Category: Precious Metals

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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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228111

Categories
Energy Precious Metals Project Generators

Silver Crown Royalties Acquires Silver Royalty From BacTech Environmental

TORONTO, Ontario – (NewMediaWire) – October 28, 2024 – Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) (Cboe:SCRI; OTCQX:SLCRF; FRA:QS0) is pleased to announce the signing of a definitive royalty purchase agreement (the “Agreement“) with BacTech Environmental Corporation (“BacTech“) (CSE:BAC, OTCQB:BCCEF). Pursuant to the terms of the Agreement, SCRi will be granted a royalty on BacTechs’s future bioleaching facility in Tenguel, Ecuador (the “Project“) equal to the cash equivalent of 90% of the silver processed at Project (the “Royalty“). Additionally, the Royalty provides that SCRi is to receive payments of a minimum 35,000 ounces annually for at least ten years following the commencement of regular processing operations at the Project (“Commercial Production“).

The total purchase price for the Royalty is C$4,000,000 in SCRi units (“Units“) at a deemed value of C$10.00 per Unit, with each Unit consisting of a common share of SCRi and a common share purchase warrant entitling the holder to acquire an additional Common Share at a price of C$16.00 for a period of 36 months from issue, will be deployed in three tranches based on milestones as follows:

1) 100,000 Units will be issued to BacTech upon the grant of the Royalty at Closing,

2) 100,000 Units will be issued upon BacTech successfully financing the Project, and

3) 200,000 Units will be issued upon BacTech achieving Commercial Production.

Peter Bures, Silver Crown’s Chief Executive Officer, commented, “We believe this transaction opens the door to a very exciting new opportunity for Silver Crown Royalties in Ecuadora country with immense potential that is gaining recognition from companies such as Lundin Gold, Franco-Nevada, Osisko Gold Royalties, BHP and SolGold. Additionally, we are eager to cultivate a partnership with an operator that utilizes environmentally sensitive methods for precious metals extraction and seeks an innovative approach to further unlock value.”

Ross Orr, BacTech’s President and Chief Executive Officer, added: “We are happy to be working with Silver Crown. Many of the projects that we are looking at contain complementary amounts of silver, and, as a shareholder in SCRi, it only makes sense for them to be our first call with any future silver ounces we acquire. We look forward to developing a long-standing mutual relationship with Silver Crown.”

ABOUT BACTECH ENVIRONMENTAL

BacTech Environmental Corporation is a company that specializes in environmental technology. We use a process called bioleaching to recover metals like gold, silver, cobalt, nickel, and copper while also safely removing harmful contaminants like arsenic. This process is eco-friendly and uses naturally occurring bacteria that are safe for both humans and the environment. By using our proprietary method of bioleaching, we can neutralize toxic concentrates and tailings while also creating profitable opportunities. The company is publicly traded on several stock exchanges, including the CSE, OTCQB, and Frankfurt Stock Exchange.

ABOUT SILVER CROWN ROYALTIES INC.

Founded by industry veterans, Silver Crown is a publicly traded, silver royalty company. SCRi currently has four silver royalties of which two are revenue-generating. Its business model presents investors with precious metals exposure allowing for a natural hedge against currency devaluation while minimizing the negative impact of cost inflation associated with production. SCRi endeavors to minimize the economic impact on mining projects while maximizing returns for shareholders.

For further information, please contact:

Silver Crown Royalties Inc.

Peter Bures

Chairman and CEO

Telephone: (416) 481-1744

Email: pbures@silvercrownroyalties.com

FORWARD-LOOKING STATEMENTS

This release contains certain “forward-looking statements” and certain “forward-looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. The forward-looking information contained herein is provided for the purpose of assisting readers in understanding management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements and information include but are not limited to statements with respect to SCRi’s ability to achieve its strategic objectives in the future and its ability to target additional operational silver-producing projects. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual actions, events or results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; the absence of control over mining operations from which SCRi will purchase gold and other metals or from which it will receive royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; SCRi’s ability to enter into definitive agreements and close proposed royalty transactions; the inherent uncertainties related to the valuations ascribed by SCRi to its royalty interests; problems inherent to the marketability of gold and other metals; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; industry conditions, including fluctuations in the price of the primary commodities mined at such operations, fluctuations in foreign exchange rates and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects SCRi; stock market volatility; regulatory restrictions; liability, competition, the potential impact of epidemics, pandemics or other public health crises on SCRi’s business, operations and financial condition, loss of key employees. SCRi has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information. SCRi undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Categories
Energy Junior Mining Precious Metals

Emperor Announces Private Placement

Vancouver, British Columbia–(Newsfile Corp. – October 24, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (the “Company” or “Emperor“) is pleased to announce that it has arranged a non-brokered private placement (the “Offering“) of 7,500,000 flow-through shares (the “FT Shares” and each an “FT Share“) at a price of $0.11 per FT Share for gross proceeds of $825,000. Each FT Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

The gross proceeds from the issuance of the FT Shares will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures,” as such terms are defined in the Income Tax Act (Canada), and in addition, with respect to Quebec resident subscribers who purchase FT Shares who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the “exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses” within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec) (the “Qualifying Expenditures“). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2024.

All FT Shares issued will be subject to a four-month hold period. The Offering is subject to the acceptance of the Canadian Securities Exchange.

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/ “Alexander Horsley”
Alexander Horsley, Director

For further information, please contact:
Alexander Horsley
Phone: 778-323-3058
Email: info@emperormetals.com
Website: www.emperormetals.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227717

Categories
Energy Junior Mining Precious Metals

Irving Resources Reports Formation of Yamagano and Noto Joint Venture

VANCOUVER, BC / ACCESSWIRE / October 17, 2024 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) (“Irving” or the “Company“) is pleased to announce that, further to its news releases of June 6 and January 23, 2024, it has entered into an agreement with Newmont Overseas Exploration Limited (“Newmont“), a wholly-owned subsidiary of Newmont Corporation, and Sumitomo Corporation (“Sumitomo“) in respect of the formation of a joint venture over the Yamagano and Noto properties. The initial interests of the parties in the joint venture are Newmont as to 60%, Irving as to 27.5% and Sumitomo as to 12.5%.

Irving will be the initial manager of the joint venture. Newmont has the right to assume the responsibilities of manager at any time.

“Irving entered Japan, because it views the potential for discovering large epithermal gold deposits to be very favorable”, commented Dr. Quinton Hennigh, director and geologic advisor to Irving. “With support from Newmont and Sumitomo, Irving has been able to consolidate the historically important Yamagano mining district, site of one of the earliest large-scale high-grade veins deposits mined in the country. Yamagano is the closest mining district to Sumitomo Metal Mining’s famous Hishikari gold mine, one of the largest high-grade epithermal vein deposits on earth. Technical work suggests similar geological characteristics are evident at Yamagano to those observed at Hishikari. While the targeted veins are blind at depth, our first drill hole has already confirmed the presence of high-grade veins well outside of areas underlain by historic mining activities. This is a project that will require successive deep drill holes to test for “Hishikari” type potential, but the prize could be substantial. Irving recently completed a second diamond drill hole at East Yamagano and is now mobilizing to drill its third hole.”

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp. Additional information can be found on the Company’s website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
info@IRVresources.com

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

SOURCE: Irving Resources Inc.



View the original press release on accesswire.com

Categories
Junior Mining Precious Metals Project Generators

Gold price backs off record high, but analysts remain bullish

Staff Writer | October 23, 2024 | 9:31 am Markets USA Gold https://www.mining.com/gold-price-backs-off-record-high-but-analysts-remain-bullish/

Gold retreated from a new all-time high set on Wednesday as some investors booked profits while assessing geopolitical risks from the US election and Middle East conflicts.

Spot gold dropped 1.0% to $2,718.79 an ounce by 12:10 p.m. ET after briefly hitting an all-time high of $2,758.25 in the morning trading. US gold futures also fell 1.0% to $2,734.00 an ounce in New York.

Bullion was down as much as 1.5% earlier in the session, with some traders exiting positions amid signs that the precious metal’s recent rally to successive highs may be excessive.

Gold’s relative strength index has been above the overbought level of 70 for the past three sessions, according to Bloomberg data.

A stronger US dollar and rising bond yields also weighed on the metal, whose price has surged by more than 30% in anticipation of the Federal Reserve’s pivot to interest rate cuts. The rally also intensified as uncertainties surrounding the US presidential race and the Middle East conflict grew.

Standard Chartered analyst Suki Cooper expects further upside risk in the coming weeks. The bank sees gold averaging $2,800 an ounce in the fourth quarter, with prices set to average $2,900 for the first three months of next year.

Those from Citi Research gave a similar outlook. The bank recently upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its 6- to 12-month forecast is $3,000.

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

VMS Volcanogenic Massive Sulphide Ore Deposits & Mineralization

VMS

If we start with VMS Volcanogenic Massive Sulphide Ore Deposits and their Mineralization we see from this image shows some of the sulphide chimneys associated with the model black smoker VMS deposit.
VMS will emit black plume of hot water venting from one of the chimneys. You’ll remember this cross section from reads on both porphyry deposits and epithermal, in the case of VMS deposit, we are basically looking at a submarine high sulfidation epithermal deposit venting from an underlying hot chamber into the sea.

VMS deposits are dominated by copper and zinc, but there are a number of other minor minerals, including: lead, silver, gold, cobalt, tin, selenium, magnesium, cadmium and a whole host of other ones that are associated  with them.

mushroom

The deposits consist of a massive sulphide cap that formed on the seafloor and sort of lies parallel between two stratigraphy and an underlying feeder zone or streamer zone as it is usually called. VMS is basically mushroom shaped, Streamer zone tends to be copper rather than zinc rich. VMS deposits often form as clusters over a large intrusive heat source. If the heat chamber is long-lived you may get flat lenses of massive sulphide, each fed from the same fault, beginning successively younger as you go up through the stratigraphy. The deposits are pretty common although, as with any deposit type. There are only a few big enough or high enough grade to be economic. In spite of that, they really are economically significant with 27% of Canada’s copper production and almost 50% of its historical zinc production, and 20% of the Pb having come from this group of deposits.

VMS_List
how vms forms

VMS deposits have been forming throughout geological history and they still are forming on the seafloor today. Here’s a bunch of the better-known deposits you may have heard of. As you can see they are scattered all around the world, but I’m going to talk a little bit about the distribution later on. This is a cartoon 3D viewer of an active VMS black smoker developing on the oceanic crust on the seafloor (good rock crusher). Some of the metals are contributed by the underlying magma chamber, but as the hydrothermal fluids rise above the hot magma it sucks in cool sea water, this is then heated and mixing with the magnetic water, rises to the vent returning to the sea forming large circulation cells that maybe several kilometres across. It is the seawater circulation through the host volcanic that provides the remainder of the metal inputs. Leaching metals particularly iron there’s also bases metals and sulphur on the volcanic. Metal concentration in the hydrothermal fluids, volcanic and recycled seawater, are really low- just fractions of a percent. So how do we end up with the ore that makes up 20- 30% metal?
The next slide will be on the seafloor to explain this.  You can see there is a neck of fractured rock below the seafloor caused by the violent boiling of the hot fluids as the pressure is reduced, that in turn is surmounted by a series of chimneys that allow the fluid escape into the cold sea, at the bottom of the thermocline is really very cold, it’s often only a few degrees above freezing even in the tropical areas. Surrounding the chimney is an exhalative length of sulphuric material that forms on the floor. The secret of the high grade of the ore lies in rapid cooling of the hydrothermal fluid when it reaches the full seafloor.

Volcanogenic Massive Sulphide Ore Deposit
cu

As in porphyry deposits, the main focus of trend in deposits is the drop in temperature rather than changes in EH or pH. Different metal sulphides tend to drop out a metal solution at different temperatures- copper and gold first, followed by zinc, then lead and finally iron. There’s an overlap in the metal deposition, but that’s the broad trend. Copper starts to drop out as the temperature starts to drop from 400 degrees Celsius down to 300 degrees. The Iron and the copper drops out before the fluids actually reach the seafloor. Precipitating is a stockwork of veins in the brecciated funnel also called stringer zone, beneath the sulphide lens.

vms solubility

The fluids are hot, and because they are from a high sulfidation source, they’re moderately acid. This acidity alters the feldspars and host rocks to clays, some of which are washed out the rock and others metamorphous form sericite mica. Dissolved silica in the hot solutions distributes deposits such as quartz along with iron sulphide. You may hear geologist referring to this characteristic leach quartz, sericite pyrite assemblage the results are either QSP or folic alteration.

Volcanogenic Massive Sulphide Mineralization

As the hydrothermal fluids reach the cold seawater, the temperature drops within seconds from 300 degrees down to 100 degrees and less. The lead and the zinc sulphite precipitates along with along with the remainder of copper. The sulfides dissolve along the sides and at the top of the vents, extending them and then bellow out to form black and white smoke as you see in National Geographic pictures. The fine clouds of sulphide cool and settles on the seafloor, building up a finely banded layers of pure sulphate which are closest to the vent, galena and sphalerite next. Pyrite deposits throughout the sequence and most desolate from the bed that is the only sphalerite still available to deposit. Beyond that the sulphur is exhausted and iron-oxide or hematite and silica is all that’s left to precipitate.

vms_geology_examples

The massive sulphide is made up of a combination of finely interbedded sulphides that settle out of the black smokers and fragments of chimneys that have broken off and rolled down the slope. Here are couple of shots of massive sulphides in outcrop, note the typical, fine rhythmic banding just below the hammer on the left hand photo. The photo in the bottom right shows abandoned iron formation, developed very distantly to a VMS vent, as you can see it is made of hematite or magnetite which is oxide, rather than sulphide and white silica.

vms_deformation

The fluids that form VMS deposits usually reach the seafloor of faults, because those faults represent zones of weakness when the stratigraphy is subsequently subject to deformation, the area around the faults is often particularly deformed. Combine this with the highly ductile nature of massive sulphides, we find that massive sulphide lenses themselves often exhibits extreme deformation. Very often the stringy cap which started off with a very high angle to the massive sulphide mushroom cap, is flattened and rotated to a much more acute angle and the massive sulphide may end up squeezed into a cigar shaped broad.

vms world deposits

So not we know a little more about how VMS deposits are formed, let’s consider; where they occur; how common they are; and more importantly how big they are and what metal grades can we expect.

VMS deposits have been forming since the earliest of times in the Earth’s history and they are still forming today on the seafloor. As you might expect, they are found all over the world and in all ages of rocks. However, there are few areas in history where they seem to be particularly prevalent- the late Archean and the Tertiary, seem to be very prolific times. The blue, green and red symbols mark some of the more important VMS deposits worldwide.

Ok, what about size and grade? There are a number of different classes of VMS, each with somewhat very different characteristics.

vms_size

It’s nice to say that economic VMS deposits generally range in size from 4- 25 million tonnes with an average of about 5 million tonnes, although there are a few monsters such as Peak Creek in Ontario which is 150 million tonnes.

Average Volcanogenic Massive Sulphide Ore Deposits Grades:

  • 5% copper
  • 4% zinc
  • < 1% lead
  • Maybe 1 gram per tonne of gold.

Again there are a few outlines with far higher grades than these.

nevsun

Let’s look now at a few examples of VMS deposits. Nevsun’s Bisha deposit near Eritrea is a superb example of a VMS deposit.
It was discovered in January in 2003, construction began in 2008 and production in 2011. This is a view of the Bisha deposit looking south, before development began. The dark brown material in the foreground is a zinc rich deposit the without the outcrop of the mineralization. Not surprisingly, the way the mineralization is being folded and it plunges to the south, where the stringer zone smeared out, parallel to the massive sulphides. The massive sulphide material varies from 1- 70 meters thick, this is unusual as most VMS deposits are less than 20 meters in thickness. Bisha is a footprint that’s about 1 kilometre long and 200 meters wide. In spite of the steep dip to the mineralization which results in a pit with a high stripping ratio the deposit has one big advantage. So there is a leach gold zone on the surface, underlain by a secondary enrich copper zone with the primary zinc dominated, primary zone below that.

bisha vms example

The advantage of this is the expense is concentrated and does not have to be booked by start-up and could be constructed just a few years later when the primary sulphides are reached and funded, most importantly from cash flow, rather than debt. Most attractive of all in Bisha, is the size:

  • With reserves of 26 million tonnes
  • at 1.8% copper
  • 6.3% zinc
  • 0.9 grams per tonne gold
  • and 41 grams per tonne silver.

This is 5 times the average VMS site. VMS deposits occur in clusters/groups and Bisha is no exception. With at least 7 other VMS deposits discovered within 20 kilometres. Although Bisha is the only one in production so far.

43
nautilus
technology_overview

The second example we are going to talk about today is kind of unusual, it’s actually a group of deposits that only recently been formed, in fact they are so young they are still on the ocean floor and will have to be mined remotely from floating platforms. They were discovered by Nautilus Mining Company using a combination of both metrics and EM geophysics. To date it gives and fascinating insight to the nature of the black smoker fields.This image is taken from Nautilus’ 43 101 report and it shows an amazing isometric view of the chimney of Salwara 1 target off the coast of Papua New Guinea derived from the symmetry.The image covers about 800 meters from left to right and the individual chimneys are clearly visible. The small image shows remote operating vehicles claws, removing a sample of a smoker chimney for for assay. For environmental reasons only extinct smokers were targeted. Once the hot water stop flowing, the cold and lack of nutrients causes the once abundant sea life to move away or to die. Extinct smokers are therefore devoid of significant sea life, and environmentally not an issue.  In the cross section of the Solwara 1 VMS based on mapping and drilling of deposits we can see the massive sulphides in red, the alterations associated with stringer zones in pale green. Although the resource is relatively small, just two and a half million tonnes, the grades are exceptionally high- with a copper grade of almost 8% and a gold grade of over 6 grams per tonne, as is typical there has been at least 18 other deposits discovered in this particular cluster.The Solwara 1 VMS is at a depth, 1600 meters below sea level. Submarine VMS deposits have never been mined before but the equipment that Nautilus plants use has a proven record, excavating trenches for submarine cables and mining marine diamonds off the South African coast. Its practicality is well established. This is another piece of mining equipment that Nautilus is considering having custom built, you will notice the proposed completion date in this old material, to my knowledge this construction is still on hold which gives the indication that funding and mining will not be straight forward. Once the material is remotely mined, its plan to pump it to the surface as a slurry then to transfer debarked or to transport to lower a sure base concentrator.

Also see another worthwhile resource https://sites.google.com/site/ctbageoconsultants/

Source: https://www.911metallurgist.com/blog/vms-volcanogenic-massive-sulphide-deposits-ore-mineralization/

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

EMX Royalty Partner, Zijin Mining, Provides an Update on Expanded Copper and Gold Production in Serbia

Vancouver, British Columbia–(Newsfile Corp. – October 23, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that its royalty partner at Timok in Serbia, Zijin Mining Group Co., Ltd. (“Zijin”), released unaudited interim results that show markedly increased levels of copper and gold production at Timok in the first half of 2024. Zijin reported 90,008 tonnes of copper and 2,894 kilograms of gold produced from Timok’s Cukaru Peki Mine in H1, 2024 (see Zijin Mining Group Co., Ltd. Interim Report 2024). This aligns with the record Q2 royalty revenues of $1,586,000 reported by EMX in its Q2 MD&A filings. On page seven of its 2024 Interim Report, Zijin also states that the combined Serbia Zijin Copper (which includes Zijin’s Bor operations, which are not covered by EMX’s royalties) and Serbia Zijin Mining projects (which includes the Timok/Cukaru Peki Mine which is covered by an EMX royalty), now have a capacity to produce 450,000 tonnes of copper on an annual basis. This is a significant increase compared with previous years.

Zijin has previously announced that the throughput of its processing plant at Cukaru Peki is being expanded from 12,000 tonnes per day to 15,000 tonnes per day1. The expansion of capacity and production at Cukaru Peki is part of an ongoing effort by Zijin to de-bottleneck their operations in Serbia, and by doing so, will unlock additional potential in the greater district. In addition to the ongoing production from the Upper Zone at Cukaru Peki, Zijin is also working to develop the underlying Lower Zone porphyry copper-gold deposit. The Lower Zone at Cukaru Peki will be developed through block caving, and EMX believes that the Cukaru Peki Mine will become one of the more important block cave development projects in the world.

On page 6 of the interim report, Zijin also highlights high grade copper gold exploration potential at its “MG Zone” in the “southern part of the Cukaru Peki Copper and Gold Mine”. We do not yet know whether Zijin’s exploration efforts will be successful and become material to EMX. However, it is notable that a discussion of the newly described MG Zone appeared in the interim report.

EMX congratulates Zijin on its outstanding performance in the Bor and Timok districts in Serbia. EMX currently holds a 0.3625% NSR royalty over Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine. EMX also owns a 2% NSR royalty on precious metals and a 1% NSR royalty on base metals on the Brestovac West License, which lies immediately adjacent and to the west of the Brestovac Mining License and the Cukaru Peki Mine (see Figure 1). All of EMX’s Timok royalties are uncapped and cannot be repurchased or reduced. The Company is currently receiving quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.

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/1508/227459_f20a2ca6c4648872_002full.jpg

1 According to the Čukaru Peki Copper-Gold Mine Operations Page on the Zijinmining.com website.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227459

Categories
Base Metals Energy Junior Mining Precious Metals

Grizzly Provides Update on the Acquisition of the Motherlode Crown Grants, Greenwood Precious – Battery Metals Project, BC

Edmonton, Alberta–(Newsfile Corp. – October 22, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to provide an update on the acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. (“First Majestic”) and includes highlights of the recently compiled historical information for the Motherlode Crown Grants, located near the town of Greenwood, South-Central British Columbia (BC). The Motherlode Crown Grants host the historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and middle 1900’s produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings (Figures 1 and 2). The Motherlode Mine is reported to have produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962 (BC Minfile 082ESE034). The Motherlode mine is road accessible and is approximately 2.5 km (1.5 miles) northwest of the town of Greenwood (Figure 1).

Highlights

  • First Majestic to transfer Motherlode to Grizzly. First Majestic has completed the re-instatement of the Motherlode Crown Grant owner and wholly owned subsidiary Veris Gold Corp. and in concert with advice from the BC Ministry of Energy, Mines & Low Carbon Innovation has submitted a petition to re-vest the Crown Grants with the subsurface mineral rights back to Veris Gold, at which time once approved, will allow First Majestic to transfer the Crown Grants with the subsurface mineral rights to the Company.
  • Motherlode Historical MRE. A historical MRE1 constructed in 1967 by Allen Geological Engineering Ltd.2 after the last period of mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is described as Drill Proven (Assured), Indicated and Inferred and totals 2.8 million tonnes with a grade of 1.6% Cu equivalent (CuEq3) (0.8% Cu, 1.06 g/t Au).
  • Additional Cu-Au Mineralization. In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold) intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the Motherlode pit in the vicinity of the historical underground workings (Figures 2 and 3).
  • Drillhole 96-8 encountered gold in almost every sample over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in proper skarn towards the bottom of the hole (Figures 3 and 4). The results include 2.5 g/t (0.073 ounces per ton [opt]) Au along with significant Cu over 4.88 m (16 ft) intersecting the Main Motherlode skarn at the bottom of the drillhole within altered Brooklyn limestone. The skarn mineralization is associated with a strong AeroTEM conductivity anomaly (Figure 2).
  • The hole was terminated prior to completion due to technical difficulties and concerns over intersecting the existing underground stopes. Strathcona Mineral Services recommended follow-up drilling which has never been completed.

Figure 1: Land position and targets of interest for future exploration, Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_002full.jpg

Figure 2: Motherlode Crown Grants, Historical Drilling and AeroTEM Survey Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_003full.jpg

Brian Testo, President and CEO of Grizzly Discoveries, stated, “We are excited with the acquisition of the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2024 drilling campaign at the Motherlode area and other high grade Au-Ag-Cu showings and historical mines in our current 170,000+ acre holdings in the Greenwood District.“

Figure 3: Motherlode Historical Drillhole ML96-8 Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_004full.jpg

The Company currently has an active land use permit for drilling at the Motherlode area and has designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas based upon a compilation of historical information. The planned program consists of approximately 2,000 m 13 core holes and is focused on targets beneath and along strike from the Motherlode Pit (Figure 4).

Additional planned drilling is being considered for the Greyhound Pit area once a geological and mineralization model have been completed for the Greyhound target.

Summary of the Motherlode Crown Grants and Purchase Terms

The Motherlode Crown Grants near the town of Greenwood, South-Central British Columbia (BC) consist of 13 Crown Grants covering a total of 300 acres (121.4 hectares) that all retain the subsurface mineral rights and date back to the late 1800’s early 1900’s when they were granted. The Crown Grants take precedence over normal mineral claims registered under the BC Mineral Titles Act. The Crown Grants cover a number of historical mines, including the Motherlode Mine. The Motherlode mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).

Figure 4: Motherlode Mineralized Zone Orthogonal View and Proposed Drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/227407_d5be86a374d2daf6_005full.jpg

  • Grizzly will provide First Majestic 250,000 common shares of the Company upon successful transfer of the Crown Grants to the Company.
  • The Company will cover the costs to re-instate and transfer the Crown Grants from YGC Resources Ltd. (Veris Gold Corp.) a wholly owned sub of First Majestic to First Majestic and then to the Company.
  • On closing, the Company will grant First Majestic a 1% Net Smelter Return (NSR) Royalty on the Crown Grants that can be purchased by the Company at any time for $250,000.

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

ABOUT GRIZZLY DISCOVERIES INC.

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

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

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

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

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

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

Caution concerning forward-looking information

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

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

1The Motherlode and Greyhound Properties of Cumberland Mining Co. Ltd. N.P.L. Greenwood, BC by Allen Geological Engineering Ltd. September 27th, 1967.

2Various historical Mineral Resource Estimates (MREs) produced both prior to the last period of mining 1957 – 1962 (Report on Motherlode and Sunset Mine by Frances Fredericks, 1951) and after the last period of mining as part of a couple of historical economic studies have been recovered from the publicly available BC Property Files. This historical MRE was calculated prior to the implementation of the standards set forth in the current National Instrument (NI) 43-101 and current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards for MREs. Resource definitions, terminology and reporting standards have changed significantly since these series of reports. The estimates in these reports are all considered historical in nature, and a Qualified Person (QP) has not done sufficient work to evaluate these resources as current resources. For these resources to be updated as current resources, a QP would need to examine and analyze the existing drill core, validate and verify the existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore, the company and the QP for this news release are treating this estimate as historical in nature, and are highlighting the estimate for the purpose of illustrating the potential extent of mineralization that may be present.

3CuEq is calculated utilizing 90% recovery for both Cu and Au, and prices of US$4/lb for Cu and US$2,000/oz for Au.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227407

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

EMX Executes Agreement to Sell its Gumsberg Polymetallic Project in Sweden to Alpha Future Funds

Vancouver, British Columbia–(Newsfile Corp. – October 22, 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 dated October 16, 2024 for its Gumsberg Project in Sweden to Alpha Future Funds S.C.S, a private Luxembourg based company (“Alpha”). The agreement provides EMX with a cash payment and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional deferred option payments, advance royalty payments, milestone payments and a 2% NSR royalty.

The Gumsberg project is located within the prolific Bergslagen Mining Region of southern Sweden. The region has seen more than a millennium of continuous mining of iron, copper, silver, and recently polymetallic ores. Alpha is a well-capitalized investment fund with its own technical team that will work closely with EMX to advance the project through the option period. EMX and Alpha seek to contribute to the legacy of the Bergslagen Mining Region, one of Europe’s most important metal producing centers, through additional investment and exploration in the district.

Commercial Terms Overview. EMX will receive US$100,000 upon closing of the agreement, and Alpha can acquire a 100% interest in the project by satisfying specified work commitments by the end of the first anniversary of the agreement. Upon exercising the option Alpha will:

  • Make additional cash payments totaling US$850,000 to EMX as deferred option payments.
  • Spend a cumulative of US$5,000,000 on the project by the fifth anniversary of the agreement.
  • Pay annual advance royalty payments commencing after the deferred option payments are complete.
  • Grant EMX an uncapped 2% NSR royalty on the project.
  • Deliver certain milestone payments tied to anniversary dates and the commencement of commercial production.

Overviews of the project. The Gumsberg polymetallic project in Sweden is located in the Bergslagen Region in central Sweden, which is the birthplace of the mining industry of Sweden with hundreds of past producing properties and two world-renowned polymetallic mines currently in operation – Boliden AB’s Garpenberg Mine and Lundin Mining’s Zinkgruvan Mine (see Figure 1).

Gumsberg Project, Central Sweden: The Gumsberg project encompasses multiple past-producing mining areas, some of which operated throughout the Medieval period (see Figure 2). The Östersilvberg silver mine operated as early as the 13th century with peak silver production taking place between 1300 and 1590 and was Sweden’s largest silver producer prior to the discovery of the nearby silver deposits at Sala. Recent drilling at Östersilvberg (2016-2019) led to the discovery of a newly recognized lens of silver-rich polymetallic mineralization south of the historic mine workings, which remains open in multiple directions. Importantly, reinterpretation of the styles of volcanogenic massive sulfide (“VMS”) mineralization at Östersilvberg have demonstrated that VMS mineralization occurred at multiple stratigraphic levels and include high-grade zones of tectonically remobilized silver-lead-zinc mineralization as well as copper and gold enriched “feeder” type structures. These new interpretations will provide vectors toward new targets at Östersilvberg.

Also present at Gumsberg are bedded “exhalative” type zinc-lead-silver deposits at Fredikssongruvan and Vallberget-Loberget that were intersected in 2017-2020 drill programs. The bedded zinc-lead-silver mineralization at the historic Fredikssongruvan mine shows clear evidence for “Broken Hill” style mineralization and is contained within a thick sequence of manganiferous chemical sediment that has not been explored along strike. Exhalative-style polymetallic mineralization is also developed along a multi-kilometer trend around the historic Vallberget and Loberget mines, which has been cut by high-grade “veins” of tectonically remobilized mineralization. Both styles of mineralization were mined historically at Vallberget and Loberget.

EMX and Alpha are looking forward to commencing work on the project and following up on the recent drill successes.

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.

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

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 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. Location map

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Figure 2. Location map

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Jayant Bhandari | Understanding India

Last month, I spoke at Dr. Hans-Hermann Hoppe’s Property and Freedom Society conference in Bodrum, Turkey. My speech was titled ‘Understanding India,’ and I elaborated on the underlying mindset that drives the Indian psyche, its amorality, and its tendency toward irrational and magical thinking. I discussed how this mindset contributes to an inability to distinguish between right and wrong and between the depraved and the virtuous:

Here is a discussion that followed:

On Investments

I recently returned from a site visit in Japan with Irving Resources (IRV; $0.34). The company has signed a joint venture agreement with Newmont and Sumitomo. Despite the legal complexities across several jurisdictions, these companies’ commitment to establishing a JV underscores the significance they place on the Yamagano project. They are already drilling the third of a planned five-hole program, with each hole reaching a depth of 700 meters. Additionally, the company is preparing to begin drilling at the Omu project, which is set to start early next month, with the permit expected imminently.

I briefly discussed IRV in a recent interview (at the 10:27 minute mark):

I recently read an excellent book, THINK: Observations of a Generalist by Rodney Choate. In this book, Choate examines the common errors in people’s thinking that contribute to stubbornness and an unwillingness to change their opinions, even when faced with new information. His insights delve into the cognitive biases and mental blocks that lead to such rigid thinking. What makes the book particularly compelling is that some of Choate’s thoughts are refreshingly unique, offering perspectives I hadn’t encountered in other works on critical thinking.

Jayant Bhandari

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.