Category: Precious Metals

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Junior Mining Precious Metals

Goldshore Closes Non-Brokered Private Placement of $3.75 Million

Vancouver, British Columbia–(Newsfile Corp. – November 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce that it has closed its previously announced private placement (the “Private Placement“), for aggregate gross proceeds of $3.75 million. The Company issued the following securities:

(i) 37,500,000 units of the Company (“Units“) at a price of $0.10 per Unit. Each Unit consists of one common share (each, a “Common Share“) and one common share purchase warrant (each whole warrant, a “Warrant“); and

(ii) Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share“) at an exercise price of $0.13 per Warrant Share for the next thirty-six (36) months until November 17, 2026.

The net proceeds from the Private Placement will be used to continue to advance the Moss Gold Project through development of a new resource model and a new mineral resource estimation; in addition to continuing the engineering and metallurgical studies being done on various leach methodologies (including heap leach) and ultimately factoring this new information into a preliminary economic assessment, along with working capital and general corporate purposes.

In connection with the Private Placement, the Company paid a finder’s fee of 1,008,000 Units to Eventus Capital Corp. There were no cash finder’s fees paid in connection with the Private Placement.

The securities issued pursuant to the Private Placement, and any Common Shares issued on exercise of Warrants, are subject to a four-month and one day hold period under applicable securities laws in Canada and TSX Venture Exchange (“TSXV“) hold period, as applicable, expiring on March 18, 2024.

Certain directors and officers of the Company have participated in the Private Placement. Brett A. Richards, a director and officer of the Company, subscribed for 900,000 Units; Marlis Yassin, an officer of the Company, subscribed for 100,000 Units; Victor Cantore, a director of the Company, subscribed for 750,000 Units; Shawn Khunkhun, a director of the Company, subscribed indirectly for 250,000 Units; Joanna Pearson, a director of the Company, subscribed for 100,000 Units; and Peter Flindell, an officer of the Company, subscribed for 300,000 Units (collectively, the “Related Party Participation“). The Related Party Participation constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Pursuant to sections 5.5(a) and 5.7(1)(a), the Company is exempt from obtaining a formal valuation and minority approval of the Company’s shareholders in respect of the Related Party Participation due the fair market value of the Related Party Participation being below 25% of the Company’s market capitalization for the purposes of MI 61-101.

The Company will file a material change report in respect of closing of the Private Placement. However, the material change report will be filed less than 21 days prior to the closing of the Private Placement, which is consistent with market practice and the Company deems reasonable in the circumstances.

Issuance of RSUs

The Company has also issued 600,000 restricted share units (“RSUs“) to Kyle Hickey, a director of the Company. The RSUs will fully vest on November 17, 2024, one year from the date of grant. Once vested, each RSU represents the right to receive one Common Share, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders of the Company at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan prior to approval of the Plan by shareholders, including the aforementioned grant of the RSUs and the grant of RSUs noted below, will be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the Company. The Company anticipates holding its next Annual General and Special Meeting of shareholders on January 23, 2024.

Early Warning Disclosure

The Company has been advised that following the: (i) acquisition as part of the Private Placement by Brian Paes-Braga (“Acquiror”) of 15,000,000 Units, issued for a price of $0.10 per Unit for total consideration paid by Acquiror of $1,500,000, and (ii) grant by the Company of 600,000 RSUs to Acquiror, the Acquiror has beneficial ownership, control or direction of 15,675,000 Common Shares representing 6.34% of the issued and outstanding Common Shares, and would have beneficial ownership, control or direction of 31,275,000 Common Shares representing 11.90% of the Common Shares on a partially diluted basis assuming the exercise of Warrants and settlement of RSUs. The Acquiror has beneficial ownership of 15,000,000 Warrants representing 17.73% of the issued and outstanding Warrants. The Acquiror has beneficial ownership of 600,000 RSUs representing 12.84% of the issued and outstanding RSUs. Prior to the Private Placement, the Acquiror had beneficial ownership, direction or control of 675,000 Common Shares, representing 0.27% of the issued and outstanding Common Shares. The Company has been advised that the Acquiror acquired these securities for investment purposes and their acquisition will be disclosed in an early warning report to be filed under the Company’s SEDAR+ profile. The Acquiror may in the future acquire or dispose of securities of the Company through the market, privately or otherwise, as circumstances or market conditions warrant.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.

About Goldshore

Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. The Company is well-financed and supported by an industry-leading management group, board of directors, and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements” within the meaning of Canadian securities laws. 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 Gold Project, use of proceeds related to the Private Placement, filing of a material change report with respect to the Private Placement, shareholder meetings and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188017

Categories
Base Metals Junior Mining Precious Metals

Aya Gold & Silver Reports High-Grade Drill Exploration Results and Adds 4 Permits at Boumadine

MONTREAL, Nov. 20, 2023 /CNW/ – Aya Gold & Silver Inc. (TSX: AYA) (OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade drill exploration results at Boumadine in the Kingdom of Morocco. The new results confirm the large, high-grade mineralized zones in the central and northern portions of the Main Trend, which remains open in all directions.

The Corporation has also added 4 permits to Boumadine, which now has a total surface footprint of 78 square kilometers (“km²”).

Key Highlights1

  • Definition of new high-grade mineralization from the infill drilling program:
    • BOU-DD23-180 intersected 1,039 grams per tonne (“g/t”) silver equivalent (“AgEq”) over 23.5 meters (“m”) (6.41 g/t Au, 116 g/t Ag, 4.7% Zn, 0.6% Pb and 0.4% Cu)
    • BOU-DD23-184 intersected 474 g/t AgEq over 30.1m (2.57 g/t Au, 85 g/t Ag, 2.2% Zn, 0.6% Pb and 0.1% Cu), including 3.2m at 1,339 g/t AgEq and 3.4m at 1,169 g/t AgEq
    • BOU-DD23-172 intersected 2,689 g/t AgEq over 3.7m (22.03 g/t Au, 531 g/t Ag, 1.3% Zn, 0.3% Pb and 0.2% Cu)
    • BOU-DD23-186 intersected 442 g/t AgEq over 16.6m (1.85 g/t Au, 150 g/t Ag, 1.9% Zn, 0.3% Pb and 0.1% Cu), including 2.7m at 1,088 g/t AgEq
    • BOU-DD23-176 intersected 202 g/t AgEq over 30.6m (1.42 g/t Au, 20 g/t Ag, 0.6% Zn, 0.3% Pb and 0.05% Cu)
    • BOU-DD23-178 intersected 613 g/t AgEq over 9.5m (2.70 g/t Au, 49 g/t Ag, 4.2% Zn, 1.8% Pb and 0.2% Cu), including 2.3m at 1,476 g/t AgEq
  • Acquisition of two mining permits totaling 15.8 km² north-east and south-west of Boumadine.
  • Acquisition of one mining and one exploration permit for a total of 20.0 km² west of Boumadine.

“The acquisition of new permits is core to our strategy of consolidating our land position, and the four permits provide additional upside potential in the vicinity of the Boumadine Main Trend,” said Benoit La Salle, President & CEO. “Today’s high-grade drilling results including BOU-DD23-180 and BOU-DD23-184 confirm both continuity of the Main Trend and its potential from surface and over a very wide area. Following the positive metallurgical test results, our team is now focused on completing the remaining 20% of the expanded drill program and delivering the Q1-2024 Boumadine resource estimate.”

__________________________________
1 All intersections are in core lengths; Ag equivalent is based on a 100% recovery with the following ratios: 1g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag

Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)

DDH No.SectionZoneFrom
(m)		To
(m)		Au
(g/t)		Ag
(g/t)		Length*
(m)		Cu
(%)		Pb
(%)		Zn
(%)		Mo
(g/t)		Ag Eq**
(g/t)
BOU-DD23-1728550NPara141.5146.14.59994.60.10.92.3135694
BOU-DD23-1728550NMain151.8155.522.035313.70.20.31.392689
BOU-DD23-1728550NPara163.5169.22.611005.70.10.14.18589
Including165.2168.63.961503.40.20.26.411902
BOU-DD23-1738025NMain203.5214.11.602210.60.00.11.26246
BOU-DD23-1768275NMain69.199.71.422030.60.00.30.68202
BOU-DD23-1788275NMain166.4175.92.70499.50.21.84.236613
Including165.4167.76.491252.30.31.312.341476
BOU-DD23-1798225NMain70.382.21.52811.90.00.51.418246
BOU-DD23-1808375NPara127.7136.51.27218.80.00.52.517298
BOU-DD23-1808375NMain165.1188.66.4111623.50.40.64.731039
BOU-DD23-1808375NPara248.5282.40.642433.90.00.30.55128
BOU-DD23-1848225NMain104.8134.92.578530.10.10.62.215474
Including104.8108.06.695283.20.10.82.681339
Including130.5133.95.651203.40.21.68.1911169
BOU-DD23-1868175NMain37.854.41.8515016.60.10.31.98442
Including45.448.16.033812.70.20.51.7121088
BOU-DD23-1878225NMain183.6193.31.27339.70.00.21.933271
BOU-DD23-1898175NMain92.597.34.001264.80.11.51.414642
Including94.397.35.951793.00.22.21.215896
BOU-DD23-1898175NPara103.1114.71.386811.60.10.12.933366
BOU-DD23-1918175NMain158.5169.51.613011.00.10.23.412377
Including158.5167.51.87339.00.10.23.77423
BOU-DD23-1988675NPara185.8196.12.596310.30.20.22.16451
Including185.8189.46.211443.60.50.43.751006
BOU-DD23-2008175NMain244.3248.53.47804.20.30.11.019506
BOU-DD23-2028675NMain349.2355.24.311296.00.10.61.441645
Including352.3354.010.113391.70.31.22.8541522
 *True width remains undetermined at this stage; all values are uncut.
**Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag; 1% Zn: 54.1 Ag.
Figure 1: Location of New Boumadine Permits (CNW Group/Aya Gold & Silver Inc)
Figure 1: Location of New Boumadine Permits (CNW Group/Aya Gold & Silver Inc)
Figure 2 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)
Figure 2 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023 Drill Holes (CNW Group/Aya Gold & Silver Inc)

2023 Exploration Results

To date, 159 diamond drill holes (“DDH”) for a total of 61,312m have been completed at Boumadine in 2023 (Figure 2 and Appendix 2). Both infill and exploration drilling were conducted on strike along the Main Trend (South, Central, and North Zones).

Most results have been received for drill holes up to BOU-DD23-203 (Table 1, Figure 4, Figure 5, and Appendix 1).

Results received since September 2023 confirm the high grade of the north and central sections of the Main Trend, notably with holes BOU-DD23-180 and BOU-DD23-184 intersecting large, mineralized zones.

The main mineralization generally consists of 1m to 4m wide (locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite. Figure 3 presents the results of the Boumadine Main Zone on a longitudinal section along the deposit, defining ore shoots shallowly dipping toward south, in both the Central and South Zones.

Figure 3 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)
Figure 3 – Longitudinal View of Boumadine Main Zone (CNW Group/Aya Gold & Silver Inc)
Figure 4 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)
Figure 4 – Surface Plan of Central & North Zones with New 2023 DDH Results (CNW Group/Aya Gold & Silver Inc)

Next Steps

The 76,000m drilling program is 80% complete and is expected to be completed at year-end 2023. The Corporation expects to publish an NI 43-101 compliant resource by the end of Q1-2024.

Fieldwork will commence on the new permits in 2024 and will combine a hyperspectral survey, ground geophysics, mapping and prospecting.

Technical Information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

Qualified Person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya’s Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

Aya’s management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management’s expectations regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “confirm”, “potential”, “complete”, “expect” “extend”, “belief”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information.  Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Boumadine and the advancement of and success of the exploration program at Boumadine , and timing for the release of the Company’s disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya’s 2022 Annual Information Form dated March 31, 2023, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Furthermore, Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 – Full Drill Results from Boumadine (core lengths) 

DDH No.SectionZoneFrom
(m)		To
(m)		Au
(g/t)		Ag
(g/t)		Length*
(m)		Cu
(%)		Pb
(%)		Zn
(%)		Mo
(g/t)		Ag Eq**
(g/t)
BOU-DD23-1658125NPara280.1282.14.69842.00.30.10.347589
BOU-DD23-1658125NPara297.0298.00.37241.00.00.12.68209
BOU-DD23-1658125NPara333.0333.50.26420.50.01.34.17327
BOU-DD23-1658125NMain462.7463.70.36121.00.00.10.2460
BOU-DD23-1658125NPara546.2546.90.60250.70.00.50.64127
BOU-DD23-1668850NPara140.0141.00.32431.00.00.10.82119
BOU-DD23-1668850NPara141.7142.50.09480.80.00.30.6999
BOU-DD23-1678025NNSR0.0163.40.000163.40.00.00.000
BOU-DD23-1688325NPara125.4126.44.35161.00.00.40.81480
BOU-DD23-1708025NPara67.368.90.36231.60.00.20.38584
BOU-DD23-1708025NMain86.587.62.59631.10.10.30.6304382
BOU-DD23-1708025NPara124.3126.50.4842.20.00.10.5884
BOU-DD23-1728550NPara128.3130.10.26231.80.00.60.768108
BOU-DD23-1728550NPara141.5146.14.59994.60.10.92.3135694
BOU-DD23-1728550NMain151.8155.522.035313.70.20.31.392689
BOU-DD23-1728550NPara163.5169.22.611005.70.10.14.18589
Including165.2168.63.961503.40.20.26.411902
BOU-DD23-1728550NPara244.8245.61.29410.80.00.20.43194
BOU-DD23-1738025NPara127.4128.60.54161.20.00.10.41595
BOU-DD23-1738025NMain203.5214.11.602210.60.00.11.26246
Including209.3214.12.67324.80.10.22.08407
BOU-DD23-1748025NMain287.1290.31.90403.20.10.20.319260
Including288.1289.34.04801.20.30.30.327530
BOU-DD23-1748025NPara435.0435.53.291260.50.20.70.34492
BOU-DD23-1758025NPara108.1108.80.28210.70.10.52.412205
BOU-DD23-1758025NPara183.6187.00.05453.40.05.71.59317
BOU-DD23-1758025NMain269.3270.30.16161.00.01.52.122195
BOU-DD23-1768275NPara45.346.00.54130.70.00.15.115347
BOU-DD23-1768275NPara49.550.60.4781.10.00.10.3673
BOU-DD23-1768275NMain69.199.71.422030.60.00.30.68202
BOU-DD23-1778850NMain31.934.83.401202.90.01.50.117494
BOU-DD23-1778850NPara43.044.00.76291.00.00.70.724160
BOU-DD23-1788275NPara113.1117.52.32284.40.00.31.34333
BOU-DD23-1788275NPara132.1132.80.39400.70.01.62.22251
BOU-DD23-1788275NPara139.5142.01.21462.50.00.41.96280
BOU-DD23-1788275NPara151.8152.70.76120.90.00.20.32107
BOU-DD23-1788275NPara156.1158.32.66592.20.20.10.25348
BOU-DD23-1788275NMain166.4175.92.70499.50.21.84.236613
Including165.4167.76.491252.30.31.312.341476
BOU-DD23-1798225NPara22.422.90.66640.50.01.55.375467
BOU-DD23-1798225NPara24.525.00.73330.50.10.52.816271
BOU-DD23-1798225NPara38.038.60.39120.60.00.11.08110
BOU-DD23-1798225NPara44.047.41.17283.40.00.11.117203
BOU-DD23-1798225NMain70.382.21.52811.90.00.51.418246
BOU-DD23-1808375NPara104.7105.60.40240.90.00.92.31217
BOU-DD23-1808375NPara127.7136.51.27218.80.00.52.517298
Including129.4133.52.18314.10.10.33.428440
BOU-DD23-1808375NPara144.6148.20.69183.60.00.30.85141
BOU-DD23-1808375NPara155.6156.40.59240.80.00.32.2107217
BOU-DD23-1808375NPara157.3157.90.49120.60.00.21.811161
BOU-DD23-1808375NPara159.8160.32.62670.50.10.53.77538
BOU-DD23-1808375NMain165.1188.66.4111623.50.40.64.731039
BOU-DD23-1808375NPara248.5282.40.642433.90.00.30.55128
BOU-DD23-1808375NPara296.0297.00.6481.00.00.00.11173
BOU-DD23-1808375NPara301.0302.00.42121.00.00.30.5688
BOU-DD23-1818025NMain345.1345.90.99480.80.12.42.63376
BOU-DD23-1818025NPara357.2358.30.34591.10.26.17.53717
BOU-DD23-1818025NPara480.2480.70.35330.50.01.30.934159
BOU-DD23-1818025NPara537.1538.30.031361.20.00.40.28163
BOU-DD23-1828275NPara145.3145.90.74240.60.00.91.445202
BOU-DD23-1828275NPara177.9181.00.50303.10.01.02.412243
BOU-DD23-1828275NMain189.2192.00.82232.80.12.01.231248
BOU-DD23-1828275NPara196.2199.20.67173.00.00.81.67198
BOU-DD23-1828275NPara201.2205.40.43164.20.00.62.14190
BOU-DD23-1838025NPara105.8107.01.02481.20.10.00.03160
BOU-DD23-1838025NPara287.7288.70.6471.00.00.30.1685
BOU-DD23-1838025NPara364.9366.20.38161.30.10.10.2775
BOU-DD23-1838025NMain507.6514.00.80236.40.00.40.610146
Including508.2510.01.85201.80.10.30.610244
BOU-DD23-1848225NPara59.760.20.52330.50.00.64.640358
BOU-DD23-1848225NMain104.8134.92.578530.10.10.62.215474
Including104.8108.06.695283.20.10.82.681339
Including130.5133.95.651203.40.21.68.1911169
BOU-DD23-1848225NPara135.9136.90.36121.00.00.35.79369
BOU-DD23-1858375NPara143.4145.40.56242.00.00.51.011148
BOU-DD23-1858375NPara175.6176.54.972520.90.42.78.5161314
BOU-DD23-1858375NMain204.6210.90.1616.30.00.00.11126
BOU-DD23-1858375NPara244.3244.80.14460.50.01.11.611182
BOU-DD23-1868175NMain37.854.41.8515016.60.10.31.98442
Including45.448.16.033812.70.20.51.7121088
BOU-DD23-1878225NPara62.462.90.251020.50.01.12.29285
BOU-DD23-1878225NPara157.4157.90.97770.50.01.82.820378
BOU-DD23-1878225NPara165.2167.20.23292.00.00.30.86104
BOU-DD23-1878225NPara168.2169.10.24340.90.02.01.612206
BOU-DD23-1878225NMain183.6193.31.27339.70.00.21.933271
Including188.9192.32.19443.40.10.23.661462
BOU-DD23-1878225NPara195.4196.50.44161.10.00.31.46146
BOU-DD23-1888275NPara9.010.00.03561.00.09.80.79407
BOU-DD23-1888275NPara104.3105.00.14400.70.00.20.74103
BOU-DD23-1888275NPara179.2180.20.32361.00.00.41.69168
BOU-DD23-1888275NPara185.5186.07.801620.50.30.30.7117978
BOU-DD23-1888275NPara190.9191.40.47410.50.01.03.18289
BOU-DD23-1888275NPara194.7195.30.42440.60.10.82.17231
BOU-DD23-1888275NMain216.8218.81.37262.00.00.30.35188
BOU-DD23-1888275NPara238.9239.40.38500.50.00.92.22237
BOU-DD23-1888275NPara280.6283.40.39362.80.00.21.227149
BOU-DD23-1898175NPara77.578.40.37360.90.10.82.713251
BOU-DD23-1898175NPara89.390.40.38241.10.00.30.76110
BOU-DD23-1898175NMain92.597.34.001264.80.11.51.414642
Including94.397.35.951793.00.22.21.215896
BOU-DD23-1898175NPara100.2101.20.35201.00.00.00.11261
BOU-DD23-1898175NPara103.1114.71.386811.60.10.12.933366
BOU-DD23-1908375NPara26.727.60.18420.90.01.52.826259
BOU-DD23-1908375NMain249.1250.90.14791.80.00.71.256183
BOU-DD23-1918175NPara122.8123.50.22370.70.00.35.11343
BOU-DD23-1918175NPara140.9142.01.08121.10.00.20.61154
BOU-DD23-1918175NMain158.5169.51.613011.00.10.23.412377
Including158.5167.51.87339.00.10.23.77423
BOU-DD23-1928225NPara11.413.80.22542.40.00.10.2191
BOU-DD23-1928225NPara127.2127.70.64630.50.01.33.24343
BOU-DD23-1928225NMain226.1230.81.75414.70.10.20.419241
Including228.1230.82.31582.70.10.30.512323
BOU-DD23-1928225NPara338.2339.314.6211.10.00.00.091371
BOU-DD23-1948275NPara76.577.22.916320.70.11.22.041063
BOU-DD23-1948275NPara200.7201.79.14841.00.40.20.4311024
BOU-DD23-1948275NMain240.3240.90.30350.60.21.27.135513
BOU-DD23-1948275NPara277.6278.70.41191.10.01.21.520179
BOU-DD23-1958175NPara80.481.30.41400.90.00.20.41110
BOU-DD23-1958175NPara84.685.40.51360.80.01.22.34245
BOU-DD23-1958175NPara175.0175.90.17400.90.00.92.65227
BOU-DD23-1958175NMain185.0185.50.75440.50.01.53.91376
BOU-DD23-1958175NPara213.7214.60.57320.90.00.71.27176
BOU-DD23-1968225NPara15.316.30.56161.00.00.10.21982
BOU-DD23-1968225NPara37.738.80.03521.10.00.31.16128
BOU-DD23-1968225NPara85.686.44.831120.80.00.40.71614
BOU-DD23-1968225NPara168.3168.80.61320.50.00.25.324386
BOU-DD23-1968225NPara215.2216.41.75191.20.12.61.425351
BOU-DD23-1968225NMain253.7254.50.57430.80.00.33.235282
BOU-DD23-1968225NPara407.9408.50.52790.60.00.21.65224
BOU-DD23-1988675NPara44.545.01.851180.50.01.22.71477
BOU-DD23-1988675NPara71.073.11.66412.10.01.02.944392
BOU-DD23-1988675NPara185.8196.12.596310.30.20.22.16451
Including185.8189.46.211443.60.50.43.751006
BOU-DD23-1988675NPara271.3273.41.85162.10.01.50.38255
BOU-DD23-1988675NPara310.3311.61.671391.30.01.00.328345
BOU-DD23-1988675NMain323.3326.01.50582.70.00.20.229216
BOU-DD23-1988675NPara370.2371.20.22401.00.00.20.3285
BOU-DD23-1988675NPara374.4375.40.45201.00.00.10.1572
BOU-DD23-1988675NPara378.6381.12.11482.50.00.92.583415
BOU-DD23-2008175NPara135.5136.31.87250.80.00.10.24214
BOU-DD23-2008175NMain244.3248.53.47804.20.30.11.019506
Including244.3246.35.371242.00.50.10.618736
BOU-DD23-2008175NPara258.0259.00.67241.00.00.53.111275
BOU-DD23-2008175NPara295.2295.70.63550.50.00.34.153349
BOU-DD23-2018225NPara94.795.40.12470.70.00.40.84116
BOU-DD23-2018225NPara209.1210.00.49280.90.01.41.55201
BOU-DD23-2018225NPara231.7232.40.42200.70.00.51.29142
BOU-DD23-2018225NPara242.4246.62.59394.20.10.20.79341
Including242.4244.05.06771.60.30.30.38613
BOU-DD23-2018225NMain315.0316.00.30321.00.10.84.719357
BOU-DD23-2028675NPara95.596.71.06481.20.00.52.215286
BOU-DD23-2028675NPara104.9105.41.591100.50.03.07.95786
BOU-DD23-2028675NPara223.1226.03.61672.90.10.32.818583
BOU-DD23-2028675NPara227.8229.20.58111.40.00.10.31985
BOU-DD23-2028675NPara239.0239.52.48420.50.10.511.337909
BOU-DD23-2028675NPara242.6243.20.72240.60.00.62.321238
BOU-DD23-2028675NPara250.8251.30.43360.50.01.13.53308
BOU-DD23-2028675NPara266.6267.40.22350.80.02.82.415277
BOU-DD23-2028675NMain349.2355.24.311296.00.10.61.441645
Including352.3354.010.113391.70.31.22.8541522
BOU-DD23-2028675NPara418.8422.21.56393.40.00.50.72240
BOU-DD23-2038175NPara100.1101.80.23591.70.00.91.53191
BOU-DD23-2038175NPara207.4207.90.46910.50.11.94.36435
BOU-DD23-2038175NPara269.5270.01.06410.50.00.92.44300
BOU-DD23-2038175NPara280.7281.70.32201.00.00.40.5992
BOU-DD23-2038175NMain282.7285.92.00553.20.10.10.212269
BOU-DD23-2038175NPara289.5290.60.42121.10.00.31.210124
BOU-DD23-2038175NPara332.2332.70.41200.50.00.34.79324
BOU-DD23-2038175NPara373.2374.30.03891.10.20.81.27201
*True width remains undetermined at this stage; all values are uncut.
**Ag equivalent is based on a 100% recovery with the following ratio; 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 Ag; 1% Pb: 31.8 Ag; 1% Zn: 54.1 Ag.

Appendix 2 – New Drillhole Coordinates of 2023 Boumadine Exploration Program (completed holes)

DDH No.EastingNorthingElevationAzimuthDipLength (m)
BOU-DD23-213316 9913 474 8491 25770-50600.0
BOU-DD23-214317 0263 477 1771 216250-50447.1
BOU-DD23-215316 7143 477 3781 220250-50330.1
BOU-DD23-216317 0773 474 2681 25870-50705.0
BOU-DD23-217316 7543 477 3931 218250-50363.8
BOU-DD23-218317 1013 477 2071 208250-50483.5
BOU-DD23-219316 8683 477 4341 214250-50465.4
BOU-DD23-220317 0793 474 7751 27470-50144.5
BOU-DD23-221317 0103 474 7501 26370-50369.0
BOU-DD23-222316 4833 477 4961 222250-50171.1
BOU-DD23-223317 1703 474 7541 29470-50299.4
BOU-DD23-224317 2343 474 5371 28370-50302.0
BOU-DD23-225316 5523 477 5231 214250-50206.0
BOU-DD23-226316 6263 477 5471 211250-50350.2
BOU-DD23-227316 7143 477 5761 214250-50356.1
BOU-DD23-228317 1613 474 5141 27370-50419.5
BOU-DD23-229317 1033 474 7301 28070-50332.3
BOU-DD23-230317 0463 474 7631 27070-50261.0
BOU-DD23-232317 4563 476 2541 211250-50532.1
BOU-DD23-233317 0673 474 7171 27470-5076.5
BOU-DD23-234316 9763 474 7371 25970-50501.0
BOU-DD23-235317 0363 474 7061 26670-50500.7
BOU-DD23-236317 0883 474 4871 26870-50606.2
BOU-DD23-237317 3783 476 2261 209250-50600.5
BOU-DD23-238317 2983 476 1971 218250-50510.0
BOU-DD23-239316 9373 474 7231 25870-50486.7
BOU-DD23-240317 0013 474 6931 26070-50466.4
BOU-DD23-242317 2273 476 1711 228250-50384.8
BOU-DD23-244317 1473 474 6661 27870-50236.6
Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)
Aya Gold & Silver Inc logo (CNW Group/Aya Gold & Silver Inc)

SOURCE Aya Gold & Silver Inc

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

Analyst Predict EMX Royalty has a lot of upside for shareholders

A respected analyst report has recently commented on the value proposition of EMX Royalty. The decision seems to have merit based on this week’s recent news announcement on the 3rd Quarter Results for 2023. A projected 12-month price point of C$5.75 was the target by the analyst. At the present EMX Royalty is trading at C$2.22. We highly regard EMX Royalty, we’ve been long-term shareholders since 2016/17. In our opinion EMX Royalty is a legacy company that you buy and pass along to your children. It’s the Goose that keeps laying the Golden Egg.

Highlights from Q3 2023 include the following:

  • EMX earned approximately $1,955,000 in royalty revenue from the Gediktepe Mine as production continued from the oxide gold deposit. Partner Lidya Madencilik Anayi ve Ticaret A.S. (“Lidya”) also notified EMX that it has completed an internal Feasibility Study for development of the underlying polymetallic sulfide deposit. A decision regarding financing and construction for the sulfide project is pending.
  • The Caserones (effective) royalty distribution for Q3 totaled approximately $1,741,000. Lundin Mining Corporation (“Lundin”), in connection with their acquisition of fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile SpA (see Lundin news release dated July 13, 2023), filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates. Lundin also provided Caserones H1 production and H2 production guidance.
  • Leeville revenue earned by EMX totaled approximately $773,000 from royalty production that totaled 403 ounces of gold. Q3 2023 marked another strong quarter of Leeville royalty production along with robust gold prices.
  • EMX recognized $568,000 in royalty revenue from the Balya property in Q3 2023 which included $212,000 from Q2 production and $356,000 from Q3 production subsequently received. Production began to ramp up again in Q2 2023 with 99,185 tonnes of mineralized material produced from Balya North. Production continued to accelerate in Q3 2023, with 161,133 tonnes of mineralized material produced according to calculations provided by Esan at the end of Q3.
  • EMX received $134,000 from Gold Bar South for royalty revenue earned in Q1 2023 and Q2 2023, and earned royalty revenue of $59,000 from Q3 2023 production, which was subsequently received.
  • AbraSilver Resource Corp. (“AbraSilver”) reported final results from the Phase III drill program at the Diablillos silver-gold royalty property. Phase III drill holes will be incorporated into an updated mineral resource estimate to be included in the Diablillos PFS scheduled for completion in H2 of 2023. As part of its ongoing PFS work, AbraSilver also reported on positive results from metallurgical optimization test work conducted for the Oculto deposit.
  • Arizona Sonoran Copper continued to report infill drilling results from the Parks-Sayler porphyry copper royalty property. Subsequent to quarter-end, Arizona Sonoran announced updated mineral resource estimates for the Parks-Sayler deposit, which is partially covered by an EMX royalty, as well as other deposits that constitute its Cactus Project.
  • Exploration drilling by South32 at the Hermosa Project’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property that included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
  • EMX’s U.S. royalty generation portfolio progressed with 13 partner-funded work programs consisting of five drill programs, the expansion of properties through the staking of new claims, and the permitting of key projects in preparation for three additional drill programs to be conducted in Q4 2023 and early 2024. EMX has 39 projects in partnership in the western U.S and received various option, AAR, and management fee payments during the quarter.
  • Scout Discoveries Corp. (“Scout”) (a private Idaho company) and EMX closed on an amended transaction, originally announced in Q1 2023 (see EMX news release dated March 8, 2023) for the sale of EMX’s Erickson Ridge, South Orogrande, Lehman Butte, and Jackknife precious and base metal projects to Scout.
  • In Canada, EMX executed two new agreements to partner the Jean Lake property to Canada Nickel Company, and the Ear Falls property to Beyond Lithium. EMX and its partners conducted summer field programs to continue advancing the properties in the portfolio. EMX received $104,000 in cash payments during the quarter from partnered projects.
  • In Chile, Pampa Metals announced assay results from its initial three hole drill program totaling 1,957 meters at the Buena Vista target on the Block 4 property. Anomalous copper, molybdenum and precious metals were intercepted, indicative of shallow levels of a porphyry system. Elsewhere within the portfolio, EMX was notified by Pampa Metals that it was abandoning the Arrieros, Redondo-Veronica, Cerro Blanco, Cerro Buena Aries, and Block 3 properties, resulting in EMX gaining 100% control of each property. These properties are now available for partnership.
  • In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs continuing on numerous properties in Q3 2023. EMX has 37 projects in partnership with other companies in Northern Europe. New partnerships were established for the Bamble and Flåt battery metals projects in Norway (Londo Nickel plc) and the Njuggträskliden and Mjövattnet battery metals projects in Sweden (Kendrick Resources plc).
  • The Company optioned the Copperhole Creek project in Queensland, Australia to Lumira Energy LTD, a private Australian company. The agreement provides EMX with a 2.5% NSR royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with the transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) by mid-year 2024.
  • Also in Q3 2023 in Australia, partner companies executed drill programs comprising over 5,000 meters on three EMX royalty properties (Yarrol, Mt Steadman and Koonenberry) and field programs continued to advance the Queensland Gold and Copperhole Creek projects.
  • Royalty generation programs continued in the Balkans and in Morocco in Q3 2023, where multiple exploration license applications have been filed by the Company. Surface sampling programs commenced on several new exploration licenses awarded to EMX in Morocco targeting a variety of styles of mineralization. EMX also continued to assess projects and opportunities in the Balkans.

Investment Updates

As at September 30, 2023, the Company had marketable securities of $6,830,000 (December 31, 2022 – $9,966,000), and $5,313,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

OUTLOOK

The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, and Timok in Serbia, and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

Marketing Consulting Services

The Company is also pleased to announce that it has entered into an agreement with LFG Equities Corp. (“LFG”), an independent contractor with a business address at 402-9140 Leslie St., Richmond Hill, ON, L4B 0A9. Commencing on September 10th, 2023 for an initial term of six months, under the terms of the Agreement, LFG will provide marketing consulting services to the Company to communicate to the financial community information about EMX by way of newsletters and be paid US$50,000 plus applicable taxes.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

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

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

1Adjusted revenue and other income and adjusted cash provided by operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Q3-2023 MD&A for more information on each non-IFRS financial measure.

Be sure to perform your due diligence, we are biased.

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Third Quarter 2023 Results

Vancouver, British Columbia–(Newsfile Corp. – November 13, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2023 (“Q3-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q3-2023

Financial Updates for the Three Months Ended September 30, 2023

  • Revenue and other income for the three months ended September 30, 2023 (“Q3 2023”) was $12,925,000 (2022 – $7,206,000). Adjusted revenue and other income1 of $14,526,000 (2022 – $9,319,000) included $1,601,000 (2022 – $2,113,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
  • Net income for the three months ended September 30, 2023 was $2,443,000 (2022 – loss of $12,878,000).
  • Cash provided by operating activities for the three months ended September 30, 2023 was $7,527,000 (2022 – $846,000). Adjusted cash1 provided by operating activities for the three months ended September 30, 2023 was $9,268,000 (2022 – $2,719,000).
  • As at September 30, 2023, EMX had cash of $21,587,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $12,739,000 (December 31, 2022 – $14,561,000) and loans payable of $41,927,000 (December 31, 2022 – $40,489,000).

Corporate Updates

Execution of Updated Timok Royalty Agreement

EMX executed an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine license (see EMX news release dated September 5, 2023). Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX.

Subsequent to the execution of the amended and restated royalty agreement, EMX received $6,676,000 in royalty proceeds from its Timok royalty property with Zijin which included $1,590,000 from 2021, $3,200,000 from 2022, and $1,890,000 up to June 30, 2023 (see EMX news release dated September 12, 2023). From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis.

Execution of Acquisition Agreement for New Royalties with Franco-Nevada

EMX executed a binding term sheet with Franco-Nevada Corporation (“Franco-Nevada”) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (see EMX news release dated August 1, 2023). Franco-Nevada will contribute 55% (up to $5,500,000) and EMX will contribute 45% (up to $4,500,000) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e. 50/50). The initial term is for three years, or until the maximum contributions totaling $10,000,000 from both companies have been met, and may be extended if mutually agreed by both companies. The agreement allows EMX to direct a large amount of capital towards the royalty generation aspect of its business model, and Franco-Nevada to participate in exploration stage royalty financing opportunities identified by EMX.

Royalty Acquisition and Royalty Generation Updates

During Q3 2023, the Company’s royalty business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,769,000 (2022 – $5,269,000) on royalty acquisition and generation costs and recovered $1,140,000 (2022 – $3,247,000) from partners. Royalty acquisition and generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $1,409,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of royalty generation activities. The Company also completed seven new property agreements across the portfolio, including two in Canada, two in Norway, two in Sweden and one in Australia, while continuing to replace partnered properties with new royalty generation projects.

Producing Royalties6
Advanced Royalties11
Exploration Royalties149
Royalty Generation Properties120



Figure 1. EMX’s royalty and mineral property portfolio

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/187260_emxmap1.jpg

Highlights from Q3 2023 include the following:

  • EMX earned approximately $1,955,000 in royalty revenue from the Gediktepe Mine as production continued from the oxide gold deposit. Partner Lidya Madencilik Anayi ve Ticaret A.S. (“Lidya”) also notified EMX that it has completed an internal Feasibility Study for development of the underlying polymetallic sulfide deposit. A decision regarding financing and construction for the sulfide project is pending.
  • The Caserones (effective) royalty distribution for Q3 totaled approximately $1,741,000. Lundin Mining Corporation (“Lundin”), in connection with their acquisition of fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile SpA (see Lundin news release dated July 13, 2023), filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates. Lundin also provided Caserones H1 production and H2 production guidance.
  • Leeville revenue earned by EMX totaled approximately $773,000 from royalty production that totaled 403 ounces of gold. Q3 2023 marked another strong quarter of Leeville royalty production along with robust gold prices.
  • EMX recognized $568,000 in royalty revenue from the Balya property in Q3 2023 which included $212,000 from Q2 production and $356,000 from Q3 production subsequently received. Production began to ramp up again in Q2 2023 with 99,185 tonnes of mineralized material produced from Balya North. Production continued to accelerate in Q3 2023, with 161,133 tonnes of mineralized material produced according to calculations provided by Esan at the end of Q3.
  • EMX received $134,000 from Gold Bar South for royalty revenue earned in Q1 2023 and Q2 2023, and earned royalty revenue of $59,000 from Q3 2023 production, which was subsequently received.
  • AbraSilver Resource Corp. (“AbraSilver”) reported final results from the Phase III drill program at the Diablillos silver-gold royalty property. Phase III drill holes will be incorporated into an updated mineral resource estimate to be included in the Diablillos PFS scheduled for completion in H2 of 2023. As part of its ongoing PFS work, AbraSilver also reported on positive results from metallurgical optimization test work conducted for the Oculto deposit.
  • Arizona Sonoran Copper continued to report infill drilling results from the Parks-Sayler porphyry copper royalty property. Subsequent to quarter-end, Arizona Sonoran announced updated mineral resource estimates for the Parks-Sayler deposit, which is partially covered by an EMX royalty, as well as other deposits that constitute its Cactus Project.
  • Exploration drilling by South32 at the Hermosa Project’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property that included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
  • EMX’s U.S. royalty generation portfolio progressed with 13 partner-funded work programs consisting of five drill programs, the expansion of properties through the staking of new claims, and the permitting of key projects in preparation for three additional drill programs to be conducted in Q4 2023 and early 2024. EMX has 39 projects in partnership in the western U.S and received various option, AAR, and management fee payments during the quarter.
  • Scout Discoveries Corp. (“Scout”) (a private Idaho company) and EMX closed on an amended transaction, originally announced in Q1 2023 (see EMX news release dated March 8, 2023) for the sale of EMX’s Erickson Ridge, South Orogrande, Lehman Butte, and Jackknife precious and base metal projects to Scout.
  • In Canada, EMX executed two new agreements to partner the Jean Lake property to Canada Nickel Company, and the Ear Falls property to Beyond Lithium. EMX and its partners conducted summer field programs to continue advancing the properties in the portfolio. EMX received $104,000 in cash payments during the quarter from partnered projects.
  • In Chile, Pampa Metals announced assay results from its initial three hole drill program totaling 1,957 meters at the Buena Vista target on the Block 4 property. Anomalous copper, molybdenum and precious metals were intercepted, indicative of shallow levels of a porphyry system. Elsewhere within the portfolio, EMX was notified by Pampa Metals that it was abandoning the Arrieros, Redondo-Veronica, Cerro Blanco, Cerro Buena Aries, and Block 3 properties, resulting in EMX gaining 100% control of each property. These properties are now available for partnership.
  • In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs continuing on numerous properties in Q3 2023. EMX has 37 projects in partnership with other companies in Northern Europe. New partnerships were established for the Bamble and Flåt battery metals projects in Norway (Londo Nickel plc) and the Njuggträskliden and Mjövattnet battery metals projects in Sweden (Kendrick Resources plc).
  • The Company optioned the Copperhole Creek project in Queensland, Australia to Lumira Energy LTD, a private Australian company. The agreement provides EMX with a 2.5% NSR royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with the transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) by mid-year 2024.
  • Also in Q3 2023 in Australia, partner companies executed drill programs comprising over 5,000 meters on three EMX royalty properties (Yarrol, Mt Steadman and Koonenberry) and field programs continued to advance the Queensland Gold and Copperhole Creek projects.
  • Royalty generation programs continued in the Balkans and in Morocco in Q3 2023, where multiple exploration license applications have been filed by the Company. Surface sampling programs commenced on several new exploration licenses awarded to EMX in Morocco targeting a variety of styles of mineralization. EMX also continued to assess projects and opportunities in the Balkans.

Investment Updates

As at September 30, 2023, the Company had marketable securities of $6,830,000 (December 31, 2022 – $9,966,000), and $5,313,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

OUTLOOK

The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, and Timok in Serbia, and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.

EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

Marketing Consulting Services

The Company is also pleased to announce that it has entered into an agreement with LFG Equities Corp. (“LFG”), an independent contractor with a business address at 402-9140 Leslie St., Richmond Hill, ON, L4B 0A9. Commencing on September 10th, 2023 for an initial term of six months, under the terms of the Agreement, LFG will provide marketing consulting services to the Company to communicate to the financial community information about EMX by way of newsletters and be paid US$50,000 plus applicable taxes.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

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

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

1Adjusted revenue and other income and adjusted cash provided by operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Q3-2023 MD&A for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187260

Categories
Base Metals Energy Junior Mining Precious Metals

3 Take-Aways from Dolly Varden Silver’s (DV.V) latest drill results

Original Source: https://globalstocksnews.com/3-take-aways-from-dolly-varden-silvers-dv-v-latest-drill-results/

On November 6, 2023 Dolly Varden Silver (TSXV:DV) (OTC:DOLLF) released drill results from the Wolf Vein and – 1.5 kilometers to the north – the Moose Vein.

DV Silver is developing its 100% held Kitsault Valley Project located in The Golden Triangle of British Columbia, Canada, 25kms by road to tide water.

“The Golden Triangle is so named because it hosts some of the richest gold ore bodies in the world, as well as abundant silver, nickel and copper deposits,” confirms BC Business. It has 1.2 billion ounces silver estimated reserves, with 214 million proven and probable.

Three Take-aways from the November 6, 2023 drill results:

1. High grade silver continues at depth
2. Discovery of significant quantities of base metals
3. Moose Vein demonstrating similar metallic profile to Wolf Vein

Wolf Vein Highlights:

DV23-375, Southwest Extension step-out: 461 g/t AgEq* (296g/t Ag, 1.68% Pb, 3.01% Zn) over 26.99 meters, including 2,260 g/t AgEq* (1,475g/t Ag, 10.65% Pb, 12.00% Zn) over 0.50 meter from an 81-meter step-out.

DV23-379, Southwest Extension infill: 287 g/t AgEq* (247g/t Ag, 0.40% Pb, 0.73% Zn) over 18.21 meters, including 1,170g/t AgEq (1,125g/t Ag, 0.14% Pb, 1.09% Zn) over 0.50 meters.

Moose Vein highlights:

DV23-371: 712 g/t Ag over 1.00 meter within a 7.55 meters length interval averaging 269 g/t Ag

1AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn, assays are uncut

“The results we are seeing from the Wolf Vein continue to demonstrate depth continuity of the high-grade silver mineralization as well as an increase in base metal content,” stated Shawn Khunkhun, President and CEO of Dolly Varden Silver. “Drill hole DV23-375 has extended the plunge length to over 950 meters with increased thickness of the potentially underground bulk-mineable mineralization and it remains wide open for expansion. With over 70 drill holes remaining to be assayed and announced we eagerly await their results.”

When Dolly Varden purchased the Homestake Ridge Property from Fury, the primary objective was to consolidate assets, add size and scale. But Khunkhun and the DV Silver geological team are also exploring a hunch that two metallic zones are connected. DV needed to control both assets to meaningfully explore the hunch.

“What is special about the November 6, 2023 drill results is that these are big intercepts,” Khunkhun told Guy Bennett, the CEO of Global Stocks News (GSN). “We’re talking about an almost 27-meter intercept, grading at 461 g/t of silver equivalent.”

This is the first time during Khunkhun’s tenor as CEO, that DV has reported silver equivalencies.

“Along with 296 grams of silver, we have a significant lead and zinc kicker,” confirmed Khunkhun. “As we go deeper, this base metal zone may continue to add value to the deposit. We believe the Wolf Vein is potentially amenable to underground bulk mining.”

Bulk mining generally has lower mining costs associated with it, allowing for a lower cut off grade bringing in more material, increasing the tonnage per day and number of ounces mined.

“Some of these old, narrow vein deposits don’t work in the modern era,” Khunkhun told GSN. “You don’t want to be chasing narrow veins, hand sorting material. Our goal is that Dolly Varden Silver will be an efficient, highly mechanized mine with a low All-In-Sustaining-Cost (AISC).”

“We’ve already have a kilometer of plunge length at Wolf,” Khunkhun continued. “When we step out, we get solid hits like this. Why did Hecla put in $10 million last week? I suspect they are seeing the same potential we see at Wolf. Hecla’s goal is to increase silver production in Canada.”

About 47% of DV Silver is owned by institutional investors (Fury – 22%; Hecla 15%; Eric Sprott – 9%).

“I audition the institutional shareholders,” KhunKhun explained to GSN. “We have various entities throwing money at us at higher prices. It’s tempting to take the money. But I don’t want some hedge fund spontaneously deciding to rotate out of silver into uranium. It’s valuable to have stakeholders who share our long-term vision – like Hecla, Fury and Sprott.”

On November 6, 2023, Maurice Jackson, Founder and CEO of Proven & Probable conducted an interview with Mr. Khunkhun. Proven & Probable specialises in simplifying geological data. DV Silver sponsors the website, and Mr. Jackson is a long-term shareholder in DV Silver.

“We are very happy to welcome Hecla’s increased ownership stake,” Khunkhun told Mr. Jackson, “Hecla has demonstrated it is a sticky shareholder. They’re looking for the end product. The $10 million strategic investment raised their stake from 10% to about 15%. We’re happy to leverage their financial and technical contributions.”

A total of 51,454 meters was completed during 2023 in 115 drill holes at the Dolly Varden and Homestake Ridge areas with 23,923 of those from the Dolly Varden Project area.

The Contractor’s drills have been demobilized and the exploration camp has been winterized. The November 6, 2023 release includes eight holes from Wolf and four holes from Moose. A total of 31 holes for 15,860 meters were drilled at Wolf in 2023.

Contact: guy.bennett@globalstocksnews.com

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Base Metals Exclusive Interviews Junior Mining Precious Metals

$$$ Mining Bonanza: Dolly Varden Silver Strikes 461 G/T Silver Eq Jackpot!

In this conversation we sit down Shawn Khunkhun the CEO of Dolly Varden Silver which has just announced another impressive discovery, this time on a step-out drill on the high-grade Wolf Vein Deposit, which is one of seven high-grade deposits on the Kitsault Valley Project, located in the prolific ‘Golden Triangle’ in British Columbia. Equally important, viewers will note that Hecla Mining has just increased their strategic position in Dolly Varden Silver with a $10,000,000 investment, which was consummated last week. Find out the details right here!

Categories
Precious Metals

Gold Demand Trends Q3 2023

Q3 gold demand firmly above longer-term average

Central banks gold buying maintained a historic pace but fell short of the Q3’22 record. Jewellery demand softened slightly in the face of high gold prices, while the investment picture was mixed.

Gold demand (excluding OTC) in Q3 was 8% ahead of its five-year average, but 6% weaker y/y at 1,147t. Inclusive of OTC and stock flows, total demand was up 6% y/y at 1,267t.1

Net central bank buying of 337t was the third strongest quarter in our data series, although failed to match the exceptional 459t from Q3’22. Yet, demand from central banks y-t-d is 14% ahead of the same period last year at a record 800t.

Q3 investment demand of 157t, although 56% higher y/y, was weak relative to its five-year average of 315t. Global gold ETFs lost 139t in Q3 – a far smaller outflow than Q3’22 (-244t).

Bar and coin investment declined 14% y/y to 296t, although remained firmly above the five-year quarterly average of 267t. The y/y decline is largely the product of sharp falls in Europe.

OTC investment totalled 120t in Q3. This opaque source of demand was again evident as the gold price found firm support for much of Q3, despite ETF outflows and falling COMEX futures net longs.

Jewellery consumption softened slightly, down 2% y/y at 516t amid continued gold price strength. Jewellery fabrication was marginally more resilient, down 1% to 578t due to inventory build-up.

Fragile consumer electronics demand continued to undermine volumes of gold used in technology, which fell 3% y/y to 75t.

Mine production reached a record 971t in Q3, helping to lift total gold supply to 1,267t (+6% y/y). Recycling was also higher y/y, up 8% to 289t.

Gold demand in Q3: weaker y/y but healthy compared with its 10-year average 

Sources: Metals Focus, Refinitiv GFMS, World Gold Council; Disclaimer

Highlights

The LBMA (PM) gold price averaged US$1,928.5/oz during Q3. Although 2% below the record high seen in Q2, this was 12% higher y/y. Several countries saw higher local gold prices due to currency weakness against the US dollar, including Japan, China and Turkey.

Y-t-d, central bank net buying of gold is 14% ahead of 2022. Central banks have bought a net 800t of gold so far this year, the highest on record for that nine-month period. While there is a nucleus of committed regular buyers, the range of countries whose central banks have added to their reserves over recent quarters is broad-based.

Investment demand is mixed y-t-d. Bar and coin investment is broadly in line with Q1-Q3 last year, thanks to H1 strength in the Middle East, Turkey and China. Gold ETFs, in contrast, have seen outflows of 189t so far this year, and have now registered six successive quarters of negative demand.

After a record Q3, mine production also reached a new y-t-d high of 2,744t. This puts a new annual record within reach for 2023. The y-t-d supply of recycled gold is also higher at 924t (+9%). Although this element of supply has been supported by elevated gold prices, it has been capped by economic resilience in the US and a strong investment motive in the Middle East. 

Gold supply and demand

TonnesQ3’22Q4’22Q1’23Q2’23Q3’23 y/y change
Supply      
Mine production949.1946.7860.2912.7971.12%
Net producer hedging-26.8-13.637.1-19.57.2–
Recycled gold268.3290.7312.0322.9288.88%
Total Supply1,190.61,223.81,209.31,216.11,267.16%
        
Demand      
Jewellery fabrication582.6601.9512.4492.8578.2-1%
 Jewellery consumption525.7628.5474.8475.8516.2-2%
 Jewellery inventory56.9-26.737.617.062.19%
Technology77.372.170.170.475.3-3%
 Electronics63.557.956.156.461.1-4%
 Other Industrial11.311.711.611.611.84%
 Dentistry2.52.42.42.42.3-6%
Investment100.5247.4274.3255.7156.956%
 Total bar & coin demand344.2336.6303.0276.8296.2-14%
  Physical Bar demand225.1222.2183.3163.8205.9-9%
  Official Coin86.285.594.987.254.9-36%
  Medals/Imitation Coin33.028.924.725.835.47%
 ETFs & similar products-243.7-89.2-28.6-21.1-139.3–
Central banks & other inst.458.8382.1287.7174.8337.1-27%
Gold demand1,219.21,303.51,144.5993.71,147.5-6%
OTC and other-28.6-79.764.7222.4119.6–
Total Demand1,190.61,223.81,209.31,216.11,267.16%
LBMA Gold Price, US$/oz1,728.91,725.91,889.91,975.91,928.512%

Source: Metals Focus, Refinitiv GFMS, ICE Benchmark Administration, World Gold Council
Note: For an explanation of these terms, please see the Notes and definitions

Source: https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q3-2023

Categories
Precious Metals

Central banks bought 77 tonnes of gold in September, 337 tonnes in Q3 – WGC’s Gopaul

(Kitco News) – September was another banner month for gold purchases by the world’s central banks, according to Krishan Gopaul, Senior Analyst, EMEA at the World Gold Council.

“Reported global central bank gold reserves, via the IMF and publicly available sources, rose by a net 77t in September,” Gopaul said in an update on Thursday. “Gross sales (1t) were dwarfed by gross purchases (78t), highlighting the strength of buying.”

Gopaul noted that the central banks who have been regular buyers so far this year dominated purchases once again last month.

“Major buyers were all from emerging markets,” he said. “The People’s Bank of China added the most gold during the month (26t), followed by the National Bank of Poland and the Central Bank of Uzbekistan.”

Turkey and India were also major buyers last month, with the former also purchasing 15 tonnes of gold in August as it continues to rebuild its reserves following significant selling in April and May, while the latter has made a splash in recent months.

Looking at the year-to-date totals, Gopaul noted that “the People’s Bank of China remains the largest gold purchaser in 2023,” and that the central banks of emerging market countries “have been the driving force on both the purchases and sales side.”

“The Monetary Authority of Singapore remains the sole developed market bank adding gold to its reserves,” he said, and pointed out that (the addition by the European Central Bank) “was related to Croatia joining the eurozone in January,” and did not represent the buying intentions of the central bank itself.

According to the WGC’s recent Gold Demand Trends report, year-to-date central bank net buying of gold is 14% ahead of 2022. “Central banks have bought a net 800t of gold so far this year, the highest on record for that nine-month period,” the report said. “While there is a nucleus of committed regular buyers, the range of countries whose central banks have added to their reserves over recent quarters is broad-based.”

The 337t of gold purchased by central banks in Q3 “was the third strongest quarter in our data series, although [it] failed to match the exceptional 459t from Q3’22,” the analysts noted.

ByErnest Hoffman

For Kitco News

 ehoffman@kitco.com

www.kitco.com

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.