KELOWNA, BC / ACCESSWIRE / December 18, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that the Company and Tiffany & Co. Canada (“Tiffany” or “The Lender”) have entered into an agreement (the “Agreement”) to amend the total balance of the outstanding loans between the companies. Under the terms of the Agreement, Diamcor will pay Tiffany CAD $2,000,000 (the “Initial Payment”) 90 days from signing of the Agreement, followed by a second and final payment of CAD $1,505,256 on the one-year anniversary of the Initial Payment to retire all remaining principal and accrued interest associated with the outstanding loans. As a result of this agreement, the total current carrying balance currently recorded in the Company’s financials for these loans of CAD $6,753,045 will be adjusted to reflect a new amount of CAD $3,505,256 as outstanding for these loans.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. The Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora.
Diamcor also focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including the support of local people, communities, and the environment.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as the largest diamond mine in South Africa, and one of the most prolific diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
North Vancouver, British Columbia–(Newsfile Corp. – December 17, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from Zone 5 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 in the Zone 5 area of Tuvatu. Drill results include multiple bonanza grade gold assays such as 1517.79 g/t, 513.50 g/t, 113.76 g/t, 137.50 g/t, and 115.25 g/t (see Table 1 below). These results are all located proximal to underground development in the near-surface portion of the mine. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes. Previous drill results from the Zone 5 area are available in the June 12, 2024, June 5, 2024, and December 13, 2023 news releases.
Top New Drill Results:
1517.79 g/t Au over 0.3 m (TGC-0237, from 42.6 m depth)
513.50 g/t Au over 0.3 m (TGC-0263, from 60.47 m depth)
67.45 g/t Au over 0.75 m (TGC-0254, from 90.75 m depth)
17.89 g/t Au over 2.7 m (including 113.76 g/t Au over 0.3 m) (TGC-0225, from 94.6 m depth)
25.73 g/t Au over 1.8 m (including 96.78 g/t Au over 0.4 m) (TGC-0251, from 46.9 m depth)
18.42 g/t Au over 2.5 m (including 62.83 g/t Au over 0.4 m) (TGC-0240, from 44.0 m depth)
30.99 g/t Au over 1.4 m (including 137.50 g/t Au over 0.3 m) (TGC-0239, from 97.8 m depth)
64.25 g/t Au over 0.6 m (TGC-0256, from 98.11 m depth)
72.55 g/t Au over 0.5 m (TGC-0245, from 91.0 m depth)
115.25 g/t Au over 0.3 m (TGC-0250, from 52.7 m depth)
*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data.
Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5 drilling looking approximately east-northeast. Zone 5 drilling is targeting the up-dip and down-dip extensions of the mineralized lodes above and below current underground developments, shown in red.
Table 1. Highlights of composited grade control and infill drill results in the Zone 5 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 3 in the appendix.
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TGC-0237
42.6
42.9
0.3
1517.79
TGC-0263
60.5
60.8
0.3
513.50
TGC-0254
90.8
91.5
0.8
67.45
TGC-0225
94.6
97.3
2.7
17.89
including
95.8
97.0
1.2
37.40
which includes
96.1
96.4
0.3
113.76
TGC-0251
46.9
48.7
1.8
25.73
including
46.9
47.6
0.7
59.42
which includes
47.2
47.6
0.4
96.78
TGC-0240
44.0
46.5
2.5
18.42
including
46.1
46.5
0.4
62.83
TGC-0239
97.8
99.2
1.4
30.99
including
97.8
98.1
0.3
137.50
TGC-0256
98.1
98.7
0.6
64.25
TGC-0245
91.0
91.5
0.5
72.55
TGC-0250
52.7
53.0
0.3
115.25
TGC-0247
61.1
62.6
1.5
19.11
TGC-0212
69.5
69.8
0.3
90.50
TGC-0224
25.8
28.5
2.7
9.85
including
25.8
26.4
0.6
27.65
TGC-0259
57.4
57.7
0.3
86.50
TGC-0231
92.8
96.0
3.2
7.59
including
95.0
95.6
0.6
26.34
TGC-0210
61.2
62.7
1.5
15.70
including
62.1
62.4
0.3
57.08
TGC-0228
90.8
91.1
0.3
77.50
TGC-0247
89.1
89.4
0.3
75.86
TGC-0261
97.1
100.2
3.2
7.00
including
97.8
98.1
0.3
26.35
and
98.1
98.4
0.4
15.55
TGC-0263
63.2
65.6
2.4
8.98
including
63.5
64.1
0.6
26.30
TGC-0212
90.3
90.9
0.6
33.92
including
90.3
90.6
0.3
58.64
TGC-0226
28.5
28.8
0.3
63.72
*All drill intersects are downhole lengths
Zone 5 Drilling
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be the feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.
The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes, directly above and below current underground developments. The drilling targeted a 320 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth.
Zone 5 grade control drilling is being conducted from three underground locations: the 1130 drill cuddy, the 1135 drill cuddy, and the 1090 drill cuddy. These drillholes are designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the lodes. Grade control drilling is being conducted on 10 m centers to provide a detailed understanding of the geometry and mineralization of the Zone 5 lodes. The purpose of the current Zone 5 grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2.
Figure 2. Zone infill and grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is looking down with north to the left. The primary areas targeted by the Zone 5 drilling are the up-dip and down-dip areas of the UR2 and URW3 lodes above and below current underground developments. These areas are scheduled for near-term mining. Drill holes are oriented perpendicular to sub-perpendicular to the mineralized lodes.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0210
1876384
3920430
96
114.6
20.9
85.8
TGC-0211
1876384
3920429
96
140.5
21.6
85.6
TGC-0212
1876381
3920532
131
80.5
14.3
115.3
TGC-0213
1876383
3920628
129
65.0
12.5
125.0
TGC-0214
1876384
3920432
96
106.7
22.1
70.8
TGC-0215
1876380
3920529
130
134.2
6.3
150.0
TGC-0216
1876384
3920431
95
127.7
14.5
81.2
TGC-0217
1876383
3920628
129
60.7
16.4
135.0
TGC-0218
1876384
3920431
95
117.2
14.7
81.0
TGC-0219
1876380
3920529
130
129.2
8.6
140.3
TGC-0220
1876383
3920627
130
80.5
21.8
11.2
TGC-0221
1876384
3920430
96
105.9
22.2
68.1
TGC-0222
1876384
3920429
96
115.8
20.5
11.0
TGC-0223
1876384
3920424
96
154.8
22.9
180.0
TGC-0224
1876380
3920530
130
124.9
4.8
140.0
TGC-0225
1876382
3920627
129
76.4
22.4
115.0
TGC-0226
1876380
3920529
130
125.6
11.1
140.2
TGC-0227
1876384
3920425
94
155.6
-1.8
181.1
TGC-0228
1876380
3920530
130
120.8
8.5
140.0
TGC-0229
1876383
3920627
129
75.9
15.3
11.2
TGC-0230
1876383
3920424
96
170.7
22.4
268.4
TGC-0231
1876383
3920627
129
77.3
15.4
115.1
TGC-0232
1876383
3920627
127
76.2
-49.2
11.2
TGC-0233
1876384
3920627
127
78.0
-48.5
166.4
TGC-0234
1876381
3920531
129
98.3
-19.1
99.8
TGC-0235
1876384
3920627
127
80.0
-36.5
11.1
TGC-0236
1876383
3920627
128
79.8
-36.1
146.0
TGC-0237
1876384
3920428
95
108.1
13.7
82.5
TGC-0238
1876381
3920531
129
90.7
-13.7
10.7
TGC-0239
1876381
3920531
129
90.7
-19.4
130.8
TGC-0240
1876384
3920428
95
99.9
13.0
122.2
TGC-0241
1876383
3920627
129
82.8
19.2
110.0
TGC-0242
1876384
3920428
95
92.0
13.2
95.4
TGC-0243
1876384
3920626
127
95.7
-37.1
140.1
TGC-0244
1876384
3920429
95
84.8
13.7
100.7
TGC-0245
1876381
3920532
129
88.0
-13.6
130.8
TGC-0246
1876384
3920625
127
114.9
-28.7
140.0
TGC-0247
1876384
3920430
94
83.7
-4.0
110.3
TGC-0248
1876378
3920532
129
82.4
-15.3
130.9
TGC-0249
1876384
3920626
127
103.4
-31.1
140.1
TGC-0250
1876384
3920429
94
97.3
-3.8
110.0
TGC-0251
1876384
3920429
94
105.1
-4.4
86.0
TGC-0252
1876381
3920532
129
76.0
-18.3
24.6
TGC-0254
1876380
3920532
129
75.9
-15.1
130.0
TGC-0255
1876384
3920428
94
114.5
-4.1
80.0
TGC-0256
1876381
3920531
128
92.7
-22.1
136.9
TGC-0257
1876384
3920428
94
123.3
-4.4
80.2
TGC-0259
1876384
3920427
94
131.0
-4.7
83.1
TGC-0261
1876380
3920530
129
115.1
-11.2
140.0
TGC-0263
1876384
3920429
94
82.2
-7.8
120.8
Table 3. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)
Toronto, Ontario–(Newsfile Corp. – December 13, 2024) – Gary Thompson, Chief Executive Officer, Silver47 Exploration Corp. (“Silver47” or the “Company”) (TSXV: AGA), and his team, joined Dean McPherson, Head, Business Development, Global Mining, Toronto Stock Exchange (TSX), to open the market to celebrate the Company’s new listing on the TSX Venture Exchange.
Silver47 Exploration Corp. is focused on rapidly expanding its resource base of silver, gold, copper, zinc and lead, with the aim of reaching a milestone development decision in the next 3-5 years, while also driving new discoveries.
Backed by industry leaders, the Company is advancing its flagship Red Mountain project in Alaska, which currently hosts 168.6 million ounces of silver at 336 g/t AgEq, equivalent to 1 million tonnes of zinc at 7% ZnEq or 2 million ounces of gold at 4 g/t AuEq.
Silver47’s initial focus is on increasing the silver-gold rich Dry Creek and West Tundra Flats resources at the eastern end of this district-scale land package, with an exploration target of 50Mt in the 300-400 g/t AgEq grade range for 480Moz Eq. The company’s extensive land holdings of 942 state mining claims and one mining lease cover a 60km trend of polymetallic mineralization.
MEDIA CONTACT: Gary Thompson President & CEO info@silver47.ca 403-870-1166
North Vancouver, British Columbia–(Newsfile Corp. – December 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF)(“Lion One” or the “Company”) is pleased to announce the results of the Company’s annual and special general meeting of shareholders (the “Meeting”) held on December 12, 2024.
At the Meeting, the number of directors of the Company was set at three (3) with the following directors re-elected at the Meeting: Walter Berukoff, Richard Meli, and Kevin Puil. In addition, shareholders of the Company approved the Company’s Omnibus Equity Incentive Compensation Plan as described in the management information circular dated October 29, 2024 (the “Circular”) as well as the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditor of the Company for the ensuing fiscal year.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The U.S Treasury building in Washington. · Reuters
By David Lawder
WASHINGTON (Reuters) -The U.S. government posted a $367 billion budget deficit for November, up 17% from a year earlier, as calendar adjustments for benefit payments boosted outlays by some $80 billion compared to the same month in 2023, the Treasury Department said on Wednesday.
The Treasury Department said that without the acceleration of December payments for the Medicare and Social Security programs into November, the deficit last month would have been about $29 billion, or 9% lower than last year.
The health care and pension programs for seniors are two of the government’s largest expenditure items.
But as reported, the November deficit was a record high for that month. Receipts and outlays also were record highs for the month of November, with receipts up 10% to $302 billion, and outlays up 14% to $669 billion.
The deficit for the first two months of the 2025 fiscal year also was a record high for that period – higher than the deficits of the COVID-19 era – reaching $624 billion, up $244 billion, or 64%, from the same period a year earlier. The government’s fiscal year starts on Oct. 1.
Those deficits were also inflated by calendar-related benefit shifts as well as higher receipts in October and November of 2023 due to the expiration of tax payment deferrals tied to California wildfires and other weather-related disasters that year.
Year-to-date receipts as reported were down 7% from a year earlier to $629 billion, while year-to-date outlays were up 18% to $1.253 trillion.
The outlays for the first two months of the fiscal year included a $4 billion, or 30%, increase in Department of Homeland Security spending to $19 billion, largely reflecting Federal Emergency Management Agency spending related to recent hurricanes.
But the Treasury’s interest cost on public debt for the fiscal year’s first two months was flat at $169 billion, despite a $7 billion increase for November.
(Reporting by David Lawder; Editing by Paul Simao)
Vancouver, British Columbia–(Newsfile Corp. – December 11, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to share additional results from its 2024 drilling program. The program consisted of 8,166 meters of drilling across 19 new drill holes, and approximately 8,000 meters of historical core assaying. To date, 50% of the new drilling assays have been reported, but only 25% of the total assays for the 2024 season (combined 2024 drilling and historical core resampling).
CEO John Florek commented: “The drilling results continue to impress and suggest continued growth potential for the deposit, especially eastward along the strike of the conceptual open pit. Results are revealing underexplored near-surface opportunities within a historical “data gap” east of the deposit where consistent, lower-grade bulk tonnage intervals will be key for lowering costs and reducing stripping ratios in an open-pit scenario and vital for adding incremental ounces to our upcoming Mineral Resource Estimate (MRE) in Q1 of 2025.
Highlights:
DQ24-04 intersects 17.0 meters (m) of 0.5 g/t gold (Au) which expands on the low-grade bulk tonnage in the Conceptual Open Pit.
DQ24-05 intersected 2.5 m of 10.27 g/t Au beneath Nip Zone (1.1 km from Conceptual Open Pit), enhancing and expanding this high-grade potential where previous historical results had intersected 2.5 m of 51.9 g/t Au and 16.0 m of 6.1 g/t Au.
DQ24-08 intersects 21.5 m of 0.6 g/t Au (within 55.2 m of 0.3 g/t Au), 800 m east and along strike of the open pit concept (see Figure 1); in an area previously lacking drilling.
Full results for DQ24-04 to DQ24-09 have been released from SGS Laboratories (see Table 1 intercept highlights). These results continue to identify significant potential for resource expansion within and along strike of the open pit concept through previously unidentified low grade bulk tonnage zones. Emperor is targeting a multi-million-ounce resource in a combination of conceptual open pit and underground mining scenarios. 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 Emperor is committed to delivering a new Mineral Resource Estimate in Q1 of 2025.
The 2024 drilling continues to validate low-grade bulk-tonnage and high-grade mineralization. The results of three strategies are reported in this Press Release.
Continue to add incremental ounces to the Conceptual Open Pit (DQ24-04);
Explore the potential to coalesce the Conceptual Satellite Pits east of the Deposit; and.
Expand the High-Grade Nip Zone (DQ24-05).
Emperor was pleased to see Drillhole DQ24-05 intersecting 2.5 m of 10.27 g/t Au associated with a breccia zone within the mafic volcanic rocks. This is beneath the Nip Zone that carries impressive historical intercepts of 2.5 m of 51.9 g/t Au and 16.0 m of 6.1 g/t Au, demonstrating the expansion capabilities of this zone and the robust, well-endowed mineralization along its 2.8 km strike length to date.
Drill holes DQ24-5 to DQ24-9 were designed to explore the eastern extension along the strike of the current open-pit model. Mineralization is hosted within and adjacent to previously unsampled Quartz Feldspar Porphyries. These zones, which were previously overlooked, continue to potentially increase future inferred ounces. Additional drilling is necessary to fully define its geological extent and mineralized boundaries (Figure 1).
Particularly impressive was DQ24-08, which intersected 21.5 meters of 0.6 g/t gold, within a broader interval of 55.2 m of 0.3 g/t Au. This occurs within a zone of interlayered mafic volcanic and quartz-feldspar porphyries in an area that may increase resources with additional drilling.
These findings are expected to significantly contribute to the upcoming mineral resource estimate. A total of 25% of the assays for the 2024 season has been reported so far. By focusing on near-surface drilling for open-pit mining, Emperor aims to economically expand its resource base at lower grades compared to underground mining by targeting near-surface drilling.
Deposits in the region with currently active open pits have been economic at grades equal 0.30 g/t Au (see Agnico Eagles press release dated Feb 15, 2024 – Detour Lake Deposit cut-off grade, pg. 52.)
Emperor plans to deliver mineral resource update scheduled for Q1 of 2025.
Strategic Plan
The 2024 drilling campaign at Emperor’s Duquesne West Gold Project in Quebec continues to identify extensive low-grade bulk tonnage zones surrounding the previously known high grade areas. These latest results further solidify the project’s immense potential and underscore the company’s commitment to unlocking substantial value for its shareholders.
The 2024 season leverages advanced exploration techniques to test several scenarios to add ounces and/or expand the footprint:
Explore Lower Grade Discoveries: Target additional discoveries within the host rock containing high-grade gold lenses, focusing on the conceptual open-pit model.
Increase the Thickness of the High-Grade Lenses: Incorporate previously unaccounted lower-grade gold from the margins of high-grade lenses to enhance their overall thickness.
Expand Mineralized Zones: Extend the lateral footprint of mineralized zones along strike and dip.
Discover New Zones: Explore potential new zones not yet included in the Conceptual Open Pit Model, with a particular focus on eastward expansion.
These latest results continue to build on the strong momentum generated by last year’s drilling program and confirm the presences of extensive low grade bulk tonnage zones surrounding the known high-grade regions.
Table 1 – Intercept Highlights- Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-041
43.8
44.8
1
0.46
44.8
45.8
1
0.4
45.8
47
1.2
0.13
47
48
1
0.16
Wt. Avg.
4.2
0.3
DQ24-041
117
118
1
2.75
118
119
1
0.28
119
120
1
0.6
120
121
1
0.58
121
122
1
0.43
122
123
1
0.14
123
124
1
0.15
124
125
1
0.84
125
126
1
0.05
126
127
1
0.18
127
128
1
0.41
128
129
1
0.1
129
130
1
0.17
130
131
1
0.12
131
132
1
0.54
132
133
1
0.46
133
134
1
1.04
Wt. Avg.
17
0.5
Including: (117-125m)
8
0.72
DQ24-051
222.4
223.4
1
0.23
223.4
224.4
1
0.87
224.4
225.7
1.3
0.43
Wt. Avg.
3.3
0.5
DQ24-051
300.5
301.5
1
0.17
301.5
302.5
1
0.42
302.5
303.5
1
0.36
303.5
304.5
1
0.34
304.5
306
1.5
0.29
Wt. Avg.
5.5
0.3
DQ24-051
436.6
439.1
2.5
10.27
Wt. Avg.
2.5
10.27
DQ24-061
137.8
139.5
1.7
0.37
139.5
141.2
1.7
0.34
Wt. Avg.
3.4
0.4
DQ24-061
309.7
310.7
1
0.21
310.7
311.7
1
0.59
311.7
312.7
1
0.65
Wt. Avg.
3
0.5
DQ24-061
413.3
415.8
2.5
1.5
Wt. Avg.
2.5
1.5
DQ24-071
4.5
6.3
1.8
0.18
6.3
7.3
1
0.16
7.3
8.3
1
0.22
8.3
9.3
1
0.12
9.3
10.3
1
0.11
10.3
11.6
1.3
0.08
11.6
12.6
1
0.09
12.6
13.6
1
0.12
13.6
14.6
1
0.22
14.6
15.6
1
0.2
15.6
16.6
1
0.19
16.6
17.6
1
0.17
17.6
18.6
1
0.28
18.6
19.6
1
0.35
Wt. Avg.
15.1
0.2
DQ24-081
38.4
39.4
1
0.31
39.4
40.4
1
0.33
40.4
41.9
1.5
0.19
41.9
43.2
1.3
0.38
43.2
45.7
2.5
0.28
Wt. Avg.
7.3
0.3
DQ24-081
63.7
64.7
1
0.35
64.7
65.7
1
0.54
65.7
66.7
1
0.72
66.7
67.7
1
0.85
67.7
68.7
1
0.02
Note2
68.7
69.7
1
0.005
Note2
69.7
70.7
1
0.005
Note2
70.7
71.7
1
0.005
71.7
72.7
1
0.02
72.7
74.2
1.5
0.09
74.2
75.4
1.2
0.66
75.4
76.5
1.1
1.22
76.5
78.6
2.1
0.09
78.6
80.1
1.5
1.68
80.1
81.6
1.5
0.25
81.6
82.6
1
0.77
82.6
83.6
1
1.96
83.6
85.2
1.6
0.86
85.2
87.7
2.5
0.06
87.7
90
2.3
0.15
Note2
90
92.5
2.5
0.005
92.5
95
2.5
0.03
Note2
95
97.5
2.5
0.005
97.5
100
2.5
0.02
Note2
100
101.8
1.8
0.005
Note2
101.8
103.6
1.8
0.005
103.6
105.2
1.6
0.08
105.2
107.7
2.5
0.67
107.7
110.2
2.5
0.22
110.2
112.7
2.5
0.47
112.7
114.3
1.6
0.34
114.3
115.9
1.6
0.16
115.9
116.9
1
0.21
116.9
117.9
1
0.02
117.9
118.9
1
0.29
Wt. Avg.
55.2
0.3
Including: (63.7-85.2m)
21.5
0.6
Including: (74.2-85.2m)
11
0.85
DQ24-081
148
149
1
0.16
149
150
1
0.4
150
151
1
0.24
151
152
1
0.14
152
153
1
0.06
153
154.15
1.15
0.08
154.15
155.65
1.5
0.89
155.65
157.1
1.45
0.25
157.1
158.7
1.6
0.02
158.7
160.35
1.65
0.23
Wt. Avg.
12.35
0.3
DQ24-091
5.5
6.5
1
0.28
6.5
7.5
1
0.61
7.5
8.5
1
0.11
8.5
9.5
1
0.11
Wt. Avg.
4
0.3
DQ24-091
335.5
338
2.5
0.34
338
340.5
2.5
0.13
340.5
343
2.5
0.11
343
344.3
1.3
0.07
344.3
345.7
1.4
0.76
Wt. Avg.
10.2
0.3
DQ24-091
353.2
355.7
2.5
0.17
355.7
358.2
2.5
0.19
358.2
360.7
2.5
0.18
360.7
363.2
2.5
0.65
Wt. Avg.
10
0.3
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%
2Value reported below detection limit of <0.01. Value was numerically halved to assign a real number.
Quality Assurance and Control
The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.
Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Sudbury laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda
The third-party laboratory, SGS prep laboratory in Sudbury Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.
Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet, Quebec, Canada. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (TSX: GMX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (CIM) guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold- endowed structural zones.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold.
Open Pit Bulk Tonnage Gold.
Underground Bulk Tonnage Gold.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent CIM standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek”
John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Vancouver, British Columbia–(Newsfile Corp. – December 9, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has signed an option agreement to acquire a 100% interest in the Taft Project (“Project”). The Project covers a total area of 3,000 hectares (30 km2) and is located in the highly prospective Revelstoke Carbonatite Belt region of British Columbia for Rare Earth Elements (REE) and gold mineralization. This transaction aligns with Riverside’s strategy of targeting high-value mineral assets in favorable jurisdictions and taking advantage of government support led by technical quality as a focus. Critical metals, such as rare earth elements (REE), are essential for national security and economic prosperity and Riverside is actively strengthening its position by acquiring and staking high-potential critical metals projects. The Company plans to begin a field program on the Project immediately.
“Riverside Resources has a long history of identifying and acquiring high-potential mineral assets in stable jurisdictions, and the Taft Project is another excellent example of this approach,” stated John-Mark Staude, President and CEO of Riverside Resources. “As the demand for critical minerals continues to grow, particularly in the fields of renewable energy, electric vehicles, and advanced technologies, projects like Taft play an essential role in securing North America’s access to these vital resources.”
“With governments increasingly emphasizing the importance of developing domestic supply chains for critical minerals, including recent initiatives by the United States and Canada to support exploration and production, Riverside is proud to contribute to this strategic imperative. By acquiring and investing in projects like Taft, we are not only enhancing our portfolio but also progressing the global transition to cleaner energy and more resilient supply networks.”
Project Option Terms:
As per the Agreement, Riverside can earn a 100% interest in the Taft Project by making staged cash payments totaling CAD $125,000 over five years, as detailed below:
a) $15,000 upon signing of the Agreement; (paid) b) $15,000 on or before the 1st anniversary of the Effective Date; c) $20,000 on or before the 2nd anniversary of the Effective Date; d) $20,000 on or before the 3rd anniversary of the Effective Date; e) $25,000 on or before the 4th anniversary of the Effective Date; and f) $30,000 on or before the final anniversary of the Effective Date.
Additionally, Riverside will commit to a minimum of $320,000 in exploration expenditures over the same period, as detailed below:
a) $ 60,000.00 on or before the 1st anniversary of the Effective Date; b) $ 60,000.00 on or before the 2nd anniversary of the Effective Date; c) $ 60,000.00 on or before the 3rd anniversary of the Effective Date; d) $ 60,000.00 on or before the 4th anniversary of the Effective Date; and e) $ 80,000.00 on or before the final anniversary of the Effective Date.
This transaction involves no royalties, aligning with Riverside’s ongoing commitment to maintaining royalty-free projects. Consistent with its business model over the past 15+ years, Riverside creates royalties only when optioning or selling projects to third parties in future business transactions.
Exploration Plans
The exploration program will begin with stream geochemistry studies initiated this summer, followed by soil and rock geochemical prospecting. Fieldwork will include geological mapping and reconnaissance traverses, building on earlier government studies and prior prospector reports. The focus is to delineate the Rare Earth Element potential associated with carbonatite intrusions, which are key mineralization targets for both the property and the company within this belt. Additionally, the program will investigate gold anomalies identified in initial surveys, building on previous exploration efforts in the area. Riverside’s planned investments include geological mapping, sampling, and targeted drilling to further define the resource potential of the project.
About the Taft Project
The Taft Project presents a high-potential opportunity to discover critical mineral resources essential to the increasing demand for renewable energy, technology, and advanced materials. Its favorable geological setting and strategic location within a supportive jurisdiction highlight its importance in Riverside’s portfolio. Geological mapping of the REE-rich terrane has identified promising areas along the belt, supported by favorable geochemistry and indicator minerals. Current sampling and exploration efforts, in collaboration with local prospectors, aim to refine targets through access, sampling, and mapping. These activities are paving the way for a focused exploration program in 2025, targeting both REE and gold zones.
Figure 1: Location map and mineral concession map with tenure under option in red and Riverside 100% owned tenure in yellow.
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
