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VANCOUVER, BC / ACCESSWIRE / January 12, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce initial assay results from the 2022 field program at the Keno Silver project located in the historic Keno Silver district of the Yukon; Canada’s most important silver mining district. These results cover the East Keno area and represent the first in a series of results to be released from the Company’s 2022 exploration program, which included 3,265 meters (m) of diamond core drilling in 23 drill holes focused on expansion of advanced stage, “resource-ready” targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023.
Exploration in 2022 at East Keno focused on drilling of the Greater Fox area targets (Fox, UKHM and Zone 2) first discovered by the Company in 2020, through systematic exploration efforts including mapping, geochemical soil sampling, geophysics, and drilling (see Figure 1). This work outlined the first known occurrence of Ag-Pb-Zn sheeted veins and includes the widest intervals of continuous mineralization ever reported in the Keno Hill silver district at up to 177 meters thickness. The sheeted vein mineralization (spaced distinct parallel Ag-Pb-Zn veins) at Fox is found in geologic settings that may be repeated as significant additional targets across the property which, as yet remain undrilled. The East Keno target areas of Fox, UKHM and Zone 2 have become substantial advanced-stage targets, poised for further expansion drilling and near-term resource delineation.
2022 East Keno Exploration Highlights
Mineralization was intercepted in each of the eight holes (1,386 m) drilled at East Keno in 2022 (see Table 1). Both bulk-tonnage and high-grade Ag-Pb-Zn vein-style mineralization was encountered.
Drill intercepts at the Fox target in 2022 averaged 136 m of sheeted vein mineralization (including up to 177 m wide); a significant broadening of the identified mineralized zones encountered in 2020 and 2021 drilling at Fox.
At the Fox target, hole FOX22-03, returned sheeted vein zones of 144.5 m @ 41.4 g/t silver equivalent (Ag Eq), including 27.66 m at 105.8 g/t Ag Eq.
A total of 107 high-grade samples (over 100 g/t Ag Eq and greater than 0.5 m in width) were intercepted in in the 2022 East Keno drilling, including:
Z222-01, 0.5 m @ 222.7 g/t Ag Eq (182 g/t Ag, 1.10% Pb, 0.03% Zn)
FOX22-02, 0.5 m @ 806.9 g/t Ag Eq (555.0 g/t Ag, 3.24% Pb, 3.14% Zn)
FOX22-03, 0.59 m @764.0 g/t Ag Eq (463.0 g/t Ag, 0.23 g/t Au, 0.79% Pb, 5.41% Zn)
UKHM22-01, 0.55 m @1087.0 g/t Ag Eq (953.0 g/t Ag, 3.56% Pb, 0.28% Zn)
Metallic Minerals President, Scott Petsel, stated, “The 2022 drilling at Fox is indicative of the huge potential at East Keno and has significant implications for further exploration success and future resource development. The sheeted Ag-Pb-Zn vein system identified at Fox had not been recognized in the district prior to Metallic’s systematic exploration efforts and our team has since identified additional new areas as potential hosts of similar mineralization. We have now extended mineralization at the Fox deposit over 300 m along strike and 150 m down-dip starting from surface, where it remains open in all directions. A total of 18 drill holes define the Fox zone and show good continuity of the broader mineralized system with a relatively shallow dip. Resource modelling is currently underway focused on the large-scale bulk-tonnage resource potential for the Fox target area.”
“The Company expects to announce additional drill results from both the Keno Silver Project (Primarily at advanced stage targets Formo and Caribou) and the La Plata Cu-Ag Project over the coming weeks and we look forward to discussing these and other developments at events throughout Q1.”
2023 AMEBC Mineral Roundup Core Shack
Metallic 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 25th and Thursday, the 26th. 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 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 29th at 3:30 PM in the Yukon Pavilion. For more information, visit here.
Figure 1. Keno Silver District Geology and Deposits
Metallic Minerals Corp., Thursday, January 12, 2023, Press release picture
East Keno Target Areas – Fox, Zone2 and UKHM
The East Keno area is represented by 15 multi-kilometer scale soil and geophysical anomalies which indicate additional potential for broad-scale mineralization in the least explored part of the Keno Hill silver district. Five of these anomalies have been drilled with initial positive results and an additional five other targets are drill ready. The Fox target, now with 2,748 meters drilled in 18 holes over three years, will be the focus of continued expansion and resource definition drilling in future programs.
Exploration of the East Keno area by Metallic Minerals began in 2018 with soil geochemical sampling and progressed to initial reverse circulation drilling in 2020 which returned several significant high-grade Ag-Pb-Zn sulfide vein intervals (KE20-01 0.77m @ 1,397 g/t Ag Eq) and numerous broad bulk-tonnage scale intervals (KE20-01, 28.2 @ 64 g/t Ag Eq and KE20-02, 22.1 m @ 48 g/t Ag Eq). The 2021 field program in East Keno combined additional reverse circulation drilling and initial diamond core drilling in warranting additional confidence in the target areas.
Drilling combined with extensive mapping and other geologic data has demonstrated a transition at East Keno from north to south from typical Keno style Ag-Pb-Zn mesothermal mineralization at Fox to mixed mesothermal and epithermal styles of mineralization at Zone 2 and UKHM. Epithermal mineralization is often associated with higher silver grades as demonstrated on the west side of the district at Silver King and Husky SW. The broad zones of mineralization at Fox, are now recognized as shallow dipping high-grade sheeted mesothermal Ag-Pb-Zn veins that appear to be associated with a regional scale thrust fault structures. This is a target concept that is broadly repeated across the district, and more specifically at multiple untested targets in the East Keno area.
Mineralized widths from the 2022 drilling on the Fox target returned the widest zones of continuous mineralization ever reported in the Keno Hill silver district and on a grade thickness basis are comparable in contained metal with some of the richest zones from the western part of district (see detailed 2022 results in Table 1 below). The Fox deposit sits within a multi-kilometer scale silver-in-soil anomaly leaving significant room to grow the footprint of mineralization for the Fox target both laterally and down dip. The westernmost drilling in the Fox target area, FOX22-05 and FOX22-06, demonstrates increasing widths of mineralization that will be tested in future programs along with untested areas of very high-level silver in soil values.
Drilling at the earlier stage Zone 2 and the UKHM targets have returned significant silver values including broad envelopes of mineralization similar to the Fox zone along with narrower high-grade silver intervals typical of the district. All drilling on these early-stage targets has been at shallow depths and these targets remain open for expansion with further drilling (see 2022 results in Table 1 below).
2022 East Keno Drilling
The focus of the 2022 drilling at Fox was extend known outlines of mineralization to enhance potential near-term resource opportunities. Single drill holes at UKHM and Zone 2 further confirmed these areas, both broad-scale mineralization and higher-grade epithermal style Ag-Pb-Zn veins, as priority targets for significant additional drilling and focus (See Figure 2).
Table 1 – Highlights of 2022 Drill Results from the East Keno Target Areas
Bulk Tonnage Intervals
Hole
From (m)
To(m)
Length (m)
Ag Eq1(g/t)
Ag(g/t)
Au (g/t)
Pb(%)
Zn (%)
FOX22-01
11.8
147.75
135.95
25.8
7.9
0.01
0.03
0.33
incl
51
79.7
28.7
47.1
14.5
0.02
0.04
0.62
FOX22-02
15.3
191.88
176.58
16.5
6.4
0.00
0.03
0.18
incl
69
78.5
9.5
76.5
31.1
0.01
0.19
0.83
and incl
174.81
186.81
12
52.2
15.5
0.00
0.04
0.75
FOX22-03
15
159.5
144.5
41.4
14.6
0.01
0.04
0.52
incl
29.55
101.75
72.2
68.1
22.6
0.01
0.06
0.89
and incl
74.09
101.75
27.66
105.8
29.5
0.02
0.09
1.54
FOX22-04
28.9
154.3
125.4
36.2
10.6
0.01
0.03
0.50
incl
28.9
114.85
85.95
49.3
14.8
0.01
0.05
0.67
and incl
67.48
114.85
47.37
73.9
21.6
0.01
0.07
1.06
FOX22-05
11.24
117
105.76
15.7
4.0
0.01
0.01
0.20
incl
27.96
82.55
54.59
21.0
5.0
0.01
0.01
0.28
FOX22-06
10
136
126
33.5
7.6
0.008
0.02
0.51
incl
65
117.15
52.15
63.2
13.0
0.01
0.03
1.03
and incl
79
90
11
122.1
23.8
0.014
0.05
2.05
UKHM22-01
59.5
112.5
53
26.7
20.2
0.01
0.06
0.07
High-Grade Intervals
Hole
From (m)
To(m)
Length (m)
Ag Eq1(g/t)
Ag(g/t)
Au (g/t)
Pb(%)
Zn (%)
FOX22-01
13.95
14.45
0.5
466.5
206.0
0.02
1.12
4.81
and
38.57
39.07
0.5
361.2
115.0
0.01
0.68
4.85
and
73.84
79.7
5.86
151.3
45.1
0.06
0.11
1.90
and
121.5
122
0.5
488.9
55.0
0.00
0.13
9.34
FOX22-02
32.5
33
0.5
806.9
555.0
0.01
3.24
3.14
and
158.08
158.58
0.5
315.3
43.0
0.01
0.04
5.76
and
174.81
175.5
0.69
281.0
22.0
0.00
0.03
5.61
FOX22-03
29.55
30.14
0.59
764.0
463.0
0.23
0.79
5.41
and
34.31
34.81
0.5
582.2
316.0
0.08
1.39
4.57
and
50.1
50.73
0.63
657.1
207.0
0.10
0.29
9.33
and
99.53
100.53
0.5
740.1
77.0
0.03
0.01
14.52
and
153.85
154.35
0.5
817.4
656.0
0.00
1.42
2.50
FOX22-04
28.9
29.4
0.5
294.1
133.0
0.12
0.07
3.16
and
53.49
54
0.51
355.7
140.0
0.14
0.66
3.91
and
67.48
68
0.52
846.7
109.0
0.10
0.16
15.75
and
114.35
114.85
0.5
555.6
43.0
0.02
0.01
11.02
FOX22-05
27.96
28.46
0.5
558.4
171.0
0.11
0.19
8.01
FOX22-06
40.5
41
0.5
397.5
134.0
0.361
0.44
4.96
and
80.6
86.3
5.7
132.2
14.4
0.016
0.02
2.46
Incl
85.8
86.3
0.5
526.9
58.0
0.019
0.10
7.02
and
114
115
1
337.0
110.0
0.03
0.19
4.70
UKHM22-01
59.5
60
0.5
989.6
763.0
0.32
2.18
2.59
and
107.3
107.85
0.55
1087.0
953.0
0.02
3.56
0.28
Z222-01
69.9
72.5
2.6
79.6
45.1
0.00
0.29
0.49
and
129.5
130
0.5
222.7
182.0
0.02
1.10
0.03
Notes to reported values:
Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20/oz silver (Ag), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as measured drill intersect length.
Figure 2 – East Keno and Greater Fox target area with 2022 drill results and composite grade thickness values (Ag Eq1)
Metallic Minerals Corp., Thursday, January 12, 2023, Press release picture
About Metallic Minerals
Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. 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 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 announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Debbie James, Senior Geologist for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
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 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, 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 Group Ten 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.
TORONTO, Jan. 12, 2023 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the latest results from recent drilling targeting the highly prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of the drilling include an intersection of 20.88 g/t Au over 5 metres that included 124.21g/t Au over 0.81 metres and 7.41 g/t Au over 1.0 metres in Hole K-22-206, and 6.04 g/t Au over 1.20 metres in Hole K-22-208. Both holes were drilled at the north end of Big Vein.
“We continue to follow up on the success of last year’s drilling at Big Vein with another high-grade intersection at the north end of the zone. Big Vein has now been drilled over a strike length of approximately 520 metres along the west side of the Appleton Fault Zone and remains open to the northeast and to the southwest,” said Roger Moss, President and CEO. “Drilling is ongoing at both ends of the zone to extend the strike length of the mineralization.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
K-22-208
116.00
118.00
2.00
1.07
Big Vein
176.58
178.12
1.54
5.00
including
176.58
177.78
1.20
6.04
K-22-206
24.00
25.00
1.00
1.13
Big Vein
319.00
320.00
1.00
7.41
371.00
376.00
5.00
20.88
including
374.56
375.37
0.81
124,213
K-22-204
nsv
CSAMT
K-22-203
nsv
Golden Glove
Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.
Big Vein plan map.
Figure 1. Big Vein plan map.
A total of 63,055 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 2,700 metres of core.
The Company has $18 million in cash and is well funded to carry out the remaining 37,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.
Hole ID
Easting
Northing
Elevation (m)
Azimuth
Dip
Total depth (m)
K-22-208
661571
5435366
58
145
50
497
K-22-206
661593
5435331
54
155
60
422.11
K-22-204
666713
5443698
50
295
55
482
K-22-203
660958
5432372
40
108
45
520.38
Table 2. Drill hole collar details
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $18 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact: Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter @LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – January 11, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to provide an outlook of the Company’s growth plans for the coming year and recap the accomplishments and milestones achieved this past year. In 2023, Riverside Resources plans to take advantage of its strong balance sheet and sound portfolio of JV-ready projects. Furthermore, the royalty portfolio growth of the past 12 months puts Riverside in a unique valuable position heading into this year.
Riverside continues to progress its Prospect Generator business model that builds up the royalty portfolio and uses proprietary databases to identify and then stake or otherwise acquire quality prospects, working with partners, finding undervalued acquisitions, and advancing some of its main assets while retaining royalties on all its projects. The Company enters 2023 with over C$8,000,000 in cash, no debt, no warrants and a tight share structure, with less than 77,000,000 shares outstanding, while being in business as a public company for over 15 years. The Company remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its strategic copper exploration alliance with BHP (one of the world’s largest mining companies). Riverside is always working towards new potential strategic alliances and partnerships, which the Company aims to deliver more of in 2023.
Similarly, Riverside expects to generate strong news flow from the following key projects and partnerships:
Canada gold exploration farm-in and farm-out activities including continuation of the exploration on the 100% owned Oakes Gold Project.
Working towards a new Strategic Alliance with a major base metal producer.
Completing an option agreement on Riverside’s copper properties to a major copper producing partner.
Commence partner funded drilling with BHP on at least one project during H1/2023.
Explore new partnership to advance La Union after high-grade exploration results in 2022.
Exploration results in Mexico for our gold projects including Cuarentas.
Working on a potential farm-out deal for Cecilia with proposed drilling on the property.
2022 Recap:
Riverside started the past year by closing a $720,000 CAD oversubscribed private placement. This financing used the government supportive flow through tax credit and was partially deployed to test and delineate gold mineralization on Riverside’s 100% owned Oakes Gold Project in Ontario. Riverside completed a 1,700m drill program with assays showing 8 of the 12 holes intersecting gold at shallow levels with mineralization remaining open at depth and along strike. The primary focus of the drill program at Oakes was to test beneath and along the exposed High Grade target, identified by geophysics and trenching programs, for gold grades and continuity which came back positive. This was followed by successfully expanding the known 1.2 km gold mineralization, beyond the outcrops and laid the groundwork, which can now be progressed with future partner funding, in drilling to test down dip and further along strike, for the Oakes gold camp in 2023.
In Mexico, Riverside sold the Tajitos Gold Project to Minera Fresnillo, S.A. de C.V. (“Fresnillo”), a wholly owned subsidiary of Fresnillo PLC, for $2,500,000 USD in cash and retained 2% NSR Royalty. Fresnillo is the world’s leading silver producer and Mexico’s largest gold producer. Riverside also sold the Pima project in Sonora to Agnico Eagle Mines Ltd. These two properties can now move ahead inside the gold production districts that Agnico Eagle and Fresnillo are developing. The Fresnillo transaction puts Riverside in a great position to unlock value from the Company’s growing royalty portfolio, by adding another quality NSR.
The Company also consolidated the La Union polymetallic project after more than $500,000 USD in partner funded exploration and consolidation work with Hochschild Mining. Exploration work at La Union returned gold (“Au”) values greater than two (2) ounces per ton (“oz/t”), silver (“Ag”) values over 20 oz/t and up to six (6) percent zinc (“Zn”). The exploration work helped to define the main structural and lithological controls of the mineralization which is fundamental for exploration of the Union district. Riverside is now free to move ahead with seeking other partners for the 26 km sq polymetallic project located in the favorable limestone carbonate replacement belt of western Sonora, Mexico. The Project is now nicely set up for the next exploration steps, which could include geophysics and drilling, and the Company looks forward to exploring new partnership opportunities in 2023.
In September 2022, BHP and Riverside agreed to move forward with a fourth year of generative funding for copper exploration in Sonora, Mexico. BHP will fund an additional US$1,600,000 in the fourth year of the agreement, on specified properties in the Exploration Financing Agreement (EFA), within the Laramide copper producing belt of Mexico. By building upon the past three years of the BHP fully funded generative exploration work, the EFA will move into the next exploration phase, focusing on five copper projects in Sonora, Mexico. The EFA breakdown, will consist of a currently approved US$1,100,000 in exploration funding to work on the Llano de Nogal district and US$500,000 in ongoing property programs within the Riverside Sonora Projects, for an initial allocated budget of US$1,600,000. Riverside optioned 100% interest in the Llano de Nogal copper project from Orogen Royalties in May of 2022, using the funding through the BHP Alliance. Furthermore, Riverside previously acquired minor tenure of the Llano de Nogal district from Millrock Resources in 2019 and has subsequently worked with BHP on the Project, over the past three years, through the EFA, to consolidate the larger portion.
The BHP Program continues to focus on identifying and developing exploration opportunities leading to the discovery of new large copper deposits within an area of interest, using Riverside’s proprietary databases and in-country infrastructure, with its strong generative exploration team strategically based in Hermosillo, Sonora.
Upcoming Events:
Riverside Resources Inc. will be exhibiting at the Vancouver Round Up conference in late January and then in early March, at the PDAC in Toronto. Make sure to stop by our booth for the latest news and a detailed update on the Company’s plans for the year ahead.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / January 10, 2023 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE; OTCQB:PGEZF; FSE:5D32) (the “Company” or “SWCM”) is pleased to announce the first tranche of results from work completed in 2022 on its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project adjacent to Sibanye-Stillwater’s mining operations in Montana, USA.
A series of news releases are planned to report the results of work on key objectives including expansion of the 2021 Mineral Resource Estimate (the “2021 MRE”), integration of Platreef geologic models, and field campaigns including geophysical and geological field programs both within and outside defined deposit areas. Additional updates are also expected from on-going carbon sequestration testing and other initiatives the Company is currently advancing.
Pine Target Highlights
Rock chip samples taken across approximately two meters of exposed shear in a trench at the Pine target in 2022 returned high-grade gold, palladium and platinum mineralization with an average of 9.0 g/t Au, 0.69 g/t Pd, and 0.69 g/t Pt (see Table 1). Significant nickel and cobalt values are also reported, consistent with past results from this area.
Work in 2022 also included the acquisition of historic core to support the advancement of drill-defined high-grade mineralization at Pine towards completion of an NI-43-101-compliant resource. Mineralization at Pine was not included in the five deposits delineated by the 2021 MRE at the Chrome and Iron Mountain target areas, up to nine kilometers east of Pine within the Stillwater Igneous Complex.
Historic drilling at Pine returned values of 16.94 g/t 3E (16.19 g/t Au, 0.24 g/t Pt, 0.50 g/t Pd) over 7.98 meters and 31.02 g/t 3E (28.7 g/t Au, 1.06 g/t Pt, 1.27 g/t Pd) over 2.6 meters in the area of the 2022 trench samples (see Table 2, Figure 1, and news releases on June 4, 2019, and January 25, 2019).
Mineralization remains open to expansion in all directions including towards very high-level gold-in-soil anomalies extending up to two kilometers west of Pine, in addition to the adjacent high-level palladium, platinum, and nickel-copper soil anomalies shown in Figure 1.
Elevated gold values are also demonstrated in high-grade drill results two kilometers east of Pine at the Chrome Mountain deposit area (see May 3, 2022, news release reporting 13.2 meters of 2.31% Ni, 0.82 g/t Au, 0.43 g/t Pd, 0.25 g/t Pt, 0.35% Cu and 0.115% Co), and nine kilometers east at the Iron Mountain deposit area (see May 29, 2020, news release announcing identification of a “gold suite” of pathfinder elements that co-occur in high-grade samples).
IMAGE 1: Pine Target Location Over Metals in Soils and 2021 Mineral Resource Areas
IMAGE 2: Pine Tareget Location Showing 2021 Mineral Resource Estimate and 3D Induced Polarization Geophysical Survey Results
Table 1 – Assay results from 2022 trench samples at the Pine Target, Stillwater West project
Stillwater Critical Minerals, Tuesday, January 10, 2023, Press release picture
Table 2 – Highlight mineralized drill intercepts from the Pine Target, Stillwater West project
Stillwater Critical Minerals, Tuesday, January 10, 2023, Press release picture
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), and $1,800/oz gold (Au).
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]
Nickel Equivalent in Table 2 is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price / Ni price] + [Co% x recovery x Co price / Ni price]
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 not believed to be representative of the true width of mineralization.
Dr. Danie Grobler, Vice-President of Exploration for SWCM, commented, “The Pine samples display an anomalous suite of shear zone hosted mineralization with elevated Au, Ni, Co and PGEs. These shear zones appear to trend in an NNW direction, forming an exciting and important target for advancement. The host rock is intensely sheared and altered Bronzite Cumulate with disseminated to massive chromite and possibly formed the focus for a cross-cutting post-magmatic hydrothermal alteration event. Recently identified precious and base metal in soil anomalies at the Gold Ridge and Pegmatoid Ridge targets to the west of Pine are coincident with large, intense anomalies in geophysical surveys and have not been explored in the past.”
Michael Rowley, President and CEO, commented, “Our expanding understanding of high-grade gold and platinum group element mineralization, alongside the wealth of critical minerals that the Stillwater district is known for, highlights the surprisingly underexplored nature of the lower Stillwater Igneous Complex and the potential that exists for the advancement of multiple world-class ore bodies across the 32-kilometer span of the Stillwater West project. We look forward to additional reports on recent work including our updated mineral resource estimate as those results become available, and beyond that to announcing our 2023 plans for continued expansion in this iconic American district.”
About the Pine Target
The Pine target is situated in the Wild West target area, approximately two kilometers west of deposits at the Chrome Mountain area, and nine kilometers west of deposits at the Iron Mountain area (see Figures 1 and 2). It is on the western side of the 12-kilometer-long resource area that contains the five deposits modeled in the 2021 MRE and has been detailed by Induced Polarization (IP) geophysical surveys conducted by the Company in 2020 and 2021. As shown in Figure 2, the broader Pine target area is characterized by an intense multi-kilometer-scale IP geophysical signature.
Results to date demonstrate very high-grade gold, palladium and platinum mineralization in drilling, soils and rock sampling, in addition to significant battery metals – in particular nickel and cobalt.
Work in 2022 focused on a geological sampling and mapping program, and the acquisition of some of the drill core from the 1983 and 2004 drill campaigns with the objective of finalizing drill targets and advancing drill-defined high-grade gold with PGE-Ni-Cu mineralization towards completion of an NI43-101-compliant mineral resource. At present, seven drill holes from 1983 and 2004 define a precious metals-rich mineralized zone that is 150 meters strike with an average width of 15 meters that has been tested to a depth of 90 meters (see Table 2 and news releases from June 4, 2019, January 25, 2019, and May 13, 2020). Mineralization remains open to expansion in all directions including towards very high-level gold-in-soil anomalies extending up to two kilometers west of Pine, in addition to the adjacent high-level palladium, platinum, and nickel-copper soil anomalies.
High-grade gold plus platinum group elements values have also been reported from drilling and surface samples at the Chrome and Iron Mountain deposit areas in addition to large-scale nickel, copper and cobalt bulk tonnage mineralization.
Pine is one of several priority targets for follow up exploration in 2023.
Mineral Resource Update and Integration of Platreef Geologic Models
The update to the 2021 MRE is entering the final stages of completion with release anticipated early in 2023. The updated models are driven by the integration of geologic models from the Platreef district of South Africa’s Bushveld complex, and the most recent 14-hole expansion drill campaign which returned multiple wide and high-grade battery and precious metal intercepts in wide step-outs from known mineralization at the three most advanced deposit areas within the 12-kilometer core of the project.
Significance of the Platreef Deposit Model
The Stillwater Igneous Complex is well-known to parallel South Africa’s Bushveld Igneous Complex, and developments at the Stillwater complex have generally paralleled those at the Bushveld, highlighting their significant geologic similarities. For example, Sibanye-Stillwater’s high-grade J-M Reef deposit was discovered by the direct application of geologic models developed during discovery of the high-grade Merensky reef deposit in the Bushveld.
More recent developments on the Bushveld have focused on the Platreef deposits, in the northern limb of the Bushveld, which depart from the conventional narrow reef-type mines that dominate global platinum group element mining with the occurrence of thick mineralized horizons that support bulk mining techniques and include much higher battery metal content. The mines of the Platreef are among the largest and most profitable in the world, and their mix of commodities offers an attractive internally hedged suite of in-demand critical minerals that is globally very rare. Starting with Anglo American’s PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with Ivanhoe’s underground Platreef mine, these mines have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex.
Platreef-style deposits also compare very favorably in an environmental sense as they contain nickel sulphide mineralization that is capable of producing nickel metal with a much smaller footprint than nickel recovered from laterite deposits, which currently represents the majority of global nickel supply. Additional environmental benefits are possible through reaction of atmospheric carbon dioxide with certain ultramafic rocks present in Platreef-style deposits. Testwork is underway to evaluate the potential for commercial-scale carbon sequestration during a possible mining operation Stillwater West.
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 neighboring 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 early in 2023.
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 critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s high-grade Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
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.
2022 rock chip 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. 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.
2004 drilling was conducted by SWCM’s QP while working for Premium Exploration. 1983 drill results are considered historic and have not been independently verified by SWCM.
1980s assay data was obtained from a 1986 report by geologist R.J. Warchola titled “A Hydrothermal Gold Occurrence on Chrome Mountain, Stillwater Complex, Montana” published in the Montana Geologic Society and Yellowstone Bighorn Research Association Joint Field Conference and Symposium: Geology of the Beartooth Uplift and Adjacent Basin: YBRA 50th Anniversary Edition, 1986; and a 1984 internal report by R.J. Warchola titled “Geologic Report on the Pine Claim, Sweetgrass County, Montana February 1984”
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.
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.
VANCOUVER, BC / ACCESSWIRE / January 10, 2023 / Granite Creek Copper Ltd. (TSXV:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“)is pleased to report positive metallurgical results in support of the upcoming Preliminary Economic Assessment (“PEA”) for the Carmacks copper-gold-silver project (“the Project” or “Carmacks Project”) located in the Minto copper district, within the traditional territories of the Little Salmon Carmacks First Nation and the Selkirk First Nation, Yukon Canada.
Metallurgical testing completed by SGS Vancouver Metallurgy (“SGS”) supports a simplified process consisting of froth flotation for the recovery of copper, gold and silver from both sulphide and oxide ores at Carmacks. These tests demonstrate outstanding recovery levels and concentrate grades in both the sulphide only and blended sulphide/oxide samples, which would be utilized by the mine. Testing was done on samples consisting of material in which copper was present primarily in oxide minerals, where the copper was present as primarily sulphide minerals, and samples that were a blend of oxide and sulphide minerals. Table 1 below highlights selected results from this testing:
Table 1 – Flotation Recovery and concentrate grade.
Recovery %
Concentrate Grade
Sample
Cu
Au
Ag
Cu %
Au g/t
Ag g/t
Sulphide/Oxide blend1
82.0
70.1
68.6
40.1
10.6
104
Sulphide Sample2
93.7
69.0
78.4
42.7
7.7
117
Oxide Sample3
39.8
57.5
37.4
26.2
13.6
93
Locked cycle flotation on blend sample consisting of 60% sulfide and 40% oxide.
The sulphide ore assayed 0.92% Cu, 0.67% S, and 0.24 g/t Au. Gold and copper head grades calculated from the flotation test assays agreed well with the direct head assays.
The oxide ore assayed, 0.60% Cu, 0.06% S, and 0.25-0.82 g/t Au indicating that nugget gold may exist. However, the gold head grade calculated from the flotation tests was consistently between 0.20 g/t to 0.23 g/t with an average of 0.21 g/t. Locked cycle testing was not completed on the oxide samples.
Test work produced a very clean, premium, high-grade concentrate that forms the metallurgical basis for the process flow sheet of the PEA, which the company expects to publish by the end of the current quarter. Flotation optimization and an economic evaluation of the target copper grade versus recovery has been recommended by SGS and will be considered in future test work.
President and CEO, Tim Johnson, stated, “Building on the success of sulphide flotation testing completed in 2021, this study directly supports the PEA allowing a simplified flow sheet consisting of well-established froth flotation technology to be considered for increased overall recoveries at the Carmacks Project. Metallurgy is a key component of the upcoming PEA and with this important work complete we look forward to delivering the updated study to the market within the current quarter.”
Options
Granite Creek also announces that, subject to TSX Venture Exchange approval, it has granted 1,250,000 incentive stock options to directors, officers, employees, and consultants of the Company, under its long-term incentive plan. The options are exercisable for up to five years, expiring on January 10th, 2028 and each option will allow the holder to purchase one common share of the Company at a price of $0.08 per share.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
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 Granite Creek Copper 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 Granite Creek Copper 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.
Percentage of Portfolio: Minimum 10%, but we hold approximately 35% in our portfolio.
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Due to ongoing supply concerns, platinum prices have surged more than 20% over the past three months, and the precious metal is now set to experience its best quarter since the start of 2009.
On Friday, platinum prices rose another 1.0% to $1,064.50 per ounce, bringing its quarterly gain to just under 23%.
Should the price of platinum maintain its 20% uptick, then this will will be the biggest quarterly increase since the first quarter of 2008, when it gained a staggering 34%.
According to the World Platinum Investment Council, top consumer China has imported excessive amounts of platinum metal since 2019, which has left a limited above-ground supply for the rest of the world.
“This, in combination with higher prices likely being needed to release Chinese inventories to the domestic market, could have a significant bearing on platinum market price discovery,” the Council wrote in its Platinum Perspectives report in December.
The Council is anticipating a platinum deficit in 2023, with demand growing by 19% while supply increasing by just 2%.
“Despite international economic turbulence, with many countries already in, or expected to tip into, recession, industrial demand for platinum will be up 10% compared to 2022, which exceeds the 10-year average,” the WPIC said in a press release.
Demand for platinum in the automotive industry will also continue to grow next year, while jewelry-based demand for platinum is forecasted to remain constant throughout 2023, the WPIC added.
According to Reuters data, platinum is by far the best-performing precious metal in 2022, recording a year-to-date gain of 9%. Over the same period, gold has lost around 1%, silver up around 3% and palladium down 4%.
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This infographic sponsored by Gold Royalty is the first in a two-part series and showcases exactly how royalty companies naturally avoid inflation, along with the superior profit margins that come as a result.
Inflation’s Dampening Effect on Gold Mining Profits
Since mid-2021, inflation has become a constant risk-factor for investors to keep in mind as they manage their portfolio. Every energy fuel has risen in price over the last year alongside wage increases around the world, greatly impacting the expenses of material production and refining.
Gold mining is no exception, and while operational costs have risen, gold’s price has actually decreased slightly over the same time period, further impacting gold mines’ profitability and margins.
Commodity
Price change since the start of 2021
Coal
+372%
Gasoline
+72%
Diesel
+53%
Electricity
+24%
Gold
-13%
The impact of inflation can’t be understated when it comes to mining operations, which require large amounts of machinery, electricity, and people.
Along with massive haul trucks, bulldozers, and machinery like large-scale grinding units that require diesel and other fuels to operate, refinery operations also consume large amounts of electricity.
How Gold Royalty Companies Avoid Inflation
With no large fleets of vehicles to fuel, refining plants to power, along with significantly smaller headcounts and wage bills, royalty companies barely suffer from rising inflation. Compared to gold mining companies with tens of thousands of employees across the world, gold royalty companies rarely employ more than 50 people.
Along with this, while royalty companies’ revenue comes from royalty and streaming agreements with mining companies, these agreements are structured to ensure royalty companies face none of the operational expenses (and inflation) that miners do.
This is because royalty agreements calculate royalties (which royalty companies receive) as a percentage of the mine’s top-line revenue rather than from the mine’s final profits after expenses, meaning royalty companies get their cut before operational costs and other expenses are deducted.
The Golden Profit Margins of Royalty Companies
With gold’s price having remained stagnant while inflation has pushed expenses up, gold mining company profit margins have been crunched from both sides while royalty companies have avoided the impact.
Over the last four quarters, gold mining giant Newmont Goldcorp’s average profit margin declined to 6.6% when compared to the 22.9% average margins of the four quarters prior. On the other hand, royalty company Franco-Nevada’s profit margins increased from 54.8% to 57.3% over the same time periods.
Without inflation impacting their bottom line, royalty companies have been able to maintain strong financials in a chaotic period for the economy.
In part 2 of this series, we’ll take a closer look at the returns of gold royalty companies, and how exactly they’ve outperformed both gold mining companies and the precious metal itself.
TORONTO, Dec. 30, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to share a year end review of exploration at its 100% owned Kingsway Project. Exploration during 2022 was focussed on the prospective Appleton Fault Zone that trends over a 12km strike length at Kingsway.
Discovery highlights of 2022 exploration include:
Extended Big Vein discovery to over 520 metres NE-SW strike length; mineralization remains open in both directions
Both the highest-grade intersection of 284.1 g/t Au over 0.58 metres and the longest intersection of 2.02 g/t Au over 32 metres on the property to date were uncovered at Big Vein
Additional high-grade mineralization (479.5 g/t Au) found in outcrop at Golden Glove where initial drilling during 2022 intersected 6.22 g/t Au over 4m and 20.07 g/t Au over 1m
Made two brand new discoveries of near surface gold mineralization under cover at the Pristine and Midway targets.
Initial drilling at Pristine identified a mineralized zone (Doyle Zone) that currently extends over 135 metres as well as a second parallel zone approximately 25m east
Limited drilling at Midway indicates near surface gold disseminated within an altered gabbroic intrusion, a separate mineralization style with significant potential for expansion along strike
Drilled 36,000 metres in 2022 after doubling the size of the planned drill program to 100,000 metres.
The company is fully funded for the remaining 37,496 metres of the planned 100,000 metre program with approximately $18 million in cash. Assays are pending for samples from 3,903 metres of core (10.3% of the total submitted).
“LabGold’s exploration at Kingsway over the past two and a half years has resulted in the discovery of four new gold occurrences. Three of these, Golden Glove, Big Vein and Pristine, are located along the Appleton Fault Zone which continues to be our primary exploration target,” said Roger Moss, President and CEO of Labrador Gold. “With only about 2km of the 12km strike length of the Appleton Fault Zone tested by drilling, we anticipate additional discoveries as we test the remaining 10km of this very prospective structure. We would like to thank our investors for their continued support during the recent market downturn and hope you will join us as we look forward to another exciting year of exploration and discovery at Kingsway.”
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $18 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
