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Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces an Indicated Mineral Resource Estimate of 1,535Koz Contained Gold at 1.23 g/t Au and an Inferred Mineral Resource Estimate of 5,198Koz Contained Gold at 1.11 g/t Au at the Moss Gold Project

Vancouver, British Columbia–(Newsfile Corp. – February 6, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce an updated mineral resource estimate (the “MRE“) for the Moss deposit (“Moss” or the “Moss Deposit“) and East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit“), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project“).

Highlights of the 2024 Mineral Resource Estimate Update:

  • Upgrading of the MRE to include 23% Indicated Mineral Resources and an increase in the average grade over the 2023 MRE.
    • Indicated Mineral Resource of 1,535 thousand ounces grading 1.23 grams per tonne gold (g/t Au), contained within 38.96 million tonnes.
    • Inferred Mineral Resource of 5,198 thousand ounces grading 1.11 grams per tonne gold (g/t Au), contained within 146.24 million tonnes.
    • The total resource tonnage increase is just under 1% overall over the 2023 MRE, however the overall grade increase versus the 2023 MRE is approximately 11%.
  • The shears that host gold mineralization have been extensively remodelled as constraining domains, greatly enhancing the reliability of the current MRE.
    • With gold prices consistent with the 2023 MRE, 94% of the 2024 MRE’s tonnes and gold ounces are contained within these shear models.
    • This is a significant increase compared to the 2023 MRE, where only 35% of the tonnes and 65% of the gold ounces were contained in its shear model.
  • Implied stripping ratios based on diluted block models and the Reasonable Potential for Eventual Economic Extraction (“RPEEE“) constraining pit optimization are 3:1 for Moss and 6:1 for East Coldstream.
  • The pit depth is constrained by the model (in multiple locations), indicating the potential for a larger pit should the model be extended at depth.
  • The 2024 Moss Project MRE update is set to be the foundation for resource growth and development towards Tier One status, and leading to a future Preliminary Economic Assessment (PEA).
  • All identified zones within the Project are still open to potential expansion.
  • The Moss Project encompasses 36 satellite targets, including several mapped and sampled gold trends near the Moss Gold Deposit, offering prospects for discoveries and additional gold mineralization.

Table 1: Moss Project Updated Mineral Resource Estimate

IndicatedInferred
CutoffTonnesGradeMetalTonnesGradeMetal
(g/t Au)(Mt)(g/t Au)(Koz Au)(Mt)(g/t Au)(Koz Au)
Moss
Open PitCore Shears0.3519.951.3989356.321.392,525
Marginal Shears0.3511.350.9233570.310.811,836
Low Grade Halo0.35–––10.210.62202
Open Pit Subtotal31.301.221,228136.841.044,563
Underground2.0–––3.223.43355
Moss Total0.35/2.031.301.221,228140.071.094,919
East Coldstream
Open Pit0.357.671.253075.361.15198
Underground2.0–––0.823.1082
E Coldstream Total0.35/2.07.671.253076.181.41280
Grand Total0.35/2.038.961.231,535146.241.115,198

Notes:

  1. The 2024 Moss Mineral Resources were estimated and classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.
  2. Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo. both of APEX Geoscience Ltd. (“APEX“) qualified persons as defined by NI 43-101, are responsible for completing the updated mineral resource estimation, effective January 31, 2024.
  3. Mineral resources that are not mineral reserves have no demonstrated economic viability. No mineral reserves have been calculated for Moss. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future.
  4. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market, or other relevant factors.
  5. The quantity and grade of reported Inferred Resources is uncertain, and there has not been sufficient work to define the Inferred Mineral Resource as an Indicated or Measured Mineral Resource. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  6. The historical underground voids from mining in any of the deposit areas have been removed.
  7. All figures are rounded to reflect the relative accuracy of the estimates. Totals may not sum due to rounding. Resources are presented as undiluted and in situ.
  8. Tonnage estimates are based on individually measured and calculated bulk densities for geological units ranging from 2.68 to 2.89 g/cm³. Overburden density is set at 1.8 g/cm³.
  9. Metal prices are US$1,850/oz Au with a revenue factor of 1 and recovery of 90% for Moss and 95% for East Coldstream.
  10. Open-pit resource economic assumptions are mining costs of US$2.25/waste tonne, $3.00/ore tonne, flotation-leaching processing costs of US$9.50 per tonne, and mine-site administration costs of US$2.10 per tonne processed.
  11. Open-pit resources comprise blocks constrained by the pit shell resulting from the pseudoflow optimization using the open-pit economic assumptions and 50° pit slopes.
  12. Underground resource economic assumptions are US$75/tonne for mining mineralized and waste material and US$9.50/tonne for processing. The underground resource mining assumptions are open pit stope mining method with a minimum mining width of 1.5m and a minimum stope volume equal to stope dimensions of 1.5m x 10m x 20m.
  13. The Underground material below the open pit was manually constrained to continuous material above the gold cutoff (2.0 g/t) that met the minimum thickness and volume requirements. Resources not meeting these size criteria are included if they maintain a grade above the cutoff once diluted to the required size.

Table 2: Moss Project Updated Open Pit Mineral Resource Estimate Sensitivity

Cutoff
(g/t Au)		IndicatedInferred
Tonnes
(Mt)		Grade
(g/t Au)		Metal
(Koz Au)		Tonnes
(Mt)		Grade
(g/t Au)		Metal
(Koz Au)
Moss
0.233.551.161,249185.720.834,985
0.332.361.191,239150.610.974,707
0.3531.301.221,228136.841.044,563
0.430.151.251,214125.851.104,431
0.527.311.341,173104.781.224,126
0.624.051.441,11586.61.373,807
0.817.881.7097760.331.663,221
1.013.002.0083642.891.972,721
East Coldstream
0.28.701.133166.540.99208
0.38.011.213115.731.09201
0.357.661.253075.351.15198
0.47.331.293034.991.20193
0.56.591.382924.361.31184
0.65.921.472803.771.43174
0.84.581.702502.941.64155
1.03.491.952192.311.84137

See footnotes for Table 1

Table 3: Moss Project Updated Underground Mineral Resource Estimate Sensitivity

Cutoff
(g/t Au)		Inferred
Tonnes
(Mt)		Grade
(g/t Au)		Metal
(Koz Au)
Moss
1.83.963.14400
1.93.563.29377
2.03.223.43355
2.12.893.59334
2.22.603.75314
2.42.114.09277
East Coldstream
1.81.002.8893
1.90.903.0087
2.00.823.1082
2.10.763.1978
2.20.703.2874
2.40.603.4566

See footnotes for Table 1

President and CEO Brett Richards stated: “The MRE results above are extremely encouraging, and validate the strategic exploration and drilling campaign we embarked on almost 3 years ago. We have consistently delivered exciting drilling results as they relate to the Moss Gold Project, and this MRE illustrates a meaningful and material increase in the quality, quantity, and grade of the deposit. Conducting this update to the MRE was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project; in an effort to maximize shareholder value. We continue to believe that the Moss Gold Project will be a sector anomaly of having top quartile grade and top quartile size and scale within our comparable peers; as it moves closer to being a Tier One asset.”



Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project

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Figure 2: Plan of Moss showing shears, $1,850 pit shell and mapped mineralized trends

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Figure 3: Cross section through the Moss Main Zone showing geology

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Figure 4: Cross section through the Moss Main Zone showing grade model, $1850 open pit shell and modelled stopes

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Figure 5: Plan of East Coldstream showing shears, cross-cutting diabase dike and $1,850 pit shell

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Figure 6: Cross section through East Coldstream showing geology

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Figure 7: Cross section through East Coldstream showing grade model, $1,850 open pit shell and modelled stopes

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Technical Overview

Historical Assay Review

APEX Geoscience Ltd. (“APEX“) completed an in-depth review and validation of assays collected before 2010 at the Moss Deposit and East Coldstream Deposit to establish whether the data is suitable for mineral resource estimation. APEX reviewed previous studies’ evaluation of twin drilling and resampling programs and drew the following conclusions regarding this data:

  • Five twin holes have been completed in the Moss Zone. APEX regards this dataset as limited, insufficient for definitive conclusions, but adequate for a preliminary assessment. This view is due to the deposit’s characteristics and challenges in accurately positioning twin holes adjacent to historical holes. The data indicate that the twin holes generally exhibit mineralization that corresponds with the mineralization trends noted in the historical drillholes they were designed to test and confirm.
  • Six historical drillholes were resampled to determine potential bias in the historical dataset.
    • Prior analyses of the resampling program focused on comparing the difference between each interval’s historical and modern assays and noting variance discrepancies between the two datasets.
    • APEX performed a quantile-to-quantile comparison between resampled and historical assays and the results show similar distributions, indicating no significant bias in resampling assay values vs original values.
    • APEX considers the noted variance difference to be within expected ranges, as the differences in sampling volumes could explain any discrepancies.
    • These findings remain partially inconclusive due to the limited number of holes resampled.

Due to the inconclusive results from the twinning and resampling programs, APEX conducted a spatial pairing analysis. This analysis compared the distribution of historical assays with modern drilling data. The assay data was limited to samples within the 2023 modelled shear domains, ensuring only assays from similar geological settings were compared. In this analysis, only assays from either dataset that are within 15 meters of an assay from the other dataset could be considered. The dataset included thousands of paired samples to complete the analysis on. Below are APEX’s conclusions:

  • The assay distributions of historical paired data and modern paired data were found to be similar after accounting for comparable mineralization zones.
  • No evident bias in historical assays was observed that could be attributed to assay methods or assay labs or different generations (ages) of data.
  • Some historical data involved selective assaying. Inserting nominal waste values for unsampled intervals yields a conservative gold content estimate at the sample location.

Based upon this analysis, the QP believes that the historical assays can be used for a mineral resource estimate even with limited historical QA/QC data. Details of the Historical Assay Review and Analysis will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with National Instrument 43-101 (“NI 43-101“) standards.

Moss Deposit Geology

The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the Shebandowan Belt in the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusion complex. The deposit comprises a network of centimetre- to meter-scale northeast-trending shear zones hosting high-grade gold mineralization. Surrounding the shear zones are areas of lower-grade gold mineralization associated with less intense shearing and more brittle deformation. This includes veining in both the intrusion rock and adjacent wall rocks between the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and millimetre- to centimetre-scale irregular quartz-carbonate veinlets.

East Coldstream Deposit Geology

The East Coldstream Deposit is a structurally controlled gold deposit located approximately 13 km northeast of the Moss Deposit within the Moss Gold Project area. The East Coldstream Deposit’s mineralized zones are located on the south margin of a shear zone that separates a gabbroic intrusion to the north and a mafic-intermediate volcanic suite to the south. Mineralization is found within sheared volcanic units, proximal to sills of quartz and quartz-feldspar porphyries and distinctive, brick-red syenites. The mineralized zones show silica, carbonate, and hematite alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite throughout the silica-hematite zones and within quartz-carbonate veinlets. Iron carbonate is present in areas proximal to strong silicification. A north-south-trending diabase dike has cut the two main mineralized zones.

Mineral Resource Methodology, Assumptions, and Cutoff Grades

Estimation Domains

APEX personnel comprehensively remodelled shear-hosted gold estimation domains at Moss and East Coldstream deposits using implicit modelling. The orientation of these domains is informed by a structural trend model derived from oriented core structural measurements. Additionally, APEX personnel developed an updated geological model to guide estimation domain modelling and facilitate density assignment by geological unit. The shear estimation domains are delineated by connecting intervals of mineralization that align with the structural trend and are predominantly within a single geological unit. Discontinuous and lower-grade gold mineralization associated with less intense shearing and more brittle deformation are captured within a grade shell with a nominal cutoff of 0.15 g/t Au.

The Granodiorite (IGD) unit at the Moss Lake Deposit is associated with zones of higher-grade mineralization. In the 2024 Moss Deposit MRE Update, modelled shear estimation domains are categorized as “Core Shears” or “Marginal Shears.” Core Shears, continuous along strike, represent higher-grade material within or adjacent to the IGD unit. Marginal Shears, in contrast, are shears positioned further from the IGD unit or within shear domains where lower-grade material is included to provide continuity along the structural trend. Core shears are characterized by more intense fracturing and extensive hydrothermal alteration than marginal shears. The Core and Marginal Shears classification merges short-range geological with longer-range structural continuity at the Moss Deposit.

In this 2024 model, more than 94% of the in pit block modelled gold mineralization tonnage above the cutoff grade is contained within the wireframed Core Shear and Marginal Shear domains. More than 96% of the block modelled gold mineralization in terms of metal content above the cutoff grade is also contained within the Core Shear and Marginal Shear domains.

Mineral Resource Methodology

Modelling was conducted in the Universal Transverse Mercator (UTM) coordinate space relative to the North American Datum (NAD) 1983 and UTM zone 15N (EPSG: 26915). The mineral resource block model utilized a block size of 3.0 m (X) x 3.0 m (Y) x 3.0 m (Z) to honour the mineralization wireframes. The percentage of the volume of each block below the bare earth surface, below the modelled waste overburden surface and within each mineralization domain was calculated using the 3D geological models and a 3D surface model. For the open pit resources, the block model was block-averaged up to a 9 m (X) x 9 m (Y) x 9 m (Z) SMU block size for pit optimization with the outer blocks on the boundaries of the domains diluted. Resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980s exploration program have been removed from the MRE at the Moss Deposit.

The MRE is based on the combination of geological modelling, geostatistics and conventional block modelling using the Ordinary Kriging method of grade interpolation with locally varying anisotropy variogram models.

The Moss Project drillhole database consists of 538 drill holes that intersected the interpreted mineralization wireframes at the Moss Deposit and 156 drill holes that intersected the interpreted mineralization wireframes at the East Coldstream Deposit for a total of 738 Drill Holes used in the Mineral Resource Estimate. Gold assays were composited to 2-meter composite lengths, and the estimation utilized 31,149 composited samples. A total of 1.8% of the total drilled meters inside the interpreted mineralization wireframes were not sampled, assumed to be waste, and assigned a nominal waste value of half the detection limit of modern assay methods (0.0025 g/t Au).

Gold estimation was completed using ordinary kriging. The search ellipsoid size used to estimate the Au grades was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis. Blocks within estimation domains are assigned rotation angles using a modelled 3D mineralization trend surface wireframe, which allows structural complexities to be reproduced in the estimated block model. The number of variogram structures, contributions of each structure, and their ranges are set per estimation domain and do not vary within the estimation domain.

A total of 2,812 bulk-density samples are available from the Moss Project drillhole database. APEX personnel performed exploratory data analysis of the bulk density samples available, and the density was assigned for each geologic unit modelled within the Moss Lake Deposit and East Coldstream Deposit areas. The density of the deposits ranged from 2.68 g/cm3 to 2.89 g/cm3. The modelled overburden was assigned a density of 1.8 g/cm3.

Mineral Resource Classification

The Moss Gold Project MRE has been classified as an Indicated and Inferred Mineral Resource. This resource classification reflects that much of the drill hole data used for the resource estimate is historical, and no QA/QC data or reports exist for most of these drill holes. Statistical assessment of historical data spatially near modern assay data support the use of the historical data in the mineral resource estimate including the indicated category of classification..

The resource is classified according to the CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.

Reasonable Prospects for Eventual Economic Extraction

The CIM guidelines for mineral resources require that reported mineral resources demonstrate reasonable prospects for eventual economic extraction (RPEEE). Table 4 outlines the cost parameters and other assumptions used to constrain the open-pit mineral resource statement and reporting cutoff. The resource block model underwent several pit optimization scenarios using Deswik’s Pseudoflow pit optimization. The resulting pit shell is used to constrain the reported open-pit MRE that reaches a maximum depth of approximately 510m and 340m in the Moss Deposit and East Coldstream Deposit, respectively.

Table 4: Open Pit RPEEE Cost and Parameter Assumptions

Costs and Geometry
ParameterUnit2024 MRE
Mining WasteUS$/ tonne waste2.25
Mining Mineralized MaterialUS$/ tonne milled3.00
Flotation Leach ProcessingUS$/ tonne milled9.50
General and AdministrationUS$/ tonne milled2.10
SlopeDegrees50
Sale Price and Recoveries
Gold Recovery (Moss Lake)Percent90
Gold Recovery (East Coldstream)Percent95
Gold PriceUS$/ozt1850

The reported underground MRE is constrained within mining shapes assuming open-stope mining methods, a grade cutoff of 2.0 g/t Au, and the assumptions detailed in Table 5. The mining shapes were manually constructed, constraining continuous material above the gold cutoff that met the minimum thickness and volume requirements.

Table 5: Underground RPEEE Cost and Parameter Assumptions

Costs and Geometry
ParameterUnit2024 MRE
MiningUS$/ tonne removed75
Flotation Leach ProcessingUS$/ tonne milled9.50
General and AdministationUS$/ tonne milled2.10
Assumed Open Stope Dimensions (W x H x L)Meters1.5 x 10 x 20
Sale Price and Recoveries
Gold Recovery (Moss Lake)Percent90
Gold Recovery (East Coldstream)Percent95
Gold PriceUS$/ozt1850

Additional Exploration Potential

The modelled shears extend to much greater depth below the optimized open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the modelled strike length of 5.7km. Historical drilling has intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s 2023 soil geochemistry and structural mapping programs. This work suggests a series of en echelon “master shears” with a second prospective zone trending from just north of QES to the northeast beyond Span (Figures 2 to 4 and 8).

Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes up to 2.5km to the southeast of the Moss Deposit.

An additional 4 million tonnes of gold mineralization has been identified and modelled inside the conceptual open pit that is beyond the support distances required for Inferred or Indicated classification. This tonnage represents a target for future exploration drilling and resource development.

Similar to the Moss deposit, the modelled shears in East Coldstream extend to a greater depth below the optimized open pit constraining the reported MRE. The mineralization demonstrates a distinct shallow easterly plunge which has been successfully tested at depth by Goldshore drilling and represents potential for additional gold mineralization discoveries beneath the current defined MRE open pit (Figures 5 to 7).



Figure 8: Long section at the Moss Deposit showing gold mineralization in drillholes along strike and at depth looking northwest

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Next Steps

Goldshore will also continue an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes are also being surveyed using modern downhole surveying equipment. Resampling of historical drill core will continue, although most core blocks are now illegible rendering resampling impossible.

Pete Flindell, VP Exploration for Goldshore, said: “APEX have completed a thorough and objective review of the geology of the Moss and East Coldstream Gold Deposits, and the underlying drill database. Their implicit modelling of core and marginal shears has led to a more accurate model of the gold distribution. This has resulted in a significant improvement in the Mineral Resource Estimate, which can now form the basis for infill and step out drill planning, and a definitive PEA. Their work also highlights immediate potential to grow the MRE in and outside of the RPEEE pits.“

Qualified Person Statements

Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo. and Mr. Warren Black, M.Sc., P.Geo are both considered independent “qualified persons” under NI 43-101 and are jointly responsible for the 2024 Moss Gold Project MRE Update. Mr. Dufresne and Mr. Black have prepared and approved the scientific and technical information related to the MRE contained in this news release.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a “qualified person” under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.

Updated Technical Report

Details of the Moss Gold Project MRE will be provided in a technical report with an effective date of January 31, 2024, prepared in accordance with NI 43-101 standards, which will be filed under the Company’s SEDAR+ profile within 45 days of this news release. The Moss Gold Project MRE was prepared by independent mining consulting firm APEX Geoscience Ltd. in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” dated November 29, 2019, and the CIM “Definition Standards for Mineral Resources and Mineral Reserves” dated May 10, 2014.

Results of the Company’s Annual General Meeting

The Company also announces that all matters proposed at the Annual General and Special Meeting (the “Meeting“) held on January 23, 2024 were approved. At the Meeting, shareholders of the Company voted in favour of setting the number of directors at six (6); as well as electing Galen McNamara, Brett Richards, Brandon Macdonald, Shawn Khunkhun, Joanna Pearson and Kyle Hickey as directors. The shareholders also approved the re-appointment of Davidson & Company LLP as the Company’s auditors, approved the adoption of a new omnibus incentive plan (the “Incentive Plan“) and provided disinterested approval ratifying a previous grant of restricted share units under the new Incentive Plan.

The new Incentive Plan replaces the existing stock option plan previously adopted by the Company, and allows for the grant of incentive stock options, restricted share units and deferred share units to a maximum of ten percent of the issued and outstanding share capital from time-to-time. For further information regarding the matters presented at the Meeting, or to review a copy of the new Incentive Plan, readers are encouraged to review the Company’s management proxy circular, a copy of which is available under the Company’s profile on SEDAR+.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. The Company is led and supported by an industry-leading management group, board of directors and advisory personnel. Goldshore is well-positioned and well financed to advance the Moss Gold Project through the next stages of exploration and development.

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

For More Information — Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196910

Categories
Base Metals Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Assays 480 Ounces per Ton Silver (14,929 Grams/ Ton) from Vein in New Zone1

Burlington, Ontario–(Newsfile Corp. – February 5, 2024) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce the assay results from its last blast prior to MSHA inspection and training. Select material collected from the vein assayed as high as 480 ounces per ton silver (see photo).


 
Sample from Vein in Zone1
 
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Random samples of the muck pile associated with that blast assayed 7.0, 3.8, and 8.0 ounces per ton silver. These random samples were not hand selected for grade but were taken directly from the raw material in pails to determine the mineralization in the blast muck. The Company continues to see an increase in the grade of the muck assays with each round, and reasonably believes the grade could continue to increase with each advancing round.

The main reason for this belief is the assay results from that area, which include the December 11, 2023 results of the concentrates averaging 24.2 ounces per ton (829.7 grams/tonne) silver, with the high grade line on the shaker table then assaying at 334 ounces per ton (11,451.5 grams/tonne). The Company also relies on the high grade silver results reported in its November 11, 2023 press release, and upon other internal assay results which have not been disclosed. As previously disclosed, the Company continually runs its own production assay lab and not all assay results, whether lower or higher than those above, have been or will be disclosed.

This material when combined with the high-grade material should provide excellent feed material to the mill.

SBMI is also pleased to advise its MSHA training has been completed and approved. The field team was back at the mine and mill sites making the necessary changes required by MSHA, and plans to commence production upon completion of those changes. The Company will provide a projected production schedule in the near future.

The Company is pleased with both the continued improvement in the head grade at the mine as well as the successful completion of its MSHA training and approval.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196782

Categories
Junior Mining Precious Metals

Emperor Metals Renews Option on Duquesne West Gold Project

Vancouver, British Columbia–(Newsfile Corp. – February 2, 2024) – EMPEROR METALS INC. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor” or the “Company“)  is pleased to announce that it has paid Duparquet Assets Ltd., a private company owned 50% by Globex Mining Enterprises (“Globex”), the second year’s option payment to maintain Emperor’s option on the Duquesne West property in Duparquet township, Quebec, NTS-32D06. The option renewal for 2024 consisted of a $500,000 cash payment and the issuance of 2,583,119 common shares of Emperor equivalent to $300,000 based upon a 20-day volume weighted average price.

During 2023, Emperor undertook a 14-hole drill campaign and relogged 3,000 samples of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. Pursuant to previous press releases, Emperor has announced both high grade and low grade intersections building upon the Company’s open pit model. Additional drill hole results are pending and the 3,000 metres of historical core samples are being prepared to submit for assay.

The Duquesne West property straddles the Porcupine-Destor gold localizing fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined a historical inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI 43-101 report “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada” by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer dated October 20, 2011. This report is available on Globex’s website and is considered relevant and reliable. A “qualified person” as defined under NI 43-101 has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The Company is not treating the historical estimate as current mineral resources or mineral reserves.

The technical information in this press release was reviewed and approved by John Florek, P. Geo., President and CEO of Emperor in his capacity as the Company’s “qualified person.” For further information on the Duquesne West Property see Emperor’s press release dated October 12, 2022, available on SEDAR.

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/ “Alexander Horsley”
Alexander Horsley,
Director

For further information, please contact:

Mr. Alexander Horsley
Phone: 778-323-3058
Email: info@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/196673

Categories
Base Metals Junior Mining Precious Metals

Terra Balcanica Intercepts 551 g/t AgEq Over 4.8 m At Cumavici Ridge in Bosnia and Herzegovina

Terra Balcanica Resources Corp.
Terra Balcanica Resources Corp.

News Release Video: Terra Balcanica produced a technical webinar to explain the drill results

Vancouver, British Columbia, Jan. 30, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce the final geochemical assay results from the Phase II drill campaign at Cumavici Ridge confirming continuation of the high-grade epithermal vein mineralization at the Viogor-Zanik project in Bosnia and Herzegovina.

Highlights

  • Drillhole CMV23001 intersected 551 g/t AgEq over 4.8 m from 11 m downhole with a further mineralized interval of 669 g/t AgEq over 0.3 m from 31.60 m (Table 1);
  • Drillhole CMV23001 is located on the same platform as previously CMV23002b which returned 499 g/t AgEq over 3.8 m from 22 m reported (see Company news release 17 January 2024);
  • The Cumavici Ridge mineralization remains open and untested immediately northwest and down-dip to the southwest, which will be targeted by our 2024 Phase III drill program;
  • Further assay results from the 2023 Phase II drilling program are pending release, including 4 shallow drillholes at the Brezani Au skarn, which aim to add strike length to the previously reported 88.0 m at 0.61 g/t AuEq from surface (news release dated 24 January 2023).

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Terra keeps on confirming average grades of over 500 g/t Ag Eq and average mineralization thicknesses of approximately 5-10 m of massive sulfides and associated Ag-Sb-Pb-Zn-Au mineralogy at Cumavici Ridge which is only one of six target zones along the 7.2 km corridor of vein-hosted epithermal mineralization. This zone is de-risked by drilling shallow, high grade silver mineralization at both the Cumavici Ridge and Joseva targets over 2.3 km apart. We are very excited to carry on adding to the existing mineralized horizon at Cumavici Ridge by testing it down dip to SW as well as along strike to NW while expanding drill campaign to Cumurnica and two other targets along the corridor in 2024.”

Hole IDFrom
(m)		To
(m)		Length
(m)		Ag
(g/t)		Au
(g/t)		Pb
(%)		Sb
(%)		Zn
(%)		AgEq
(g/t)
CMV2300111.0015.804.81321.610.571.561.51551
CMV2300131.6031.900.31060.470.283.221.00669

Table 1. Assay results from drillhole CMV23001 of the Phase II drilling campaign. Interval lengths reported are drilled lengths, not true widths. Silver equivalent (“AgEq”) is 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, 17 January 2024). Current drilling efforts confirm mineralization over 82 m NW/SE strike length. (WGS84/UTM Zone 34N; click here to view image).

Hole IDEastingNorthingElevation
(m)		DipAzimuthDepth
(m)		Recovery
(%)
CMV23001360223.34888497.2594.63-8505061.798.8

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 5th November 2023). The shallow, vein hosted system remains untested and open to the southwest down-dip which will also be targeted during the 2024 Phase III drilling.

Figure 2. Drillhole section through step out drill fence located 42 m SE of the 2022 discovery holes at Cumavici Ridge. Assay intervals reported for CMV23001. (Click here to view image)

Hole IDEastingNorthingDipAzimuthDepth (m)Comments
CMV230053602324888411-8505058.2Ended before target depth
CMV230063599174888823-6005082.2No visible mineralization
CMV230083598654888914-6005065.8No visible mineralization
CMV230103597704888949-5005091.5No visible mineralization
CMV230113602254888446-8505050.2No visible mineralization
CMV230123602454888471-8505067.6No visible mineralization

Table 3. Collar locations and comments for the remaining Cumavici Ridge phase II drillholes. Coordinates and elevation were taken using a differential GPS unit. (WGS84/UTM Zone 34N; 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.

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.

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX acquires a royalty over the Mustajärvi gold discovery in Finland

Vancouver, British Columbia–(Newsfile Corp. – January 30, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of a purchase agreement with Aurora Exploration OY (“Aurora”), a private Finish company, for Aurora’s royalty interest covering the Mustajärvi gold project in Finland (the “Project”). The Mustajärvi project is located in the prolific Central Lapland Greenstone Belt in northern Finland, which hosts several recent gold discoveries as well as the Kittila Gold Mine, operated by Agnico Eagle Mines Ltd. The Mustajärvi project is currently being advanced by Firefox Gold Corporation (“Firefox”).

The Mustajärvi project was originally acquired by Aurora in 2017 and subsequently sold to Firefox. Further exploration and drilling by Firefox led to the discovery of significant gold mineralization within the Project area (see various news releases by Firefox between 2018 and 2023). As part of the transaction with Firefox, Aurora retained a 1% NSR royalty, to be acquired by EMX. Half of the NSR royalty (0.5%) can be repurchased by Firefox for US$500,000 upon receipt of a positive feasibility study. Further information on the project can be found at Firefox’s website (www.firefoxgold.com) and in the Project’s 2018 NI-43-101 Technical Report, which has been filed on SEDAR.

Firefox recently announced a partnership with Agnico Eagle Mines Ltd, including a private placement into Firefox (see Firefox News Release dated December 20, 2023). In its announcement, Firefox reported that proceeds from the private placement will be used to further advance and drill the Mustajärvi project.

Commercial Terms Overview: As consideration for the royalty interest, EMX has paid Aurora US$80,000 and will issue 30,000 common shares of the Company to Aurora, subject to receiving final acceptance from the TSX Venture Exchange. These are the sole considerations for the purchase of the royalty.

Overview of the Project. The Mustajärvi project is located in Northen Finland in the Central Lapland Greenstone Belt and is hosted within the Mustajärvi shear-zone (MSZ). The MSZ lies between the regional Venejoki and Sirkka shear zones, which host numerous gold occurrences and deposits including Rupert Resources’ recent Ikkari gold discovery.

Gold mineralization at Mustajärvi appears to be developed within “dilational jogs” along the MSZ. Drill defined zones of mineralization have now been reported over a 2.1km trend. The mineralization chiefly occurs as quartz-carbonate-tourmaline veins along contacts between intercalated siliciclastic meta-sediments and mafic-ultramafic volcanic rocks, a common control of gold mineralization in the region. The currently defined zones of mineralization remain open along strike at both ends of the trend as well as at depth.

Recent exploration activities concentrated on the “East Target”, where Firefox reported the discovery of a new zone of gold mineralization in 2022-2023. Drill intercepts in the East Target include hole 22MJ006 with 13.85 meters of 28.74 g/t Au from an in-hole depth of 24.15 meters, 22MJ021 with 15.5 meters of 13.09g/t Au from an in-hole depth of 11 meters and hole 23MJ004 with 20.45 meters of 5.14 g/t Au from an in-hole depth of 12 meters1. Elsewhere on the property, significant intercepts include drill hole 21MJ010 with 16.45 meters at 7.69 g/t Au from an in-hole depth of 154.15 meters1. Firefox and previous explorers have drilled a combined total of 14,158 meters on the property so far.

Comments on Nearby and Adjacent Properties. The deposits, projects and mines discussed in this news release provide context for the 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 that specializes in generating and acquiring royalty interests. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, 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

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@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 reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” 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 September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov



Figure 1. Location of the Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/196134_652a150a5422085b_002full.jpg

1 In its news releases dated September 9, 2021, September 6, 2022, January 18, 2023 and July 18, 2023 Firefox has reported that “drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geologic modelling.” Although these results were reported in compliance with NI43-101 protocols and are believed to be reliable and relevant, EMX has not performed sufficient work to verify the published assay results.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196134

Categories
Base Metals Exclusive Interviews Junior Mining Precious Metals

Dolly Varden | High-Grade Results from Homestake Silver (Video)

In this interview we sit down with Shawn Khunkhun the CEO of Dolly Varden Silver (TSX.V: DV | OTCQX: DOLLF) to discuss the disconnect with Silver and Silver Equities, the latest news regarding more high-grade Silver results from the Homestake Silver Deposit, and the recent consolidation with addition of the Big Bulk Copper-Gold Porphyry Project.

Categories
Exclusive Interviews Gold Company Junior Mining Precious Metals

Uncovering the Potential: Gold 79 Mines’ Gold Project in Arizona

Gold79 believes that the Tyro Main Zone has the potential for 15.6 to 31.2 Mt grading 1.5 to 2.5 g/t Au. This is based on previous exploration on the property, including 685.7 metres of drilling along with surface sampling (95 samples), sampling of historical underground workings (56 samples) and detailed mapping.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com

Book a 30-minute meeting with our CEO here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

Gold79 Mines | Ticker: TSX.V: AUU

Categories
Base Metals Energy Precious Metals Silver Bullet Mines

Silver Bullet Receives MSHA Approval

Burlington, Ontario–(Newsfile Corp. – January 23, 2024) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce as part of its ongoing transformation to a silver producing company, it has submitted and received approval for its mine training program from the Mine Safety and Health Association (“MSHA”), part of the United States Department of Labor. This MSHA approval covers the training program for both SBMI’s underground and surface operations. The approval process included three onsite inspections by MSHA and the completion by SBMI of a detailed safety operations program.

The field team in Arizona is currently attending the annual training program which will be completed this week, following which the field team intends to address any outstanding safety-related items, develop the silver higher-grade Zone1, and commence commercial operations.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195306

Categories
Junior Mining Precious Metals

Government Employee Pensions Are Underfunded. Taxpayers Will Make Up the Difference

01/20/2024Doug French

People aren’t messing with their 401(k)s enough, according to the The Wall Street Journal. It used to be “Set it and forget it.” Now, according to the Wall Street Journal’s Jon Sindreu, if you forget it, you might miss it.

Inspired by a BlackRock thought experiment which included perfect knowledge, Sindreu looked backward between 2020 and the present at a person making yearly changes (moving funds to the previous year’s strongest sector) which would have generated a compound annual return of 55 percent, nearly four times more than buying and holding the Standard and Poor’s 500 (or setting and forgetting). For the period of 2016 through 2019, the gain would have been 30 percent, twice the index.

Basing a new strategy on back-of-the-envelope testing back just seven years seems dubious. It also requires discipline and market knowledge that the vast majority of 401(k) investors just don’t have. Most people with 401(k)s just plain have no interest in, let alone knowledge of, financial markets.

At least one company understands that its employees are not cut out to be investors. IBM, starting this year, will “provide a defined benefit plan that will save for an employee’s retirement automatically, with no contribution required from the employee. The result will be a stable and predictable benefit that professionally invests every retirement saving dollar to maximize risk-adjusted rates of return,” summarizes Teresa Ghilarducci in an article for Forbes.

Ghilarducci makes the point that small businesses may go back to defined benefit plans because “the permitted tax-qualified contributions are larger in [defined benefit] than [defined contribution].”

IBM dropped their pension plan fifteen years ago and went to a 401(k) plan. The United Auto Workers did the same, as did many other large and small companies. These moves shifted “the risk of mistakes onto the employees.”

IBM has now declared its 401(k) plan a failure, as has the Mercer/CFA Institute Global Pension Index, which flunks the US model for not “providing enough accumulation, stable investment, and reliable lifetime benefits.”

Ghilarducci says 401(k) participants are stuck with investment options that are high-priced and inefficient. Plus, what happens when that lump sum of accumulated wealth is staring a retiree in the face? Some take distributions slowly and carefully and likely will live below their means and pass what remains to their heirs. Others, however, will buy expensive toys, what Ghilarducci calls the “red truck syndrome—a term coined when newly retired workers with lumps [buy] something they have always wanted—a shiny new truck.”

Defined benefit plans are A-OK if fully funded, but many government employee defined benefit plans are not. In fact, an academic study finds there are incentives for government defined benefit plans to be underfunded. Not to give away the punchline, but government employee pensioners know it’s the law for them to be paid their pension, and the government will force taxpayers to cover any shortfall.

Sarah Anzia and Terry Moe explain the logic behind underfunded government pensions in Perspectives on Politics:

Another basic feature of pension politics is that public workers and their unions have incentives to support the chronic underfunding of their own pensions. Due to state statutes, constitutions, and judicial decisions, pensions promised by state politicians are backed by strong legal protections almost everywhere; and public workers thus know they will eventually get what they are promised even if their pension plans are currently underfunded. Indeed, because full funding on a regular schedule would be tremendously costly for state (and local) budgets—crowding out other services, forcing higher taxes, making the true costs of pensions painfully transparent to citizens—public workers and their unions have incentives to prefer that their pension plans be underfunded. Underfunding enables the fiscal illusion that pension benefits are much less expensive than they really are. If public workers and their unions want increasingly generous benefits in future years, they need to convince the public that these benefits are not costly to provide. At the same time, underfunding keeps employee contributions to their own pension funds at low levels; and by keeping contributions by their employers down, they are freeing up public money for other government services, keeping public workers employed—and providing funds for their own salaries and raises.

Employees in the private sector must spend time researching investment options and hope their investment selections and market timing are right. Meanwhile, government employees can relax and count on taxpayers to make their golden years stress free.

Author:

Doug French

Douglas French is President Emeritus of the Mises Institute, author of Early Speculative Bubbles & Increases in the Money Supply, and author of Walk Away: The Rise and Fall of the Home-Ownership Myth. He received his master’s degree in economics from UNLV, studying under both Professor Murray Rothbard and Professor Hans-Hermann Hoppe. His website is DouglasInVegas.com.

Categories
Junior Mining Precious Metals

Gold79 Defines an Exploration Target for the Tyro Main Zone at the Gold Chain Project

Ottawa, Ontario–(Newsfile Corp. – January 22, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that it has defined an exploration target at the Tyro Main Zone, the first potential resource area, on the Gold Chain Project in Arizona (the “Exploration Target”).

Gold79 believes that the Tyro Main Zone has the potential for 15.6 to 31.2 Mt grading 1.5 to 2.5 g/t Au. This is based on previous exploration on the property, including 685.7 metres of drilling along with surface sampling (95 samples), sampling of historical underground workings (56 samples) and detailed mapping. The Exploration Target was derived by modeling the Tyro Vein System within the Tyro Main Zone. The volume of the modeled areas determines the potential tonnage statement in the Exploration Target. The grade range given in the Exploration Target is determined with consideration to the drill results within the modeled Exploration Target area and consideration of the geological setting in an established gold camp where mineralization typically extends to a depth of at least 300 metres. See the heading below “Tyro Main Zone Exploration Target” for additional details. The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource and it is uncertain if further exploration will result in the Exploration Target being delineated as a mineral resource.

The highlights in this update include:

  • To generate a potential maiden resource at the Tyro Main Zone, additional core and reverse circulation (RC) drilling is proposed along with mechanized sampling of surface vein exposures.
  • The Tyro Main Zone Exploration Target is limited to only 1 kilometre of the 3.4 kilometre strike length of the full Tyro vein system (Figure 4).
  • The initial target at the Tyro Main Zone excludes the adjacent targets identified at the historic Banner and Sheep Trail Mines (previous drilling at Banner by Gold79 returned 10.7 grams per tonne Au over 3.1 metres in drill hole GC21-08, see press release dated November 2, 2021).
  • The Tyro Main Zone Exploration Target also excludes the Frisco Graben to the northeast, where continuing work indicates the upper levels of a potential low sulfidation epithermal gold system over an extent of 4 kilometres.

Derek Macpherson, President and CEO stated, “In the second half of 2023, Gold79 undertook a review of all the data collected from the Company’s work at the Gold Chain project over the last 3 years. Our conclusion continues to be that the Gold Chain project has the potential to host multiple, plus million-ounce gold targets. The Tyro Main Zone represents a portion of the potential we see at the project and has become a priority for the Company given the potential to define a higher-grade open-pittable resource that would start from surface with a relatively small amount of additional exploration work.”

Mr. Macpherson continued, “This Exploration Target, if converted to a resource, would have the potential to be one of the higher-grade open-pit deposits in the camp, and has the potential to be moved into production quickly given that it is on patented claims and given the existing underutilized infrastructure in the surrounding district.”

Figure 1. Geologic map of the Katherine district and the Gold Chain project.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5717/194934_f7cdbb6454a278e2_001full.jpg

Tyro Main Zone Exploration Target

The Tyro Main Zone consists of the historic Tyro Mine (with production from two-levels of underground workings and a small slot pit) and the Decimal Hill area. The 1,000-metre extent considered in this Exploration Target is contained within 15.6 to 31.2 Mt grading 1.5 to 2.5 g/t Au and is located entirely on 3 patented claims controlled by Gold79.

The work completed to date by Gold79 at the Tyro Main Zone includes:

  • 685.7 metres of RC drilling (Table 1).
  • 95 surface rock chip samples (Figure 2).
  • 56 chip channel samples from the underground workings (Table 2).
  • Detailed geologic mapping of the mine workings, patented claims and surrounding BLM claims.

Using this data, Gold79 has defined the Exploration Target over the 1,000-metre strike length of the Tyro Main Zone and down to a depth of 300 metres. The Exploration Target effectively excludes the potential high-grade zone intersected with drill hole GC23-28 (which included 9.1 metres at 51.09 grams per tonne gold, see press release dated February 28, 2023). This potential high-grade zone was excluded since it has only been intersected in one drill hole to date and would materially skew the potential grade range higher. It should be noted that similar grades in line with GC23-28 were documented to have been mined historically (pre-1940) at the Tyro underground mine.

The dimensions of the Exploration Target are based on surface sampling, detailed mapping, and drilling for strike length and width. The 300-metre depth is consistent with the depth of mineralization encountered in neighboring veins (i.e. Katherine, Arabian and the Oatman district) shown in Figure 1.

The potential quantity and grades estimated for the Tyro Main Zone Exploration Target are conceptual in nature, and there has been insufficient exploration completed to date to define a mineral resource. It is uncertain if further exploration will result in the Tyro Main Zone Exploration Target being delineated as a mineral resource.

Figure 2. Tyro Mine area geologic map showing sections, drill holes and sampling results.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5717/194934_figure2.jpg

Figure 3. Three-dimensional view looking north across the mineralized domain (red) of the Tyro vein system. Historical holes (black dots) and holes proposed for 2024 (blue poles).

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/5717/194934_figure3.jpg

Path to a Resource at the Tyro Main Zone

Gold79 believes it has a unique opportunity to define a gold resource with minimal additional investment over a short period of time. Modelling of the existing database (Figure 3) has identified areas where additional exploration is needed to support a maiden inferred resource estimate. Gold79 believes that to define a maiden resource at the Tyro Main Zone to a depth of approximately 150m the following work is required.

  1. Trenching – 24 trenches (~1,100 metres)
  2. Core Drilling – 750 to 1,250 metres
  3. RC Drilling – 1,500 to 2,500 metres

The planned trenching program is expected to help define widths and gold grade in mine and surface exposures. The accessible mine workings have already been sampled (Table 2). Many of the roads required for this work were constructed in the 1980s and surface access/disturbance should not require a permit. It is important to note that each step in the exploration process will define the scale required at the subsequent step.

The potential quantity and grade estimated for the Tyro Main Zone Exploration Target is conceptual in nature, and there has been insufficient exploration completed to date to define a mineral resource. It is uncertain if further exploration will result in the Tyro Main Zone Exploration Target being delineated as a mineral resource.

Table 1. Selected Intercepts from Tyro Main Zone Drilling.

To view an enhanced version of Table 1, please visit:
https://images.newsfilecorp.com/files/5717/194934_table1.jpg

Table 2. Summary of underground chip-channel sampling on the
Tyro Mine 200 Level.

To view an enhanced version of Table 2, please visit:
https://images.newsfilecorp.com/files/5717/194934_table2.jpg

Figure 4. Schematic diagram of the Tyro vein system showing the vein segments defined by WNW- to NW-trending intra- to post-mineral faults and veins.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/5717/194934_figure4.jpg

Figure 5. Exploration model for low-sulfidation epithermal gold-silver vein systems illustrating vertical variations in quartz textures, structure, alteration and geochemistry along with the estimated vertical positions of the several structural segments of the Tyro vein system. Diagram adapted from: Buchanan (1980), Hollister (1985), Berger & Eimon (1983), Anaconda Corp. (1983), Guoyi (1992) and Corbett & Leach (1996).

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/5717/194934_figure5.jpg

Further Updates Planned on the Frisco Graben and North Oatman Trend

Gold79 has completed a review of the exploration data collected over the last three years at Gold Chain. Given that the upper extent of the “boiling zone” of this low sulphidation epithermal gold system is effectively at surface for the Tyro Main Zone (Figure 5), this has become Gold79’s priority exploration target at Gold Chain. However, based on this review of exploration data, Gold79 also believes that other targets at the Gold Chain project have the potential to yield large gold deposits. Besides the Tyro Vein system, discussed in our May 9, 2023 press release, the North Oatman Trend and Frisco Graben represent large scale targets, with the “bonanza zones” partially exposed or blind to the surface (Figure 5). The Company plans to provide future updates on these other large-scale targets at its Gold Chain project in northwest Arizona.

Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for all phases of drilling programs including sample collection, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 34 other elements were determined by Aqua Regia ICP-AES, over limit samples were determined by fire assay and gravimetric finish. Standard sample chain of custody procedures were employed during field work and the drilling campaigns until delivery to the analytical facility.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:

Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future private placement financing, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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/194934