Category: Precious Metals

Lion One Reports High-Grade Gold Results from Zone 2 at Tuvatu

Post author By admin
Post date October 19, 2023

North Vancouver, British Columbia–(Newsfile Corp. – October 19, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is being conducted to target the up-dip and down-dip extensions of the Murau lodes. The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.

Lion One Chairman and CEO Walter Berukoff commented: “After celebrating our first gold pour at Tuvatu on October 10^th, we now turn our focus back to grade control and infill drilling. These drill programs continue to yield positive results and to strengthen our understanding of the mineralization at Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near term future.”

Highlights of Zone 2 drilling (3.0 g/t cutoff):

84.96 g/t Au over 1.2 m (TGC-0092, from 4.5 m depth)
20.69 g/t Au over 4.2 m (including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth)
13.60 g/t Au over 5.1 m (including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth)
13.22 g/t Au over 5.1 m (including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth)
15.64 g/t Au over 3.9 m (including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth)
38.26 g/t Au over 1.5 m (including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth)
34.77 g/t Au over 0.9 m (including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth)
31.25 g/t Au over 1.2 m (TUDDH-680, from 148.7 m depth)
15.12 g/t Au over 2.1 m (including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth)
13.61 g/t Au over 2.1 m (including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth)
11.19 g/t Au over 2.4 m (including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth)
9.26 g/t Au over 2.7 m (including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth)
82.33 g/t Au over 0.3 m (TGC-0092, from 28.2 m depth)

Figure 1. Location of Zone 2 Grade Control and Infill Drillholes. Plan view of Tuvatu showing the Zone 2 grade control and infill drillholes included in this news release in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in grey, and underground developments in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_001full.jpg

Table 1. Highlights of composited grade control and infill drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0092		4.5	5.7	1.2	84.96
TUDDH-677		76.5	80.7	4.2	20.69
	including	78.3	80.7	2.4	32.81
	which includes	78.3	79.2	0.9	40.22
	and	79.2	79.8	0.6	13.08
	and	79.8	80.7	0.9	38.56
TUDDH-663		89.1	94.2	5.1	13.6
	including	89.1	90.6	1.5	35.51
	which includes	89.1	89.4	0.3	13.99
	and	89.4	89.7	0.3	40.56
	and	89.7	90	0.3	12.09
	and	90	90.3	0.3	12.03
	and	90.3	90.6	0.3	98.87
	and also including	93.6	94.2	0.6	15.25
TGC-0085		56.5	61.6	5.1	13.22
	including	57.1	57.7	0.6	35.68
	and	58.6	59.5	0.9	20.89
	and	60.1	60.4	0.3	50.54
TUDDH-680		140.9	144.8	3.9	15.64
	including	140.9	142.1	1.2	21.38
	and	143.6	144.8	1.2	23.48
TUDDH-663		177.3	178.8	1.5	38.26
	including	177.3	178.2	0.9	35.78
	and	178.2	178.8	0.6	41.99
TUDDH-680		146.6	147.5	0.9	34.77
	including	146.6	147.2	0.6	34.33
	and	147.2	147.5	0.3	35.67
TUDDH-680		148.7	149.9	1.2	31.25
TUDDH-678		135.3	137.4	2.1	15.12
	including	136.2	137.4	1.2	24.63
TUDDH-666		184.6	186.7	2.1	13.61
	including	186.1	186.7	0.6	42.48
TGC-0090		45.3	47.7	2.4	11.19
	including	47.1	47.7	0.6	30.75
	which includes	47.1	47.4	0.3	25.52
	and	47.4	47.7	0.3	35.89
TGC-0089		48.8	51.5	2.7	9.26
	including	48.8	49.7	0.9	13.11
	and	50.6	51.5	0.9	10.21
TGC-0092		28.2	28.5	0.3	82.33
TUDDH-663		169.2	171.6	2.4	7.96
	including	170.1	171.3	1.2	11.92
	which includes	170.7	171.3	0.6	15.55
TGC-0095		60.3	60.6	0.3	62.38

Murau Lodes

The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems. The Zone 2 area was the first to commence mining at Tuvatu and mining is ongoing in all three of these lode systems.

The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode system, which is modelled as a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for mining consists of a vertical extent of 55 m, an east-west strike length of 110 m, and a down-dip extension of 100 m.

Figure 2. Murau Lode System. Oblique section of the Murau lode system in relation to the infill and grade control drillholes reported here. View is to the ESE and slightly down dip along the Murau lodes. The stacked nature of the Murau lodes is visible in the image. Grade control drilling is focused on near-term mining whereas infill drilling is focused on the up-dip and down-dip extensions of the lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_002full.jpg

A total of 10 infill and 11 grade control drillholes are included in this release. The infill drill program was conducted from surface and was designed to target the up-dip and down-dip extension of the Murau lodes on approximately 20 m centers. The goal of the program is to provide an increased understanding of the system’s mineralization and geometry in these areas. The grade control drill program was conducted from underground on 5-10 m centers and was designed to provide much higher resolution of the Murau lode system in advance of mine development and extraction. The location of high-grade intercepts is shown in Figure 3 while examples of Murau lode mineralization are shown in Figure 4. The Zone 2 infill and grade control drill programs are ongoing. Previous drill results from the Zone 2 area can be seen in the news releases dated September 14, 2023, June 14, 2023, and April 25, 2023.

Figure 3. Location of High-Grade Intercepts from Zone 2 Infill and Grade Control Drilling, 3.0 g/t Au cutoff. Oblique section view of the Murau lode system highlighting the high-grade intercepts from the Zone 2 infill and grade control drill program in the Murau system. View is to the ESE and slightly down dip along the Murau lodes. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_003full.jpg

Figure 4. Example Mineralization from Zone 2 Infill and Grade Control Drilling. Top left: Monzonite-hosted quartz vein with coarse grained pyrite and honey-sphalerite (TUDDH-678, 136.3 m). Top right: Vuggy chalcedony-pyrite veinlet with well-developed alteration selvage (TUDDH-667, 156.3 m). Bottom left: Vuggy quartz vein with coarse-grained pyrite and honey sphalerite within a 5.1 m zone of 13.22 g/t Au (TGC-0085, 60.2 m). Bottom right: Monzonite-hosted quartz-pyrite-sphalerite vein (TUDDH-661, 131.7 m). Core diameter is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/184530_7a7b2314041049c6_004full.jpg

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

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

Appendix 1: Full Drill Results and Collar Information

Table 2. Composited results from grade control and infill drillholes in the Zone 2 area (grade >3.0 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0085		45.7	46.6	0.9	3.3
TGC-0085		47.5	48.7	1.2	4.69
TGC-0085		50.5	51.7	1.2	4.7
TGC-0085		54.4	54.7	0.3	15.23
TGC-0085		56.5	61.6	5.1	13.22
	including	57.1	57.7	0.6	35.68
	and	58.6	59.5	0.9	20.89
	and	60.1	60.4	0.3	50.54
TGC-0087		23.4	24	0.6	10.82
	including	23.7	24	0.3	14.44
TGC-0087		39.6	40.8	1.2	3.12
TGC-0087		49.8	50.1	0.3	3.72
TGC-0089		38.7	39.6	0.9	3.49
TGC-0089		41.6	41.9	0.3	12.45
TGC-0089		44.6	45.5	0.9	6.26
TGC-0089		48.8	51.5	2.7	9.26
	including	48.8	49.7	0.9	13.11
	and	50.6	51.5	0.9	10.21
TGC-0090		0	0.9	0.9	3.86
TGC-0090		34.8	35.4	0.6	6.74
TGC-0090		45.3	47.7	2.4	11.19
	including	47.1	47.7	0.6	30.75
	which includes	47.1	47.4	0.3	25.52
	and	47.4	47.7	0.3	35.89
TGC-0091		27	27.3	0.3	7.94
TGC-0091		33.6	34.2	0.6	5.59
TGC-0091		44.1	44.4	0.3	14.89
TGC-0092		4.5	5.7	1.2	84.96
TGC-0092		28.2	28.5	0.3	82.33
TGC-0092		39	39.6	0.6	11.7
	including	39.3	39.6	0.3	15.64
TGC-0092		42.6	43.5	0.9	5.18
TGC-0094		12.2	13.1	0.9	5.11
TGC-0094		49.1	50.3	1.2	15.29
TGC-0095		39	40.2	1.2	13.7
	including	39.3	39.6	0.3	20.22
	and	39.9	40.2	0.3	30.52
TGC-0095		42.6	43.5	0.9	15.49
TGC-0095		54.9	55.2	0.3	6.72
TGC-0095		60.3	60.6	0.3	62.38
TGC-0100		8.4	9.3	0.9	3.64
TGC-0100		48.6	48.9	0.3	35.93
TGC-0100		60.9	61.2	0.3	9.85
TGC-0100		68.4	68.7	0.3	15.02
TGC-0100		72.9	73.5	0.6	5.3
TUDDH-661		118.9	120.1	1.2	3.03
TUDDH-661		131.5	132.1	0.6	7.09
	including	131.5	131.8	0.3	10.38
TUDDH-663		50.7	51.3	0.6	4.01
TUDDH-663		89.1	94.2	5.1	13.6
	including	89.1	90.6	1.5	35.51
	which includes	89.1	89.4	0.3	13.99
	and	89.4	89.7	0.3	40.56
	and	89.7	90	0.3	12.09
	and	90	90.3	0.3	12.03
	and	90.3	90.6	0.3	98.87
	and also including	93.6	94.2	0.6	15.25
TUDDH-663		101.1	102	0.9	10.98
TUDDH-663		154.5	154.8	0.3	16.89
TUDDH-663		159.9	160.2	0.3	3.43
TUDDH-663		162	162.3	0.3	8.37
TUDDH-663		164.7	165	0.3	15.64
TUDDH-663		169.2	171.6	2.4	7.96
	including	170.1	171.3	1.2	11.92
	which includes	170.7	171.3	0.6	15.55
TUDDH-663		173.1	175.5	2.4	3.87
TUDDH-663		177.3	178.8	1.5	38.26
	including	177.3	178.2	0.9	35.78
	and	178.2	178.8	0.6	41.99
TUDDH-664		73.7	74.3	0.6	3.07
TUDDH-664		76.7	77.3	0.6	20.79
TUDDH-664		121.8	122.7	0.9	18.99
TUDDH-664		124.5	126	1.5	8.17
	including	125.4	126	0.6	11.44
TUDDH-666		101.8	102.1	0.3	3.55
TUDDH-666		167.5	170.2	2.7	6.65
	including	169.3	170.2	0.9	13.33
	which includes	169.3	169.6	0.3	27.99
TUDDH-666		184.6	186.7	2.1	13.61
	including	186.1	186.7	0.6	42.48
TUDDH-666		193.3	193.9	0.6	4.73
TUDDH-667		153.1	154.9	1.8	9.99
	including	153.7	154.9	1.2	11.87
	which includes	153.7	154	0.3	29.47
TUDDH-667		156.1	156.4	0.3	15.89
TUDDH-670		69.4	70	0.6	25.68
TUDDH-670		74.5	75.4	0.9	4.37
TUDDH-673		87.2	87.8	0.6	20.26
TUDDH-673		150.8	151.7	0.9	15.73
TUDDH-673		157.7	158.6	0.9	3.4
TUDDH-673		162.2	162.8	0.6	12.27
TUDDH-677		69.6	70.5	0.9	4.41
TUDDH-677		76.5	80.7	4.2	20.69
	including	78.3	80.7	2.4	32.81
	which includes	78.3	79.2	0.9	40.22
	and	79.2	79.8	0.6	13.08
	and	79.8	80.7	0.9	38.56
TUDDH-677		82.2	82.8	0.6	4.35
TUDDH-678		67.4	67.7	0.3	4.14
TUDDH-678		83.4	84	0.6	19.71
	including	83.7	84	0.3	35.99
TUDDH-678		135.3	137.4	2.1	15.12
	including	136.2	137.4	1.2	24.63
TUDDH-678		144.6	144.9	0.3	3.13
TUDDH-680		135.5	136.7	1.2	3.6
TUDDH-680		138.8	139.7	0.9	5.91
TUDDH-680		140.9	144.8	3.9	15.64
	including	140.9	142.1	1.2	21.38
	and	143.6	144.8	1.2	23.48
TUDDH-680		146.6	147.5	0.9	34.77
	including	146.6	147.2	0.6	34.33
	and	147.2	147.5	0.3	35.67
TUDDH-680		148.7	149.9	1.2	31.25

Table 3. Collar coordinates for grade control drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TGC-0085	1876267	3920759	151	77.3	-62.0	81.7
TGC-0087	1876264	3920768	152	353.3	-52.3	65.6
TGC-0089	1876264	3920768	152	356.2	-67.4	65.5
TGC-0090	1876264	3920768	153	357.2	-38.6	65.7
TGC-0091	1876264	3920768	152	8.1	-46.1	71.7
TGC-0092	1876265	3920768	152	17.4	-37.1	71.6
TGC-0094	1876266	3920767	151	48.0	-79.6	60.8
TGC-0095	1876266	3920768	152	42.1	-27.6	77.1
TGC-0097	1876267	3920768	153	42.1	-8.2	80.6
TGC-0099	1876267	3920768	153	48.1	-12.4	80.2
TGC-0100	1876267	3920768	153	46.6	-19.2	76.4

Table 4. Collar coordinates for infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	Depth
TUDDH-661	1876179	3920731	199	63.1	-51.2	173.7
TUDDH-663	1876178	3920730	199	61.1	-73.4	197.3
TUDDH-664	1876177	3920731	199	52.4	-59.3	185.7
TUDDH-666	1876177	3920729	199	74.1	-77.1	201.3
TUDDH-667	1876177	3920728	199	83.2	-57.8	185.9
TUDDH-670	1876259	3920803	203	54.3	-55.3	98.6
TUDDH-673	1876177	3920728	199	88.3	-64.3	194.7
TUDDH-677	1876259	3920803	203	60.3	-63.6	101.9
TUDDH-678	1876225	3920709	218	30.5	-61.0	151.4
TUDDH-680	1876225	3920709	218	34.1	-64.1	165.0

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184530

Junior Mining Precious Metals

Emperor Metals Intersects 10.8 Metres of 15.8 g/t Au (including 3.4 m of 27.24 g/t Au); Identifies Overlooked Bulk Tonnage Open Pit Potential at Duquesne West Gold Project in Quebec

Post author By admin
Post date October 17, 2023

Vancouver, British Columbia–(Newsfile Corp. – October 17, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce additional assay results from the ongoing summer 2023 drilling campaign at the Duquesne West Gold Project. Drilling continues at the property and, with the recent completion of hole DQ23-13, drilling has reached 8,239 metres of a planned +8,000 metres program.

Highlights

10.8 metres (m) of 15.8 grams per tonne (g/t) gold (Au), including 3.4 m of 27.24 g/t Au in DQ23-05 (see Image 1, 2 and 3),
Drilling confirms open-pit potential with bulk tonnage grades in traditionally unsampled intervals, distinct from known underground potential (see Image 4 and 5).
Intersections are predicted to expand the Historical Resource of 727,000 ounces of gold at a grade of 5.42 g/t Au.^1,2,
Drilling confirms the reliability of strategic AI Model, for example, DQ23-05 exceeds the average thickness and grade of the deposit and extends the mineralization along plunge as predicted.

CEO John Florek commented:

What is so impressive is the robustness of mineralization we are encountering. Our findings suggest a shift from a sole focus on high-grade gold to also include an open-pit potential knowing that these thick mineralized zones probably extend to the surface. Previous explorers were only focused on high-grade gold and ignored bulk tonnage opportunities. An approximate estimate of 70% of the historical core near surface has not been sampled.

Our strategic direction now encompasses the development of both pit-constrained and underground resources, which has the potential to substantially elevate the project’s prospects. The appeal of this property grows weekly as the assay results return from the lab.

The application of our AI Geological Model has been pivotal in facilitating a deeper understanding and potential expansion of the deposit. We are committed to the continued growth of this deposit in collaboration with our investors, employing targeted drilling and innovative approaches. We are clearly envisioning the ability to develop a multimillion-ounce potential with the addition of multiple mining scenarios on the property.

The proximity to multiple mills and infrastructure in a Tier 1 mining district makes this project highly valuable compared to its competitors.”

Summary of Drill Results:

DQ23-05 intersection (10.8 m of 15.8 g/t Au) was designed to extend mineralization +100 meters westward down plunge of high-grade mineralization. It intersected higher grade and thickness than predicted by the model, which will help to increase the grade and add ounces laterally to the mineralized stopes model (Images 1, 2 and 3).

Due to multiple zones of mineralization of both high-grade and lower grade bulk tonnage we have focused our remaining drilling towards the open pit concept that has been envisioned over the 2023 summer drilling program (Image 4). This is a significant milestone after examining the results of the 2023 drilling program, coupled with the lack of sampling in the near-surface historical drilling (Image 5). The partial results and the visuals from our 2023 campaign suggest broader mineralized zones potentially amenable for open pit mining (See Table 1 and previous press release dated Sept 12, 2023).

The open pit concept in images 4 and 5 show an ultimate pit with a depth extent to 400 meters; the footprint is 1.8 km by 0.8 km. Initial exploration will strategically focus on a phase 1 pit design. This will allow us to determine the economics as we progress through the phases having the necessary assay results for resource evaluation. Currently Emperor is sampling available, near-surface, core that was not assayed by previous explorers located in the historical core library. Up to 70% of this core has not been assayed.

Partial assays for these reported drillhole results continue to increase confidence to consider an open pit potential to the Duquesne West deposit. Lab results for other mineralized zones intersected in holes DQ23-02, 03, 04, and 05 are in progress.

Samples were sent to SGS Laboratories in Lakefield, ON.

Hole No.	From (m)	To (m)	Interval (m)	Au (g/t Au)
¹DQ23-01	659.7	661.8	2.1	0.88
	661.8	663	1.2	0.47
	663	663.85	0.85	10.7
		Wt. Avg.	4.15	2.77

	794.4	817	22.6	0.62
		Wt. Avg.	22.6	0.62

	914.15	942.95	28.8	0.33
		Wt. Avg.	28.8	0.33

¹DQ23-02	517.2	518.2	1	3.29
	518.2	519.2	1	0.69
		Wt. Avg.	2	1.99

	677.1	679.6	2.5	2.69

¹DQ23-03	417.75	418.85	1.1	5.09

	941.2	942.2	1	11.68
	942.2	943.2	1	0.59
		Wt. Avg.	2	6.14

¹DQ23-04	318.5	336	17.5	0.45
		Wt. Avg.	17.5	0.45

	433.7	434.2	0.5	0.78
	434.2	435	0.8	1.81
	435	435.7	0.7	12.24
	435.7	436.45	0.75	8.98
		Wt. Avg.	2.75	6.23

	449	450	1	2.59
	450	451	1	0.22
	451	452	1	9.92
		Wt. Avg.	3	4.24

	548.3	549.5	1.2	19.01

	571.3	606	34.7	0.45
		Wt. Avg.	34.7	0.45

	651.35	651.95	0.6	0.58
	651.95	652.6	0.65	5.14
		Wt. Avg.	1.25	2.95

²DQ23-05	133	135.5	2.5	5.01

	257.2	281.6	24.4	0.50
		Wt. Avg.	24.4	0.50

	391.9	393	1.1	3.25
	393	393.85	0.85	0.42
	393.85	395	1.15	1.98
		Wt. Avg.	3.1	2.00

	556	556.6	0.6	2.51
	556.6	557.3	0.7	1.53
	557.3	558	0.7	12.08
	558	558.65	0.65	12.58
	558.65	559.35	0.7	22.54
	559.35	560.15	0.8	1.29
	560.15	560.9	0.75	0.02
	560.9	561.7	0.8	0.06
	561.7	562.7	1	1.47
	562.7	563.4	0.7	3.67
	563.4	563.9	0.5	110
	563.9	564.55	0.65	32.15
	564.55	565.1	0.55	23.07
	565.1	565.8	0.7	0.05
	565.8	566.3	0.5	0.45
	566.3	566.8	0.5	84.42
		Wt. Avg.	10.8	15.85
		Including:	3.4	27.24

	575.65	594	18.35	0.52
		Wt. Avg.	18.35	0.52
¹Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.
²Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 80-90%.

Image 1: Figure showing DQ23-05 intercept-expanding ounces +100 meters along plunge of deposit. This intercept should continue building mineable stopes along this trend.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_001full.jpg

Image 2: Representation of mineralized and altered core from DQ23-05 (10.8 m of 15.8 g/t Au (includes 3.4 m of 27.24 g/t Au)). Highly altered breccia zone containing quartz veinlets, sericite, and ankerite.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_003full.jpg

Image 3: Cross Section of DQ23-05 (Looking West) 10.8 m of 15.8 g/t Au

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_004full.jpg

Image 4: Open Pit Concept. Showing both Phase 1 and Ultimate Pit Scenario.

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https://images.newsfilecorp.com/files/8461/184284_25cbe5e024e24b87_005full.jpg

Image 5: Historical Drillholes (DDH) in Open Pit, showing lack of sufficient sampling for proper resource characterization.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/184284_

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.

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

²Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

QP Disclosure

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

About Emperor Metals Inc.

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

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”

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

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/184284

Energy Precious Metals

Silver Demand Grows as Solar Leads Renewables

Post author By admin
Post date October 13, 2023

BY PAUL WONG AND JACOB WHITE | WEDNESDAY, OCTOBER 11, 2023

View Critical Materials September 2023 Performance Table
For the latest standardized performance and holdings of the Sprott Energy Transition ETFs, please visit the individual website pages: SETM, LITP, URNM, URNJ, COPJ and NIKL. Past performance is no guarantee of future results.

Key Takeaways

Solar panels have emerged as a critical player in transitioning to clean, sustainable and secure energy sources.
Among numerous advantages, solar has one of the lowest megawatt-per-hour (MWh) costs among energy sources, a small environmental impact and a long life expectancy.
Evolving solar panel technology is driving a surge in demand for silver, which has unique properties that play a vital role in improving solar cell efficiency and performance.
Solar panel needs could exert considerable pressure on the silver market in the next decade, dramatically causing demand to outpace primary supply.
The Nasdaq Sprott Energy Transition Materials Index rose modestly in September, boosted by surging uranium prices, which overrode weakness in other energy transition materials.
Jump to Critical Minerals Updates

September in Review

The Nasdaq Sprott Energy Transition Materials Index (NSETM) increased 2.42% in September to close the month at 983.45. For the nine months ending September 30, the Index returned 5.31%.Uranium’s performance helped the energy transition complex close higher in September.

September witnessed a wide dispersion of returns. For example, spot uranium surged 21%³ to a 12-year high, and uranium miners jumped 24%.⁹ Year to date, spot uranium and uranium miners have both returned over 50%. For most of the year, uranium had firming fundamental support from several sources, including utilities contracting U3O8, growing supply concerns, and long-term growth projections that were revised higher (see Uranium Rally Gains Power in September).

Despite market stresses, these uranium surges helped the energy transition complex close higher in September. Other metal groups in the energy transition complex came under further downward pressure from a combination of factors, including continuing weak China data, concurrent rapid rises in the U.S. dollar (USD) and real yields, and fears of slowing future demand.

The equity market faced increased challenges in September due to a stronger USD, worries about increased debt issuance and deficits, rising real yields and widening economic disparities between the U.S., China and the EU. Weakness in significant currencies such as the yen (due to the Bank of Japan’s yield curve control policy) and the yuan (due to China’s economic and credit problems) continue to boost the USD but create currency risk elsewhere. Countries with weak currencies that cannot afford further depreciation are straining under the higher rates needed to defend their currencies. The other option for currency support — selling foreign exchange reserves — becomes a de facto liquidity drain. The spike in crude oil prices adds to the risk by draining reserves and increasing growth concerns, particularly in the already fragile Chinese and EU economies.

Real yields have reached 15-year highs at an alarming pace, further tightening financial conditions. Historically, simultaneous increases in the USD, real yields and crude oil prices have detrimentally impacted risk assets. Yet, as seen in Figure 1, the Nasdaq Sprott Energy Transition Materials Index remains unfazed.

Figure 1. Nasdaq Sprott Energy Transition Materials Index Still Consolidating (2018-2023)

Source: Bloomberg. Nasdaq Sprott Energy Transition Materials Index (NSETM). Data as of 9/30/2023. Top Half of Chart: Red line indicates bottom level support; blue line indicates trend over time. Bottom Half of Chart: Moving average convergence/divergence is a trend-following momentum indicator that shows the relationship between two exponential moving averages (EMAs, red and black lines), calculated by subtracting the 26-period EMA from the 12-period EMA. Included for illustrative purposes only. Past performance is no guarantee of future results.

Updates on Critical Materials

Lithium: Soft Demand Undermines Prices

The lithium carbonate spot price continued its descent in September, falling 17.79% over the month to $10.35 per pound (see Figure 2). China dominates global demand for lithium and, in the past, has exhibited seasonality, with more demand in the fourth quarter and restocking ahead of this peak season. Restocking has not materialized this year, and short-term weakness in Chinese electric vehicle (EV) demand has weighed on prices. However, despite the steep decline in the lithium spot price since its November 2022 high, prices are still much higher than their historical levels (for example, in late 2020, the lithium spot price was below $3 per pound).The U.S. has recognized the need for massive investment in U.S. lithium production. The DOE’s loan program is another potential tailwind for lithium miners…

The transport sector accounted for 76% of lithium demand in 2022 (according to BloombergNEF), and China accounted for 58% of EV sales, with six million EVs sold. Because of this, the current weakness in China has had a significant impact on commodity prices. However, the U.S., which is the second largest seller of EVs with just under one million sold in 2022, has not experienced the same weakness in demand as China in 2023. U.S. EV sales data released in September show multiple positive developments. Based on preliminary Q3 reports, U.S. EV sales in 2023 have already passed the one million mark for the first time.¹⁶ U.S. EV battery sales are experiencing exponential growth. While it took a decade to achieve the first cumulative million in sales, it took just two years for the second million and a mere year for the third million.¹⁷

In September, stocks of lithium miners fell by 8.31% as the lithium spot price dropped. Other factors weighed on capital-intensive sectors, including hawkish U.S. monetary policy sentiment, the strong USD and weak Chinese economic data. Although the lithium spot price drop has reduced miners’ margins, they are still profitable at current prices. Lithium mining equities have been a more attractive investment than lithium itself because of the rise in announced offtake agreements, direct equity investments by original equipment manufacturers into lithium miners, merger and acquisition (M&A) activity and grants and loans provided to miners by the U.S. Department of Energy (DOE).

With regard to M&A activity in September, Sigma Lithium Corporation received proposals to sell the company, with details yet to be disclosed publicly.¹⁸ This followed the events of early September when Liontown Resources Limited’s share price jumped 11.50% as its board backed a refreshed A$6.6 billion takeover bid from Albemarle Corporation, the world’s largest lithium producer.¹⁹

The U.S. has recognized the need for massive investment in U.S. lithium production. The DOE’s loan program is another potential tailwind for lithium miners and is supporting several lithium development projects in the U.S. Lithium Americas Corp. reported in September that it was in talks with the U.S. Department of Energy (DOE) for a $1 billion loan for its Nevada project.²⁰ If the DOE funding goes through, it will represent nearly half the project’s $2.27 billion budget and be the first of its kind. The DOE gave Ioneer Ltd (a lithium and boron miner) a $700 million loan in January 2023.²¹ Albemarle Corporation received a $90 million grant from the U.S. Department of Defense in September to raise domestic output at its Kings Mountain lithium mine (for which the DOE also gave a $150 million grant in 2022 to fund construction).²²

Figure 2. Lithium Continues to Decline (2018-2023)

Source: Bloomberg. Lithium carbonate spot price, $/lb, 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Copper: Strong Dollar Weighs on Market

The copper spot price fell 2.28% to $3.73 per pound in September (see Figure 3), and shares of copper miners fell 3.31%. The U.S. Federal Reserve signaled that rates would stay higher for longer in September, which raised bond yields and took the USD to its highest level since November 2022. These developments challenged global markets, including copper.

Copper has a strong negative correlation with the USD (-0.58 correlation coefficient over the last five years). The copper spot price has been largely range-bound over the previous five months, falling on disappointing economic data from China and rising on the potential of Chinese stimulus. China accounts for approximately 50% of global refined copper demand, and China’s manufacturing and construction sectors have been weak. This directly contrasts expectations at the start of the year when markets believed China’s post-COVID reopening would boost these sectors.

Despite this activity, copper has managed to avert the larger year-to-date drawdowns in other metals markets. We believe this is due to favorable demand fundamentals and uncertain supply. Chilean state-owned copper miner Codelco recently reduced its guidance for copper production to the lowest in 25 years. Chile is the world’s largest copper producer, with 27% of the global market in 2022. In Peru — the second-largest copper producer with 11% of the global market — the head of the country’s National Society of Mining, Petroleum and Energy, Victor Gobitz, indicated that Peru’s copper production would likely flatten in the new year due to a slowdown in investment.

On a positive note, supportive tailwinds may be created by these negative developments and global supply impediments (like declining ore grades, fewer major copper discoveries and long lead times of 16.5 years from discovery to first production). Nearly 70% of all copper produced is used in electrical applications,²³ making copper critical to the energy transition. Energy transition-related demand for copper is slated to increase nearly four fold by 2040 relative to 2022²⁴ to meet net-zero carbon emissions targets.

Figure 3. Copper Softens Despite Tailwinds (2018-2023)

Source: Bloomberg. Copper spot price, $/lb, 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Nickel: Negative Macro Factors Weaken Price

The nickel spot price fell 8.20% in September (see Figure 4), and shares of nickel miners fell 4.08%. Over this year, rising supply from Indonesia — the world’s largest nickel producer at 48% of global production — has weighed on the nickel market.²⁵ In September, there was some reprieve as Indonesia announced it would not approve any new mining quotas for the remainder of the year.²⁶ (Indonesian miners are issued annual production and sales quotas, referred to as RKAB.) The announcement caused increased short-term nickel demand from the Indonesian midstream; however, the nickel price still fell on negative macroeconomic developments.

Figure 4. Nickel Soft on Economic Uncertainty (2018-2023)

Source: Bloomberg. Nickel spot price, $/lb. 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Solar and Silver: Twin Pillars of Energy Transition

1. Solar Leads the Drive to Clean Energy

As the world progresses along the energy transition curve, the rapid expansion of solar photovoltaic (PV) technology is a key constituent. Solar panels have emerged as a critical player in transitioning to clean, sustainable, secure energy sources.

Solar PV panels harness sunlight and convert it to electricity. The panels’ core component is the solar cell, typically made from crystalline silicon. When sunlight strikes the solar cell, it excites electrons, creating an electric current. Solar panels dominate in energy transition because of their numerous advantages. They produce clean energy at one of the lowest megawatt-per-hour costs compared to conventional energy sources (see Figure 5). Once installed, solar panels have a low environmental impact and a long life expectancy (25+ years) with minimal maintenance.

The International Energy Agency (IEA) forecasts that solar energy capacity will grow faster than any other energy source on a cumulative global basis (see Figure 6). With the cost of renewable electricity now lower than fossil fuels, solar is expected to account for 98% of the expansion in global electricity capacity over the IEA’s forecast period through 2030.

Figure 5. Solar and Wind Cost Less (2014-2023)

Figure 6. Solar Set to Dominate Installed Capacity (2010-2030)

Source: International Energy Agency, “Net Zero Roadmap, 2023 Update”. Forecasts made under the Net Zero Emissions by 2050 Scenario. Included for illustrative purposes only. Past performance is no guarantee of future results.

From 2020 to 2030, solar capacity additions are expected to grow at a robust annualized rate of approximately 17% globally, according to BloombergNEF (see Figure 7). Cumulative solar PV capacity is forecast to expand by over five fold with almost 5,000 GW in new additions, surpassing natural gas and coal by mid-decade. However, there are challenges ahead as the energy transition process evolves.

Figure 7. Global Trends in Solar Demand and Supply (2020-2030)

Source: BloombergNEF. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

China Controls Solar Supply Chains

China currently plays a central role in global solar PV supply chains, with about 80%²⁷ of market share across all stages of solar panel manufacturing. This dominance results from strategic government policies, massive investments exceeding $50 billion since 2011²⁸ and continuous innovation. The scale achieved has significantly lowered solar PV costs, making clean energy more affordable worldwide.

China’s solar PV products are an important export, contributing significantly to the country’s trade surplus. Furthermore, Chinese investments in neighboring countries have transformed them into major exporters of PV products. (At the same time, concerns persist about the environmental impact of solar PV manufacturing in China, as much of the energy used in the process comes from coal-fired power plants.)

Despite the growth of solar PV, challenges loom large, particularly regarding the concentration of supply chains. Manufacturing capacity for crucial components like polysilicon, ingots, wafers, cells and modules must double by 2030 to increase solar PV capacity. However, the high concentration of production in China, especially in Xinjiang province, raises concerns about resilience, affordability and sustainability.

Furthermore, the demand for critical minerals in solar PV production, primarily controlled by China, is expected to surge as the world moves toward net-zero emissions. Ensuring the long-term financial stability of the solar PV manufacturing sector is essential for a rapid and cost-effective clean energy transition. Trade restrictions, such as tariffs and import duties, pose additional challenges. These measures risk disrupting the supply chain and slowing down the deployment of solar PV in regions outside of China.

Diversifying Solar PV Supply

Diversification of supply chains is essential to reduce vulnerabilities and unlock economic and environmental opportunities. Recent global events, including COVID-related supply chain issues and geopolitical conflicts, have underscored the risks of relying heavily on imports for critical goods like energy components.

The solar PV industry presents an opportunity for diversification, with the potential for global investment exceeding $120 billion by 2030.²⁹ This would require doubling current annual investment levels throughout the supply chain, especially in critical sectors like polysilicon, ingots and wafers. Additionally, diversification would create jobs, potentially doubling the number of direct manufacturing jobs to one million by 2030.³⁰

2. Why Silver is Critical to Solar Panel Technology

As the solar industry continues its exponential growth, silver is experiencing a surge in demand, driven primarily by the evolving technology of solar panels. Silver’s unique properties, including its exceptional electrical conductivity, thermal efficiency and optical reflectivity, play a vital role in enhancing the efficiency and performance of solar cells. Solar panels rely on silver for several critical components, including the front contact fingers, busbars and soldering of solar cells. These components ensure the electricity generated by the solar cells flows efficiently and maximizes energy conversion efficiencies.

The Limits of Efficiency

Over the past decade, there has been a noticeable reduction in the silver intensity of solar panels, as measured by the amount of silver required per kilowatt of solar panel capacity. This reduction signifies a trend toward more efficient utilization of silver in solar cells, but it is starting to reach its limits.Overall demand for industrial silver continues to grow due to the relentless expansion of the renewable energy sector.

Silver’s unmatched conductive properties make substitution difficult without a drop in energy efficiency. It is becoming more challenging to increase efficiency while reducing silver loadings. Silver boasts the lowest electrical resistance among all metals at standard temperatures, meaning substitutes cannot match its energy output per panel. Any savings achieved through substitution might be offset by the increased number of panels needed to match capacity. Technological advancements, not substitution, are the most likely way to reduce the need for silver.

The solar industry’s demand for silver is tied to advancements in solar panel technology. In the past, silver paste served as a conductive layer on the front and back of silicon solar cells. However, evolving cell designs now use larger amounts of silver. Solar silver demand as a percent of total silver demand is forecast to rise from 5% in 2014 to approximately 14% in 2023 (see Figure 8). Using BloombergNEF’s estimate of 12 tonnes of silver demand per gigawatt of solar capacity, silver demand for solar panels could increase by almost 169% by 2030 to roughly 273 million ounces, or about one-fifth of total silver demand based on trend projections.

Figure 8. Photovoltaics Dominate Silver Demand (2014-2023)

Source: Silver Institute (World Silver Survey 2023), BloombergNEF, IEA. Included for illustrative purposes only. Past performance is no guarantee of future results.

Seeking Silver Substitutes

Solar’s rapid growth and the near-inelastic demand for silver present a substantial challenge to silver supply. Primary silver production has stagnated over the past decade, exacerbating the issue. Moreover, around 80% of silver supply is a by-product of lead, zinc, copper and gold production. The scarcity of primary silver mines and the reluctance of miners to invest in new base metal projects mean that higher silver prices are an insufficient catalyst to boost mine output. Consequently, a supply strain is anticipated, and we expect to see sizeable negative market balances for the next several years.

Silver paste represents a substantial portion of production costs in solar cells, approximately 10%.³¹ Manufacturers actively seek solutions to reduce silver usage and alternatives such as multi-busbar/zero-busbar designs and other metals like copper. However, the adoption rate for these alternative metals remains limited due to their relatively high production costs, technical hurdles and the inevitable loss of efficiency, given silver’s unmatched conductivity. While these alternative metals hold promise, widespread adoption will likely occur after silver prices spike.

Expect Silver Demand to Keep Growing

Most forecasts of photovoltaic (PV) capacity point to significant growth in the solar market. Given silver’s critical role in solar cell production, this escalating demand may exert considerable pressure on the silver market, dramatically causing demand to outpace primary supply. It is true that while the solar industry dominates the discussion, demand for silver is not thriving in all industrial sectors. The uncertain global economic outlook has negatively impacted the electronics and home appliance sectors and reduced silver’s use in construction. However, overall demand for industrial silver continues to grow due to the relentless expansion of the renewable energy sector.

Critical Materials: September 2023 Performance

*Metric*	9/29/2023	6/30/2023	Change	Mo % Chg	YTD % Chg	*Analysis*
Miners
Nasdaq Sprott Energy Transition Materials™ Index¹	983.45	960.21	23.24	2.42%	5.31%	Despite the adverse market stresses, the energy transition complex closed higher due to a massive surge in spot uranium and uranium equities. For most of the year, uranium had firming fundamental support from the utilities contracting U3O8, building supply concerns, and LT growth projections being revised higher.
Nasdaq Sprott Lithium Miners™ Index²	840.04	916.16	(76.12)	(8.31)%	(8.92)%
North Shore Global Uranium Mining Index³	3,655.66	2,949.22	706.44	23.95%	50.63%
Solactive Global Copper Miners Index⁴	136.63	141.30	(4.68)	(3.31)%	4.86%
Nasdaq Sprott Nickel Miners™ Index⁵	756.80	789.03	(32.23)	(4.08)%	(16.84)%
Nasdaq Sprott Junior Copper Miners™ Index⁶	888.26	957.84	(69.58)	(7.26)%	3.48%
Nasdaq Sprott Junior Uranium Miners™ Index⁷	1,426.96	1,138.00	288.96	25.39%	39.03%
Physical Materials
Lithium Carbonate Spot Price $/lb⁸	10.35	12.59	(2.24)	(17.79)%	(69.70)%	Federal Reserve hawkishness, weak Chinese economic data and electric vehicle sales weighed on commodity prices, excluding uranium.
U3O8 Uranium Spot Price $/lb⁹	73.38	60.63	12.75	21.03%	51.88%
LME Copper Spot Price $/lb¹⁰	3.73	3.81	(0.09)	(2.28)%	(1.82)%
LME Nickel Spot Price $/lb¹¹	8.36	9.11	(0.75)	(8.20)%	(38.30)%
Benchmarks
S&P 500 TR Index¹²	4,288.05	4,507.66	(219.61)	(4.87)%	11.68%	A complex mix of rising USD, yields, and oil prices have increased risk and drained systematic market liquidity. Concerns on debt issuance, deficits, fiscal policies, govt shutdowns, labor strife, etc. have all led to sharp spike in long-end yields.
	106.17	103.62	2.56	2.47%	2.56%
BBG Commodity Index¹⁴	104.84	106.03	(1.19)	(1.12)%	(7.06)%
S&P Metals & Mining Select Industry TR Index¹⁵	2,687.99	2,661.89	26.10	0.98%	(5.35)%

Source: Bloomberg and Sprott Asset Management LP. Data as of 9/29/2023.
Past performance is no guarantee of future results. Included for illustrative purposes only. You cannot invest directly in an index.

For the latest standardized performance of the Sprott Energy Transition ETFs, please visit the individual website pages: SETM, LITP, URNM, URNJ, COPJ and NIKL. Past performance is no guarantee of future results.

1	The Nasdaq Sprott Energy Transition Materials™ Index (NSETM™) is designed to track the performance of a selection of global securities in the energy transition materials industry, and was co-developed by Nasdaq® and Sprott Asset Management LP.
2	The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) is designed to track the performance of a selection of global securities in the lithium industry, including lithium producers, developers and explorers; the Index was co-developed by Nasdaq® and Sprott Asset Management LP.
3	The North Shore Global Uranium Mining Index (URNMX) is designed to track the performance of companies that devote at least 50% of their assets to the uranium mining industry, which may include mining, exploration, development and production of uranium, or holding physical uranium, owning uranium royalties or engaging in other non-mining activities that support the uranium mining industry.
4	The Solactive Global Copper Miners Index includes international companies active in exploration, mining and/or refining of copper. The index includes a minimum of 20 and a maximum of 40 members. The calculation is done in USD as a total return index. Index adjustments are carried out semi-annually.
5	Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) is designed to track the performance of a selection of global securities in the nickel industry.
6	Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) is designed to track the performance of mid-, small- and micro-cap companies in copper-mining related businesses.
7	Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) is designed to track the performance of mid-, small- and micro-cap companies in uranium-mining related businesses.
8	The lithium carbonate spot price is measured by the China Lithium Carbonate 99.5% DEL. Source Bloomberg and Asian Metal Inc. Ticker L4CNMJGO AMTL Index. Data converted to pounds and to USD with Bloomberg FX Rates.
9	The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco.
10	The copper spot price is measured by the LME Copper Cash ($). Source Bloomberg ticker LMCADY. Data converted to pounds.
11	The nickel spot price is measured by the LME Nickel Cash ($). Source Bloomberg ticker LMNIDY. Data converted to pounds.
12	The S&P 500 or Standard & Poor’s 500 Total Return Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
13	The U.S. Dollar Index (USDX, DXY) is an index of the value of the U.S. dollar relative to a basket of foreign currencies.
14	The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities, and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
15	The S&P Metals & Mining Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS metals & mining sub-industry.
16	Source: BloombergNEF.
17	Source: Bloomberg, “US Electric Vehicle Sales Reach Breakthrough Pace”, September 14, 2023
18	Source: Valor Business, “Sigma Lithium to evaluate acquisition offers”, September 14, 2023
19	Source: Reuters, “Lithium developer Liontown backs Albemarle’s $4.3 billion bid”, September 4, 2023
20	Source: Reuters, “Lithium Americas in talks with US Energy Dept to secure over $1 billion loan, source says”, September 29, 2023
21	Source: Reuters, “U.S. to lend Pioneer $700 million for Nevada lithium mine”, January 13, 2023
22	Source: Reuters, “Albemarle to get $90 million grant from Pentagon for raising domestic lithium output”, September 12, 2023
23	Source: Copper Alliance, 2023.
24	Source: International Energy Agency (IEA), “Critical Minerals Market Review”, July 2023. Data shown for Net Zero Emissions Scenario.
25	Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2023
26	Source: Reuters, “Top nickel producer Indonesia will not approve any new mining quotas for 2023”, September 19, 2023
27	Source: International Energy Agency, “Renewable Energy Market Update, Outlook for 2023 and 2024”, June 2023
28	Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022
29	Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022
30	Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022
31	Source: PV Magazine, “Silver accounts for 10% of PV module costs”, March 4, 2021

Please Note: The term “pure-play” relates directly to the exposure that the Funds have to the total universe of investable, publicly listed securities in the investment strategy.

Important Disclosures

The Sprott Funds Trust is made up of the following ETFs (“Funds”): Sprott Gold Miners ETF (SGDM), Sprott Junior Gold Miners ETF (SGDJ), Sprott Energy Transition Materials ETF (SETM), Sprott Lithium Miners ETF (LITP), Sprott Uranium Miners ETF (URNM), Sprott Junior Uranium Miners ETF (URNJ), Sprott Junior Copper Miners ETF (COPJ) and Sprott Nickel Miners ETF (NIKL). Before investing, you should consider each Fund’s investment objectives, risks, charges and expenses. Each Fund’s prospectus contains this and other information about the Fund and should be read carefully before investing.

A prospectus can be obtained by calling 888.622.1813 or by clicking these links: Sprott Gold Miners ETF Prospectus, Sprott Junior Gold Miners ETF Prospectus, Sprott Energy Transition Materials ETF Prospectus, Sprott Lithium Miners ETF Prospectus, Sprott Uranium Miners ETF Prospectus, Sprott Junior Uranium Miners ETF Prospectus, Sprott Junior Copper Miners ETF Prospectus and Sprott Nickel Miners ETF Prospectus.

Investors in these Funds should be willing to accept a high degree of volatility in the price of the Funds’ shares and the possibility of significant losses. An investment in the Funds involves a substantial degree of risk. The Funds are not suitable for all investors. The Funds are non-diversified and can invest a more significant portion of assets in securities of individual issuers than diversified funds. As a result, changes in a single investment’s market value could cause more significant share price fluctuation than in diversified funds.

Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV) and are not individually redeemed from the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. “Authorized participants” may trade directly with the Fund, typically in blocks of 10,000 shares.

Funds that emphasize investments in small-/mid-cap companies will generally experience greater price volatility. Diversification does not eliminate the risk of experiencing investment losses. ETFs are considered to have continuous liquidity because they allow for an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.

Nasdaq®, Nasdaq Sprott Energy Transition Materials™ Index, Nasdaq Sprott Lithium Miners™ Index, Nasdaq Sprott Junior Uranium Miners™ Index, Nasdaq Sprott Junior Copper Miners™ Index, Nasdaq Sprott Nickel Miners™ Index, NSETM™, NSLITP™ , NSURNJ™, NSCOPJ™ and NSNIKL™ are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Sprott Asset Management LP. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

Sprott Asset Management USA, Inc. is the Adviser to the Sprott ETF. Sprott Asset Management LP is the Sponsor of the Fund. ALPS Distributors, Inc. is the Distributor for the Sprott Funds Trust and is a registered broker-dealer and FINRA Member.

ALPS Distributors, Inc. is not affiliated with Sprott Asset Management LP.

Paul Wong, CFA, Market Strategist
Paul has held several roles at Sprott, including Senior Portfolio Manager. He has more than 30 years of investment experience, specializing in investment analysis for natural resources investments. He is a trained geologist and CFA holder.

Jacob White, CFA
ETF Product Manager, Sprott Asset Management LP

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Junior Mining Precious Metals

West Red Lake Gold (WRLG.V) High Grade Drill Results Confirm Geological Modeling at Rowan

Post author By admin
Post date October 13, 2023

Vancouver, British Columbia –News Direct– West Red Lake Gold Mines Ltd.

October 13, 2023 – TheNewswire – Global Stocks News – In a press release dated October 11, 2023, West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) reported additional drill results from its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

The company’s flagship asset – The Madsen Gold Mine – is debt free, fully permitted, with a brand-new 800+ tonne per day mill, a tailings and water treatment facility. [1.]

Their 100% wholly owned Rowan Gold Project is the company’s other asset, located approximately 15 kilometers as the crow flies from the Madsen mill. WRLG believes there are synergies between the high-grade resources at Rowan and the Madsen mill.

October 11, 2023 Drilling Highlights:

Hole RLG-23-166B Intersected 2 metres @ 45.20 g/t Au, from 297m to 299m; and 4 metres @ 6.78 g/t Au, from 191m to 195m.
Hole RLG-23-164 Intersected 0.5 metres @ 101.60 g/t Au, from 204.5m to 205m; and 1.35 metres @ 33.47 g/t Au, from 131m to 132.35m.
Hole RLG-23-159 Intersected 2.3 metres @ 12.81 g/t Au, from 262.85m to 265.15m; and 2.1 metres @ 12.43 g/t Au, from 247.4m to 249.5 m.
Hole RLG-23-169 Intersected 1.5m @ 14.61 g/t Au, from 506m to 507.5m, Including 0.5m @ 42.62 g/t Au from 506m to 506.5m.

WRLG CEO Shane Williams has designed, built and operated mines (open pit and underground) in Greece, Turkey and Canada – for Skeena Resources, Eldorado Gold and Rio Tinto. He has a stellar track record of moving mineral assets into production.

“We are seeing continuation of the mineralization at Rowan,” Williams told Guy Bennett, CEO of Global Stocks News (GSN). “From Veins 100 and 101 in particular, we are getting good hits. My geological team is excited about the potential of these veins as we move forward.”

“Following on the heels of the highest-grade intercept ever drilled across the Rowan Property, the team successfully intercepted what is believed to be the same high-grade zone approximately 80 metres down-dip,” stated Williams.

“This represents one of the deepest holes drilled within the high-grade East Zone and bodes well for future expansion opportunity at Rowan as the team continues to extend this highly prospective mineralized vein zone at depth and along strike.”

Click Image To View Full Size

“The drilling completed at the Rowan Mine Target in 2023 has been focused on validating historical data across the Inferred Resource, and also infilling apparent gaps in the analytical data set which was a product of very selective sampling techniques implemented during previous drilling campaigns,” stated WRLG.

“Assay results received from the 2023 drilling program continue to confirm our thesis that quartz veining and gold mineralization continue at depth and along strike, with grades consistent with, or higher than those outlined in the current Inferred Mineral Resource which remains open in all directions”.

“For example, the 100 Vein Zone – which is the furthest north vein currently modeled within the overall Rowan vein corridor – was previously interpreted to be a lower grade portion of the block model. Recent drilling has confirmed that higher grades are present within the 100 Vein Zone below 150 metre elevation, suggesting that gold grades are increasing at depth within this zone which is a trend that has been observed elsewhere in the Red Lake district”.

Drilling at the Rowan Mine Target area will continue with an emphasis on infill and expansion of the existing high-grade mineral resource.

“Originally, Rowan started as an early-stage exploration project,” Williams told GSN. “It was a narrow vein, high grade deposit. As we advance the drill program, we’re getting deeper into the system. It’s opening up and exceeding our initial expectations. We’ve drilled good holes higher in the deposit. The October 11, 2023 press release reports good gold values deeper down.”.

“We are seeing continuation of mineralization,” continued Williams. “We believe it is growing into a bigger deposit. We no longer think of it as a small satellite deposit, but potentially a significant feed source for our Madsen project.”

A total of 42 diamond drill holes for 15,772m have been completed so far in 2023 at the Rowan Mine target. Fire and metallic screen assays have been returned for 35 out of 42 holes completed, with 2 holes having partial assay results and 5 holes pending assays and QAQC.

“I have enjoyed working on greenfield projects, but my deepest expertise and passion is building bridges between advanced exploration and production,” Williams told GSN. “Financing, permitting, mine design, mine optimisation – that’s my bread and butter. We have a assembled a world class team. That is what we are all focused on: putting the Madsen Gold Project back into production.”

References:

1. SRK Consulting. (2021). Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada (West Red Lake Gold Mines, Ed.) [Review of Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada. https://www.globenewswire.com/en/news-release/2022/08/10/2495601/0/en/PureGold-Announces-Updated-Mineral-Resource-Estimate-for-PureGold-Mine.html

guy.bennett@globalstocksnews.com

Full Disclaimer

View source version on newsdirect.com: https://newsdirect.com/news/west-red-lake-gold-wrlg-v-high-grade-drill-results-confirm-geological-modeling-at-rowan-421817683

Base Metals Energy Junior Mining Precious Metals

Grizzly Reports the First Sample Results for the New Work at the Midway, Imperial and Copper Mountain Areas of the Greenwood, BC Precious and Battery Metals Project

Post author By admin
Post date October 13, 2023

Edmonton, Alberta–(Newsfile Corp. – October 12, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that after the Okanogan fire danger has subsided that geological crews are back at the Rock Creek camp and have re-commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood Precious and Battery Metals Project.

Highlights

Two new showings identified near the historical Midway Mine including up 5.64 grams per tonne (g/t) gold (Au) from a showing 400 m to the north of Midway and up to 4.19 g/t Au from a grab sample collected about 375 m to the west of the Midway Mine. At least 6 new areas with anomalous gold (> 100 ppb Au) or silver (Ag) in soils have been identified at Midway with follow up work continuing to be conducted.
A total of 50 new rock grab and rock chip samples collected from the historical Imperial Mine area, with 6 samples returning greater than 1 g/t Au up to 12.1 g/t Au and 8 samples returning greater than 40 g/t silver (Ag) up to 469 g/t Ag. The samples define a targeted strike length of over 170 m for future drilling. The samples yield significant amounts of lead (Pb), zinc (Zn) and copper (Cu) with several samples yielding greater than 2% combined base metals.
The Mabel Jenny Trend at the Copper Mountain area continues to yield excellent results including 9 of 14 rock grab and chip samples collected this year from this new zone yielding greater than 1 g/t Au up to 13.75 g/t Au (along with up to 61.9 g/t Ag) and up to 0.475% Cu and 2.93% Zn along a new logging road cut over a strike length of more than 400 m when combined with anomalous samples from 2022.

Brian Testo, President and CEO of Grizzly Discoveries, stated: “We are excited with the new results to date and for the start of the 2023 drilling program, which will pursue a number of high grade gold – silver showings and historical mines along with significant battery metal prospects in our current 160,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“

Exploration Updates 2023

Drilling will initially be focused at the historical Midway Mine (Figure 2) but the intent is that eventually the Company will complete new drilling this fall, and then in 2024 at Midway, Imperial, Copper Mountain (Mable Jenny, Coronation and Prince of Wales targets), and potentially the Sappho areas, depending upon the timing of the receipt of drill permits, additional funding and weather permitting. We eagerly await drilling permits from the BC Ministry of Energy Mines and Petroleum Resources.

Figure 1: Exploration Targets 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_002full.jpg

The Company is awaiting land use permits for conducting drilling and trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas (Figure 1). The permit applications were submitted initially in January-February and the Company is now awaiting final comments and any required conditions or changes resulting from the recently completed 30 day notification period.

An extensive rock and soil sampling program along with new geological mapping during 2023 has been conducted in preparation for drilling this fall. The work has yielded two new showings identified near the historical Midway Mine including up 5.64 g/t Au from a showing 400 m to the north of the Midway Mine and a second showing along an apparent fault structure with 4.19 g/t Au from a grab sample collected about 375 m to the west of the Midway Mine (Figure 2). At least 6 new areas with anomalous gold (> 100 ppb Au), silver or copper in soils has been identified across the Midway Mine Property with follow up work continuing to be conducted (Figure 2).

To date, gold-silver-base metal mineralization appears to be related to veins and stockworks at contacts between altered ultramafic-carbonate rocks (listwanites) in contact with diorite intrusions in a complex structural setting, with the intersections of structures playing a key role in the localization of alteration.

At the historical Imperial Mine area, a total of 50 new rock grab and rock chip samples were collected from the Imperial showing area, with 6 samples returning greater than 1 (g/t) gold (Au) up to 12.1 g/t Au and 8 samples returning greater than 40 g/t silver (Ag) up to 469 g/t Ag. The samples define a targeted north – south strike length of over 170 m for future drilling (Figure 3). The samples show significant amounts of Pb, Zn and Cu with several samples yielding greater than 2% combined base metals. Geological mapping is in progress and ground geophysical surveys are planned prior to conducting drilling at this target.

Figure 2. Geology and Mineralization Trend at the Historical Midway Mine.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_003full.jpg

Figure 3. Geology and Mineralization Trend at the Historical Imperial Mine.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_004full.jpg

The Copper Mountain area continues to yield excellent results from a number of showings including the Coronation and Prince of Wales historical mines along with the Mabel Jenny area. A total of 9 of 14 rock grab and chip samples collected this year from a new zone discovered late in 2022 at the Mabel Jenny area has yielded greater than 1 g/t Au up to 13.75 g/t Au (along with up to 61.9 g/t Ag) and up to 0.475% Cu and 2.93% Zn (Figure 4). The discovery was made along a new logging road cut late in 2022 and appears to demonstrate quartz vein stockwork mineralization in an altered diorite over a strike length of more than 400 m when combined with anomalous samples from 2022.

Figure 4. Geology and Mabel Jenny Mineralization Trend Copper Mountain.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_005full.jpg

Geological and prospecting crews have re-commenced prospecting, geological mapping, rock and soil sampling within the Greenwood Project area and have conducted an initial pass at the new mineral claim area staked August 1, 2023 (See Company News Release dated September 7, 2023). A number of existing showings and parts or extensions to known showings have been acquired with the staking of the new mineral claims including but not limited to Marshall Lake, Sylvester K, the Great Laxey, Eholt and lands adjacent to and surrounding the historical Phoenix Mine. Results from the initial sampling programs on these new claims will be released as they are received.

The geological and prospecting crew has made several discoveries of sulphide, quartz vein zones and skarn on the new claims (Figure 5). Sulphide showings associated with skarn at Marshall Lake (Figure 5) hosted in Triassic Brooklyn Formation sedimentary rocks including limestone that has been intruded by diorite. The showings have been trenched and bulk sampled in the past (1960’s to 1970’s) yielding significant copper, silver and gold. Little to no modern exploration has been performed at the Marshall Lake target as well as a number of other showings in the Brooklyn sequence such as the Great Laxey.

To date, more than 3,300 soil samples and 600 rock samples have been collected from the Midway, Copper Mountain, Imperial and Sappho target areas and have been submitted to ALS Global Laboratories as well as an initial set of samples from the new mineral claims. Ground geophysical surveys will be performed in September in order to be ready for the 2023 drilling campaign.

Figure 5: New Mineral Claims Acquired August 1, 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_006full.jpg

The goal is to have a pipeline of high priority precious metal and battery metal targets that are all permitted and ready for a long 2023 and 2024 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.

ADDITIONAL LANDS ACQUIRED

The Company has signed an option agreement dated October 10, 2023 with Mr. Daniel Hurd of Peachland, British Columbia to purchase the mineral rights to 761.25 hectares (1,881 acres) in six (6) mineral claims in the Greenwood Mining District (“Midway-Beaverdell Option Agreement”).

These claims represent adjacent lands with some historical showings that represent additions that strengthen our land positions in these areas.

Under the terms of the Midway-Beaverdell Option Agreement, the Company may earn a 100% interest in the Midway-Beaverdell claims by paying $7,500 in cash and issuing 150,000 common shares of Grizzly by the third anniversary date of the agreement. Mr. Hurd retains a 1% Net Smelter Royalty and the right to any quarriable rocks. The issuance of common shares of Grizzly under the Midway-Beaverdell Option Agreement is subject to acceptance by the TSX Venture Exchange.

QUALITY ASSURANCE AND CONTROL

Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by 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.

Caution concerning forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183759

Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Announces Interception of Targeted Higher-Grade Silver Zone

Post author By admin
Post date October 11, 2023

Burlington, Ontario–(Newsfile Corp. – October 11, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the Company has intercepted the targeted mineralized zone at the Buckeye Mine in Arizona (the “Zone”). Based upon historical data, management expects the Zone to contain higher-grade silver mineralization. Confirmation will depend upon multiple rounds of sampling.

To target the Zone, SBMI has been working from its field team’s intensive knowledge of the area, assay data from historical drill holes drilled in 1969, mapping carried out in and around 1969, informal reports generated from such holes and mapping, actual field results as SBMI’s team drifted along the vein behind the Treasure Room, and the results of a recent LIDAR study. (As previously disclosed, the Company’s information related to those historical drill holes, the historical assaying of them, and the informal reports, do not meet NI43-101 standards and cannot be disclosed.

In its September 9, 2023 press release, and in other materials dating back to March, 2022, the Company advised, “The team now continues to drift along the vein towards a targetted area.” Management expects assay results from current and pending sampling should confirm the Zone has been hit, located where management believed it would be, based upon historical and current data. The Company is especially pleased that the historical data upon which it relied, has confirmed to be the actual location of the Zone, and can be further relied upon (see photo of targeted zone with iron oxide on right, vein and water course on left indicating fault and of the significant mineralization encountered in the zone).

Photo of mineralization on current face

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/183675_sbmimage1.jpg

Photo of mineralization on current face

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/183675_sbmimage2.jpg

In particular, SBMI drifted 708 feet from the portal, drifted behind the Treasure Room (which is not yet safe to work in), blasted through harder-than-expected host rock, and earlier this week drilled and blasted into the Zone approximately 30 feet from the projected drill holes left by a previous optionee in 1969. The assay data from those historical drill holes informed SBMI’s decision to target this zone; however, none were generally disclosed to the public. Please see the caution above.

SBMI plans to continue mining along the vein, refine a plan to maximize recovery of the metals from the Zone, and begin shipping mineralized material from the Zone to its 100%-owned mill in Globe, Arizona for processing. Multiple rounds of samples from the vein and the Zone will be collected and then assayed at SBMI’s 100%-owned assay facility. SBMI also intends to send samples to an independent third party lab for confirmation analysis and for analysis for other metals.

The Company continues to seek further data to inform its knowledge of local structures, the vein and the Zone. The Company recently contracted a Ground Penetrating Radar System study to outline the potential size and location of the Zone. The contractor for the study has advised it will use an OKM Future Walkabout 2003/5 ground penetrating radar unit that can detect historical tunnels, shafts and drifts, as well as native gold, native silver and other metals up to 60 feet deep.

The contractor has advised the company that the ground penetrating radar unit uses an electronic pulse method to select an anomaly in the Zone such as natural features, a formation of strata, hollow spaces, level groundwater, buried objects, pipes, tanks, boxes and other targets. The Company intends to further engage the contractor to help determine the overall extent of the Zone, the vein system and potential parallel structures.

The mine road was recently bladed in part by the United States Forest Service as part of its firefighting efforts. The mill has been test run, the fuel and water supply maximized, and the mill crew and assay teams are on standby. In conclusion, pending the sampling results, the mine and the mill are ready to be put into steady production.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

SBMI also announces that MNP LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective September 15, 2023, replacing Grant Thornton LLP, (the “Former Auditor”).

Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company have been filed on SEDAR.

There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.

No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which Grant Thornton LLP issued an audit report and the date of the Notice.

The termination of Grant Thornton LLP, and appointment of MNP LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183675

Breaking Junior Mining Lion One Metals Precious Metals

Lion One Pours First Gold at Tuvatu Mine in Fiji

Post author By admin
Post date October 10, 2023

North Vancouver, British Columbia–(Newsfile Corp. – October 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the company has poured first gold at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Construction of the Tuvatu Mine has been completed ahead of schedule. Mill construction began in August 2022 and commissioning began in September 2023. The mill is expected to ramp up to 300 TPD by the end of October 2023, expanding further to 500 TPD in mid-2024. The first gold pour coincided with Fiji Day on October 10^th, 2023. A ceremonial first gold pour was conducted on site with over 900 members of local communities, businesses, employees, and government officials in attendance, including the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, who officiated the gold pour ceremony on behalf of Prime Minister Sitiveni Rabuka of Fiji.

Figure 1. Lion One Metal’s First Gold Pour at the Tuvatu Mine in Fiji. On the right of the photo are Lion One Metals’ Process Operations Manager David Towle, Lion One Metals Chairman and CEO Wally Berukoff, and the Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji.

To view an enhanced version of this graphic, please visit:
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Lion One Chairman and CEO, Walter Berukoff, commented: “The first gold pour at Tuvatu is a landmark event in the history of our company. We have successfully transitioned from explorer to producer and have delivered on our promise to build the South Pacific’s newest gold mine in the heart of Fiji.

“Congratulations to the Lion One team for achieving this significant milestone. We thank our employees, contractors, local landowners and community members for their hard work and dedication. Completing construction ahead of schedule is a testament to the strength of their efforts and to the resilience of the Fijian spirit. We also thank our loyal shareholders for their continued support. This marks the beginning of our next phase of growth as we look forward to ramping up to commercial production at Tuvatu and to advancing our many other top-quality prospects throughout the Navilawa Caldera.”

The Honourable Maciu Nalusima, Acting Minister for Mineral Resources for Fiji, stated that “the future looks good for Tuvatu; the best is yet to come.”

Figure 2. Photos from the Gold Pour Ceremony. Top left: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima receiving traditional flower garlands. Top middle: Lion One Metals COO Patrick Hickey giving a speech. Top right: Lion One Metals employees below the Fiji flag. Bottom left and middle: members of local communities and businesses in attendance at the gold pour ceremony. Bottom right: Lion One Metals CEO Wally Berukoff and the Honourable Maciu Nalusima on site at Tuvatu.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/183467_64e0c825c474797b_002full.jpg

Additional photos and videos of the gold pour ceremony will be available on the Lion One Metals website at www.liononemetals.com.

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183467

Base Metals Energy Junior Mining Precious Metals Rover Metals

Rover Metals Adds 2,400 Acres to Let’s Go Lithium Project, NV, USA

Post author By admin
Post date October 5, 2023

VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that it has added 2,400 acres of new claims to its Let’s Go Lithium (“LGL”) project, bringing the total project size to approximately 8,300 acres.

LGL Project Expansion

Management of the Company, working with McGinley and Associates, dba UES (“UES”), identified additional prospective ground contiguous to the existing claim block this summer. Further to the Company’s news release of September 7, 2023, Culter, and Ingraffia prospected and sampled the new claim area as part of this summer’s expanded Phase 1 Exploration Program. Multiple hectorite-like clay outcrops and high-grade lithium surface samples were encountered in the staking area. The Company believes that the project expansion will take advantage of a deeper hydrologic water flow system in the area. Management will be including the new claims into its Plan of Operations submission to the Bureau of Land Management (“BLM”) which it plans to file in short order.

Judson Culter, CEO at Rover Metals, states, “The addition of 2,400 acres to the LGL project gives us the flexibility of abandoning certain existing mining claims that border the ACEC boundary of Ash Meadows. We never intended to mine or develop near to Ash Meadows, and moving the core of the LGL project further away from Ash Meadows sends a clear message that Rover is committed to developing the project in a manner that is sustainable for the surrounding area. UES, are helping Rover to ensure that there will be no impact to the critical water tables in the Amargosa basin. Rover and UES have obtained a copy of the environmental assessment study that the neighbouring mine, operated by Lhoist North America, is operating under. Management at Rover feels confident that sustainable lithium mining can be supported in the Amargosa Valley.”

A Call for Battery Recycling Partnerships and Joint Ventures

The eastern Amargosa Valley has been slated for solar farm energy development by the BLM. Solar energy, in addition to the existing hydro energy infrastructure in the area, allows for new development opportunities like EV raw materials battery recycling. Rover is seeking inbound requests to partner with recycling technology companies. Please contact info@rovermetals.com with inquiries. The LGL project is a one and half hour drive from the city of Las Vegas, one of the fastest growing cities in the U.S.

About Rover Metals

Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.

Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS

“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:

Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

SOURCE: Rover Metals Corp.

View source version on accesswire.com:
https://www.accesswire.com/790023/rover-metals-adds-2400-acres-to-lets-go-lithium-project-nv-usa

Dolly Varden Silver Energy Junior Mining Precious Metals

Dolly Varden is Still Silver

Post author By admin
Post date October 3, 2023

Bob Moriarty
Archives
Oct 3, 2023

Thirteen months ago at the first of September of 2022 silver hit a DSI (Daily Sentiment Indicator) of 9 for three days in a row. I said it was a bottom for silver. Stocks continued lower the month of September but my call on September 1st was correct. The DSI had correctly timed the bottom of silver to the day.

I’ll say it again. Dolly Varden (DV-V) is silver. Dolly Varden was $.355 at the low at the end of September last year and it went to $1.25 a tiny six months later. Dolly Varden is going to do exactly the same thing again. The crash I predicted nine weeks ago is here. It has started in a different form than I anticipated when on September 20th it was reported that the Fed Funds rate was going to stay higher for longer. This time it is shooting treasury rates and the dollar higher and forcing weak hands to dump silver and gold just like it did back in 2008. Treasury rates are going to continue to climb with the dollar index until the system blows sky high. Soon everyone is going to realize there is no soft landing coming. Investors will be looking for a safe haven and the only safe haven in town is the metals.

Dolly Varden is an interesting company in that it is 93% owned by insiders and large funds leaving a tiny float of only 7%. Fury owns 23% in exchange for Homestake. Hecla maintains a 10% interest as does Eric Sprott. Various institutions own another 50%. The shares are down 50% from a high in April without anything bad happening to the company. I make a point in my books that if nothing else changes and the price goes down of a stock you really like, that’s a good thing.

The company has a resource today of 140 million Ag EQ ounces based on the 43-101 released in 2019. It’s half gold and half silver. Since that now ancient resource, Dolly has drilled another 100,000 meters. Results from 40,000 meters of drilling will be released soon from over 100 holes. Dolly is in both the SIL and SILJ indexes which is why institutions are so heavily invested in the company. If they want to show a silver side, they pretty much have to own Dolly.

The silver intercepts continue to be world class. The last press release showing results from the Wolf Vein show 381 g/t Ag over 29.0 meters. At the surface the Wolf Vein was only 9 meters but 75 meters down it widened to 29 meters. That will add a lot of ounces.

Dolly Varden is an advertiser and I participated in the last private placement. Do your own due diligence, of course I am biased.

Dolly Varden Silver Corp
DV-V $.62 (Oct 2, 2023)
DOLLF-OTCBB 255 million shares
Dolly Varden Silver website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Junior Mining Precious Metals

West Red Lake Gold Provides Project Updates and Outlines Strategic Path Forward

Post author By admin
Post date October 3, 2023

Rowan and Madsen Projects Location Map

VANCOUVER, British Columbia, Oct. 03, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) is pleased to provide a project update and an outlook on project advancement in the near to medium term for the Madsen Mine and Rowan Mine projects located in the prolific Red Lake Gold District of Northwestern, Ontario, Canada.

PATH FORWARD

Additional 35,000 metre (“m”) drill program planned for Rowan Property to commence in early 2024, adding second drill and to include systematic in-fill drilling and expansion drilling of high-grade zones and begin testing high priority drill targets at Mt. Jamie, Red Summit and the NT Zone.
Complete initial Preliminary Economic Assessment (the “PEA”) on entire portfolio of Properties by Q2 2024 (based on drilling cutoff date of Oct 1, 2023)
Complete updated Mineral Resource Estimate (“MRE”) at Rowan by Q4 2024 (to include all anticipated drilling up to Q3 2024)
Complete 3,000 m drill program at Wedge, aimed to expand deposit and complete MRE by Q4 2024
Complete 38,000 m underground drill program at Madsen Mine by Q4 2024
Complete 3,200 m of underground development by Q4 2024 for access and required infrastructure to support underground drilling.
Develop a connecting ramp between the East and West declines at Madsen to increase waste hauling capacity from the West ramp which previously crossed two public roads, further reducing operating costs.
Put the Madsen Mine back into production in 2025.

Shane Williams, President, and CEO commented: “The team has done a fantastic job since the beginning of 2023, achieving many major milestones in the relatively short life of the re-vamped West Red Lake Gold Mines. In a difficult market we have managed to complete key acquisitions, raise a considerable amount of capital to fund our growing ambitions and assembled a team of noteworthy professionals with a track record of success at both the management and board levels. We have enjoyed a tremendous amount of exploration success via the drill-bit at our Rowan project which we hope to replicate at some very exciting targets in and around our newly acquired Madsen Mine. The coming year will be a very active time for the Company as we lay the groundwork to execute on our vision to put the Madsen Mine back into production and continue to unlock significant value for our shareholders.”

ROWAN PROPERTY

The 2023 drilling program at Rowan has been incredibly successful thus far. As such, the originally planned 17,000 m of drilling at the Rowan Mine target was expanded to 25,000 m and the team is on track to complete all planned drilling at Rowan.

Our understanding of the mineralization at Rowan has been greatly enhanced and results continue to confirm internal models and our exploration strategy continues to be validated by the results achieved. The mineralized set of veins at Rowan continues to deliver high-grade gold assays over significant widths that are in-line with or exceed those modelled in the December 2022 resource estimate. A few notable highlights from 2023 drilling at Rowan include:

Hole RLG-23-163B Intersected 8.3 m @ 70.80 grams per tonne (“g/t”) gold (“Au”) from 387 m to 395.3 m. This interval also included 0.5 m @ 1,120.19 g/t Au and represents the highest-grade intercept ever drilled at the Rowan project.
Hole RLG-23-149B Intersected 4.0 m @ 50.52 g/t Au, from 299 m to 303 m.
Hole RLG-23-153 Intersected 2.0 m @ 66.66 g/t Au, from 235 m to 237 m
Hole RLG-23-134 Intersected 8.0 m @ 10.34 g/t Au, from 71 m to 79 m
Hole RLG-23-156B Intersected 3.11 m @ 21.84 g/t Au, from 275 m to 278.11 m
Hole RLG-23-150 Intersected 4.2 m @ 15.40 g/t Au, from 384 m to 388.2 m
Hole RLG-23-154 Intersected 10.1 m @ 6.27 g/t Au, from 214.9 m to 225 m

Our strategy at Rowan for the remainder of 2023 will be to continue increasing confidence in the 827,462 ounces (“oz”) Inferred resource through systematic in-fill drilling. We will also look to step out and expand the Rowan resource by targeting mineralization outside of the current model and testing the down-dip and down-plunge extensions of the high-grade zones.

We plan on staying aggressive with the exploration strategy at Rowan in 2024, which will include the addition of a second drill early in the year to continue advancing the Rowan Mine target, and to begin testing high priority drill targets at Mt. Jamie, Red Summit, and the NT Zone. An additional 35,000 m of exploration drilling is planned for the Rowan Property in 2024. An updated mineral resource estimate for Rowan is anticipated to be completed in Q4 2024 and will include all drilling through Q3 2024.

It is the Company’s belief that potential synergies could exist between the high-grade Rowan deposit and our flagship Madsen Mine. Early indications suggest that the gold mineralization at Rowan could be amenable to gravity separation. As such, the Company has initiated a metallurgical study at Rowan to begin evaluating this opportunity, as well as a geotechnical study to better characterize the rock mass properties within the mineralized vein zones at Rowan.

Management maintains a high degree of confidence in the merits of the Rowan deposit and has initiated necessary baseline environmental and archaeological assessments to begin moving the Rowan project towards an Advanced Exploration Permit status – this permit will be required prior to collection of a bulk sample at Rowan.

MADSEN SATELLITE TARGETS AND REGIONAL EXPLORATION

After successfully completing the acquisition of the Madsen Mine the exploration team undertook a detailed review of the property. Several promising targets were identified and prioritized with the Wedge target emerging as our highest priority target.

Previous drilling highlights from the Wedge target include.

Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m

Surface exploration and drilling began in early September and the initial 3,000 m program is almost complete. Drilling is primarily focused on extending the high-grade zones defined at the Wedge Target. This new drilling will be used to support an updated Mineral Resource Estimate at Wedge to be completed by Q4 2024. Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au¹. The target is 2 km southwest of the Madsen Mine and is adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for ~163 koz of gold². Drilling conducted at the Wedge target and other satellite targets near mine will be incorporated into an updated mineral resource estimate. We anticipate the update to be completed by Q4 2024.

A detailed and systematic review of all available exploration and geologic data for the Madsen property has also been initiated. This information will be digitized and compiled into working GIS and 3D modeling project files to allow for target ranking and prioritization ahead of the 2024 season. Most of the ground at Madsen remains underexplored and our geology team is already seeing a lot of opportunity for new discoveries across the district.

MADSEN PROJECT

Underground diamond drilling at Madsen has recommenced. A 38,000 m program has been designed for the first 12 months and will be focused on infill and expansion of the high-grade portions of the Austin and South Austin zones. We anticipate this drilling to define an inventory of high-confidence ore-grade (6-7 g/t Au) resource to serve as a starting point for a future restart plan. Additionally, underground development work is taking place at Madsen which will provide our team with the necessary access and infrastructure required to support the underground drilling program.

Mine design and scheduling for the first 12 months have been completed with subsequent phases to be determined based on the findings of the initial underground drilling and exploration program. The first development cuts have been taken at Madsen to provide access to the areas where infill drilling has already been planned. Mine design and scheduling consider the requirements of the operations and geology teams to ensure a full collaborative approach to advancing the project in a safe, efficient, and timely manner. Over the next 12 months the Company will complete approximately 3,200 m of underground development to support engineering and geological programs. We do not intend to conduct any stoping or commercial extraction for the next 12-15 months until the re-start strategy is significantly de-risked both technically and financially.

The Company will also develop a connecting ramp between the East and West declines. The current waste hauling at Madsen from the West ramp crosses two public roads (into Madsen town). This haul route is only allowed to be used during daylight hours. A connecting ramp would increase the number of hours the team can haul waste as well as eliminate double handling, thus reducing operating costs. It will also provide for increased safety for the surrounding community due to reduced traffic.

Additional and ongoing activities at the Madsen Mine will include, but are not limited to, shaft dewatering, water treatment and environmental monitoring.

MINERAL RESOURCE UPDATE AND PEA

The West Red Lake team is committed to a timely and successful restart that will maximize value for all our stakeholders. As such the team has engaged SRK Consulting and put in place the necessary programs required to complete a Preliminary Economic Assessment. The PEA will look to unlock and deliver robust economics by incorporating the Company’s entire portfolio of Red Lake assets which is made up of our Rowan Project and Madsen Mine with its accompanying satellite deposits.

Management firmly believes this approach is in-line with its vision for the Red Lake district and a potential Hub and Spoke model utilizing the Madsen processing facilities provides plenty of optionality and opportunity to greatly bolster the project economics.

West Red Lake intends to deliver this initial PEA by the end of Q2 2024. To achieve that milestone by the anticipated deadline the decision was made to establish an Oct 1, 2023, cut-off date for 2023 Rowan drilling data to be incorporated into this PEA. As such, the updated Rowan mineral resource estimate included in the upcoming PEA will be focused primarily on the high-grade East Zone, which has been the focus of drilling at Rowan so far in 2023 and is envisioned as the first area to be mined when production from Rowan commences. The PEA will then be followed up by a more comprehensive MRE update for Rowan by Q4 2024, which will include all drilling at Rowan through Q3 2024.

RECAP OF FIRST THREE QUARTERS OF 2023

Completed the successful acquisition of 100% of the Rowan Gold Project from Evolution Mining
Appointment of new CEO, Shane Williams, to lead the Company.
Strengthened Senior Management Team with addition of a new CFO and new VPs of Exploration, Technical Services, Corporate Development, and Community Relations.
Increased board strength with key appointees including Tony Makuch, Duncan Middlemiss, and Hugh Agro.
Successfully completed the acquisition of our flagship Madsen Mine asset while concurrently raising C$ 25M.
Completed Phase 1 Exploration Program at Rowan project and initiated expanded Phase 2 drilling campaign. Results from drilling in 2023 have exceeded expectations and as a result the program was expanded from the originally announced 17,000 meters to 25,000 meters. That expanded program is well underway.
Initiated surface drilling campaign at Wedge target – 2km southwest of Madsen Mine. The program consists of 3,000 meters of drilling to upgrade and expand the existing resource at Wedge.
Successfully completed flow-through financing of C$7 million, to further strengthen treasury position.
Underground development activities and shaft dewatering are underway at Madsen Mine.
SRK was awarded the contract to conduct Preliminary Economic Assessment and work program has been initiated.

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km² highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km² including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: investors@westredlakegold.com or visit the Company’s website at https://www.westredlakegold.com

Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning: receipt of the necessary approvals, permits and access to and sufficiency of capital. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to constraint in the availability of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from potential delays or changes in plans with respect to projects or capital expenditures. These and other risks are set out in more detail in the Company’s Management’s Discussion and Analysis for the quarter ended May 31, 2023.

¹ Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR.

² http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52K13NW00011.html

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6df9da38-b1d2-451f-ac2e-a6c0f88459a8

FOUNDATIONAL READING

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BY PAUL WONG AND JACOB WHITE | WEDNESDAY, OCTOBER 11, 2023

Key Takeaways

September in Review

Updates on Critical Materials

Lithium: Soft Demand Undermines Prices

Copper: Strong Dollar Weighs on Market

Nickel: Negative Macro Factors Weaken Price

Solar and Silver: Twin Pillars of Energy Transition

1. Solar Leads the Drive to Clean Energy

China Controls Solar Supply Chains

Diversifying Solar PV Supply

2. Why Silver is Critical to Solar Panel Technology

The Limits of Efficiency

Seeking Silver Substitutes

Expect Silver Demand to Keep Growing

Critical Materials: September 2023 Performance

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