Category: Precious Metals

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Base Metals Energy Junior Mining Precious Metals

Grizzly Closes Private Placement

Edmonton, Alberta–(Newsfile Corp. – January 22, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that, on January 19, 2024, it closed on a private placement (the “Offering”) by the issuance of 2,975,500 Units (as defined below) at a price of $0.05 per Unit for gross proceeds of $148,775.

Under the terms of the Offering, each Unit consisted of one common share of the Company (“Common Share”) and one half of one warrant (“Warrant”). Each whole Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.07 per Common Share and shall expire on the earlier of: (a) 30 days following written notice by the Issuer to the Subscriber that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) January 19, 2026.

The Company intends to use the proceeds from the Units for general working capital.

The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until May 20, 2024 in accordance with the policies of the TSX Venture Exchange.

Following closing of the Offering, the Company has 152,669,619 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,
GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.com

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195112

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Junior Mining Lion One Metals Precious Metals Uncategorized

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

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

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

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

Mine Operations

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

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

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

Mill Operations

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

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

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

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



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

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

Options

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

Qualified Person (NI43-101)

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

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

As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.

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

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

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

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

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

Categories
Junior Mining Precious Metals

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

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

Key Highlights1

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

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

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

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

 DDH No.SectionZoneFrom
(m)		To
(m)		Au
(g/t)		Ag
(g/t)		Length*
(m)		Cu
(%)		Pb
(%)		Zn
(%)		Mo
(g/t)		 Ag Eq**
(g/t)
BOU-DD23-2086675NMain129.9139.41.60359.50.20.10.435231
Including134.9139.42.51594.50.30.10.555367
BOU-DD23-2119150NMain6.09.82.01993.80.04.30.017426
BOU-DD23-2148850NMain214.0223.04.77619.00.10.10.25535
Including216.2221.56.61905.30.20.10.36749
BOU-DD23-2188850NPara244.3247.514.72193.20.00.20.141,411
BOU-DD23-2188850NPara252.6256.813.591154.20.10.10.131,409
BOU-DD23-2188850NPara261.2275.11.223013.90.00.00.15153
Including272.3274.05.891191.70.20.10.113698
BOU-DD23-2188850NMain280.3286.19.21805.80.20.10.18978
Including280.3284.313.051084.00.30.10.281,377
BOU-DD23-2188850NPara290.0302.01.985812.00.10.10.28265
Including292.1297.43.501075.30.10.10.111459
BOU-DD23-2188850NPara333.1334.30.0310261.20.00.00.011,031
BOU-DD23-2206575NMain105.0115.91.779110.90.11.74.5133575
Including112.3114.76.262612.40.31.26.6161,275
BOU-DD23-2206575NPara133.4136.80.89763.40.32.57.07649
BOU-DD23-2216575NMain225.5239.01.071213.50.00.20.34136
BOU-DD23-2236525NMain131.6169.91.5331138.30.01.84.4101763
Including144.9155.92.3449411.00.11.93.936996
BOU-DD23-2236525NPara239.5247.00.46947.50.00.20.735192
BOU-DD23-2259325NPara47.453.71.44546.30.00.95.312508
Including50.853.72.88862.90.01.09.921927
BOU-DD23-2259325NMain73.277.42.70214.20.10.33.216465
Including75.277.44.72312.20.10.34.516738
BOU-DD23-2269325NMain182.8186.71.26353.90.11.54.78466
Including184.5185.73.33531.20.11.89.514951
BOU-DD23-2269325NPara197.0198.17.73471.10.30.50.58852
BOU-DD23-2279325NMain259.7268.33.34188.60.10.10.56369
Including263.5268.35.42214.80.10.10.17545
BOU-DD23-2286300NMain267.2276.11.99818.90.01.03.459488
Including267.7273.03.091195.30.01.54.787715
BOU-DD23-2296525NPara111.9116.01.601754.10.11.97.3259810
BOU-DD23-2306575NMain166.6184.22.6424717.60.31.27.786991
Including177.6181.32.916513.70.13.211.51061,662
BOU-DD23-2306575NPara188.2202.32.789714.10.20.46.531755
BOU-DD23-2315375NMain582.0585.70.961103.70.00.62.4339371
BOU-DD23-2327825NMain426.4431.83.91185.40.10.10.12402
Including426.4427.710.72491.30.20.10.221,092
BOU-DD23-2346575NMain310.6317.31.40196.70.10.34.51407
Including315.0316.34.78411.30.20.418.421,518
BOU-DD23-2387825NPara216.0217.81.59471.80.13.73.510517
BOU-DD23-2446450NPara64.070.41.06496.40.00.72.0131287
BOU-DD23-2446450NPara112.8120.60.71627.80.00.21.3196216
BOU-DD23-2446450NPara134.6145.40.414110.80.00.81.2361190
BOU-DD23-2446450NMain148.5155.10.52566.60.00.92.6298295
Including150.5152.11.191871.60.02.59.0946925
BOU-DD23-2456450NPara106.0111.00.05175.01.50.41.570312
BOU-DD23-2456450NMain198.4206.50.731228.10.02.34.768524
Including198.4200.21.832991.80.14.813.12691,355
BOU-DD23-2456450NPara217.5226.50.8669.00.00.30.32112
BOU-DD23-2486450NMain329.5335.45.94595.90.11.08.8231,136
BOU-DD23-2495800NMain598.7601.84.19483.10.10.12.512587
BOU-DD23-2495800NPara693.1695.52.18572.40.00.77.310680
BOU-DD23-2505800NPara236.7239.73.3413.00.00.00.05316
BOU-DD23-2505800NMain377.7384.01.44496.3…0.10.10.512225
BOU-DD23-2505800NPara448.8455.51.02256.70.10.10.412155
BOU-DD23-2516450NMain345.9355.32.66329.40.00.24.414531
Including346.4348.87.99912.40.10.315.8191,719
BOU-DD23-2547650NMain241.4243.45.63612.00.30.21.46703
 *    True width remains undetermined at this stage; all values are uncut.
**   Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag;
       1% Zn: 54.1 Ag.
Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)
Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)

2023 Exploration Results

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

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

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

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

Figure 2 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)
Figure 2 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)
Figure 3 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Figure 3 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Figure 4 – Surface Plan of South Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Figure 4 – Surface Plan of South Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)
Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)

Next Steps

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

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

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

Technical Information

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

Qualified Person

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

About Aya Gold & Silver Inc.

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

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

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

Forward-Looking Statements

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

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

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

DDH No.SectionZoneFrom
(m)		To
(m)		Au
(g/t)		Ag
(g/t)		Length*
(m)		Cu
(%)		Pb
(%)		Zn
(%)		Mo
(g/t)		 Ag Eq**
(g/t)
BOU-DD23-1708025NPara8.59.60.27451.10.00.00.81118
BOU-DD23-1998275NPara28.629.10.22350.50.00.20.4784
BOU-DD23-1998275NPara124.2125.40.25321.20.00.70.41100
BOU-DD23-1998275NPara154.9155.50.81510.60.00.56.25481
BOU-DD23-1998275NPara222.1224.31.38212.20.00.51.06222
BOU-DD23-1998275NMain255.0255.80.19120.80.00.51.0235112
BOU-DD23-1998275NPara340.6341.31.99230.70.10.30.64260
BOU-DD23-1998275NPara365.6366.10.33400.50.00.61.25154
BOU-DD23-1998275NPara380.6382.81.83252.20.00.23.311383
BOU-DD23-1998275NPara436.8437.40.76160.60.00.11.68180
BOU-DD23-1998275NPara441.4442.00.70320.60.00.32.712255
BOU-DD23-2048375NPara7.89.00.59321.20.00.30.57127
BOU-DD23-2048375NPara74.274.81.19280.60.00.40.912203
BOU-DD23-2048375NPara367.2368.50.54161.30.10.20.3197
BOU-DD23-2048375NMain373.8375.01.92681.20.30.20.61323
BOU-DD23-2048375NPara428.3429.92.38791.60.30.91.63460
BOU-DD23-2058850NMain118.7120.20.20601.50.02.44.815422
BOU-DD23-2058850NPara415.0415.90.56240.90.00.10.11085
BOU-DD23-2066100NNSR0.0207.00.000207.00.00.00.000
BOU-DD23-2076675NPara64.465.40.74161.00.00.10.11292
BOU-DD23-2076675NPara68.469.60.7381.20.00.10.2889
BOU-DD23-2076675NMain76.178.00.28441.90.10.10.1489
BOU-DD23-2076675NPara92.493.10.44190.70.10.10.1780
BOU-DD23-2076675NPara95.996.40.21320.50.10.30.2486
BOU-DD23-2076675NPara146.5148.71.36272.20.00.61.327249
BOU-DD23-2076675NPara356.4358.10.7081.70.00.10.0278
BOU-DD23-2076675NPara360.8362.70.8311.90.00.00.0682
BOU-DD23-2076675NPara365.1365.80.47200.70.00.10.0771
BOU-DD23-2076675NPara367.9369.00.66481.10.01.40.75192
BOU-DD23-2076675NPara370.0370.60.42330.60.00.42.95244
BOU-DD23-2076675NPara417.8418.40.18600.60.00.71.2198173
BOU-DD23-2076675NPara449.2449.80.56320.60.00.30.51124
BOU-DD23-2086675NPara119.4120.41.42291.00.10.20.15190
BOU-DD23-2086675NPara125.8126.80.65281.00.00.00.73132
BOU-DD23-2086675NMain129.9139.41.60359.50.20.10.435231
Including134.9139.42.51594.50.30.10.555367
BOU-DD23-2086675NPara239.0243.50.5194.50.00.00.1766
BOU-DD23-2086675NPara247.5248.50.6941.00.00.00.0272
BOU-DD23-2086675NPara250.5252.10.6591.60.00.00.1576
BOU-DD23-2096100NPara163.3165.60.69362.30.00.00.023107
BOU-DD23-2096100NMain170.5171.31.77650.80.10.10.335258
BOU-DD23-2096100NPara173.7174.21.68390.50.00.10.231214
BOU-DD23-2096100NPara213.5217.50.34724.00.00.90.857180
BOU-DD23-2096100NPara240.0240.50.21360.50.00.34.61316
BOU-DD23-2106100NPara221.8222.80.6381.00.00.00.06473
BOU-DD23-2106100NMain390.6391.60.1141.00.00.00.0718
BOU-DD23-2106100NPara575.6576.20.33160.60.00.10.1256
BOU-DD23-2106100NPara580.3581.40.6741.10.00.00.0168
BOU-DD23-2106100NPara585.6586.60.5581.00.00.00.0162
BOU-DD23-2119150NMain6.09.82.01993.80.04.30.017426
BOU-DD23-2119150NPara18.018.80.96440.80.00.30.013147
BOU-DD23-2119150NPara103.8104.90.03651.10.00.30.3395
BOU-DD23-2119150NPara140.6143.01.20262.40.00.21.06200
BOU-DD23-2126675NMain182.4183.40.99131.00.01.30.611181
BOU-DD23-2126675NPara189.4190.30.03610.90.10.10.621109
BOU-DD23-2136675NMain270.4271.50.03661.10.10.00.0277
BOU-DD23-2148850NPara146.6147.60.97121.00.00.30.523143
BOU-DD23-2148850NPara200.2201.20.14601.00.10.10.1888
BOU-DD23-2148850NMain214.0223.04.77619.00.10.10.25535
Including216.2221.56.61905.30.20.10.36749
BOU-DD23-2148850NPara224.0226.00.52102.00.00.00.3576
BOU-DD23-2148850NPara228.9229.42.13560.50.10.45.325571
BOU-DD23-2159150NPara39.640.80.48201.20.00.21.012125
BOU-DD23-2159150NMain179.9181.00.3511.10.00.10.5666
BOU-DD23-2159150NPara276.8277.60.46240.80.00.30.2388
BOU-DD23-2159150NPara280.1280.70.54390.60.00.10.11100
BOU-DD23-2159150NPara294.8297.61.38222.80.00.50.95217
BOU-DD23-2159150NPara307.3308.21.31290.90.00.10.08155
BOU-DD23-2166100NPara296.0297.20.5941.20.00.00.0162
BOU-DD23-2166100NPara299.6300.80.4741.20.00.00.0150
BOU-DD23-2166100NMain483.1485.51.25322.40.20.30.122194
BOU-DD23-2166100NPara531.9532.40.94600.50.15.21.33390
BOU-DD23-2166100NPara559.0559.80.51160.80.20.30.310110
BOU-DD23-2179150NPara47.248.40.6481.20.00.10.2783
BOU-DD23-2179150NPara220.4220.91.03390.50.10.67.819593
BOU-DD23-2179150NPara226.6227.80.94491.20.00.10.618174
BOU-DD23-2179150NMain232.9233.56.92580.60.11.02.87895
BOU-DD23-2179150NPara310.8312.21.49661.40.00.10.06214
BOU-DD23-2179150NPara313.2314.30.25241.10.00.10.0155
BOU-DD23-2179150NPara327.5328.02.02960.50.01.13.35502
BOU-DD23-2179150NPara337.3337.81.28840.50.00.10.09211
BOU-DD23-2188850NPara226.3227.10.86130.80.00.42.21226
BOU-DD23-2188850NPara238.6239.70.57121.10.00.10.4591
BOU-DD23-2188850NPara244.3247.514.72193.20.00.20.141,411
BOU-DD23-2188850NPara250.6251.60.5381.00.00.00.3176
BOU-DD23-2188850NPara252.6256.813.591154.20.10.10.131,409
BOU-DD23-2188850NPara257.8258.70.43280.90.00.10.1878
BOU-DD23-2188850NPara261.2275.11.223013.90.00.00.15153
Including272.3274.05.891191.70.20.10.113698
BOU-DD23-2188850NMain280.3286.19.21805.80.20.10.18978
Including280.3284.313.051084.00.30.10.281,377
BOU-DD23-2188850NPara290.0302.01.985812.00.10.10.28265
Including292.1297.43.501075.30.10.10.111459
BOU-DD23-2188850NPara303.0304.00.38121.00.00.00.6882
BOU-DD23-2188850NPara333.1334.30.0310261.20.00.00.011,031
BOU-DD23-2199150NPara278.6279.10.42440.50.00.40.19103
BOU-DD23-2199150NPara281.1282.21.78331.10.10.31.21282
BOU-DD23-2199150NPara286.3288.41.72692.10.10.10.04242
BOU-DD23-2199150NPara294.4299.01.19174.60.10.10.23152
BOU-DD23-2199150NPara309.1310.20.5441.10.00.00.0159
BOU-DD23-2199150NPara309.1311.30.5442.20.00.00.0258
BOU-DD23-2199150NPara312.4313.60.4911.20.00.00.0149
BOU-DD23-2199150NPara314.5315.60.5241.10.00.10.2265
BOU-DD23-2199150NPara325.0325.51.27120.50.00.10.01136
BOU-DD23-2199150NPara332.5334.50.65122.00.00.10.1181
BOU-DD23-2199150NPara337.1337.92.09270.80.11.05.11544
BOU-DD23-2199150NPara369.0370.00.33161.00.00.30.51283
BOU-DD23-2199150NMain371.9377.20.95175.30.00.10.56137
BOU-DD23-2206575NPara79.280.40.48161.20.00.71.699174
BOU-DD23-2206575NPara97.298.40.83281.20.00.11.169172
BOU-DD23-2206575NMain105.0115.91.779110.90.11.74.5133575
Including112.3114.76.262612.40.31.26.6161,275
BOU-DD23-2206575NPara120.0121.13.17681.10.10.30.384404
BOU-DD23-2206575NPara129.0130.10.4181.10.00.50.84105
BOU-DD23-2206575NPara133.4136.80.89763.40.32.57.07649
BOU-DD23-2216575NPara62.763.74.48111.00.00.00.01434
BOU-DD23-2216575NPara72.073.00.5341.00.00.10.0158
BOU-DD23-2216575NPara80.281.40.081261.20.10.10.04147
BOU-DD23-2216575NMain225.5239.01.071213.50.00.20.34136
BOU-DD23-2216575NPara345.0345.50.59200.50.00.30.412107
BOU-DD23-2229325NNSR0.1171.10.000171.00.00.00.000
BOU-DD23-2236525NMain131.6169.91.5331138.30.01.84.4101763
Including144.9155.92.3449411.00.11.93.936996
BOU-DD23-2236525NPara174.9176.81.451001.90.00.52.911410
BOU-DD23-2236525NPara188.4189.20.28200.80.00.10.8790
BOU-DD23-2236525NPara201.0202.00.15601.00.00.42.31211
BOU-DD23-2236525NPara216.0216.60.23430.60.01.13.68292
BOU-DD23-2236525NPara224.8226.40.29221.60.00.30.7196
BOU-DD23-2236525NPara227.5228.00.43940.50.01.80.78231
BOU-DD23-2236525NPara232.0233.00.40241.00.00.50.31695
BOU-DD23-2236525NPara239.5247.00.46947.50.00.20.735192
BOU-DD23-2236525NPara254.0254.90.45120.90.00.10.22468
BOU-DD23-2236525NPara262.7263.20.5480.50.00.10.0264
BOU-DD23-2246300NPara93.994.61.15200.70.00.20.316152
BOU-DD23-2246300NPara106.9108.80.90441.90.00.20.1151152
BOU-DD23-2246300NPara114.0114.90.5710.90.00.00.0256
BOU-DD23-2246300NPara159.0160.00.32231.00.00.20.5307102
BOU-DD23-2246300NMain161.0163.70.68892.70.01.30.6785275
BOU-DD23-2259325NPara41.943.40.37541.50.01.54.749400
BOU-DD23-2259325NPara47.453.71.44546.30.00.95.312508
Including50.853.72.88862.90.01.09.921927
BOU-DD23-2259325NPara68.270.20.65162.00.00.42.348215
BOU-DD23-2259325NMain73.277.42.70214.20.10.33.216465
Including75.277.44.72312.20.10.34.516738
BOU-DD23-2259325NPara79.380.70.34141.40.00.20.95104
BOU-DD23-2259325NPara83.184.02.54400.90.11.01.747409
BOU-DD23-2269325NPara175.9176.40.25520.50.03.94.52447
BOU-DD23-2269325NMain182.8186.71.26353.90.11.54.78466
Including184.5185.73.33531.20.11.89.514951
BOU-DD23-2269325NPara189.9190.41.69200.50.01.13.523407
BOU-DD23-2269325NPara197.0198.17.73471.10.30.50.58852
BOU-DD23-2279325NPara253.0254.00.2411.00.00.21.52113
BOU-DD23-2279325NMain259.7268.33.34188.60.10.10.56369
Including263.5268.35.42214.80.10.10.17545
BOU-DD23-2286300NPara43.044.00.03831.00.40.00.04138
BOU-DD23-2286300NPara185.2186.20.6641.00.00.00.0270
BOU-DD23-2286300NPara258.2260.80.55182.60.00.81.210159
BOU-DD23-2286300NMain267.2276.11.99818.90.01.03.459488
Including267.7273.03.091195.30.01.54.787715
BOU-DD23-2286300NPara277.1278.10.36121.00.00.20.4374
BOU-DD23-2286300NPara301.1302.10.38121.00.00.00.35372
BOU-DD23-2286300NPara308.7311.60.27352.90.00.50.53106
BOU-DD23-2286300NPara312.6313.60.27201.00.00.30.8199
BOU-DD23-2286300NPara314.6315.40.52200.80.00.31.72169
BOU-DD23-2286300NPara319.3325.00.36235.70.00.10.3880
BOU-DD23-2286300NPara330.1331.81.07201.70.00.00.05125
BOU-DD23-2286300NPara333.5334.50.58271.00.00.00.01486
BOU-DD23-2286300NPara356.4357.00.75160.60.10.00.1396
BOU-DD23-2286300NPara364.0365.53.3171.50.10.00.06328
BOU-DD23-2286300NPara380.5381.00.51200.50.00.30.1686
BOU-DD23-2296525NPara84.085.00.40111.00.10.31.17130
BOU-DD23-2296525NPara87.889.40.33271.60.00.51.824179
BOU-DD23-2296525NPara90.391.20.24240.90.10.51.122133
BOU-DD23-2296525NPara92.193.00.38160.90.00.50.6397
BOU-DD23-2296525NPara102.2103.20.6751.00.00.20.31492
BOU-DD23-2296525NPara111.9116.01.601754.10.11.97.3259810
BOU-DD23-2296525NPara119.3120.31.32151.00.00.11.444221
BOU-DD23-2296525NPara141.4142.40.48161.00.00.30.44898
BOU-DD23-2296525NPara153.4153.91.02640.50.00.00.019166
BOU-DD23-2296525NPara162.9163.40.201030.50.08.51.15452
BOU-DD23-2296525NPara257.4258.40.03851.00.00.00.0295
BOU-DD23-2296525NMain306.0306.70.88230.70.00.10.59134
BOU-DD23-2306575NPara143.4145.40.84222.00.10.10.16116
BOU-DD23-2306575NPara157.4158.40.51121.00.00.20.638102
BOU-DD23-2306575NPara162.9163.80.26240.90.00.00.12359
BOU-DD23-2306575NMain166.6184.22.6424717.60.31.27.786991
Including177.6181.32.916513.70.13.211.51061,662
BOU-DD23-2306575NPara188.2202.32.789714.10.20.46.531755
BOU-DD23-2315375NPara521.7522.70.13331.00.00.40.4979
BOU-DD23-2315375NPara571.3572.30.54281.00.00.30.12492
BOU-DD23-2315375NPara574.3575.20.34200.90.00.50.1876
BOU-DD23-2315375NMain582.0585.70.961103.70.00.62.4339371
BOU-DD23-2315375NPara589.0592.01.1183.00.00.10.4121147
BOU-DD23-2315375NPara596.0597.00.5411.00.00.00.0654
BOU-DD23-2315375NPara609.3609.81.252510.50.12.62.72863774
BOU-DD23-2315375NPara610.8611.80.33241.00.00.20.130184
BOU-DD23-2327825NPara320.4321.40.31231.00.01.12.135205
BOU-DD23-2327825NPara420.0421.00.79161.00.00.20.66130
BOU-DD23-2327825NMain426.4431.83.91185.40.10.10.12402
Including426.4427.710.72491.30.20.10.221,092
BOU-DD23-2327825NPara438.8439.80.48281.00.00.41.28153
BOU-DD23-2327825NPara521.3522.03.56200.70.10.10.14378
BOU-DD23-2327825NPara532.6534.01.78221.40.10.31.23268
BOU-DD23-2327825NPara596.8597.80.03601.00.00.00.0365
BOU-DD23-2336525NNSR0.076.50.00076.50.00.00.000
BOU-DD23-2346575NPara308.6309.60.7511.00.00.71.83192
BOU-DD23-2346575NMain310.6317.31.40196.70.10.34.51407
Including315.0316.34.78411.30.20.418.421,518
BOU-DD23-2346575NPara322.2323.10.40240.90.00.30.79112
BOU-DD23-2346575NPara324.0324.72.12200.70.00.30.27240
BOU-DD23-2346575NPara363.7364.70.57121.00.00.20.2182
BOU-DD23-2346575NPara407.6408.60.5311.00.00.10.0356
BOU-DD23-2356525NMain382.3384.30.39812.00.30.30.35179
BOU-DD23-2366300NMain343.5345.51.41162.00.00.13.33330
BOU-DD23-2366300NPara357.3358.30.34121.00.00.10.31566
BOU-DD23-2366300NPara394.1395.10.4581.00.00.10.1360
BOU-DD23-2366300NPara437.8438.80.03511.00.40.20.05109
BOU-DD23-2366300NPara479.2480.20.42121.00.10.10.12478
BOU-DD23-2366300NPara553.5554.50.23431.00.00.10.1473
BOU-DD23-2377825NMain373.1374.82.92251.70.00.40.62349
BOU-DD23-2377825NPara377.8379.80.68162.00.00.31.13149
BOU-DD23-2377825NPara469.0469.54.54310.50.10.21.47556
BOU-DD23-2377825NPara475.5476.50.33161.00.00.20.7893
BOU-DD23-2387825NPara65.066.70.5441.70.00.10.8699
BOU-DD23-2387825NPara72.173.01.0410.90.00.00.12107
BOU-DD23-2387825NPara216.0217.81.59471.80.13.73.510517
BOU-DD23-2387825NPara301.0302.00.5811.00.00.10.5288
BOU-DD23-2387825NPara307.0309.01.34182.00.11.32.73335
BOU-DD23-2387825NMain312.3315.71.32113.40.00.10.22151
BOU-DD23-2387825NPara403.4403.91.08120.50.00.40.23137
BOU-DD23-2387825NPara428.7429.70.07391.00.00.10.2560
BOU-DD23-2396575NPara135.8136.80.4181.00.00.00.0349
BOU-DD23-2396575NPara137.8138.90.10361.10.10.10.0255
BOU-DD23-2396575NPara450.7451.70.4841.00.00.00.0552
BOU-DD23-2396575NPara453.7454.70.7841.00.00.10.0182
BOU-DD23-2406525NPara335.6336.60.62201.00.00.31.23154
BOU-DD23-2406525NPara337.6338.60.81161.00.00.20.28111
BOU-DD23-2406525NMain432.2433.00.03450.80.10.60.0375
BOU-DD23-2416300NPara497.0498.00.15361.00.00.10.0455
BOU-DD23-2416300NPara507.5509.00.61261.50.00.10.02694
BOU-DD23-2416300NMain528.3532.10.93123.80.10.10.03113
BOU-DD23-2416300NPara554.8555.40.39240.60.00.20.1572
BOU-DD23-2416300NPara565.1566.13.82361.00.30.00.223449
BOU-DD23-2416300NPara570.0571.00.31161.00.00.10.1653
BOU-DD23-2416300NPara572.0575.00.7373.00.00.30.46107
BOU-DD23-2416300NPara590.2592.01.0781.80.00.10.87158
BOU-DD23-2416300NPara747.6748.40.64280.80.10.50.94160
BOU-DD23-2416300NPara753.9754.50.5080.60.00.10.1365
BOU-DD23-2427825NPara96.497.20.5110.80.00.10.7393
BOU-DD23-2427825NPara173.9174.70.37120.80.00.30.3372
BOU-DD23-2427825NPara178.2179.20.4181.00.00.20.2662
BOU-DD23-2427825NPara197.2198.20.8141.00.00.10.2197
BOU-DD23-2427825NMain277.2278.71.04151.50.00.10.23129
BOU-DD23-2427825NPara281.5282.01.86200.50.00.10.22207
BOU-DD23-2427825NPara371.7372.70.5341.00.00.20.94107
BOU-DD23-2427825NPara375.6376.61.52361.00.10.45.89515
BOU-DD23-2437650NPara85.886.80.031261.00.00.10.48154
BOU-DD23-2437650NPara107.0108.00.06431.00.13.80.03179
BOU-DD23-2437650NPara234.9235.40.44200.50.11.12.88260
BOU-DD23-2437650NPara236.3236.80.48590.50.13.71.12291
BOU-DD23-2437650NMain493.0494.00.4781.00.00.10.51283
BOU-DD23-2437650NPara624.8625.53.0740.70.00.40.65337
BOU-DD23-2446450NPara47.448.10.28200.70.00.20.61386
BOU-DD23-2446450NPara52.753.50.64390.80.00.10.112112
BOU-DD23-2446450NPara64.070.41.06496.40.00.72.0131287
BOU-DD23-2446450NPara72.673.50.39160.90.00.72.222194
BOU-DD23-2446450NPara74.476.20.47341.80.00.32.398221
BOU-DD23-2446450NPara79.280.20.5841.00.00.41.34144
BOU-DD23-2446450NPara81.283.20.4082.00.00.20.6688
BOU-DD23-2446450NPara87.988.71.401260.80.02.09.168821
BOU-DD23-2446450NPara102.1103.60.50451.50.00.63.074280
BOU-DD23-2446450NPara105.5106.40.38520.90.00.52.531240
BOU-DD23-2446450NPara112.8120.60.71627.80.00.21.3196216
BOU-DD23-2446450NPara125.6126.11.87160.50.00.10.337214
BOU-DD23-2446450NPara131.9132.80.33240.90.00.31.164129
BOU-DD23-2446450NPara134.6145.40.414110.80.00.81.2361190
Including138.00.70901.70.01.93.5866456
BOU-DD23-2446450NMain148.5155.10.52566.60.00.92.6298295
Including150.5152.11.191871.60.02.59.0946925
BOU-DD23-2446450NPara172.0172.50.58290.50.00.61.77198
BOU-DD23-2446450NPara173.4174.20.27280.80.00.30.2878
BOU-DD23-2456450NPara106.0111.00.05175.01.50.41.570312
BOU-DD23-2456450NPara146.4149.40.34323.00.00.21.529153
BOU-DD23-2456450NPara157.4159.60.50862.20.01.53.4161377
BOU-DD23-2456450NPara179.4180.40.35241.00.00.60.4698
BOU-DD23-2456450NPara184.4185.40.46441.00.00.10.29105
BOU-DD23-2456450NMain198.4206.50.731228.10.02.34.768524
Including198.4200.21.832991.80.14.813.12691,355
BOU-DD23-2456450NPara213.5214.50.64201.00.00.20.67117
BOU-DD23-2456450NPara217.5226.50.8669.00.00.30.32112
BOU-DD23-2467650NPara46.648.90.56382.30.10.30.78145
BOU-DD23-2467650NPara50.954.00.26313.10.10.10.2775
BOU-DD23-2467650NPara138.4139.90.66121.50.00.71.03156
BOU-DD23-2467650NMain383.2384.20.081961.00.01.60.22265
BOU-DD23-2467650NPara554.9556.31.21161.40.10.20.14153
BOU-DD23-2467650NPara617.8618.80.99241.00.00.30.73167
BOU-DD23-2476450NPara38.742.30.03133.60.81.41.138230
BOU-DD23-2476450NPara104.2105.21.1341.00.10.00.016119
BOU-DD23-2476450NMain254.0257.50.75483.50.00.20.644159
BOU-DD23-2476450NPara261.9262.60.33450.70.00.52.75242
BOU-DD23-2486450NPara261.0262.00.03551.00.10.00.0171
BOU-DD23-2486450NPara322.0323.00.37241.00.00.10.1267
BOU-DD23-2486450NMain329.5335.45.94595.90.11.08.8231,136
BOU-DD23-2495800NPara346.9347.71.68280.80.00.00.323202
BOU-DD23-2495800NPara357.4358.00.4610.60.00.00.0247
BOU-DD23-2495800NPara400.0400.90.64310.90.10.10.28115
BOU-DD23-2495800NPara477.7479.50.91291.80.00.10.010124
BOU-DD23-2495800NPara480.5481.50.4681.00.00.00.0857
BOU-DD23-2495800NPara517.8524.30.62196.50.00.10.21098
BOU-DD23-2495800NPara532.4532.90.73320.50.10.10.026118
BOU-DD23-2495800NPara557.3558.30.4781.00.00.10.11459
BOU-DD23-2495800NPara559.3561.61.16122.30.00.10.013132
BOU-DD23-2495800NPara590.1590.90.42120.80.10.20.11883
BOU-DD23-2495800NPara593.7594.20.52320.50.10.30.29115
BOU-DD23-2495800NMain598.7601.84.19483.10.10.12.512587
BOU-DD23-2495800NPara603.7605.70.31182.00.00.10.0952
BOU-DD23-2495800NPara606.7607.70.35121.00.10.00.0353
BOU-DD23-2495800NPara609.7610.70.6941.00.00.10.0274
BOU-DD23-2495800NPara647.3651.50.98104.20.00.10.22118
BOU-DD23-2495800NPara658.1658.70.5280.60.00.00.0360
BOU-DD23-2495800NPara693.1695.52.18572.40.00.77.310680
BOU-DD23-2495800NPara714.3718.50.55154.20.10.20.53107
BOU-DD23-2495800NPara725.5727.50.44122.00.10.40.1281
BOU-DD23-2495800NPara747.6748.21.15600.60.10.20.19196
BOU-DD23-2495800NPara747.6748.80.85381.20.10.20.233148
BOU-DD23-2505800NPara221.0222.00.6211.00.00.00.0261
BOU-DD23-2505800NPara226.0228.00.8142.00.00.10.0585
BOU-DD23-2505800NPara229.0230.00.5811.00.00.00.0358
BOU-DD23-2505800NPara236.7239.73.3413.00.00.00.05316
BOU-DD23-2505800NPara326.8327.80.71401.00.00.10.082116
BOU-DD23-2505800NPara373.7374.70.4581.00.00.00.0554
BOU-DD23-2505800NMain377.7384.01.44496.30.10.10.512225
BOU-DD23-2505800NPara411.0411.90.31240.90.00.00.11862
BOU-DD23-2505800NPara420.1421.10.22361.00.00.42.220192
BOU-DD23-2505800NPara448.8455.51.02256.70.10.10.412155
BOU-DD23-2505800NPara508.9509.50.67320.60.20.10.05121
BOU-DD23-2516450NPara262.0263.00.03441.00.00.00.0149
BOU-DD23-2516450NPara278.6279.40.03510.80.00.00.01259
BOU-DD23-2516450NMain345.9355.32.66329.40.00.24.414531
Including346.4348.87.99912.40.10.315.8191,719
BOU-DD23-2516450NPara431.4432.16.651390.70.40.10.01818
BOU-DD23-2516450NPara439.1439.80.50240.70.10.10.0182
BOU-DD23-2525800NMain204.5207.40.63582.90.00.71.1230210
BOU-DD23-2525800NPara258.0261.00.041643.00.00.10.12179
BOU-DD23-2537650NPara203.0204.01.011061.00.70.40.14312
BOU-DD23-2537650NMain281.0283.50.52242.50.00.30.51110
BOU-DD23-2547650NPara162.1162.70.62240.60.00.31.26158
BOU-DD23-2547650NPara220.9221.50.53160.60.12.62.65306
BOU-DD23-2547650NMain241.4243.45.63612.00.30.21.46703
BOU-DD23-2547650NPara269.3270.10.51120.80.10.30.53101
*     True width remains undetermined at this stage; all values are uncut.
**   Ag equivalent is based on a 100% recovery with the following ratio; 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 Ag; 1% Pb: 31.8 Ag;
       1% Zn: 54.1 Ag.

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

DDH No.EastingNorthingElevationAzimuthDipLength (m)
BOU-DD23-245317 1123 474 6491 27070-50252.4
BOU-DD23-246317 4563 476 0551 215250-50640.1
BOU-DD23-247317 0713 474 6351 26570-50348.7
BOU-DD23-248317 0343 474 6211 26170-50400.9
BOU-DD23-249317 2023 473 9921 27070-50768.0
BOU-DD23-250317 2853 474 0221 26270-50515.0
BOU-DD23-251316 9973 474 6091 25970-50465.4
BOU-DD23-252317 3593 474 0491 26870-50368.4
BOU-DD23-253317 3873 476 0311 217250-50515.6
BOU-DD23-254317 3153 476 0061 221250-50433.5
BOU-DD23-255317 4313 474 0751 27770-50211.7
BOU-DD23-256317 6263 473 7231 27870-50400.6
BOU-DD23-257315 1533 476 0301 283270-50211.0
BOU-DD23-258315 4073 476 0301 263270-50584.0
BOU-DD23-259317 9493 477 0491 195135-50370.0
BOU-DD23-260314 7393 478 1501 228290-50204.2
BOU-DD23-261315 1983 476 0301 288270-50150.5
BOU-DD23-262314 8213 478 1201 230290-50366.2
BOU-DD23-263317 8913 477 1081 193135-50427.1
BOU-DD23-264317 8343 477 1601 192135-50564.1
BOU-DD23-265317 1823 477 2441 205250-50609.7
BOU-DD23-266315 2383 476 0301 283270-50162.0
BOU-DD23-267314 5693 477 9991 239110-50219.7
BOU-DD23-268315 3243 476 0301 270270-50159.3
BOU-DD23-269315 2813 476 0301 277270-50207.1
BOU-DD23-270317 0663 477 5111 201250-50710.0
BOU-DD23-271314 9063 478 0891 235290-50498.2
BOU-DD23-272315 3103 477 7631 278270-50189.4
BOU-DD23-273317 1093 477 5271 200250-50176.8
BOU-DD23-274317 1523 477 5431 200250-50246.0
BOU-DD23-275314 4993 478 0241 231110-50307.3
BOU-DD23-276315 3503 477 7631 276270-50200.9
BOU-DD23-277315 3923 477 7631 273270-50275.7
BOU-DD23-278317 1943 477 5581 198250-50284.8
BOU-DD23-279315 4403 477 7631 278270-50243.9
BOU-DD23-280315 4823 477 7631 276270-50288.1
BOU-DD23-281314 4323 478 0491 221110-50449.8
BOU-DD23-282315 5223 477 7631 268270-50500.6

SOURCE Aya Gold & Silver Inc

Categories
Base Metals Energy Junior Mining Precious Metals

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

Terra Balcanica Resources Corp.
Terra Balcanica Resources Corp.

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

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

Highlights

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

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

Hole IDFrom (m)To (m)Length (m)Ag (g/t)Au
(g/t)		Pb
(%)		Sb
(%)		Zn
(%)		AgEq (g/t)
CMV23002b22.0025.803.801250.702.720.485.53499
CMV23002b31.0033.002.001660.570.110.120.21227

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

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

Hole IDEastingNorthingElevation (m)DipAzimuthDepth (m)Recovery (%)
CMV23002b360224.64888498.1594.58-5005056.299

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 system remains untested and open to the southwest down-dip which will also be targeted in 2024 drilling.

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

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

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

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

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

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

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

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.
“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

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

Cautionary Statement

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

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

Goldshore Resources – Canada’s Next Tier 1 Gold Asset

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

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

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

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

About Goldshore Resources:

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

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

Categories
Base Metals Dolly Varden Silver Junior Mining Precious Metals

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

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

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

  • HR23-419: Mineralized envelope: 315 g/t AgEq (2.57 g/t Au and 102 g/t Ag) over 79.20 meters, including internal breccia vein intervals grading 1,508 g/t AgEq (9.53 g/t Au and 718 g/t Ag) over 9.22 meters length, 7,572 g/t AgEq (36.66 g/t Au and 4,533 g/t Ag) over 1.05 meters.
  • HR23-416 Mineralized envelope: 357 g/t AgEq (1.74 g/t Au, 213 g/t Ag) over 93.95 meters length, including internal breccia vein intervals grading 2,802 g/t AgEq (11.80 g/t Au and 1,824 g/t Ag) over 9.16 meters length, 4,176 g/t AgEq (13.16 g/t Au and 3,085 g/t Ag) over 2.26 meters and 9,422 g/t AgEq (55.40 g/t Au and 4,830 g/t Ag) over 1.02 meters.
  • HR23-415: Mineralized envelope: 630 g/t AgEq (5.11 g/t Au and 206 g/t Ag) over 22.80 meters, including internal breccia vein intervals grading 1,754 g/t AgEq (14.38 g/t Au and 562 g/t Ag) over 6.80 meters length, 4,617 g/t AgEq (43.40 g/t Au and 1,020 g/t Ag) over 0.88 meters.
  • HR23-413: Mineralized envelope: 226 g/t AgEq (1.40 g/t Au and 110 g/t Ag) over 40.00 meters, including internal breccia vein intervals grading 668 g/t AgEq (3.05 g/t Au and 415 g/t Ag) over 3.96 meters, 1,998 g/t AgEq (6.49 g/t Au and 1,460 g/t Ag) over 0.63 meters.
  • HR23-407: Mineralized envelope: 246 g/t AgEq (2.32 g/t Au and 54 g/t Ag) over 55.90 meters length, including internal breccia vein intervals grading 932 g/t AgEq (8.94 g/t Au and 191 g/t Ag) over 10.72 meters length, 2,149 g/t AgEq (24.38 g/t Au and 129 g/t Ag) over 0.57 meters and 1,883 g/t AgEq (17.78 g/t Au and 410 g/t Ag) over 2.20 meters.
  • HR23-411: Expansion step out hole to the southeast; 445 g/t AgEq (0.91 g/t Au and 369 g/t Ag) over 10.55 meters including 2,068 g/t AgEq (1.73 g/t Au and 1,925 g/t Ag) over 0.55 meters.

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

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

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

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



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

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

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

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

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



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

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

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

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



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

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

Homestake Ridge

The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic aged Hazelton volcanic rocks. Mineralization consists of pyrite, +/-galena and sphalerite in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader Mineralized envelope at the Homestake Silver deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to vertical or steeply southwest at Homestake Silver (see Figure 5).



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

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

`



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

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

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

Hole IDFrom
(m)		To
(m)		Length
(m)		Au
(g/t)		Ag
(g/t)		AuEq*
(g/t)		AgEq*
(g/t)
HR23-419306.40385.6079.202.571023.80315
including313.43322.659.229.5371818.191508
including320.00321.001.0033.0518435.262923
including321.60322.651.0536.66453391.347572
including325.74326.841.1020.9012122.361853
including328.95329.550.6029.3030232.942731
including367.39368.551.1621.603622.031826
HR23-418NSVNSV
HR23-416204.05298.0093.951.742134.30357
including214.13215.131.002.775199.03748
including230.64239.809.1611.80182433.802802
including231.32231.890.575.75429057.504767
including234.04236.302.2613.16308550.384176
including238.78239.801.0255.404830113.679422
including283.00284.501.508.3720710.87901
and320.00343.0023.001.13461.68139
including329.00331.002.003.582816.97578
including339.00343.004.003.78824.77395
HR23-415305.90328.7022.805.112067.59630
including313.40314.401.002.744538.21680
including318.40325.206.8014.3856221.161754
including319.42320.300.8843.40102055.714617
and336.75393.5056.751.22321.61133
including338.75346.607.853.131494.93409
including382.80384.151.354.101145.48454
HR23-414NSVNSV
HR23-413230.00244.0014.003.96154.15344
including237.00238.001.0047.304047.793961
and263.00303.0040.001.401102.72226
including264.55265.601.054.3247910.10837
including271.85275.813.963.054158.05668
including271.85272.480.636.49146024.101998
including278.57280.742.178.4362215.931321
including279.79280.740.9513.6096625.252093
HR23-412165.95166.450.500.664015.49455
including280.38281.851.470.291772.43201
and293.30304.0010.700.952383.82316
including298.00302.004.001.795388.28686
including299.35300.000.652.71124517.731470

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

Hole IDFrom
(m)		To
(m)		Length
(m)		Au
(g/t)		Ag
(g/t)		AuEq*
(g/t)		AgEq*
(g/t)
HR23-411464.65475.2010.550.913695.37445
including469.95474.204.251.4180111.07918
including470.45471.000.551.73192524.952068
including473.20474.201.001.59112015.101252
HR23-410Results Pending
HR23-409457.69466.208.511.80212.05170
including457.69458.220.532.191624.14344
HR23-408100.00102.102.10NSV4785.77479
and168.50169.360.860.881232.36196
and211.10212.401.30NSV6227.51622
including279.85280.330.483.21273.53293
HR23-407317.90338.0020.101.9632.00165
including328.76330.001.2423.801323.961986
and346.10402.0055.902.32542.97246
including354.88365.6010.728.9419111.24932
including354.88355.450.5724.3812925.932149
including356.90357.400.5018.8048124.602039
including360.55361.871.328.7138213.311103
including363.40365.602.2017.7841022.721883
HR23-406NSVNSV
HR23-405394.00433.2339.231.78NSV1.78148
including402.65414.0011.353.20NSV3.20265
including417.00423.256.252.48NSV2.48206
HR23-404614.25651.6037.350.5820.6050
HR23-403287.50395.00107.501.46161.65137
including288.00288.500.5024.3065932.252673
including342.00346.004.0012.3714314.091168
including342.00344.002.0022.2624825.252093
including371.00372.001.0011.55711.64965
HR23-402613.78652.0038.221.8121.84152
including613.78617.663.887.0557.11589
including614.85615.851.0012.80412.851065
HR23-401538.00539.401.400.041802.22184
HR23-400352.82354.001.180.364716.04501
and534.07576.0041.931.2421.27105
including543.00550.007.002.4742.52209
HR23-399Results Pending
HR23-398536.75567.0030.251.3131.34111
including544.00545.301.305.2025.22433

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

Hole IDFrom
(m)		To
(m)		Length
(m)		Au
(g/t)		Ag
(g/t)		AuEq*
(g/t)		AgEq*
(g/t)
and576.79577.951.164.1574.23351
HR23-397210.50253.6943.190.45621.21100
including228.65229.590.942.163266.09505
HR23-396187.38227.2539.870.53611.26104
including213.57214.070.502.7666810.82897
and250.00250.500.500.207449.17760
HR23-395341.65342.150.502.19171522.881897
and382.30403.9221.622.5722.60215
including386.00387.121.1212.001012.131005
including396.87401.504.636.4046.45534
including396.87398.401.5310.45610.53873
HR23-394Results Pending
HR23-393560.70562.752.05NSV3644.44368
HR23-389Results Pending

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

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

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

Hole IDEasting
UTM83 (m)		Northing
UTM83 (m)		Elevation
(m)		AzimuthDipLength
(m)
HR23-3934642526178460703235-51855.00
HR23-3954635816179029834225-48516.00
HR23-3964636426178780857235-45300.00
HR23-3974636426178780857230-50300.00
HR23-3984635816179029834225-55600.00
HR23-4004636076178909841223-60612.00
HR23-4014641186178529720230-50696.00
HR23-4024637146179021798220-50681.00
HR23-4034636076178909841230-50516.00
HR23-404463714617902179823-50654.00
HR23-4054636076178909841235-54522.00
HR23-4064640176178679738223-50642.00
HR23-4074636776178837828223-50441.00
HR23-4084637376178684819223-45402.00
HR23-4094636776178837828223-60575.00
HR23-4114639476178487748235-50588.00
HR23-4124637376178684819223-60475.00
HR23-4134636906178787827223-46399.00
HR23-4144636316179194814225-53501.00
HR23-4154636906178787827223-54449.00
HR23-4164636936178746833223-50383.00
HR23-4184633526178808997.35275-52585.00
HR23-4194636936178746833223-60458.00

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen assays may be completed on very high grade samples.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

Dolly Varden Announces New Investor Relations Services Providers

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

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

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

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

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

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

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

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

Categories
Junior Mining Precious Metals Project Generators

Riverside Resources Corporate Outlook and Milestones for 2024

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

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

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

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

2023 Recap:

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

Canada

Ontario

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

British Columbia

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

Mexico

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

Upcoming Events:

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

About Riverside Resources Inc.:

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

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

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

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

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

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

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

Categories
Base Metals Energy Junior Mining Precious Metals

Gold Mining Stocks, A Clear and Compelling Investment Case

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

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

1. Extreme Undervaluation

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

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

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

Figure A2. Return on Capital for Gold Miners

2. Divergence from Gold Price

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

Figure B. Gold Mining Equities vs. Average Gold Price2

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

3. 2024 Profitability Set for Sharp Improvement

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

Figure C. Gold Miners: All In Sustaining Costs Estimates

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

4. Chronic Underinvestment Sets Up Potential Demand/Supply Squeeze

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

Figure D. Gold Reserves by the Top 10 Miners

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

5. Understatement of Book Value

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

Figure E. Annual Gold Mine Production Has Been Relatively Flat

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

6. Classic Contrarian Setup

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

7. Fed Pivots Precede Outsized Performance

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

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

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

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

Figure F.

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

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

8. New Geopolitical Landscape Favors Gold

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

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

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

9. Western Investment Absent from Gold Ascent to Record High

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

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

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

10. Catalyst = Higher Gold Prices

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

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

Cumulative Returns

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

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

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

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

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

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

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

Figures J.

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

11. M&A Activity Set to Accelerate

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

The Investment Case: Clear and Compelling

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

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

Important Disclosure

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

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

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

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

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Categories
Energy Junior Mining Precious Metals

Emperor Advances Open-Pit Model at Duquesne West Gold Project

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

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

Highlights

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

CEO John Florek commented:

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

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

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

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

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

Summary of Drill Results:

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

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

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

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

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

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

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

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

Samples were sent to SGS Laboratories in Lakefield, ON.

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

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

Quality Assurance and Control

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

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

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

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

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

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

Multiple scenarios exist to expand additional resources which include:

  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 Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

Table of Significant Drilling Intercepts

Hole No.From (m)To (m)Interval (m)Au (g/t Au)
1DQ23-02909.35910.51.1512.17
910.59132.53.52
Wt. Avg.3.656.25
Including:1.1512.17
  
  
1DQ23-07545510.76
555610.17
565710.02
575810.87
58.058.80.750.35
58.7559.30.550.84
59.3600.71.23
606110.75
616211.17
626310.48
636412.16
646510.57
656611.09
666711.05
676811.01
686910.55
6969.70.71.00
Wt. Avg.15.70.82
Including:71.08
  
228.1229.113.33
229.1230.116.33
230.1231.21.15.70
231.2232.41.22.74
232.4233.851.450.26
233.85235.31.450.38
Wt. Avg.7.22.80
Including:4.34.47
Including:2.16.00
  
343.5344.510.78
344.53461.50.5
34634710.78
34734810.18
34834910.13
34935010.39
35035110.47
35135210.36
35235310.19
35335410.02
35435510.23
35535610.32
35635710.09
35735810.01
35835910.03
35936010.13
36036110.05
36136210.04
36236312.93
36336410.005
36436510.77
Wt. Avg.21.50.40
  
563.6564.613.35
564.6565.611.48
Wt. Avg.22.42
  
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.

QP Disclosure

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

About Emperor Metals Inc.

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

ON BEHALF OF THE BOARD OF DIRECTORS

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.

FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.

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

Categories
Diamcor Mining Energy Junior Mining Precious Metals

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

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

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

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

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

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

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

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

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

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

MOTIONSNUMBER OF SHARESPERCENTAGE OF VOTES CAST
FORAGAINSTWITHHELD/ ABSTAINSPOILEDNON VOTEFORAGAINSTWITHHELD/ ABSTAIN
Number of Directors70,372,3381,503,28600097.91%2.09%0.00%
Dean H. Taylor60,540,8490198,100011,136,67599.67%0.00%0.33%
Darren Vucurevich60,498,6300240,319011,136,67599.60%0.00%0.40%
Sheldon Nelson60,716,049022,900011,136,67599.96%0.00%0.04%
Dr. Stephen Haggerty60,716,349022,600011,136,67599.96%0.00%0.04%
Appointment of Auditors71,875,6240000100.0%0.00%0.00%

TOTAL SHAREHOLDERS VOTED BY PROXY: 56

TOTAL SHARES ISSUED & OUTSTANDING: 128,512,937

TOTAL SHARES VOTED: 71,875,624

TOTAL % OF SHARES VOTED: 55.93%

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

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

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

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

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

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

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

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

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

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

SOURCE: Diamcor Mining Inc.



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