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EMX Royalty Announces Filing of Annual Report and 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – March 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) – is pleased to announce the filing of its 2022 annual report Form 40-F, which includes the audited financial statements for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission (“SEC”) on EDGAR (www.sec.gov). EMX has also filed its Annual Information Form (AIF), audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2022 with Canadian securities regulators on SEDAR (www.sedar.com). The Company’s Form 40-F, AIF, audited FS, and MD&A are also available on EMX’s website at www.EMXroyalty.com under the heading “Investors”. Shareholders may receive a printed copy of the Company’s complete Financial Statements, or its complete Annual Information Form, free of charge, upon request to the Corporate Secretary at Suite 501 – 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada. All dollar amounts in this news release are USD unless otherwise noted.

HIGHLIGHTS

Financial Updates for the Year Ended December 31, 2022

  • Revenue and other income for the year ended December 31, 2022 was $18,277,000 (2021 – $7,526,000). Adjusted revenue and other income1 of $25,403,000 (2021 – $11,044,000) included $7,126,000 (2021 – $3,518,000) in income for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
  • Net income for the year ended December 31, 2022 was $3,349,000 (2021 – loss of $23,731,000).
  • Operating cash flow for the year ended December 31, 2022 was $16,729,000 (2021 – cash used of $8,062,000). Adjusted operating cash flow1 from operations for the year ended December 31, 2022 was $21,953,000 (2021 – cash used of $6,356,000).
  • As at December 31, 2022, EMX had cash and cash equivalents of $15,508,000 (December 31, 2021 – $19,861,000), investments, long-term investments and loans receivable valued at $14,561,000 (December 31, 2021 – $18,170,000) and loans payable of $40,489,000 (December 31, 2021 – $50,733,000).

Corporate Updates

Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive. Both companies are expecting to execute a modified royalty agreement in 2023.

Settlement of the Bullion Litigation
The Company’s wholly owned subsidiary, Bullion Monarch Mining, Inc. (“Bullion”), reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion $25,000,000. Of the $25,000,000 settlement, $6,175,000 was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit did not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which continue to be paid.

Acquisition of Additional Royalty Interest on Caserones
EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for $25,742,000. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX’s new total totals to an (effective) 0.7335% NSR royalty interest.

Subsequent to the year ended December 31, 2022, the Company entered into certain agreements to acquire an additional 2.263% ownership in the underlying royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.0424% (effective) NSR interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7759%.

Acquisition of Royalty Portfolio from Nevada Exploration
EMX executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”), for $500,000 (see EMX news release dated September 2, 2022). The portfolio consists of a 2% NSR royalty on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles and includes four district-scale land positions, as well as certain other interests. In addition, if NGE options, farms out, or sells a project, then beginning on the first anniversary of the third-party agreement, EMX will receive advanced annual royalties of $20,000 that escalate $10,000 per year and are capped at $50,000. NGE has the right to buy back half of EMX’s 2% NSR royalty by purchasing a 0.5% NSR interest for $1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest has been purchased, may purchase the second 0.5% NSR interest any time prior to production for $1,500,000.

Appointment of Independent Director
EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.

Royalty and Royalty Generation Updates
In 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $17,512,000 on royalty generation costs and recovered $8,577,000 from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. During the year the Company also completed 10 partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects. In addition, our partners directly spent approximately $31,996,000 in exploration on the portfolio.

Producing Royalties6
Advanced Royalties11
Exploration Royalties155
Royalty Generation Properties96

Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/160308_f88d2670540b480f_002full.jpg

Highlights from 2022 include the following:

  • Initial production royalty payments were received from the Company’s Gediktepe oxide gold (silver) Royalty Property and Balya North polymetallic Royalty Property in Turkey (see respective EMX news releases dated September 9, and September 15, 2022). From Gediktepe EMX recognized $3,709,000 in royalty revenue and $4,000,000 in deferred milestone payments which will be paid in Q2 2023. EMX earned $276,000 from the Balya North Royalty Property in 2022.
  • EMX received a $3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) based upon declared resources totaling 200 million pounds or more of contained copper covered by the Company’s Parks-Salyer Royalty Property. ASCU’s maiden resource for its Parks-Salyer project, which is partially covered by EMX’s Royalty Property, was reported as total inferred underground resources of 143.6 million tons averaging 1.015% (total) copper and containing 2,915 million pounds of copper as oxide, enriched, and primary mineralization at variable cutoffs (see ASCU news release dated September 28, 2022). The Company retains a 1.5% NSR royalty covering the Parks-Salyer Royalty Property.
  • In the US, the Company added to its growing royalty portfolio with the completion of five new royalty agreements, the advancement of more than twenty-five partner-funded work programs, including nine drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as a large (approximately 1,890 hectares), prospective land position in the Silver Valley district in Idaho. For the year, partners spent more than $18,000,000 on EMX’s early-stage US portfolio.
  • EMX’s Regional Strategic Alliance (“RSA”) with South32 Limited (“South32”) concluded in Q4 2022 after four years of generative exploration and project work. The Company is now following up on eleven priority projects identified by the RSA and retained by South32 for additional work, including an ongoing drill program at the Copper Springs porphyry copper project in Arizona’s Globe-Miami district.
  • In Canada, EMX programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received C$577,000 in cash payments and C$52,000 in share equity payments during the year, while partners spent more than $3,700,000 in exploration expenditures advancing the portfolio.
  • EMX’s Latin American royalty portfolio advanced through field programs by Austral Gold Limited (at Morros Blancos and Morros Colorado), Pampa Metals Corporation (Block 4), and drill programs conducted by AbraSilver Resource Corp. (Diablillos), Aftermath Silver Ltd (Berenguela), and GR Silver Mining Ltd (San Marcial). In particular, the drill programs continued to produce significant results that expanded known resources and added new discoveries at nearby targets.
  • AbraSilver Resource Corp. (“AbraSilver”) announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred resources of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is designed to delineate a maiden resource estimate for the high-grade JAC zone discovery (see AbraSilver news release dated February 21, 2023).
  • In Northern Europe, the Company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totaling nearly 175,000 hectares, and partnering four available properties. EMX also assisted with multiple partner-funded exploration and drilling programs. Overall, approximately $6,700,000 was spent by partners on EMX’s exploration royalty properties in Northern Europe during 2022.
  • Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.

Financing Updates

Sprott Credit Facility
The Company entered into a credit facility in 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling $44,000,000 (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal ($660,000) was added to the principal balance as at January 24, 2022.

Private Placement with Franco-Nevada
The Company completed a $10,000,000 private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) 0.3155% NSR royalty on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units at C$3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for C$4.45 exercisable until April 14, 2027. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Repayment of Vendor Take Back Note
The Company repaid in full the vendor take back note issued to SSR Mining Inc. totaling $8,319,000 including interest owed.

Exercise of Stock Options granted by EMX
1,110,000 stock options were exercised pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,037,000 to EMX.

Investment Updates
As at December 31, 2022, the Company had marketable securities of $9,970,000 (December 31, 2021 – $7,409,000), and $4,591,000 (December 31, 2021 – $8,761,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from strategic investments, including Premium Nickel Resources Corporation (“PNR”), and royalty deals completed as part of our organic royalty generation business.

Strategic Investment in Premium Nickel Resources
From 2020 through 2022, EMX acquired 5,412,702 shares of PNR, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3 of 2022, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.

OUTLOOK

The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), 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. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information is not NI 43-101 compliant. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.

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.

Qualified Person. 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 and Latin America. 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, Australia, and Strategic Investments.

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 year ended December 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, 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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

1 Adjusted revenue and other income and adjusted cash provided by (used in) 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 of the Company’s annual MD&A for the year ended December 31, 2022 for more information on each non-IFRS financial measure.

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Energy Exclusive Interviews Junior Mining Precious Metals

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Base Metals Energy Junior Mining Precious Metals Project Generators

Top 10 mining podcasts to follow in 2023

Original Source: https://miningdigital.com/top10/Top-10-mining-podcasts-to-follow-in-2023?utm_id=LinkedIn+Newsletter+

For those wanting to learn more about mining and exploration from experts all across the field.

10. Behind the Scenes with Bryan

This podcast typically centres around the field of engineering and frequently explores topics related to mining, with a particular focus on issues such as mining waste management, geoscience, data management, and touches on ESG aspects such as women in mining.

The host, Bryan Ulrich, has over thirty years of experience in the field of engineering, project management, design, construction, analysis, and site investigation related to mining work, and has worked on a multitude of plant-site projects throughout his career.

9. Deep Insights with Mining Review Africa

Hosted by Laura Cornish, the editor-in-chief of Mining Review Africa, the podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the African mining industry.

Reaching an audience of over 50 000 influential mining authorities and key decision makers through a variety of channels, the podcast talks about everything from sustainable development across the mining sector in Africa through articles on project developments and the technology and financial models that drive them.

The podcast has an audience over 50,000 key stakeholders in the industry

8. Mining Minds

Mining Minds is a podcast that focuses on the mining industry in Canada, specifically in the province of Ontario. The podcast is produced by the Ontario Mining Association, a trade organisation that represents the mining industry in the province.

Drawing on their own experiences, the hosts take listeners on a journey through the lives of miners, the communities and companies that sustain them, and the unique lifestyles they embrace. The podcast will explore the vital role mining plays in our world while emphasising the crucial need for responsible mining practices that safeguard our environment and secure our future.

7. Exploration Radio

Hosted by a panel of industry experts, Exploration Radio is a podcast that focuses on the exploration of natural resources, including minerals, oil, and gas, the podcast is produced by a team of geoscientists and mining professionals who are passionate about exploration and the discovery of new resources. 

Hosts talk to explorers about the challenges they have faced, what we stand to learn from them and how we can better prepare for the future.

https://youtube.com/watch?v=7HREJ87aAPY%3Fmodestbranding%3D1%26playsinline%3D1%26rel%3D0

6. Full Production with Peter Finn

Full Production with Peter Finn is a podcast that focuses on the mining industry in Australia. The podcast is produced by Newton Consulting, a consulting firm that specialises in the mining industry.

The podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the Australian mining industry.

5. Network – Women in Mining South Africa

Covering everything from the importance of mentorship for women in mining to learning how to navigate male-dominated environments, the Women in Mining South Africa podcast supports the empowerment of women in the sector. The podcast features conversations with women who are leaders, entrepreneurs, professionals, and pioneers in the mining industry. Through their stories, listeners can gain insights into the challenges and opportunities that women face in the mining sector, and learn about the strategies and initiatives that are helping to promote gender equality and diversity in the industry.

WiMSA creates an empowering network to inspire, support, and develop the progression of women working in the South African mining industry

4. On the Rocks

Emily King, who is the Founder of Prospector, a geologist, and the Chief Innovation Officer for Analog Gold, hosts a podcast where she interviews special guests about the current state and the future of the mining industry.

The conversations take place over cocktails, and topics covered include space mining, deep sea mining, artificial intelligence, the state of the market, and tales of exploring remote mountains.

3. Proven and Probable 

This US-based mining podcast, Proven and Probable, has been running since 2016 and has released hundreds of episodes, covering topics from gold and silver mining to battery metals and uranium.

The podcast is hosted by Maurice Jackson, who is a mining industry expert and the founder of Proven and Probable, a mining and exploration company.

Episodes cover a wide range of topics, including exploration techniques, mining methods, mineral economics, and investing strategies. Guests on the show share their experiences and expertise in these areas, and also provide their perspectives on current events and trends in the industry.

2. The Northern Miner Podcast

The Northern Miner is a pioneering podcast in the mining industry, with a legacy of over 100 years in serving mining and exploration professionals. The podcast is powered by crucial reports produced by the expert writing staff of The Northern Miner, which help inform the decision-making process of thousands of high-performing mining professionals worldwide.

Episodes of the podcast often cover news and events from around the world, including developments in mining hotspots such as Canada, Australia, and South America. Listeners can expect to hear discussions on topics such as new mining projects, mergers and acquisitions, commodity prices, and regulatory changes that impact the industry.

1. Dig Deep: The Mining Podcast

Coming in at number 1 is the Dig Deep Podcast. Episodes provide listeners with valuable information about the mining industry and how it is evolving, also highlighting emerging technologies and mining methods, as well as the impact of global events on the industry.

Hosted by Rob Tyson, mining head-hunter and founder and director of Mining International Ltd, the podcast features interviews with mining professionals, including geologists, mining executives, investors, and analysts, who share their insights and perspectives on the latest industry news and trends.

One of the unique features of the Dig Deep podcast is its focus on safety in the mining industry. The podcast often discusses safety initiatives and strategies, and provides insights into how mining companies are working to create safer working environments for their employees.

https://youtube.com/watch?v=CH5dw3KIxmE%3Fmodestbranding%3D1%26playsinline%3D1%26rel%3D0

TOP 10 MINING PODCASTSMINING PODCASTSMINING NEWS

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Energy Junior Mining Precious Metals

Silver Bullet Mines Corp. Processes Gold and Silver From Upper Adit at Buckeye Mine Arizona

Burlington, Ontario–(Newsfile Corp. – March 16, 2023) – Further to its press release of March 3, 2023, Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on the latest processing campaign at its 125 TPD pilot plant.

Over a recent four-day period from March 8 to March 13, 2023, SBMI processed mineralized vein material at its 100% owned mill in Globe, Arizona, from which it recovered concentrate which will be converted to dore bars, confirming the recent mill modification was successful. The mineralized material was taken from the vein structure in the upper adit behind the Treasure Room.

Dore bar poured March 15, 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/158779_a82babf4046d680b_001full.jpg

SBMI is producing an initial batch of dore bars to be sent to a third-party lab for analysis and to potential purchasers for their analysis. One dore bar has previously been sent to a potential purchaser for its analysis.

Calibrated XRF analysis have confirmed recovered gold in these dore bars, including one bar that analyzed 0.382 % gold. The XRF analysis shows the dore consists primarily of silver and copper, with gold, zinc, nickel, lead and iron. No deleterious material was found in the dore bar. This confirms the previous findings of Dr. Andrew Macdonald from the Harquail School of Earth Sciences at Laurentian University in Sudbury, Ontario on the silver contained within a sample collected from the floor of the Treasure Room area.

The crushing circuit of the mill is running at optimal efficiency. The grinding and gravity circuits were run at approximately 50% capacity while being optimized. The number of tons of mineralized material to be processed per hour will be increased as optimization continues and as a result of grade control assay results processed at SBMI’s lab at the millsite.

To feed the mill, the Company has accumulated a significant stockpile of mineralized material at the Buckeye Mine for transportation to the mill site. Mining is ongoing in 150 ton (136 tonne) rounds, with four rounds per week, advancing at 12 feet (3.7 metres) per round.

Next steps include increasing the tonnage being shipped from the Buckeye Mine to the mill, continuing mining of the historical higher grade zone, filling the outstanding order, sourcing other purchasers, and continuing to improve operational performance at the Buckeye Mine and at the mill.

SBMI previously announced that it had received an order for 50 kg (1,760 ounces) of silver. The entity that placed that order has advised SBMI that it intends to increase that order to a minimum of 500 kg (17,600 ounces) per month. Management reasonably believes it will be able to satisfy that increased order for the foreseeable future. To decrease risk, the Company is currently in discussions with several additional potential purchasers.

Higher grade samples and dore bars, and what the field team believes to be bornite, will be sent to Harquail School of Earth Sciences for further detailed analysis. See the photo below.

The potential bornite at the Buckeye Mine is believed to be found as a hydrothermal mineral in fractures in cooler areas of the fluid migration. Association with native silver and other precious minerals have been known to occur in such mineralized situations. Further analysis of the potential bornite mineralization is ongoing.

Recent sample collected from the Buckeye Mine upper adit @ 450 feet from the portal entrance.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/158779_a82babf4046d680b_002full.jpg

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1(905)302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca +1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

Categories
Base Metals Energy Junior Mining Precious Metals

Collective Mining Drills 359.15 Metres at 3.32 g/t Gold Equivalent from Surface, Including 35.30 Metres at 8.06 g/t Gold Equivalent in Oxides at the Apollo Porphyry System

  • Assay results for two holes APC-33 and APC-35, intended to test the mineralized outcrop of the Apollo porphyry system, intersected significant continuous high-grade copper-silver-gold mineralization from surface as follows:
  • The intersection in drill hole APC-35 is the highest grade (grams X metres) hole drilled to date at the Apollo porphyry system.
  • Both holes terminated while still in strong mineralization at over 350 metres vertical depth. Deeper drilling is planned as part of the 2023 Phase II program.
  • Significant and continuous copper mineralization was intersected in both drill holes beginning directly below the oxide zone of mineralization and continuing to the end of the holes.
  • Four additional drill holes have been completed from drill Pads 6 and 7 with all four holes appearing to have intersected continuous mineralization from bedrock to downhole lengths of up to 275 metres. Assay results are pending.
  • Outcrop mapping and sampling in the south and central portions of the Apollo porphyry system has outlined a 130 metres X 130 metres area of known surface mineralization which is open in all directions. Two new pads (9 and 10) are under construction and once operational will provide more drilling options to test this expanding area of surface and shallow mineralization.

Ari Sussman, Executive Chairman commented: “The Apollo deposit continues to demonstrate that it is in a rare class of discoveries combining both high-grades of copper, silver and gold hosted within a bulk tonnage porphyry system. Surprises through drilling continue to be positive with APC-35 being the highest grade intercept at the project to date. Importantly, the hole began and ended in two separate high-grade subzones of mineralization. Once the shallow portion of the drill program is completed in the coming weeks, we will immediately begin drilling significantly longer holes to test the full potential of the system from surface to depth. Assay turnaround continues to be quick and more results are expected in the near term.”

TORONTO, March 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from an additional two drill holes completed from Pad 6 as part of the Phase II program at the Guayabales project located in Caldas, Colombia. The aim of the Phase II program is to test and define through drilling the shallow portion of the Apollo porphyry system as well as continue expanding the system through step-out drilling. The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (low and intermediate sulphidation porphyry veins) within a magmatic, hydrothermal intermineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.

To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.

Details (See Table 1 and Figures 1-3)

The Phase II drilling program of 2023 is advancing on schedule with seven holes completed and a further three in progress. The aim of this program is to define the high-grade mineralization and dimensions of the Apollo porphyry system near surface while continuing to expand the size of the system through step-out drilling.  To date, a total of 34 drill holes (approximately 16,000 metres) have been completed and assayed at the Apollo target with the majority of the holes testing the Apollo porphyry system.

Assay results for the first drill hole (APC-31) from the 2023 Phase II program was announced on February 23, 2023 and intersected 384.7 Metres at 2.46 g/t Gold Equivalent from surface which included high-grade oxide mineralization of 42.35 metres averaging 5.08 g/t gold equivalent.

A further two holes, APC-33 and APC-35 have now been completed from Pad 6 with assay results and geological observations summarized below.

APC-35 was drilled steeply to the northwest from Pad 6 to a maximum depth of 366.15 metres (350 metres vertical). The hole was designed to test the potential for shallow, high-grade mineralization located 50 metres west of APC-31. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization (final 3.45m averaging 1.11 g/t gold equivalent). APC-35 is the highest-grade mineralization (grams X metres) reported from drilling to date as follows:

  • 359.15 metres @ 3.32 g/t gold equivalent (consisting of 1.84 g/t gold, 48 g/t silver and 0.48% copper) including:

The mineralized interval starts directly below overburden at 7 metres and into saprolite and oxide material until 42.30 metres before transitioning into fresh mineralized angular breccia rock consisting of chalcopyrite (0.2% to 1.5%), pyrite (1% to 2%) and some pyrrhotite (~1%). The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena and high grades of gold particularly from 318.30 metres downhole. Gold grades are significantly higher in the oxidized portion of the intercept while copper and silver grades are consistently high throughout the whole intercept below the oxidized zone.

APC-33 was drilled steeply to the north from Pad 6 to a maximum depth of 381.35 metres (360 metres vertical). The hole was also designed to test the potential for shallow, high grade mineralization located 50 metres east of APC-31. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization (last 4.44 metres grade 1.7 g/t gold equivalent) and averaged:

  • 374.70 metres @ 2.22 g/t gold equivalent (consisting of 0.85 g/t gold, 53 g/t silver and 0.34% copper) including:

The mineralized interval starts directly below overburden at 6.65 metres and into saprolite and oxide material until 49.50 metres before transitioning into fresh mineralized angular breccia rock consisting of chalcopyrite (0.2% to 1.2%), pyrite (1% to 2.5%) and some pyrrhotite (~1%). The sulphides fill the breccia matrix and are surrounded by clasts of quartz diorite and diorite. The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena. Gold grades are significantly higher in the oxidized portion of the intercept where copper grades are depleted.

Outcrop mapping and sampling in the south and central portions of the system has outlined a 130 metre-by-130 metre area of known surface mineralization, which is open in all directions.  Pads 6 and 7 have been designed with the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres. Visual observations from another four completed holes indicate continuous intercepts from surface over core lengths ranging from more than 100 metres to more than 275 metres. The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.

Two new drill pads, numbered 9 and 10, are under construction to provide further drilling options to test and expand upon the area which the Apollo porphyry system outcrops at surface.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists find more outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.

Table 1: Assays Results for APC-33 and APC-35

HoleIDFrom
 (m)		To
(m)		Intercept
Interval
(m)		Au
(g/t)		Ag
(g/t)		Cu
%		Mo
%		AuEq
(g/t)*		CuEq(%)**
APC-336.65381.35374.700.85530.340.0022.221.21
Inlc**6.6549.5042.853.87400.120.0014.50
APC-357.00366.15359.151.84480.480.0023.321.82
Incl**7.0042.3035.307.96220.090.0018.06
318.30366.1547.855.47190.050.0025.58
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) i:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) CuEq (%) is calculated as follows:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 5.0 x 0.95). utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut
Oxidation zone**
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-33 & APC-35 (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-33 & APC-35 (CNW Group/Collective Mining Ltd.)
Figure 2: Core Photo Highlights and Cross Section for Drill Holes APC-33 and APC-35 (CNW Group/Collective Mining Ltd.)
Figure 2: Core Photo Highlights and Cross Section for Drill Holes APC-33 and APC-35 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.

Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

Cision
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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/15/c7360.html

Categories
Base Metals Energy Junior Mining Precious Metals

Goldshore Intersects Multiple New Parallel Shears Increasing Width of QES Zone by Over 100 meters – Including 1.33 g/t Au over 54.45m

Vancouver, British Columbia–(Newsfile Corp. – March 14, 2023) – 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 Gold Project“).

Highlights:

  • Results from seven holes in-filling the QES Zone have confirmed wide zones of gold mineralization containing multiple, closely spaced high grade shears in previously poorly drilled volumes with best intercepts of:
  • Additionally, these holes intersected parallel mineralized shears at shallow depths south of the main QES zone which are open along strike and expand the cumulative width of the QES Zone by over 100m to 620m. Best intercepts include:

President and CEO Brett Richards stated: “As previously illustrated throughout the last 12 months of publishing drill results, these results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in April 2023, followed by a preliminary economic assessment on the updated resource. We continue to find additions to the resource on step out holes laterally and along strike from the historic resource profile, and QES continues to widen with continued mineralization to be tested to make it even wider. We look forward to seeing the impact of these additions to the resource model.”

Technical Overview

Figure 1 shows the better intercepts in plan view and Figure 2 is a typical section through hole MQD-22-100 and -104. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to the current Mineral Resource and highlighting the additional shears.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_002full.jpg

Figure 2: Drill section through MQD-22-100 and -104 relative to the current Mineral Resource and highlighting the additional shears and potential to significantly deepen the open pit shell.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_003full.jpg

These most recent results continue to build on the successful winter infill and expansion program at the QES Zone. The robust widths and consistent gold grades in all seven holes provide strong confirmation of the geological interpretation, and significantly increase the resolution of data in hitherto poorly defined volumes.

Holes MQD-22-098, -100, -102 and -103 were focused on closing gaps in the existing drill pattern at shallower elevations. All four holes intercepted a tightly spaced set of narrow, high grade shear zones within a broad envelope of strongly altered granodiorite.

Holes MQD-22-099, -101 and -104 were stepped back to the southeast to test the deeper portion of the eastern end of the QES Zone. These holes have defined the true width of the high- and low-grade mineralized domains in an area of widely spaced and partially sampled historical drilling. In addition to these deeper intercepts on the main QES shear zone, all three holes generated significant high-grade intercepts at shallow depths which define a series of parallel mineralized shears in sericite-hematite altered volcanics and narrow diorite intrusive bodies 200m to the south of the main QES Zone.

Figure 3: Drill core from 112-123m (1m @ 22.1g/t Au) in MQD-22-100 highlighting a mineralized quartz-rhodochrosite vein within the sheared, altered intrusion. Note that this photo is not intended to be representative of broader mineralization on the Moss Lake Gold Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_004full.jpg

Pete Flindell, VP Exploration for Goldshore, said “These results confirm our belief that the Moss Gold deposit is wider and deeper than previously thought – now filling a 600-700-meter-wide corridor – and that there are many more shears hosting high-grade gold mineralization. This will assist our goal of expanding the mineral resource and improving its quality in April 2023.”

Table 1: Significant downhole gold intercepts

HOLEIDFROMTOLENGTH
(m)		TRUE WIDTH
(m)		CUT GRADE
(g/tAu)		UNCUT GRADE
(g/tAu)
MQD-22-098122.00124.002.001.40.320.32
245.00279.8034.8026.30.650.65
including254.90258.954.053.02.682.68
and269.00273.004.003.01.681.68
298.00364.0066.0050.90.590.59
including307.00315.008.006.11.031.03
397.00407.0010.007.90.380.38
529.00533.004.003.30.370.37
MQD-22-09918.0020.002.001.30.450.45
183.35205.5522.2015.50.510.51
256.00258.002.001.40.510.51
280.00285.005.003.60.320.32
294.30309.0014.7010.80.510.51
379.00394.0015.0011.30.450.45
including382.00385.003.002.31.231.23
410.00412.002.001.50.320.32
425.00435.5010.508.00.330.33
461.65469.607.956.20.390.39
540.90548.107.205.70.510.51
555.90557.952.051.60.380.38
576.00579.303.302.60.350.35
591.15635.4544.3035.81.061.06
including594.00621.1027.1021.91.551.55
MQD-22-10099.40104.004.602.80.310.31
119.05130.2511.207.02.232.23
168.05189.8521.8014.10.540.54
including187.60189.852.251.52.302.30
208.40393.95185.55128.70.480.48
including287.80290.002.201.51.021.02
and310.05314.003.952.81.071.07
and335.00339.904.903.51.131.13
and346.25359.0012.759.11.671.67
409.00418.009.006.70.360.36
436.00456.2520.2515.20.740.74
including439.00449.0010.007.51.091.09
496.00500.004.003.00.320.32
MQD-22-10191.0093.602.601.75.905.90
179.80196.6016.8011.60.570.57
including192.55194.802.251.62.612.61
215.05272.0056.9540.30.390.39
including231.90234.552.651.91.291.29
325.00357.0032.0023.40.410.41
including345.10347.602.501.81.761.76
375.00379.154.153.10.420.42
425.85447.0021.1515.90.310.31
464.40467.002.602.00.330.33
502.00517.5015.5012.00.370.37
528.00562.2034.2026.70.480.48
including533.10539.306.204.81.041.04
614.65676.0061.3549.50.810.81
including623.35638.0014.6511.81.181.18
and643.00657.7514.7511.91.001.00
and661.80668.006.205.01.501.50
710.90714.954.053.30.340.34
728.05737.159.107.50.300.30
745.80750.004.203.50.480.48
MQD-22-10223.8029.505.704.10.340.34
166.50170.804.303.20.350.35
193.05274.0080.9563.70.740.74
including205.00209.004.003.11.731.73
and246.10266.1020.0016.01.431.43
291.00298.607.606.20.340.34
324.00352.0028.0023.00.690.69
including329.00334.605.604.62.222.22
369.00372.003.002.50.460.46
MQD-22-103114.45134.0019.5513.50.310.31
140.05158.0017.9512.60.410.41
168.40178.9510.557.50.750.75
190.00267.0077.0056.80.710.71
including203.00219.0016.0011.61.431.43
and262.10264.652.551.95.105.10
279.00284.655.654.31.711.71
including280.35282.952.602.03.213.21
435.90449.0013.1010.40.630.63
MQD-22-104112.70121.208.505.82.412.41
220.80236.8516.0511.60.700.70
249.00252.203.202.30.470.47
290.90296.655.754.30.640.64
473.05483.009.957.90.460.46
495.80521.0025.2020.10.310.31
533.80557.0023.2018.70.590.59
including544.00547.003.002.41.521.52
568.00575.507.506.10.940.94
593.00713.65120.65101.20.860.86
including614.00628.2014.2011.81.061.06
and657.00711.4554.4546.11.331.33
726.00731.105.104.40.520.52
755.70760.454.754.10.560.56
771.05778.857.806.70.310.31

Intersections calculated above a 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

HOLEEASTNORTHRLAZIMUTHDIPEOH
MQD-22-098669,8295,379,161431337°-49°651
MQD-22-099670,6645,379,431433336°-50°750
MQD-22-100670,4775,379,624428335°-55°525
MQD-22-101670,6065,379,384441337°-51°750
MQD-22-102670,3985,379,573428336°-45°402
MQD-22-103670,1625,379,469428336°-50°552
MQD-22-104670,5285,379,315441339°-50°801

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 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% 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 Gold Project through the next stages of exploration and development.

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.

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.” 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, the release of an updated mineral resource estimate and preliminary economic assessment, 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.

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.

Categories
Base Metals Energy Precious Metals

Stillwater Critical Minerals Files Technical Report for the Updated Mineral Resource Estimate at the District-Scale Stillwater West Battery and Catalytic Metal Project in Montana, USA

VANCOUVER, BC / ACCESSWIRE / March 14, 2023 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF) (the “Company” or “SWCM”) is pleased to announce that, further to its news release dated January 25, 2023, it has filed an independent National Instrument 43-101 technical report (the “Technical Report”) for the Stillwater West Ni-PGE-Cu-Co + Au project located in Montana, USA.

The Technical Report, entitled “Mineral Resource Estimate Update for the Stillwater West Ni-PGE-Cu-Co-Au Project, Montana, USA”, has an effective date of January 20, 2023. The Technical Report was completed by SGS Geological Services(“SGS”) and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.criticalminerals.com.

Qualified Persons

Allan Armitage, Ph.D., P.Geo., of SGS Geological Services, an independent Qualified Person in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical content of this news release.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remain open for expansion along trend and at depth.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075

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.

SOURCE: Stillwater Critical Minerals

Categories
Diamcor Mining Junior Mining Precious Metals

Diamcor Recovers 45.15 Carat Gem Quality Diamond and Provides Update on Procurement of Power System

KELOWNA, BC / ACCESSWIRE / March 13, 2023 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) is pleased to announce the recovery of a 45.15 carat gem quality rough diamond from the processing of quarry material at the Company’s Krone-Endora at Venetia Project (the “Project”). This 45.15 carat large rough diamond in the Specials category (+10.8 carats) follows the previously recovered 72.53 carat gem quality rough diamond announced on February 21, 2023. The recovery of this second large gem quality rough diamond, along with the pending sale of approximately 2,000 additional carats delivered for tender and sale, is expected to positively impact revenues and offset the lower than anticipated current processing volumes associated with the ongoing power load-shedding currently being experienced in South Africa.

The Company is also pleased to provide a further update on the progress on the procurement and installation of a comprehensive long-term supplementary power solution at the Project. Various options were evaluated by the Company’s operational management team throughout 2022 in anticipation of potential issues with consistent power supply in South Africa, with the main focus being to provide the Project with systems to eliminate potential downtime and lost processing time at the Project. The chosen system will incorporate various items including a large Battery Energy Storage System (“BESS”) element, power conditioning, switching systems, and generator backup systems. The solution has been designed to provide the Project with a globally recognised tier 1 energy management system to provide a long-term seamless uninterrupted transition between traditional grid power supply, battery systems, and generator backup systems. In addition, the system will provide power conditioning to “clean” all power being supplied to the Project’s processing plant, which is expected to provide significant benefits including increased reliability of electronics while lowering maintenance on the processing plant’s electrical systems. The Company is expediting these efforts due to the current elevated issues surrounding the inconsistent supply of power in South Africa by Eskom, the national power supplier. The Company is targeting the installation of these systems to be completed prior to the end of the next quarter.

Highlights

  • Continued Tender and Sale of Rough Diamonds. While the total carats of rough diamonds tendered and sold in the current quarter continues to be lower than anticipated due to widely reported increases in daily load-shedding / power outages throughout South Africa, ongoing efforts to maximize recoveries and the continued recovery of larger gem-quality rough diamonds in the Specials category are expected to offset this issue in the near-term.
  • Average Dollar Per Carat Increases in Period. The combination of the Project’s relatively high percentage of gem quality diamonds recovered to date, along with the recent recovery of two large gem quality special rough diamonds, is expected to have a positive impact on the average dollar per carat for the current period. Tender and sales totaling 1,538.62 carats of rough diamonds in the current quarter to date has generated gross revenues of USD $980,696.08, resulting in an average dollar per carat of USD $637.39.
  • Recovery of Large Gem Quality Rough Diamonds. Even while operating at restricted processing levels, the Company’s recovery of the previously announced 72.53 carat diamond gem quality rough diamond and the recent recovery of the above mentioned 45.15 carat gem quality rough diamond in the current quarter continues to confirm the potential for these types of large rough diamonds to be recovered from the Project’s deposits and provide positive impact to gross revenues.
  • Continued Rough Diamond Recoveries. The Company continues to process material and manage inconsistencies in power supply delivering approximately 2,000 carats of additional rough diamonds for tender and sale. Additional rough diamonds recovered prior to March 31, 2023, will either be tendered and sold in a final tender and sale of the current period, or held as stock on hand at the end of the period, and tendered in the Company’s next quarter.
  • Continued Progress on the Procurement and Installation of Power Systems. The Company’s operational team continues to advance the previously announced installation of comprehensive systems aimed at mitigating the long-term impact any potential load-shedding has had on the Project. Installation of this system is targeted for completion at the end of the Company’s next fiscal quarter.

“The recent recovery of another larger gem quality 45.15 carat rough diamond will provide further revenue during the period, and additional confirmation of the Project’s potential to continue recovering these larger rough diamonds”, stated Mr. Dean Taylor, Diamcor CEO. “We certainly look forward to the near-term implementation of the back-up power systems to remove current limitations on processing volumes, and with that, return our focus to efforts aimed at expanding our understanding of the potential deposits on the greater areas of the Project.”

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for very low-cost mining to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

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

SOURCE: Diamcor Mining Inc.



View source version on accesswire.com:
https://www.accesswire.com/743351/Diamcor-Recovers-4515-Carat-Gem-Quality-Diamond-and-Provides-Update-on-Procurement-of-Power-System

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

EMX Establishes Idaho-focused Explorer; Combines Portfolio of Precious & Base Metal Projects, Idaho Business Unit, and Drilling Subsidiary to Form Scout Discoveries Corp

Vancouver, British Columbia–(Newsfile Corp. – March 8, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc. (“BCE”), of a Letter of Intent (“LOI”) to sell its a) portfolio of 14 precious and base metal projects in Idaho (the “Portfolio”) acquired via staking between 2018-2022, b) Idaho Business Unit, and c) wholly-owned core drilling subsidiary, Scout Drilling LLC, to Scout Discoveries Corp. (“Scout”). Scout is a U.S. private corporation headquartered in Coeur d’Alene, Idaho and will be led by Dr. Curtis Johnson, as president and CEO along with several members of the BCE team who generated, acquired, and advanced the Portfolio which represents the largest unpatented claim holdings in the state.

EMX was an early mover in the modern era of exploration in Idaho by recognizing the geologic potential for tier one precious and base metal systems coupled with the ability to acquire contiguous district-scale land positions where limited exploration has taken place in over 30 years. Numerous projects in the Portfolio were advanced by previous EMX partners between 2018-2022. The work invested in the Portfolio has resulted in a diverse pipeline of early-stage projects through fully vetted, drill-ready targets with several historical resources open for expansion (Figure 1).

This proposed transaction is a unique example of the organic royalty generation component of EMX’s business model that provides an asset base substantial enough to form a new company around. The terms of the LOI provide EMX with an equity interest, a retained 3.25% net smelter return (“NSR”) royalty interest, annual advance royalty (“AAR”) payments, and certain milestone payments as the Portfolio of 14 projects is advanced.

Commercial Terms Overview. Pursuant to the LOI, Scout will purchase a 100% interest in the Portfolio by (all dollar amounts in USD):

  • Issuance of shares equal to 19.9% of Scout to EMX.
  • Raising a minimum of $3,000,000 in exploration capital coincident with the closing of the transfer of the Portfolio.

Upon the successful completion of the above:

  • EMX will be granted a 3.25% NSR royalty on each of the 14 projects in the Portfolio, as well as AAR and milestone payments divided into two tiers:
  • Tier 1, Advanced-stage Exploration Projects: Erickson Ridge, South Orogrande, Lehman Butte, Jacknife, Moose Ridge, and Century.
  • Tier 2, Early-stage Exploration Projects: Timber Butte, Muldoon, Independence, Valve House, Cuddy Mountain, Scout, Silverback, and Cartwright Canyon.

Ongoing Scout obligations to the Company, on a per project basis, will include:

  • EMX will receive AAR payments for Tier 1 projects beginning on the second anniversary and Tier 2 projects beginning on the fourth anniversary of the LOI starting at $10,000/year and increasing $10,000/year to a cap of $75,000/year.
  • EMX will receive milestone payments of $500,000 for Tier 1 and $200,000 for Tier 2 projects upon completion of a preliminary economic analysis (“PEA”), $1,000,000 for Tier 1 and $750,000 for Tier 2 projects upon completion of a pre-feasibility study (“PFS”), and $1,000,000 for both Tier 1 and Tier 2 projects upon completion of a feasibility study (“FS”).

EMX will maintain a 19.9% non-dilution right up to $10,000,000 of capital raises and a preemptive right to participate in future financings to maintain a 9.9% interest, so long as it holds at least 5% of the issued and outstanding shares of Scout.

Scout may purchase 0.5% of a given NSR royalty for the USD equivalent of 600 ounces of gold by the eighth anniversary of the LOI, and an additional 0.5% NSR for the USD equivalent of 1,800 ounces of gold before commercial production on each property.

In addition to the 14 property interests, Scout will purchase a 100% interest of EMX’s wholly-owned drilling subsidiary, Scout Drilling LLC, by completing $10,000 monthly payments for 12 months, a $500,000 payment by the first anniversary (firm commitments), and 12 additional monthly payments of $10,000 and a final $1,000,000 payment, with the 24 monthly payments creditable, by the second anniversary of the LOI.

The LOI contemplates EMX and Scout entering into a definitive agreement by March 31st and closing the transaction by May 1st, 2023.

Scout Discoveries Overview. With the completion of the LOI, Scout will be 100%-focused on advancing the Idaho Portfolio to discovery. Combining the Portfolio with EMX’s low impact Hydracore HC2000 core drill and experienced team, Scout will be structured to internally advance projects from initial target definition, through drill testing and resource delineation. This represents a unique, cost-effective business model to advance the Portfolio, which includes the following key projects:

  • Erickson Ridge: The Erickson Ridge project covers the northern extension of the Orogrande Shear Zone (“OSZ”) in the Elk City mining district, and hosts multiple historical shear-hosted gold resources (Figure 2), including a 1980s-era historical resource. Historical drill intercepts from the 1980s include 33.5 meters @ 4.1 g/t gold (ER-84-13 from 16.8m to 50.3 m) and 21.3 meters @ 3.15 g/t gold (ER-84-23 from 77.7 to 99.0 m) (disseminated-style mineralization, true thicknesses unknown)[1].

Historical exploration was focused on shallow oxide gold mineralization, with drill holes typically less than 100 meters in depth. Previous soil sampling programs by EMX and partners identified a 0.5 x 1.5 km gold-in-soil anomaly that extends mineralization more than one kilometer (km) along strike beyond the historical resource footprint[2]. The project is now permitted for drilling to follow-up on these targets.

  • South Orogrande: The project lies 16 km south of Erickson Ridge and covers approximately 11.5 km of strike length along the OSZ (Figure 3). South Orogrande is adjacent to, and along strike, of Endomines Inc’s Friday deposit which has historical open pit constrained mineral resources[3]. At South Orogrande, modern surface exploration (2018-2021) identified multiple km-scale, cohesive gold-in-soil anomalies (2×5 km and 1.5×3 km) with coincident geophysical anomalies in areas of minimal outcrop and widespread placer gold[4].

The only modern drilling is a single hole in 2021 that was lost at 269m, which intersected increasing intensities of disseminated quartz-sericite-pyrite alteration that assayed 0.78 g/t Au over 1.5m within a consistent zone of 72m @ 0.15 g/t Au (from 197m to 269m) at the bottom of the hole[5]. This drilling has not been followed up, and the project is permitted for 50 new drill pads within the gold-in-soil anomalies.

  • Jacknife: The Jacknife project encompasses the entirety of the Lakeview Ag-Pb-Zn district, including 335 acres of leased patented claims, approximately 40 km northwest of the Silver Valley, Idaho (Figure 4). The project is centered on a seven-km swarm of 0.5 to 5-meter-thick carbonate-quartz-sulfide veins hosted in regional shear zones within Mesoproterozoic Belt Basin sedimentary units, predominantly the Wallace, St. Regis, and Revett Formations – key host units in the Silver Valley. In the 1960s a 610 meter (m) vertical exploration shaft was sunk, with exploration drifting completed to explore the vein system to depth and define an historical resource[6]. Only minor surface exploration and small-scale production has occurred in the district since.

In 2012, limited shallow drilling was completed in the historical resource area, with highlight intercepts of 1.4m (101.4-102.8m) @ 692 g/t Ag, 5.7% Pb, 0.4% Zn, and 0.42 g/t Au (ABM-12-DH2) and 0.6m (100.4-101m) @ 1,106 g/t Ag, 0.65% Pb, 0.23% Zn, 0.81 g/t Au (ABM-12-DH4) (true thicknesses unknown)[7]. In 2021-2022, EMX leased the patented claims at Lakeview, and staked the surrounding open ground, marking the first time the district has been consolidated since initial discovery in the late 1800s.

  • Lehman Butte: The Lehman Butte project, located in central Idaho, contains widespread low sulfidation epithermal veining and quartz-clay-adularia alteration in intermediate volcanic rocks, as well as jasperoid replacing underlying Mississippian limestone (Figure 5). Work by EMX and previous partners has outlined a cohesive 1.5 x 3 km gold-in-soil anomaly with rock chip samples that include 3.1 g/t Au and 19.8 g/t Ag (n=214, avg. 0.145 g/t Au and 4.8 g/t Ag), indicating bulk-tonnage style mineralization, cored by a zone of banded quartz-adularia feeder veins up to 2.5m in width and mapped across 3 km of strike. Coincident magnetic, chargeability, and resistivity anomalies corroborate the targets outlined by surface sampling and mapping. The project is permitted for drilling and the primary target is a bulk-tonnage Au-Ag deposit hosted within permeable volcanics, as well as high-grade bonanza-style epithermal veins at depth.
  • Pipeline Projects: The Portfolio includes an additional 10 district-scale, earlier stage projects with Carlin-type Au, low sulfidation epithermal Au-Ag, porphyry and intrusion-related Au-Cu, carbonate replacement Ag-Pb-Zn (Au-Cu), Silver Valley-type Ag-Pb-Zn, and orogenic Au targets. Scout will advance these projects systematically through detailed target definition as the four highlighted projects are drill-tested.

The Scout Discoveries team will be led by Dr. Curtis Johnson as President and CEO, and will be comprised of a core group of youthful, but seasoned explorationists that will shift from BCE to Scout on a 100% basis. These acomplished geologists have been responsible for assembling and building value in Scout’s Idaho Portfolio. Further value will be provided by integrating Scout Drilling LLC into the new company, which will provide Scout Discoveries with a unique competitive advantage to quickly and cost effectively evaluate mineral project upside through drilling. Idaho is a highly prospective terrane for developing new precious, base and battery metals resources, and EMX is confident that Scout Discoveries will be a leader in exploration discovery and entrepreneurial success.

More information on Scout Discoveries Corp. and the Portfolio can be found at: www.scoutdiscoveries.com.

Comments on Sampling, Assays, and QA/QC. EMX and its project partners’ exploration samples were collected in accordance with accepted industry standards and best practices. EMX samples were submitted to ALS Laboratories in Reno for sample preparation and analysis. Gold was analyzed by Au-ICP21 fire assay and ICP-AES (30 g nominal sample weight) method, and multi-element analyses were performed by an ME-MS61m method combining a four-acid digestion with ICP-MS finish. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates.

Comments on Historical Exploration Results and Nearby Deposits & Mines. The historical data in this disclosure (including maps) is related to historical drilling and surface sampling results. EMX and its partners have conducted independent field assessment, including geologic mapping, surface sampling, and in some cases reconnaissance drilling. From this independent work, the Company considers that the historical results are reliable and relevant for guiding and planning follow-up exploration work.

The nearby deposits and mines referenced provide geologic context for EMX’s projects, but this is not necessarily indicative that the projects host similar tonnages or grades of mineralization.

Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: Overview map of project locations.

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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_002full.jpg

Figure 2: Erickson Ridge project map.

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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_003full.jpg

Figure 3: South Orogrande project map.

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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_004full.jpg

Figure 4: Jacknife project map[8],[9].

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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_005full.jpg

Figure 5: Lehman Butte project map.

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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_006full.jpg

[1] From “Erickson Reef Project, Idaho County, Idaho”, 1985 internal report for United Gold Corp.
[2] Gold Lion Resources news release dated February 1, 2022.
[3] “NI 43-101: Technical Report, Idaho Gold Project” dated April 8, 2013 prepared by Geosim for Premium Exploration Inc.
[4] Gold Lion Resources news release dated November 10, 2020.
[5] Gold Lion Resources news release dated January 28, 2022.
[6] “Reserve Estimate – Conjecture Mine Project, Lakeview Mining District, Bonner County, Idaho”, 1981 internal report for Mines Management.
[7] Black Mountain Resources, news release dated October 17, 2012.
[8] Shoshone Silver, 2008. Lakeview Project Drilling. Internal report.
[9] Duval Corporation, 1965. Conjecture Mine Area, Geochemical Surface Sampling Map. Internal Map.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157665

Categories
Base Metals Energy Junior Mining Precious Metals

Collective Mining Intersects 55.25 Metres at 1.91 g/t Gold Equivalent in Step Out Drilling at the Olympus Target

  • Reconnaissance underground step-out drilling for the three hole Phase II program at the Olympus target has intercepted continuous mineralization with highlight assay results including:
  • Drill hole OLCU-2 has extended the known strike of the Olympus system by 150 metres to the southwest of drill hole OLCC-4 from the Phase I program in H1 2022 with previously announced results including:
  • As a result of OLCU-2, the dimensions of the Olympus system now measure 600 metres by 400 metres and remains open to the east, west, north and to depth for further expansion.
  • Drill hole OLCU-2 is located only 280 metres to the northwest of the currently known northern boundary of the Apollo porphyry system which was intercepted in step out hole APC-17, which returned 547.65 metres at 1.03 g/t gold equivalent (see press release November 29, 2022). Porphyry mineralization observed in drill core at Olympus raise the possibility that the Apollo porphyry system might continue at depth below Olympus. Future deep drilling will test this concept.
  • Multiple zones of NW trending sheeted late-stage porphyry related carbonate base metal veins have now been mapped and/or drilled from Aris Mining’s multi-million-ounce Marmato mine through the ME, Apollo and Olympus targets respectively covering a strike length of approximately three kilometres.
  • Presently, the Company has three diamond drill rigs turning at the Apollo porphyry system focused on testing the southern portion of the system where it daylights at surface. On February 23, 2023, the Company reported initial assay results from its first hole (APC-31) drilled in 2023 and confirmed that high-grade mineralization extends to surface with assay results as follow:
  • An additional seven holes have been completed at Apollo and have all appeared to have cut continuous mineralization from surface down to depths of up to 375 metres. Assay results for holes APC-33 and APC-35 are expected in the near term.

Ari Sussman, Executive Chairman commented: “Inspection of drill core and underground sampling at the Olympus target point to the potential for a mineralized porphyry system at depth. It is entirely conceivable that below Olympus we might find the Apollo porphyry system’s down plunge extension or another porphyry intrusion altogether. This model is directly comparable to the Marmato mine located less than 4 kilometres away and along the same mountain slope. Marmato hosts a CBM vein system similar to Olympus, which lies atop a porphyry at depth. We are truly blessed with remarkable geology. Hydrothermal fluid systems this robust in both nature and scale are exceedingly rare globally.”

TORONTO, March 7, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three underground drill holes completed at the Olympus target which forms part of the Company’s Guayabales project located in Caldas, Colombia. Mineralization at Olympus is characterized by zones of sheeted, late-stage carbonate base metal (“CBM”) veins and veinlets impregnating either porphyry diorite host rock or schist host rock. The Olympus target area measures 600 metres north-south by 400 metres east-west. Previously, the Company announced drilling results from drilling in the northern portion of the Olympus target area which included discovery hole OLCC-3 which averaged 301.9 metres @ 1.11 g/t AuEq (see press release dated March 15, 2022).

Details (See Table 1 and Figures 1 and 2)

Assay results for underground drill holes OLCU-1 to OLCU-3 are announced in this press release. All three holes were drilled from an underground chamber constructed within shallow ancestral underground workings located approximately 280 metres to the west and northwest of the current known northern extent of the Apollo porphyry deposit.

Assay results and geological observations are summarized below.

OLCU-2 was drilled northeastwards at a shallow dip below old workings from the underground chamber to a maximum depth of 331.8 metres. The hole was drilled orthogonally to CBM veins mapped in higher levels within the historical workings. The hole intersected two zones of polymetallic CBM veins and veinlets returning the following results:

  • 55.25 metres @ 1.91 g/t gold equivalent from 172.6 metres including 7.45 metres @ 8.69 g/t gold equivalent, and
  • 47.17 metres @ 0.94 g/t gold equivalent from 284.15 metres downhole.

Both mineralized zones consist of multiple polymetallic CBM veins and veinlets hosting pyrite, sphalerite, chalcopyrite, and galena. The sheeted vein systems are associated with intense sericite alteration and overprint older, potassic altered porphyry diorites containing magnetite and quartz-sulphide, porphyry veins.

Drill hole OLCU-3 was drilled in a NNE direction at a shallow dip from the underground chamber to a final depth of 290.2 metres and intersected a CBM vein zone with similar characteristics to those described in OLCU-2 and grading 0.81 g/t gold equivalent over 17.45 metres. The CBM zone is associated with intense sericite alteration and this mineralized system overprints potassically altered, porphyry diorite.

Hole OLCU-1 failed to intersect the targeted CBM zone due to drilling problems related to faulting and a historical mining cavity.

The current underground drilling and previously reported Olympus drill results (all summarized in Figure 1) outline multiple CBM vein zones covering an area of 600 metres north-south by- 400 metres east-west which is open to the NW and SE as the vein systems strike in this direction.

The CBM vein intercepts in OLCU-2 are located only 280 metres to the northwest of the known extent of Apollo porphyry system mineralization intercepted in step out drill hole APC-17. Drill hole APC-17 was an important step out hole which significantly extended the size of the Apollo deposit northwards returning a long intercept of 547.65 metres @ 1.03 g/t gold equivalent (see press release date November 29, 2022). This hole was terminated at 912.8 metres due to rig capacity limitations and bottomed in strong mineralization with the final 2.75 metres averaging 1.56 g/t gold and 9 g/t silver.

Interpretation work undertaken by the Company’s geological team has, to date, identified three zones of sheeted CBM vein systems which overprint both the inter-mineral breccia within the Apollo porphyry system and then continue to the northwest through the Olympus system. Additionally, porphyry style mineralization has been observed throughout Olympus drill core and underground mapping. As a result, it is entirely possible that the inter-mineral breccia making up the Apollo porphyry system (which plunges to depth as the system is traced northwards) or another porphyry intrusion might lie below the Olympus vein system. This model is directly analogous to the Marmato mine located approximately three kilometres along strike to the southeast where a CBM vein system lies above a porphyry system (Marmato Deeps).

Table 1: Assays Results for holes OLCU-1 to OLCU-3

Hole #From (m)To (m)Intercept
(m)		Au (g/t)Ag (g/t)Cu %Mo %AuEq
(g/t)*
OLCU-1NSV*
OLCU-25.906.400.503.42420.130.0047.18
133.55134.250.701.511800.130.0024.41
OLCU-2172.60227.8555.251.75110.020.0031.91
Incl.205.00206.601.603.01200.020.0103.29
207.60208.801.202.89100.010.0062.97
211.05211.600.554.39140.020.0014.44
217.30224.757.458.62280.040.0028.69
OLCU-2264.70265.200.508.05890.050.0029.24
and284.15331.3047.150.61180.030.0040.94
Incl.301.50302.701.202.75550.020.0043.51
329.80331.301.502.87340.050.0033.36
OLCU-358.5559.400.854.53120.010.0044.54
116.85134.3017.450.6490.030.0020.81
Incl.111.55112.250.702.121080.140.0023.92
133.70134.300.608.95100.030.0018.72
and204.80206.101.303.45260.030.0033.76

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. No top cut has been applied.

Reconnaissance drilling south of the Apollo porphyry system: Two drill holes (APC-32 and APC-34) were completed to test a surface soil anomaly for copper which is located 150 metres south of the southern limit of the currently defined Apollo porphyry system. The holes were collared from a newly constructed Pad 8 and drilled steeply northwards and westwards respectively, below the soil anomaly. Both holes intersected potassically altered porphyry diorites with low density of quartz-molybdenum-pyrite-pyrrhotite-chalcopyrite veins. Neither hole returned significant precious or base metal values. The Exploration team are using the trace element data to understand the location of these holes and their alteration patterns in comparison with the Apollo porphyry system.

Figure 1: Plan View Outlining Drilling at the Olympus Target. Proximity to the Apollo Porphyry System is Highlighted on the Map. (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View Outlining Drilling at the Olympus Target. Proximity to the Apollo Porphyry System is Highlighted on the Map. (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Olympus Target Area (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Olympus Target Area (CNW Group/Collective Mining Ltd.)
Figure 3: Core Photo Highlights from Drill Hole OLCU-2 (CNW Group/Collective Mining Ltd.)
Figure 3: Core Photo Highlights from Drill Hole OLCU-2 (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.

Management and insiders own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

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