and silver mineralization remains open in that direction. Drill hole HR23-414 was drilled in the unmineralized footwall to Homestake Silver.

Finalized results remain to be released for 47 of the 115 drill hole, 51,454.90 meter, 2023 Kitsault Valley Project exploration drill program. These include 25 drill holes at Homestake Main (11,054.90m), 4 drill holes (2,478.00m) from Homestake Silver northern extension and 6 drill holes (1,627m) from Homestake Ridge property exploration drill holes. Plus 12 drill holes (7,400m) from the southern Dolly Varden property.

Figure 3. Homestake Silver Long section looking southwest with 2023 drill hole highlights. 100m wide window.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/194209_397c290ed40ae8a7_004full.jpg

Homestake Ridge

The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic aged Hazelton volcanic rocks. Mineralization consists of pyrite, +/-galena and sphalerite in a breccia matrix within a silica breccia vein system (see Figure 2). 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 Mineralized envelope at the Homestake Silver deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to vertical or steeply southwest at Homestake Silver (see Figure 5).

Figure 4. Homestake Silver Plan View with Current Mineral Resource block model, primarily of Inferred resource classification with 2023 drill collar locations highlighted.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/194209_397c290ed40ae8a7_005full.jpg

Figure 5. Homestake Silver Cross Section (A-B) with 2023 and historic drill holes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/194209_397c290ed40ae8a7_006full.jpg

Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Area

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	AuEq* (g/t)	AgEq* (g/t)
HR23-419	306.40	385.60	79.20	2.57	102	3.80	315
including	313.43	322.65	9.22	9.53	718	18.19	1508
including	320.00	321.00	1.00	33.05	184	35.26	2923
including	321.60	322.65	1.05	36.66	4533	91.34	7572
including	325.74	326.84	1.10	20.90	121	22.36	1853
including	328.95	329.55	0.60	29.30	302	32.94	2731
including	367.39	368.55	1.16	21.60	36	22.03	1826
HR23-418				NSV	NSV
HR23-416	204.05	298.00	93.95	1.74	213	4.30	357
including	214.13	215.13	1.00	2.77	519	9.03	748
including	230.64	239.80	9.16	11.80	1824	33.80	2802
including	231.32	231.89	0.57	5.75	4290	57.50	4767
including	234.04	236.30	2.26	13.16	3085	50.38	4176
including	238.78	239.80	1.02	55.40	4830	113.67	9422
including	283.00	284.50	1.50	8.37	207	10.87	901
and	320.00	343.00	23.00	1.13	46	1.68	139
including	329.00	331.00	2.00	3.58	281	6.97	578
including	339.00	343.00	4.00	3.78	82	4.77	395
HR23-415	305.90	328.70	22.80	5.11	206	7.59	630
including	313.40	314.40	1.00	2.74	453	8.21	680
including	318.40	325.20	6.80	14.38	562	21.16	1754
including	319.42	320.30	0.88	43.40	1020	55.71	4617
and	336.75	393.50	56.75	1.22	32	1.61	133
including	338.75	346.60	7.85	3.13	149	4.93	409
including	382.80	384.15	1.35	4.10	114	5.48	454
HR23-414				NSV	NSV
HR23-413	230.00	244.00	14.00	3.96	15	4.15	344
including	237.00	238.00	1.00	47.30	40	47.79	3961
and	263.00	303.00	40.00	1.40	110	2.72	226
including	264.55	265.60	1.05	4.32	479	10.10	837
including	271.85	275.81	3.96	3.05	415	8.05	668
including	271.85	272.48	0.63	6.49	1460	24.10	1998
including	278.57	280.74	2.17	8.43	622	15.93	1321
including	279.79	280.74	0.95	13.60	966	25.25	2093
HR23-412	165.95	166.45	0.50	0.66	401	5.49	455
including	280.38	281.85	1.47	0.29	177	2.43	201
and	293.30	304.00	10.70	0.95	238	3.82	316
including	298.00	302.00	4.00	1.79	538	8.28	686
including	299.35	300.00	0.65	2.71	1245	17.73	1470

Table 1. con’t. Completed Drill Hole Assays from the Homestake Silver Deposit Area

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	AuEq* (g/t)	AgEq* (g/t)
HR23-411	464.65	475.20	10.55	0.91	369	5.37	445
including	469.95	474.20	4.25	1.41	801	11.07	918
including	470.45	471.00	0.55	1.73	1925	24.95	2068
including	473.20	474.20	1.00	1.59	1120	15.10	1252
HR23-410	Results Pending
HR23-409	457.69	466.20	8.51	1.80	21	2.05	170
including	457.69	458.22	0.53	2.19	162	4.14	344
HR23-408	100.00	102.10	2.10	NSV	478	5.77	479
and	168.50	169.36	0.86	0.88	123	2.36	196
and	211.10	212.40	1.30	NSV	622	7.51	622
including	279.85	280.33	0.48	3.21	27	3.53	293
HR23-407	317.90	338.00	20.10	1.96	3	2.00	165
including	328.76	330.00	1.24	23.80	13	23.96	1986
and	346.10	402.00	55.90	2.32	54	2.97	246
including	354.88	365.60	10.72	8.94	191	11.24	932
including	354.88	355.45	0.57	24.38	129	25.93	2149
including	356.90	357.40	0.50	18.80	481	24.60	2039
including	360.55	361.87	1.32	8.71	382	13.31	1103
including	363.40	365.60	2.20	17.78	410	22.72	1883
HR23-406				NSV	NSV
HR23-405	394.00	433.23	39.23	1.78	NSV	1.78	148
including	402.65	414.00	11.35	3.20	NSV	3.20	265
including	417.00	423.25	6.25	2.48	NSV	2.48	206
HR23-404	614.25	651.60	37.35	0.58	2	0.60	50
HR23-403	287.50	395.00	107.50	1.46	16	1.65	137
including	288.00	288.50	0.50	24.30	659	32.25	2673
including	342.00	346.00	4.00	12.37	143	14.09	1168
including	342.00	344.00	2.00	22.26	248	25.25	2093
including	371.00	372.00	1.00	11.55	7	11.64	965
HR23-402	613.78	652.00	38.22	1.81	2	1.84	152
including	613.78	617.66	3.88	7.05	5	7.11	589
including	614.85	615.85	1.00	12.80	4	12.85	1065
HR23-401	538.00	539.40	1.40	0.04	180	2.22	184
HR23-400	352.82	354.00	1.18	0.36	471	6.04	501
and	534.07	576.00	41.93	1.24	2	1.27	105
including	543.00	550.00	7.00	2.47	4	2.52	209
HR23-399	Results Pending
HR23-398	536.75	567.00	30.25	1.31	3	1.34	111
including	544.00	545.30	1.30	5.20	2	5.22	433

Table 1. con’t. Completed Drill Hole Assays from the Homestake Silver Deposit Area

Hole ID	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	AuEq* (g/t)	AgEq* (g/t)
and	576.79	577.95	1.16	4.15	7	4.23	351
HR23-397	210.50	253.69	43.19	0.45	62	1.21	100
including	228.65	229.59	0.94	2.16	326	6.09	505
HR23-396	187.38	227.25	39.87	0.53	61	1.26	104
including	213.57	214.07	0.50	2.76	668	10.82	897
and	250.00	250.50	0.50	0.20	744	9.17	760
HR23-395	341.65	342.15	0.50	2.19	1715	22.88	1897
and	382.30	403.92	21.62	2.57	2	2.60	215
including	386.00	387.12	1.12	12.00	10	12.13	1005
including	396.87	401.50	4.63	6.40	4	6.45	534
including	396.87	398.40	1.53	10.45	6	10.53	873
HR23-394	Results Pending
HR23-393	560.70	562.75	2.05	NSV	364	4.44	368
HR23-389	Results Pending

*AuEq and AgEq are calculated using two precious metal components at $US1650/oz Au, $US20/oz Ag. Assays are not capped. No Significant Values (NSV)

**Estimated true widths vary depending on intersection angles and range from 50% to 90% of core lengths

Table 2. Drill Hole Collar Data for 2023 Homestake Silver Deposit Drilling Reported

Hole ID	Easting UTM83 (m)	Northing UTM83 (m)	Elevation (m)	Azimuth	Dip	Length (m)
HR23-393	464252	6178460	703	235	-51	855.00
HR23-395	463581	6179029	834	225	-48	516.00
HR23-396	463642	6178780	857	235	-45	300.00
HR23-397	463642	6178780	857	230	-50	300.00
HR23-398	463581	6179029	834	225	-55	600.00
HR23-400	463607	6178909	841	223	-60	612.00
HR23-401	464118	6178529	720	230	-50	696.00
HR23-402	463714	6179021	798	220	-50	681.00
HR23-403	463607	6178909	841	230	-50	516.00
HR23-404	463714	6179021	798	23	-50	654.00
HR23-405	463607	6178909	841	235	-54	522.00
HR23-406	464017	6178679	738	223	-50	642.00
HR23-407	463677	6178837	828	223	-50	441.00
HR23-408	463737	6178684	819	223	-45	402.00
HR23-409	463677	6178837	828	223	-60	575.00
HR23-411	463947	6178487	748	235	-50	588.00
HR23-412	463737	6178684	819	223	-60	475.00
HR23-413	463690	6178787	827	223	-46	399.00
HR23-414	463631	6179194	814	225	-53	501.00
HR23-415	463690	6178787	827	223	-54	449.00
HR23-416	463693	6178746	833	223	-50	383.00
HR23-418	463352	6178808	997.35	275	-52	585.00
HR23-419	463693	6178746	833	223	-60	458.00

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. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen assays may be completed on very high 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.

Dolly Varden Announces New Investor Relations Services Providers

The Company has entered into an agreement with Triomphe Holdings Ltd. (dba Capital Analytica) (“Capital Analytica”) for investor relations and communication services (the “Consulting Agreement”). The Consulting Agreement has an initial term of six months, commencing January 1 , 2024 under which the Company will pay to Capital Analytica an aggregate of $120,000 at a rate of $20,000 per month, and has an option to renew the Consulting Agreement for an additional 6 months at a rate of $10,000 per month, unless terminated earlier in accordance with the Consulting Agreement.

Pursuant to the terms of the Consulting Agreement, Capital Analytica will provide ongoing capital markets consultation, ongoing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.

Capital Analytica is a Nanaimo based company owned and operated by Jeff French who is arm’s length to the Company and holds no securities, directly or indirectly of the Company.

The Company is also pleased to announce the engagement of Zoppa Media Group to provide additional investor relations services beginning effective January 12, 2024. Dolly Varden has entered into a consulting agreement with Zoppa Media Group (the “Services Agreement”), pursuant to which Zoppa Media Group will provide certain investor relations services including investor outreach and management of the Company’s social media accounts in order to increase awareness regarding Dolly Varden. Pursuant to the Services Agreement, the Zoppa Media Group will provide such services on a month-to-month basis for a renewable one year term for a fee of $10,000 per month.

Zoppa Media Group is a Vancouver based company, owned by Diana Zoppa. Diana Zoppa has previously served Dolly Varden in an executive assistant role prior to gaining investor relations experience with a number of publicly trading companies. The Zoppa Media Group and Diana Zoppa hold 25,200 common shares of the Company.

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.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194209

Junior Mining Precious Metals Project Generators

Riverside Resources Corporate Outlook and Milestones for 2024

Post author By admin
Post date January 15, 2024

Vancouver, British Columbia–(Newsfile Corp. – January 15, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”) is proud to outline its 2024 milestones and highlights from the past year. The Company continues to advance its 100% owned portfolio leveraging its proprietary databases, exploration expertise, and on-the-ground knowledge to identify, stake, or acquire high-quality prospects. Riverside has over C$6,000,000 in cash, zero debt, no warrant overhang, and a tight share structure with fewer than 75,000,000 shares outstanding. Positioned with a strong balance sheet, Riverside is well-prepared to capitalize on opportunities in 2024.

Riverside’s President and CEO, John-Mark Staude, stated: “We are in a good position for the New Year with a strong balance sheet, excellent projects and the key transactions that Riverside completed in 2023, setting us up now for an excellent 2024. To our knowledge, Riverside is one of the better positioned companies, compared to our peers, to benefit from a potential incoming general commodities sector upside.”

Our plan is to expand upon the growth of the past year with the following 2024 goals and potentially newsworthy events:

Transaction of mineral assets and value capture from its growing portfolio of exploration assets in Canada (Ontario & British Columbia) including gold (Pichette, Oaks & Elly) and rare earth element projects (Revel).
Sale or farmout transactions with gold and copper assets in Mexico including the Cecilia and Union Projects.
Work towards a new Strategic Alliance with a major base metal producer.
Maximize value from Riverside’s Royalty Portfolio through a targeted marketing/sales process.

2023 Recap:

The Company has experienced a busy year marked by the continued development of high-quality mineral exploration portfolio in Canada, expansion into British Columbia and several high-quality acquisitions. Additionally, in Mexico new consolidations have been pursued to capitalize on market opportunities, positioning Riverside for a robust upcoming year. Some of the key milestones include:

Canada

Ontario

Completed the acquisition of the Duc Project, strategically located in Ontario’s Porcupine Mining District. This significant land area is recognized for its gold mineralization and is near a former phosphate mine, which offers potential for rare earth elements.
Successfully completed detailed interpretations of advanced helicopter magnetic surveys at the Duc Project utilizing the state-of-the-art SHA Geophysics’ Heli-3G system. These surveys have been instrumental in identifying and developing promising near-surface drill targets. A successful acquisition of the P.A.T. Gold Mine, within the Pichette Project, demonstrating substantial gold potential and a key step in the consolidation and preparation for 2024. To that effect the company is currently progressing a new NI 43-101 for Q1 2024 on the project.
The Pichette Project, now a top priority for Riverside given the high-grade gold results. The project boasts excellent road access and is situated near Canada’s third largest open pit gold producing mine at Greenstone Gold Mine owned by Equinox Gold and Orion.

British Columbia

The generation/acquisition of the Elly Gold Project, in southern British Columbia, has expanded Riverside’s footprint in southwestern British Columbia. The Company has been continuing with its prospecting and integrating databases, laying the groundwork for partnering and potential drilling in 2024.
Acquisition of the Revel Carbonatite Rare Earth Element (REE) Project in British Columbia was a key strategic move to add REE and critical metals to the company portfolio of assets. The Revel area is a key district Riverside now has and will be progressing in 2024 with partners.

Mexico

The Company continued with its ongoing efforts in Mexico by reaching key milestones and preparing for the upcoming fall season through the acquisition of updated drill permits. This crucial development ensures that the properties will maintain their compliance and good standing for a period of up to three years.
On the Ariel Project, we are focusing on porphyry copper, crucial consolidation of land, encouraging copper results, and strides in securing drill permits and transferring titles to Riverside, positioning the Company for potential joint venture opportunities.
Continuing with its acquisition of the Union Mine in Sonora, Mexico, situated in the high-grade Union District, the site has shown promising results, with discoveries of up to 1 ounce of gold and over 30% zinc, highlighting the potential for further expansion in the area.
The Cecilia Project in Sonora, Mexico has a large dome complex which has already yielded significant gold intercepts from previous drilling efforts. Riverside is poised to progress with partners for a potential next phase of drilling in 2024.

Upcoming Events:

Riverside Resources Inc. has received and accepted invitations to present at the Vancouver Round Up conference in late January and will exhibit in early March, at the Prospectors & Developers Association of Canada (PDAC) in Toronto.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $6M in cash, no debt, and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194278

Base Metals Energy Junior Mining Precious Metals

Gold Mining Stocks, A Clear and Compelling Investment Case

Post author By admin
Post date January 12, 2024

Original Source: https://sprott.com/media/6899/sprott-gold-equities-strategy-q4-2023-commentary.pdf

We offer herein an investment rationale for gold mining equities that rests primarily on investment fundamentals particular to the mining sector. Speculation on the future course of the gold price takes a back seat. A tailwind from higher metal prices would, of course, be helpful but in our view would only add heft to an already powerful investment case.

1. Extreme Undervaluation

Gold mining stock valuations are the lowest in 25 years. The spread between the gold price and the discount implied to spot based on the market price of the equities is a massive $700+ per ounce. In other words, cash flow from a gold price 65% of the current spot price would return the entire market value of the group based on existing reserves. BMO calculates an average return on capital of 14.4% for mid-capitalization producers and 25.8% for small-cap producers in a semi-liquidation scenario (see Figure A2). We believe investment returns would be substantially greater in a full liquidation scenario, which would assume the elimination of all discretionary capital spending. In essence, the theoretical returns from taking many of the mid- and small-cap producers private would be compelling from the perspective of a corporate raider. The “corporate raider” perspective is of course only a notional concept to illustrate the extreme undervaluation of the sector. The risk typically associated with extreme undervaluation is the amount of time required for the investment thesis to prove out, not loss of capital.

Figure A1. Gold Price Discounted by the Market @ 0% Discount Rate

Source: BMO Capital Markets. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Figure A2. Return on Capital for Gold Miners

2. Divergence from Gold Price

The average annual gold price has increased over 20% since 2011. The gold price is the single most important fundamental driver of earnings and returns on capital. However, gold stocks have declined over 40% (based on GDX¹) since 2011. We have enumerated several reasons for this 60% performance divergence in an earlier commentary, Gold vs. Gold Stocks, An Unresolved Incongruity. In our view, those factors have been excessively discounted. In our opinion, there is near-term potential for a substantial mean reversion trade even assuming no further rise in the gold price.

Figure B. Gold Mining Equities vs. Average Gold Price²

Source: BMO Capital Markets. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

3. 2024 Profitability Set for Sharp Improvement

Profit margins will improve even in a flat gold price environment. Inflation has started to cool off thanks to the Federal Reserve’s (Fed’s) tight money campaign. More importantly, this capital-intensive industry has made significant advances in productivity that will drive margin expansion. BMO Research forecasts a decline in production costs (All In Sustaining Costs or AISC) of 14%, 11% and 25% for large-, mid- and small-cap producers, respectively. These projections are based on BMO’s “bottoms up” analysis of each company’s 2024 outlook. The improvement can be explained by general cost deflation, across-the-board productivity advances and, for smaller producers, the normal post-start-up improvement in recently completed mine construction.

Figure C. Gold Miners: All In Sustaining Costs Estimates

Source: BMO Capital Markets, Bloomberg, FactSet. Included for illustrative purposes only. Past performance is no guarantee of future results.

4. Chronic Underinvestment Sets Up Potential Demand/Supply Squeeze

According to Bloomberg, the reserve life of the top 10 miners has declined 33% in the last 10 years. As noted in #1 above, the gold mining industry is in a quasi-liquidation mode.

Figure D. Gold Reserves by the Top 10 Miners

Source: Bloomberg. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

5. Understatement of Book Value

According to anecdotal inputs from industry management, the replacement cost of existing capacity is substantially above (50% or more) stated book value. That observation suggests a consistent metal price range of $2,500 to $3,000 would be necessary to sustain the current annual mine production of 3,500 metric tonnes. The response of production to higher gold prices has been non-existent, with little rise since 2018.

Figure E. Annual Gold Mine Production Has Been Relatively Flat

Source: World Gold Council. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

6. Classic Contrarian Setup

Gold mining equities represent a classic contrarian setup, especially if gold prices continue their steady historic rate of increase. GDX (passive) and active managers have experienced minimal inflows in recent years. In fact, GDX has seen outflows of nearly 17% over the past five years. Peak assets under management for GDX were $18.4 billion in 2020, versus $13 billion at the end of 2023. The market cap of the entire gold mining sector is ~$300 billion, less than the market caps of individual companies like The Home Depot, Costco and Mastercard.

7. Fed Pivots Precede Outsized Performance

Every Fed pivot has been followed by outsized gains in gold mining equities. GDX gains:

Period 5/00-1/08: 400%
Period 1/16-8/16: 238%
Period 3/20-7/20: 208%

The current Fed pivot, telegraphed at the December Federal Open Market Committee (FOMC) meeting, appears related to pressure from U.S. Treasury Secretary Yellen (and the Biden administration) due to election-year politics. In a December 12, 2023, interview, just ahead of the December FOMC meeting, Treasury Secretary Yellen stated, “Of course, as inflation comes down, other things equal, real interest rates tend to rise, which causes a tightening of monetary policy in a sense. So that’s one factor that could weigh in a decision that the Fed makes about the path of interest rates.”

A subtle hint, to be sure, but there is no doubt that the administration views current Fed policy as too restrictive. Could the subsequent Fed pivot amount to a premature declaration of victory over inflation? We must wait and see, but wage settlements, a major component of manufacturing costs, have been rising at an accelerating rate, as shown in Figure F.

Figure F.

Source: Bloomberg Law labor. Data as of Q1 2023. Note: Starting with Q1 2016, averages are based on each contract’s ratification date. Prior to 2016, averages are based on the date each contract was added to Bloomberg Law’s database. Included for illustrative purposes only. Past performance is no guarantee of future results.

Productivity gains notwithstanding, it is not a stretch to suggest that another Fed policy mistake may be in the cards.

8. New Geopolitical Landscape Favors Gold

The emerging geopolitical landscape favors gold and outweighs the traditional inverse relationship of gold to restrictive central bank monetary policy. Central bank buying of gold bullion increased 14% through Q3 2023 versus 2022 and easily exceeded the record level established the previous year. Importantly, official purchases are not sensitive to market prices. Such purchases are integral to a strategy recently formulated by the BRICs (Brazil, Russia, India and China) trading block to recycle trade surpluses through channels other than U.S. Treasuries, which have lost luster as safe, neutral assets. Even though the realignment of geopolitical forces that has become obvious in recent months has been gestating for several years, the actions taken to reduce U.S. dollar exposure are, in our opinion, in their infancy. In December, JPMorgan Chase estimated that 20% of oil is now traded in currencies other than the U.S. dollar. (Luke Gromen, 1/5/2024 Ten Interesting Things We Have Read Recently.)

Figure G. Gold Buying by Central Banks Has Reached All-Time High

Source: State Street Global Advisors, Metals Focus, Refinitiv GFMA, World Gold Council. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

9. Western Investment Absent from Gold Ascent to Record High

Under 1% of all global AUM is allocated to gold versus 8% at the peak in 1980. Is it not somewhat astonishing that gold is managing to trade at record highs with virtually no participation from Western investors? These same investors helped drive gold to its previous record high in 2011 of $1,921 per ounce by piling into SPDR Gold Trust ETF (GLD)³ and other fledgling gold-backed ETFs whose AUMs grew from infancy in (2004) to over 2,500 tonnes at the peak in 2012. In our view, a gold rush proportional to 2008-2011 could easily double the gold price from current levels. What might drive allocation, as reflected in Figure H, to 2% or even 3%? The 8% of 1980 might be a stretch as there was no Bitcoin, little private equity, AI or other exotic options for portfolio “diversifiers” in those ancient days. However, it doesn’t take much to imagine that these overcrowded trades (the opposite of gold) could become discredited and/or played out, somewhat similar to the dot-com bust of 2000.

Figure H. Gold’s % Share of Global Equity and Bond Securities

Source: BIS, ICE Benchmark Administration, Metals Focus, Refinitiv GFMS, World Bank, World Federation of Exchanges, World Gold Council. Included for illustrative purposes only. Past performance is no guarantee of future results.

10. Catalyst = Higher Gold Prices

Value trades can drag on endlessly without a spark. What is the catalyst to ignite performance in gold mining equities? The simple answer is the continuation of the rising trend of gold prices. The chart below instructs that gold has soundly outpaced the S&P 500⁴ over the past 25 years, excluding income, and more than kept pace with income included. The gold price is not in nosebleed territory. One must simply expect the 25-year trend to continue for gold stocks to combust spontaneously. The simple explanation for the trend is the long-term devaluation of the US dollar against physical assets.

Figure Ia. Gold vs. S&P 500 for 25 Years Ended 12/31/2023

Cumulative Returns

Gold Bullion 617%
S&P 500 Index 288%
S&P 500 Total Return Index (Dividends Reinvested) 518%

Source: Bloomberg. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

The optically flashy $2,035 per ounce gold price of yesterday’s closing, is well below the peaks set in 2011 and 1980 on an inflation-adjusted basis.

Figure Ib. Inflation Adjusted Gold Price, Adjusted to Today’s Dollar

Source: GuruFocus. Data as of 12/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Taking only the past decade into account, most would agree that the macroeconomic landscape for the U.S. dollar, the principal competitor for gold, is materially worse. Our view that the metal would be more properly priced in the range of $2,500-$3,000 does not seem farfetched.

Our expectation of further upside for gold and related mining stocks is corroborated by technical analysis:

Figures J.

Source: Worth Charting. Data as of 12/31/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

11. M&A Activity Set to Accelerate

The present-day investment case for gold stocks echoes that for quality industrial stocks of the late 1970s. In essence: solid, cash flow generating companies that in many instances could be worth more in liquidation than as going concerns. Corporate raiders acquired investment stakes to pressure management to “surface” values for the benefit of long-suffering shareholders. We do not think this highly specialized sector will attract corporate raiders. However, we do think impatient shareholders could welcome predatory M&A (mergers and acquisitions). A perfect example is the recently announced takeover of Marathon Gold by Calibre Mining. The related information circular states that as many as 20 counterparties expressed potential interest in acquiring Marathon. We believe that many of the rejected suitors are likely to be actively considering other takeover targets. On this note, we saw yet another opportunistic acquisition of Osino Resources by Dundee Precious Metals near the end of 2023.

The Investment Case: Clear and Compelling

In our opinion, the investment case for gold mining equities is clear and compelling. It is based on considerations of value and circumstances. The unknown element is the requisite patience before investors discover the attraction. In our view, that uncertainty is easily outweighed by the asymmetric proposition of minimal downside offset by outsized upside potential.

1	VanEck Vectors Gold Miners ETF (GDX) tracks the overall performance of companies involved in the gold mining industry.
2	Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
3	The SPDR Gold Shares ETF (GLD) tracks the price of gold bullion in the over-the-counter (OTC) market.
4	The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.

Important Disclosure

Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and statements are unique and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in this content are those of the author and may vary widely from opinions of other Sprott affiliated Portfolio Managers or investment professionals.

This content may not be reproduced in any form, or referred to in any other publication, without acknowledgment that it was produced by Sprott Asset Management LP and a reference to sprott.com. The opinions, estimates and projections (“information”) contained within this content are solely those of Sprott Asset Management LP (“SAM LP”) or its affiliates and are subject to change without notice. SAM LP makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, SAM LP and affiliates assume no responsibility for any losses or damages, whether direct or indirect, which arise out of the use of this information. SAM LP and affiliates are not under any obligation to update or keep current the information contained herein. The information should not be regarded by recipients as a substitute for the exercise of their own judgment. Please contact your own personal advisor on your particular circumstances. Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any investment funds managed by SAM LP or its affiliates. These views are not to be considered as investment advice nor should they be considered a recommendation to buy or sell.

The information contained herein does not constitute an offer or solicitation to anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

Energy Junior Mining Precious Metals

Emperor Advances Open-Pit Model at Duquesne West Gold Project

Post author By admin
Post date January 10, 2024

Vancouver, British Columbia–(Newsfile Corp. – January 10, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce additional assay results from the summer 2023 drilling campaign at the Duquesne West Gold Project. Using Artificial Intelligence (A.I.) to model the deposit and plan our drill program, a total of 14 diamond drillholes have been completed which represents 8,579 meters.

Full results for DQ23-02 extension and DQ23-07 have been released from SGS Laboratories (see Table 1 intercept highlights). These results indicate the potential for resource expansion within and outside the open pit concept. Emperor is targeting a multi-million-ounce resource in a combination of conceptual open pit and underground mining scenarios.

Highlights

DQ23-07 intersects 15.7 metres (m) of 0.8 grams per tonne (g/t) gold (Au) (including 7.0 m of 1.08 g/t Au) and 7.2 m of 2.8 g/t Au within the open pit concept (see Figure 1).
Drilling adds incremental ounces outside known high-grade areas in the open pit scenario. These intercepts will reduce the stripping ratio; due to gold endowment in areas that were overlooked and historically unsampled.
DQ23-02 intersected 3.65 m of 6.25 g/t Au (including 1.2 m of 12.2 g/t Au). Expanded mineralization in footwall zone.

CEO John Florek commented:

” Emperor is the first company to sample all intervals in our drilling to evaluate the additional potential for bulk tonnage open-pit mining at Duquesne West. We’re excited to see positive assay results for rocks within a conceptual open-pit domain that were not sampled by previous explorers who lacked an open-pit strategy on this property and did not examine the additional lower-grade bulk tonnage opportunity.

Historical sampling focused on the extensive underground potential for high-grade gold, so only 30% of the core from historical drilling was sampled by previous operators. Our discovery of these lower grade bulk tonnage ounces within our open-pit conceptual model is very significant for reducing strip ratio and for improving overall economics in a combination type open-pit and under-ground mining scenario.

Our vision to develop a multimillion-ounce deposit with multiple mining scenarios on the Duquesne West property continues to grow. Our use of A.I has enabled us to quickly process extensive historical data and integrate it with new information to model exploration targets with a high degree of confidence and success. The proximity to multiple mills and infrastructure in a Tier 1 mining district makes the production potential of this project highly valuable within the global junior mining space. The current price of gold certainly helps promote this vision.”

Image 1: Figure showing DQ23-07 intercept within the conceptual open pit model. Broad scale mineralization confirming incremental grade outside existing high-grade lenses in areas previously unsampled by historical workers. These intercepts may add ounces to the deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/193768_ff2b77dc9406f97d_001full.jpg

Summary of Drill Results:

DQ23-02 was a step-out hole and originally drilled to test the eastern margin of a mineralized zone, with an intersection of 10.65 m of 3.97 g/t Au (see press release dated September 12, 2023) that is expected to extend the footprint of mineralization. The grades and thickness intersected were as expected. However, the hole was extended due to assays identifying a broad thickness of mineralization at the bottom of the hole; 25.0 m of 1.69 g/t Au (see press release dated September 12, 2023). This extension of DQ23-02 tested further into the footwall because of indications of mineralization by Emperor’s AI modeling; this extension encountered gold values and expanded the mineralized footprint of the deposit (3.65 m of 6.25 g/t Au); see Figure 2

DQ23-07 was designed to intersect mineralization in both the near-surface ultimate pit scenario and the underground mining scenario. Intersection within the open pit scenario contained 15.7 Metres of 0.8 g/t Au (including 7.0 m of 1.80 g/t Au) and 7.2 m of 2.8 g/t Au; additional broad scale mineralization was seen as well (21.5 m of 0.40 g/t Au). Mineralization deeper in the footwall and within the underground mining scenario intercepted a footwall zone containing 2.0 m of 2.42 g/t Au.

The open pit concept in Figure 1 shows an ultimate pit with a depth extent of 400 meters; the footprint is 1.8 km by 0.8 km. Initial exploration in 2024 will strategically focus on the area of the phase 1 pit design. This will allow us to determine the potential economics as we progress through the phases having the necessary assay results for resource evaluation and eventually for economic evaluations. Currently, Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed. So far, over 3,000 meters have been sampled and will be sent to the laboratory for analysis.

In General, mineralization is within and proximal to a fertile, gold endowed, quartz-feldspar porphyry intrusion (QFP), which appears to enrich the greenstone belt along this structural corridor that hosts the Duquesne West Gold Deposit. Apophyses of this intrusion are more endowed and are close to the most highly replacement type mineralization. Competency contrasts between rock types within this mineralized corridor are good sites for additional mineralization.

High and low-grade mineralization are important in Open Pit Mining:

Highest grade intercepts are within mafic (+/- ultramafic) breccia zone carapaces mantling the QFPs or highly deformed replacement style structural zones (in the mafic volcanics) that are highly strained and completely replaced by ankerite, sericite, and quartz.
The broadest low-grade zones are located within the QFPs.
Some lower-grade broad zones mantle higher-grade intercepts in the mafic volcanics. This usually occurs at the margin between mafic volcanics and QFP (low grade in both units surrounding a high-grade intercept.)

This mineralizing system is significantly large in length, width and depth. These broad zones will aid in lowering strip ratios when Emperor has enough data to support a new resource estimate for both open pit and underground conceptual mining scenarios.

Approximately 75% of the assays have been returned from the laboratory, Emperor is awaiting additional assays results.

Samples were sent to SGS Laboratories in Lakefield, ON.

Image 2: DQ23-02 intercept of 3.65 m of 6.25 g/t Au. Intercept expands footprint of the minable stope model in footwall zone; potential adding ounces to the deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/193768_ff2b77dc9406f97d_002full.jpg

Quality Assurance and Control

The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.

Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Lakefield laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda.

The third-party laboratory, SGS prep laboratory in Lakefield Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.

Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. 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. (GMX-TSX). 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.

¹Watts, 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.

²Power-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.

Table of Significant Drilling Intercepts

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t Au)
¹DQ23-02	909.35	910.5	1.15	12.17
	910.5	913	2.5	3.52
		Wt. Avg.	3.65	6.25
		Including:	1.15	12.17


¹DQ23-07	54	55	1	0.76
	55	56	1	0.17
	56	57	1	0.02
	57	58	1	0.87
	58.0	58.8	0.75	0.35
	58.75	59.3	0.55	0.84
	59.3	60	0.7	1.23
	60	61	1	0.75
	61	62	1	1.17
	62	63	1	0.48
	63	64	1	2.16
	64	65	1	0.57
	65	66	1	1.09
	66	67	1	1.05
	67	68	1	1.01
	68	69	1	0.55
	69	69.7	0.7	1.00
		Wt. Avg.	15.7	0.82
		Including:	7	1.08

	228.1	229.1	1	3.33
	229.1	230.1	1	6.33
	230.1	231.2	1.1	5.70
	231.2	232.4	1.2	2.74
	232.4	233.85	1.45	0.26
	233.85	235.3	1.45	0.38
		Wt. Avg.	7.2	2.80
		Including:	4.3	4.47
		Including:	2.1	6.00

	343.5	344.5	1	0.78
	344.5	346	1.5	0.5
	346	347	1	0.78
	347	348	1	0.18
	348	349	1	0.13
	349	350	1	0.39
	350	351	1	0.47
	351	352	1	0.36
	352	353	1	0.19
	353	354	1	0.02
	354	355	1	0.23
	355	356	1	0.32
	356	357	1	0.09
	357	358	1	0.01
	358	359	1	0.03
	359	360	1	0.13
	360	361	1	0.05
	361	362	1	0.04
	362	363	1	2.93
	363	364	1	0.005
	364	365	1	0.77
		Wt. Avg.	21.5	0.40

	563.6	564.6	1	3.35
	564.6	565.6	1	1.48
		Wt. Avg.	2	2.42

¹Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.

QP Disclosure

The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

About Emperor Metals Inc.

Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedarplus.ca), under the Company’s profile.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”
John Florek, M.Sc., P.Geol
President, CEO and Director
Emperor Metals Inc.

For further information, please contact:
Mr. Alex Horsley, Director
Phone: 778-323-3058
Email: alexh@emperormetals.com
Website:www.emperormetals.com

THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193768

Diamcor Mining Energy Junior Mining Precious Metals

Diamcor Update on the Diamond Industry and Company Focus for 2024 Forward

Post author By admin
Post date January 10, 2024

KELOWNA, BC / ACCESSWIRE / January 10, 2024 / Diamcor Mining Inc. (TSXV.DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds is pleased to provide a brief overview of the significant events which shaped the diamond industry in 2023, their implications for the sector, and the actions taken to allow the industry to move forward in 2024 with a sense of optimism. Additionally, we are pleased to provide an overview of the Company’s main operational focus for the coming year.

2023 Diamond Industry Overview
The year 2023 proved to be a year of adaptation and strategic realignment for the diamond industry as the world continued to emerge from the global COVID-19 pandemic. The significant events which shaped the year included:

Changes in consumer spending habits and their allocation of funds as countries began to open up and the world entered a post-COVID 19 environment.
The continued purchasing of rough diamonds at the previously elevated levels of 2022 by many in the industry despite changes in consumer spending, resulting in the short-term creation of excess rough diamond inventories and downward pressure on pricing.
Significant reductions of new rough diamond sales by the world’s largest producers in the second half of 2023 to aid in rebalancing the above excess inventories and support price recovery.
The decision by the world’s largest cutting and polishing country, India, to temporarily suspend the import of rough diamonds from October 15, 2023 to December 15, 2023.
Continued geopolitical concerns surrounding the ongoing Russia/Ukraine conflict and recent Israeli-Palestinian conflict.
Economic uncertainties which continued in the industry’s most important market of the USA, as well as slower than expected post-COVID-19 economic recovery in China.
The initial G7 sanctions on rough diamonds originating in Russia proved largely ineffective throughout the year, however several revisions by the G7 to increase the effectiveness of these sanctions came into effect on January 1, 2024.
Additional sanctions on rough diamonds originating in Russia were also announced by the European Union on January 3, 2024.

The industry demonstrated its ability to implement proactive changes in 2023 to strengthen itself for 2024, and the Company reaffirms its belief in the unique value proposition of its Krone-Endora at Venetia project given its ability to provide non-conflict natural rough diamonds to the world market moving forward. Unlike their lab-grown counterparts, natural diamonds are treasured for their rarity, provenance, and the timeless allure they hold, and with limited supplies of natural diamonds remaining, the revised sanctions on Russia (~30% of annual global production), many mines reaching the end of their lives, the general sentiment in the industry is that yearly production levels are expected to continue to drop in the years to come. The adjustments made by the industry in 2023 appear to have been effective, with price recoveries in various categories becoming apparent later in the year. The Company believes this trend of increasing prices will continue into 2024 and moving forward, with the level of increases ultimately being driven by combined elements such as: consumer spending, increased shortages due to revised sanctions on Russia, potential reductions in yearly production from existing mines, and increased demand due to the recovery and growth of emerging markets such as China and India.

2024 Operational Focus
After successfully navigating its way through various complex global and industry issues of recent years, the Company sees 2024 as a year of significant opportunity in which it can return its primary focus back to the advancement and growth of its Krone-Endora at Venetia project (the “Project”). The Project has always presented a compelling opportunity given its direct relationship with De Beers’ Venetia diamond mine, which is widely accepted as one of the most prolific diamond mines in the world. The Company’s primary areas of focus for 2024 will be:

The continuation of trial-mining exercises and optimization of operational efficiencies, with ancillary diamond recoveries and sales revenue which will assist in supporting the advancement of the Project’s recommended work programs and continued advancement.
The concurrent advancement of additional bulk sampling on key areas of interest within the remaining 85% of the property to determine the potential extent and location of the known displacement of material from Venetia into these areas.
The finalization of planned additions to the Project’s processing plant and final recovery systems, as well as additional heavy equipment assets to support significant increases in processing volumes and the potential for increased ancillary revenues while reducing operating costs at the Project for the long-term.
The continued identification and evaluation of opportunities which demonstrate the potential for additional near-term production of natural gem quality rough diamonds from non-conflict areas to support the Company’s future growth and shareholder value.

The Company has successfully advanced the Project from its inception into the fully permitted Project with significant infrastructure and the growth potential it represents today. We believe with the recent events of the past few years now largely behind us, we are well-positioned in 2024 to now take advantage of the compelling opportunity that companies such as Diamcor have with the ability to provide gem quality natural rough diamonds from non-conflict areas moving forward.

Results of the Annual General Meeting
The Company also announces that shareholders passed each of the resolutions described in the Company’s proxy materials by the required majority of voting at the Company’s Annual General Meeting (the “AGM”) held on December 20, 2023.

The total number of votes cast for each resolution is set out in the table below.

MOTIONS	NUMBER OF SHARES					PERCENTAGE OF VOTES CAST
MOTIONS	FOR	AGAINST	WITHHELD/ ABSTAIN	SPOILED	NON VOTE	FOR	AGAINST	WITHHELD/ ABSTAIN
Number of Directors	70,372,338	1,503,286	0	0	0	97.91%	2.09%	0.00%
Dean H. Taylor	60,540,849	0	198,100	0	11,136,675	99.67%	0.00%	0.33%
Darren Vucurevich	60,498,630	0	240,319	0	11,136,675	99.60%	0.00%	0.40%
Sheldon Nelson	60,716,049	0	22,900	0	11,136,675	99.96%	0.00%	0.04%
Dr. Stephen Haggerty	60,716,349	0	22,600	0	11,136,675	99.96%	0.00%	0.04%
Appointment of Auditors	71,875,624	0	0	0	0	100.0%	0.00%	0.00%

TOTAL SHAREHOLDERS VOTED BY PROXY: 56

TOTAL SHARES ISSUED & OUTSTANDING: 128,512,937

TOTAL SHARES VOTED: 71,875,624

TOTAL % OF SHARES VOTED: 55.93%

About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.

Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:
Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:
Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179 +1 (647) 258-3310

Mr. Neil Simon
Investor Cubed Inc
nsimon@investor3.ca
+1 (647) 258-3310

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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

SOURCE: Diamcor Mining Inc.

View the original press release on accesswire.com

Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Drills 46 Meters of 256 g/t Ag Eq including 3.3 Meters at 1,413 g/t Ag Eq at the Formo Target, Keno Silver Project in Yukon, Canada

Post author By admin
Post date January 10, 2024

VANCOUVER, BC / ACCESSWIRE / January 10, 2024 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce results from its fall 2023 exploration drilling campaign at the Company’s 100%-owned, 171 square kilometer (“km^2″) Keno Silver project, adjacent to Hecla Mining (“Hecla”) in the high-grade Keno Hill silver district of Canada’s Yukon Territory. The 2023 exploration program included 1,112 meters (“m”) in four diamond drill holes focused on expansion of the Formo target in the West Keno area, which is on trend with the 100 million-ounce (“Moz”) historic Hector-Calumet mine controlled by Hecla.

Drill hole FOR23-03 represents one of the best intercepts to date for the Keno Silver project, returning grades of 256 grams per tonne (g/t) silver equivalent recovered (“Ag Eq”) over 46 m. This is also the deepest intercept to date on the Formo vein structure (only 275 m vertically from surface) and mineralization remains fully open down dip and along strike. Formo is anticipated to be one of the highest grade and largest contributors to the forthcoming inaugural NI-43-101 mineral resource estimate for the Keno Silver project, currently nearing completion by SGS Geological Services.

2023 West Keno Exploration Highlights

High-grade silver (“Ag”), lead (“Pb”), zinc, (“Zn”) and significant gold (“Au”) mineralization was encountered in all four 2023 drill holes (See Table 1) which will contribute to the pending NI 43-101 Mineral Resource Estimate for the project.
Both high-grade Ag-Au-Pb-Zn vein-style mineralization and broader zones of bulk tonnage Ag-Au-Pb-Zn mineralization comprised of high-grade vein intervals and associated stringers and stockwork veining were encountered.
FOR23-03 returned 256.8 g/t Ag Eq (99.1 g/t Ag, 0.52 g/t Au, 0.65% Pb, 2.62% Zn) over 46.05 m with multiple internal higher-grade zones including, 3.3 m of 1,413.45 g/t Ag Eq (562.4 g/t Ag, 0.20 g/t Au, 2.35% Pb and 20.3% Zn). The bulk tonnage interval of this hole represents one of the highest gram-meter (g/t Ag Eq x interval thickness) intervals on the Keno Silver project to date, and extended mineralization by 140 m from the nearest 2022 and historic drill holes.
FOR23-04, a large step-out hole, drilled nearly 250 m west of the nearest Formo vein drilling, returned four separate silver-dominant vein structures of considerable width providing additional confirmation of the potential for on-strike expansion of the Formo target.
The Formo target remains open to further expansion, down-dip and on-trend, and shows potential for new discoveries within the Formo property footprint.

Metallic Minerals President, Scott Petsel, stated, “The Formo target is an exciting, advanced exploration stage “resource-ready” target with significant room to grow featuring both high-grade and bulk mineable widths that make it amenable to lower-cost mining methods. The Formo target is ideally located near infrastructure as it is adjacent to the Silver Trail highway (Highway 11) and power lines that feed the central Keno Hill mill. It also directly adjoins Hecla’s Keno Hill property, where Hecla is actively mining the nearby Bermingham mine. We are excited to be able to include these new drill results in our upcoming inaugural resource for the Keno Silver project as these results at Formo continue to demonstrate our ability to build a significant resource base for the project. The resource estimate is expected to be complete in Q1 2024.”

“In addition, the Company looks forward to meeting with interested investors at the upcoming Vancouver Resource Investment Conference, AMEBC Mineral Roundup and Prospectors and Developers annual conferences where Metallic Minerals has been invited to display drill core from its 2023 exploration programs at La Plata and Keno Silver. We anticipate reporting additional results from the Keno Silver project and La Plata projects over the next few weeks.”

Upcoming Events

Vancouver Resource Investment Conference (VRIC)
Metallic Minerals and fellow Metallic Group members, Granite Creek Copper and Stillwater Critical Minerals, in Booth #112 at the 2024 VRIC event, January 21 and 22, 2024. For more information click here.

AMEBC Mineral Roundup Core Shack
Metallic Minerals will be displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, BC January 22 to 25, 2024. For more information click here.

Prospectors and Developers Association of Canada Annual Convention (PDAC)
Metallic Minerals will be displaying core from the 2023 drill season at the La Plata project during the PDAC convention held in Toronto, March 3 to 6, 2024. For more information click here.

Table 1 – Highlights of 2023 Drill Results from the West Keno – Formo Target Area

DDH Hole ID	From (m)	To (m)	Length (M)	Recovered Ag Eq (g/t)	Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)
FOR23-001	148.74	149.43	0.69	499.23	3.6	6.20	0.00	0.01
and	196.95	215	18.05	234.45	121.4	0.05	1.22	2.06
including	196.95	198.9	1.95	513.39	300.3	0.07	2.71	3.74
also incl	208.4	214	5.6	478.25	241.0	0.10	2.41	4.43
with	208.4	211.2	2.8	687.57	367.9	0.18	4.02	5.37
FOR23-002	172.3	173.35	1.05	67.04	3.5	0.79	0.01	0.01
and	218	221	3	131.42	51.9	0.38	0.35	1.07
incl	218.75	219.75	1	277.81	137.0	0.00	0.96	3.08
FOR23-003	239.95	286	46.05	256.82	99.1	0.52	0.65	2.62
including	239.35	263.65	23.7	462.37	176.0	1.0	1.13	4.67
with	239.35	245.5	5.5	406.57	46.6	4.07	0.49	0.60
and with	255.8	263.65	7.85	899.27	392.4	0.13	2.06	11.68
including	260.35	263.65	3.3	1,413.45	562.4	0.20	2.35	20.30
with	260.75	261.5	0.75	1,411.76	994.0	0.03	3.01	7.36
and with	262.05	263.65	1.6	1,769.44	416.0	0.39	2.64	32.32
and	284	286	2	302.55	116.5	0.03	1.07	4.07
FOR23-004	122	124.46	2.46	76.62	43.7	0.11	0.33	0.43
and	153.5	154.1	0.6	284.52	154.0	0.09	1.67	2.14
and	177.5	183	5.5	72.95	61.2	0.00	0.28	0.18
including	179	180.75	1.76	144.67	130.0	0.00	0.46	0.21
and	300.3	301	0.7	83.26	5.6	0.97	0.01	0.00

Notes to reported values:

Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $22.0/oz silver (Ag), $1,850/oz gold (Au), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as measured drill intersect lengths and do not represent true width.

Figure 1. Keno Silver District Geology and Deposits

West Keno and the Formo Target Area
The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).

The Formo property, which includes the historic Formo Mine, was acquired by Metallic Minerals in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver¹. Significant underground exploration drifts were developed in the 1950s with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City and last mined in the 1980s.

The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the target area that demonstrate an association with Triassic greenstones in the Earn group schist, similar to the Sadie Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag¹. In addition to the mineralization at the known Formo target, two new surface targets have been identified through soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Au-Pb-Zn veins on the Formo property (Figure 2).

Since 2020, Metallic Minerals has drilled 26 holes (4,419 m) at the Formo target building on the six core holes and 54 percussion holes drilled by previous owners between 1980 and 1981. The Formo target is open to significant expansion down dip and along trend with several newly identified targets for drill testing (Figure 2 and 3 below).

Figure 2 – West Keno and Formo Target Plan Map

Figure 3 – Formo Target Cross Section (Looking East)

Pending 43-101 Mineral Resource Estimate for Keno Silver Project
The upcoming inaugural independent 43-101 mineral resource estimate is focused on four initial deposits across the Keno Silver project, including: Formo, Caribou, Fox and Homestake. These four deposits are the most advanced of over 40 identified target areas, each of which is characterized by a kilometric scale Ag in soil anomaly, exposed outcropping high-grade veins, and varying levels of exploration activity or historic production. Metallic Minerals has completed 165 drill holes totalling 18,983 m of combined reverse circulation and diamond core drilling at the Keno Silver project since 2017 on a total of 11 targets, all of which have returned encouraging results. The four most advanced “resource-ready” targets will be part of the upcoming mineral resource estimate being completed by SGS Geological Services and include:

Formo Target – In the West Keno District, it demonstrates potential for lower-cost bulk tonnage mining or high-grade selective methods with drill highlights including:
- Hole FOR22-04 – 20.87 m @ 220.5 g/t Ag Eq (144.6 g/t Ag, 0.70% Pb, 1.59% Zn), and 1.63 m @ 1,487.19 g/t Ag Eq (1,049 g/t Ag, 4.21% Pb, 9.45% Zn)
- Hole FOR21-05 – 19.8 m @ 216.26 g/t Ag Eq (70 g/t Ag, 0.41 g/t Au, 0.30% Pb, 2.07% Zn) and 0.7 m @ 1,405 g/t Ag Eq (421.0 g/t Ag, 0.15 g/t Au, 1.53% Pb, 24.2% Zn)
- Hole FOR20-003 – 3.0 m @ 2,954.52 g/t Ag (1,568 g/t Ag, 29.45% Pb, 1.35% Zn)
Caribou Target – In the Central Keno target area the Caribou target historically produced very high-grade material from a shallow surface pit grading more than 6,000 g/t silver.
Fox Target – Discovered by Metallic Minerals in 2020 in the East Keno target area, the Fox target is characterized as a newly recognized bulk tonnage style of mineralization with shallow-dipping sheeted vein sets up to 177 m in width. Drilling since 2020, has defined a bulk-tonnage mineralized block over 300 m along strike and 150 m down-dip from surface which is open in all directions.
Homestake Target – A historic producer, the Homestake target in the Central Keno area is fractally spatial with the districts’ giant past producers and current resources (Silver King, Elsa, Bermingham, Hector Calumet, Flame & Moth and Bellekeno) near the contact of the Keno Hill Quartzite and Sourdough Hill formations. With only 88 drill holes (slightly over 5000 m of drilling), and a strike length over 2 km the Homestake target represents considerable resource opportunity and exploration potential.

Metallic Minerals sees considerable opportunity for resource growth from target expansion and new discovery with the further systematic application of exploration, including the expansion of detailed soil geochemical grids, “resource-ready” target expansion through drilling and reconnaissance drilling of early-stage targets.

About Metallic Minerals
Metallic Minerals Corp. is focused on copper, silver, gold, and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

At the Company’s La Plata project in southwestern Colorado, the new 2023 NI 43-101 mineral resource estimate identifies a significant porphyry copper-silver resource containing 1.21 Blbs copper and 17.6 Moz of silver³. The 2022 expansion drilling provided the basis for the updated resource, including the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. In May 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited (acquired by Newmont Mining in 2023) to accelerate the advancement of the Company’s La Plata project. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5^th globally for investment attractiveness and 2^nd in the USA.

In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company’s (“Hecla”) operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla, the largest primary silver producer in the USA and third largest in the world, is anticipating full production at its Keno Hill operations by the end of 2023. An inaugural mineral resource estimate on the project is expected in early 2024, with an 1,112-meter expansion drill program completed at the Formo target during fall of 2023.

The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the Discovery Channel television show, Gold Rush.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. The Company is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

Footnotes:

Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.
Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021, and issue date of May 26, 2021.
See news release dated July 31, 2023. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards. The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% Cu Eq, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Taylor Haid, P. Geo, Project Manager for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control
All samples were prepared by Bureau Veritas’ (BV) Whitehorse, Yukon facility and geochemically analyzed at the BV laboratory in Vancouver, British Columbia. All samples were prepared using BV code PRP70-250, which crushed, split, and pulverized 250 grams of core to 200 mesh pulps. These pulps were then analyzed by 37 Element 1:1:1 Aqua Regia Digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/MS) analyses (BV Code AQ202). Over-limit silver, lead, and zinc samples were further analyzed with multi-acid digestion and atomic absorption spectrometry (BV Code MA404). Samples with over-limit gold (and silver when over-limit was reached via multi-acid) were re-analyzed using a 30-gram fire assay fusion with gravimetric finish (BV Code FA530).

All results have passed the QAQC screening by the lab and the company utilizes a quality control and quality assurance protocol for the project, including insertion of blanks, duplicates, and certified reference materials approximately every tenth sample. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ontario, and CDN Resource Laboratories Ltd. Of Langley, British Columbia for the 2023 drill program at the Keno Silver project.

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

SOURCE: Metallic Minerals Corp.

View the original press release on accesswire.com

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1. Extreme Undervaluation

2. Divergence from Gold Price

3. 2024 Profitability Set for Sharp Improvement

4. Chronic Underinvestment Sets Up Potential Demand/Supply Squeeze

5. Understatement of Book Value

6. Classic Contrarian Setup

7. Fed Pivots Precede Outsized Performance

8. New Geopolitical Landscape Favors Gold

9. Western Investment Absent from Gold Ascent to Record High

10. Catalyst = Higher Gold Prices

11. M&A Activity Set to Accelerate

The Investment Case: Clear and Compelling

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