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Failed Bank Information for The First National Bank of Lindsay, Lindsay, OK

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CREDIT: Andy Schectman and David Morgan

On Friday, October 18, 2024, The First National Bank of Lindsay was closed by the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. All insured deposits have been transferred to First Bank & Trust Co., Duncan, OK.

Frequently Asked Questions

October 18, 2024 Official Press Release

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If You Had a Deposit Account

The full balance of all insured deposit accounts has been transferred to First Bank & Trust Co.

In addition, based on the estimated recoveries of the failed bank assets, the FDIC will make 50 percent of uninsured funds available to those depositors on Monday, October 21, 2024. This amount could increase as the FDIC sells the assets of the failed bank.

You may continue to use your checks and ATM/Debit card to access your insured deposits. Direct deposits like paychecks and social security benefits will continue as usual. Please refer to the Banking Services section below for more details.

For accounts exceeding $250,000 and/or accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine ownership and insurance coverage. To schedule an appointment with a Claims Agent, call Customer Service & Records Research in Dallas at 1-888-206-4662, Monday through Friday (excluding federal holidays) between 8:00 a.m. and 4:00 p.m. Central Time.

You can also visit the FDIC’s Failed Bank Customer Service Center (FBCSC) and register using Login.gov to review your insurance determination, schedule an appointment, and communicate about your account(s).

EDIE — Electronic Deposit Insurance Estimator
Calculate insurance coverage of deposit accounts

Facts for Depositors
General information explaining the role of FDIC

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If You Had a Loan

You should continue to make payments, including escrow payments, as usual; the terms of your loan will not change. If your loan is currently in process or you had a line of credit, contact the FDIC.

If you are making escrow payments and receive notification that any portion of your taxes or insurance was not paid, contact the FDIC immediately.

If you received notice that the FDIC retained your loan, and you have questions, please visit the FDIC Information and Support Center.

Obtaining a Lien Release
Process on getting a release of lien

Borrower’s Guide to an FDIC Insured Bank Failure
Overview of how FDIC processes loans

Facts for Borrowers
General information explaining the role of FDIC

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If You Are Owed Money for a Service or Product Provided

You may be eligible to file a claim against The First National Bank of Lindsay.

If you have not been paid for services rendered prior to October 18, 2024, please refer to the Filing Claims section below.

Facts for Creditors
General information explaining the role of FDIC

Publication Notice to Creditors and Depositors of The First National Bank of Lindsay

source: https://www.fdic.gov/bank-failures/failed-bank-list/first-national-bank-lindsay

Categories
Base Metals Emx Royalty Junior Mining Precious Metals Project Generators

EMX Options its Queensland Gold Projects to Mila Resources

Vancouver, British Columbia–(Newsfile Corp. – November 1, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an exploration and option agreement for its Yarrol, Mt Steadman and Queensland Gold projects to Mila Resources PLC (“Mila”, LSE:MILA). Mila is a well-capitalized London Stock Exchange listed company seeking to broaden its exploration portfolio in Australia. The agreement provides EMX with a cash payment, warrants and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional cash payments, equity in Mila, advance royalty payments, milestone payments and a 2.5% NSR royalty.

The Yarrol and Mt Steadman projects both contain historically defined gold resources in addition to sites of historic gold mining activities (see notes regarding the historical mineral resources below). The Yarrol project also contains areas with cobalt-enriched manganese oxide mineralization and heavy mineral sands deposits. The nearby Queensland Gold project lies to the north of Yarrol and Mt Steadman (see Figure 1) and contains multiple historic gold mines, gold occurrences, drill defined zones of gold mineralization, and numerous additional geochemical anomalies enriched in gold and copper.

EMX looks forward to working with Mila to commence work on the projects and to follow up on recent drill and sampling programs. This transaction is another example of the execution of EMX’s business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests and other considerations.

Commercial Terms Overview. EMX will receive AUD $25,000 upon execution of the agreement, along with 16 million purchase warrants of Mila Resources stock with a strike price of £0.01. Mila can acquire a 100% interest in the project by completing AUD$450,000 in work commitments by the end of the first anniversary of the agreement. Upon exercising the option Mila will:

  • Issue the equivalent of £110,000 in shares of Mila (with certain escalation clauses) and make an initial advance royalty payment equivalent to 20 ounces of gold in cash, shares or bullion.
  • Grant EMX an uncapped 2.5% NSR royalty and make annual advance royalty (“AAR”) payments commencing at 20 ounces of gold until the fifth anniversary of the agreement, at which time the AAR’s will increase to 35 ounces of gold until the completion of a Preliminary Economic Assessment, at which time the AAR’s will increase to 50 ounces of gold. The AARs can be paid in cash, shares or bullion.
  • Upon the second anniversary of the agreement, pay EMX an additional AUD$125,000 in cash or shares of Mila, and commit to completing a JORC Code or NI-43-101 compliant resource estimate on at least one of the project areas.
  • By the fifth anniversary of the agreement, complete a cumulative of 30,000 meters of drilling and/or define a resource of at least 400,000 ounces of gold with at least 40% of those ounces defined as “indicated” resources.
  • Deliver certain milestone payments.
  • For each project, upon delivery of a feasibility study Mila can repurchase 1.25% of the EMX royalty for a payment equating to 65% of the post-tax royalty net present value (NPV) as defined in the feasibility study.

Overviews of the projects. Each of the projects lie within the Tasman Orogenic Zone of eastern Australia, which hosts significant gold mines and deposits including Cracow, Mount Morgan and Mount Rawdon (see Figure 1).

Yarrol Project: The 59,520 Ha Yarrol Project is located between the Queensland Gold project and Evolution Mining’s Mt Rawdon gold mine and is positioned along the regional scale Yarrol Fault zone. Several other historical mines and active exploration projects also lie along the Yarrol Fault structural trend.

Yarrol was the site of historical gold mining activities in the 1800’s through the 1930’s, with historical gold production averaging ~10 g/t.1 Further exploration and assessments conducted in the 1980’s and 1990’s led to the definition of two historical gold resources (see notes regarding the historical mineral resources below). Gold mineralization at Yarrol is present as quartz sulfide veins and zones of silicification developed in and around Permian-aged dioritic intrusions. EMX conducted a two-hole confirmation drill program in late 2022, resulting in the intersection of 17.8 meters averaging 4.01 grams per tonne (g/t) gold from 61 meters in drill hole DD22-YA187, and 12 meters at 0.91 g/t gold from 92 meters in drill hole DD22-YA188 (see EMX News Release dated November 14, 2022)2.

Many Peaks Gold Ltd (now Many Peaks Minerals Ltd or “Many Peaks”, ASX:MPK) optioned the project from EMX in 2023 and conducted various exploration programs before changing its strategy to focus on western African projects in early 2024. In addition to other programs, Many Peaks drilled six reconnaissance diamond drill holes at Yarrol totaling 1,210 meters that included a drill intercept of 16 meters averaging 0.75 g/t gold from 42 meters in hole YAD-189 (see Many Peaks news releases dated January 29 and 30, 2024)3. The project was returned to EMX in mid-2024.

Mt Steadman Project: The 5,760 hectare Mt Steadman project is an intrusion-related gold system (“IRGS”) located along the Perry Fault system, a major structural feature in the region that also hosts the nearby Mt Rawdon Mine. The Mt Steadman project was the focus of exploration in the 1990’s when shallow reconnaissance drilling programs led to the recognition and definition of historical gold resources (see notes regarding the historical mineral resources below). Several historic mines are also located on the Mt Steadman project (Mt Steadman, Venus and London), and were initially worked in the 1880’s with periodic production continuing into the 1940’s.

In the 1990’s mineralized sheeted vein swarms (IRGS-style mineralization) were recognized at the Fitzroy prospect, where over 4,000 meters of shallow drilling led to the definition of historic gold resources1. Examples of historical drill intercepts at Mt Steadman’s Fitzroy prospect include reverse circulation drill holes with intercepts that include 23 meters from surface averaging 1.04 g/t gold in drill hole RC95MS7, 24 meters from surface averaging 1.13 g/t gold in RC85MS10, and 26 meters from surface averaging 1.00 g/t in RC95MS44 (true widths unknown)4.

1 Independent Geological Report for MGT Mining Ltd, 2010. https://www.nsx.com.au/ftp/news/021723444.PDF. EMX has not performed sufficient work to verify historical sample results and production figures, however, from EMX’s field reviews of the Yarrol and Mt Steadman properties, these data are considered to be reliable and relevant.

2 True widths remain unknown but are estimated to be in the 50-75% range of the reported drilled interval. The interval was calculated assuming a cutoff of 0.5 g/t gold.

3 True widths not reported.

4 The historical drilling was completed by Probe Resources in 1995 and 1996 and reported to Queensland Geologic Survey. EMX has not done sufficient work to classify these results as compliant with NI 43-101 regulation, these results should not be relied upon until they are confirmed. However, EMX believes these results are reliable and relevant.

Many Peaks also optioned the Mt Steadman project from EMX in 2023 and drilled two reverse circulation (“RC”) drill holes on the property totaling 205 meters. Many Peaks reported an intercept of 8 meters averaging 2.63 g/t gold from 8 meters in RC drill hole MS041 (see Many Peaks news releases dated January 29 and 30, 2024). Many Peaks also completed additional soil sampling surveys, but identified gold anomalies were not followed up and the project was returned to EMX in mid-2024.

Queensland Gold Project: The 47,680 Ha Queensland Gold Project has been the site of historical mining and exploration activities for over a century. In the mid-1990’s, the Boggy Creek gold prospect was explored by CRA Exploration and North Ltd (both precursor companies to what is now Rio Tinto Exploration Pty Limited (“RTZ”). Drilling by CRA and North Ltd intercepted long intervals (i.e., >25 meters) of gold mineralization associated with quartz vein stockworks in rhyolitic-dacitic intrusions, typical of IRGS systems. Several of the historic CRA and North Ltd holes ended in mineralization.

In terms of historical production, gold was discovered at Monal Creek in 1891, leading to the development of the Monal Goldfields in the northwest portion of the EMX license. This area is marked by historical shafts, adits, mine dumps and processing sites, where gold mineralization was present in multiple parallel quartz vein reefs. Eight reef deposits were discovered and mined, with the gold mineralization appearing to extend for several kilometers along strike.

Many Peaks optioned the Queensland Gold project from EMX in 2020 and executed several exploration programs on the project. Many Peaks drilled twelve RC holes at Boggy Creek totaling 1,806 meters, and six additional reconnaissance drill holes elsewhere on the property (totaling 531 meters). Many Peaks also conducted various rock-chip, soil, auger and air core sampling programs at various locations on the property. On June 7, 2022, Many Peaks announced drill results from the Boggy Creek program that included intercepts of 7 meters averaging 2.04 g/t from 13 meters in drill hole BCRC003, 17 meters averaging 0.75 g/t from 10 meters in drill hole BCRC005 and 11 meters averaging 0.53 g/t from 73 meters in drill hole BCRC0073 (see Many Peaks news release dated June 7, 2022).

More information on the Projects can be found at www.EMXroyalty.com.

Comments on Historical Mineral Resources. The historical mineral resources at Yarrol and Mt Steadman were reported in 2010 by MGT Mining Ltd, which was a publicly traded Australian company (ASX: MGT) at the time of publication. Discussions of the projects and historic resources can be found at: https://www.nsx.com.au/ftp/news/021723444.PDF. EMX has not done sufficient work to verify the historical resources and is not considering these resources to be current or compliant with NI43-101 standards. Additional drilling and sampling would be required to confirm the resources, but EMX considers the published historical estimates to be relevant and reliable.

Comments on Nearby Mines and Deposits. The mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar styles, tonnages or grades of mineralization.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/228530_eb4d224424db59d0_002full.jpg

Notes: Mt Rawdon production data from Evolution Mining: https://evolutionmining.com.au/wp-content/uploads/2023/11/Mt-Rawdon-fact-sheet-FY23F.pdf. Mt Morgan production data from Mt. Morgan: A. Taube; The Mount Morgan gold-copper mine and environment, Queensland; a volcanogenic massive sulfide deposit associated with penecontemporaneous faulting. Economic Geology; 81 (6): 1322-1340. Cracow historic production data from Aeris Resources web page for the Cracow Operation: https://www.aerisresources.com.au/assets/cracow/.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228530

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

EMX Provides an Update on Exploration Successes at Viscaria

Vancouver, British Columbia–(Newsfile Corp. – October 31, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSX Venture: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that the operator of the Viscaria copper-iron-silver project in Northern Sweden, where EMX holds a royalty interest, recently published new exploration results that appear to include discoveries of multiple new bodies of mineralization. Viscaria Gruvaktiebolag (“Viscaria”; formerly Copperstone Resources AB) is the operator of the Viscaria project and has been undertaking final permitting and recently commenced construction of its water treatment plant needed for the reopening of the past-producing mine. According to their disclosures, Viscaria expects to commence production on the project in 2026.

In parallel with its ongoing development work, Viscaria has been conducting its first “near mine” exploration drilling campaign, which commenced in spring of this year. According to Viscaria’s most recent exploration presentation and news release1, over 9,000 meters of drilling have been completed as part of this program. This has led to the recognition and definition of additional zones of mineralization that project downward from the currently defined “D” and “B” resource areas, as well as a new zone of drill-defined mineralization that lies beneath the “A” and “B” resource areas and has been named the “ABBA” zone (see Figures 1 and 2). Viscaria has described these new discoveries as “exceptional exploration results” which highlight the considerable upside potential and optionality that exists on the project.

Reported drill results are highlighted by[1]:

  • An intercept of 43.2m @ 1.12% Cu and 31.35% Fe from depths of 1107 to 1050.2 meters in hole VDD24055 (positioned just below the existing “D Zone” resources).
  • An intercept of 13.3m @ 2.42% Cu and 4.96 g/t Ag from depths of 498.1 to 511.4 meters in drill hole VDD23116 (adjacent to the “B Zone” resources).

EMX considers these results to be salient and important to the valuation of its royalty interest. Viscaria has also reported that it is working to complete a feasibility study by year end and is currently working to update and bring its resource estimates into compliance with PERC (2021) reporting standards. EMX congratulates Viscaria Gruvaktiebolag on these successes and their recent progress.

EMX’s current royalty footprint covers the A, B and D zones and consists of a 0.5% NSR royalty that escalates to an uncapped 1% NSR royalty after $12 million has been paid to the royalty holder.

About the Viscaria Copper-Iron-Silver deposit. The Viscaria deposit is located just west of LKAB’s Kiruna iron mine, the largest underground iron mine in the world. Viscaria is typically classified as a member of the Iron-Oxide-Copper-Gold (“IOCG”) deposit clan and is broadly associated with similar iron and copper systems elsewhere in the region. The Viscaria mine was initially owned and operated by LKAB, which commenced operations in 1983. Outokumpu OY acquired the mine in 1985 and operated it until closure in 1993. Phelps Dodge Sweden AB later acquired the project from Outokumpu and then sold the project to Avalon Viscaria AB in 2008 and kept a royalty over the project area as part of its consideration. Avalon Viscaria AB later became the current Viscaria Gruvaktiebolag. EMX acquired Phelps Dodge Sweden AB in 2009, including the Viscaria royalty.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

Notes about reported drill intersections. EMX has not performed sufficient work to verify the reported drill data and intersections. However, the samples were collected and reported by Viscaria in accordance with PERC (2021) reporting standards. EMX considers the reported drill data to be reliable and relevant.

About EMX. EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Isabel Belger
Investor Relations
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: Project Location

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/228378_f3ef2546349febcf_002full.jpg

Figure 2: 3D models of resources and current exploration program at Viscaria

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/228378_f3ef2546349febcf_003full.jpg

[1] True widths stated as “unknown”. These results were reported by Viscaria according to PERC 2021 standards in “Exploration Results, PERC (2021) Reporting standard, Table 1” on September 2024, and in Viscaria’s exploration update presentation dated September 24, 2024: “Viscaria: the next Tier-1 copper deposit in the world-class Kiruna mining district”.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228378

Categories
Base Metals Energy Junior Mining Precious Metals

Gold79 Starts Drilling at Gold Chain Project, Arizona

Ottawa, Ontario–(Newsfile Corp. – October 31, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce that it has commenced drilling at its Gold Chain Project in Arizona. This next phase of drilling is expected to consist of seven core holes totaling approximately 1,000m.

Derek Macpherson, Executive Chairman, CEO and Director stated, “We are excited to continue drilling at Gold Chain following up on the drilling success from 2023. Importantly, the first hole of this new program will test below Hole No. GC23-28, which returned 51.1 g/t Au over 9.1m within a broad zone of gold mineralization recorded from surface to the end of hole. Also, this core program coupled with the prior work completed should move the Company one step closer to delivering a maiden resource at Tyro.”

Figure 1: Drill Rig at Gold Chain Project, Arizona, starting hole GC24-29

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5717/228425_figure1.jpg

Drill Program

Planned drilling consists of seven HQ core holes, totaling approximately 1,000 metres to test along the Tyro Main structure as well as to depth, within the Gold Chain project. The core drilling program has been designed to provide additional geologic context to previous reverse circulation drilling; surface and underground mapping/sampling; and, the recently completed trenching program. Core holes are intended to confirm the geologic model and grade continuity along the nearly 1km strike. Increased confidence in the geologic model will assist Gold79 in the design of additional drill holes proposed for early 2025 to advance this target toward a maiden resource (Figure 2).

The final hole of the 2023 drill program, GC23-28, intersected 51.1 g/t Au over 9.1m at the intersection of the Whitespar fault and the Tyro Main zone within a broad zone of gold mineralization recorded from surface to the end of hole depth of 85.3m. Trenching conducted by Gold79 in May 2024 across this intersection returned 39.7 metres at 1.14 g/t Au and corroborated a N-NW trend to the Whitespar chalcedony vein swarm.

The first hole of the current program, GC24-29, is designed to traverse this zone beneath GC23-28 about 80 metres below the surface exposures. There are also one or two additional holes planned to test the intersection of these two structures.

The balance of the drill holes are designed to test the northeast-trending Tyro Main Zone vein grades, density and orientations along the main zone. Most of the holes will test the 500m drilling gap between hole GC23-23 which returned 44.2m at 2.10 g/t Au and GC21-16 which returned 21.2m at 1.73 g/t Au. Historical mining, geologic mapping and trenching support continuity along this zone.

It is anticipated that the results from this drill program should provide the data required to design a follow-up drill program. The follow-up program is expected to be completed in Q1 2025, following which the Company plans to complete a maiden resource estimate.

Figure 2: Tyro Main Zone Plan View with Proposed Drill Holes

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/5717/228425_56b2868134e03ab5_002full.jpg

Qualified Person / Quality Control and Quality Assurance

Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has been responsible for all phases of work conducted to date at Gold Chain by Gold79.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX-V listed company focused on building ounces in the Southwest USA. Gold79 has four gold projects, two of which are partnered with major gold producers (Kinross at Jefferson Canyon and Agnico at Greyhound). Gold79 is focused on establishing a maiden resource at its Gold Chain project in Arizona and advancing its Tip Top Project in Nevada.

For further information regarding this press release contact:
Derek Macpherson, Executive Chairman and CEO, Gold79
Phone: 416-294-6713
Email: dm@gold79mines.com

Or

Quentin Mai, President, Gold79
Phone: 604-638-5622
Email: quentin@gold79mines.com

Website: www.gold79mines.com.
Book a 30-minute meeting with Derek Macpherson here.

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

FORWARD-LOOKING STATEMENTS:

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228425

Categories
Base Metals Energy Junior Mining Oil & Gas Precious Metals

BOB MORIARTY | Expert Says Secondary Metals Will Star in New Bull Market

Major periods of rising gold prices since 1971 have included the 1970s and the 2000s. Many experts believe we’ve started a new period of such expansion now.

Spot prices touched a new record of US$2,769.02 per ounce on Tuesday “as the run-up to the 2024 presidential election and uncertainty prior to upcoming economic data kept safe haven demand in play,” Investing.com reported.

Bob Moriarty of 321gold sat down with Francis Hunt of The Market Sniper recently to discuss the state of the commodities markets and the recent meeting of the BRICS nations in Russia.

He told Hunt that the most important mechanism in determining their prices is not the textbook answer you’ve always been given.

“Ignore demand, ignore supply, ignore the value of the dollar, ignore the geopolitical, none of those make any difference whatsoever,” Moriarty said in the interview, posted on YouTube. “The only thing that moves the price of anything is sentiment.”

Sentiment Changing Soon

The Investing.com article reported by Scott Kanowsky said the rise is coming from safe haven demand and a string of expected economic readings expected soon, “which are likely to factor into in the Federal Reserve’s plans for interest rates.”

However, Moriarty said the overall price of gold miners has devalued vs. the price of gold and is “at the bottom now.”

“From a relative position of sentiment, everybody hates the miners,” he said of environmental and ESG concerns that have affected the industry. “You can go to Canada, and there’s probably 1,500 stocks, and the number of stocks under 10 cents is absolutely staggering. I own probably 50 different stocks, and I would guess 40 of them are under 10 centers per share . . . You don’t have to know anything about investing if you understand the sentiment.”

And Moriarty expects that sentiment to change soon.

“We’re going to be in a bull market probably for the next 10 or 20 years,” he said. “It has just started the real bull face. You’re going to see it in the other metals, and you’re absolutely going to see it in the miners. And I believe there are a lot of stocks that are going to go up 100-fold.”

But Moriarty said it won’t be just gold; other metals like silver, rhodium, palladium, and platinum will benefit, sometimes even more.

“Gold is going to continue to go up, but just like with dancing, sometimes you lead, sometimes you follow,” he said. “And I think it’s the secondary metals that are going to lead now.”

Most Valuable Precious Metal on the Planet?

Like gold, silver has had a good year so far and is up 42.17%, according to USA Today. It was trading at US$34.02 per ounce on Tuesday, an increase of 1.26% in the previous 24 hours.  Platinum, which was US$1,025.65 per ounce on Monday, is up 3.84% on the year.

But in addition to gold, silver and platinum, the platinum group contains lesser-known metals like osmium, ruthenium, iridium, palladium, and rhodium.

The metals are all very rare and have high corrosion resistance, catalytic properties, and high melting points, according to How Stuff Works.

But Mack Hayden wrote for the site that rhodium, a silver-white metal, is “the most valuable precious metal on the planet.” The automotive industry uses nearly 80% of the world’s supply to make catalytic converters that help reduce toxic gas emissions. South Africa is the leading producer, contributing about 80% of the global supply. It is often found mixed with other platinum group metals and requires extensive processing to extract.

Trading Economics said rhodium has increased US$250 per ounce or 5.65% since the beginning of 2024. While it was US$4,675 per ounce on Monday, it reached an all-time high of US$29,800 per ounce in 2021 — nearly 10 times gold’s current record price.

Hunt pointed out that two of the major producers of platinum, palladium, and rhodium are Russia and South Africa, two members of the BRICS group of nations that met earlier this month in Russia.

“They control price; that’s a big deal,” Moriarty agreed. “We’re going to see some real financial shocks with silver, with rhodium, with palladium, and with platinum.”

BRICS Group Expanding

BRICS is an intergovernmental organization that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. At its October meeting, it expanded to add 13 new “partner nations.”

At the meeting, China President Xi Jinping referred to BRICS as “a vanguard for advancing global governance reform” and “reform of the international financial architecture.”

Bolivian President Luis Arce said, “the shield of BRICS and multipolarity” can protect formerly colonized nations, helping them resist “Western unipolarity and the tyranny of the dollar.”

With gold hitting record highs and silver rising, the other platinum group metals are nowhere near their eventual highs, Moriarty said.

“The Russians understand this, and they’re going to start buying palladium, they’re going to start buying rhodium, and they’re going to start buying silver because those metals are going to move faster and higher than gold,” he said, predicting record highs for all three.

Source: https://www.streetwisereports.com/article/2024/10/30/expert-says-secondary-metals-will-star-in-new-bull-market.html

Categories
Base Metals Energy Junior Mining Oil & Gas Precious Metals

Euro zone inflation picks up, bolstering case for caution in rate cuts

Reuters

Thu, October 31, 2024 

FRANKFURT (Reuters) – Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed.

Inflation in the 20 countries sharing the euro currency accelerated to 2.0% from 1.7% in September mostly on higher food and energy costs, coming above expectations for 1.9% in a Reuters poll of economists.

A more closely watched figure which strips out volatile food and energy prices meanwhile held steady at 2.7%, above forecasts for 2.6%, Eurostat said on Thursday.

Inflation has fallen quickly since hitting double digit territory two years ago and most economists see it back at the European Central Bank’s 2% target basis sometime in the first half of next year after some volatility in the final months of 2024.

This relatively quick return to target has also fuelled a debate in recent weeks, with some ECB officials arguing there was a growing risk that price growth will actually fall below target and the ECB will have to start stimulating growth to prevent excessively low inflation.

Such a dim outlook could even force the ECB to accelerate the pace of rate cuts and bolster the case for a bigger than usual step in December, some said.

This argument has yet to gain significant traction, however, and conservatives, or policy hawks in central bank-speak, have pushed back, arguing for measured, incremental steps because a long list of factors could still push prices higher.

A key concern is that inflation in services, the biggest single item in the consumer price basket remains way too fast, holding steady at 3.9%.

Wage growth is also faster than the 3% rate the ECB considers consistent with its target and households are sitting on ample savings, which could bolster consumer savings and overall growth.

The labour market also remains tight with the jobless rate holding steady at an all-time low of 6.3% in September, separate Eurostat data showed on Thursday.

The policy doves’ argument that overall growth is simply too weak to sustain 2% inflation was also dealt a blow this week when fresh data showed the economy expanding at 0.4% in the third quarter, twice as fast as expected, with Germany, France and Spain all showing surprising resilience.

But economists also appear to agree that no meaningful rebound in growth was likely and the euro zone will continue to grow at a lukewarm pace, below what is considered its potential.

That is why further ECB rate cuts are almost assured and no policymaker has challenged the need to move again on Dec. 12, suggesting that the step is largely a done deal, unless major data surprises alter the outlook.

Financial investors are now betting that the ECB’s 3.25% deposit rate could dip to 2% or possibly below that by the end of 2025.

The biggest uncertainty, however, is likely to be the U.S. election, policymakers say, since it could have far reaching implications for trade, growth and inflation which may require policy action further down the road.

(Reporting by Balazs Koranyi; Editing by Toby Chopra)

Source: https://finance.yahoo.com/news/euro-zone-inflation-picks-bolstering-100558761.html

Categories
Base Metals Diamcor Mining Energy Junior Mining Precious Metals

Diamcor Announces Term Loan Financing to Expedite Increased Processing at Krone-Endora

KELOWNA, BC / ACCESSWIRE / October 30, 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 intends to complete a term loan financing (the “Financing”) of up to CAD$1,500,000. Term loans under the Financing will be unsecured, carry an annual interest rate of 15%, and the Company will issue a total of 150,000 common shares in its authorized share capital, along with 75,000 share purchase warrants, for every CAD$100,000 of principal advanced under the Financing by participants/lenders pursuant to policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. The principal and interest of the term loans will be due and payable on the 12 month anniversary of the closing date. Each share purchase warrant (each a “Warrant”) is exercisable to purchase an additional common share at a price of CAD$0.07 per share for a period of 12 months.

The proceeds of the Financing will be used to expedite efforts to support the processing of material at significantly higher volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the advancement of work programmes previously underway, preparations for bulk sampling aimed at expansion into the greater portions of the Project, and for general corporate purposes. The Company believes the short-term issues which caused the recent reduction in demand and depressed prices throughout the rough diamond sector in 2024 are now showing signs of improvement, and the potential for recovery in 2025 is widely expected by most in the industry. Excess inventories experienced throughout much of the industry’s supply chain due to elevated post-Covid buying are now becoming more balanced, more restrictive sanctions are being imposed on Russian diamonds, and many of the world’s largest luxury retailers are launching significant advertising campaigns to educate consumers on the differences between lab grown diamonds and the long-term value and rarity of natural diamonds. These elements, when combined with the expected future reduction in global production due to the age of existing mines and the lack of any significant new finds in over 10 years, all provide the potential for companies with the ability to supply natural non-conflict rough diamonds to be very well-positioned moving forward. The Company would also note that it continues to advance discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth.

The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

About Diamcor Mining Inc.

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

About the Tiffany & Co. Alliance

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

About the Krone-Endora at Venetia Project

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

Qualified Person Statement:

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

On behalf of the Board of Directors:

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:

Mr. Rich MatthewsMr. Neil Simon
Integrous CommunicationsInvestor Cubed Inc
rmatthews@integcom.usnsimon@investor3.ca
+1 (604) 355-7179+1 (647) 258-3310

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

WE SEEK SAFE HARBOUR

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

SOURCE: Diamcor Mining Inc.



View the original press release on accesswire.com

Categories
Base Metals Energy Junior Mining Precious Metals

Gold Climbs to Record as US Election Jitters Drive Haven Demand

Sybilla Gross
Wed, October 30, 2024 at 9:15 PM EDT

(Bloomberg) — Gold climbed to a record, boosted by haven demand before the US election and shrugging off data that could influence the size of Federal Reserve rate cuts this year.

Most Read from Bloomberg

Bullion reached $2,790.10 an ounce in early trading on Thursday, narrowly beating the previous all-time high posted the day before. While higher-than-expected US jobs data and robust GDP figures saw traders trim bets on the size of interest-rate cuts by the US central bank, it remains on track to implement more monetary easing at its meeting next week. Lower borrowing costs tend to benefit the precious metal, as it doesn’t pay interest.

Gold has surged by more than a third this year, supported by central-bank buying and haven demand amid conflicts in the Middle East and Ukraine. The tight US presidential race between Kamala Harris and Donald Trump is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors.

Still, the Nov. 5 election is seen as a major risk event for the precious metal, which could open gold up to a correction of more than $100 an ounce, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S.

Spot gold was 0.1% higher at $2,789.04 an ounce at 9:11 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver was flat, while palladium and platinum declined.

Most Read from Bloomberg Businessweek

©2024 Bloomberg L.P.

Original Source: https://finance.yahoo.com/news/gold-holds-near-record-us-002210022.html

Categories
Junior Mining Precious Metals

Emperor Metals Expands Near-Surface Mineralization at Duquesne West Gold Deposit; Intersects 52.1 m of 0.8 g/t Au

Vancouver, British Columbia–(Newsfile Corp. – October 29, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce the results from the first 3 holes in our 19 drillhole program, focused on the conceptual open-pit. This represents 1,452 meters – 18% of the completed 8,166 m drilling campaign for 2024.

Full results for DQ24-01 to DQ24-03 have been released from SGS Laboratories (see Table 1 intercept highlights). These results indicate the potential for resource expansion within the open pit concept. 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

Highlights:

  • DQ24-02 intersects 52.1 metres (m) of 0.8 grams per tonne (g/t) gold (Au) (including 7.0 m of 1.74 g/t Au) within the open pit concept (see Figure 1). The mineralization is both within Quartz Feldspar Porphyry (QFP) and adjacent Mafic Volcanics.
  • DQ24-03 intersected 30.2 m of 0.4 g/t Au and DQ24-02 intersected 7.0 m of 1.30 g/t Au. Both these intercepts are adjacent to and within the QFP’s.
  • Drilling adds incremental ounces outside of known high-grade areas in the open pit scenario. These intercepts are expected to reduce the stripping ratio due to gold endowment in areas that were overlooked and historically unsampled.
  • Assay results for additional drill holes are expected to be provided in the next 2 weeks.

CEO John Florek commented: “We have been successful in demonstrating that additional ounces are contained within our conceptual open-pit model, and that the potential for low-grade bulk tonnage was indeed unaccounted for, which we expect will greatly enhance a new mineral resource estimate expected in Q1 of 2025.

As we advance towards the mineral resource estimate, lower-grade and bulk tonnage material will be key for assessing the economics of this deposit and developing an open-pit model.”

The 2024 drilling campaign at Emperor’s Duquesne West Gold Project in Quebec builds on the success of the 2023 program, which focused on adding inferred ounces within the Conceptual Ultimate Open Pit. The initial 1,452 meters of drilling concentrated on near-surface mineralization, allowing Emperor to add ounces more efficiently and at a lower grade compared to an underground mining scenario.

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

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

With the overwhelming majority of drill holes hitting near-surface mineralization along this multi-kilometre trend, we have identified the clear potential for additional high-grade gold mineralization at depth. Emperor Metals plans to significantly expand its resource base with drill testing. A mineral resource update is scheduled for Q1 of 2025, reflecting the results of the ongoing exploration program.

Figure 1: Location of DQ24-01 to 03 DDH.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/228111_d9e71588c48419f8_001full.jpg


Drillhole Discussion:

DQ24-01 to 03

The common theme to the discussion of low-grade bulk tonnage mineralization at Duquesne West is that it is hosted adjacent and within the previously unsampled Quartz Feldspar Porphyries. More drilling is needed to define the full extent and breath of this mineralization (see Figure 2).

In general, this pervasive mineralization expands in thickness as well as continuity along strike and dip. Although this mineralization is lower grade, it is contained in the Conceptual Open-Pit Model and is expanding zones in the footwall of this deposit that will certainly add ounces to the upcoming mineral resource estimate. Additionally new zones are being discovered for follow-up.

By concentrating on drilling near-surface mineralization within an ultimate conceptual open pit, Emperor can add ounces more rapidly and mine at a significantly lower grade compared to an underground mining scenario. Deposits in the region at 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 on a mineral resource update scheduled for Q1 of 2025.

Figure 2: Image showing DQ24-02 intercept in relation to historical DDH (Blue). Notice paucity of drilling to define lenses.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8461/228111_d9e71588c48419f8_002full.jpg


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)
DQ24-011121310.18
131410.19
141512.54
151610.09
161710.005
171810.07
181910.19
192010.1
202110.04
212210.25
222310.73
232410.05
242510.01
252610.005
262710.005
272810.005
282910.005
293010.005
303110.005
313210.005
323310.01
333411.58
343510.13
353610.31
363710.55
373811.26
383910.26
3940.351.350.41
40.3541.71.350.11
Wt. Avg.29.70.31
Including: (12-23m)110.40
Including:(33-41.7m)8.70.55
666710.71
676810.33
686910.02
697010.02
707110.23
Wt. Avg.50.3
10610710.32
10710810.25
10810910.1
10911010.02
11011110.1
11111210.06
11211310.79
11311410.25
11411510.16
11511610.27
11611710.81
11711810.41
11811910.36
11912010.11
12012110.41
Wt. Avg.150.3
16516610.64
16616710.79
16716810.005
16816910.03
16917010.39
17017110.19
17117210.06
17217310.01
17317410.09
17417510.58
Wt. Avg.100.3
Hole No.From (m)To (m)Interval (m)Au (g/t Au)
DQ24-02112.7513.7510.3
13.7514.7510.33
14.7515.7510.05
15.7516.7510.45
Wt. Avg.40.3
49.5511.511.8
5153.52.50.005
53.5562.50.005
5658.52.50.02
58.5612.52.15
6163.52.50.85
63.5662.50.03
6668.52.50.005
68.5712.50.12
7173.52.50.005
73.5762.50.005
7678.52.50.005
78.580.72.20.005
80.782.31.60.15
82.384.72.40.005
84.785.710.04
85.786.710.23
86.787.710.25
87.788.710.02
88.790.251.550.25
90.2591.2510.005
91.2592.2510.95
92.2593.2511.75
93.2594.2513.83
94.2595.2513.47
95.2596.2510.66
96.2597.2510.38
97.2598.2511.12
98.2599.2510.005
99.25100.2510.28
100.25101.61.350.13
Wt. Avg.52.10.8
Including: (85.7-101.6m)14.550.92
Including: (91.25-98.25m)71.74
20520617.34
20620710.16
20720810.01
20820910.16
20921010.005
21021110.26
21121210.88
Wt. Avg.71.3
Hole No.From (m)To (m)Interval (m)Au (g/t Au)
DQ24-031114.6115.611.09
115.6116.611.11
116.6117.610.92
117.6118.851.250.45
Wt. Avg.4.250.87
142.2143.211.4
143.2144.210.64
144.2145.210.48
Wt. Avg.30.84
178.5179.512.23
179.5180.510.56
180.5181.510.19
181.5182.510.03
182.5183.510.01
183.5184.510.03
184.5185.510.19
185.5187.41.90.06
187.4188.651.250.07
188.65189.71.050.03
189.7190.710.68
190.7191.710.07
191.7192.710.01
192.7193.712.7
193.7194.710.12
194.7195.710.23
195.7196.710.11
196.7197.710.26
197.7198.710.16
198.7199.710.83
199.7200.710.24
200.7201.710.19
201.7202.710.27
202.7203.710.19
203.7204.710.09
204.7205.710.14
205.7206.710.07
206.7207.712.49
207.7208.710.29
Wt. Avg.30.20.4
Including: (189.7-208.7m)190.5
330.1331.110.42
331.1332.111.67
332.1333.110.44
333.1334.110.95
334.1335.110.35
335.1336.110.05
336.1337.110.06
337.1338.110.01
338.1339.110.005
339.1340.110.005
340.1341.110.66
341.1342.110.68
342.1343.110.12
343.1344.110.38
Wt. Avg.140.4
Including:( 330.1-335.1m)50.766
40040110.41
40140210.36
Wt. Avg.20.4
478.2479.210.12
479.2480.210.36
480.2481.211.14
Wt. Avg.30.5
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.

Quality Assurance and Control

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

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

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

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

About the Duquesne West Gold Project

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

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

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

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

Multiple scenarios exist to expand additional resources which include:

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

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

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

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.

Contact:

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

Alex Horsley
Director
(778) 323-3058
alexh@emperormetals.com
www.emperormetals.com

The Canadian Securities Exchange has not approved nor disapproved the content of this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”

Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

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