Longtime readers of 321Gold know I am a giant fan of the Daily Sentiment Indicator put out by Jake Bernstein. The DSI is sending out important signals such as bonds, the dollar, gold, silver, the Euro, the Swiss Franc, British Pound, Yen and the Aussie Dollar. Basically when readings go below 10 you are near a major bottom. When they go above 90 you are near a major top.
As of September 27th close of trading the DSI for treasuries is 10, 93 for the dollar, 8 for gold, 8 for silver, 5 for the Swiss Franc, 7 for the Euro, 10 for the Yen, 9 for the Aussie dollar and 12 for the British pound. To show that it really doesn’t matter what commodity the DSI tracks, the turns it projects says that even boring Orange Juice at 93 is about to tumble.
So in short, the dollar is getting close to a top, gold, silver, bonds and most currencies are near a bottom and about to turn higher. When these moves take place, it will happen all at the same time. Including OJ taking a swan dive.
These numbers are not as extreme as they have been in the past and don’t suggest a turn will happen tomorrow but it will happen soon. That could be as much as a month from now.
There are two kinds of investment information, signal and noise. For some reason many gold bugs are fixated on manipulation and price suppression as being important. I cannot agree. All financial markets are manipulated by everyone involved all of the time. So a sincere belief in manipulation of gold and silver provides no information that would lead to a profitable trade. In other words, if everything is manipulated, and that is true, who cares? You can’t profit. It generates neither a buy signal nor a sell signal. It’s noise, not signal. The DSI on the other hand is the most valuable and consistent signal I know of. In simple terms, you can take it to the bank.
The markets I have identified above are going to reverse direction in the next month. You can write that down on a piece of paper and take it to your local bank and cash it.
For those who are not subscribers to the DSI it seems expensive. Because it is. It is aimed at serious commodity traders who can make all of the cost up in one trade. But if you contact Jake and whine that you can’t afford it, he might give you a break. That’s what I did.
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the final tranche of its non-brokered private placement financing (the “Offering”) of units (the ”Units”) for total gross proceeds of $1,212,778. The Company further announces that it has completed the 2,000 m, Phase II drill program at the flagship, 216 km2 Viogor-Zanik project (the “Project”) in eastern Bosnia and Herzegovina.
Highlights
In total, 17 diamond drill holes were completed during the 2023 Phase II campaign totalling approximately2,000m with a significant number of them macroscopically exhibiting sulphide mineralization. Twelve drill holes were completed at the polymetallic silver-lead-zinc Cumavici target while 5 holes were drilled at the Au-Cu, skarn-porphyry Brezani target (see Figures 1 and 2). All drillholes are at the ALS laboratory in Serbia with assays expected by the beginning of October;
Terra has raised $1,212,778 pursuant to the Offering announced on April 4th, 2023.
Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “The conclusion of exploration drillingperfectly coincided with the closing of the private placement financing. I am proud of the field efforts made by the entire team Terra Balcanica but equally thankful to all those who helped raise the funds needed to advance our key assets in Bosnia and Serbia. Having finalized an oversubscribed financing of over $1.2M in such a challenging macroeconomic environment is a positive signal and has allowed us to complete a robust, 17-hole 2,000-meterPhase II drill program and materially advance the flagship Viogor-Zanik project. The composite drill core samplesare now awaiting laboratory completionand an internal QA/QC check before being released as a part ofTerra’s steady news flow for months to come.”
Drilling Brezani Target Completed The 2023 diamond drilling at the Brezani target focussed on testing the coincident magnetic-conductivity anomaly at depth below the Au-skarn mineralisation observed on surface. Further shallow drillholes BRE23001-004 aimed to add scale to the initial 88 m at 0.61 g/t AuEq intercepted in drillhole BREDD002 (See Company’s news release dated 24th January 2023), all within a > 800 m NW/SE trending Au in soil anomaly.
Drillhole BREDD002: Continued from a depth of 215 m to 674 m in 2023 commencing in the same chlorite-sericite altered diorite which returned 0.26 g/t Au (214 – 215 m) in 2022 drilling. At a depth of 482.1 m a 9.8 m continuous zone of banded vein and sulphide cemented breccias with characteristics of both low and intermediate sulphidation epithermal deposits was intersected. The margins of the vein host repeating bands of chalcedonic quartz-rhodochrosite-calcite and sulphides/sulphosalts stibnite-pyrite-arsenopyrite-sphalerite-galena-jamesonite. The centre of the structure is dominated by hydrothermal breccia with a sulphide-quartz-carbonate cement. Clasts are banded vein fragments and wall rock hornfels. In the vein footwall the lithology changed to 118.4 m of chlorite-sericite altered diorite porphyry intrusive. Sinuous quartz-pyrite-molybdenite veins, quartz-magnetite, anhydrite-carbonate, pyrite-chlorite, and pyrrhotite-carbonate veining is present alongside disseminated pyrite-pyrrhotite.
Drillhole BRE23001: Located 102 m SW of the initial discovery hole at Brezani, which returned 0.61 g/t AuEq over 88 m from surface BRE23001 intercepted a similar package of calc-silicate mineralisation with a strong chlorite retrograde overprint. Intervals of coarse garnet-pyroxene skarn were also intercepted in contact with dioritic intrusives.
Figure 1. Geological map illustrating the 2022 and 2023 drillholes at the silver-dominated, polymetallic Cumavici Ridge target 12 km northwest from the Brezani target(click here to view image).
Drillhole BRE23002: Located 91 m west of BREDD002 intersected a new style of mineralization for the Brezani target. Commencing at 98 m depth a sulphide-calcite cemented contact breccia between altered diorite and silicic hornfels was encountered. The sulphide matrix was composed of pyrite-sphalerite-galena-pyrrhotite-chalcopyrite with individual sphalerite crystals up to 3 cm. The breccia was semi-continuous until 105.2m where it graded into patchy brecciation and intermediate sulphidation veining to 117.6 m. Detailed observations of BRE23001-004 will be completed and updates released in due course.
Figure 2. Geological map illustrating the 2022 and 2023 drillholes into the Brezani skarn-porphyry target. Note that the 2022 drillhole, BREDD002 was redrilled from 215 – 674 m during the 2023 drilling campaign.(click here to view image).
Final Tranche of Private Placement Financing Closed The Company issued an aggregate of 1,826,470 Units at a price of $0.085 per Unit for gross proceeds of $155,250 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until September 22nd, 2026. Finders’ fees in the amount of $3,570 were paid in the final tranche of the Offering.
In total, the Company has issued 14,267,967 units at a price of $0.085 for gross proceeds of $1,212,778. Terra used the net proceeds of the Offering for working capital and to finance the Phase II drilling of the two target zones in Bosnia and Herzegovina.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the fifth tranche of the Private Placement will be subject to a four (4) month hold period ending January 23rd, 2024.
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.
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”
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.
VANCOUVER, British Columbia, Sept. 25, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB: WRLGF) is pleased to announce the appointment of Harpreet Dhaliwal to the position of Chief Financial Officer effective November 15, 2023.
Shane Williams, President & Chief Executive Officer, commented, “On behalf of entire West Red Lake Gold team, I would like to welcome Harpreet to the organization, and we are delighted to have someone of Harpreet’s caliber join the team. Harpreet’s experience in the mining industry in the CFO role is well established, and she joins West Red Lake Gold at an exciting time in the Company’s stage of development.”
Harpreet Dhaliwal, CPA, CA, is a highly regarded and accomplished financial executive with 16 years of extensive experience in the resource sector. A graduate of The University of British Columbia, Ms. Dhaliwal commenced her career in the public accounting field before transitioning to the resource sector working with Uranium One Inc., American Bonanza Gold Corp., Endeavour Mining Corp., Fiore Management & Advisory Corp and Leagold Mining Corp.
Most recently, Ms. Dhaliwal served as the Chief Financial Officer at NexGen Energy Ltd. Ms. Dhaliwal was responsible for implementing controls across the organization which led to NexGen’s successful inaugural SOX compliance reporting. She successfully led the filing of the $500M Base Shelf Prospectus and the $250M At-the-Market Equity Program and ensured compliance on all listed exchanges including Toronto Stock Exchange, New York Stock Exchange and Australian Securities Exchange. She was also responsible for the implementation of an ERP system, maintaining the Company’s IT infrastructure, and working with the project teams on delivering effective budgeting, forecasting and management reporting.
At her previous role at Leagold Mining Corp as CFO, she was responsible for the design and implementation of financial and management reporting, treasury, and working with the operations and project teams on developing budgets and forecasts for multiple producing multi-jurisdictional mines. She was a valuable member of a team that successfully completed numerous mergers and acquisitions supported by debt and equity financings and led integrated lean and efficient finance teams.
The Company would like to thank current CFO & Corporate Secretary, Jasvir Kaloti for her continued dedication and contributions. Jasvir Kaloti will remain as the Corporate Secretary following the appointment of Harpreet Dhaliwal as CFO on November 15, 2023.
The Company further announces that it has entered into an agreement dated September 14, 2023 to issue 50,000 common shares (the “Debt Shares”) of the Company at a deemed price of $0.60 per Debt Share in settlement of $30,000 of amounts owing to an arm’s length creditor. The issuance of the Debt Shares is subject to the prior approval of the TSX Venture Exchange.
ABOUT WEST RED LAKE GOLD MINES LTD.
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.
2023-09-12-NR_WRLG_Project_Location_Map
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams President & Chief Executive Officer
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.
Certain statements contained in this news release constitute “forward-looking statements”, including, among others, statements relating to expectations regarding the appointment of Harpreet Dhaliwal, and the issuance of the Debt Shares in settlement of certain accounts payable. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
vancouver, British Columbia –News Direct– West Red Lake Gold Mines Ltd.
September 19, 2023 – TheNewswire – Global Stocks News – West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) CEO Shane Williams has sent part three of seven communications to WRLG shareholders.
CEO Message Part 3: Existing Infrastructure at West Red Lake Gold Mines
By Shane Williams
Thank you for your interest in West Red Lake Gold Mines (WRLG.V). This is the Part 3 of seven messages I am sending to WRLG shareholders. Today I want to discuss the existing infrastructure at the Madsen mine.
In mining circles, “existing infrastructure” can mean a logging road, a plywood core-shack, a rusted ball mill or a capsized Porta-potty.
The West Red Lake Gold Mines’ situation is a bit different. We inherited a modern, fully permitted, virtually-unused mining facility which includes underground equipment, double ramp access, a 1,273-metre-deep shaft, expandable 800+ tonne per day mill, excess tailings capacity and a water treatment plant. [1.}
The mill achieves 95% gold recovery [2}. The tailings pond and water treatment are regularly inspected and pass with flying colours. Last month I was on site with the Ontario Minister of Mines – a former executive at Placer Dome. He is very supportive of the project.
It’s difficult to put an exact price tag (value) on the existing infrastructure. The mill itself cost approximately $100 million. With rampant inflation in construction, the replacement cost would be significantly higher. But the biggest benefit of the permitted existing infrastructure is the effect on production timelines.
The permitting process can take ten years.
We have challenges to overcome, but in my opinion, the modern, debt-free, permitted infrastructure has significantly de-risked this project.
Next in Part 4 of my message to shareholders, I will tell you about the resource expansion potential at Madsen.
Sincerely,
Shane Williams
We invite you to click here to learn more about our West Red Lake Gold Mines
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.
Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
References
SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada]. SRK Consulting. https://westredlakegold.com/wp-content/uploads/2023/07/NI43-101_Madsen_Report_Update_v20230619.pdf
Frank Giustra – who owns about 10% of WRLG was recently on stage at the Precious Metals Summit in Beaver Creek, Colorado.
“Never listen to what a central bank has to say,” Giustra stated on a panel hosted by The Northen Miner. “Watch what they do. And right now, they’re screaming, buy gold. They’re loading up. And it is my belief they’re loading up because there will be a monetary system reset that we don’t know what it looks like yet. But gold will play a role, otherwise they wouldn’t be loading up this way.”
VANCOUVER, BC / ACCESSWIRE / September 14, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to provide an update on drilling at the La Plata copper-silver-gold-PGE project. The first phase of the 2023 campaign is testing extensions of high-grade mineralization seen in 2022 drill hole LAP22-04, which intercepted 816 meters of continuous mineralization grading 0.41% copper equivalent (“Cu Eq”) with internal higher-grade zones. The hole ended in high-grade precious metal-rich mineralization grading 11.54% Cu Eq over 0.61 meters (5.42% Cu, 47.0 g/t Ag, 0.622 g/t Au, 5.016 g/t Pt and 5.393 g/t Pt).
Highlights
Over 2,000 meters of a planned 5,000-meter Phase 1 drill program designed to expand the existing resource have been completed.
Hole LAP23-05 was completed to a depth of 909 meters, while hole LAP23-06 is ongoing at a depth of approximately 1,150 meters. Both these 2023 drill holes have intersected altered porphyry mineralization with visible copper sulfide including chalcopyrite and bornite similar to that seen in LAP22-04 (see Figure 1-2).
Initial assay results are expected in the coming weeks and continuing into early 2024.
Results of the 2023 drilling have potential to expand the size of the current resource and increase the overall grade of the deposit with the inclusion of precious metals assays for gold, platinum and palladium in addition to copper and silver in the current resource.
Metallic Minerals has filed a National Instrument 43-101 technical report for the expanded resource estimate announced in July 2023.
The 2023 field campaign is being funded by a strategic equity investment announced in May whereby Newcrest Mining Limited acquired a 9.5% ownership position in Metallic Minerals with the goal of accelerating advancement of the La Plata project.
Scott Petsel, Metallic Minerals’ President, stated, “The team is excited about the progress and initial indications from our current drill program at La Plata. Last year’s exceptional hole LAP22-04 was a major discovery of higher-grade copper and precious metal-rich, porphyry-style, mineralization starting from surface. These first two drill holes are offset holes drilled above and below LAP22-04 to test extensions of mineralization away from that discovery hole to potentially expand the resource and test the scale of size of this higher-grade zone of mineralization. The results of this program are expected to form the basis of an updated resource estimate. This program will also assist in vectoring to the strongest parts of the mineralized system as we work to maximize the opportunity to advance this potential Tier 1 asset.”
The Allard deposit remains open to significant expansion within the resource area to the east, north and west and to depth, with the potential to add gold, platinum and palladium to the current copper and silver resource with the completion of additional exploration drilling. In addition, the larger porphyry system at the La Plata project, which covers an area of over 10 km2, remains underexplored with the potential for new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver and gold systems.
Upcoming Events
Precious Metals Summit Presentation
Metallic Minerals CEO, Greg Johnson, will be presenting live from the 2023 Precious Metals Summit in Beaver Creek, Colorado, on September 14th at 4:30 pm Mountain time. Click here to view the presentation.
Adelaide Capital Presentation
Metallic, as well as fellow Metallic Group members Stillwater Critical Minerals and Granite Creek Copper, will be presenting at the Wildfire Relief series hosted by Adelaide Capital on September 22nd at 3:30 ET. Click here to register.
Figure 1. Cross Section Through Allard Resource Area Showing New 2023 Drill Holes
Figure 2.Photograph from Hole LAP23-06, 480.0m to 489.0m – High Quartz-Sulfide Vein Density in Altered Syenite.
Corporate Update
Metallic Minerals announces that Susan Henderson has been appointed to the role of Corporate Secretary, effective immediately. Ms. Henderson has worked in expanding roles with the Company since 2016, most recently in the role of Business Manager. Ms. Henderson replaces Alicia Milne who has stepped down. Ms. Milne will continue as a consultant to the Company.
Greg Johnson, CEO of Metallic Minerals, stated, “We very much appreciate Alicia’s exceptional work and dedication as Corporate Secretary over the past years and we wish her continued success in her new venture. Susan has been an integral part of the Metallic Group since its inception and invaluable in enabling our growth and expansion. We are very pleased to further expand her role to that of Corporate Secretary.”
NI 43-101 Technical Report
Further to the news release dated July 31, 2023, Metallic Minerals has filed a National Instrument 43-101 technical report, entitled, “Technical Report on the Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Southwestern Colorado” with an effective date of July 12th, 2023. The report is available on the Company’s profile at www.sedar.com and on our website at www.metallic-minerals.com
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company 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 silver1. 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 to accelerate the advancement of the Company’s La Plata project. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5th globally for investment attractiveness and 2nd 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 Q4 2023, with an expansion drill program slated to commence in September.
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.
Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.
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.
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.
North Vancouver, British Columbia–(Newsfile Corp. – September 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the URW1 lode system is ongoing and grade control drilling is being conducted in advance of future mining in these areas (see news releases dated April 3, 2023 and May 18, 2023). The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: “The results from our grade control drill program continue to exceed expectations. The program is continuously returning very high-grade material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify very high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold production in Q4 2023”.
Highlights of new Zone 2 grade control drilling (3 g/t Au cutoff):
19.78 g/t Au over 6.0 m (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth)
14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth)
18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth)
25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth)
45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth)
8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth)
8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth)
17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth)
14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth)
Note: Grade control drillhole composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at < 3 g/t Au.
Figure 1. Location of Zone 2 Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 2 grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed circle represents the Zone 2 area of the deposit.
Table 1. Highlights of composited grade control drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
including
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
including
56.4
57.3
0.9
20.98
and
57.3
57.9
0.6
12.86
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
including
90.9
92.7
1.8
12.22
which includes
90.9
91.5
0.6
10.93
and
91.5
91.8
0.3
23.82
and
91.8
92.7
0.9
9.22
and also including
94.5
96.9
2.4
25.16
which includes
94.5
95.4
0.9
35.76
and
95.4
96
0.6
10.87
and
96
96.3
0.3
30.26
and
96.3
96.9
0.6
20.98
TGC-0057
89.4
91.2
1.8
9.22
including
89.4
89.7
0.3
19.23
TGC-0057
113.7
115.2
1.5
10.84
including
114.3
115.2
0.9
15.86
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
including
68.1
68.7
0.6
15.29
and
68.7
69.3
0.6
21.99
TGC-0064
182.9
183.5
0.6
33.08
including
182.9
183.2
0.3
58.29
TGC-0066
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0071
114
120
6
19.78
including
114
114.3
0.3
30.17
and
114.3
114.9
0.6
8.32
and
115.5
115.8
0.3
10.68
and
115.8
116.4
0.6
9.96
and
117
120
3
31.52
which includes
117
117.6
0.6
33.78
and
117.6
118.5
0.9
20.88
and
118.5
119.4
0.9
42.75
and
119.4
120
0.6
28.35
TGC-0073
79.8
81.3
1.5
7.91
including
79.8
80.4
0.6
10.8
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
including
90
90.3
0.3
8.41
and
90.3
90.6
0.3
21.79
and
90.9
92.4
1.5
32.74
which includes
90.9
91.2
0.3
65.52
and
91.2
91.5
0.3
38.81
and
91.5
91.8
0.3
43.67
and
91.8
92.4
0.6
7.86
TGC-0074
80.8
81.4
0.6
41.5
including
80.8
81.1
0.3
35.63
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
including
118.9
119.2
0.3
10.48
and
119.2
119.5
0.3
14.96
and
119.5
119.8
0.3
10.75
and
119.8
120.1
0.3
10.41
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
including
95.2
95.5
0.3
149.63
and
96.1
97.6
1.5
9.28
which includes
96.1
97
0.9
11.85
TGC-0080
21
22.2
1.2
11.67
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
including
48.3
48.6
0.3
18.03
and
48.6
48.9
0.3
17.95
and
49.8
50.7
0.9
21.05
which includes
49.8
50.1
0.3
42.72
and
50.1
50.4
0.3
15.08
TGC-0082
15.5
16.7
1.2
16.96
including
16.1
16.7
0.6
29.06
which includes
16.1
16.4
0.3
34.23
and
16.4
16.7
0.3
23.89
TGC-0083
19.7
20
0.3
10.79
TGC-0083
43.7
45.2
0.6
11.32
including
43.7
44
0.3
10.41
and
44.9
45.2
0.3
12.23
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
including
65
65.3
0.3
18.58
and
65.3
65.6
0.3
31.67
Zone 2
The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems.
The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023 and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.
Figure 2. URA1 Lode and URW1 Lode System. Plan view (top) and view looking north (bottom) of the URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown). Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes, as evident in the bottom image.
The Murau lode system consists of a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m, and a down-dip extension of 100 m.
Figure 3. Murau Lode System. Plan view (left) and view looking east (right) of the Murau lode system in relation to the grade control drillholes reported here. Mining on the upper part of the Murau lode system is scheduled to start in Q4 2023. The stacked nature of the Murau lodes and their moderate dip to the south is visible in the right-hand image.
Figure 4. Location of High-Grade Intercepts from Zone 2 Grade Control Drilling, 3.0 g/t Au cutoff. Plan view (top) and view looking north (bottom) of the URA1 lode, the URW1 lode system, and the Murau lode system in relation to the grade control drillholes reported here, with high-grade intercepts highlighted. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t. Underground developments are shown in pale transparent grey to increase visibility of the mineralized intervals.
Grade control drilling is being conducted from underground as well as from near the mine portal and is targeting near surface mineralization scheduled for mining in the next four to sixteen months. It is targeting 5-10 m centers and is designed to provide a detailed understanding of the geometry and mineralization of lode arrays in advance of underground development. Results from the grade control drill program will be used to help optimize mine development and mineral extraction in these areas. The Zone 2 grade control drill program is ongoing. Examples of mineralization observed in the Zone 2 drillholes reported here are shown in Figure 5.
A total of 83 grade control drillholes have been completed to date in the Zone 2 and Zone 5 areas at Tuvatu, including 24 grade control drillholes included in this news release. Previous grade control drill results are available in the news releases dated April 25, 2023 and June 14, 2023.
Figure 5. Example Mineralization from Zone 2 Grade Control Drilling. Left: Monzonite-hosted chalcedonic silica veins with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TGC-0064, 182.9-183.2 m) Width of core is 4.76 cm. Top center: Banded silica-roscoelite-pyrite vein with visible gold (TGC-0076, 89.7-90.0 m) Width of image is approximately 2 cm. Top right: Fracture face coated with silica, sphalerite, pyrite, and multiple grains of visible gold (TGC-0073, 91.5-91.8 m). Core diameter is 4.76 cm. Bottom right: Monzonite-hosted quartz veinlet with visible gold (TGC-0073, 90.3-90.6 m). Width of image is approximately 3 cm. Bottom center: Monzonite-hosted quartz veinlet with multiple flecks of visible gold (TGC-0083, 56.9-57.2 m). Width of image is approximately 3 cm.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, 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 on the SEDAR website at www.sedarplus.ca.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Composited results from grade control drillholes in the Zone 2 area, 3.0 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
61.8
62.4
0.6
3.61
TGC-0053
67.5
71.7
4.2
3.87
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
72.3
75.6
3.3
5.11
TGC-0053
including
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90.3
90.6
0.3
7.71
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
108
108.6
0.6
6.17
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
85.8
86.1
0.3
7.28
TGC-0057
89.4
91.2
1.8
9.22
TGC-0057
including
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
113.7
115.2
1.5
10.84
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
116.7
118.8
2.1
6.23
TGC-0057
including
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
TGC-0062
including
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0062
70.5
71.1
0.6
3.47
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
78.4
79
0.6
4.4
TGC-0070
82.9
83.5
0.6
3.94
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120
6
19.78
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
157.2
157.8
0.6
5.57
TGC-0072
74.4
75
0.6
4.46
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
TGC-0073
including
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.8
107.1
0.3
3.02
TGC-0074
13
13.3
0.3
4.43
TGC-0074
80.8
81.4
0.6
41.5
TGC-0074
including
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0076
89.7
90
0.3
7.23
TGC-0076
100.2
101.1
0.9
6.35
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
16.6
17.2
0.6
4.42
TGC-0078
87.7
88.3
0.6
3.93
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
53.4
54.3
0.9
9.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
46.7
47.6
0.9
3.01
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.7
20
0.3
10.79
TGC-0083
42.5
45.2
2.7
4.95
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.5
49.4
0.9
3.9
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
55.7
0.3
4.53
TGC-0083
56.9
57.5
0.6
7.24
TGC-0083
including
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
TGC-0083
including
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
110.6
110.9
0.3
9.08
Table 3. Composited results from grade control drillholes in the Zone 2 area, 0.5 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
21
22.2
1.2
0.62
TGC-0053
55.2
57.9
2.7
9.96
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
60.3
63.3
3
1.1
TGC-0053
66.9
76.8
9.9
3.71
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
and
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0053
93.9
96
2.1
1.07
TGC-0053
99
100.2
1.2
1.36
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90
90.6
0.6
4.95
TGC-0054
including
90.3
90.6
0.3
7.71
TGC-0054
93.9
94.5
0.6
1.98
TGC-0054
96.3
97.8
1.5
1.17
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
99
100.2
1.2
0.85
TGC-0055
108
108.6
0.6
6.17
TGC-0055
117.9
118.2
0.3
2.13
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
80.4
82.8
2.4
0.76
TGC-0057
85.8
86.4
0.6
4.25
TGC-0057
87.9
93
5.1
3.66
TGC-0057
including
89.4
91.2
1.8
9.22
TGC-0057
which includes
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
106.5
107.4
0.9
0.64
TGC-0057
113.7
118.8
5.1
6.05
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
and
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
52.4
53
0.6
0.74
TGC-0060
75.5
76.7
1.2
6.97
TGC-0060
including
76.1
76.4
0.3
25.43
TGC-0060
82.4
82.7
0.3
0.65
TGC-0062
67.5
73.8
6.3
4.98
TGC-0062
including
67.5
69.3
1.8
14.13
TGC-0062
which includes
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0064
69
69.6
0.6
1.59
TGC-0064
145.7
146.6
0.9
0.54
TGC-0064
149.9
150.8
0.9
0.51
TGC-0064
167.9
168.8
0.9
2.77
TGC-0064
174.2
174.8
0.6
0.96
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0068
88.9
89.5
0.6
0.92
TGC-0068
98.6
99.2
0.6
0.73
TGC-0068
120.5
121.4
0.9
1.11
TGC-0068
172.4
175.1
2.7
0.83
TGC-0068
186.7
189.4
2.7
0.76
TGC-0068
191.2
192.7
1.5
0.57
TGC-0069
88.4
89
0.6
1.73
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
73
75.4
2.4
1.03
TGC-0070
78.4
81.1
2.7
2.23
TGC-0070
82.3
84.4
2.1
1.54
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120.9
6.9
17.54
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
155.4
159.6
4.2
2.12
TGC-0071
including
157.2
157.8
0.6
5.57
TGC-0071
160.8
161.4
0.6
2.72
TGC-0071
201.3
202.5
1.2
1.56
TGC-0072
59.7
60.3
0.6
0.84
TGC-0072
74.4
75
0.6
4.46
TGC-0072
81.9
82.5
0.6
0.79
TGC-0072
94.5
95.1
0.6
0.9
TGC-0073
12
12.6
0.6
0.91
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.3
94.2
6.9
10.39
TGC-0073
including
87.9
88.2
0.3
10.85
TGC-0073
and
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.2
107.1
0.9
2.32
TGC-0074
12.7
13.3
0.6
2.71
TGC-0074
80.5
81.4
0.9
28.01
TGC-0074
including
80.8
81.4
0.6
41.51
TGC-0074
which includes
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
92.5
92.8
0.3
0.9
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0075
13.2
14.4
1.2
0.61
TGC-0075
16.2
16.8
0.6
0.6
TGC-0075
27
27.3
0.3
0.53
TGC-0075
43.5
44.4
0.9
0.93
TGC-0076
77.1
78
0.9
0.98
TGC-0076
81
81.3
0.3
1.57
TGC-0076
89.7
90
0.3
7.23
TGC-0076
93.3
93.6
0.3
0.72
TGC-0076
99.3
101.7
2.4
3.59
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0077
15
16.5
1.5
0.92
TGC-0077
19.8
20.1
0.3
0.83
TGC-0077
54
54.6
0.6
1.38
TGC-0077
64.2
65.4
1.2
2.53
TGC-0077
72.9
74.4
1.5
1.11
TGC-0078
14.2
14.8
0.6
10.17
TGC-0078
including
14.5
14.8
0.3
18.52
TGC-0078
16
17.2
1.2
3.61
TGC-0078
52
52.6
0.6
1.55
TGC-0078
87.7
89.5
1.8
2.53
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
98.2
3
20.44
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
98.1
98.7
0.6
0.53
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
45.3
55.2
9.9
5.16
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
and also including
53.4
54.3
0.9
9.88
TGC-0080
70.2
71.4
1.2
0.9
TGC-0080
77.4
80.1
2.7
0.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
43.7
45.5
1.8
0.99
TGC-0082
46.7
48.5
1.8
2.2
TGC-0082
49.7
50.6
0.9
0.58
TGC-0082
57.5
58.7
1.2
0.9
TGC-0082
67.7
68.6
0.9
1
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.4
20.3
0.9
4.12
TGC-0083
including
19.7
20
0.3
10.79
TGC-0083
41
46.4
5.4
3.13
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.2
49.4
1.2
3.35
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
57.5
2.1
3.04
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
63.5
65.6
2.1
8.24
TGC-0083
including
65
65.6
0.6
25.13
TGC-0083
which includes
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
67.4
69.5
2.1
0.74
TGC-0083
110.6
110.9
0.3
9.08
Table 4. Collar coordinates for grade control holes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement for EMX’s Copperhole Creek polymetallic project in Queensland, Australia (the “Project”) (see Figure 1) to Lumira Energy Ltd. (“Lumira“), a private Australian Company. The agreement provides EMX with a 2.5% Net Smelter Return (“NSR”) royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with this transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) in mid-year 2024.
The polymetallic Copperhole Creek Project is located 20 km east of the Georgetown-Forsayth Metallogenic District in Queensland, with mineralization developed in the same host rocks as the Georgetown-Forsayth District. There are two main styles of mineralization recognized on the Copperhole Creek property, (1) tin-copper-molybdenum mineralization developed in zones of greisen-style alteration and (2) shear zone hosted copper-silver mineralized veins and breccias. Numerous occurrences, historical mines and prospects with either or both styles of mineralization occur on EMX’s land position (see Figure 2). Although the nearby Georgetown-Forsayth Metallogenic District is well known for its historical gold production, only a few of the occurrences at Copperhole Creek have been assayed for gold, adding further upside to the Project.
This transaction will provide Lumira with a flagship asset in Australia in advance of its proposed ASX listing. EMX and Lumira will apply modern exploration methods and deposit models to identify and prioritize additional targets within the project area.
Commercial Terms Overview: All terms in Australian Dollars (AUD) unless otherwise indicated. Upon execution, Lumira will make a cash payment of $20,000 to EMX to commence an exclusive two-month option period. Pursuant to the agreement, Lumira can acquire a 100% interest in the Project by paying EMX an additional $30,000 prior to the end of the two-month option period. Upon a successful listing on the ASX, Lumira will issue shares of Lumira equivalent to $100,000 to EMX and a further 500,000 shares 12 months after listing. Furthermore, upon listing Lumira will also issue to EMX 1,000,000 options with 500,000 options being exercisable for one share of Lumira at a price of $0.30 for 24 months and 500,000 options being exercisable for one share of Lumira at a price of $0.40 for 36 months.
Upon completing the option period requirements, Lumira will earn a 100% interest in the Project with EMX retaining:
A 2.5% NSR royalty interest.
Annual advance royalty (“AAR”) payments of $30,000 per year commencing upon the third anniversary of the initial public offering, with the AAR payment escalating by 15% per year until reaching a maximum of $75,000 per year.
Milestone payments as follows:
$250,000 in cash or Lumira shares upon publication of a maiden JORC complaint resource;
$250,000 in cash or Lumira shares upon publication of a scoping study or a Preliminary Economic Assessment;
$500,000 in cash upon publication of a Definitive Feasibility Study; and
$1 million in cash upon commencement of commercial production.
To maintain its interest in the projects, Lumira will also:
Spend $50,000 in exploration expenditures before the date of the initial public offering (“IPO”);
Spend an additional $250,000 by the first anniversary of the IPO;
Spend an additional $200,000 by the second anniversary of the IPO; and
Complete a minimum of 1,000 m of drilling each year from the third to the eighth anniversary of the IPO.
Within 96 months of executing the agreement, Lumira will have the right to re-purchase 0.5% of the NSR Royalty on the Project for $1.2 million.
Copperhole Creek Project. Although located within a prospective geologic belt, with the historical Einasleigh Copper Mine located 25 km along trend to the southeast, the Copperhole Creek project has not seen systematic exploration in the past 30 years. Production from various historical mines took place in the early 20th century, with limited exploration taking place in the 1970’s and 1980’s. The Questend prospect was drilled by BP Minerals in 1978 with two shallow reverse circulation drill holes, with a reported intercept of 12 meters of 3.27% Cu, 0.66% Zn, 0.26% Sn and 51 ppm Ag from 36 meters1 (true width not reported). The mineralization was hosted within a quartz-sulfide breccia body that appears to project from mineralization exposed in nearby prospect pits.
In a broad sense, mineralization appears to be zoned with Cu-Mo-Sn mineralization developed in the northeastern portion of the property to more copper-silver mineralization developed in the southwest. Prioritized exploration targets include mineralized shear zones and breccias that were targeted by the historical mining operations. The project also contains potential for Cu-Mo-Sn porphyry style mineralization in the zones of greisen style alteration and mineralization.
Comments on Nearby and Adjacent Properties. The deposits, projects and mines discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Project hosts similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location Map of the Copperhole Creek Project
1 Drilling was conducted by BP Mining Development Australia Pty Ltd in 1978 with results reported to the Queensland Geologic Survey in 1979 in a report titled Final Report on A.TO P.1806 (cr_7585.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
2 Underground sampling was completed by Bridge Minerals in 1971 and reported to Queensland Geologic Survey that year in a report titled Annual Report Georgetown District Eveleigh Block (cr_3533.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
3 Surface rock chip sampling was completed by Battle Mountain Gold Company in 1989 and reported to the Queensland Geologic Survey that year in a report titled Authority to Prospect 5855M (Copperhole Creek) (CR_20492.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
Vancouver, British Columbia–(Newsfile Corp. – September 12, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the receipt of $6,675,947 in royalty proceeds from its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin recently agreed to an amended and restated royalty agreement that covers Zijin’s Brestovac exploration permit area (including the active Cukaru Peki copper and gold mine), as well as portions of Zijin’s Jasikovo-Durlan Potok exploration license (see EMX News Release dated September 5, 2023). EMX now owns a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced.
The approximately $6.68 million royalty payment consisted of $1.59 million from July-December, 2021, payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023.
Various news media reports recently highlighted Zijin’s planned expansion of the Cukaru Peki operation. As reported by Bloomberg News on August 28, 2023, Branko Rakocevic, Assistant General Manager at Serbia Zijin Mining d.o.o. Bor, commented: “These are vast reserves, which require additional infrastructure, additional investment of around $3.5 to $3.8 billion.” This would represent a substantial further investment in the Cukaru Peki project. Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone porphyry copper and gold deposit.
The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – September 12, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor” or the “Company“) is pleased to announce initial assay results from its summer 2023 drilling campaign at the Duquesne West Gold Project. Drilling continues and, with the recent completion of hole DQ23-06, it has reached 5,500 metres of the planned +8,000 metres.
Highlights
11.7 metres (m) of 5.6 grams per tonne (g/t) gold (Au), including 5.8 m of 8.0 g/t Au in DQ23-01,
Partial assays for holes DQ23-01 and DQ23-02 have increased confidence to add ounces,
Potential to grow the Historical Resource of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2,
The grade and thickness seen in DQ23-01 exceed the average thickness and grade of the deposit, exhibiting bulk minable widths and grade continuity within the zone and with other intercepts of mineralization, which suggests there may be potential for future mining.
CEO John Florek commented:
“We are situated in a ‘Tier 1 District,’ with convenient access to multiple mills and infrastructure within a mere half-hour drive. This proximity holds immense promise for the future economics of our deposit. Our strategic location near the Rouyn-Noranda mining district of Quebec also opens up numerous possibilities for further growth and exploration at the edges of the high-grade Duquesne West gold deposit.
“The 2023 drilling program is focused primarily on adding ounces to our model by targeting data gaps along plunge lines internal and external to the deposit. Generally, we are seeing an increase in grades and thickness from what our model was predicting. This confirms that enhancing the model’s grade is possible by targeting plunge lines which control mineralization. This is expected to yield a more robust grade and footprint, which could enhance future resource estimation and valuation of the Duquesne West deposit.
“Multiple zones are providing multiple opportunities to delineate ounces. For instance, the grade and thickness seen in DQ23-01 exceeds the average thickness and grade of the deposit. Most importantly it is continuous with other intercepts of mineralization and shows no internal dilution, which could be ideal for developing future mining scenarios.
“The large interval of low-grade, continuous mineralization at hole DQ23-02 is similar to intervals reported at the nearby Goldex mining operation owned by Agnico Eagle (Average Grade of 1.62 g/t gold for contained gold of 3.3 Moz Au; per Agnico Website). With the existing regional infrastructure, there is a unique opportunity to examine underground low-grade bulk tonnage scenarios at Duquesne West. This encourages examination of the near surface open-pit potential above a high-grade gold deposit, which was never properly considered by previous explorers. We intend to examine the potential for defining a bulk tonnage, near surface, open-pittable gold deposit by assaying available historical core that was previously un-assayed. The emergence of various low-cost potential mining scenarios suggests that a path to a multimillion-ounce potential may exist at Duquesne West.”
Summary of Initial Drill Results with Core Photos, AI Targeting Model, Cross Section of DQ23-01
Due to multiple zones of mineralization, there are several promising drill targets for the initial program. By utilizing one drill rig, the exploration team has had sufficient time to consider and adapt to new and exciting or unexpected results, like those seen in hole DQ23-02.
DQ23-01 was an infill drillhole designed to intersect a lower grade area within an identified higher grade shoot. It intersected 50% higher grade (11.7 m of 5.6 g/t Au) than predicted by the model, which will help to increase the local grade and add ounces internally to the deposit.
DQ23-02 was a step-out hole at a core depth of 540.25 m on the eastern margin of a mineralized zone, with an intersection (10.65 m of 3.97 g/t Au) that is expected to extend the footprint of mineralization. The grades and thickness intersected were as expected.
Lab results for other mineralized zones intersected in holes DQ23-01 and DQ23-02 are in progress. Partial assays for initial results at holes DQ23-01 and DQ23-02 have increased confidence to add ounces to the Duquesne West deposit.
In addition to the exciting grade and robust thickness of hole DQ23-01 (11.7 m of 5.6 including 5.8 m of 8.0 g/t Au), two zones of mineralization were encountered in hole DQ23-02, including an unexpected broad, continuous zone of mineralization at the bottom of DQ23-02 with assays yielding 25.0 m of 1.69 g/t Au. This hole will be recollared to drill it deeper; results are pending.
DQ23-02 also had an unexpected intersection (25.0 m of 1.69 g/t Au) at a core depth of 814 m that was lateral to an identified quartz-feldspar porphyry dike swarm, with dikes ranging from a few metres to tens of metres. Incomplete historical sampling was performed on nearby drillholes. This hole adds an intriguing new scenario to the potential opportunities for enhancing the resource potential at Duquesne West.
Samples were sent to SGS Laboratories in Lakefield, ON.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
1DQ23-01
531.30
532.20
0.90
4.96
532.20
532.70
0.50
2.95
532.70
533.70
1.00
3.01
533.70
534.35
0.65
11.96
534.35
535.00
0.65
2.00
535.00
535.50
0.50
19.27
535.50
536.35
0.85
5.57
536.35
536.95
0.60
3.21
536.95
537.50
0.55
2.30
537.50
538.00
0.50
1.30
538.00
538.90
0.90
13.01
538.90
539.45
0.55
12.52
539.45
540.00
0.55
6.66
540.00
540.65
0.65
2.63
540.65
541.25
0.60
5.11
541.25
542.25
1.00
1.05
542.25
543.00
0.75
2.07
Wt. Avg.
11.70
5.63
Including
5.75
7.98
551
551.5
0.50
8.21
Wt. Avg.
0.50
8.21
1DQ23-02
540.25
541
0.75
13.19
541
541.75
0.75
4.64
541.75
542.55
0.80
2.97
542.55
543.25
0.70
2.9
543.25
544.25
1.00
3.01
544.25
545.25
1.00
5.92
545.25
546.25
1.00
3.32
546.25
547.25
1.00
2.29
547.25
548
0.75
1.61
548
548.75
0.75
1.81
548.75
549.75
1.00
0.86
549.75
550.3
0.55
9.52
550.3
550.9
0.60
2.11
Wt. Avg.
10.65
3.97
Including
5.00
5.34
814
841
25.0
1.69
Wt. Avg.
25.0
1.69
Including
7.00
3.12
1Note: Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.
Image 1: Representation of mineralized and altered core from DQ23-01 (11.7 m of 5.63 g/t Au)
Image 3: Representation of mineralized and altered porphyry core from DQ23-02 (25.0 m of 1.69 g/t Au); bottom of hole ended in mineralization and this zone is subsequently being extended by additional drilling
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 QAQC 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.. 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 Au1,2. 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.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc. 2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (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.
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.
