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Energy Junior Mining Lion One Metals Precious Metals

Lion One Releases Financial Results for Quarter Ended September 30, Announces USD $4 Million Tranche 3 Draw down on Nebari Financing Facility

North Vancouver, British Columbia–(Newsfile Corp. – December 2, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to release the Company’s financial results for Q1 FY 2025, and announces that the Company has entered into an agreement to amend certain terms and draw down a further USD $4,000,000 (“Tranche 3”) of its Senior Secured Financing Facility (the “Financing Facility”) provided by Nebari.

Financial Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following:

  • Mine operating income of CAD$1,529,978
  • Record revenue of CAD$10,468,452
  • 3,129 ounces (oz) of gold sold, and 1,093 oz of silver sold
  • Average realized gold selling price of CAD$3,332 per oz
  • Cost of sales per gold oz of CAD$2,843 (net of silver revenue)

Mine Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mining physicals:

  • Total 54,829 tonnes mined
  • 21,852 tonnes of waste mined
  • 32,977 tonnes of mineralized material mined at average grade of approximately 4.83 Au g/t
  • Total capital development of 283 meters
  • Total operating development of 666 meters
  • Decline advancement of 163 meters and vertical development of 155 meters

Mine production during the quarter was impacted by mine equipment availability in July and August as two underground loaders and a single boom jumbo were out of service for repairs. A new underground loader arrived on site in September resulting in improved equipment availability. Despite the mine equipment utilization issues, the mine was still able to deliver 32,977 tonnes of mineralized materials at 4.83 g/t Au, including 28,922 tonnes of mineralized materials at 5.16 Au g/t and 4,055 tonnes of lower grade mineralized materials at 2.46 Au g/t. The Company will stockpile the lower grade materials (mineralized materials below 3 Au g/t) with the intention of feeding the lower grade mineralized materials once the mill expansion has been completed and excess milling capacity is available.

In the near term, the Company will continue to add mining equipment to improve equipment availability and invest in critical mine infrastructure projects such as the raise bore and mine ventilation project which started in October 2024 and scheduled for completion in January 2025.

Pilot Plant Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mill physicals:

  • 31,391 tonnes of mineralized material processed at an average head grade of 4.6 Au g/t
  • Record 3,639 oz of gold recovered
  • 2,889 oz gold doré poured
  • 3,129 oz gold refined and sold
  • Overall 78.2% recovery achieved for the quarter
  • Record 81.3% recovery achieved in September
  • 81 days of mill operations in the quarter
  • 11 days of mill downtime, including 9 days for scheduled mill maintenance
  • Approximately 1,889 oz of mineralized material (primarily gold) was retained within the mill circuit as in process store of metal as of September 30, 2024, with an additional 112 oz of gold doré stored in inventory.

Mill production during the quarter was impacted by a scheduled nine-day mill maintenance shutdown in July 2024, which was conducted to maintain and upgrade the Tuvatu processing plant facilities. These upgrades will have a significant impact on processing efficiency and cost savings moving forward. Major upgrades completed during the shutdown include re-lining the primary ball mill with rubber liners, replacing the bowl/mantle for the cone crusher, replacing the #1 conveyor belt, replacing the grinding and gravity circuit piping with flexible slurry hoses, and installing new detox feed pumps and feed splitter box for the detox circuit. Despite the down time from July, the Company nevertheless achieved a record quarterly gold production of 3,639 oz recovered for the three-month period ending September 30, 2024. This marks three consecutive quarters of record production during the pilot plant phase of operations at Tuvatu.

The Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there may be an increased uncertainty of achieving any particular level either of the recovery of minerals or of the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Drilling Highlights Q1-FY25

Lion One has a total of five drills currently operating at Tuvatu. Three drills are located underground and are engaged in grade control and infill drilling, while two drills are located on surface, engaged in near mine exploration, extension, and infill drilling.

During the three-month period ended September 30, 2024, the Company completed 9,809.9 meters of diamond drilling in 65 completed holes, with a further 5 drill holes still in progress.

September 2024 Quarter Exploration Summary
ActivityNumber
# of drill holes completed65
# of drill holes in progress at end of Quarter5
# of meters drilled9,809.9
# of drill core samples submitted for analysis13,984
# of channels excavated and sampled164
# of samples from channel sampling1,701
# of surface rock chip samples collected96
# of samples analyzed in Lion One Laboratory20,748

On October 1, 2024, the Company reported significant new high-grade gold results from near-mine exploration and infill drilling at the West Zone target, located 300 m to the west of to the Tuvatu Gold Mine in Fiji.

Highlights of West Zone exploration and infill drilling:

  • 105.20 g/t Au over 2.1 m (including 248.35 g/t Au over 0.3 m) (TUDDH-636, from 67.8 m depth)
  • 70.07 g/t Au over 2.1 m (including 73.43 g/t Au over 1.2 m) (TUDDH-647, from 144.5 m depth)
  • 102.38 g/t Au over 1.2 m (TUDDH-645, from 97.7 m depth)
  • 19.82 g/t Au over 5.1 m (including 68.88 g/t Au over 0.9 m) (TUDDH-636, from 34.5 m depth)
  • 146.61 g/t Au over 0.6 m (including 289.85 g/t Au over 0.3 m) (TUDDH-645, from 164.3 m depth)
  • 24.16 g/t Au over 3.3 m (including 96.78 g/t Au over 0.3 m) (TUDDH-652, from 173.5 m depth)
  • 49.72 g/t Au over 0.8 m (including 78.61 g/t Au over 0.4 m) (TUDDH-755, from 52.94 m depth)
  • 42.44 g/t Au over 1.8 m (including 61.66 g/t Au over 0.6 m) (TUDDH-636, from 60.6 m depth)
  • 7.68 g/t Au over 4.2 m (including 28.63 g/t Au over 0.3 m) (TUDDH-645, from 142.4 m depth)
  • 14.86 g/t Au over 2.0 m (TUDDH-636, from 228.8 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff.

Subsequent to the quarter end, on November 12, 2024, the Company reported that development of a new near-surface roscoelite-bearing high-grade gold zone had commenced at Tuvatu. Roscoelite is a rare green to black vanadium bearing mica mineral, the presence of which is a defining characteristic of alkaline gold systems such as Tuvatu. It is directly associated with higher-grade gold occurrences and as such it is an important indicator mineral in these systems.

An initial bulk sample of the near-surface roscoelite zone at Tuvatu returned 11.6 g/t gold from 861 tonnes of mineralized materials mined at full mining widths. The Company is enhancing its mine plan with this gold-rich roscoelite material, which is already being processed through the pilot plant.

Roscoelite veining is directly related to high-grade gold mineralization at the nearby Vatukoula gold mine in Fiji where over 7 million ounces of gold have been produced over the last 95 years. Roscoelite is also observed in association with gold mineralization at the Porgera gold mine in PNG, which has been a top ten ranked gold mine globally and which has produced over 25 million ounces of gold. Vatukoula and Porgera are both alkaline gold systems similar to Tuvatu. At Porgera, the most economically significant veins are the Stage II quartz-roscoelite-pyrite veins with native gold, found in the Roamane fault zone. Similar Stage II quartz-roscoelite-pyrite veins are also observed in the new near-surface roscoelite zone at Tuvatu.

Nebari Tranche 3 Draw Down

In addition to releasing the quarterly financial results, the Company also announces that it has entered into an agreement to amend certain terms and drawn down a further USD $4,000,000 (“Tranche 3“) of its Senior Secured Financing Facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), previously announced on January 13, 2023 and January 2, 2024. Including the gross up for the original issue discount, Tranche 3 represents a further US$4,347,826 of principal under the Financing Facility. Proceeds from the Financing Facility have to date facilitated construction and commissioning of the Company’s 100% owned Tuvatu Gold Mine in Fiji, and Tranche 3 will facilitate investments as part of a Mine Enhancement Plan to stabilise and increase current production and prepare the mine to support future expansion of the process plant.

The Company has now fully drawn down the Financing Facility. In addition to amending the terms of the Financing Facility to facilitate drawing down Tranche 3, the Company amended certain reporting covenants.

Interest on the first USD $23 million drawn in Tranche 1 of the Facility remains at 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the original closing date, and no closing fees were payable. The USD $8 million drawn under Tranche 2 was subject to an 8% original issue discount and interest remains at 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, and closing fees equal to 2% of the amount funded. The USD $4 million drawn under Tranche 3 is subject to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 6 months from 30 June 2025, with closing fees equal to 2% of the amounts funded.

In connection with the drawdown of Tranche 3, the Company has agreed to issue Nebari an aggregate of 4,142,759 common shares in the capital of the Company as a loan bonus in accordance with the policies of the TSX Venture Exchange. The Company has also agreed to amend the exercise price of the 15,333,087 share purchase warrants issued to Nebari as part of the Financing Facility to an exercise price of $0.38 per warrant. All other terms of the warrants remain the same, including the acceleration provision that requires Nebari to exercise the warrants that can be triggered upon the volume weighted average price of the Company’s common shares on the TSX Venture Exchange being in excess of 200% of the exercise price of the warrants on each of 20 consecutive trading days. The issuance of the share loan bonus and amendment of share purchase warrants is subject to the approval of the TSX Venture Exchange.

Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Mr. Patrick Hickey, P. Eng., MBA, who is an officer of the Company, is a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the development and engineering content of this report.

Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232125

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Base Metals Breaking Energy Junior Mining Precious Metals

Polish central bank becomes biggest buyer of gold

The president of the National Bank of Poland, Adam Glapinski, recently revealed that the central bank would continue to buy gold, and is aiming for the precious metal to make up 20% of the bank’s reserves.

The National Bank of Poland (NBP), also known as the Narodowy Bank Polski, became the joint biggest gold buyer amongst central banks in the second quarter of 2024, tying with India, according to the World Gold Council. This was after the NBP bought approximately 19 tonnes of the precious metal. 

The president of the National Bank of Poland, Adam Glapinski, also said earlier this year that the central bank was planning to ensure that gold made up 20% of its reserves. At present, gold accounts for about 14.7% of the NBP’s reserves. 

Grzegorv Dróżdż, market analyst at Conotoxia, said: “At the end of the second quarter of this year, Poland’s gold reserves rose to 377.4 tonnes, and the pace of purchases of the bullion, held mainly at the Bank of England, since April this year has surpassed even the world’s largest economies.”

During the second quarter of the year, the price of gold also crossed the record level of $2,500 (€2,249.26) per ounce

This has led to more speculation about whether gold may be a good investment right now and why central banks have been scrambling to shore up reserves of the precious metal lately. 

Related

Why are central banks buying up more gold bullion?

One of the main reasons that central banks are stocking up more on gold recently is to be able to sufficiently diversify their reserves to protect against macroeconomic uncertainty and geopolitical shocks. 

This is because, in terms of economic and geopolitical volatility, when currency and other asset prices may fluctuate, gold is seen as a safe haven asset and an inflation hedge. 

As such, gold’s relatively stable performance during times of crisis, as well as its inflation hedge qualities are driving factors behind central banks picking the metal. It is also an effective way to diversify central bank portfolios and is considered to be highly liquid, with no default risk. 

It is also less affected by policy risk and can be used as a valuable collateral and policy tool. In some cases, gold can also help countries facing international sanctions, such as Russia, to avoid them. This in turn, incentivises these countries to buy more gold and use it to help maintain their liquidity, in case other means of finance are blocked off or difficult to access. 

On the other hand, the People’s Bank of China (PBoC) considerably slowed its gold-buying trend in the second quarter of the year. 

In Poland, gold demand has surged following the COVID-19 pandemic and because of the Russia-Ukraine war. Several investors also fear that the Russian invasion in Ukraine may spill over to Poland and want to prepare themselves in case of such a scenario by investing more in gold. 

In other parts of the world, stubbornly high inflation has also driven people more towards gold, with other geopolitical shocks such as the Russia-Ukraine and Israel-Hamas wars exacerbating this trend. 

has also revealed that it is investing in foreign equities and corporate bonds with the help of exchange-traded funds (ETFs), as another way to diversify its reserves. What factors impact the gold market?There are several factors impacting the gold market, namely, US dollar movements, real and expected inflation rates and gold jewellery demand, amongst others. Central bank purchases of gold can also have a significant impact on the metal’s prices. Although to a lesser extent, gold mining production can also have an impact on prices. Gold prices can spike if gold mining companies’ have to spend more on production costs, such as digging deeper mines, or face other issues such as labour strikes, environmental protests and weather phenomena, to name a few. At present, most of the world’s gold mining output comes from China, Australia, Russia, Canada and the United States.

Dróżdż also said: “The gold market, like many others, is driven by two forces: demand and supply. In the past few quarters, an increase in demand has been particularly evident.

“Moreover, the continued weakening of the dollar may indicate that gold could outperform other key assets in the near term. Conotoxia’s baseline scenario assumes that gold price momentum could slow down by the end of the year, with a possible correction, but is likely to remain above the $2,500 per ounce level.”

source: https://www.euronews.com/business/2024/08/23/polish-central-bank-becomes-largest-buyer-of-gold-in-second-quarter

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Base Metals Energy Junior Mining Precious Metals Project Generators

Trump Demands ‘Commitment’ From BRICS Nations on Using Dollar

(Bloomberg) — US President-elect Donald Trump warned the so-called BRICS nations that he would require commitments that they would not move to create a new currency as an alternative to using the US dollar and repeated threats to levy a 100% tariff.

Most Read from Bloomberg

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump said in a post to his Truth Social network on Saturday.

“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” he added.

Trump on his campaign trail pledged that he would make it costly for countries to move away from the US dollar. And he’s threatened to use tariffs to ensure they complied. Saturday’s threat took on new relevance as the president-elect prepares to retake power in January.

Trump and his economic advisers have been discussing ways to punish allies and adversaries alike who seek to engage in bilateral trade in currencies other than the dollar. Those measures include considering options such as export controls, currency manipulation charges and levies on trade, according to people familiar with the matter.

Trump has long stressed that he wants the US dollar to remain the world’s reserve currency, saying in a March interview with CNBC that he “would not allow countries to go off the dollar” because it would be “a hit to our country.”

The BRICS nations — as Brazil, Russia, India, China and South Africa are collectively known — discussed the issue of de-dollarization at a summit in 2023. Backlash against the dollar’s dominance gained traction in 2022 when the US led efforts to impose economic sanctions on Russia.

Economic advisers to Trump and his campaign have spoken in particular about targeting the BRICS effort.

Earlier: Trump Aides Discuss Penalties for Nations That De-Dollarize

“There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” Trump said Saturday.

The president-elect has already rattled world markets ahead of his second term with threats to levy an additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada if those countries do not do more to stem the flow of illegal drugs and undocumented migrants across US borders.

Canadian Prime Minister Justin Trudeau met with Trump on Friday to discuss trade and border issues in a bid to tamp down tensions between the two allied nations after the tariff threat.

Source: https://finance.yahoo.com/news/trump-demands-commitment-brics-nations-182124427.html

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RIVERSIDE RESOURCES Spins Out Gold Explorer Blue Jay Resources

In this video, Dr. John Mark Staude and Georgie Mark discuss exciting developments from Riverside Resources, including the upcoming spin-out of Blue Jay Resources, a company focused on gold exploration in Ontario’s Beardmore-Geraldton gold belt. Dr. Staude highlights the strategic decision to diversify Riverside’s portfolio beyond Mexico, with Ontario offering a prime location for gold discovery. Georgie Mark, the newly appointed CEO of Blue Jay Resources, shares his vision for the company’s growth, including exploring high-grade gold deposits that have been overlooked for over 70 years. They also discuss Riverside’s strong capital structure and the opportunity for shareholders to benefit from both Riverside and Blue Jay’s future success. Find out why Rick Rule is a shareholder in Riverside Resources.

For investor questions please call or email:

Website: https://www.rivres.com/ TSX.V: RRI | OTC: RVSDF Communications Team 778-327-6671
Email info@rivres.com

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Goldshore Awards Contracts for Resource Expansion & Discovery Focused Winter Exploration Programs

  • Diamond drilling program focused on expanding the mineral resource estimate within the conceptual open pit. Program will focus on the top 200 meters from surface by increasing drill density with the goal of extending known mineralization toward the surface to reduce the overall strip ratio and add to the ounce profile of the Moss Gold Project.
  • Discovery focused geophysical and geochemical program aims to define drill targets along 23 kms of prospective structural corridors that have not been systematically explored.

Vancouver, British Columbia–(Newsfile Corp. – November 25, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce it has awarded its resource expansion diamond drill program and its top of bedrock sonic drilling program to Laframboise Drilling Inc. and Forages Technic-Eau Inc., respectively. In parallel, the Company announces it has awarded the geophysical program to Abitibi Geophysics.

Michael Henrichsen, CEO of Goldshore commented, “We are very pleased to have awarded the contracts for our winter resource expansion and discovery-based exploration programs. The resource expansion targets we have identified have the potential to deliver ounces within the top 200 meters from surface, within the conceptual open pit, and could improve the economic performance of the deposit, building on the forthcoming Preliminary Economic Assessment (“PEA”) scheduled for release in Q1 2025. In addition, the first systematic discovery-based geophysical and top of bedrock sonic drill programs will give the Company the opportunity to develop robust drill targets that we feel will ultimately lead to a discovery and the uncovering of additional ounces at the project.”

Resource Expansion Drilling

The in-pit diamond drill program consists of approximately 15,000 meters of drilling focused on the top 200 meters from surface (Figure 1) with the goal of expanding the current mineral resource estimate (“MRE”) and reducing the strip ratio of the deposit through the following three avenues.

  • Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
  • Extending known mineralized shear zones laterally along strike; and
  • Extending mineralized shear zones intersected at depth at the Moss Gold Project towards surface where no shallow drilling has occurred.

Figure 1: Illustrates the upcoming 15,000 meter drill program within the conceptual open pit associated with the current MRE. This drill program is targeting resource expansion within the top 200 m from surface.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/231252_10d61f91b47929d1_002full.jpg


Discovery Focused Exploration Program

The discovery focused exploration program is designed to define robust drill targets along 23 kilometers of prospective structural corridors in the area of the Moss Gold Project. This focus area has not seen systematic exploration due to extensive till and muskeg that cover the prospect structural corridors.

The sonic drill program will sample the top of bedrock over the prospective structural corridors on 50 to 100 meter centers along 400 and 800 meter spaced lines to define areas of gold mineralization (Figure 2). The program will consist of up to 200 drill holes along the Moss Gold Project extensions and 12 kilometer long Kawa trend.

The geophysical program will consist of a 40 line-kilometer pole-dipole survey over the Moss Gold Project and a 235 line-kilometer gradient array survey with select IP pole-dipole lines planned across the 23 kilometers of prospective structural corridors (Figure 3). These surveys will allow the Company to obtain the resistivity and chargeability signature of the Moss Gold Project which has never been the subject to modern ground based geophysical surveys, and to look for similar geophysical responses in the 23 kilometers of prospective structural corridors.

Figure 2: Focus area for top of bedrock sonic drill program along the prospective mineralized structural corridors. Drill holes will be spaced 50 to 100 meters apart on 400 or 800 meters spaced lines.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/231252_10d61f91b47929d1_003full.jpg

Figure 3: Focus area for ground based induced polarization geophysics surveys across the Moss Gold Project and prospective mineralized structural corridors.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/231252_10d61f91b47929d1_004full.jpg


Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“), has approved the scientific and technical information contained in this news release.

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 MRE, dated March 20, 2024 and prepared by Apex Geoscience Ltd., has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle.

For more information, please visit the Company’s SEDAR+ profile at (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.
E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

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.

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 Moss Gold Project, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted increase in the ounce profile of the Moss Gold Project, and the release of an updated PEA 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 foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the PEA may not be completed on the timetable expected or at all; 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; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and 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 forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the PEA will be completed on the timetable anticipated.

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/231252

Categories
Base Metals Junior Mining Precious Metals

Gold surges and euro sags as broader war risks rise

A passerby walks past an electric monitor displaying recent movements of various stock prices outside a bank in Tokyo · Reuters

Tom Westbrook

Thu, November 21, 2024 at 9:29 PM EST 3 min read

By Tom Westbrook

SINGAPORE (Reuters) – Gold was headed for its largest weekly gain in nearly eight months on Friday and the euro hovered at a 13-month low as Russia lowered its threshold for using nuclear weapons and fired a hypersonic ballistic missile at Ukraine.

The risk of escalation also sent European gas prices to a one-year high and pushed investors towards safe havens, underpinning German debt and putting the Swiss franc on course for its first weekly rise in two months.

In Asia on Friday, chipmakers led stocks a little higher after Nvidia touched a record high in U.S. trade on solid earnings, with shares in Taiwan and South Korea up more than 1% and the Nikkei gaining 0.8%.

Gold was steady at $2,677 an ounce and up more than 4.5% for the week so far while bitcoin, stood on the brink of breaking above $100,000 for the first time.

Assets linked to Adani Group companies remained under pressure, with dollar bonds nursing losses following chairman Gautam Adani’s indictment for fraud by U.S. prosecutors.

Russia on Tuesday lowered its threshold for using nuclear weapons and overnight responded to the U.S. and UK allowing Kyiv to strike Russian territory with western weapons by firing a hypersonic intermediate-range missile at Ukraine’s Dnipro.

“Those weapons typically carry nuclear warheads,” said analysts at ANZ Bank, noting the attack sent oil prices higher.

“The exchange indicates the war has entered a new phase, raising concerns around disruptions to supply.”

Brent crude futures are up nearly 4.5% on the week and edged up to touch a two-week high of $74.44 a barrel in Asia trade.

The euro has been friendless and down for seven of the past eight weeks as Europe faces U.S. tariffs, slowing growth, the collapse of Germany’s government and strains in France’s government over its 2025 budget.

“There doesn’t seem to be anything on the plus side of the euro ledger just at the moment,” said National Australia Bank’s head of FX research, Ray Attrill.

At $1.0469 the common currency is close to breaking support at last year’s low of $1.0448. European stocks are also headed for a fifth weekly drop in a row, while world stocks are up 1% this week.

The dollar index eyed a weekly gain of 0.4% and traded at 107.05. S&P 500 futures were flat. Benchmark 10-year Treasury yields held at 4.432%, more or less steady on the week.

Markets imply about a 58% chance of a Fed cut, down from 83% a week earlier.

Data in Japan showed core inflation held above the central bank’s 2% target in October, keeping pressure for a rate rise. Markets are pricing about a 57% chance of a 25 basis point Bank of Japan rate hike in December and the prospect has injected some volatility and even support for the yen.

The yen, down 4% this quarter, was trading firmer at 154.38 per dollar in morning trade.

“Together with speculation about (finance ministry) intervention, I think selling on upticks on dollar/yen is quite decent,” said Keita Matsumoto, head of financial institution sales and solutions at Citigroup Global Markets Japan in Tokyo.

“Our investor clients and corporate clients are rather sellers of dollar/yen close to 155.”

(Editing by Shri Navaratnam)

Source: https://finance.yahoo.com/news/gold-surges-euro-sags-broader-022920767.html

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Junior Mining Precious Metals

Rare silver coin struck before the American Revolution sets auction record, selling for $2.52 million

One side of the coin is stamped with NE to signify it was made in New England. 
Stack’s Bowers Galleries

An American silver coin dating back to the 17th century, before the United States was founded, has sold for a record-breaking $2.52 million at auction, eight years after it was discovered in an old cabinet in Amsterdam.

The threepence coin was struck in 1652 in Boston just weeks after the first mint in the then-British colony had opened, according to a statement released Monday by Stack’s Bowers Galleries, which handled the sale.

Although the coin is only about the size of a nickel and has a silver value of just $1.03 on today’s market, its age and ties to American history have made it the most expensive non-gold US coin struck before the founding of the United States Mint, the auction house added.

When this coin was found in 2016 in an old cabinet in the Netherlands, its owner was unsure of its historical significance for it was in a pasteboard box that simply said “Silver token unknown/ From Quincy Family/B. Ma. Dec, 1798.”

It was only after extensive research, testing, analysis and comparison with another surviving specimen that its true value was identified and subsequently verified by the PCGS, an independent body that grades rare coins.

When the note attached to the coin was written in 1798, coins made at the Boston Mint in 1652 had already become a prized possession for collectors.

Distinguishable by their simple NE stamp representing New England on one side, and their value in pence in Roman numerals on the other, these coins were already extremely rare since it’s likely they were only made in this style for a few months that year.

This was a threepence coin, as shown by the Roman numerals on one side of it.

This was a threepence coin, as shown by the Roman numerals on one side of it. Stack’s Bowers Galleries

The Boston Mint had defied the British crown’s authority to produce coins, representing New England’s “growing sense of identity as separate from the mother country and its determination to regulate its own economy,” according to the Massachusetts Historical Society.

After the American Revolution, the coins it had produced became vogue even in England.

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English collector Thomas Brand Hollis wrote to then-American ambassador to the Netherlands John Adams in 1781 asking for help in sourcing one of these coins. In turn, Adams wrote to ask his wife, Abigail, for help since her great-grandfather had been the stepbrother of John Hull, the silversmith who minted these coins.

Just one other threepence coin of this type is known to have survived to the present day and it is in the collection of the Massachusetts Historical Society, making this specimen the only one available to private collectors. Another coin is perhaps still in existence after it was stolen from Yale College sometime before the 1960s, although its whereabouts is unknown.

This coin was subject to an intense, 12-minute bidding battle that auctioneer Ben Orooji called “an exhilarating ride and a career highlight,” as it fetched more than three times its presale estimates.

Other historic US coins have fetched vast sums at auction too. A rare 1794 silver dollar believed to be one of the first – if not the first – made by the US mint sold for $10 million in 2013.

Meanwhile, a rare 1933 “Double Eagle” coin, one of the last gold coins ever struck for circulation in the US, sold for $18.9 million in 2021.

Source: https://www.cnn.com/2024/11/19/style/rare-us-silver-coin-auction-record-intl-scli/index.html

Categories
Junior Mining Precious Metals

Emperor Metals Reports Positive Metallurgical Results from Initial Testing on the Duquesne West Gold Deposit

Vancouver, British Columbia–(Newsfile Corp. – November 19, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to share initial metallurgical testing results from drilling intercepts in the 2023 drilling program. The drill core samples were collected from the Duquesne West Project, located on Highway 393, just 20 km north of Rouyn, Quebec, in a Tier 1 district.

Highlights:

  • Initial metallurgical testing commenced in 2024 and focused on both the replacement style mineralization and low-grade bulk tonnage style mineralization within the Quartz-Feldspar Porphyry (QFP). A total of 5 composites were gathered, by collecting 87 original drill core composites thorough key mineralized zones. These composites comprised approximately 73.4 metres of drill core with a combined weight of 168 kilograms.
  • Weighted average gold extraction ranged from 90 to 100% in the Replacement Style Mineralization.
  • Average of all samples was 90%. This average included a sample within the low-grade QFP related mineralization of 76% recovery; probably due to its nugget effect in the interval tested.
  • Deleterious elements that consume both cyanide and oxygen are not present in quantities to be an issue for future metallurgical processes.

CEO John Florek commented: “We are quickly building confidence that Duquesne West has key attributes for successful future extraction. As we continue to explore, expand, and discover the full potential of this deposit, we are very encouraged about our upcoming mineral resource estimate expected in Q1 of 2025.”

Process
The cyanide leach process monitors gold extraction efficiencies in metallurgical applications.

These initial results were produced by SGS Laboratory using an accelerated cyanide leach techniques to determine bulk leachable gold in our exploration samples using modified cyanide leach (Leachwell™). This Leachwell™ tab product method is a proprietary and patented process. The large sample is mixed with water and Leachwell™ tabs and tumbled.

This test work confirmed that the mineralization from Duquesne West can be processed using conventional gravity separation and carbon-in-leach (CIL) technology.”

Results

The replacement-style ore in DQ23-01, 02, and 05 showed very consistent recovery (over 90% with an average of 92%). This result aligns with the typical characteristics of this type of mineralization, which is known for its good homogeneity over several meters, both visually and chemically.

Quartz Feldspar Porphyry (QFP) related mineralization recovery varied, ranging from 76% to 100%. The variability is likely due to lower-grade gold values and the nuggetty nature of gold in this rock type. Larger sample sizes would be needed to better account for this variability. Despite the variability, the average recovery for the samples submitted to the lab was a reasonable 88%.

We are also very encouraged about low values of potentially detrimental elements in the mineralization, which consume oxygen and cyanide during metallurgical recovery. Figure 1 shows the low values of Copper (Cu) and Arsenic (As) in a representative drill-hole which encountered both the replacement style mineralization and the quartz-feldspar porphyry related mineralization.

By having low concentrations of these potentially harmful elements, the deposit becomes more favorable for efficient and cost-effective processing, with reduced need for expensive treatments or additional steps to manage these issues. This often results in a more straightforward, cleaner, and economically viable extraction process.

Samples (Hole ID)CN (Au ppm)Fire Assay
(Au ppm)		Thickness (m)Recovery
RDQ23-015.125.6311.791%
RDQ23-023.583.9710.6590%
QDQ23-021.211.592776%
RDQ23-0514.8715.8510.894%
QDQ23-093.763.7513.2100%
R: Replacement Style Mineralization
Q: Quartz Feldspar Porphyry Related Mineralization

Table 1: Results of the bulk leachable gold using modified cyanide (CN) leach vs Fire Assay to determine recovery.

Figure 1: Graph displays low levels of Copper (Cu) and Arsenic (As) values. These are element that are detrimental to oxygen and cyanide consumption during cyanide extraction processes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_001full.jpg

Replacement Style Mineralization:
The high-grade replacement-style mineralization achieved an average recovery of 92%.

This result was observed in DQ23-01, 02, and 05, with mineralization displaying:

  • Complete replacement by quartz-ankerite-sericite-pyrite.
  • Partial replacement in breccia zones.

The uniformity of both grade and thickness over the intervals makes this type of mineralization highly suitable for mining scenarios.

Images 1 to 3 illustrate these zones.

Quartz Feldspar Porphyry Related Mineralization
DQ23-02 and DQ23-09 represent a Quartz Feldspar Porphyry (QFP) related style of mineralization.

This style of mineralization achieved an average recovery of 88%, but recovery ranged from 76% to 100%.

The mineralized QFP is characterized by sericite and quartz alteration, with sulfide disseminations in the host rock and quartz veins in higher-grade portions. Gold occurs in both the altered host rock and the quartz veins. This mineralization style is broad and pervasive compared to others.

The mineralization discussed is lower grade compared to Replacement-Style Mineralization but equally important as the high-grade mineralization characterized by offering several key points:

  1. Economic Significance: Despite the lower grade, it’s equally important for mining economics. Its broad intervals, such as a 25-meter section grading 1.7 grams per tonne (g/t) of gold (Au), contribute to the overall value. Image 4 shows this intercept (press release September 12, 2023).
  2. Operational Benefits: This type of broad mineralization can reduce stripping ratios, which are the amounts of non-valuable material that must be removed to access the mineralized ore.
  3. Added Value: It adds previously overlooked, incremental ounces to the deposit, enhancing the project’s viability.

Image 1: Replacement Style Mineralization, DQ23-01 recovery was 91% from 11.7 m of 5.6 g/t Au

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_002full.jpg

Image 2: Replacement Style Mineralization, DQ23-02 recovery was 90% from 10.65 m of 4.0 g/t Au (Includes 5.0 m of 5.3 g/t Au)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_003full.jpg

Image 3: Partial Replacement Style Mineralization, DQ23-05 recovery was 94% from 10.8 m of 15.9 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_004full.jpg

Image 4: Quartz-Feldspar Porphyry Related Mineralization, DQ23-02 recovery was 76% from 25.0 m of 1.7 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_005full.jpg

Image 5: Quartz-Feldspar Porphyry Related Mineralization, DQ23-09 recovery was 100% from 13.2 m of 3.8 g/t Au.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/230547_e9b586b7143b897d_006full.jpg

Program Objectives

The 2024 season is a multifaceted program designed to test several scenarios to add ounces and/or expand the footprint:

  1. Explore Lower Grade Discoveries: Target additional discoveries within the host rock containing high-grade gold lenses, focusing on the conceptual open-pit model.
  2. Increase the Thickness of the High-Grade Lenses: Incorporate previously unaccounted lower-grade gold from the margins of high-grade lenses to enhance their overall thickness.
  3. Expand Mineralized Zones: Extend the lateral footprint of mineralized zones along strike and dip.
  4. Discover New Zones: Explore potential new zones not yet included in the Conceptual Open Pit Model, with a particular focus on eastward expansion.

Emperor Metals is positioned to significantly expand its resource base with drill testing. A mineral resource update is scheduled for Q1 of 2025, reflecting the results of the ongoing exploration program.

Quality Assurance and Control

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

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

The third-party laboratory, SGS prep laboratory in Sudbury 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, Quebec, Canada. 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 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (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.

A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

Multiple scenarios exist to expand additional resources which include:

  1. Underground High-Grade Gold.
  2. Open Pit Bulk Tonnage Gold.
  3. Underground Bulk Tonnage Gold.

1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.

2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent 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.

Grant of Options

Subject to regulatory approval, the Company has granted 2.4 million options to its directors, officers and consultants, exercisable for five years at a price of $0.10.

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.sedar.com), under the Company’s profile.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”

John Florek, M.Sc., P.Geol
President, CEO and Director
Emperor Metals Inc.

Contact:

John Florek
President/CEO
(807) 228-3531
johnf@emperormetals.com

Alex Horsley
Director
(778) 323-3058
alexh@emperormetals.com
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 the 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/230547

Categories
Energy Junior Mining Lion One Metals Precious Metals

Lion One Intensifies Roscoelite Focus and Enhances Fiji Gold Team with Addition of Two Ex-newmont Geologists

North Vancouver, British Columbia–(Newsfile Corp. – November 19, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report an intensification of roscoelite-targeting efforts at Tuvatu and announces the return of Sergio Cattalani to Fiji to lead the technical team in these efforts. The company is also pleased to announce the additions of Ivan Maldonado and Alexander Valencia as the new Mine Geology Manager and Senior Mine Geologist respectively at the Company’s Tuvatu Gold Mine in Fiji.

Roscoelite Targeting

A new significantly mineralized structure has been exposed in the near-surface underground workings at Tuvatu. This structure has consistently returned very high-grade gold since it was first identified in September from underground face sampling. The structure is associated with abundant roscoelite, a feature which is characteristic of several large alkaline gold deposits such as Porgera1, Cripple Creek2, and Vatukoula3 (see Figure 1 below). An initial underground bulk sample from this structure has returned 11.6 g/t gold from 861 tonnes of material fully diluted (November 12, 2024 News Release).

Figure 1. Visible gold and roscoelite vein underground at Tuvatu. Top: Abundant visible gold and roscoelite from exposed vuggy quartz-roscoelite vein seen in-situ underground at Tuvatu. The gold displays a “wire gold” textural habit indicating the rapid deposition of gold from hydrothermal fluids. Bottom: Close-up image of visible gold in quartz-roscoelite vein. Tungsten-carbide scratcher used for scale.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/230539_ecf2afc914a22932_001full.jpg

The new structure has been continuously mapped and mined for over 100 m in the E-W direction and appears to extend further to the east of the current underground workings. While roscoelite-bearing mineralized structures have been identified in drill core at Tuvatu, this is the first time that a significant roscoelite-bearing lode array with high-grade gold has been identified and exposed continuously over a significant distance underground.

Notably, this structure is striking E-W and dipping at approximately -20° to the north. This is an orientation that has not previously been defined or predicted in the Tuvatu geological model, though it has been identified in recent structural analysis.

Roscoelite-bearing structures represent an important target-type at Tuvatu as they are directly associated with high-grade gold. Lion One management has therefore determined that a dedicated effort be allocated to better characterize these lode types, with the goal being to define specific criteria that can be used to identify additional structures with similar attributes at Tuvatu. The current underground exposure of a high-grade roscoelite-bearing structure provides the Company with an invaluable opportunity to carry out detailed sampling and analysis to better understand the mineralogy, geochemistry, and orientation of these structures in situ. Sergio Cattalani has returned to Fiji to lead these efforts on site. Mr Cattalani has over 40 years of experience and as the former Senior Vice President of Exploration for Lion One Metals from mid-2021 to the end of 2023, he is intimately familiar with the deposit and is ideally suited to lead these efforts.

One of the Company’s primary objectives is to develop a detailed understanding of the spatial mineralogical and grade characteristics of the exposed roscoelite structure, and to document if/how the structure and associated gold mineralization varies with proximity to cross-cutting structures of different orientations. The conceptual model, strengthened by direct observations underground, suggests that high-grade “blow-out” zones (or “shatter zones” as described at Vatukoula) are produced at the intersection of multiple structures with different orientations, as has previously been observed in deposits with similar alteration and grade characteristics to Tuvatu, such as the Porgera gold mine.1 Mr. Cattalani has been charged with investigating precisely how the gold grades, widths, and alteration type and intensity vary along the exposed roscoelite-bearing structure with proximity to the cross-cutting, predominantly steeply dipping, structures that are widely prevalent at Tuvatu. An increased understanding of both the primary characteristics of these roscoelite-bearing structures, as well as their structural interactions, will enable the company to efficiently interrogate and augment the extensive database at Tuvatu to effectively target additional similar features throughout the deposit, and to thereby enhance and expand the long-term mine plan at Tuvatu.

Strengthened Fiji Technical Team

Lion One Metals is pleased to welcome Mr Ivan Maldonado and Mr Alexander Valencia to the Lion One technical team in Fiji. Both Mr Maldonado and Mr Valencia bring extensive technical experience to Lion One, and both will be working with the production geology team at Tuvatu.

Ivan Maldonado, P.Geo. – Mine Geology Manager
Mr. Ivan Maldonado is a professional geoscientist with over 17 years’ experience in mine production, resource modeling, and brownfields exploration in Mexico and Canada. Mr Maldonado gained significant experience with Red Lake Gold Mines at the Campbell mine & Cochenour mine where he spent six years in positions such as Underground Production Geologist, Exploration Geologist and Resource estimation Geologist, followed by six years at Newmont’s Borden gold mine where he rose to the rank of Senior Underground Production Geologist.

Mr. Maldonado’s past experiences as a production geologist includes positions at Pan American Silver’s Dolores open pit mine, and Goldcorp’s San Dimas underground gold-silver mine, both in Mexico.

Alexander Valencia MSc. G.I.T. CAPM – Senior Mine Geologist
Mr. Alexander Valencia is a professional geoscientist with over 12 years’ experience in the mining industry, specializing in resource modeling and with expertise in the exploration of Porphyry Cu-Au, Epithermal Au-Ag, VMS, Orogenic and Skarn deposits. Mr Valencia also has experience in open-pit and underground mining production, ground control, and slope stability and gained significant experience over the last four years as Underground Production Geologist at Newmont’s Borden, Porcupine, and Hoyle Pond gold mines in Ontario.

Mr. Valencia’s prior experience includes one year as a Geological Technician at Glencore’s Kidd Creek Mine, and five years as a Geologist Engineer for ESCARTEC and Constructora Villacreces Andrade in Quito, Ecuador.

The Company also announces that Mr. Alex Nichol has resigned from his role as Vice President, Exploration and Geology, to pursue other opportunities. The Company thanks Mr. Nichol for his hard work and significant contributions to Tuvatu and extends their best wishes to him on his future endeavors.

Lion One Chairman and CEO Walter Berukoff commented: “We are delighted to welcome Ivan and Alexander to Fiji where their expertise will be invaluable to our team at the Tuvatu Gold Mine. I also wish to thank Alex Nichol for his valuable contributions to the Company and wish him the best of luck in all his future endeavours.”

References:

  1. Ronacher, E. (2002). The Porgera gold deposit: Fluid characteristics, ore deposition processes, and duration of the ore forming event. [Doctoral Thesis, University of Alberta].
  2. Kadel-Harder, I. K., Spry, P. G., McCombs, A. L., Zhang, H. (2020). Identifying pathfinder elements for gold in bulk-rock geochemical data from the Cripple Creek Au-Te deposit: a statistical approach. Geochemistry: Exploration, Environment, Analysis, v. 21.
  3. Scherbath, N. L., & Spry, P. G. (2006). Mineralogical, Petrological, Stable Isotope, and Fluid Inclusion Characteristics of the Tuvatu Gold-Silver Telluride Deposit, Fiji: Comparisons with the Emperor Deposit. Economic Geology, v 101.

Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.

Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.

Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using 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). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.

About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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

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

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

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

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