Vancouver, British Columbia–(Newsfile Corp. – December 29, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce that it is increasing the size of its previously announced non-brokered private placement offering of Units of the of the Company (the “Units”) at a price of $0.25 per Unit for gross proceeds of $1,041,680 (the “Financing”).
Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share”) and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.40 at any time up to 24 months from the closing of the Offering. Goldshore may pay finders’ fees to eligible finders, as permitted by applicable securities laws and the rules of the TSX Venture Exchange.
The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.
The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to approval by the TSX Venture Exchange.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 23% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
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.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the expectation that the Offering will close in the timeframe and on the terms as anticipated by management. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof. These forward‐looking statements or information relate to, among other things: closing of the Financing and the timing thereof; receipt of approvals required to close the Financing; and the intended use of proceeds from the Financing.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will complete Offering in the timeframe and on the terms as anticipated by management. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the failure to complete the Offering in the timeframe and on the terms as anticipated by management, market conditions and timeliness regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
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TORONTO, Dec. 28, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to provide an overview of its achievements in 2022 and a preliminary outline of its plans for 2023.
The Company enjoyed an outstanding year exploring in the field as well as building relationships and related sustainability efforts off the field with its employees and stakeholders. Importantly, buy-in by employees of the Company’s health and safety program has resulted in a record low Total Recordable Injury Frequency Rate (“TRIFR”) of 1.44 (Dec. 2021 – Nov. 2022) and as of December 19, 2022, the Company’s employees have gone 333 days without recording a safety incident.
Exploration efforts in 2022 were directed at the Company’s flagship Guayabales project (“Guayabales”) where a major grassroot discovery was drilled at the Apollo target along with two additional earlier stage drilling discoveries at the Olympus and Trap targets. Guayabales is located in an established mining camp with 10 fully permitted and operating mines located within a three-kilometre radius and enjoys excellent infrastructure with abundant labor in close proximity. Additionally, Guayabales is contiguous to the Aris Mining’s multi-million-ounce Marmato project, which was awarded its PTO by the national government of Colombia in November 2022.
2022 Highlights
Guayabales Project
Drilling: In 2022, the Company drilled a total of 22,907 metres on schedule and on budget, of which 14,975 metres (30 holes) were drilled at the Apollo target.
Discovery 1: Apollo Target Main Breccia Discovery: The Company announced a significant grassroots discovery of a new bulk tonnage and high-grade, copper-silver-gold porphyry-related breccia system named the Main Breccia. The discovery hole for the Main Breccia system was announced on June 22, 2022, and since that time a total of 21 holes have been announced with an additional 9 holes awaiting assay results in the near term. From only a limited number of holes, the maximum known dimensions of the volume of rock, within which the Main Breccia system is hosted, measures 385 metres along strike by 350 metres across by 825 metres vertical. The system remains open for expansion in all directions. Apollo owes its excellent metal endowment to multiple phases of mineralization which include earlier gold-silver-copper breccia matrix mineralization derived from a porphyry source and younger, overprinting, sheeted carbonate base metal vein systems. Highlight assay results for drill holes into the Main Breccia system include:
Table 1: Select Assay Results of Holes Drilled into the Main Breccia Discovery at Apollo
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu%
Zn %
Pb%
Mo %
AuEq (g/t)*
CuEq (%)*
APC-2
154.75
361.90
207.15
1.46
45
0.31
0.075
0.05
0.002
2.68
1.37
Incl
192.50
209.90
17.40
6.57
44
0.08
0.285
0.23
0.003
7.33
270.65
291.60
20.95
3.67
68
0.41
0.034
0.03
0.002
5.21
APC-8
202.00
467.75
265.75
1.26
55
0.22
0.07
0.05
0.045
2.44
1.24
Incl
202.00
215.20
13.20
3.68
27
0.03
0.32
0.24
0.238
4.29
239.05
257.50
18.45
3.48
53
0.12
0.24
0.22
0.216
4.55
279.40
307.85
28.45
3.70
24
0.16
0.03
0.02
0.016
4.18
342.60
358.10
15.50
2.15
158
0.47
0.13
0.10
0.104
5.21
APC-12
191.35
429.05
237.7
1.15
72
0.38
0.08
0.07
0.001
2.88
1.47
Incl
209.70
224.00
14.30
4.01
77
0.21
0.27
0.26
0.001
5.58
339.55
361.30
21.75
3.84
210
0.68
0.37
0.45
0.001
8.27
416.90
429.05
12.15
3.64
84
0.22
0.04
0.06
0.001
5.09
APC-14
84.25
131.70
47.45
0.81
13
0.20
0.01
0.00
0.003
1.36
0.7
197.00
391.30
194.30
0.39
56
0.44
0.03
0.01
0.002
2.00
1.02
APC-18
136.05
304.65
168.60
0.98
69
0.50
0.04
0.03
0.002
2.91
1.48
Incl
149.20
157.00
7.80
5.08
35
0.52
0.02
–
0.002
6.34
3.23
193.20
205.10
11.90
2.18
154
0.77
0.18
0.20
0.001
5.81
2.97
233.90
251.50
17.60
1.49
56
0.74
0.05
0.02
0.002
3.63
1.85
291.65
297.00
5.35
3.26
10
0.11
0.01
–
0.001
3.47
1.77
APC-19
199.20
497.80
298.6
0.48
34
0.31
0.04
0.02
0.002
1.54
0.79
Incl
199.20
323.50
124.30
0.62
64
0.63
0.05
0.02
0.002
2.72
1.39
491.30
497.80
6.50
2.33
26
0.04
0.08
0.06
0.001
2.69
APC-20
298.20
400.40
102.20
2.72
28
0.08
0.21
0.15
0.001
3.38
Incl
324.25
357.85
33.60
6.30
45
0.08
0.42
0.33
0.001
7.30
Figure 1: Plan View of the Main Breccia Discovery at Apollo (CNW Group/Collective Mining Ltd.)
Apollo Target: New Undrilled Porphyry Target: On December 14, 2022, the Company announced the discovery of a significant high-grade copper and molybdenum soil anomaly located only 150 metres south of the southernmost edge of the Main Breccia discovery. Drilling is planned for early 2023 to test the target, which could be the source of the porphyry copper mineralization found in the Main Breccia system.
Apollo Target: Metallurgy: The Company successfully completed cyanide leach, bottle-roll test on three representative composite sulphide samples from the Main Breccia discovery. Importantly, the samples covered all major styles of mineralization hosted within the Main Breccia discovery and yielded excellent recovery rates for gold up to 97%.
Discovery #2: Olympus: The Company made its second grassroots discovery on March 25, 2022, at the Olympus target. The discovery is characterized by broad drilling intercepts of medium grade gold and silver with minor associated base metal credits. The Olympus discovery covers an area measuring 1.0 km by 0.9 km and remains open in most directions. A three-hole, phase II program was recently completed with assay results expected in Q1, 2023. Highlight Phase I assay results for drill holes at Olympus include:
Table 2: Select Assay Results from Drilling at the Olympus Target
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu%
Zn %
Pb%
Mo %
AuEq (g/t)*
OLCC-3
61.70
363.60
301.90
0.89
11.82
0.03
0.03
0.03
0.002
1.11
OLCC-4
73.00
289.70
216.70
0.79
13.84
0.04
0.02
0.03
0.004
1.08
Discovery #3: Trap: The Company announced its third grassroots discovery at the Trap target on September 27, 2022. Trap is a north to northwest trending, structurally controlled corridor with evidence of overprinting porphyry B veins and late-stage carbonate base metals veins. Highlights from the reconnaissance drill program at Trap include:
Table 3: Select Assay Results from Drilling at the Trap Target
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu%
Zn %
Pb%
Mo %
AuEq (g/t)*
CuEq (%)*
TRC-1
233.8
336.0
102.20
1.26
12
0.09
0.08
0.01
0.003
1.53
0.90
VICE-2
214.6
233.50
18.90
1.06
36
0.18
0.18
0.12
0.005
1.83
1.13
Corporate & Sustainability, Strategic Alliances
Financing: In October, the Company closed a $10.7 million bought deal financing comprised of 4,783,400 units at $2.25 per unit, including one half of one common share purchase warrant at $3.25, excisable until April 25, 2024.
OTC Listing: The Company upgraded its US-based listing to the OTCQX exchange from the Pink® market, trading under the symbol CNLMF.
Strategic Alliances:
2023 Preliminary Plans
Equipped with a strong balance sheet, the Company will continue to actively drill the Apollo target. The program will focus on targeting the high-grade subzones within the Main Breccia system while simultaneously expanding the size of the system. Additionally, the Company will remain aggressive in testing new targets including the newly generated copper and molybdenum porphyry target located 150 metres south of the Main Breccia system. Drilling will resume in early January 2023.
Assays for the remaining and completed 2022 drill holes at Apollo remain outstanding and will be announced throughout early 2023.
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.
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.
Vancouver, British Columbia–(Newsfile Corp. – December 22, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that it has closed its previously announced brokered private placement offering (the “Offering“) for gross proceeds of approximately $20.7 million, including the full exercise of the agents’ option, and also received $1.9 million from Hecla Canada Ltd.’s pro-rata participation to maintain its 10.21% ownership on a fully diluted basis, for aggregate gross proceeds of $22.6 million to the Company. The Company issued: (i) 5,634,516 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) (the “FTOffered Shares“) at a price of $0.90 per FT Offered Share; (ii) 14,884,700 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) that will be issued as part of a charity arrangement (the “Charity Offered Shares” and together with the FT Offered Shares, the “Offered Shares“) at a price of $1.05 per Charity Offered Share; and (iii) 2,334,114 non flow-through common shares to Hecla Canada Ltd.
The Offering was led by Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents, including Haywood Securities Inc. (collectively, the “Agents“).
“2022 has been the most successful year to date in the history of Dolly Varden Silver. By consolidating seven high-grade silver and gold deposits and historic mines with potential development synergies as well as exploration upside, we have created a preeminent silver gold company within an accessible and stable region of BC’s prolific Golden Triangle. Drill results received and released to date have exceeded expectations and we eagerly await the remaining 50 drill holes from our 2022 exploration season. We are grateful to existing and new shareholders who have provided us with the capital to continue to unlock the potential of the Kitsault Valley,” commented Shawn Khunkhun, Chief Executive Officer of the Company.
The gross proceeds of the Offering will be used for further exploration, mineral resource expansion and drilling in Kitsault Valley located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures,” which will be incurred on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Offered Shares and Charity Offered Shares.
The Offered Shares were issued under the Offering by way of applicable prospectus exemptions in accordance with NI 45-106 to “accredited investors” only.
Pursuant to the ancillary rights agreement between Hecla Canada Ltd. (“Hecla“) and the Company dated September 4, 2012, Hecla exercised its anti-dilution right in respect of the Offering to acquire 2,334,114 common shares of the Company (“Common Shares“) at a price per Common Share of $0.83 for gross proceeds of $1.9 million. The Common Shares issued to Hecla are in addition to those issued as part of the Offering.
The Offered Shares and Common Shares issued to Hecla are subject to a hold period in Canada expiring on April 23, 2022.
In connection with the Offering, the Agents received an aggregate cash fee equal to $1,191,600 and REDPLUG Inc. received a cash finder’s fee equal to $50,400.
This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Projects (which include the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. projects host the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. They are considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Projects also contain the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the use of proceeds with respect to the Offering, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the projects, the potential to expand the mineralization and our beliefs about the unexplored portion of the properties.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed Annual Information Form (“AIF“) dated September 23, 2022, which is available on SEDAR at www.sedar.com. The risk factors identified in the AIF are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – December 23, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a non-brokered private placement of up to 4,000,000 units (each, a “Unit”) at a price of $0.25 per Unit for gross proceeds of up to $1,000,000 (the “Financing”). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share”) and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.40 at any time up to 24 months from the closing of the Offering.
The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.
The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to approval by the TSX Venture Exchange.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 23% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
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.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the expectation that the Offering will close in the timeframe and on the terms as anticipated by management. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof. These forward‐looking statements or information relate to, among other things: closing of the Financing and the timing thereof; receipt of approvals required to close the Financing; and the intended use of proceeds from the Financing.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will complete Offering in the timeframe and on the terms as anticipated by management. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the failure to complete the Offering in the timeframe and on the terms as anticipated by management, market conditions and timeliness regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, Dec. 21, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce preliminary metallurgical test results from three variability samples from its Main Breccia discovery at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system. The metallurgical test work program was undertaken by SGS Laboratories in Lima, Peru.
Highlights:
Initial cyanide leach, bottle-roll metallurgical test work was undertaken on three representative sulphide samples from the Apollo Breccia discovery and returned gold recoveries ranging from 90% to 97%. These results clearly demonstrate that high recoveries for gold can be achieved with cyanide leaching.
The three samples were all sulphide ores with a range of gold values (1.17 g/t to 8.01 g/t gold) and were taken from the upper, central and lower portions of the Main Breccia discovery at Apollo. The samples consisted of mineralized angular breccia and contained clasts of diorite and quartz diorite porphyry with a flooded matrix of chalcopyrite, pyrite and pyrrhotite. Samples 2 and 3 also contained overprinting carbonate base metal (“CBM”) vein material resulting in higher gold grades. The samples were selected from depths ranging between 150 metres to 400 metres vertically below surface.
As drilling progresses, further metallurgical studies will be undertaken including whole ore flotation tests to isolate and recover chalcopyrite and optimize silver recoveries. Variability sampling and subsequent test work will also be undertaken throughout the deposit and will include shallow and oxide ores.
The Company has just completed its 23,000-metre drilling program for 2022 at the Guayabales project. Assay results are pending for the final nine holes drilled at the Apollo target and are expected in the near term.
The next phase of drilling will commence at the Apollo target in early 2023 with three diamond rigs. The focus of the program will be to continue expanding the Main Breccia discovery while simultaneously drill the first ever holes into the newly generated porphyry target located 150 metres south of the Main Breccia discovery.
Executive Chairman, Ari Sussman commented: “The results of the first phase of metallurgical testing collected from representative samples of the Main Breccia system at Apollo confirm that gold can be extracted with conventional processing at high recovery rates. We look forward to advancing the metallurgical work to ultimately develop a conventional flow sheet to produce copper, silver and gold from this bulk tonnage and high-grade system.”
Details
Sample ID
Description
Au (g/t)
Ag (g/t)
Cu%
% Rec Au 24hr
% Rec Au 48hr
% Rec Au 72hr
% Rec Ag 24hr
% Rec Ag 48hr
% Rec Ag 72hr
APBRT-01
Mineralized Angular Breccia (BAM) from the central portion of the system
1.17
53.83
1.04
82.34
87.12
90.7
42.83
43.76
49.19
APBRT-02
BAM with carbonate base metal (CBM) veins in the hanging wall portion of the system
4.92
16.05
0.06
82.7
86.42
92.51
49.58
48.74
52.34
APBRT-03
BAM with veins in the footwall portion of system
8.01
56.08
0.10
93.44
93.08
97.57
36.59
41.73
46.27
P80 = 75 microns, pH = 10.5-11, CN= 1000 ppm
Description of Samples Subjected to Cyanide Leach Bottle Roll Testing
APBRT-01:
Location: Apollo in the central portion of the Main Breccia
Composite Length: 4.4 metres
Hole Id: APC_014
Core depth interval: From 216.85 metres to 221.25 metres
Macroscopic description: Mineralized angular breccia with pervasive Sericite altered clasts and carbonates with chlorite and quartz in cement. Principal sulphides are chalcopyrite and pyrite.
APBRT-02:
Location: Apollo in the footwall portion of the Main Breccia
Composite Length: 4.15 metres
Hole Id: APC_008
Depth interval: From 457.85 metres to 462 metres
Macroscopic description: Mineralized angular breccia with carbonates plus chlorite and sericite alteration. Principal sulphides include chalcopyrite, pyrrhotite and pyrite. There are veinlets overprinting the mineralized angular breccia, which contain carbonates, pyrite plus sphalerite.
APBRT-03:
Location: Apollo in the hanging wall portion of the Main Breccia
Composite Length: 3.75 metres
Hole Id: APC_003
Depth interval: From 387.5 metres to 391.25 metres
Macroscopic description: Mineralized angular breccia with carbonate base metals (CBM) veinlets. The main sulphide minerals are sphalerite, galena, chalcopyrite, and pyrite.
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target Location (CNW Group/Collective Mining Ltd.)
Grant of Annual Stock Options
The Company also announces the grant of incentive stock options (the “Options) to certain directors, officers, employees and service providers of the Company to acquire an aggregate of 925,000 common shares in the capital of the Company, in accordance with the Company’s 10% rolling incentive stock option plan and the provisions of the TSX Venture Exchange. 610,000 Options were issued to directors, officers and investor relations personnel of the Company. The Options were granted at an exercise price of $2.83, are exercisable for a five-year term and vest 25 percent every six months.
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 metallurgical laboratory in Lima, Peru. The lab is accredited under suitable international standards and all procedures performed by the lab were completed in adherence with the Company’s rigorous, industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs and metallurgical recoveries, 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.
Gold defied another hawkish Fed decision this week, consolidating high in its immediate wake. That was an impressive show of strength, after this extreme Fed tightening cycle hammered gold for a half-year or so. That strong performance reflects gold-futures speculators’ weakening resolve to keep shorting. With their long-side selling exhausted, they have massive mean-reversion buying to do which is super-bullish for gold.
Gold was looking really good technically heading into this week’s latest Federal Open Market Committee meeting. Since late September, it had blasted 11.5% higher in a powerful rebound on big gold-futures short-covering buying. That catapulted gold back above its key 200-day moving average on FOMC eve, by the most since mid-June. Gold was a hair away from a decisive 200dma breakout, after escaping its downtrend.
The FOMC decision itself wasn’t a surprise, with the Fed hiking its federal-funds rate by 50 basis points. That was a sharp slowdown from the streak of monster 75bp hikes executed at its previous four meetings. The FOMC statement was virtually unchanged from its last iteration in early November. With this week’s 50bp hike universally expected, that didn’t faze gold-futures speculators. They focused on something else.
Once a quarter after every other FOMC decision, the Fed releases its Summary of Economic Projections by individual top Fed officials. This is better known as the dot plot, since it shows where they see FFR levels heading in the future. Though notoriously unreliable in predicting where the FFR is actually going according to the Fed chair himself, traders lap that up. This week it proved more hawkish than expected.
The FOMC targets a 25-basis-point range for the FFR, so Fed officials’ projections are at midpoints. In the last dot plot in late September, they collectively predicted 4.63% exiting 2023. That means the FOMC targeting 4.5% to 4.75%. Traders expected that median dot to climb by 25bp to 4.88%, reflecting 4.75% to 5.0%. Instead it surged 50bp to 5.13%, implying a 5.0%-to-5.25% FFR target heading into year-end 2023.
To hit that, the FOMC would have to hike another 75bp after this week’s 50bp. That didn’t seem like a big deal after the Fed’s ultra-aggressive shock-and-awe campaign of 425 basis points since mid-March! A normal rate-hike cycle over those seven FOMC meetings would’ve been 175bp, a quarter point each. So if the Fed really goes 500bp total, 85% of that is already done. And again the dot plot is a terrible predictor.
A year ago after the FOMC’s mid-December-2021 meeting, these same top Fed officials projected a year-end-2022 FFR at just 0.88%! These elite central bankers also thought US GDP would surge up 4.0% this year, while their preferred PCE inflation gauge would climb just 2.6%. They were dreadfully wrong, now seeing the FFR, GDP, and PCE leaving 2022 at 4.38%, a stall-speed +0.5% economy, and raging +5.6% inflation!
Still that mere extra quarter-point projected hike really moved markets. The flagship S&P 500 stock index was up 0.8% heading into that FOMC decision, but plunged to a 0.6% closing loss in the couple hours after. Gold was stable near $1,810 leading into it, right at its prior day’s upleg closing high. Yet despite those hawkish dots, gold merely dropped to $1,799. Spec gold-futures selling was muted for a hawkish surprise!
That was despite these gold-bullying traders’ main cue goading them into dumping more futures. The US Dollar Index swung from about a 0.4% daily loss before the FOMC to a 0.2% gain soon after. That was a sizable rally for the world’s reserve currency. Yet gold soon recovered from that minor 0.6% loss to flat, then only edged 0.1% lower on close. Gold defied the hawkish Fed since futures speculators didn’t dump.
That was even more impressive given the Fed chair’s surprisingly-hawkish press conference a half-hour after that FOMC decision. Jerome Powell didn’t mince words, unloading a double-barreled blast of more hawkish jawboning. In my line of work I listen to all his pressers live, and was amazed to hear him be so aggressive after that epic 425 basis points of federal-funds rate hikes in just 9.0 months! He really piled on.
His word of the presser was “restrictive”. Powell warned “I’ve told you today we have an assessment that we’re not at as restrictive enough stance, even with today’s move.” He led off warning “Restoring price stability will likely require maintaining a restrictive policy stance for some time.” On inflation he said “But it will take substantially more evidence to give confidence that inflation is on a sustained downward path.”
So while traders had expected Powell to come across as dovish in his remarks after such blistering rate hikes this year, instead he waxed quite hawkish. After past post-FOMC Fed-chair press conferences with hawkish comments, gold has fallen hard on futures selling. Yet this week the yellow metal ignored all that to grind sideways in the FOMC’s wake. That’s very-bullish behavior given that ugly selloff-spawning setup!
While the data cutoff for this essay is Wednesday, I’m writing it on Thursday morning. Gold did weaken overnight, but realize both the Bank of England and European Central Bank did big 50bp hikes early on Thursday New York time. Since the ECB overall wasn’t as hawkish as expected, the euro fell hard boosting the US dollar. That was more responsible for Thursday’s gold-futures selling than the post-FOMC reaction.
Six weeks earlier just after the previous FOMC decision, I wrote a bold contrarian essay arguing that the Fed’s dollar/gold shock was ending. The USDX had soared on the Fed’s monster hikes up to that point, hitting an extreme 20.4-year secular high. That unleashed massive gold-futures selling crushing gold sharply lower. I penned that the day after that last FOMC decision, when gold languished at $1,631 on close.
With gold just 0.5% above its panic-grade late-September low after that fourth monster 75bp FFR hike in a row, my contrarian thesis was ignored. But as this updated chart reveals, I was correct. The USDX crumbled after early November’s FOMC decision, fueling enough big gold-futures short covering to blast gold sharply higher. From FOMC day to FOMC day, the USDX collapsed 7.5% while gold soared 10.5%!
My contrarian thesis six weeks ago with gold on the verge of falling to major new lows was simple. While top Fed officials can spout all the hawkish Fedspeak they want, the FOMC has limited room to hike the FFR. At that point it had done an extraordinarily-extreme 375bp of hiking in just 7.6 months, leaving the target range at a 3.88% midpoint. That wasn’t very far from the dot-plot terminal FFR of 4.63% exiting 2023.
With 375bp already done and another 75bp predicted as of then, fully 5/6ths of this rate-hike cycle had already passed! With not many hikes left, I argued then that “the Fed’s ability to keep shocking the dollar and gold is coming to an end.” I concluded “Their federal-funds rate is nearing terminal-level projections, leaving little room for more hawkish surprises.” That was very bearish for the US dollar and very bullish for gold.
So I continued then, “Without those to keep goosing the parabolic US dollar, it is overdue to roll over hard in massive mean-reversion selling. That weaker dollar will fuel huge normalization buying in gold futures, which have been driven to bearish extremes.” Though few believed that was even possible then, that is exactly what happened since! Gold’s strong performance into and after this week’s FOMC confirms this thesis.
When investors’ interest in gold wanes due to insufficient upside momentum, those hyper-leveraged gold-futures speculators dominate its price trends. The extreme leverage they run enables them to punch way above their weights in bullying around gold. Their trading explains all gold’s volatile price action this year. And it was heavily influenced by the US dollar’s reactions to 2022’s many hawkish surprises from the Fed.
That really started in mid-April after the latest headline CPI inflation print soared 8.5% year-over-year, arguing for more-aggressive Fed rate hikes. The FOMC obliged, catapulting the USDX parabolic into a truly epic 14.3% rally from then into late September! Gold plummeted a brutal 17.9% in that same span, spurred by the USDX’s bullish reactions to hawkish Fed surprises. Enormous gold-futures selling fully drove that.
Speculator gold-futures positioning data is only available weekly as of Tuesday closes, in Commitments of Traders reports. During that 24 CoT-week span where gold plunged mid-year, specs dumped a huge 145.9k long contracts while short selling another 80.0k. That’s the equivalent of a staggering 702.8 metric tons of gold selling, far too much for markets to absorb in that short span! Specs dumped all that they could.
Despite their extreme leverage via futures, their capital firepower is quite limited. By late September as gold carved a deep stock-panic-grade low of $1,623, specs’ total gold-futures longs and shorts were running 0% and 100% up into their past-year trading ranges! That’s the most-bullish-possible near-term setup for gold, indicating probable selling is exhausted leaving room for nothing but big mean-reversion buying.
Heading into that last FOMC meeting in early November, spec gold-futures positioning hadn’t changed much. Total spec longs and shorts were still 4% and 95% up into their past-year trading ranges. Specs still had massive room to buy longs and buy to cover shorts, which would drive gold sharply higher. After the last time spec gold-futures positioning was so extreme in May 2019, gold rocketed up 21.5% in 3.3 months!
So with speculators’ selling capacity largely tapped out and the Fed’s ability to keep hawkishly shocking traders dwindling, gold was due for some serious gold-futures buying. That’s what catapulted gold up 10.5% between these last couple FOMC meetings. Interestingly all that came on the short side of the trade, with specs buying to cover 60.9k contracts in the last five reported CoT weeks or 189.5 GE tonnes.
Still specs’ short-covering buying isn’t finished, as last Tuesday their shorts were still 30% up into their past-year range. That should fall near zero before they are done buying, so about a third of that short covering is still coming. Gold’s strong performance after early November’s hawkish FOMC meeting and it again defying this week’s hawkish encore makes leveraged gold-futures short selling a heck of a lot riskier!
So specs are naturally losing their enthusiasm for it. But the reason I’m writing this essay is what has happened on the long side. Since early November, as of the latest-reported CoT week total spec longs have actually slumped 5.6k contracts despite gold surging sharply higher! That is 17.6t of gold-equivalent selling counter to gold’s young mean-reversion rally. Spec longs remain just 4% up into their past-year range!
Shockingly as of last Tuesday, total spec longs were just 0.7% above their late-September levels when gold bottomed near $1,623! That was despite gold being much higher at $1,772 that day. Virtually no long-side buying yet is super-bullish for gold. Spec longs are proportionally more important than shorts, since longs outnumbered shorts by an average of 1.9x over this past half-year. Big long buying is still coming.
To return to mid-April levels before the Fed’s hawkish surprises launched the US dollar stratospheric, the gold-futures specs would have to buy a staggering 144.2k long contracts! And they still have room for yet another 13.8k of short-covering buying. That adds up to 491.5t of gold-equivalent buying likely in the next few months, dwarfing that 189.5t of short-covering buying so far! That would powerfully accelerate gold’s upleg.
With gold now defying Fed hawkishness to surge higher between these latest FOMC meetings, specs are going to get more interested on betting for more gold upside. Their buying will feed and amplify that, fueling a virtuous circle of capital inflows. Gold uplegs have three stages, starting with gold-futures short covering, extending to gold-futures long buying, which eventually entices in vastly larger investment buying.
We are about 2/3rds of the way through stage one, and stage two hasn’t even started yet! Gold’s young-upleg gains could easily double to triple over the next half-year or so as speculators return to longs to normalize their excessively-bearish bets and investors follow. The biggest beneficiaries of a major gold upleg underway will be the gold miners’ stocks. They are already surging as this updated chart shows.
I analyzed this in depth in last week’s essay on gold stocks surging back. The red line is gold, while the blue line is gold stocks’ leading benchmark the GDX VanEck Gold Miners ETF. At best between its own panic-grade late-September lows and early December, GDX has already surged 37.4% higher! That has already amplified gold’s own parallel gold-futures-buying-fueled mean-reversion upleg by an excellent 3.2x.
But this young gold-stock upleg is only getting started if gold continues powering higher on big spec gold-futures buying. Back in mid-April before all this Fed-hawkish-surprise carnage in gold, GDX was trading up near $41. To return to those modest levels alone would mean another 37.9% rally from this week’s FOMC-day close. And as I discussed in last week’s essay, gold stocks’ upside potential is far bigger than that.
All this matters because cultivating excellent contrarian information sources is essential to thriving in the markets! If you follow the mainstream herd in buying and selling, you’ll be doomed to buy high as greed reigns after major surges then sell low as fear returns after serious selloffs. Doing it the right way by first buying low during fear then later selling high in greed requires fighting the crowd, which is challenging to master.
For 20+ years now we’ve published a couple contrarian newsletters to help speculators and investors do just that. While I was writing those essays on gold bottoming including that controversial early-November one on the Fed’s dollar/gold shock ending, we were aggressively filling our newsletter trading books with great fundamentally-superior mid-tier and junior gold stocks and silver stocks at outstanding bargain prices.
Their gains are already trouncing the major gold miners dominating GDX, like usual. As of FOMC eve this week, we had unrealized gains in our recent newsletter trades running as high as +73.7%! The only way to maximize your odds of buying low then selling high is analyzing the markets with a contrarian bent. That means doing extensive research to identify probable trend changes before the herd realizes they are happening.
The bottom line is gold is continuing to defy a hawkish Fed. After blasting higher since the last FOMC meeting, gold held strong after this week’s. Despite the dot plot calling for more rate hikes than expected and a really-hawkish Fed-chair presser, material gold-futures selling didn’t erupt. Gold’s surge has left it too risky to resume leveraged shorting, while speculators’ long-side capital firepower for selling is exhausted.
Gold’s young mean-reversion upleg is likely to grow much larger in coming months as specs continue to normalize their excessively-bearish bets. They have about a third of their likely short-covering buying left, as well as all their much-larger long-side buying! Specs are now realizing the Fed’s ability to hawkishly surprise is ending, with most of this extreme rate-hike cycle passed. That’s super-bullish for gold and its miners.
In this interview, we sit down with Bob Moriarty to discuss: ‘Moriarty’s First Law of Unintended Consequences‘ We discuss a broad range of topics ranging from the War in Ukraine, the importance of oil (fossil fuels), precious metals, and resource stocks! We also highlight the value thesis of contrarian investing/speculation.
Bob Moriarty is a renown for insights on junior mining and precious metals markets, as well as the common sense. This video is a great way to learn about the resource stocks tips, precious metals, how to analyze and exploit market conditions as a contrarian. Bob Moriarty the founder of 321gold.com visits us for an exclusive, one of a kind, interview to discuss a number of topics ranging from the War in Ukraine, Precious Metals (Bullion investments, and select junior mining companies (exploration stocks) that have his attention. If you are easily offended, this may not be for you. Bob Moriarty is a straight shooter that has the guts to say what others are afraid to say. We hope you enjoy!
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Burlington, Ontario–(Newsfile Corp. – December 15, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce the imminent resumption of development of its Buckeye Silver Mine near Globe, Arizona.
SBMI plans to extract a bulk sample of mineralized material from the area of the Buckeye Silver Mine known as the Treasure Room, described in a press release of March 1, 2022, located in the upper adit of the Buckeye Silver Mine. Prior to accessing the Treasure Room, screening and rock bolting of the adit is required pursuant to MSHA regulations, which the Company estimates should take approximately one week to complete.
Upon completion of the safety measures, SBMI intends to commence work to extract mineralized material, and the Company estimates that it should take two to three weeks to intercept the veins described in the press release of March 1, 2022. Mineralized material from the floor of the Treasure Room has previously been assayed and results previously reported (March 1, 2022). The Company has previously been able to process mineralized material from this source into dore bars. Further mineralized material from this same source, once extracted, will be processed by the Company’s mill.
SBMI also advises that on a recent site visit to the Buckeye Silver Mine and the Black Diamond Property, the Company’s consulting geologists Robert Komarechka and John Corkery examined and re-logged a portion of core drilled by a prior optionee at the Buckeye Silver Mine in 2017 (press release of December 8, 2022), and extracted samples from the core, from the upper adit of the Buckeye Silver Mine, and from other parts of the Black Diamond Property. Blanks and standards were added, and all samples have been sent to a division of Actlabs for analysis for PGMs.
Messrs. Komarechka and Corkery will be providing the Company with a Report including observations, comments, and recommendations and subject to results of assays, plan a site visit to the Buckeye Silver Mine and the Black Diamond Property early in 2023.
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
Readers should be cautioned that the Company’s decision to move forward with the construction of and production at the Washington Mine and the Buckeye Mine is not based on the results of any pre-feasibility study or feasibility study of mineral resources demonstrating economic or technical viability. The Company has undertaken exploration and development activities; and after taking into consideration various factors, including but not limited to: historical data, the exploration and development results to date, technical information developed internally, the availability of financing, and the starting costs as estimated internally by the Company’s management, the Company is of the view that the establishment of mineral reserves by way of a prefeasibility or feasibility study at this stage is not necessary and would be unduly costly, and that the most responsible utilization of the Company’s resources is to proceed with the development of the mines. Readers are cautioned that due to the lack of prefeasibility study or feasibility study, there is increased uncertainty and higher risk of economic and technical failure associated with the Company’s decision. In particular, there is additional risk that mineral grades may be lower than expected, and the risk that construction or continuing mining operations may be more difficult or more expensive than management expected. Production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with National Instrument 43-101. Failure at the Washington or Buckeye Mine may materially adversely impact the Company’s overall ability to continue as a going concern.
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 epidemic or pandemic; 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; licencing and permitting; 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 viruses create risks that at this time are immeasurable and impossible to define.
New assay results from detailed soil geochemistry sampling have outlined a high-grade porphyry anomaly averaging greater than 500 parts per million (“ppm”) copper and 30 ppm molybdenum with highest values up to 1,125 ppm copper and 163 ppm molybdenum.
Located only approximately 150 metres south of the southernmost modelled boundary of the Main Breccia discovery at Apollo, this new high-grade anomaly covers an area measuring 250 metres by 150 metres and remains completely open for expansion to the west, east and south.
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 soil anomaly compares favorably in grade and is slightly larger than the soil anomaly covering the southern portion of the Main Breccia discovery at Apollo where recent assay results from drilling have intercepted the highest copper grades to date including drill hole APC-18 which averaged 168.6 metres at 0.98 g/t gold, 69 g/t silver and 0.5% copper.
Immediate plans are underway to test the porphyry target with the first drill hole expected to begin in early Q1, 2023.
Three rigs continue to drill the Main Breccia at Apollo with holes APC-22 through APC-27 awaiting assay results and holes APC-28 through APC-30 nearing completion ahead of a short break for the seasonal holiday.
Toronto, Ontario, December 14, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from soil and rock chip sampling undertaken south of the Main Breccia discovery at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system with previously announced assay results including:
Hole
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Zn %
Pb %
Mo %
AuEq (g/t) *
APC-2
207.15
1.46
45
0.31
0.08
0.05
0.002
2.68
APC-8
265.75
1.26
55
0.22
0.07
0.05
0.045
2.44
APC-12
237.70
1.15
72
0.38
0.08
0.07
0.001
2.88
* See press releases dated August 10th, September 13th and October 6th respectively.
Executive Chairman, Ari Sussman stated: “The discovery of a high-grade copper and molybdenum soil anomaly associated with a mineralized porphyry body just south of our Main Breccia discovery at Apollo is exciting. As drilling continues to expand the Main Breccia discovery at Apollo, our early-stage exploration team has been focused on prospecting the rest of the Apollo target area to determine if a possible source exists for the copper mineralization found within the breccia discovery. Given the proximity to our Main Breccia discovery, this new high-grade porphyry target suggests we may have found the source. We are eager to test the new target and plan to initiate drilling in January as part of our upcoming 2023 drilling program. We are looking forward to an exciting 2023 as we continue to drive shareholder value through aggressive expansion drilling of the Main Breccia discovery while testing new targets.”
Details (See Figures 1–3)
The Company’s exploration teams have recently undertaken outcrop mapping and soil sampling within the Apollo area with the objective of outlining new targets for drilling. This work has outlined a coherent and well-defined soil anomaly for copper and molybdenum covering dimensions of 250 metres east-west by 150 metres north-south. The anomaly is defined by over 70 soil samples with copper values ranging from 310-1,125pmm and Molybdenum values up to 163ppm. Gold in soil within the anomaly has also returned numerous samples (n=12) ranging from 0.1 to 0.4 g/t. The soil anomaly locates only 150 metres south of the southernmost outcropping portion of the northerly dipping Main Breccia discovery at Apollo as defined by drilling and surface outcrop sampling. The southern copper and molybdenum anomaly is still open at surface to the west, east and to the south.
Reconnaissance geological mapping and rock chip sampling within the anomalous soil area has identified porphyry diorites with secondary biotite alteration hosting porphyry “B” veins with center and border lines of chalcopyrite and molybdenum. Disseminated chalcopyrite was also observed within the limited outcrop exposures with rock chip sampling reporting grades up to 0.28% of copper, 0.13% of molybdenum and 0.8 g/t gold.
The Company is currently organizing and constructing a new drill pad to test the target with diamond drilling in January 2023.
The larger Apollo target area, which includes the Main Breccia discovery and other breccia and porphyry targets, is defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry and covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus multiple CBM vein systems located within and above and below the mineralized angular breccia. Additional untested breccia discoveries locate to the NE and SE of the main breccia discovery. The newly defined porphyry target, as outlined in this press release, is located 150 metres due south of the southernmost end the Main Breccia discovery and is flanked to the southeast by outcrops hosting a high density of porphyry quartz veins associated with early biotite veins in diorite porphyry. The larger Apollo target area also remains open for further expansion.
Figure 1: Plan View of the New Porphyry Target Soil Anomaly in Relation to the Main Breccia Discovery at Apollo
Figure 2: Detailed View of the Soil Anomaly Covering the New Porphyry Target with Photos and Assay Results for Rock Samples
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Location
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.
Contact Information
Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
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.
Vancouver, British Columbia–(Newsfile Corp. – December 12, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), further to its press release of November 15, 2022, confirms that it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects a technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada” (the “Technical Report“) in connection with the 100%-owned Moss Lake Gold Project in Northwest Ontario, Canada. The Technical Report was prepared by Neal Reynolds, FAusIMM, MAIG and Matthew Field, Pr.Sci. Nat of CSA Global Consultants Canada Ltd. The independent Technical Report has an effective date of December 9, 2022. The Technical Report is available on SEDAR at www.SEDAR.com and is posted on the Company’s website at www.goldshoreresources.com.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
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 release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
