Category: Precious Metals

Lion One Intersects 10.67 g/t Au over 11.1m with 3.5m True Width from Zone 500 Drilling at the Tuvatu Alkaline Gold Project in Fiji

Post author By admin
Post date January 25, 2023

North Vancouver, British Columbia–(Newsfile Corp. – January 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces further high-grade assay results ongoing Zone 500 drilling at the Company’s 100%-owned Tuvatu Alkaline Gold Project in Fiji.

Underground drill holes TUG-147 and TUG-150 were drilled to further test the high-grade zone originally defined by drill holes TUG-141, TUDDH-601 and TUDDH-608, previously reported on June 6, 2022, August 15, 2022, and November 7, 2022, respectively. Highlights include:

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Lode
TUG 147	263.1	274.2	11.1	10.67	UR2
including	263.1	268.8	5.7	13.45	UR2
which includes	265.5	266.7	1.2	51.18	UR2
which includes	265.5	265.8	0.3	144.31	UR2
and includes	268.2	268.5	0.3	16.02	UR2
and including	270.0	274.2	4.2	9.86	UR2
which includes	272.1	272.7	0.6	45.82	UR2
and	273.6	273.9	0.3	11.95	UR2
	311.1	313.8	2.7	4.18	UR1
including	311.4	311.7	0.3	15.81	UR1

TUG-150	225.6	227.1	1.5	17.02	UR3
including	226.5	227.1	0.6	39.20	UR3
	270.9	273.0	2.1	3.6	UR3
including	272.4	272.7	0.3	11.93	UR3
	315.3	323.7	8.4	8.84	UR2
including	315.6	315.9	0.3	108.57	UR2
including	318.6	319.8	1.2	14.71	UR2
which includes	318.6	318.9	0.3	28.51	UR2
	327.6	327.9	0.3	59.85	UR2
	329.7	330.3	0.6	11.49	UR2
including	330.0	330.3	0.3	18.24	UR2
	350.1	351.9	1.8	4.26	UR2
including	351.3	351.6	0.3	12.85	UR2

TUG-147 was drilled to cross the northern extension of the UR2-UR1 NS lodes that appear to define a wedge-shaped high-grade zone bounded by the UR2 and UR4 lodes, to thus test the mineralization associated with UR lodes, and to provide structural information on the orientations of mineralized veins and lode arrays. The drillhole lifted more than expected and crossed the zone at a somewhat lower elevation (shallower) than intended (Figure 1). Nevertheless, TUG-147 drilling across the UR2 structure, intersected 11.1m at 10.67 g/t Au from 263.1 to 274.4m, which includes 5.7m at 13.45 g/t Au, including 1.2m at 51.18 g/t Au, and 4.2m at 9.86 g/t Au corresponding to the intersection of the main NS-trending UR2 lode and NE-trending mineralized veining (Figure 2, Table 1). The calculated true horizontal width of this intersection is 3.5m.

Figure 1. Vertical section looking east showing the positions of TUG-147 and TUG-150 relative to the drill holes that defined high-grade mineralization TUG-141, TUDDH-601 and TUDDH-608.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_001full.jpg

Figure 2. Vertical section looking north showing the mineralized interval in TUG-147 of 11.1m at 10.67 g/t Au corresponding to the UR2 lode.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_002full.jpg

TUG-150 was targetted to cross the high-grade zone below TUG-141 and north of TUDDH-608. The hole drifted to the right (south) more than expected and only skimmed along the UR2 lode at a low angle, without crossing the high-grade zone at the targetted location (Figures 1 & 3). Nevertheless, very high-grade mineralization was intersected over a significant downhole length of 8.4m at 8.84 g/t Au, including 0.3m at 108.57 g/t Au, and 1.2m at 14.71 g/t Au which includes 0.3m at 28.51 g/t Au along the UR2 lode, further confirming the bonanza grade nature of the UR2 lode at this location (Figure 4, Table 1). A follow-up drill hole (TUG-152) still currently drilling, was collared from the same setup but with modified azimuth and dip, and represents an additional attempt to drill across the UR2 structure near this location, and to test the possible NE down-plunge extent to the mineralization recorded by TUDDH-608 see Nov. 7, 2022 news release. The results of TUG-152 will be reported pending completion.

The structural information gained from the oriented core measurements collected from holes TUG-147 & TUG-150 are presented and discussed in the AME Roundup slide deck located on the website at this location: https://liononemetals.com/investors/presentations/.

Figure 3. Horizontal plan looking straight down showing the location of TUG-147 and TUG-150 drill hole traces relative to the high-grade mineralization defined by TUG-141. The TUG-150 hole did not cross the UR2-UR1 mineralized corridor, remaining along the UR2 structure.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/2178/152427_24491f2e848d2959_003full.jpg

Figure 4. Photos of mineralization from TUG-150: A, B) 315.9m, 0.3m at 108.57 g/t Au, red circle indicates coarse VG; C) 318.9m, 0.3m at 28.51 g/t Au; D) 327.9m, 0.3m at 59.85 g/t Au. Red circle on the right indicates VG observed.

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/2178/152427_Figure4.jpg

Table 1. Composited results from TUG-147 and TUG-150 drilling. The interpreted lode for each composited intercept is indicated.

Hole ID	From (m)	To (m)	Interval (m)	Au g/t	Lode
TUG-147	179.1	189.9	10.8	2.26	UR3
	200.1	206.4	6.3	1.21	UR3
	245.4	246.0	0.6	2.51
	263.1	274.2	11.1	10.67	UR2
including	263.1	268.8	5.7	13.45	UR2
which includes	265.5	266.7	1.2	51.18	UR2
which includes	265.5	265.8	0.3	144.31	UR2
and includes	268.2	268.5	0.3	16.02	UR2
and including	270.0	274.2	4.2	9.86	UR2
which includes	272.1	272.7	0.6	45.82	UR2
and	273.6	273.9	0.3	11.95	UR2
	273.9	274.2	0.3	1.92	UR2
	289.8	291.0	1.2	0.97
	311.1	313.8	2.7	4.18	UR1
including	311.4	311.7	0.3	15.81	UR1
	326.7	327.0	0.3	0.69
	327.6	327.9	0.3	0.58
	334.5	334.8	0.3	0.54
	335.1	335.4	0.3	0.53
	337.5	337.8	0.3	1.72
	341.7	342.0	0.3	0.8
	537.0	539.1	2.1	1.84
	540.9	543.9	3.0	0.79
	555.6	556.2	0.6	0.73

TUG-150	225.6	227.1	1.5	17.02	UR3
including	226.5	227.1	0.6	39.2	UR3
	232.8	233.4	0.6	0.95	UR3
	234.6	240.0	5.4	2.25	UR3
	242.1	245.7	3.6	2.32	UR3
	248.4	249.6	1.2	2.59	UR3
	251.1	252.0	0.9	0.94	UR3
	270.9	273.0	2.1	3.6	UR3
including	272.4	272.7	0.3	11.93	UR3
	276.0	276.6	0.6	0.66	UR3
	278.4	279.0	0.6	0.69	UR3
	280.2	281.1	0.9	1.91	UR3
	296.4	297.9	1.5	2.01	UR3
	300.6	300.9	0.3	4.7	UR3
	312.3	313.5	1.2	0.62	UR3
	315.3	323.7	8.4	8.84	UR2
including	315.6	315.9	0.3	108.57	UR2
including	318.6	319.8	1.2	14.71	UR2
which includes	318.6	318.9	0.3	28.51	UR2
	327.6	327.9	0.3	59.85	UR2
	329.7	330.3	0.6	11.49	UR2
including	330.0	330.3	0.3	18.24	UR2
	350.1	351.9	1.8	4.26	UR2
including	351.3	351.6	0.3	12.85	UR2
	363.6	364.8	1.2	2.44	UR2

Table 2. Survey details of diamond drill holes referenced in this release.

Hole No	Coordinates (Fiji map grid)	RL	final depth	dip	azimuth
	N	E	m	m	Deg.	(TN)
TUG-147	3920584.2	1876438.2	115.1	582.0	-75	095
TUG-150	3920584.8	1876436.5	115.9	467.3	-71	130
TUG-152	3920584	1876436	115	in progress	-72	123

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

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

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in

Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

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

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

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152427

Tags #Tuvatu, Lion One Metals, Quinton Hennigh

Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Gold Production Royalty Agreement with Parker Schnabel and Little Flake Mining of Discovery Channel’s Gold Rush Television Series

Post author By admin
Post date January 24, 2023

VANCOUVER, BC / ACCESSWIRE / January 24, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce signing a production royalty agreement on 5 ½ miles of alluvial gold claims at its Australia Creek property in the Klondike Gold District of Canada’s Yukon Territory, with Little Flake mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush“.

Under the terms of the agreement, Little Flake will be granted exclusive rights to extract gold from the Australia Creek property, with Metallic Minerals receiving a percentage of the production as a royalty. This partnership will combine Metallic Minerals’ expertise in mineral exploration and Little Flake’s experience in gold mining to maximize production and profitability for both groups in the region. Mr. Schnabel is recognized as a highly experienced miner and, in December 2022, was awarded the Robert E. Leckie Award for Excellence in Environmental Stewardship by the Yukon Government for reclamation work in the Klondike goldfields.

“We are excited to be working with Parker and the highly experienced Little Flake mining team and believe this partnership will be lucrative for both our companies, given Little Flakes track record of impressive alluvial gold production,” said Greg Johnson, Metallic Minerals Chairman & CEO. “Our recent gold discoveries at Australia Creek represent a major extension of the Klondike to the east and is one of the biggest new discoveries in this historic district in decades. Metallic Minerals is one of the largest owners of alluvial gold mining claims in the Yukon Territory, including this large block of unmined claims in the Klondike. Starting with exceptional operators like Little Flake, we anticipate the potential for the generation of significant production royalties, which will provide funding toward our hard rock silver and copper exploration projects in Yukon and Colorado. An important criterion for our evaluation of potential additional alluvial operators will be demonstrated operational excellence and environmental stewardship that aligns with Metallic Minerals focus on ESG values.”

Parker Schnabel, owner and operator of Little Flake Mining, commented, “Our award-winning team looks forward to working with Metallic Minerals and we plan to hit the ground running on Australia Creek. Planning is underway for a 400-hole drill program this winter on the property and we anticipate beginning mining operations this spring. This under-explored part of the Klondike shows vast potential for new discoveries, and we believe our collaboration with the veteran exploration team at Metallic will unlock this potential for both our groups.”

The agreement is effective immediately with production targeted to begin by June. The companies will be working together closely to ensure a rapid and successful start-up for the partnership.

Under the terms of the Australia Creek property agreement, Little Flake must complete a $1 million minimum annual work commitment and pay Metallic Minerals an annual advance royalty plus a variable royalty on all gold production.

About Australia Creek

Metallic Minerals holds a 100% interest in 36.4 square kilometres of mining rights along the Australia Creek drainage south of Dawson City, Yukon. Australia Creek is part of the historic Klondike gold district that is estimated to have produced over 20 million ounces of gold since its discovery in 1898. Australia Creek and its benches are now recognized by Yukon Geological Survey as the eastern continuation of the highly productive Klondike Goldfields, which is the largest placer gold producing area in the Yukon. Modern, open-pit operations in the Klondike have doubled production in the region over the past decade¹.

Despite extensive mining activity nearby, Australia Creek itself was not historically mined due to its importance as a source of water and hydro-electric power for the floating dredge operations that were conducted in the area between the 1920s and 1960s. However, exploration drilling at Australia Creek has returned gold-in-gravel values that compare to some of the best producing areas of the Klondike presenting an exciting opportunity for the Company.

Figure 1: Klondike Gold District and Metallic Minerals’ Properties

Metallic Minerals Corp., Monday, January 23, 2023, Press release picture

2023 AMEBC Mineral Roundup Core Shack

Metallic Minerals is very pleased to announce that we have been invited to participate in this year’s AMEBC Mineral Roundup conference in Vancouver and will be displaying intervals of drill core from the Keno Silver project and our La Plata project on Wednesday, January 25^th and Thursday, the 26^th. Key members of our management and technical teams will be on hand to discuss the project and opportunity. Visit us at booth #1016 in the Core Shack. For more information and to register, visit here.

Vancouver Resource Investment Conference – Presentation

Metallic Minerals President, Scott Petsel, will be providing a corporate update and participating in a moderated roundtable discussion during the upcoming Vancouver Resource Investment Conference on Sunday, January 29^th at 3:30 PM in the Yukon Pavilion. For more information, visit here.

About Little Flake Mining

Little Flake is a mining company founded and owned by Parker Schnabel of the hit Discovery Channel television series Gold Rush. Now in its thirteenth season, Gold Rush is Discovery Channel’s number one rated and most watched television series. Little Flake specializes in placer gold mining and operates in the Klondike region of Canada and in Alaska. Mr. Schnabel comes from a multi-generational mining family and under Schnabel’s entrepreneurial leadership, Little Flake has become one of the largest and most successful operators in the Yukon’s placer gold mining industry.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company, focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco in September 2022. In April 2022, Metallic Minerals announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators. All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

¹Yukon Geological Survey (“YGS”) Yukon Placer Mining Industry Report 2010-2014

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessrul operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.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.

SOURCE: Metallic Minerals Corp.

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Base Metals Energy Junior Mining Precious Metals

Mundoro Options to BHP Exploration Properties in Timok, Serbia

Post author By admin
Post date January 23, 2023

Vancouver, British Columbia–(Newsfile Corp. – January 23, 2023) – Mundoro Capital Inc. (TSXV: MUN) (www.mundoro.com) (“Mundoro” or the “Company“), announces it has entered into a definitive agreement with a wholly owned subsidiary of BHP Group Limited (“BHP“), which provides BHP with the right to earn-in to three (each, an “Option“) exploration areas that Mundoro holds in the Timok region (“Timok Properties“).

Ms. Teo Dechev, Chief Executive Officer, President and Director of Mundoro commented, “Mundoro welcomes BHP as an exploration partner that recognizes the potential of further exploration in the western Tethyan Belt. We are looking forward to commencing field exploration at the Timok Properties in order to advance targeting and testing of undercover, and near surface, porphyry and related epithermal systems in the Timok region of eastern Serbia.”

Ms. Dechev added, “Mundoro has established a decade-long history of generative and early-stage exploration in Serbia and Bulgaria. Partner funded exploration programs along with Mundoro’s generative programs have invested over C$30 million of exploration expenditures which bring value to stakeholders in the communities where we operate, to our partners, and to our shareholders.”

Regional Setting

The porphyry copper projects under the Options with BHP are located in and around the Timok Magmatic Complex in Serbia. The Timok region is known as a mining district with more than 100 years of mining comprising approximately 4 billion tons in porphyry systems over 5 known mines. The Timok Magmatic Complex is host to the largest copper-gold porphyry deposits in the western portion of the Tethyan Belt such as (i) Cukaru-Peki, a high sulphidation epithermal copper-gold and porphyry copper deposit, (ii) Bor underground mine which is a copper-gold porphyry (“Bor Mining Complex”), (iii – iv) Veliki Krivelj and Majdanpek open-pit mines which are both copper-gold porphyries and (v) the recently re-opened Cerovo porphyry copper -gold open-pit mine (see Figure 1).

Dr. Richard Jemeilita, Chief Geologist at Mundoro commented: “The Timok Properties represent a district scale, attractive exploration package in this prospective mineral belt in Serbia. Our exploration team in the region has identified, in the South Timok Properties exploration area, extending south from the Timok Magmatic Complex, continuation of fertile geological units for further copper exploration. We are encouraged by the initial reconnaissance sampling which has identified anomalous copper zones.”

Follow our weekly updates on: LinkedIn and Twitter: @Mundoro

Figure 1 – Location Map for Timok Region, Serbia

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2408/152060_caef5c79b404a95d_001full.jpg

Property Information

Borsko

The Borsko Jezero Project (“Borsko“) is located in the central portion of the Timok Magmatic Complex and aggregates an exploration area of 34.5 sqkm. The project is directly adjacent to and west of the producing Bor copper porphyry mine (see Figure 1). Exploration completed to date by Mundoro has identified several targets of which, Target 1 is an undercover preserved advanced argillic alteration lithocap covering an area approximately 1.6 km in strike length, discovered using a combination of geophysical techniques. The Target 1 system contains elevated copper-gold-arsenic geochemical results indicative of high sulphidation epithermal type mineralization with elevated copper at the bottom of the lithocap suggesting a porphyry source beyond the immediate drill tested area.

South Timok

An area that aggregates 213 sqkm, located at the southern end of the Timok Magmatic Complex and approximately 60 km south-southeast of Bor mining district in Central Timok. The northern parts of exploration ground is covered by Paleogene sediments interlayered with Paleogene pyroclastics, while the central area consists of Upper Cretaceous sediments and volcanics. To the east the area is almost entirely covered by Upper Cretaceous volcanics from the Timok Magmatic Complex. Hornblende andesite that intrudes the Upper Cretaceous sediments from both licenses are considered to have the potential for copper-gold porphyry and epithermal related systems. Several small-scale coal mines and old workings have been exploited by the state during the 1950’s in this area.

The southern portion of the exploration area comprises Cretaceous volcano-sedimentary lithologies intruded by late Cretaceous latite intrusions and partly overlain by Paleogene sediments. The volcanic-intrusive lithologies form part of the northwest-southeast L-shape-striking Cretaceous magmatic arc of Eastern Serbia. Mundoro started a stream sediment program over the favorable geological setting in the southern portion of the exploration area that yielded several drainage areas anomalous for gold, copper, lead and zinc within two outlined targets internally named Ponor North and Ponor South, respectively.

Trstenik

This exploration area covers an aggregate of 55 sqkm and lies within the northern portion of the Timok Magmatic Complex directly north of Majdanpek Mine Complex. To date, the systematic exploration work carried out by Mundoro in the exploration area has identified several target areas. Two of the targets at the southern end of the exploration area have similarities with the Majdanpek deposit in that the targets share similar geology, structural settings, and mineralisation – porphyry and skarn/massive sulphide replacement type and occur along strike of the main Timok trend.

Transaction Overview

Each of the three Options provides BHP with the right to earn a 100% interest in the relevant Timok Property by making (i) annual cash payments and operator payments (“Payments”) to Mundoro, with the aggregate amount of Payments for the three properties over three years amounting to approximately US$1,700,020, and (ii) incurring exploration expenditures within three years on the three properties amounting to US$7,500,000. The earn-in also includes an exploration expenditure commitment related to drilling by March 2023. BHP may exercise each Option independently or elect to extend each Option by one year by making additional Payments and incurring additional exploration expenditures. Upon exercise of each Option, Mundoro will retain a 2% net smelter return (“NSR”) royalty that includes development milestone payments for a total up to US$9,000,000 and annual cash payments until commercial production commences. Mundoro is appointed as the initial operator under the Options.

Qualified Person

The scientific and technical information in this news release was prepared under the supervision of, and approved by, T. Dechev, a Qualified Person as defined by NI 43-101, and the Company’s Chief Executive Officer and R. Jemielita, PhD, MIMMM, a Qualified Person as defined by NI 43-101 and Chief Geologist to the Company.

About Mundoro Capital Inc.

Mundoro is a publicly listed company on the TSX-V in Canada and OTCQB in the USA with a portfolio of mineral properties focused primarily on base and precious metals. To drive value for shareholders, Mundoro’s asset portfolio generates near-term cash payments to Mundoro from partners and creates royalties attached to each mineral property. The portfolio of mineral properties is currently focused on predominantly copper in two mineral districts: Western Tethyan Belt in Eastern Europe and the Laramide Belt in the southwest USA.

Caution Concerning Forward-Looking Statements

This News Release contains forward-looking statements. Forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe” or “continue” or similar words or the negative thereof, and include the following: completion of earn-in expenditures, options and completion of a definitive agreement by the parties. The material assumptions that were applied in making the forward looking statements in this News Release include expectations as to the mineral potential of the Company’s projects, the Company’s future strategy and business plan and execution of the Company’s existing plans. We caution readers of this News Release not to place undue reliance on forward looking statements contained in this News Release, as there can be no assurance that they will occur and they are subject to a number of uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include general economic and market conditions, exploration results, commodity prices, changes in law, regulatory processes, the status of Mundoro’s assets and financial condition, actions of competitors and the ability to implement business strategies and pursue business opportunities. The forward-looking statements contained in this News Release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this News Release are made as of the date of this News Release and the Board undertakes no obligation to publicly update such forward-looking statements, except as required by law. Shareholders are cautioned that all forward-looking statements involve risks and uncertainties and for a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company’s filings with the Canadian securities regulators available on www.sedar.com.

Neither 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.

For further information, please visit Mundoro Capital website www.mundoro.com

Teo Dechev, Chief Executive Officer, President and Director
+1-604-669-8055
info@mundoro.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152060

Tags #InvestingInBatteryMetals

Junior Mining Lion One Metals Precious Metals

Lion One Secures US$37 Million Financing Facility from Nebari

Post author By admin
Post date January 19, 2023

Funding Package of US$35 Million Loan Facility and US$2 Million Equity Investment Finances and Accelerates Completion of Tuvatu Gold Mine and Production Facilities

North Vancouver, British Columbia–(Newsfile Corp. – January 19, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has entered into a facility agreement with Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (each as Lender and collectively, “Nebari”), with Nebari Collateral Agent, LLC as collateral agent and certain Lion One subsidiaries as guarantors, for a Financing Facility of up to US$37M (the “Financing Facility”). Proceeds from the Financing Facility will accelerate project construction and development at the Company’s 100% owned and fully permitted high-grade Tuvatu Alkaline Gold Project in Fiji. Lion One expects first production to be achieved by December 2023.

Financing Facility (All figures in USD): The Financing Facility consists of a US$35 million senior secured first lien term loan (the “Loan Facility”) and a US$2 million (CAD$2.7 million) equity investment (“the Equity Investment”) in common shares of Lion One.

Loan Facility: The total amount of the Loan Facility will be funded in up to three tranches, with US$23M to be funded at Closing (Tranche 1), and an additional US$12M available at Lion One’s option in up to two further tranches (Tranches 2 and 3) within 18 months of closing. Interest on Tranche 1 is 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the Closing Date, with no closing fees payable. Tranches 2 and 3 funding is subsequent to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, with closing fees equal to 2% of the amounts funded.

Warrants: On the Closing Date, the Lender will be issued 15,333,087 non-transferable purchase warrants in the Company (the “Warrants”), with each Warrant exercisable into common shares of Lion One at a price of CAD$1.49 for a period of 48 months from issuance. The warrants will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the initial warrants in the event that the volume weighted average trading price of the common shares of the Company exceeds 100% over the strike price for a period of twenty consecutive days. Lion One has the option to accelerate the expiry of further 25% portions of the warrants at four-month intervals, up to a maximum of 75% of the warrants issued.

Royalty Payment: Following the first month in which the Tuvatu Project produces at least 2,000 ounces of gold, the Company shall pay to the Lender a royalty equal to 0.5% of the Net Smelter Returns on the first 400,000 ounces (equivalent to 2,000 ounces) of gold produced and sold from the Tuvatu Project.

Equity Investment: Concurrently with the Loan Facility, Nebari has entered into a subscription agreement to purchase 3,125,348 common shares of Lion One at a price of CAD$0.86 per share, representing an aggregate equity investment of US$2M (CAD$2.7M).

The Company’s right to drawdown Tranche 1 of the Loan Facility is subject to satisfaction of customary conditions precedent, including approval of the TSX Venture Exchange (“TSX-V”), though these conditions precedent are expected to be satisfied in short order. Issuance of the Warrants and completion of the placement is also subject to TSX-V approval.

Lion One Chairman and CEO Walter Berukoff commented, “We are extremely pleased to have secured Nebari as a financial partner and major shareholder in the development and future success of Tuvatu. They are a vastly experienced group, are aligned with our key values and stakeholders, and have delivered a creative solution to bring the Tuvatu project to completion and enhance shareholder value tremendously.”

Andre Krol, Managing Partner with Nebari, commented: “We are extremely excited to partner with Lion One as a shareholder and lender as they complete construction of the Tuvatu Gold Project. The experience, professionalism and community engagement of their Fijian team was impressive and we look forward to first gold production later this year and further exploration success.”

About Nebari
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari leadership team has deep experience with leading global mining companies and financial institutions and is known for partnering with motivated and capable management teams focused on achieving clear plan targets.

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151962

Tags #Tuvatu

Base Metals Emx Royalty Junior Mining Precious Metals Project Generators

EMX Royalty Provides an Update on the Diablillos Royalty Property in Argentina

Post author By admin
Post date January 19, 2023

Vancouver, British Columbia–(Newsfile Corp. – January 19, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to provide an update on advances at the Diablillos royalty property (the “Royalty Property” or “Property”) in Argentina. The Diablillos silver-gold project is being advanced by AbraSilver Resource Corp. (“AbraSilver”). EMX’s interest in the Property consists of a 1% net smelter return (“NSR”) royalty and a pre-production payment.

AbraSilver’s ongoing 15,000 meter, Phase III diamond drill program continues to expand and delineate the Southwest Zone (JAC target) discovery with near-surface, high-grade oxide intercepts such as 40 meters averaging 203 g/t silver starting at 114 meters in hole DDH-22-060, and 103 meters averaging 139 g/t silver starting at 65 meters and including 9.0 meters averaging 477 g/t silver and 0.23 g/t gold in hole DDH-22-061 (see AbraSilver news release dated December 15, 2022)¹. The Southwest Zone (JAC) provides significant exploration upside to increase the mineral resources of the Property.

The JAC target is located along trend to the southwest of Oculto resource deposit, which had been the previous focus of exploration. AbraSilver announced an updated mineral resource estimate for Oculto reported at a 35 g/t silver equivalent² cutoff that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au) in Q4 of 2022.³ AbraSilver expects a maiden mineral resource estimate for the Southwest Zone (JAC) in the first half of 2023.

The Diablillos Royalty Property provides an example of an EMX royalty acquisition with significant exploration and development optionality resulting from early-stage advancements by the project operator. These advancements create value at no additional cost to EMX. The high-grade nature of the mineralization and exploration potential of multiple targets are particularly compelling upside aspects of the Property.

Commercial Terms Summary (all dollar amounts in USD). The royalty and payment obligations due to EMX are per an agreement originally between SSR Mining and AbraSilver, with EMX acquiring SSR Mining’s interests in 2021 (see EMX news releases dated July 29, and October 21, 2021). EMX’s 1% NSR royalty is uncapped and cannot be bought down. A payment to EMX of $7 million will be due in 2025, or upon commencement of commercial production, whichever comes first.

Royalty Property Summary. Diablillos is a high-sulfidation epithermal silver-gold project located in the Puna region of Salta Province, Argentina. Mineralization is hosted in Tertiary volcanic and sedimentary rocks. As a precursor to the current Phase III program, AbraSilver’s 20,000 meter, Phase II drill program (completed in 2022) resulted in: a) multiple, near-surface high-grade silver-gold (Ag-Au) intercepts, b) expansion of the mineralized zones at Oculto, c) in-fill of Oculto’s high grade Tesoro Zone, and d) the discovery of the Southwest Zone’s JAC target from a 500 meter step out reconnaissance hole.⁴ Phase II select intercepts reported by AbraSilver are summarized in the table below.⁵

Zone	Hole ID	From (m)	To (m)	Interval (m)	Ag g/t	Au g/t
Oculto Northeast	21-064	86	147	61	140	0.71
Oculto Northeast	21-067	242	308	66	57	1.90
Oculto Southwest	21-068	89	146	57	108	1.47
Oculto Southwest	22-005	84	151.5	67.5	157	1.95
Tesoro	21-038	112	221.3	109.3	176.8	1.53
Tesoro	22-004	131	271	140	219	1.17
Tesoro	22-015	131.5	157.5	26	2,358	0.36
Tesoro	22-037	71	226	155	185	1.48
Southwest (JAC)	22-019	89	176	87	346	0.15

According to AbraSilver, a number of these intercepts are among the best drill results reported for primary silver projects over the last two years.⁶ Furthermore, the JAC discovery and Oculto Northeast Zone combine to extend the total strike length of gold-silver mineralization to over two kilometers, which remains open for further expansion.

The Oculto open pit constrained mineral resource update was reported at a 35 g/t silver equivalent cutoff for oxide and transition material as:⁷ (refer to AbraSilver’s November 3, 2022 news release and Technical Report):

Measured of 19.3 Mtonnes averaging 98 g/t silver (60.6 Moz contained Ag) and 0.88 g/t gold (544 Koz contained Au),
Indicated of 31.0 Mtonnes averaging 47 g/t silver (48.7 Moz contained Ag) and 0.73 g/t gold (752 Koz contained Au), and
Inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au).

Overall, the updated measured and indicated resources resulted in a 22% increase in contained silver and 29% increase in contained gold from the 2021 resource estimate. There was a 135% increase in measured resource tonnage compared to the 2021 estimate, all of which is in the high-grade Tesoro Zone (refer to AbraSilver’s November 3, 2022 news release). Importantly, 94% of the measured and indicated resources are oxide material, reflecting the oxidized character of Oculto to depths of 300-400 meters from surface.

AbraSilver’s ongoing Phase III drill program continues to yield high-grade oxide results at the JAC target, as well as at Oculto’s Tesoro Zone⁸:

Zone	Hole ID	From (m)	To (m)	Interval (m)	Ag g/t	Au g/t
Tesoro	22-045	122	249	127	506	1.99
Tesoro	22-043	204	227	23	1939	0.28
Southwest (JAC)	22-046	123	165.5	42.5	400	0.11
Southwest (JAC)	22-052	74	90.5	16.5	389	0.01
Southwest (JAC)	22-052	95.5	126.5	31	63	0.23
Southwest (JAC)	22-052	139.5	164.5	25	754	0.12
Southwest (JAC)	22-057	67	93	26	141	–
Southwest (JAC)	22-057	103	138	35	90	0.21
Southwest (JAC)	22-057	144	164	20	499	0.10
Southwest (JAC)	22-060	114	154	40	203	–
Southwest (JAC)	22-061	65	168	103	139	–
including	149	158	9	477	0.23

According to AbraSilver, advancement of the Diablillos Property is now focused on a) Phase III drilling at the Southwest Zone’s JAC target, b) completion of the maiden resource for the Southwest Zone (JAC) in H1 2023, c) conducting PFS metallurgical testwork, and d) completing a PFS project study in H1 2023.⁹ In addition, follow-up on the Property’s additional targets (e.g., Fantasma, etc.) is underway.

Qualified Person. Michael P. Sheehan, 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, base and battery 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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
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 reserve 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 September 30, 2022 and the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, 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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

____________________________

¹ True widths are approximately 80% of reported interval lengths.
² AgEq calculated using a) metal prices (USD) of $25/oz Ag & $1750/oz Au, and b) recoveries of 73.5% for Ag & 86% for Au.
³ See AbraSilver news release dated November 3, 2022 and report titled “NI 43-101 Technical Report Mineral Resource Estimate Diablillos Project” with an effective date of October 31, 2022 and dated November 28, 2022. Qualified person is Luis Rodrigo Peralta, B.Sc. (Geo) FAusIMM, an independent Senior Resource Geologist.
⁴ See AbraSilver October 2022 Corporate Presentation and August 3, 2022 news release.
⁵ See AbraSilver news releases dated June 13, July 25, August 3, and August 22, 2022. True widths are approximately 80% of reported interval lengths.
⁶ See AbraSilver October 2022 Corporate Presentation.
⁷ Refer to AbraSilver’s 11/3/2022 news release and 11/28/2022 Technical Report.
⁸ See AbraSilver news releases dated September 29, October 12, November 9 & 22, and December 15, 2022. True widths are approximately 80% of reported interval lengths.
⁹ See AbraSilver October 2022 Corporate Presentation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151799

Base Metals Energy Metallic Minerals Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Reports up to 0.396 g/t Rhodium in Drill Results from the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA

Post author By admin
Post date January 18, 2023

VANCOUVER, BC / ACCESSWIRE / January 18, 2023 / Stillwater Critical Minerals Corp. (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce results of rhodium assays conducted on core from resource expansion drilling on its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA, adjacent to Sibanye-Stillwater’s world-class critical minerals mining operations.

These results, along with the integration of deposit models from South Africa’s Bushveld complex, provide the Company and SGS Geological Services (“SGS”) with the remaining components necessary to finalize an update of the Company’s inaugural October 2021 resource estimate (the “2021 Resource”), which delineated five Platreef-style deposits totaling 1.1 billion pounds of nickel, copper and cobalt, and 2.4 million ounces of palladium, platinum, rhodium and gold (see Figure 1).

Rhodium intercept highlights from resource expansion drilling include:

Widespread rhodium in drill results at potentially significant co-product grades including:
- 0.122 g/t Rh over 7.2 meters in CM2021-01 starting at 304.8 meters;
- 0.104 g/t Rh over 8.3 meters in CM2021-03 starting at 252.2 meters; and
- 0.396 g/t Rh over 1.2 meters in CM2021-01 starting at 411.6 meters.
Current results expand upon similar results in past campaigns which returned 0.103 g/t Rh over 7.9 meters in hole CM2020-05, and 0.100 g/t Rh over 6.1 meters in hole CM2007-02.
Rhodium is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America. Sibanye-Stillwater, adjacent to SWCM’s Stillwater West project, is the primary US producer.
Supply constraints have resulted in elevated rhodium prices since 2017. At its current spot price of more than USD 12,000/oz, 0.1 g/t rhodium equates to more than 0.6 g/t gold or palladium equivalent, and more than 1.2 g/t platinum equivalent.
Rhodium has a high melting point, is highly corrosion resistant, and is critical in catalytic converters, along with platinum and palladium, for cleaner vehicle emissions.
Complete results from the 14-hole expansion drill campaign, which consisted of wide step-outs at three of the five deposits defined by the 2021 Resource, are being incorporated into the updated block models by SGS. As shown in Table 1, results continue to demonstrate impressive grade and scale with wide intervals at successively higher grades contained within very wide bulk-tonnage grade intervals, including:
- 13.2 meters of 2.31% Ni, 0.35% Cu, 0.115% Co, and 1.51 g/t 4E (Pt+Pd+Au+Rh) starting at 37.6 meters and within 400.8 meters of continuous mineralization in hole CM2021-05;
- 44.1 meters of 0.57% Ni, 0.34% Cu, 0.045% Co, and 0.74 g/t 4E starting at 32.8 meters and within 367.6 meters of continuous mineralization in hole CZ2021-01; and
- 50.2 meters of 1.05 g/t 4E plus 0.19% Ni and other values within 728.1 meters of continuous mineralization in hole CM2021-01.
Metallurgical testing completed by AMAX confirmed recovery of rhodium along with palladium and platinum in preliminary bench-scale flotation testing at the CZ deposit area in the early 1970s.
Past work previously reported by the Company included surface sample results of up to 5.78 g/t Rh at the HGR target in the Iron Mountain area, and 1.07 g/t Rh at Chrome Mountain in reconnaissance-scale rock sample programs (see June 11, 2020, news release).
Early results for other rare Platinum Group Elements (“PGE”) show potential for additional value from iridium, osmium, and ruthenium which often occur along with platinum, palladium, and rhodium at Stillwater West.

Table 1 – Final results from resource expansion drilling including recent rhodium assay results.

	INTERVAL	PRECIOUS METALS	BASE METALS	TOTAL METALEQUIVALENTS
HOLE ID	From(m)	To(m)	Width(m)	Pt(g/t)	Pd(g/t)	Au(g/t)	Rh(g/t)	4E(g/t)	Ni(%)	Cu(%)	Co(%)	NiEq*(%)	NiEq*(%)	PdEq*(g/t)
DR / HYBRID DEPOSIT AREA – RESOURCE EXPANSION DRILLING
CM2021-01	0.0	728.1	728.1	0.12	0.17	0.02	0.013	0.32	0.13	0.03	0.013	0.16	0.26	0.66
including	230.5	583.4	352.9	0.21	0.27	0.03	0.022	0.54	0.17	0.04	0.015	0.20	0.38	0.95
including	304.8	312.0	7.2	0.63	0.64	0.03	0.122	1.43	0.11	0.02	0.008	0.13	0.67	1.68
including	324.0	385.2	61.2	0.19	0.17	0.02	0.039	0.42	0.20	0.04	0.015	0.23	0.39	0.98
including	397.2	556.4	159.2	0.31	0.41	0.05	0.025	0.79	0.18	0.03	0.017	0.22	0.47	1.17
including	397.2	447.4	50.2	0.48	0.48	0.04	0.050	1.05	0.19	0.03	0.015	0.22	0.56	1.40
including	423.4	430.6	7.2	0.93	1.33	0.05	0.027	2.34	0.24	0.03	0.018	0.27	0.96	2.39
including	479.8	549.2	69.4	0.27	0.47	0.06	0.017	0.82	0.18	0.04	0.017	0.22	0.48	1.20
including	530.0	543.2	13.2	0.26	0.81	0.06	0.039	1.17	0.21	0.06	0.017	0.25	0.67	1.67
including	530.0	537.2	7.2	0.33	1.07	0.08	0.049	1.54	0.21	0.05	0.017	0.24	0.79	1.97
including	687.4	728.1	40.7	0.07	0.20	0.02	0.008	0.29	0.18	0.07	0.021	0.24	0.34	0.84
CM-2021-02	0.0	333.0	333.0	0.08	0.10	0.02	0.006	0.20	0.11	0.04	0.011	0.14	0.21	0.52
including	118.7	232.8	114.1	0.07	0.12	0.04	0.007	0.24	0.19	0.09	0.015	0.24	0.32	0.79
including	131.5	148.4	17.0	0.16	0.25	0.05	0.024	0.49	0.19	0.10	0.022	0.27	0.44	1.11
including	256.9	267.0	10.2	0.14	0.38	0.07	0.016	0.61	0.25	0.13	0.014	0.31	0.52	1.29
CM-2021-03	0.0	428.2	428.2	0.08	0.13	0.02	0.009	0.24	0.10	0.03	0.015	0.14	0.22	0.56
including	106.0	115.2	9.2	0.02	0.03	0.06	0.008	0.12	0.28	0.11	0.045	0.41	0.46	1.14
including	165.0	215.4	50.4	0.06	0.06	0.03	0.005	0.15	0.13	0.04	0.017	0.17	0.22	0.55
including	165.0	172.2	7.2	0.01	0.05	0.04	0.002	0.10	0.29	0.10	0.044	0.41	0.45	1.11
including	240.1	270.4	30.3	0.31	0.65	0.05	0.048	1.06	0.14	0.03	0.013	0.17	0.55	1.37
including	252.2	260.5	8.3	0.49	1.06	0.05	0.104	1.70	0.13	0.03	0.013	0.16	0.81	2.02
CM-2021-04	0.0	208.8	208.8	0.05	0.08	0.02	0.004	0.14	0.11	0.05	0.015	0.16	0.20	0.50
including	0.0	67.2	67.2	0.10	0.17	0.02	0.010	0.30	0.13	0.05	0.016	0.18	0.28	0.69
including	3.6	16.8	13.2	0.17	0.52	0.03	0.025	0.75	0.15	0.04	0.015	0.19	0.46	1.14
including	198.0	208.8	10.8	0.02	0.04	0.03	0.002	0.10	0.25	0.22	0.026	0.38	0.41	1.02
CM-2021-05	36.4	437.2	400.8	0.06	0.12	0.04	0.008	0.22	0.17	0.03	0.015	0.20	0.27	0.68
including	36.4	132.4	96.0	0.06	0.12	0.12	0.002	0.30	0.40	0.05	0.024	0.43	0.52	1.30
including	37.6	50.8	13.2	0.25	0.43	0.82	0.015	1.51	2.31	0.35	0.115	2.43	2.89	7.21
including	37.6	43.6	6.0	0.50	0.77	1.34	0.024	2.63	3.47	0.24	0.195	3.58	4.38	10.92
including	190.0	208.0	18.0	0.18	0.58	0.04	0.025	0.82	0.16	0.05	0.015	0.20	0.49	1.22
including	191.2	196.0	4.8	0.40	1.41	0.09	0.071	1.98	0.21	0.07	0.016	0.26	0.98	2.43
including	345.7	364.0	18.3	0.21	0.43	0.05	0.034	0.72	0.16	0.06	0.014	0.20	0.46	1.14
CM-2021-06	0.0	376.8	376.8	0.08	0.13	0.02	0.009	0.24	0.12	0.03	0.014	0.15	0.23	0.57
including	123.0	150.8	27.8	0.15	0.41	0.04	0.030	0.63	0.16	0.05	0.015	0.20	0.43	1.07
including	125.1	129.4	4.3	0.28	0.99	0.07	0.096	1.44	0.23	0.07	0.020	0.28	0.86	2.15
including	254.0	264.8	10.8	0.05	0.12	0.03	0.004	0.21	0.27	0.06	0.030	0.33	0.40	1.01
including	303.4	376.8	73.4	0.20	0.26	0.03	0.020	0.51	0.14	0.02	0.017	0.17	0.34	0.84
including	305.8	328.4	22.6	0.32	0.44	0.02	0.035	0.81	0.11	0.01	0.017	0.14	0.42	1.04
including	315.4	327.2	11.8	0.42	0.63	0.02	0.048	1.12	0.10	0.01	0.017	0.14	0.52	1.29
CZ DEPOSIT AREA – RESOURCE EXPANSION DRILLING
CZ2021-01	10.8	378.4	367.6	0.06	0.17	0.02	0.009	0.26	0.15	0.06	0.015	0.20	0.29	0.72
including	13.2	76.9	63.7	0.12	0.42	0.07	0.027	0.64	0.47	0.27	0.040	0.62	0.86	2.15
including	32.8	76.9	44.1	0.12	0.49	0.09	0.035	0.74	0.57	0.34	0.045	0.75	1.04	2.58
CZ-2021-02	87.6	94.8	7.2	0.03	0.10	0.08	0.002	0.21	0.17	0.11	0.018	0.24	0.31	0.78
HGR DEPOSIT AREA – RESOURCE EXPANSION DRILLING
IM-2021-01	Did not reach target depth due to bad ground conditions
IM-2021-02	Did not reach target depth due to bad ground conditions, repeated as IM-2021-03
IM-2021-03	Did not reach target depth due to bad ground conditions
115.0	118.6	3.6	0.32	1.17	0.06	0.067	1.62	0.14	0.02	0.012	0.16	0.76	1.90
IM-2021-04	0.0	306.5	306.5	0.05	0.09	0.02	0.005	0.15	0.13	0.08	0.013	0.18	0.23	0.57
including	92.2	207.6	115.4	0.09	0.16	0.03	0.009	0.28	0.19	0.10	0.015	0.25	0.34	0.85
including	92.2	102.0	9.8	0.39	1.02	0.06	0.069	1.54	0.19	0.06	0.018	0.24	0.80	2.00
including	147.6	200.4	52.8	0.07	0.11	0.04	0.003	0.22	0.23	0.16	0.014	0.31	0.37	0.93
including	256.0	260.8	4.8	0.00	0.15	0.09	0.055	0.30	0.74	0.65	0.070	1.11	1.28	3.19
IM-2021-05	0.0	379.2	379.2	0.07	0.13	0.02	0.006	0.22	0.17	0.09	0.014	0.22	0.29	0.74
including	66.8	99.2	32.4	0.15	0.30	0.04	0.017	0.50	0.22	0.11	0.016	0.28	0.45	1.12
including	310.2	378.0	67.8	0.06	0.16	0.03	0.006	0.26	0.25	0.14	0.016	0.32	0.40	1.01
including	313.4	334.9	21.5	0.07	0.24	0.04	0.013	0.35	0.38	0.13	0.024	0.45	0.58	1.43
including	313.4	315.8	2.4	0.00	0.65	0.11	0.086	0.85	1.55	0.17	0.087	1.63	2.04	5.08
including	327.7	334.9	7.3	0.13	0.34	0.04	0.007	0.51	0.45	0.17	0.026	0.53	0.70	1.74
including	346.8	347.8	1.0	0.03	0.31	0.11	0.090	0.55	2.52	0.31	0.097	2.54	2.84	7.09
including	354.3	364.8	10.5	0.07	0.22	0.04	0.003	0.33	0.34	0.33	0.018	0.49	0.59	1.48
including	354.3	355.5	1.2	0.07	0.82	0.06	0.001	0.95	1.33	0.71	0.055	1.60	1.92	4.79
IM-2021-06	0.0	333.0	333.0	0.08	0.14	0.02	0.008	0.25	0.13	0.04	0.012	0.16	0.24	0.60
including	70.8	164.8	94.0	0.14	0.32	0.05	0.016	0.53	0.20	0.09	0.014	0.25	0.43	1.06
including	82.8	109.2	26.4	0.19	0.41	0.08	0.013	0.69	0.27	0.14	0.016	0.34	0.56	1.40
including	298.6	314.2	15.6	0.16	0.33	0.02	0.031	0.55	0.14	0.03	0.016	0.18	0.38	0.95
including	299.8	304.6	4.8	0.42	0.83	0.05	0.077	1.38	0.16	0.03	0.016	0.19	0.70	1.75

*Notes to reported values:

Ni and Pd equivalents are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh).
Recovered Nickel Equivalent in Table 1 is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]
Palladium Equivalent is determined as follows: PdEq g/t = NiEq x 0.401
In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as drilled widths and are believed to be representative of the true width of mineralization.

Dr. Danie Grobler, Vice-President of Exploration, commented, “We see an overall trend of increasing PGE content up-sequence within the Ultramafic Series of the Stillwater Complex (“SWC”), like that observed within ultramafic portions of the Bushveld Complex (South Africa), as well as the Great Dyke in Zimbabwe. Scientific studies have shown that the Ultramafic Series of the SWC are enriched in PGE relative to most mafic magmas. Furthermore, the chromitite layers correlate with and are particularly enriched in rhodium and the lesser PGEs osmium, iridium, and ruthenium. More importantly, the reported high-grade rhodium results correlate with specific chromite seams and correspond to geochemical and geophysical anomalies associated with our existing resource areas defined during 2021, highlighting our rapidly advancing understanding of their occurrence, and our ability to effectively target new areas.”

Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “Our 2022 programs built on the success of past campaigns, continuing to return rhodium at significant potential co-product values at a time when the U.S. is looking to increase domestic supplies of this very rare element, alongside 49 other critical minerals. We look forward to reporting our updated and expanded resource models in the near term as we advance Stillwater West towards its potential to become a primary low-carbon source of eight of the minerals listed as critical by the US government, effectively ushering in the next phase of critical mineral supply from the iconic and productive Stillwater Complex.”

Upcoming Events

The Company at is pleased to advise it will be presenting at the Emerging Growth Conference: January 25^th at 9:30am PT | 12:30pm ET (virtual). To register, click here.

For a full list of upcoming events, visit our website: https://criticalminerals.com/investors/events/

About Stillwater West

Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA¹. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex². Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director

Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Rhodium was analyzed by fire assay (1C-Rhodium). Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

SOURCE: Stillwater Critical Minerals Corp.

View source version on accesswire.com:
https://www.accesswire.com/735657/Stillwater-Critical-Minerals-Reports-up-to-0396-gt-Rhodium-in-Drill-Results-from-the-Stillwater-West-PGE-Ni-Cu-Co-Au-Project-Montana-USA

Tags #InvestingInBatteryMetals, #MauriceJackson, #PGE, #ProvenAndProbable

Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Intercepts Vein in Arizona

Post author By admin
Post date January 17, 2023

Burlington, Ontario–(Newsfile Corp. – January 17, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it has intercepted the targeted vein, behind the historical Treasure Room at its Buckeye Silver Mine. This interception occurred on schedule and within SBMI’s budget. To intercept the vein SBMI rehabilitated, extended, screened and bolted the upper development drift. The material being removed is being deposited in specific locations for future evaluation.

SBMI next intends to drift along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). The Company believes this target area to be approximately 200 feet from where SBMI recently intercepted the vein.

SBMI intends to carry out multiple daily assays of the materials referred to above at its assay facility at its millsite. The mill is ready to recommence processing immediately upon receipt of mineralized material from the Buckeye. The assay results are intended to inform the geologic team and not all such results will be disseminated.

In its December 15, 2022 press release, SBMI advised third party geologic consultants would be providing the Company with a report including observations, comments, and recommendations, based upon their November 29 – December 14, 2022 site visit to Arizona. They inspected the third-party independent lab used for sample testing, visited the Buckeye Mine site, visited the Company’s millsite, and visited the Black Copper and Helena occurrences, both of which are situated on SBMI’s Black Diamond property and are referred to in the January, 2021 Geologic Report.

Those geologic consultants also carried out a brief initial re-inspection of NQ core drilled at the Buckeye Mine by a previous optionee. This re-inspection has revealed coarse grained gabbronorite phases containing magnetite disseminations and thin bands within an area previously mapped as diabase. Small intervals containing olivine phenocrysts were also noted. These rocks may have potential for PGM mineralization. Further examination is being undertaken on these in situ rocks, the core, the Black Copper and the Helena occurrences. Samples from each has been sent to a third-party accredited lab for analysis and further work is ongoing. The Company can find no evidence of any PGM testing having previously been undertaken on this core or the rock labelled as diabase.

Finally, contact with various mineralogical and geochemical labs is ongoing to resolve metallurgical and refractory issues encountered while trying to pour dore bars from the Buckeye Mine material.

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

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

The Issuer has not based its production decision on current resources or the results of a pre-feasibility study of mineral resources to establish mineral reserves demonstrating technical and economic viability. Significant uncertainty exists on the presence of any economic mineable material.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151438

Base Metals Collective Mining Energy Junior Mining Precious Metals

Post author By admin
Post date January 17, 2023

Three diamond drill rigs will be turning by the end of January with two of the rigs already coring and the third anticipated to start operating before the end of the month.
Two rigs will be focused on drilling the copper-silver-gold rich Main Breccia system at Apollo from two newly constructed drill pads (pad 6 and pad 7) with details as follows:
The third rig just began drilling at pad 8 (hole APC-32), which is located 150 metres south of the southernmost known boundary of the Main Breccia system. Holes drilled from this pad will focus on the newly generated porphyry target located directly below the high-grade coincidental copper and molybdenum soil anomalies within mineralized porphyry diorite hosting chalcopyrite veins (see press release dated December 14, 2022).
Assay results are expected in the near term for Apollo target drill holes APC-25 through APC-30 completed as part of the phase I program, which culminated in December 2022.

Ari Sussman, Executive Chairman commented: “We have an exciting and busy year ahead of us at the Guayabales project. We will remain aggressive with the drill bit in pushing the geological boundaries of the Apollo target as we look to remain on a steep trajectory of growth at the Main Breccia system while drilling untested surrounding targets to try and make a new and impactful discovery. Also, we will continue to leverage our various strategic alliances to design and implement new and innovative programs and platforms with our stakeholders as part of our “Collective” model, which is based on inclusiveness, transparency, and honesty. With such a remarkable geological and mineral endowment on the property and an excellent local management team in place, I believe the odds are in our favor to continue adding significant value for the Company and its shareholders in 2023.”

TORONTO, Jan. 17, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce the commencement of a phase II diamond drill program at the Main Breccia discovery at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems. The phase II program will begin with three diamond drill rigs with potential to increase the number of rigs as the program progresses.

Details (See Figures 1–2)

The Phase II program commenced with shallow drilling of near surface, high grade mineralization below mineralized breccia outcrops in the southern and central areas of the Main Breccia discovery from newly constructed drill pads, 6 and 7. The rig at pad 6 is currently drilling and entered the mineralized zone close to the drill hole collar. The rig at pad 7 is expected to commence operations in the next 7-10 days. Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo to test the recently discovered porphyry target. Key highlights of the initial plan are as follows:

Main Breccia System

New drill holes APC-31 and APC-33 (pads 6 and 7 respectively) will focus on testing the shallow and high-grade mineralization located just below surface outcrops in the south and central portions of the deposit. This target area was drilled with APC-22 with recently announced results (see press release dated January 11, 2023) as follows:

Most of this outcropping and shallow target remains untested with current known dimensions from surface sampling cover a 150-metre diameter area. The target area remains open in all directions for expansion.

The program will also continue to undertake step-out drill holes designed to understand the geometry and size of the Apollo Main Breccia discovery, which remains open to the north, west, east and at depth. Recently announced step-out drill holes APC-17 and APC-22, both bottomed in mineralized breccia due to drill rig capacity returning 2.75 metres @ 0.86 g/t gold equivalent and 3 metres @ 0.48 g/t gold equivalent respectively in their final metres (see press release dated November 29, 2022, and January 11, 2023). Additionally, hole APC-28, intercepted 600 metres of continuous mineralization and ended while still in the system. Assays are outstanding for this hole and expected in the near term.
A final feature of the phase II diamond drill program at the Main Breccia system will be to test the following high grade mineralized subzones identified during the phase I program in 2022 as follows:

New Porphyry Target

Hole APC-32 will be drilled from a newly constructed pad 8, which is located 150 metres south of the southernmost modelled boundary of the Main Breccia system, to test below the coincidental high-grade copper and molybdenum soil anomalies associated with a mineralized porphyry diorite hosting chalcopyrite veins. The porphyry target covers an area measuring 250 metres by 150 metres and remains open for expansion in all directions. Recent, follow-up reconnaissance geological work at surface has identified a potassic altered porphyry diorite hosting quartz, molybdenum, and chalcopyrite veins. Surface rock chip sampling from limited weathered (leached) outcrop has returned grades of up to 0.28% copper and 0.13% molybdenum. The hole will be steeply inclined and drill directly below the highest soil and rock chip values.

In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target for the phase I program. Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for the remaining six holes expected in the near term.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery. Multiple additional untested breccia, porphyry and vein targets have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target area also remains open for further expansion.

Figure 1: Plan View of the Main Breccia Discovery at Apollo Highlighting the Initial Holes for 2023 from new Drill Pads 6,7 and 8 (CNW Group/Collective Mining Ltd.)

Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver, and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2023/17/c4130.html

Base Metals Energy Exclusive Interviews Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals – Reports High-Grade Gold, Platinum Group Elements, Battery Metals

Post author By admin
Post date January 14, 2023

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Website | https://criticalminerals.com/
Corporate Presentation | https://criticalminerals.com/investors/presentations/
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Collective Mining – Step Out Drilling Expands Apollo Target

Post author By admin
Post date January 12, 2023

Joining us for a conversation is Ari Sussman, the Executive Chairman to the Board for Collective Mining, which just released the latest round of step out drilling results from the High-Grade, Bulk Tonnage Apollo Target located on the flagship Guayabales Project.

COLLECTIVE MINING:
Listing:(TSX.V: CNL | OTCQX: CNLMF)
Website: https://www.collectivemining.com/
Press Release: https://www.collectivemining.com/news-media/news-releases/collective-mining-drills-426-metres-at-151-gt-gold-equivalent-in-step-out-as-well-as-4725-metres-at-545-gt-gold-equivalent-near-surface-at-its-bulk-tonnage-main-breccia-discovery-in-colombia
Corporate Presentation: https://www.collectivemining.com/investors/presentations/
Facebook: https://www.facebook.com/CollectiveMiningCol
Twitter: https://twitter.com/CollectiveMini1
LinkedIn: https://www.linkedin.com/company/collectivemining/?originalSubdomain=co
Instagram: https://www.instagram.com/collectivemining/
Youtube: https://www.youtube.com/channel/UC0J8zpCq0TNhJQePKdCrJag

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