Burlington, Ontario–(Newsfile Corp. – December 12, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) directs readers to the Company’s website to view a summary overview provided by the Company’s CEO of activities during the past several months.
Based on feedback from shareholders as a result of the press release of December 8, 2022, the Company’s CEO has provided an anecdotal summary of the Company’s activities from September 2022 to date.
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; 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 ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
A strategic joint venture suggests continued success
Rising interest in diamonds- A hard asset
Dubai is a buyer of the unpolished stones
Diamcor Mining (DMIFF) and undervalued OTC stock
A diamond is a solid form of the element carbon, with its atoms arranged in a crystal structure called a diamond cube. Most natural diamonds form over one billion years in the earth’s mantle, between 93 and 155 miles below the surface, and pressure transforms the carbon into stones.
An unpolished diamond is in the stone’s natural state while polishing processes the stone into the jewels that are a “girl’s best friend.” De Beer’s iconic slogan, “A diamond is forever,” dates to 1947 and has become a symbol of love as engagement, wedding, and anniversary jewelry contains the stones. Aside from its use in jewelry, diamonds are critical for industrial cutting and polishing tools. In today’s markets, the case for investing in diamonds has become compelling.
Diamcor Mining Inc (DMIFF) is a Canadian producer with significant ties with the international diamond industry. The company recently reported a profitable quarter, which could lead to a higher stock price over the coming months and years.
A profitable quarter and more on the horizon
Diamcor Mining, Inc. reported third-quarter results showing growth and profits in late October. Operating results improved quarter-over-quarter with the sale of 3,776.33 carats of rough diamonds, up from 3,061.70 in Q2 2022. Third quarter revenue of around $2.1 million was higher than the $557.6 thousand in Q2.
Meanwhile, the company sales averaged $556.08 per carat in Q3 compared with $182.11 in Q2. The jump in the per-carat price came from selling a 59.35-carat gem quality unique rough diamond to a Middle Eastern investor.
Diamcor’s CEO, Dean Taylor, said, “We are very pleased with the continued quarterly growth achieved again for the period ending September 30, 2022, and remain optimistic given the recent announcement of the delivery of 5,833 carats for the first tender and sale of this quarter (Q4 2022).” The Q4 sale is already 54.5% above the carats sold in Q3 and could result in another profitable quarter when Diamcor reports results in early 2023.
A strategic alliance suggests continued success
Anyone with even slight knowledge of the worldwide diamond business knows two names, Tiffany and De Beers. Tiffany is synonymous with diamonds, and De Beers is the South African mining and marketing giant.
Diamcor has established a long-term strategic alliance and the first right of refusal with Tiffany & Co. Canada, a subsidiary of the parent Tiffany & Co. headquartered in New York. The agreement is for Tiffany to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at the current prices determined by the parties on an ongoing basis. Tiffany provided Diamcor with financing to advance the project. Moet Hennessy Louis Vuitton (LVMH) is a publicly traded company listed on the Paris Stock Exchange (Euronext) which owns Tiffany & Co.
Meanwhile, the Krone-Endora at Venetia Project comprises approximately 5,888 hectares directly adjacent to De Beer’s flagship Venetia Diamond Mine in South Africa. In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited. In September 2014, the South African Department of Mineral Resources granted a Mining Right for the Krone-Endora at Venetia Project for 657.71 hectares of the Projects total area of 5,888 hectares. Diamcor has applied for additional mining rights for the remaining hectares.
Tiffany is a high-end retail leader in diamonds, and De Beers is a wholesale giant. Diamcor has established a joint venture with the retail leader and is a neighbor of a producing leader.
Rising interest in diamonds- A hard asset
Bain & Company is a US management consulting company headquartered in Boston, Massachusetts. The company provides advice to public, private, and non-profit organizations. In Bain’s report on The Global Diamond Industry 2021-2022, the consulting company said, “A brilliant recovery shapes up.” Some of the report’s highlights include:
Revenues recovered across the diamond supply chain in 2021, exceeding pre-pandemic levels.
Profit margins in every segment recovered, including in mining and retail sales.
Rough diamond sales rebounded by over 60% in 2021, surpassing pre-pandemic levels.
Rough and polished diamond prices reached the historical average in 2021 but lagged industry peaks.
Prices for higher-quality polished diamonds outperformed lower-quality diamonds.
In 2020, rough diamond production declined, falling to 111 million carats. In 2021, output grew to 116 million carats, still 20% below the level in 2019.
Rough diamond sales grew by 62% in 2021. Strong demand from cutters and polishers caused miners to increase production volumes and release diamonds from inventories.
While diamond prices have come down since April 2022, they have remained at the highest since April 2012.
The index does not differentiate between the qualities of diamonds, but it presents an overall picture of price trends in the sector.
The following factors have increased interest in diamonds as an investment or keepsake over the past months:
The leading stock market indices have declined in 2022, leading investors to seek other asset sectors.
Inflation has been at its highest level since the early 1980s. Diamonds are a hard asset with a long history as a store of value.
While the US dollar has appreciated against other world currencies, faith in fiat foreign exchange instruments has declined.
Russia is, by far, the world’s leading producer of diamonds. The war in Ukraine, sanctions on Russia and Moscow’s retaliation against “unfriendly” countries supporting Ukraine have increased supply concerns, improving the outlook for diamond prices.
Companies like the Diamond Standard Fund are tokenizing, managing, storing, securing diamonds for investors, and have IRA-eligible investment programs.
Markets across all asset classes reflect the geopolitical and economic landscapes. In late 2022, the events and trends continue to favor higher diamond prices, even though they are sitting at the highest price level in a decade.
The Middle East is a buyer of the unpolished stones
In 2021, the countries that imported the most diamonds were:
These fifteen countries imported 96.5% of all diamonds in 2021. The United Arab Emirates was the fifth leading diamond-importing country, and the UAE imported more diamonds than the world’s second-leading economy, China. Diamcor’s recent sale of a 59.35-carat unpolished diamond was to a buyer in Dubai.
The rise in crude oil prices has filled the coffers of Middle Eastern producers with cash. With crude oil prices at the highest level in years, revenues continue to flow to the oil-rich area, providing the funds for diamond and other hard asset purchases.
Diamcor Mining (DMIFF), an undervalued OTC stock
At 15.24 cents per share on November 18, Diamcor Mining shares on the over-the-counter market reflect a $17.711 market cap. An average of 86,040 shares trades daily.
Source: Barchart
The chart highlights DMIFF shares reached a low of 4.60 cents in December 2020 and a high of 43.0 cents in October 2021. In 2022, the shares traded between 10.76 and 29.81 cents. At 15.24 cents, DMIFF shares were below the midpoint of this year’s trading range on November 18.
While DMIFF is a penny stock with associated risks, the following factors favor a rise in the share price over the coming months:
Diamcor is profitable and its production, and revenues are growing.
The interest in the diamond market is robust as investors look for hard assets to combat the highest inflationary pressures in decades.
The war in Ukraine continues to cause supply concerns for the international diamond market.
The strategic alliance with Tiffany & Co. and mining assets next to De Beers increase Diamcor’s odds of future success.
Mining companies have not had a positive beta with the overall stock market. Oil, metals, and other mining companies have outperformed the stock market in 2022, a trend that will likely continue.
At 15.24 cents per share, DMIFF could be a diamond in the rough as the company’s recent Q2 report justifies a higher share price.
Written By: Andrew Hecht, on behalf of Maurice Jackson of Proven and Probable.
Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
North Vancouver, British Columbia–(Newsfile Corp. – December 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit. A new lode, named URA1 has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area: Zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint (Figure 1).
Highlights URA1
Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
Provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production.
A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and may indicate the presence of an additional series of undiscovered lodes further to the West of Tuvatu.
Underscores the substantial near-mine exploration upside.
Highlights TUDDH-612
New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a sharp CSAMT geophysical gradient anomaly.
May represent the possible strike extension of the UR4 lode at Tuvatu, that may also include the deep high-grade intercept in TUDDH-494 at >1100m depth.
Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, this data will provide robust drill targets and substantial projected upside for new discovery.
URA1 lode, Zone 2 During advancement of the 2022 development decline, approximately 75m from the portal entrance, a sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure 2a). This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619 and 621; Figure 2b) to test the extent of this new lode (results: Table 2). The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the mineralized intercepts in boreholes TUDDH-617, 619, and 621. It is notable that the high-grade intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially representing yet another new lode. Moreover, this illustrates the discovery potential of additional mineralization, especially toward the West Zone where relatively sparse drilling has been completed. Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited the exposure of the drilling to mineralized lodes trending in the same orientation.
As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues to provide confidence in the grade continuity of known lodes.
TUDDH-612 and CSAMT profile 6 As part of the Company’s ongoing near-mine exploration program, drillhole TUDDH-612 was completed to test the sharply defined CSAMT1 gradient anomaly on profile 6 (Figure 3). Drill hole TUDDH-612 intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.
As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral resource outline. As such, the mineralization intersected at this location represents a new target zone of potential high-grade mineralization that warrants follow-up. Furthermore, the mineralized intercept in hole TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (see April 8, 2022 news release). As such, these intercepts may indicate the extension of the UR4 lode toward the northeast and at depth, increasing LIO’s confidence that the mineralized structure has continuity over space for several hundred meters both to the east and at depth. This structure remains open along strike and up and down dip.
The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of potential mineralization. The infill CSAMT survey lines completed in 2022 to complement the previous 2019 survey, are currently in final phase of interpretation. The interpreted survey results will be the subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data from previous and recent surveys will play a significant role in outlining new zones of mineralization near Tuvatu, as well as regionally throughout the Navilawa caldera. A third program of CSAMT geophysics will commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO’s most prospective areas of interest.
Table 1. Chip-channel results from sampling of the URA1 lode, development decline.
Channel ID
From m
To m
Width m
Composited Grade g/t Au
Cumulative g*m
MD-CH-001
0.0
2.5
2.5
9.94
24.86
MD-CH-002
0.0
1.0
1.0
29.02
29.02
MD-CH-003
1.0
3.0
2.0
8.91
17.83
MD-CH-004
1.5
3.0
1.5
11.93
17.89
MD-CH-005
1.0
2.5
1.5
15.17
22.75
MD-CH-006
0.0
3.0
3.0
5.62
16.87
MD-CH-011
0.0
2.5
2.5
10.46
26.15
Figure 1. Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the east. The dotted arrow indicates the possible strike extension of the UR4 lode.
Figure 2b. Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.
Figure 3. Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6, and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at 18.53 g/t Au is indicated by the red dot. Green dots represent values between 0.5 and 3.0 g/t Au.
Table 2. Results from URA1 drilling. The interpreted lode for each intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUDDH-617
51.9
53.1
1.2
0.99
Murau 4
56.1
58.2
2.1
1.76
URA 1
including
57.9
58.2
0.3
6.30
URA 1
59.7
63.3
3.6
2.93
URA 1
including
59.7
60.0
0.3
17.01
URA 1
81.9
82.8
0.9
1.20
undefined
140.1
141.0
0.9
56.22
undefined
including
140.7
141.0
0.3
167.42
undefined
143.4
144.6
1.2
19.27
undefined
TUDDH-619
29.3
32.6
3.3
1.82
Murau 4
41.3
42.5
1.2
0.52
undefined
47.6
48.8
1.2
2.79
Murau 5
50.6
51.2
0.6
5.03
Murau 5
including
50.9
51.2
0.3
8.26
Murau 5
52.4
52.7
0.3
0.66
Murau 5
65.0
65.3
0.3
3.48
URA 1
72.2
73.7
1.5
2.78
Murau 7
including
73.4
73.7
0.3
9.66
Murau 7
148.1
148.7
0.6
0.59
Murau 12
TUDDH-621
77.7
80.1
2.4
6.03
Murau 6
including
78.3
78.6
0.3
43.13
Murau 6
81.3
83.4
2.1
2.68
Murau 7
including
82.8
83.4
0.6
5.26
Murau 7
84.6
87.6
3.0
2.24
Murau 7
including
86.7
87.3
0.6
7.37
Murau 7
105.3
110.1
4.8
30.75
Murau 8
including
105.3
105.9
0.6
54.31
Murau 8
and
105.9
106.5
0.6
8.10
Murau 8
and
106.5
107.4
0.9
56.17
Murau 8
and
107.4
108.3
0.9
46.55
Murau 8
and
108.3
108.6
0.3
11.39
Murau 8
and
108.6
108.9
0.3
13.49
Murau 8
and
108.9
110.1
1.2
8.56
Murau 8
123.6
124.2
0.6
2.62
Murau 10
156.0
157.2
1.2
0.81
Murau 11
159.3
160.5
1.2
27.99
URA 1
168.0
170.4
2.4
17.06
Murau 12
including
168.0
169.2
1.2
8.62
Murau 12
and
169.2
170.4
1.2
25.51
Murau 12
Table 3. Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUDDH-612
3920929.1
1876512.6
236.3
905.8
-60
097
TUDDH-617
3920800.6
1876257.3
203.1
149.9
-60
266
TUDDH-619
3920801.2
1876257.7
203.2
161.1
-60
297
TUDDH-621
3920799.9
1876257.7
203.0
200.7
-69
225
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
1 CSAMT = Controlled Source Audio Magneto-Tellurics – a ground based geophysical technique that maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration related.
Drill hole APC-20 was drilled on the north-eastern side of the Main Breccia discovery at the Apollo target into an open area without any prior drilling and intersected a broad zone of mineralization with an abundance of gold-rich, carbonate base metal veins overprinting angular, gold-silver-copper bearing breccia. This intercept represents the highest-grade intersection over 100 metres drilled to date at Apollo with results as follows:
Drill hole APC-19 was drilled in the centre of the system in order to expand the vertical dimension in this location. The hole intercepted a broad and continuous zone of copper-silver-gold mineralization and includes a copper-rich subzone with results including:
Based on a newly revised model of the Main Breccia system, the Company has identified two high-grade subzones of mineralization and as a result, will be drill tested in 2023 and are outlined as follows:
Three rigs continue to drill at Apollo with holes APC-22 through APC-27 completed and holes APC-28 through APC-30 underway. Additional assay results are anticipated in the near term.
TORONTO, Dec. 7, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three additional holes drilled 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. 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.
Executive Chairman, Ari Sussman stated: “Drilling into the Main Breccia system at the Apollo target continues to expand the total volume while delivering long and high-grade intercepts. The discovery of the two new high-grade subzones through detailed geological modelling is exciting as both the copper rich zone and the gold rich zone appear to be open for expansion in multiple directions. Additionally, we believe that the two subzones will coalesce within the system, thereby enhancing the potential for the discovery of even higher grades than we have discovered to date. These areas will be a key target for drilling in early 2023. Without question there is a lot more metal to be found at the Apollo target and we will remain aggressive in unlocking the potential of this remarkable discovery.”
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here
Details (See Table 1 and Figures 1–4)
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes are outstanding. Results of three drill holes are announced below:
Drill hole APC-20 was drilled south from pad 5 to a maximum depth of 445.4 metres and successfully expanded the eastern area of the Main Breccia system at depth. The hole intersected 102.2 metres of continuous gold-silver-copper mineralization beginning at 298.2 metres down hole and ending at 400.40 metres. The hole is characterized by mineralized angular porphyry related breccia with a matrix infill of pyrite, some chalcopyrite and carbonate which is overprinted by zones of sheeted carbonate base metal veins (“CBM”) and veinlets which are associated with disseminated sphalerite and carry higher gold grades. These higher grade CBM zones can now be traced and mapped in multiple drill holes and three have been identified with drilling to date; within the lower, upper and central portions of the main breccia body The following results are highlighted:
102.20 metres @ 3.38 g/t AuEq consisting of 2.72 g/t Au, 28 g/t Ag, 0.08% Cu and includes a higher-grade zone of 33.60 metres @ 7.30 g/t AuEq.
Drill hole APC-19 was drilled in a southeast direction from pad 4 to a maximum depth of 582.3 metres. The hole intersected continuous copper-silver-gold mineralization from 199.20 metres (178m vertical) to 497.80 metres (470 metres vertical). The mineralized breccia contains a matrix of abundant chalcopyrite and some pyrite particularly from the beginning of the hole down to 323.50 metres which is associated with higher silver values and averaged 0.63% copper and 64 g/t silver over this interval. This newly identified shallow plunging high-grade copper zone has been intersected in six of the holes drilled to date and future drilling will target extensions of this zone within the main breccia body. Assay results for APC-19 are as follows:
298.60 metres @ 1.54 g/t AuEq consisting of 0.48 g/t Au, 34 g/t Ag and 0.31% Cu and includes 124.30 metres 2.72 g/t AuEq consisting of 0.62 g/t Au, 64 g/t Ag and 0.63% Cu.
Hole APC-21 was drilled at a steep angle towards the north from pad 3 but unfortunately undercut the northerly dipping main breccia body.
With the recently announced assay results for APC-17 and previously announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with additional assay results from holes APC-22 through APC-30 anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
Zn %
Pb %
AuEq (g/t) *
CuEq (%) *
APC-19
199.20
497.80
298.60
0.48
34
0.31
0.002
–
–
1.54
0.79
Incl.
199.20
323.50
124.30
0.62
64
0.63
0.002
–
–
2.72
1.39
APC-20**
298.20
400.40
102.20
2.72
28
0.08
0.001
0.21
0.15
3.38
–
Incl.
324.25
357.85
33.60
6.30
45
0.08
0.001
0.42
0.33
7.30
–
APC-21
No Significant Values
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** In APC-20, Zn and Pb were including for the AuEq calculation using metal prices of Zn – US$1.75/lb, Pb – $0.95/lb and recovery rates of 95%.
*** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC19 & APC-20 and the Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-19 (CNW Group/Collective Mining Ltd.)
Figure 4: Apollo Target: Core Photo Highlights from APC-20 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
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.
Burlington, Ontario–(Newsfile Corp. – December 6, 2022) – On October 21, 2022 Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announced a financing of Units (the “Financing”), whereby each Unit consisted of one common share and one common share purchase warrant. Each Unit is priced at $0.20 (twenty cents). Each common share purchase warrant has a 2-year term and is exercisable at $0.30 (thirty cents).
SBMI announces it has closed on the final tranche of the Financing, being $360,912. This represents 1,804,560 common shares and 1,804,560 common share purchase warrants. This together with the first tranche totals $807,912, an oversubscription from the announced target of $600,000. No insiders participated and there here are no finder fees payable on this tranche.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; 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 ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide a corporate update to shareholders and to share its most recent analyst report from Fundamental Research.
Corporate Update Click here for a pre-recorded corporate update between Judson Culter, CEO at Rover, and U.S. stock-commodity TV journalist personality, Maurice Jackson, of Proven and Probable.
Analyst Report Fundamental Research Corp. (“FRC”) has published their updated analyst report on Rover, including a positive rating, dated December 1, 2022. The report can be accessed here.
FRC is one of the largest issuer-paid independent stock market research firms in the world, with a 19-year track record of covering 650+ companies. As of November 28, 2022, FRC’s top picks were up 41% on average since the initiation of coverage*. FRC provides fee-based coverage. Their analysts are sought after by the media and at conferences to give their opinions on the market, current topics of interest such as the direction of commodity prices, and top stock picks.
*Past performance is not indicative of future performance.
Judson Culter, CEO at Rover Metals, states “we are developing a lithium mining project in Nevada that has the potential to help fill-in the major supply shortage coming for lithium beginning in H2-2026*. Development of critical mineral projects here in North America is a matter of national security. Mining stocks and the mining sector need to get a second look from domestic investors right now given the global geopolitical climate we’re living in. We welcome due diligence calls on our mining resource development projects. Companies like Rover are subject to naked-short selling and potential malicious trading practises that can be orchestrated by hostile foreign regimes. Rover relies on the support of domestic investors to help sustain uninterrupted development of its resource projects. China’s battery companies are targeting Europe and are forecasted to account for approximately 30% of Europe’s battery production by 2030*.”
*Source: Benchmark Mineral Intelligence, U.K.
New Office Phone Number Our main office number has recently changed to +1-778-754-2855.
U.S. Trading Ticker The Company now trades under the ticker ROVMF on the OTCQB.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a 1,200-meter reverse circulation drill program at the Let’s Go Lithium project.
The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2855
Statement Regarding Forward-Looking Information 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 Rover’s actual results, performance or achievements, or developments in the industry 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. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
I have no idea of how many people write professionally about investing in resource stocks and the metals. I am well aware that there are tens of thousands of punters expressing their opinions on the various chat boards. Most of them are idiots. But then many of the professional writers are idiots, too, trying to feed people’s fantasies. That’s what you get from TV preachers and all politicians (with perhaps the exception of Alberta’s Premier and Pierre Poilievre)
I write books about investing and then I pretty much give them away. You can pick up Nobody Knows Anything and Basic Investing in Resource Stocks for $.99 in the electronic version. If you can’t afford the $.99 you probably are wasting my time and yours because you are too stupid to understand simple concepts. So I will go over it one more time.
There is signal and there is noise.
GATA, conspiracies, gold and silver manipulation, Bill Murphy, Ted Butler and all of the cliptocurrencies are noise. Nothing they say will ever put a penny in your pocket unless it is by accident. There is no time in history where any of them issued both an accurate buy signal and a sell signal that was based on either facts or logic. You can howl at the moon all you wish about how Crimex is stealing but all you are doing is whining.
You can’t make money from noise. Saying that gold and silver are manipulated is akin to saying the sun rises in the east. All financial markets are manipulated and always will be.
Signal on the other hand is based on both facts and logic. If you will bother learning the basics and have any ability to think for yourself you can make a lot of money from the chumps whining about Bitcon and Crimex. I go into it in detail in my two investment books and if you haven’t read them, it means you are the chump that my readers and I will profit by your stupidity.
I did an interview on September 1st and talked about silver. Silver touched $17.56 as the low.
(Click on images to enlarge)
Fast-forward three months and now we had silver at $21.66 on November 24th where it touched a high of $21.66. Between September 1st and November 24th silver climbed 23%. That’s a great move and silver is even higher today but I wanted to show the November 24th price for a reason that I will get into.
I said a month before silver and gold hit their lows that it was coming. I nailed the bottom in silver; gold drifted lower for another four weeks but clearly bottomed on September 28th. For three months I have been trying to convince my readers that low prices are an opportunity. How much simpler can it get?
Stocks go up and down.
When they are cheap you should buy and when they are dear you should sell. It’s in the frigging books. The only people I know who make money on a consistent basis are contrarians. All you have to do is determine what the mob is doing and do the opposite. It is so simple most people can’t come to grips with the concept. Measure the sentiment. When everyone is bullish, you should sell. When everyone is bearish, you should buy. Low prices are not a problem, they are an opportunity.
My favorite sentiment indicator is the DSI that happens to be on sale until December 15th. As valuable as it is, there are other sentiment indicators that may provide other information. I like the $BPGDM chart of the Gold Miners Bullish Percentage Index. It gave a clear signal of a bottom at the end of September just in time to nail the low in gold.
Another signal that I observe but rarely see a clear and convincing signal is the Premium/Discount chart of the Sprott Physical Silver Trust. I used that chart in 2011 to pick the top in silver to the day and when I looked at it recently I saw something very exciting. If you look at the two-year chart it seems that just recently the PSLV is selling at the biggest discount in over two years. In other words the traders in PSLV were highly bearish.
On November 25th the PSLV was selling at the biggest discount, 5.12% since the crash of 2020. Do you remember what silver did after that signal in March of 2020 during the Covid fiasco crash? It went from well under $12 an ounce to almost $30 in the next eleven months. That’s a 150% gain in silver. You almost never see those kinds of moves in the metals. The PSLV is giving a similar signal today but from $17.56.
The low point on that chart is November 25th.
There are few people I track the predictions of mainly because I don’t want to confuse myself. But one of the people I have a ton of time for is Tom McClellan of The McClellan Report. Here is part of what he said just yesterday.
December 01, 2022
Gold prices have moved up by almost $200 off of the October lows. Ordinarily that would bring a response by investors to start buying into GLD and IAU, the big gold bullion ETFs. But they are not doing that (yet), and that is really interesting.
The normal behavior by investors is to buy into these ETFs when gold is rising, and sell out of them when gold prices fall. Extremes of either buying or selling can be useful indications of a sentiment extreme, worthy of a top or bottom for prices. That is how things normally work. . . .
Given the big jump in gold prices since October, we should expect that public sentiment toward gold should be turning more bullish, but it is not. Investors are still avoiding these ETFs, which means that their bearishness is more firmly rooted. That is actually bullish for gold prices, because to get a top for gold prices we would expect to see investors clamoring to get into gold. They are not at that point yet, which conveys the message that gold is going to have to trend higher for a lot longer to get sentiment to change.
I did find it exceptionally interesting that one of the smartest people I know has come to exactly the same conclusion I have. If you would like to fund your retirement you can do that in the near future. You merely need to learn to think for yourself and understand how contrarian investing works. Figure out what the mob is up to and do the opposite. It’s that easy.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
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, British Columbia–(Newsfile Corp. – November 30, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce it has recently completed rock chip sampling and other field work at its Eldorado property in Eastern Oregon. Sampling focused on areas that had exposures of available rock for sampling in areas of significant soil cover. In addition, the Company is also in the process of reviewing, compiling and evaluating all previous historic sampling programs at Eldorado including soil sampling, rock chip sampling, trench sampling and drill hole sampling.
The Eldorado area has been the focus of considerable historic placer mining and modern era exploration by at least five mining companies. All this activity is extensive, and evidence of both placer mining and drilling / trenching remains in every corner of the property. The attached Figure below shows a seamed 1998 aerial photograph over recent satellite imagery which validates the considerable work that has been done to date on the property.
Figure 1 – Shows a Seamed 1998 Aerial Photograph Over Recent Satellite Imagery
The Company’s current field work has focused on collecting 38 rock outcrop samples to assess gold and silver values over a broad area to both confirm anomalies previously identified by past operators and to give the Company its own data base of surface sampling results. The new sampling along with integration of historic rock chip assays, trenching assays and soil auger assays should help define the full potential of the project. This work should better define the project’s footprint and will provide valuable guidance in planning future drill programs once fully permitted.
The Company has in its possession, a large amount of historic assay information that was obtained from several of the past operators, which includes rock chip samples, 43 trenches and 1,081 auger soil samples. These samples, along with results from our current sampling and “top of bedrock” assay samples from the drill holes, will provide a significant gold anomaly map to be used for future drilling.
Cross-section studies of the historic drill holes have identified areas within the historically identified gold system that were missed by the historic drilling. Confirmation drilling of these areas could add mineralized tonnage to the overall gold inventory. Some of the outcrop sampling is focusing on these untested areas.
Additionally, rock outcrops are not abundant on the property, which is mostly covered by soil. The outcrops that have been sampled are all strongly altered. Provenance believes these exposures may represent extensions of the mineral system and sampling these outcrops should verify that interpretation.
The Company expects assay results from this program in the coming weeks and completion of the full assay compilation will be released to the public as it becomes available.
Rauno Perttu, Provenance Chairman said, “I look forward to drilling to confirm the historic work, and also to begin to expand the size and likely the grade of the system. With in-fill drilling and deeper drilling, I believe we can significantly increase the magnitude of the system.”
“Eldorado already holds a significant historical inventory of gold as calculated by a reputable engineering firm in 1990,” stated Steve Craig, project manager. “We believe we will be ready to drill with target confidence in 2023 following our extensive compilation and evaluation of all of the historic data that the Company has in its possession.”
Qualified Person
Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.
On behalf of the Board, Provenance Gold Corp. Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Joining us for a conversation is Ari Sussman of Collective Mining, Colombia’s Most Exciting Exploration Company. Collective Mining has just announced another significant development coming from the flagship Guayabales Project. Today’s discussion will focus on the Main Breccia at the Apollo Target which is delivering High Grade along with some remarkable continuity with a new Strike of 385 Meters, Width at 350 Meters, and Vertical 825 Meters!
In this video, we’ll be highlighting Collective Mining and their recent Breccia expansion at the Apollo Target. Collective Mining is becoming a front runner in the junior mining space with their flagship Guayables Project,
Collective Mining: Rapidly advancing, large scale gold-copper-silver-moly porphyry and breccia targets with related high-grade vein systems in the mining-friendly department of Caldas in Colombia
Collective Mining’s two projects the Guayabales (Flagship) and the San Antonio (Secondary) are situated in Marmato, an underexplored yet multi-million ounce, high-grade gold and silver district located in the Middle Cauca belt in Colombia. With six out of eleven targets drilled, the Company has made three promising grassroot discoveries to date and is awaiting assay results on a potential fourth discovery. Drilling activity continues at a brisk pace with a 20,000+ metre drill program in 2022.
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