VANCOUVER, BC / ACCESSWIRE / October 10, 2022 / Metallic Minerals Corp. (TSX.V:MMG; OTCQB:MMNGF) (“Metallic” or the “Company”) is pleased to announce the Company will be presenting at the Emerging Growth Conference on October 12th, 2022 at 9:00am PT (12:00pm ET).
Metallic Minerals Corp., Monday, October 10, 2022, Press release picture
This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with CEO, Greg Johnson, who will discuss global and domestic metals markets, provide an overview of our key projects and upcoming catalysts and participate in a live Q&A session.
Metallic Minerals CEO, Greg Johnson, commented, “We are very pleased to be participating in our first Emerging Growth event and, against the backdrop of recently rebounding metals strength, feel this is excellent timing to introduce investors to the mining sector, the opportunities that abound and the value potential of Metallic Minerals as a precious and base metals explorer with exceptional assets. In 2022, we conducted exploration and drill campaigns at both our high-grade Keno Silver project adjacent to Hecla Mining in Yukon, Canada and our La Plata copper-silver-gold project in Colorado, USA. Results from both are pending receipt of assays and we anticipate news flow in that regard to commence soon.”
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner. Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Hecla_Mining%253BLa_Plata%253BCompany%253BMineral%253BKeno_City%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25227cad23d4-6755-3b0f-9a16-c008e5359400%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
About Metallic Minerals
Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco in September 2022. In April 2022, Metallic announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
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.
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In this article
There’s a global migration underway in the gold market, as western investors dump bullion while Asian buyers take advantage of a tumbling price to snap up cheap jewelry and bars.
Rising rates that make gold less attractive as an investment mean that large volumes of metal are being drawn out of vaults in financial centers like New York and heading east to meet demand in Shanghai’s gold market or Istanbul’s Grand Bazaar.
In fact, it can’t move fast enough.
Logistical issues combined with quirks of the market are making it difficult for traders to get enough bullion where it’s wanted. As a result, gold and silver are selling at unusually large premiums over the global benchmark price in some Asian markets.
“The incentive to hold gold is a lot lower. It’s going from west to east now,” said Joseph Stefans, head of trading at MKS PAMP SA, a gold refining and trading firm. “We are trying to keep up as best we can.”
Gold items displayed in the window of a jewelry shop inside the Grand Bazaar in Istanbul, Turkey.Photographer: Nicole Tung/Bloomberg
The rotation of metal around the world is part of a gold-market cycle that has repeated for decades: when investors retreat and prices drop, Asian buying picks up and precious metals flow east — helping to put a floor on the gold price during times of weakness.Sponsored ContentWomen are Finding Their Voices in Financial PlanningFirst Horizon Bank
Then, when gold eventually rallies again, much of it returns to sit in bank vaults beneath the streets of New York, London and Zurich.
Since peaking in March, gold prices have tumbled 18% as the Federal Reserve’s aggressive rate hikes caused mass liquidation by financial investors.
More than 527 tons of gold has poured out of New York and London vaults that back the two biggest Western markets since the end of April, according to data from the CME Group Inc. and London Bullion Market Association.
At the same time, shipments are rising into big Asian gold consumers like China, whose imports hit a four-year high in August.
Gold Flows East
Asia has net-imported gold from the West since Aprilhttps://www.bloomberg.com/toaster/v2/charts/8e101e907831c2855279f794770d9a13.html?brand=business&webTheme=default&web=true&hideTitles=true
Source: Swiss Federal Customs Administration
Note: Data shows net-imports from Switzerland from May to August
While plenty of gold is heading east, it’s still not enough to meet demand. Gold in Dubai and Istanbul or on the Shanghai Gold Exchange has traded at multi-year premiums to the London benchmark in recent weeks, according to MKS PAMP — a sign that buying is outstripping imports.
“Demand typically picks up when prices fall,” said Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights Ltd. “Buyers want to source metal at the lower price and in the local physical market in question there may not be sufficient metal available when the price falls, so the local premium increases.”
Gold in Thailand is also trading at a premium to London prices, due to a lack of supply and weakness in the local currency, according to Jitti Tangsithpakdi, the president of Thailand’s Gold Traders Association.
In India, it is silver that is seeing big premiums. The differential has soared recently to $1, more than triple the usual level, according to consultancy Metals Focus Ltd.
“Right now the demand for silver is huge as traders restock,” said Chirag Sheth, the firm’s principal consultant in Mumbai. “Premiums could remain elevated during the festival season that concludes with Diwali.”
Analysts say that much of the precious metals feeding Asia’s appetite is coming out of vaults run by CME Group, which back the Comex futures market in New York.
Market dislocations early in the pandemic drove a massive surge in prices there, forcing banks to build large stockpiles to cover their futures positions. In recent months gold has traded at a discount on the Comex compared to London, and those inventories are now being drawn down to meet Asian demand.
However, it can be slow going, partly because Asian buyers tend to prefer one-kilogram bars over larger sizes. To fill a standard shipment box of 25 kg of gold, physical traders must take delivery of multiple Comex gold futures, often backed by bullion in different warehouses.
Traders say they are facing other logistical challenges as well, which are contributing to the high Asian premiums.
“Getting stuff on boats or on planes is a bit harder than it used to be,” said MKS PAMP’s Stefans. “It’s really just a classic example of demand far out-pacing supply.”
— With assistance by Swansy Afonso, Suttinee Yuvejwattana and Masumi Suga
North Vancouver, British Columbia–(Newsfile Corp. – October 4, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce assay results from recent wide-diameter (PQ) core drilled for metallurgical test work at its Tuvatu Gold Project in Fiji.
These results complement the excellent results obtained by the infill drill program completed earlier this year and reported on February 23, 2022 (Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu – Lion One Metals). The additional results provided by the metallurgical drill program reported here will be applied to the ongoing remodelling of the Tuvatu orebody that will inform the resource update scheduled for Q1 2023. Results of the metallurgical study that will be based on the material provided by this drilling program will be reported as they are received.
Highlight intercepts include:
TUDDM-001 intersecting the URW1 mineralized vein:
14.96 g/t Au over 24.0m from 81.8-105.8m including:
– 105.19 g/t Au over 0.3m from 86.9-87.2m
– 18.67 g/t Au over 0.6m from 91.4-92.0m
– 19.43 g/t Au over 0.6m from 93.2-93.8m
– 26.59 g/t Au over 0.9m from 95.6-96.5m
– 14.80 g/t Au over 0.6m from 96.5-97.1m
– 23.43 g/t Au over 0.6m from 97.1-97.7m
– 13.63 g/t Au over 0.6m from 97.7-98.3m
– 33.76 g/t Au over 0.6m from 98.3-98.9m
– 22.36 g/t Au over 0.6m from 98.9-99.5m
– 6.04 g/t Au over 0.9m from 99.5-100.4m
– 78.64 g/t Au over 2.4m from 103.4-105.8m which includes:
– 9.44 g/t Au over 0.6m from 104.6-105.2m
– 297.70 g/t Au over 0.6m from 105.2-105.8m
TUDDM-003 intersecting the URW1 mineralized vein:
65.13 g/t Au over 3.2m from 78.8-82.0m including:
– 98.88 g/t Au over 2.1m from 78.8-80.9m which includes:
– 58.18 g/t Au over 0.3m from 78.8-79.1m
– 624.81 g/t Au over 0.3m from 79.1-79.4m
23.27 g/t Au over 3.3m from 118.9-122.2m including
– 50.67 g/t Au over 1.5m from 118.9-120.4m which includes:
– 19.49 g/t Au over 0.9m from 118.9-119.8m
– 97.45 g/t Au over 0.6m from 119.8-120.4m
TUDDM-004 intersecting the SKL and URW1 mineralized veins:
260.44 g/t Au over 0.3m from 55.7-56.0m
213.52 g/t Au over 0.9m from 56.6-57.5m
40.08 g/t Au over 0.9m from 78.2-79.1m
10.03 g/t Au over 3.0m from 130.6-133.6m including:
– 59.82 g/t Au over 0.3m from 130.6-130.9m
– 11.39 g/t Au over 0.3m from 130.9-131.2m
– 13.64 g/t Au over 0.3m from 131.2-131.5m
TUDDM-005 intersecting the Murau (M) mineralized vein:
9.30 g/t Au over 5.4m from 127.7-133.1m including:
– 31.56 g/t Au over 0.6mfrom 128.9-129.5m
– 14.99 g/t Au over 1.2mfrom 129.5-130.7m
– 6.08 g/t Au over 0.9mfrom 132.2-133.1m
22.80g/t Au over 1.5m from 140.3-141.8m including:
– 9.55 g/t Au over 0.3m from 140.6-140.9m
– 10.54 g/t Au over 0.3m from 140.9-141.2m
– 58.59 g/t Au over 0.3m from 141.2-141.5m
– 32.03 g/t Au over 0.3m from 141.5-141.8m
TUDDM-006 intersecting the Murau (M) Lodes
9.87g/t Au over 3.9m from 141.8-145.7m including:
– 10.01g/t Au over 1.2mfrom 141.8-143.0m
– 13.74g/t Au over 0.6m from 143.3-143.9m
– 13.49g/t Au over 1.2m from 144.5-145.7m
All six metallurgical drill holes were drilled from surface using wide diameter PQ core (85mm) between June 6 and August 10, 2022. The purpose of the program was to collect samples from areas scheduled for mining in the first 3 years of development. These assays presented are a result of one eighth split core, with the remaining seven eighths being sent to Bureau Veritas metallurgical laboratory in Vancouver, Canada for test work to assist in the design of optimised recoveries. As this is a metallurgical program, the holes were designed to intersect some vein sets at an oblique angle in-order to maximise mineralized sample recovery and as such, while drill widths does not necessarily represent true widths, the results provide information on the continuity of Au grades. The URW1 lode is interpreted to strike north-south and dip steeply east and has a true width of approximately 1 to 7 metres. The Murau lodes are interpreted to strike east-west with a moderate southerly dip with multiple lodes of true-width between 0.3 and 4 metres. The SKL lodes are dip subhorizontally, with true-widths of between 0.3 and 1 metre.
Lion One CEO Walter Berukoff commented, “These latest results underscore the continuous, high-grade nature of the mineralization at Tuvatu. Each batch of drill results adds enormous value to the project in both addition of ounces to the total metal budget as well as clarification of important upside potential.”
Figure 1. Image from Leapfrog software long-section view west showing select results from metallurgical drilling campaign. The Murau (red) and SKL lode (purple) orientations are projected on to section.
Figure 2. Image from Leapfrog software plan view showing select results from metallurgical drilling campaign. The general outline of the Murau (red) and SKL lode (purple) is projected onto the plan.
Table 1: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are shown in red, and intervals > 9.0 g/t Au or longer than 1.2m are bolded.
Hole ID
From (m)
To (m)
Interval
Metres
Lode
TUDDM-001
62.0
62.9
0.9
0.58
SKLW7
TUDDM-001
70.4
71.3
0.9
0.78
SKLW8
TUDDM-001
76.4
77.3
0.9
1.04
Undefined
TUDDM-001
79.4
80.6
1.2
1.56
SKLW12
TUDDM-001
81.8
105.8
24.0
14.96
URW1
Incl.
86.9
87.2
0.3
105.19
URW1
Incl.
91.4
92.0
0.6
18.67
URW1
Incl.
93.2
93.8
0.6
19.43
URW1
Incl.
95.6
96.5
0.9
26.59
URW1
Incl.
96.5
97.1
0.6
14.80
URW1
Incl.
97.1
97.7
0.6
23.43
URW1
Incl.
97.7
98.3
0.6
13.63
URW1
Incl.
98.3
98.9
0.6
33.76
URW1
Incl.
98.9
99.5
0.6
22.36
URW1
Incl.
99.5
100.4
0.9
6.04
URW1
Incl.
103.4
105.8
2.4
78.64
URW1
Which Incl.
104.6
105.2
0.6
9.44
URW1
and incl.
105.2
105.8
0.6
297.70
URW1
TUDDM-001
107.3
112.4
5.1
4.40
URW1
Incl.
107.3
107.9
0.6
17.00
URW1
Incl.
107.9
108.5
0.6
5.63
URW1
TUDDM-001
122.9
123.8
0.9
6.07
M7
Incl.
122.9
123.5
0.6
6.12
M7
Incl.
123.5
123.8
0.3
5.96
M7
TUDDM-002
11.5
19.4
7.9
0.93
ME1
TUDDM-002
23.0
23.3
0.3
2.93
ME1
TUDDM-002
24.8
26.6
1.8
1.31
ME1
TUDDM-002
28.7
29.0
0.3
1.11
ME1
TUDDM-002
30.8
36.2
5.4
3.29
SKLW6
Incl.
33.2
33.5
0.3
19.60
SKLW6
Incl.
33.5
34.1
0.6
6.03
SKLW6
TUDDM-002
40.1
41.0
0.9
1.45
SKLW7
TUDDM-002
47.6
48.2
0.6
1.55
SKLW8
TUDDM-002
51.2
51.5
0.3
14.26
SKLW9
TUDDM-002
55.1
55.7
0.6
0.84
SKLW9
TUDDM-002
59.0
59.6
0.6
3.71
SKLW9
Incl.
59.3
59.6
0.3
5.15
SKLW9
TUDDM-002
61.1
61.7
0.6
0.89
SKLW9
TUDDM-002
64.7
72.6
7.9
2.39
URW1
Incl.
65.6
66.2
0.6
6.76
URW1
Incl.
67.7
68.0
0.3
5.81
URW1
Incl.
69.8
70.1
0.3
5.14
URW1
TUDDM-002
75.3
75.6
0.3
1.66
M8
TUDDM-002
78.9
81.5
2.6
4.83
M8
Incl.
79.7
80.3
0.6
6.75
M8
Incl.
80.3
80.9
0.6
6.71
M8
TUDDM-002
84.2
86.3
2.1
4.24
M8
Incl.
84.2
84.5
0.3
11.91
M8
Incl.
84.5
84.8
0.3
7.41
M8
Incl.
84.8
85.1
0.3
5.17
M8
TUDDM-002
97.8
98.4
0.6
0.81
M9
TUDDM-002
101.1
101.7
0.6
1.71
M9
TUDDM-003
8.6
10.4
1.8
2.52
Undefined
Incl.
9.5
9.8
0.3
6.76
Undefined
TUDDM-003
12.2
13.1
0.9
0.73
Undefined
TUDDM-003
14.3
16.1
1.8
0.64
Undefined
TUDDM-003
17.6
17.9
0.3
0.82
Undefined
TUDDM-003
19.4
20.0
0.6
0.69
Undefined
TUDDM-003
23.6
23.9
0.3
1.43
Undefined
TUDDM-003
26.3
35.9
9.6
2.47
ME1
Incl.
31.7
32.0
0.3
6.79
ME1
Incl.
34.1
34.4
0.3
45.68
ME1
TUDDM-003
37.1
42.3
5.2
0.61
SKLW6
TUDDM-003
45.6
47.1
1.5
0.89
SKLW8
TUDDM-003
49.1
49.7
0.6
2.34
SKLW8
TUDDM-003
50.9
55.1
4.2
2.84
SKLW9
Incl.
51.5
51.8
0.3
5.16
SKLW9
Incl.
54.2
54.5
0.3
7.39
SKLW9
TUDDM-003
65.9
67.4
1.5
0.65
SKLW9
TUDDM-003
71.0
73.4
2.4
9.74
URW1
Incl.
71.6
72.2
0.6
5.00
URW1
Incl.
72.2
72.8
0.6
14.41
URW1
Incl.
72.8
73.4
0.6
16.77
URW1
TUDDM-003
78.8
82.0
3.2
65.13
URW1
Which Incl.
78.8
80.9
2.1
98.88
URW1
Incl.
78.8
79.1
0.3
58.18
URW1
Incl.
79.1
79.4
0.3
624.81
URW1
Incl.
79.4
79.7
0.3
6.20
URW1
TUDDM-003
91.9
93.1
1.2
1.00
URW1
TUDDM-003
95.2
98.9
3.7
4.89
M4
Incl.
95.2
95.8
0.6
12.44
M4
Incl.
97.6
97.9
0.3
18.60
M4
TUDDM-003
101.0
106.4
5.4
4.17
M5
Incl.
101.0
102.2
1.2
9.01
M5
Incl.
103.1
103.7
0.6
10.33
M5
Incl.
103.7
104.3
0.6
5.52
M5
TUDDM-003
118.9
122.2
3.3
23.29
M7
Which Incl.
118.9
120.4
1.5
50.67
M7
Incl.
118.9
119.8
0.9
19.49
M7
Incl.
119.8
120.4
0.6
97.45
M7
TUDDM-003
132.1
133.3
1.2
1.13
M7
TUDDM-004
8.6
8.9
0.3
1.22
M7
TUDDM-004
10.1
10.7
0.6
0.71
M7
TUDDM-004
12.5
16.7
4.2
0.42
M7
TUDDM-004
17.9
18.2
0.3
2.19
M7
TUDDM-004
19.4
22.1
2.7
1.85
M7
Incl.
19.7
20.0
0.3
6.95
M7
TUDDM-004
23.3
23.9
0.6
0.99
M7
TUDDM-004
26
29.6
3.6
0.78
ME1
TUDDM-004
31.1
36.8
5.7
1.11
ME1
TUDDM-004
38.6
39.8
1.2
0.77
Undefined
TUDDM-004
43.4
44.0
0.6
0.56
SKLW6
TUDDM-004
55.7
56.0
0.3
260.44
SKLW8
TUDDM-004
56.6
57.5
0.9
213.52
SKLW8
TUDDM-004
64.7
68.6
3.9
0.85
Undefined
TUDDM-004
78.2
79.1
0.9
40.08
SKLW10
TUDDM-004
83.0
83.9
0.9
1.40
Undefined
TUDDM-004
85.7
86.9
1.2
21.10
SKLW11
Incl.
86
86.9
0.9
26.72
SKLW11
TUDDM-004
89.6
92.3
2.7
3.13
Undefined SKL
Incl.
91.7
92.0
0.3
10.05
Undefined SKL
Incl.
92.0
92.3
0.3
11.03
Undefined SKL
TUDDM-004
95.9
101.2
5.3
4.13
Undefined SKL
Incl.
96.4
97.0
0.6
9.28
Undefined SKL
Incl.
97.0
97.6
0.6
6.87
Undefined SKL
Incl.
100.6
101.2
0.6
7.30
Undefined SKL
TUDDM-004
112.9
114.4
1.5
14.14
Undefined SKL
Incl.
112.9
113.2
0.3
22.61
Undefined SKL
Incl.
113.2
113.5
0.3
11.88
Undefined SKL
Incl.
113.5
114.4
0.9
12.07
Undefined SKL
TUDDM-004
116.2
117.4
1.2
0.95
Undefined SKL
TUDDM-004
121.6
122.5
0.9
4.02
Undefined SKL
TUDDM-004
124.9
125.5
0.6
6.02
URW1
Incl.
125.2
125.5
0.3
11.51
URW1
TUDDM-004
128.5
129.1
0.6
1.09
URW1
TUDDM-004
130.6
133.6
3.0
10.03
URW1
Incl.
130.6
130.9
0.3
59.82
URW1
Incl.
130.9
131.2
0.3
11.39
URW1
Incl.
131.2
131.5
0.3
13.64
URW1
TUDDM-004
136.3
136.9
0.6
2.80
URW1
TUDDM-004
153.0
153.6
0.6
9.79
URW1
TUDDM-005
74.3
79.7
5.4
1.69
M1
Incl.
77.3
77.6
0.3
11.66
M1
TUDDM-005
80.9
83.0
2.1
5.89
M2
TUDDM-005
85.7
86.9
1.2
1.85
M3
TUDDM-005
105.5
106.4
0.9
8.84
M4
TUDDM-005
123.8
126.5
2.7
10.98
M8
Incl.
124.4
124.7
0.3
8.51
M8
Incl.
125.9
126.2
0.3
64.21
M8
Incl.
126.2
126.5
0.3
18.15
M8
TUDDM-005
127.7
133.1
5.4
9.30
M8
Incl.
128.9
129.5
0.6
31.56
M8
Incl.
129.5
130.7
1.2
14.99
M8
Incl.
132.2
133.1
0.9
6.08
M8
TUDDM-005
136.7
139.1
2.4
11.50
M9
Incl.
138.2
138.5
0.3
50.06
M9
Incl.
138.5
138.8
0.3
16.66
M9
Incl.
138.8
139.1
0.3
10.14
M9
TUDDM-005
140.3
141.8
1.5
22.80
M10
Incl.
140.6
140.9
0.3
9.55
M10
Incl.
140.9
141.2
0.3
10.54
M10
Incl.
141.2
141.5
0.3
58.59
M10
Incl.
141.5
141.8
0.3
32.03
M10
TUDDM-006
56.3
56.6
0.3
0.53
M10
TUDDM-006
93.2
95.6
2.4
4.20
M3
Incl.
94.4
95.6
1.2
6.30
M3
TUDDM-006
98.9
99.5
0.6
9.06
M4
Incl.
99.2
99.5
0.3
15.96
M4
TUDDM-006
113.9
114.8
0.9
3.39
M5
TUDDM-006
136.7
138.5
1.8
3.64
M8
Incl.
137.3
138.5
1.2
5.12
M8
TUDDM-006
141.8
145.7
3.9
9.87
M9
Incl.
141.8
143.0
1.2
10.01
M9
Incl.
143.3
143.9
0.6
13.74
M9
Incl.
144.5
145.7
1.2
13.49
M9
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
E
N
m
(TN)
TUDDM-001
1876337
3920739
227.2
151.4
-90
–
TUDDM-002
1876348
3920796
209.5
112.4
-76
219
TUDDM-003
1876350
3920793
206.7
159.4
-59
197
TUDDM-004
1876352
3920798
209.7
154.2
-59
180
TUDDM-005
1876335
3920737
227.3
173.6
-69
304
TUDDM-006
1876335
3920738
227.2
180.1
-59
302
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 analysed 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-analysed 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 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.
Vancouver, British Columbia–(Newsfile Corp. – October 3, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF)(“Dolly Varden”) and Fury Gold Mines Ltd (“Fury”) are pleased to announce that Dolly Varden’s largest shareholder, Fury, with the approval and consent of Dolly Varden, has entered into an agreement to sell 17 million common shares at C$0.40 in the capital of the Dolly Varden (“Common Shares“), representing approximately 7.4% of the outstanding Common Shares, to a well known institutional investor (the “Transaction“).
Fury approached Dolly Varden about the sale of a portion of its Common Shares as a way for Fury to finance continued exploration at the Eau Claire and Éléonore South Joint Venture projects in Quebec and for general working capital. Following completion of the Transaction, Fury will continue to hold approximately 26% of the Common Shares and will be well capitalized for its upcoming exploration activities. While Dolly Varden will receive no proceeds from the Transaction, the company is pleased to be welcoming a new financial institutional investor.
Shawn Khunkhun, Chief Executive Officer of Dolly Varden said, “We are pleased to have been involved in discussions regarding the Transaction and to consent to the sale by Fury of a portion of its holdings in Dolly Varden to a new institutional investor for Dolly Varden. We believe the transaction is mutually beneficial for Dolly Varden and Fury as it brings another experienced institutional investor to Dolly Varden while providing Fury with funding for its Eau Claire and Éléonore South Joint Venture projects in Quebec. We consider Fury to be our partner in the exploration and development of the Company’s proposed Kitsault Valley Project, and we are happy to be able to support a transaction that benefits both companies.”
Tim Clark, CEO and Director of Fury, added, “We would like to thank Dolly Varden for the support on this mutually beneficial transaction. We view this as a prudent and strategic joint decision that will provide capitalization for Fury’s exciting potential at its Eau Claire and Éléonore South Joint Venture projects, and also add a significant institutional investor to Dolly Varden’s current share ownership. Going forward, Fury is still the largest investor in Dolly Varden at 26% and we remain confident in both their management team and projects. We believe that success in this industry is about working well with your partners and are thrilled about the opportunities ahead for both companies.”
Fury acquired the Common Shares of Dolly Varden in February 2022 when Dolly Varden acquired, through the acquisition of Fury’s wholly-owned subsidiary Homestake Resource Corporation, a 100% interest in the Homestake Ridge gold-silver project (the “Homestake Ridge Project“), located adjacent to the Dolly Varden Project in the Golden Triangle, British Columbia.
At that time, Dolly Varden and Fury also entered into an investor rights agreement (the “Investor Rights Agreement“) granting Fury certain board nomination and participation rights as well as providing for customary re-sale restrictions, voting and standstill conditions and a one-year hold period. Dolly Varden has provided its consent under the Investor Rights Agreement to the Transaction.
Dolly Varden understands that Fury intends to file a Form 45-102F1 Notice of Intention to Distribute Securities under Section 2.8 of National Instrument 45-102 – Resale of Securities later today to facilitate the sale. Closing of the Transaction is anticipated to occur on the business day following the expiry of the seven day notice period under NI 45-102. It is not anticipated that the purchaser will become a 10% or greater shareholder of Dolly Varden upon completion of the Transaction.
Upon completion of the Transaction, the ownership interest of Fury in Dolly Varden will be reduced from the current 76,504,590 Shares, representing 33% of the outstanding common shares of Dolly Varden, to 59,504,590 Dolly Varden Shares, representing 26% of the outstanding common shares of Dolly Varden. Fury will file an amendment to its current Early Warning Report on SEDAR to reflect its change in ownership position. Fury will continue to have two nominees on Dolly Varden’s board of directors under the Investor Rights Agreement following completion of the Transaction as Fury’s ownership will remain above the 20% level. Fury will continue to hold its shares in Dolly Varden for investment purposes and will evaluate its investment in Dolly Varden on ongoing basis and may increase or decrease its holdings in Dolly Varden in the future, subject to its rights and obligations under the Investor Rights Agreement, a copy of which has been filed under Fury’s and Dolly Varden’s SEDAR profile.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines 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. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is 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 Project also contains 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).
About Fury Gold Mines Limited
Fury Gold Mines Limited is a well financed Canadian-focused exploration company positioned in two prolific mining regions across the country and holds a 59.5 million common share position in Dolly Varden Silver Corp. Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.
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 intended closing of the Transaction, the use of proceeds from the Transaction by Fury and Fury’s intention to file certain regulatory forms.
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 annual information form (“AIF“) dated September 23, 2022 for the year ended December 31, 2021 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. – October 3, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), has been reimbursed for past taxes and fees with more than USD$500,000 of new mineral exploration and consolidation work completed to-date as per the option agreement announced in May 2022 with Hochschild Mining Corp. Exploration work at La Union Project (the “Project”) has returned gold (“Au”) values greater than two ounces per ton (“oz/t”), silver (“Ag”) values over 20 oz/t and up to six percent zinc (“Zn”) (see press release dated October 6, 2021). There are four primary drill targets that were defined from 2022 exploration programs, however Minera Hochschild Mexico SA de CV (“Hochschild”) has decided not to proceed with the option and further exploration spending at La Union for corporate strategy reasons.
Riverside’s President and CEO, John-Mark Staude, commented: “We appreciate the collaboration with Hochschild and the contributions in advancing La Union. The Project has clear exploration upside and while the timing doesn’t currently work to continue with this partnership, we still see an opportunity to create significant value at La Union and will integrate all of the data and evaluate new partnership opportunities in the near future.”
Riverside is now free to move ahead with seeking other partners for the 26 km sq project located in the favorable limestone carbonate replacement (CRD) belt of western Sonora, Mexico. The Union Project displays mineralized gold-silver-zinc-lead rich mantos (tabular bodies) hosted in the Precambrian limestone strata with mineralized chimneys cutting upward into the Cambrian limestone with a surrounding halo of alteration, dolomitization, and silicification. Furthermore, the previous mining activities did not treat sulfides at the time, providing another untested mineralization style for future drilling.
The latest exploration investment helped to define the main structural and lithological controls of the mineralization which is fundamental for successful exploration of the Union district. Technical work has defined NNW-oriented subvertical structures that acted as conducts for mineralizing fluids and which interacted with thick (> 200m) highly reactive carbonate host rocks (Caborca and Arpa Formations) delineating three main CRD target areas (Figure 1).
Target 1: This area displays a mineral and alteration footprint larger than 2 x 1.5 km, with new geochemistry yielding 7 – 10g/t Au, 170 – 279 g/t Ag and Zn ranging from 1.2 – 11.6 % (Figure 1).
Target 2: New surface geochemistry in this area returned 2.5 – 7 g/t Au, up to 73 g/t Ag and 3.2 % Zn.
Target 3: is close to la Famosa Mine where the previous sampling returned ~2 oz/t Au, ~26 oz/t Ag, and > 4% Zn (Oct 6, 2021, news release).
Newly completed regional and local structural geology has been aided through stratigraphic geologic work by the Company which provides a district-wide targeting cross-section that helps for planning future drilling as shown below.
Figure 1 – New geologic map and gold assay data from rock sampling defining primary target areas and property wide N-S cross section showing the mantos and chimneys in the Precambrian-Cambrian carbonate stratigraphy.
Exploration work completed to-date includes extensive field mapping, sampling, and geochemistry. The newly mapped and sampled areas show alteration features typical of CRD targets and particularly the gossan oxidation of potential sulfide bodies at shallow depths (<100m) that remain wide open for relatively low-risk, high-potential exploration. The Company has been able to link various units into the broader stratigraphic units of the Sierra El Viejo and overall Caborca Geologic Terrane, which had previous scientific investigations, but limited CRD drill testing so far sets up the project for immediate further exploration discovery. To that effect, a first phase of drilling could include 10 drillholes to test the continuity of the gossans and target areas along the NNW corridor shown in Figure 1 above. Therefore, the Project is now nicely set up for the next exploration steps, which could include geophysics and drilling, and the Company looks forward to exploring new partnership opportunities.
Qualified Person & QA/QC: The scientific and technical data contained in this news release pertaining to the La Union Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at the La Union Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC, Sept. 30, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (“Bravo” or the “Company“) today announced that it has qualified to trade on the OTCQX® Best Market and begins trading today on the OTCQX under the symbol “BRVMF”.
“Our Luanga Project, located in the prolific Carajás Mineral Province in Brazil is an emerging Tier 1 Palladium + Platinum + Rhodium + Gold + Nickel deposit”, said Luis Azevedo, Chairman and CEO of Bravo. “As a recently-listed company on the TSX Venture Exchange and with an aggressive drilling plan well underway, we felt it important to begin trading on the OTCQX in order to increase accessibility to U.S.-based retail and institutional investors.”
The OTC Markets Group Inc. (OTCQX: OTCM) offers developing Canadian companies the benefits of being publicly traded in the U.S. with lower cost and complexity than a U.S. exchange listing. Bravo believes that OTCQX’s streamlined market standards will enable Bravo to provide a strong baseline of transparency to inform and engage U.S. investors. To qualify for OTCQX, companies are required to meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Securities Law USA, PLLC acted as the Company’s OTCQX sponsor.
About Bravo Mining Corp.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, engagement with local communities, and ensuring protection of the environment during its exploration activities.
Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this Press release.
Disclosure regarding forward-looking statements
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. These risks and uncertainties could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
VANCOUVER, BC / ACCESSWIRE / October 3, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce the Company will be presenting at the Emerging Growth Metals Mining & Resource Conference on October 5th, 2022 at 8:15am PT (11:15am ET).
Stillwater Critical Minerals, Monday, October 3, 2022, Press release picture
This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with President and CEO, Michael Rowley, who will provide an overview of global and domestic markets for critical minerals and upcoming catalysts from America’s iconic Stillwater mining district where the Company is advancing the next phase of low-carbon critical mineral supply. Discussion will include a Q&A session.
The Company is further pleased to announce that President and CEO Michael Rowley will attend the New Orleans Investment Conference on October 12 – 15, 2022. Investors are invited to contact the Company to arrange to meet Mr. Rowley at the show.
Stillwater Critical Minerals President and CEO, Michael Rowley, commented “We are pleased to maintain a presence at select tradeshows in support of major upcoming catalysts as we advance world-class critical mineral supply from Montana’s Stillwater mining district. Chief among these is the updated resource estimate which remains on track for delivery later this year. In addition, we have made excellent progress on the integration of Platreef deposit models into our geologic models and look forward to providing a detailed update on this foundational work which will guide subsequent resource expansion work. We also look forward to reporting results from this years’ exploration campaigns and continued studies on carbon sequestration, as well as updates from Heritage Mining as they advance their earn-in at our Drayton-Black Lake gold project.”
“Although broader markets are challenging at present, the fundamentals remain very strong for our work advancing low-carbon, sulphide-hosted battery and precious metals in the US, with physical nickel supply at near-term lows and domestic demand – increasingly supported by US government incentives and initiatives – attaining new highs. Against this backdrop our ‘Platreef-in-Montana’ model, which is focused on large-scale domestic production of eight of the metals identified as critical for clean air and energy transmission and storage, is more relevant than ever.”
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner.
Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.
About New Orleans Investment Conference
The New Orleans Investment Conference is the one place where the world’s most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America’s most fascinating and entertaining city.
Speakers at the New Orleans Conference have included Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand, General H. Norman Schwarzkopf, Nobel Prize-winning economists Milton Friedman and F.A. Hayek, Dr. Henry Kissinger, Senator Barry Goldwater, Admiral Hyman Rickover, Louis Rukeyser, Sir John Templeton, Lord William Rees-Mogg, Charlton Heston, Jeane Kirkpatrick, Robert Bleiberg, Jack Kemp, William F. Buckley, General Colin Powell, Ron Paul and J. Peter Grace, among hundreds of other notables.
Founded in 1974 by legendary entrepreneur James U. Blanchard III, the Conference is now in its 47th consecutive year. It ranks as the preeminent gathering of private investors and attracts wealthy individuals from all 50 states and over 35 nations.
About Stillwater Critical Minerals
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With a robust debut mineral resource in 2021 and the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well-positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits defined by the Company in 2021 at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth. An updated NI 43-101 mineral resource is a priority objective for 2022.
Stillwater Critical Minerals also holds the high-grade Drayton-Black Lake gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company is looking to similarly monetize its district-scale Kluane PGE-Ni-Cu-Co project, which is on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, as part of its focus on Stillwater West.
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.
Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.
Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.
Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).
The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.
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VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report positive initial results from a mineralogical assessment of historical drill core from the Upper Eureka Zone (“UEZ”) and Core Eureka Zone (“CEZ”) at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) –cobalt (Co) – platinum group elements (PGE) prospects. The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014.
Highlights from the mineralogical assessment include:
94% of the nickel within the CEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
72% of the copper within the CEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
80% of the nickel within the UEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
75% of the copper within the UEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
Millrock President and CEO Gregory Beischer commented: “These are encouraging results! For large tonnage – low-grade deposits, it is crucial that potential recovery rates of the valuable metals are well understood. This first-pass work shows that much of the nickel and copper is in mineral form that allows strong recoveries with common processing methods.”
Methodology – Metal Content Two composite samples from hole FL-003 were created for the UEZ and CEZ. Each composite was comprised of six quarter-core sample intervals spread across the mineralized zones. The anticipated metals content for each of the composited samples was calculated using historical assays from the work done by INCO in 1997 (Table 1). Historical logging and sampling of the INCO drill core was done under the direct supervision of Gregory Beischer, the qualified person responsible for the contents of this disclosure. Historical assays were performed at Chemex, Inc. in Reno, Nevada. Chemical analysis of the composites for this study were completed prior to the mineralogical study to validate the historical assay results completed by INCO (Table 1). Concentrations determined by INCO and by Millrock were found to be similar.
Table 1. Sample intervals, historical grades, calculated composite grades, and actual assay results from mineralogical study for selected samples from hole FL-003 to create composites for the CEZ and UEZ.
Composite 1 – Core Eureka Zone (CEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536263
FL-003
758
763
1900
1800
290
164
105
10
FX536264
FL-003
763
768
1900
1870
260
162
80
14
FX536270
FL-003
793
798
2500
1270
220
164
80
10
FX536274
FL-003
813
818
3000
1560
240
206
80
52
FX536277
FL-003
828
833
2300
820
180
118
50
16
FX536281
FL-003
848
853
3200
1460
210
132
50
24
CEZ Calculated Grade (Historic Assays)
0.25
0.14
0.02
0.157
0.072
0.023
New Assays Results from Composite Samples
0.25
0.16
0.02
0.173
0.043
0.068
Composite 2 – Upper Eureka Zone (UEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536768
FL-003
257
262
1690
385
141
82
42.5
2
FX536772
FL-003
283
288
1500
340
120
71
33
2
FX536084
FL-003
347
350
2397
938
146
128
55
14
FX536086
FL-003
400
405
2636
918
154
132
65
16
FX536798
FL-003
415
420
1975
630
133
83
36
12
FX536253
FL-003
708
713
2000
940
220
146
70
24
UEZ Calculated Grade (Historic Assays)
0.20
0.07
0.02
0.104
0.049
0.009
New Assays Results from Composite Samples
0.23
0.06
0.02
0.135
0.031
0.095
Methodology Mineralogical Study The mineral processing work was completed by the Bureau Veritas Metallurgical Laboratory in Richmond, British Columbia, Canada. The individual composites were ground to ~125µm following standard grind calibration procedures. The ground composites were sized using wet screens and a cyclone sizer, and then sized into four fractions for chemical analysis and QEMSCAN analysis. QEMSCAN Particle Mineral Analysis was conducted on each size fraction of the sized composites to determine nickel and copper deportment and fragmentation characteristics.
Initial Mineralogical Study Results Nickel sulfide and nickel alloys accounted for ~94% of the total nickel within the CEZ composite sample (only 5.1% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~92% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.68% by weight. The remaining potentially recoverable nickel was in the nickel alloys and nickel metal, which accounted for ~2% of the total nickel. Sulfur is higher in the CEZ (1.32%) and there is an increased amount of pyrrhotite (1.78% by weight). Interlocking between pentlandite and pyrrhotite was rarely observed, which will be favorable to the pentlandite separation from pyrrhotite.
Nickel sulfide and nickel alloys accounted for ~80% of the total nickel within the UEZ composite sample (18.9% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~64% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.44% by weight. The remaining potentially recoverable nickel was in the form of nickel alloy and nickel metal, which accounted for ~16% of the total nickel. Sulfur is lower in the UEZ (0.49%), likely due to the decrease in pyrrhotite. These results are summarized in Table 2 below.
Table 2.Summary of Ni-Fe-S deportment of Eureka Zone composites
Nickel Deportment
CEZ
UEZ
Ni-Fe Sulfides
92.2
%
64.1
%
Ni-Fe Alloys
2.1
%
16.7
%
Sulfide-Hydroxide
0.6
%
0.3
%
Silicates (Olivine)
5.1
%
18.9
%
Total Potential Recoverable Nickel
94.3
%
80.8
%
% Ni from chemical analysis
0.25
%
0.23
%
% S from chemical analysis
1.32
%
0.49
%
Weight % pentlandite
0.68
%
0.44
%
Weight % pyrrhotite
1.78
%
0.55
%
Copper sulfides accounted for ~71% to 75% of the total copper within the CEZ and UEZ composites. Chalcopyrite is the dominant copper sulfide and accounts for ~67% to 71% of the copper in the composite samples. Bornite, chalcocite, cuprite, malachite, and azurite were also present, in the composite samples. The remainder of the copper (~24% to 28%) was present in valleriite (Cu-Fe-Mg sulphate). The copper sulfide contents were 0.31% by weight in the CEZ and 0.14% by weight in the UEZ. These results are summarized in Table 3 below.
Table 3.Summary of Cu-Fe-S deportment of Eureka Zone composites
Copper Deportment
CEZ
UEZ
Chalcopyrite
66.8
%
70.7
%
Bornite
1.0
%
1.7
%
Chalcocite/Covellite
3.5
%
2.9
%
Cuprite, Malachite, Azurite
1.1
%
0.2
%
Valleriite
27.5
%
24.5
%
Total Potential Recoverable Copper
72.4
%
75.5
%
% Cu from chemical analysis
0.16
%
0.07
%
Weight % Cu Sulfides
0.31
%
0.14
%
An additional composite sample from the Lower Eureka Zone (“LEZ”) has been submitted to Bureau Veritas to complete identical mineralogical analysis. Assay results from the LEZ were reported in the Millrock press release from September 26, 2022. The results of the third composite will be released when completed.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. Analysis methods used include MA270 – 4-acid digestion ICP-ES/MS Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. The Qualified Person is of the opinion that the results reported in this press release are reliable.
Qualified Person The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking information, including but not limited to execution of further deportment studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.”
Vancouver, British Columbia–(Newsfile Corp. – September 29, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for five holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
62m @ 1.49 g/t Au from 113m and
48.7m @ 1.29 g/t Au from 208.3m
11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041
28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
11.0m @ 3.45 g/t Au from 587.0m
9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
3.8m @ 6.98 g/t Au from 239.45m
President and CEO Brett Richards stated: “As we have been discussing for some time, the continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to further explore these high grade areas, as we continue with our program.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-041 and MMD-22-051.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells
Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-041
41.00
45.00
4.00
2.0
0.38
0.38
132.80
137.00
4.20
2.1
0.75
0.75
152.75
158.60
5.85
3.0
0.39
0.39
175.35
187.00
11.65
5.9
0.30
0.30
189.90
205.25
15.35
7.8
0.36
0.36
258.75
262.15
3.40
1.7
0.48
0.48
308.10
332.05
23.95
12.3
0.67
0.67
including
330.00
332.05
2.05
1.1
1.89
1.89
348.45
383.00
34.55
18.0
0.43
0.43
including
380.00
382.00
2.00
1.0
2.50
2.50
439.00
480.00
41.00
21.3
0.79
0.79
including
441.15
453.00
11.85
6.1
1.87
1.87
493.00
495.35
2.35
1.2
0.32
0.32
519.00
565.75
46.75
24.3
0.46
0.46
including
525.00
527.00
2.00
1.0
2.18
2.18
and
543.50
549.00
5.50
2.9
1.02
1.02
MMD-22-046
8.00
37.50
29.50
14.3
0.50
0.50
including
29.40
31.40
2.00
1.0
1.16
1.16
65.00
111.00
46.00
21.9
0.82
0.82
including
66.00
77.00
11.00
5.3
1.41
1.41
and
100.00
111.00
11.00
5.2
1.30
1.29
144.00
148.00
4.00
1.9
0.31
0.31
154.00
157.00
3.00
1.4
0.55
0.55
172.00
182.00
10.00
4.6
1.29
1.29
including
176.00
182.00
6.00
2.8
1.96
1.96
220.00
239.00
19.00
8.5
0.48
0.48
253.00
268.00
15.00
6.7
0.35
0.35
306.45
346.00
39.55
17.3
0.71
0.71
including
307.00
312.25
5.25
2.3
2.48
2.48
and
334.00
336.10
2.10
0.9
2.93
2.93
and
342.00
344.20
2.20
1.0
1.27
1.27
370.00
386.90
16.90
7.4
0.37
0.37
411.00
416.90
5.90
2.5
0.31
0.31
421.90
496.55
74.65
32.1
0.66
0.66
including
424.00
426.00
2.00
0.9
2.51
2.51
and
468.10
472.00
3.90
1.7
3.37
3.37
512.45
520.00
7.55
3.2
0.46
0.46
575.00
577.00
2.00
0.8
0.45
0.45
580.00
608.00
28.00
11.8
1.51
1.51
including
587.00
598.00
11.00
4.6
3.45
3.45
MMD-22-047
26.50
59.70
33.20
22.6
0.36
0.36
including
40.50
43.90
3.40
2.3
1.08
1.08
94.90
107.00
12.10
8.4
0.35
0.35
136.40
138.90
2.50
1.7
0.30
0.30
141.90
204.90
63.00
43.8
0.37
0.37
including
172.20
175.05
2.85
2.0
1.12
1.12
239.90
242.75
2.85
2.0
1.09
1.09
including
240.65
242.75
2.10
1.5
1.29
1.29
282.55
333.90
51.35
36.9
0.73
0.73
including
282.55
292.30
9.75
7.0
1.78
1.78
363.90
366.20
2.30
1.7
0.52
0.52
371.80
375.60
3.80
2.8
0.36
0.36
398.90
407.70
8.80
6.4
0.54
0.54
580.00
582.70
2.70
2.1
0.34
0.34
MMD-22-049
20.00
47.00
27.00
13.8
0.59
0.59
68.25
91.00
22.75
11.6
0.48
0.48
140.00
142.00
2.00
1.0
0.35
0.35
166.00
193.00
27.00
13.7
0.44
0.44
209.00
243.25
34.25
17.7
1.03
1.03
including
217.95
220.00
2.05
1.1
2.09
2.09
and
239.45
243.25
3.80
2.0
6.98
6.98
254.35
279.70
25.35
13.2
0.66
0.66
including
254.80
260.65
5.85
3.1
2.07
2.07
290.75
318.00
27.25
14.1
0.50
0.50
353.00
410.00
57.00
29.4
0.51
0.51
434.00
436.00
2.00
1.1
0.54
0.54
468.50
471.40
2.90
1.6
0.31
0.31
518.00
523.00
5.00
2.8
0.38
0.38
572.00
575.30
3.30
1.9
0.53
0.53
640.70
642.90
2.20
1.3
0.59
0.59
MMD-22-051
44.85
55.60
10.75
7.9
0.35
0.35
94.45
287.20
192.75
149.1
1.02
1.02
including
94.45
97.00
2.55
1.9
1.08
1.08
and
113.00
175.00
62.00
48.0
1.49
1.49
and
188.00
191.80
3.80
2.9
1.59
1.59
and
208.30
257.00
48.70
37.7
1.29
1.29
Intersections calculated above at 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-041
668,784
5,379,185
436
154°
-61°
606.0
MMD-22-046
668,865
5,379,218
435
156°
-61°
609.1
MMD-22-047
669,155
5,379,424
429
153°
-47°
602.05
MMD-22-049
668,953
5,379,245
428
155°
-60°
666.05
MMD-22-051
668,704
5,379,104
434
154°
-45°
293.0
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for five holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 41.0m @ 0.79 g/t Au from 439.0m depth and 46.75m @ 0.46 g/t Au from 519.0m in MMD-22-041; 88.0m @ 0.48 g/t Au from 388.0m in MMD-22-042; 46.0m @ 0.82 g/t Au from 65.0m, 39.55m @ 0.71 g/t Au from 306.45m and 74.65m @ 0.66 g/t Au from 421.9m in MMD-22-046; 63.0m @ 0.37 g/t Au from 141.9m and 51.35m @ 0.73 g/t Au from 282.55m in MMD-22-047; and 57.0m @ 0.51 g/t Au from 353.0m in MMD-22-049. The long intercept in MMD-22-051 of 192.75m @ 1.02 g/t Au from 94.45m is similar but higher grade.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051) and several narrow high-grade intervals, including 1.0m @ 9.14 g/t Au from 449.0m depth in MMD-22-041; 1.0m @ 12.7 g/t Au from 441.0m, 0.9m @ 9.99 g/t Au from 468.1m and 1.0m @ 16.6 g/t Au from 587.0m in MMD-22-046; 0.85m @ 5.93 g/t Au from 290.7m in MMD-22-047; 0.45m @ 8.22 g/t Au from 30.55m, 0.75m @ 12.0 g/t Au from 421.25m, 0.55m @ 9.93 g/t Au from 306.95m and 0.65m @ 15.1 g/t Au from 365.35m in MMD-22-049; and 1.0m @ 14.0 g/t Au from 159.0m and 1.0m @ 10.6 g/t Au from 256.0m in MMD-22-051.
Geological modelling of the altered diorite host rock and anastomosing shear network has progressed faster than anticipated and is nearly complete. The new model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which we expect will provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm our contention that there are coherent zones of +1 g/t Au gold mineralization with a “sea” of low grade mineralization that should allow for the generation of a smaller, higher-grade resource at the Moss Lake Project. Drilling around these higher grade zones continues.”
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome 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.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
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; and the impact of COVID-19.
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