TORONTO, June 07, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from seven drill holes, including the first hole drilled at the Golden Glove Target in the south end of its 100% owned Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.
Hole K-22-150 intersected 6.22 g/t Au over 4 metres that included 10.31 g/t Au over 2m at a vertical depth of 246 metres. This intersection is located approximately 160 m south of the Golden Glove discovery outcrop where six grab samples, three of which contained visible gold, assayed between 2.99 g/t and 338.1 g/t Au (see news release dated September 21, 2021). This intersection at Golden Glove is the fourth of four targets drilled by LabGold to return significant gold intercepts.
While there are many similarities between the mineralization observed at Golden Glove and that at Big Vein, a significant difference is that while Big Vein occurs on the west side of the Appleton Fault Zone, Golden Glove is situated on the East Side. This is the first drilling on the east side of the fault at the Kingsway Property.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Labrador%253BFault_(geology)%253BGold%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%252256728853-316a-31bc-a98d-be02627be93e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Six holes drilled at the Pristine target intersected near surface gold mineralization over significant widths in the Doyle Zone, including 1.86 g/t Au over 8m in hole K-22-144 and 1.75 g/t over 20.2m that included 2.76 g/t Au over 6.2m in Hole K-22-139.
“We are very pleased with the results from the first hole drilled at Golden Glove especially considering that the intersection is approximately 160m south of the discovery outcrop. This indicates excellent potential for the area between this hole and the outcrop and we are certainly looking forward to the results from the remaining five holes drilled there to date,” said Roger Moss, President and CEO of LabGold. “The continued near surface gold intercepts extending the strike length of the Doyle Zone are nice to see especially those with wider intersections. We are encouraged by the successful drilling of our four initial targets, all of which have delivered significant gold mineralization. We will continue to test the new targets developed along the Appleton Fault Zone through the summer, starting with the CSAMT target approximately eight kilometres northeast of Big Vein.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
K-22-152
66
70.24
4.24
1.78
Doyle
87
90
3
2.24
93
96
3
1.17
K-22-150
348
352
4
6.22
Golden Glove
including
348
350
2
10.31
K-22-149
13
14
1
1.27
Doyle
K-22-146
57
57.95
0.95
1.12
Doyle
K-22-144
64
72
8
1.86
Doyle
including
69
71
2
3.32
K-22-143
92.2
93
0.8
1.42
Doyle
K-22-139
57.2
77.4
20.2
1.75
Doyle
including
62.2
68.4
6.2
2.76
89.4
92.4
3
1.59
Table 1. Summary of Assay Results. All intersections are downhole length as there is insufficient Information to calculate true width.
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 159,199,026 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
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.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.
High-grade intercepts from TUG-141 include:
20.86 g/t Au over 75.9m from 443.4-519.3m
including 35.25 g/t Au over 37.5m from 471.3-508.8m
including 43.62 g/t Au over 30.0m from 477.6-507.6m
including 90.35 g/t Au over 7.2m from 494.4-501.6m
and notable individual high-grade assay intervals including:
– 138.15 g/t Au over 0.30m from 450.9-451.2m
– 396.16 g/t Au over 0.30m from 479.1-479.4m
– 103.54 g/t Au over 0.30m from 498.6-498.9m
– 340.07 g/t Au over 0.30m from 498.9-499.2m
– 600.42 g/t Au over 0.30m from 499.5-499.8m
– 244.37 g/t Au over 0.30m from 502.5- 503.1m
– 230.18 g/t Au over 0.30m from 507.3-507.6m
– 105.58 g/t Au over 0.30m from 518.7-519.0m
Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”
Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”
Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”
TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.
Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.
Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:
24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;
87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;
and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.
The area remains open at depth. This target has now become of utmost importance for follow up drilling.
In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:
Above the high-grade intercept
3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m
Below the high-grade intercept
3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m
In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.
Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.
Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.
Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).
Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.
Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.
Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.
Sample ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUG08584
71.7
72
0.3
0.96
TUG08535
101.7
102
0.3
3.96
TUG08536
102
102.3
0.3
12.17
TUG08537
102.3
102.6
0.3
5.35
TUG08538
102.6
102.9
0.3
1.42
TUG08539
102.9
103.2
0.3
3.09
TUG08541
103.5
103.8
0.3
1.19
TUG08542
103.8
104.1
0.3
8.64
TUG08543
104.1
104.4
0.3
7.67
TUG08544
104.4
104.7
0.3
7.56
TUG08545
104.7
105
0.3
7.90
TUG08546
105
105.3
0.3
3.53
TUG08548
105.6
105.9
0.3
0.60
TUG08549
105.9
106.5
0.6
4.83
TUG08452
107.1
107.4
0.3
1.42
TUG08456
109.8
110.1
0.3
15.41
TUG08457
110.1
110.4
0.3
0.74
TUG08458
110.4
110.7
0.3
1.12
TUG08459
110.7
111
0.3
5.28
TUG08460
111
111.3
0.3
0.80
TUG08462
111.6
111.9
0.3
2.66
TUG08463
111.9
112.2
0.3
1.45
TUG08464
112.2
112.5
0.3
1.22
TUG08466
112.5
112.8
0.3
1.50
TUG08467
112.8
113.1
0.3
2.67
TUG08468
113.1
113.4
0.3
3.47
TUG08469
113.4
113.7
0.3
2.92
TUG08470
113.7
114
0.3
2.93
TUG08471
114
114.3
0.3
8.74
TUG08473
114.6
114.9
0.3
7.36
TUG08474
114.9
115.5
0.6
0.90
TUG08475
115.5
115.8
0.3
7.20
TUG08476
115.8
116.1
0.3
3.14
TUG08477
116.1
116.4
0.3
0.92
TUG08479
116.7
117
0.3
3.62
TUG08481
117
117.3
0.3
15.85
TUG08482
117.3
117.6
0.3
2.06
TUG08483
117.6
117.9
0.3
1.95
TUG08484
117.9
118.2
0.3
0.58
TUG08485
118.2
118.5
0.3
5.51
TUG08486
118.5
118.8
0.3
6.35
TUG08487
118.8
119.1
0.3
38.27
TUG08488
119.1
119.4
0.3
3.02
TUG08489
119.4
119.7
0.3
1.41
TUG08490
119.7
120
0.3
2.19
TUG08494
122.4
122.7
0.3
1.35
TUG08946
213.6
213.9
0.3
2.11
TUG08947
213.9
214.2
0.3
0.97
TUG08948
214.2
214.5
0.3
3.03
TUG09446
214.5
214.8
0.3
0.82
TUG08949
214.8
215.1
0.3
1.50
TUG09401
215.1
215.4
0.3
1.61
TUG09402
215.4
215.7
0.3
1.75
TUG09407
216.9
217.2
0.3
3.22
TUG09408
217.2
217.5
0.3
0.18
TUG09409
217.5
217.8
0.3
0.62
TUG09423
222.9
223.2
0.3
0.72
TUG09432
226.5
226.8
0.3
1.41
TUG09444
233.4
233.7
0.3
1.32
TUG09445
233.7
234
0.3
3.13
TUG09447
234
234.3
0.3
6.30
TUG09448
234.3
234.6
0.3
2.08
TUG09529
274.8
275.1
0.3
0.77
TUG09536
276.6
276.9
0.3
0.59
TUG09540
277.8
278.1
0.3
0.64
TUG09566
291.3
291.6
0.3
14.77
TUG09567
291.6
291.9
0.3
4.01
TUG09568
291.9
292.2
0.3
16.55
TUG09569
292.2
292.5
0.3
17.85
TUG09570
292.5
292.8
0.3
1.75
TUG09582
299.1
299.4
0.3
2.12
TUG09583
299.4
299.7
0.3
1.94
TUG09584
299.7
300
0.3
0.63
TUG09585
300
300.3
0.3
1.13
TUG09586
300.3
300.6
0.3
0.99
TUG09587
300.6
300.9
0.3
0.79
TUG09588
300.9
301.2
0.3
4.31
TUG09591
301.8
302.1
0.3
1.58
TUG09594
302.7
303
0.3
0.92
TUG09595
303
303.3
0.3
0.78
TUG09605
308.1
308.4
0.3
1.28
TUG09614
311.7
312
0.3
1.35
TUG09616
312
312.3
0.3
2.61
TUG09617
312.3
312.6
0.3
0.08
TUG09619
313.2
313.5
0.3
4.56
TUG09620
313.5
313.8
0.3
3.54
TUG09621
313.8
314.1
0.3
2.47
TUG09622
314.1
314.4
0.3
1.65
TUG09625
315.3
315.6
0.3
1.25
TUG09626
315.6
315.9
0.3
7.71
TUG09628
316.8
317.1
0.3
0.54
TUG09629
317.1
317.4
0.3
2.57
TUG09631
317.4
317.7
0.3
1.00
TUG09633
318
318.3
0.3
1.42
TUG09634
318.3
318.6
0.3
3.11
TUG09635
318.6
318.9
0.3
5.42
TUG09636
318.9
319.2
0.3
4.25
TUG09637
319.2
319.5
0.3
7.68
TUG09638
319.5
319.8
0.3
5.78
TUG09639
319.8
320.1
0.3
0.85
TUG09641
320.4
320.7
0.3
3.19
TUG09642
320.7
321
0.3
3.49
TUG09643
321
321.3
0.3
7.93
TUG09644
321.3
321.6
0.3
2.40
TUG09645
321.6
321.9
0.3
2.04
TUG09646
321.9
322.2
0.3
7.42
TUG09647
322.2
322.5
0.3
18.75
TUG09648
322.5
322.8
0.3
12.75
TUG09650
322.8
323.1
0.3
12.55
TUG09651
323.1
323.4
0.3
15.64
TUG09652
323.4
323.7
0.3
19.67
TUG09653
323.7
324
0.3
13.55
TUG09654
324
324.3
0.3
15.18
TUG09655
324.3
324.6
0.3
11.27
TUG09656
324.6
324.9
0.3
14.62
TUG09657
324.9
325.2
0.3
71.01
TUG09658
325.2
325.5
0.3
5.61
TUG09659
325.5
326.4
0.9
0.60
TUG09660
326.4
326.7
0.3
3.97
TUG09661
326.7
327
0.3
4.93
TUG09662
327
327.3
0.3
11.64
TUG09663
327.3
327.6
0.3
15.86
TUG09667
328.5
329.4
0.9
0.98
TUG09668
329.4
329.7
0.3
2.77
TUG09669
329.7
330
0.3
2.58
TUG09670
330
330.3
0.3
6.51
TUG09671
330.3
330.6
0.3
4.28
TUG09672
330.6
330.9
0.3
6.21
TUG09694
345.3
345.6
0.3
0.60
TUG09695
345.6
345.9
0.3
4.62
TUG09696
345.9
346.2
0.3
4.07
TUG09697
346.2
346.5
0.3
1.76
TUG09699
346.8
347.1
0.3
2.13
TUG09703
348.3
348.6
0.3
33.25
TUG09704
348.6
348.9
0.3
3.52
TUG09703
348.3
348.6
0.3
33.25
TUG09707
350.1
350.4
0.3
12.62
TUG09710
351.3
351.6
0.3
3.20
TUG09711
351.6
351.9
0.3
0.51
TUG09733
366.3
366.6
0.3
1.26
TUG09734
366.6
366.9
0.3
2.37
TUG09736
367.5
367.8
0.3
0.80
TUG09737
367.8
368.1
0.3
11.02
TUG09738
368.1
368.4
0.3
7.96
TUG09739
368.4
368.7
0.3
3.68
TUG09740
368.7
369
0.3
6.95
TUG09741
369
369.3
0.3
1.82
TUG09742
369.3
369.6
0.3
1.29
TUG09744
369.9
370.2
0.3
4.11
TUG09745
370.2
370.5
0.3
3.89
TUG09746
370.5
370.8
0.3
4.54
TUG09759
380.7
381
0.3
2.63
TUG09760
381
381.6
0.6
23.15
TUG09761
381.6
381.9
0.3
20.60
TUG09762
381.9
382.2
0.3
6.13
TUG09763
382.2
382.5
0.3
3.37
TUG09764
382.5
382.8
0.3
0.64
TUG09777
391.8
392.1
0.3
1.08
TUG09778
392.1
392.4
0.3
1.08
TUG09779
392.4
392.7
0.3
0.89
TUG09781
392.7
393
0.3
0.55
TUG09783
393.6
393.9
0.3
0.65
TUG09784
393.9
394.2
0.3
0.54
TUG09785
394.2
394.5
0.3
2.90
TUG09786
394.5
394.8
0.3
2.34
TUG09787
394.8
395.1
0.3
3.74
TUG09788
395.1
395.4
0.3
2.82
TUG09789
395.4
395.7
0.3
1.98
TUG09790
395.7
396
0.3
1.55
TUG09792
396.3
396.6
0.3
2.25
TUG09794
396.9
397.2
0.3
0.44
TUG09795
397.2
397.5
0.3
1.78
TUG09796
397.5
397.8
0.3
3.20
TUG09797
397.8
398.1
0.3
1.27
TUG09798
398.1
398.4
0.3
15.27
TUG09799
398.4
398.7
0.3
2.96
TUG09801
398.7
399
0.3
5.34
TUG09802
399
399.3
0.3
2.38
TUG09803
399.3
399.6
0.3
2.93
TUG09804
399.6
400.5
0.9
4.00
TUG09805
400.5
400.8
0.3
0.68
TUG09806
400.8
401.1
0.3
2.41
TUG09807
401.1
401.4
0.3
2.06
TUG09808
401.4
401.7
0.3
1.61
TUG09809
401.7
402
0.3
1.67
TUG09811
402.3
402.6
0.3
1.46
TUG09812
402.6
402.9
0.3
0.91
TUG09814
403.2
403.5
0.3
3.71
TUG09817
403.8
404.1
0.3
0.77
TUG09819
405
405.3
0.3
1.56
TUG09811
402.3
402.6
0.3
1.40
TUG09812
402.6
402.9
0.3
0.95
TUG09814
403.2
403.5
0.3
3.57
TUG09817
403.8
404.1
0.3
0.83
TUG09819
405
405.3
0.3
1.61
TUG09824
406.8
407.1
0.3
2.78
TUG09827
408
408.3
0.3
1.21
TUG09828
408.3
408.6
0.3
0.72
TUG09829
408.6
409.2
0.6
1.14
TUG09831
409.2
409.5
0.3
3.27
TUG09832
409.5
409.8
0.3
0.90
TUG09836
410.7
411
0.3
1.86
TUG09837
411
411.3
0.3
2.11
TUG09838
411.3
411.6
0.3
3.40
TUG09839
411.6
411.9
0.3
0.70
TUG09842
412.8
413.1
0.3
0.93
TUG09843
413.1
413.4
0.3
0.76
TUG09848
416.1
417
0.9
0.63
TUG10354
418.8
419.1
0.3
0.82
TUG10355
419.1
419.4
0.3
0.65
TUG10360
420.6
420.9
0.3
0.75
TUG10361
420.9
421.2
0.3
1.05
TUG10362
421.2
421.5
0.3
1.59
TUG10363
421.5
421.8
0.3
1.23
TUG10367
422.7
423
0.3
0.68
TUG10368
423
423.3
0.3
0.72
TUG10373
425.1
425.4
0.3
2.48
TUG10374
425.4
425.7
0.3
2.83
TUG10375
425.7
426
0.3
3.52
TUG10376
426
426.3
0.3
3.77
TUG10377
426.3
426.6
0.3
8.47
TUG10378
426.6
426.9
0.3
1.64
TUG10379
426.9
427.2
0.3
1.53
TUG10381
427.2
427.8
0.6
4.11
TUG10382
427.8
428.1
0.3
1.65
TUG10383
428.1
429
0.9
0.86
TUG10387
429.9
430.2
0.3
0.72
TUG10393
433.2
433.5
0.3
2.04
TUG10394
433.5
433.8
0.3
0.85
TUG10395
433.8
434.1
0.3
0.76
TUG10408
440.4
440.7
0.3
2.36
TUG10413
443.1
443.4
0.3
1.02
TUG10414
443.4
443.7
0.3
6.82
TUG10417
444.9
445.2
0.3
17.94
TUG10418
445.2
445.5
0.3
5.83
TUG10423
447
447.3
0.3
1.16
TUG10425
448.2
448.5
0.3
4.54
TUG10426
448.5
448.8
0.3
0.76
TUG10428
450
450.3
0.3
4.94
TUG10429
450.3
450.6
0.3
1.53
TUG10431
450.6
450.9
0.3
0.97
TUG10432
450.9
451.2
0.3
138.15
TUG10434
451.5
451.8
0.3
0.76
TUG10435
451.8
452.1
0.3
1.25
TUG10436
452.1
452.4
0.3
1.35
TUG10438
452.7
453
0.3
1.65
TUG10439
453
453.3
0.3
4.70
TUG10440
453.3
453.6
0.3
2.57
TUG10441
453.6
453.9
0.3
4.99
TUG10444
454.8
455.1
0.3
14.02
TUG10445
455.1
455.4
0.3
2.07
TUG10446
455.4
455.7
0.3
1.09
TUG10447
455.7
456
0.3
1.28
TUG10448
456
456.3
0.3
2.55
TUG10453
459
460.2
1.2
1.14
TUG10454
460.2
460.8
0.6
1.00
TUG10455
460.8
462
1.2
1.74
TUG10456
462
462.3
0.3
1.28
TUG10457
462.3
462.6
0.3
24.98
TUG10458
462.6
462.9
0.3
87.13
TUG10459
462.9
463.8
0.9
11.34
TUG10461
464.4
465
0.6
0.67
TUG10463
465.9
466.2
0.3
0.91
TUG10464
466.2
466.5
0.3
1.36
TUG10466
466.5
466.8
0.3
1.27
TUG10467
466.8
467.1
0.3
1.28
TUG10468
467.1
467.4
0.3
3.79
TUG10469
467.4
467.7
0.3
20.93
TUG10470
467.7
468
0.3
20.64
TUG10471
468
468.3
0.3
19.40
TUG10473
468.6
468.9
0.3
3.46
TUG10474
468.9
469.2
0.3
2.78
TUG10475
469.2
469.5
0.3
2.10
TUG10482
471.3
471.6
0.3
0.81
TUG10483
471.6
471.9
0.3
1.03
TUG10484
471.9
472.2
0.3
6.72
TUG10485
472.2
472.5
0.3
0.88
TUG10486
472.5
472.8
0.3
1.45
TUG10487
472.8
473.1
0.3
9.05
TUG10488
473.1
473.4
0.3
1.35
TUG10490
473.7
474
0.3
0.48
TUG10492
474.3
474.6
0.3
0.78
TUG10493
474.6
474.9
0.3
1.37
TUG10494
474.9
475.2
0.3
1.43
TUG10496
475.5
475.8
0.3
1.67
TUG10497
475.8
477
1.2
1.80
TUG10498
477
477.6
0.6
2.64
TUG10500
477.6
477.9
0.3
93.49
TUG10501
477.9
478.2
0.3
1.01
TUG10502
478.2
478.5
0.3
34.17
TUG10503
478.5
478.8
0.3
94.57
TUG10504
478.8
479.1
0.3
35.04
TUG10505
479.1
479.4
0.3
396.16
TUG10506
479.4
479.7
0.3
25.06
TUG10507
479.7
480
0.3
7.09
TUG10508
480
480.3
0.3
4.06
TUG10509
480.3
480.6
0.3
31.63
TUG10510
480.6
480.9
0.3
5.3
TUG10511
480.9
481.2
0.3
114.95
TUG10512
481.2
481.5
0.3
1.90
TUG10513
481.5
481.8
0.3
0.83
TUG10514
481.8
482.1
0.3
9.99
TUG10516
482.1
482.4
0.3
0.71
TUG10517
482.4
482.7
0.3
6.64
TUG10518
482.7
483
0.3
6.05
TUG10519
483
483.3
0.3
6.64
TUG10520
483.3
483.6
0.3
2.47
TUG10521
483.6
483.9
0.3
0.93
TUG10522
483.9
484.2
0.3
5.15
TUG10523
484.2
484.5
0.3
10.90
TUG10524
484.5
484.8
0.3
14.76
TUG10525
484.8
485.1
0.3
20.24
TUG10526
485.1
485.4
0.3
21.93
TUG10527
485.4
485.7
0.3
20.79
TUG10528
485.7
486
0.3
32.89
TUG10529
486
486.3
0.3
16.13
TUG10531
486.3
486.6
0.3
2.55
TUG10532
486.6
486.9
0.3
13.04
TUG10533
486.9
487.2
0.3
5.42
TUG10534
487.2
487.5
0.3
3.95
TUG10535
487.5
487.8
0.3
4.89
TUG10536
487.8
488.1
0.3
4.24
TUG10537
488.1
488.4
0.3
4.41
TUG10538
488.4
488.7
0.3
5.21
TUG10539
488.7
489
0.3
1.80
TUG10540
489
489.3
0.3
16.42
TUG10541
489.3
489.6
0.3
7.17
TUG10542
489.6
489.9
0.3
6.47
TUG10543
489.9
490.2
0.3
4.07
TUG10544
490.2
490.5
0.3
4.75
TUG10545
490.5
490.8
0.3
4.86
TUG10546
490.8
491.1
0.3
7.13
TUG10547
491.1
491.4
0.3
11.64
TUG10548
491.4
491.7
0.3
35.68
TUG10549
491.7
492
0.3
22.53
TUG10551
492
492.3
0.3
10.72
TUG10552
492.3
492.6
0.3
25.23
TUG10553
492.6
492.9
0.3
16.77
TUG10554
492.9
493.2
0.3
20.86
TUG10555
493.2
493.5
0.3
23.61
TUG10556
493.5
493.8
0.3
5.85
TUG10557
493.8
494.1
0.3
6.41
TUG10558
494.1
494.4
0.3
4.25
TUG10559
494.4
494.7
0.3
36.13
TUG10560
494.7
495
0.3
19.66
TUG10561
495
495.3
0.3
72.65
TUG10562
495.3
495.6
0.3
241.21
TUG10563
495.6
495.9
0.3
31.77
TUG10564
495.9
496.2
0.3
51.52
TUG10566
496.2
496.5
0.3
25.17
TUG10567
496.5
496.8
0.3
100.35
TUG10568
496.8
497.1
0.3
12.86
TUG10569
497.1
497.4
0.3
4.68
TUG10570
497.4
497.7
0.3
33.81
TUG10571
497.7
498
0.3
37.11
TUG10572
498
498.3
0.3
20.74
TUG10573
498.3
498.6
0.3
26.29
TUG10574
498.6
498.9
0.3
103.54
TUG10575
498.9
499.2
0.3
340.07
TUG10576
499.2
499.5
0.3
269.25
TUG10577
499.5
499.8
0.3
600.42
TUG10578
499.8
500.1
0.3
73.02
TUG10579
500.1
500.4
0.3
13.41
TUG10581
500.4
500.7
0.3
1.85
TUG10582
500.7
501.3
0.6
13.32
TUG10583
501.3
501.6
0.3
26.54
TUG10584
501.6
501.9
0.3
9.04
TUG10585
501.9
502.2
0.3
4.79
TUG10586
502.2
502.5
0.3
3.93
TUG10587
502.5
502.8
0.3
126.85
TUG10588
502.8
503.1
0.3
361.90
TUG10589
503.1
503.4
0.3
1.95
TUG10590
503.4
503.7
0.3
3.27
TUG10591
503.7
504
0.3
32.78
TUG10592
504
504.3
0.3
23.63
TUG10596
505.2
505.5
0.3
8.07
TUG10598
505.8
506.1
0.3
18.51
TUG10599
506.1
506.4
0.3
53.78
TUG10602
506.7
507
0.3
7.50
TUG10604
507.3
507.6
0.3
234.39
TUG10605
507.6
507.9
0.3
2.22
TUG10606
507.9
508.8
0.9
0.58
TUG10612
510.3
510.6
0.3
3.37
TUG10613
510.6
510.9
0.3
1.32
TUG10614
510.9
511.2
0.3
5.53
TUG10616
511.2
511.5
0.3
24.91
TUG10617
511.5
511.8
0.3
64.47
TUG10618
511.8
512.1
0.3
72.56
TUG10619
512.1
512.4
0.3
13.35
TUG10620
512.4
512.7
0.3
2.08
TUG10621
512.7
513
0.3
1.59
TUG10622
513
513.3
0.3
0.74
TUG10623
513.3
513.6
0.3
0.94
TUG10624
513.6
513.9
0.3
0.53
TUG10625
513.9
514.2
0.3
1.17
TUG10626
514.2
514.5
0.3
23.17
TUG10627
514.5
514.8
0.3
0.85
TUG10628
514.8
515.1
0.3
2.39
TUG10629
515.1
515.4
0.3
1.03
TUG10631
515.4
515.7
0.3
0.83
TUG10632
515.7
516
0.3
1.74
TUG10633
516
516.3
0.3
3.50
TUG10634
516.3
516.6
0.3
0.59
TUG10636
516.9
517.2
0.3
0.80
TUG10637
517.2
517.5
0.3
2.99
TUG10638
517.5
517.8
0.3
0.76
TUG10639
517.8
518.1
0.3
3.34
TUG10640
518.1
518.4
0.3
8.94
TUG10641
518.4
518.7
0.3
12.80
TUG10642
518.7
519
0.3
105.58
TUG10643
519
519.3
0.3
34.42
TUG10644
519.3
519.6
0.3
0.55
TUG10645
519.6
519.9
0.3
0.80
TUG10656
522.6
522.9
0.3
0.59
TUG10657
522.9
523.2
0.3
0.88
TUG10658
523.2
523.5
0.3
0.76
TUG10659
523.5
523.8
0.3
1.09
TUG10660
523.8
524.1
0.3
0.61
TUG10661
524.1
524.4
0.3
2.11
TUG10664
525
525.3
0.3
5.56
TUG10666
525.3
525.6
0.3
7.50
TUG10667
525.6
525.9
0.3
0.87
TUG10668
525.9
526.2
0.3
0.78
TUG10693
543.9
544.2
0.3
0.63
TUG10695
544.5
544.8
0.3
0.75
TUG10696
544.8
545.1
0.3
0.59
TUG10699
545.7
546
0.3
0.81
TUG10701
546
546.3
0.3
0.63
TUG10702
546.3
546.6
0.3
0.59
TUG10706
547.5
547.8
0.3
0.52
TUG10719
554.1
554.4
0.3
0.84
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUG-135
3920759
1876459
139.2
689.4
-64
149
TUG-136
3920759
1876459
139.2
617.4
-58
151
TUG-138
3920759
1876459
139.2
746.4
-64
163
TUG-141
3920759
1876459
139.2
633.0 *
-55°
162°
* Current depth, hole is still drilling
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FWB: 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. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic Mineral Resource.
Highlights:
MMD-22-025 identified high-grade gold mineralization 200 meters beneath the previously modelled low grade Southwest Zone, implying significantly more potential in this area, with best intercepts of:
1.0m @ 8.32 g/t Au from 358.5m
23.0m at 2.57 g/t Au from 514.0m, including
1.55m at 32.6 g/t Au from 514.0m
MMD-22-022 extended the strike extent of the southern parallel zone by 600m with mineralized intersections within a broad low grade envelope at the end of the hole;
Gold mineralization was added to the eastern and western extents of the Main Zone, with best intercepts in MMD-22-024 adding 200m to the depth extent of of the deposit:
23.7m at 1.11 g/t Au from 472.0m, including
0.7m at 27.7 g/t Au from 495.0m
6.8m at 1.18 g/t Au from 571.2m
President and CEO, Brett Richards stated: “The results we are seeing with our 100,000m drilling campaign are continuing to deliver the results that prove our thesis that the Moss Lake Project is much larger along strike and at depth, and we look forward to regular drill results through the forthcoming several months. I am also proud of the team at site who have ramped up to seven drill rigs, keeping up to the current pace of data collection and analysis required to fully understand this large deposit.”
Technical Overview
Figures 1 to 3 and Table 1 summarize the significant intercepts in MMD-22-018, -022, -024 and -025. Figure 4 and Table 2 show the drill hole locations.
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-018
336.60
341.00
4.40
3
0.64
0.64
365.75
377.00
11.25
8
0.63
0.63
388.50
410.90
22.40
16
0.70
0.70
including
396.00
404.00
8.00
6
1.69
1.69
425.35
431.75
6.40
5
0.36
0.36
443.00
450.00
7.00
5
0.54
0.54
MMD-22-022
80.15
85.60
5.45
4
0.56
0.56
516.55
554.30
37.75
28
0.41
0.41
including
516.55
520.50
3.95
3
1.18
1.18
585.40
596.00
10.60
8
0.34
0.34
599.00
601.90
2.90
2
0.32
0.32
607.00
634.80
27.80
22
0.42
0.42
including
622.50
626.75
4.25
3
1.06
1.06
MMD-22-024
70.30
82.00
11.70
6
0.56
0.56
including
71.00
73.00
2.00
1
1.83
1.83
140.00
145.00
5.00
3
0.50
0.50
181.50
186.00
4.50
3
0.54
0.54
285.70
289.00
3.30
2
0.74
0.74
414.50
418.50
4.00
2
0.35
0.35
472.00
495.70
23.70
15
1.11
1.11
including
495.00
495.70
0.70
0.5
27.7
27.7
542.00
559.05
17.05
11
0.38
0.38
571.20
578.00
6.80
4
1.18
1.18
including
574.15
577.00
2.85
2
1.67
1.67
MMD-22-025
358.50
359.50
1.00
1
8.32
8.32
514.00
537.00
23.00
21
1.92
2.57
including
514.00
515.55
1.55
1
22.9
32.6
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. Shaded 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.
Figure 1: Drill section through MMD-22-024 showing mineralized intercepts relative to the 2013 grade model
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-018
668584
5378992
427
155°
-60°
749.0m
MMD-22-022
668363
5378756
433
135°
-50°
644.0m
MMD-22-024
669411
5379553
427
155°
-60°
611.0m
MMD-22-025
668213
5378601
440
135°
-50°
542.0m
Approximate collar coordinates in NAD 83, Zone 15N
Drilling has focused in the most accessible areas as we seek to protect long term road access during a very wet Spring Break Up following the coldest and snowiest winter in the last decade.
MMD-22-022 and -025 tested the 500 meter gap between the Main Zone and Southwest Zone, and highlighted the potential to increase both the grade and volume of mineralization in this previously untested area. The intercept in MMD-22-024 is believed to represent a 600 meter strike extension of the southern parallel structure, high grade zone at the end of MMD-22-025 represents a 200 meter down dip extension of the Southwest Zone.
Both MMD-22-022 and -025 were drilled by a smaller drill rig with limited depth capacity and holes were ended prior to exiting the altered diorite sequence. Follow up drilling is underway to trace mineralization both along strike and up dip and to test the full thickness of the altered diorite body.
MMD-22-018 and MMD-22-024 drilled the western and eastern margin of the Main Zone, respectively. MMD-22-024, in particular, targeted the previously untested volume below the 200mRL and extended the depth extent of the model by 200m to the 400mRL.
Pete Flindell, VP Exploration for Goldshore, said “These mineralized intercepts highlight the potential to expand the volume of +1 gt Au mineralization in the area between the Main and Southwest Zones, which will benefit the Mineral Resource and open pit economics. Ongoing drilling is testing this zone at shallower levels and will more completely test the width of the zones. Results are expected by July. Meanwhile, we are pleased that with seven rigs on site, we are achieving our targeted monthly drill rate of over 10,000 meters per month, which will help us to complete the infill and step out drill program this year.”
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.
Wesdome Share Issuance
Goldshore announces it has issued 8,333,333 milestone shares to Wesdome Gold Mines Ltd. (“Wesdome“) at a deemed price of C$0.60 per share pursuant the asset purchase agreement dated January 26, 2021 whereby Goldshore acquired a 100% interest in the Moss Lake gold project located in Ontario, Canada.
This issuance increases Wesdome’s holding in Goldshore to 38,418,333 shares or approximately 27% of the Company’s total outstanding share capital of 142,276,603 shares. The shares issued to Wesdome are subject to escrow in accordance with the policies of the TSX Venture Exchange.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a strategic shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.
(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.
(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
Table 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
TORONTO, June 06, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Corporation”) is pleased to announce that Mr. Peter Marrone, a shareholder of Eloro, has agreed to serve as an independent advisor to provide support and strategic advice to management on matters of project advancement and business development in relation to its Iska Iska project.
Peter Marrone is Executive Chairman of Yamana Gold Inc., which he founded in 2003 and which recently announced that it is to be acquired by Gold Fields Limited, a combination that creates a world-class, globally diversified company with regional relevance across premier, rules-based mining jurisdictions that is underpinned by low cost, long life mines. Mr. Marrone has a long track record of successful mining start-ups and investments with more than 35 years of mining, business and capital markets experience. Mr. Marrone also currently sits on the board of directors, and is one of the founders, of Aris Gold Corporation which holds one of the best portfolios of producing and development stage assets in Colombia. Mr. Marrone has also been the head of investment banking at a major Canadian investment bank and before that practised law in Toronto with a strong focus on corporate law, securities law and international transactions.
“I am extremely pleased to welcome Mr. Peter Marrone as a Senior Corporate Advisor”, said Eloro Chairman and C.E.O. Mr. Tom Larsen. “Peter brings valued knowledge and experience that will be helpful to our management in relation to all aspects of Eloro’s operations, capital markets efforts and strategic avenues for development and realization of significant value from our highly prospective Iska Iska tin-silver polymetallic project in Bolivia. With his proven success as the founder of companies and his outstanding track record in developing and advancing exploration projects, and realizing value from strategic efforts, it is clearly a benefit for Eloro and its shareholders and I very much look forward to working with him.”
Peter Marrone commented: “I am impressed with the size and scale of Iska Iska which should be developed in time as a world class tin-silver deposit with large scale production, all of which coincides with a time when tin in particular is in high demand and silver is a necessary component for decarbonization. The tin market is intriguing to me. It is poised for what appears to be a clear upward path for demand and price. Eloro has built a very strong management team that is continuing to rapidly advance Iska Iska with major milestones, including the inaugural National Instrument 43-101 mineral resource expected in Q3 2022. As a shareholder, I have become impressed with the project and management. Informally, I have been consulted from time to time by management and I look forward to continuing to provide strategic advice to management and to CEO Tom Larsen and Executive VP Exploration Dr. Bill Pearson, P.Geo., in particular. Interestingly, Bill has known me for many years and has an impressive resume of quality geological discoveries that now includes Iska Iska which is likely the crowning glory of an illustrious career. Simply put, Iska Iska is a world-class project and I look forward to helping management to increase value for Eloro shareholders.”
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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.
VANCOUVER, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — (CSE: HAMR/OTCQB: HAMRF) Silver Hammer Mining Corp. (the “Company” or “Silver Hammer”) is pleased to announce that it has closed its previously announced brokered and a concurrent non-brokered private placement (collectively, the “Offering”) for gross proceeds of $3,007,048.68. The brokered portion of the Offering (the “Brokered Offering”) was led by Echelon Wealth Partners Inc. (the “Agent”) and consisted of the sale of 7,325,286 units (the “Units”) for aggregate gross proceeds of $2,783,608.68 at a price of $0.38 per Unit (the “Offering Price”). Each Unit consisted of one Common Share (each, a “Common Share”, and collectively the “Common Shares”) and one-half of one Common Share purchase warrant, (each whole warrant, a “Warrant” and collectively, the “Warrants”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.
Under the non-brokered portion of the Offering the Company raised gross proceeds of $223,440.00, through the sale of 588,000 Units at the Offering Price. The Offering was announced on May 16, 2022.
The Warrants were issued pursuant to a warrant indenture dated June 2, 2022 entered into between the Company and Endeavor Trust Corporation, as warrant agent.
As consideration for Agent’s services in connection with the Brokered Offering, the Agent received a cash commission of $182,145.95, a cash advisory fee of $8,900.00, and 502,831 broker warrants, each exercisable to acquire one Common Share at the Offering Price for a period of 24 months from the closing date of the Offering.
All securities issued pursuant to the Offering, including any underlying securities, are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.
The net proceeds of the Offering will be used for the exploration of the Silver Strand Project in Idaho, the Eliza Silver Project in Nevada, the Silverton Silver-Gold Project in Nevada, and for general and working capital purposes.
Directors and officers of the Company purchased an aggregate of 77,600 Units in the Offering. The participation by such insiders in the Offering constituted a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.
Forward-Looking Information
This release may contain 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 may include, without limitation, statements relating to the Offering and the use of proceeds therefrom. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For further information contact: Kristina Pillon, President, High Tide Consulting Corp. T: 604.908.1695 E: investors@silverhammermining.com
For media inquiries, contact: Adam Bello, Primoris Group Inc. T: 416.489.0092 E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Plan View of the Guayabales Project Highlighting the Olympus Target
Figure 2
Olympus Target, Measuring 1.4 Kilometres x 0.9 Kilometres and Open
Figure 3: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
Veins of massive sulfides with pyrite, sphalerite, galena and chalcopyrite.
TORONTO, June 01, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce high-grade gold and silver channel sample assay results from its grassroots generated Olympus target (“Olympus”) located within the Guayabales project (“Guayabales”), Colombia. Olympus is centrally situated within the four-by-four kilometre porphyry cluster where to date, the Company has generated eight drill targets through grassroots prospecting. Four of these targets have been drill tested yielding three significant discoveries including the Olympus target where the Company recently announced near surface discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated March 15, 2022 and May 9, 2022, respectively). As part of its fully funded 20,000+ metre program for 2022, Collective presently has three diamond drill rigs operating at Guayabales with drills turning at the Trap and Apollo targets and a fourth rig expected to kick off a phase II drilling program at Olympus at the beginning of Q3, 2022. https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Olympus_Generation%253BColombia%253BMetre%253BTarget_Corporation%253BVein%253BKilometre%253BPorphyry_(geology)%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522a06abe0d-75d8-37f6-9ef1-cc990de073da%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Highlights (Table 1 and Figures 1, 2 and 3)
Assay results of chip channel samples taken from veins located within historical, shallow underground workings from Olympus continue to confirm the presence of a high-grade carbonate base metal (“CBM”) sheeted vein system into the southwest portion of the target area with results as follows:
Table 1: Chip Channel Sample Assay Results from Olympus
Sample ID
Au (g/t)
Ag (g/t)
R5451
137.76
476
R5429
102.19
427
R5431
85.41
563
R5447
69.06
439
R5418
50.98
353
R5213
37.18
349
R5415
26.29
124
R5466
16.23
238
R5210
11.42
41
R5218
10.64
287
R5444
9.09
24
R5222
7.15
19
R5416
6.68
64
R5463
5.62
428
R5215
4.84
52
R5445
4.26
8
R5225
3.99
10
R5421
3.93
152
R5234
2.98
11
R5212
2.81
54
R5454
1.89
154
R5432
1.34
178
*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1metre. Sample grades are uncapped. Channel samples are representative of 2–dimensional space and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.Assay results for base metals are still pending for all samples listed.
Multiple CBM veins were sampled at Olympus, over an area measuring 250 metres x 250 metres from limited and partial exposures of rock in old tunnels. The CBM veins are sulphide rich and associated with intense sericite alteration superimposed on porphyry diorite and mineralized, hydrothermal breccia. Porphyry-related CBM veins can demonstrate robust continuity over significant vertical and lateral dimensions and the Company will assess through drilling whether those characteristics apply to the Olympus vein system.
Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The Company believes that the probability is high that additional veins will be discovered as exploration ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
Olympus now includes two mineralized zones. Both zones contain multiple porphyry and overprinting CBM veins associated with intense pyrite-sericite-carbonate alteration and hosted in a porphyry diorite (Eastern zone) and within schist country rocks intruded by porphyritic diorite (Western zone).
The highest-grade samples collected to date at Olympus come from areas that have yet to be drill tested by the Company. Diamond drilling completed to date has only focused on a small northern portion of the Eastern and Western zones while recent surface and underground mapping has expanded the Western zone to the west and southwest.
The Company reconfirms that it is on track with construction of underground drill chambers with the first rig anticipated to commence drilling in July 2022 followed by a second rig shortly thereafter.
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 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.
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects a total of eleven major targets have been defined. The Company is fortuitous to have made significant grassroots discoveries on both projects with discovery holes of 302 metres @ 1.1 g/t AuEq and 163 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq calculations.)
Contact Information
Collective Mining Ltd. Steve Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide an infrastructure update for its Cabin Gold Project and its Up Town Gold Project, located at the 60th parallel of the Northwest Territories of Canada.
NWT Infrastructure Initiatives The Government of Canada has moved one step closer to funding the expansion of the Taltson Hydro dam into the city of Yellowknife, NWT. In a recent interview with the CBC, the federal infrastructure minister provides an update on the project. One of the many benefits of bringing additional green power into the city of Yellowknife includes a more cost-effective source of power for the future mines being developed near the city. Green energy is also amongst the ESG initiatives that major gold producers are looking for when it comes to taking an interest in development-stage gold projects.
The expansion of the Taltson Hydro dam into the city of Yellowknife also has the potential to free up hydro at both the Strutt and Snare hydro facilities which are located close to Rover’s Cabin Gold, Slemon Gold, and Camp Gold Projects.
Mineral resource exploration, and the development of mines in the Northwest Territories, remains a priority of all levels of government (not just at the federal level). In 2021, Rover received two exploration grants from the territorial government to assist with advancing exploration at its Cabin Gold Project. Also in 2021, the federally funded Tlicho All Season Road (“TASR”) opened to the public. TASR connects the cities of Yellowknife and Hay River, via Highway NT3, to Rover’s Cabin Gold Project, Fortune Minerals’ NICO Project, and Nighthawk Gold’s Indin Lake Gold Project.
Collaboration between the government and the mining industry will continue to grow economic prospects for Northern Canada and will work towards the reinforcement of Canada’s northern sovereignty. As much of the world begins to look for more ethically sourced natural resources, companies like Rover Metals are investing heavily into exploration to build the mines of the future.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Canada%253BProvinces_and_territories_of_Canada%253BGovernment_of_Canada%253BNorthwest_Territories%253BGold%253BYellowknife%253BCompany%253BVancouver%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25225be403c1-59e4-385c-9bc8-6c6aa5f27790%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Q1-2022 Financial Package Rover is pleased to report that it has SEDAR filed its March 31, 2022 Financial Statements and Management Discussion and Analysis (“MD&A”). The MD&A includes management’s milestone for the first three months of the year.
Grant of Stock Options The Company has granted 500,000 incentive stock options to a new consultant of the Company. The options have a five-year life, and an exercise price of $0.06 per share. The options have been granted from the Company’s 10% rolling stock option plan, approved by its shareholders at its August 2021 Annual General Meeting.
About Rover Metals Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel), and north-central Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date of this release. Phase 1 Exploration at its Tobin Gold Project commenced in May 2022 and continues through to the date of this release. Lastly, the Company, is also awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60th parallel).
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
North Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing infill drilling at its Tuvatu Alkaline Gold Project in Fiji.
Results for the first 11 holes of Lion One’s Phase 2 infill program on Zone 5 of their fully permitted Tuvatu alkaline gold deposit are here reported. The results to date indicate significant new intercepts of high- to bonanza-grade Au mineralization that was not known to occur as part of the existing resource model. The Phase 2 infill drill program was designed to confirm the location, size, and continuity of the known mineralized lodes, in a portion of the orebody slated for early production (Figure 1A).
Top Intercepts include:
18.47 g/t Au over 1.20m from 104.7-105.9m, and 584.07 g/t Au over 0.30m from 122.4-122.7m from TUDDH-586 (new)
24.72 g/t Au over 0.60m from 187.4-188.0m, incl. 43.34 g/t Au over 0.30m from 187.7-188.0m from TUDDH-580 (new)
25.23 g/t Au over 1.20m from 70.9-72.1m, incl. 78.02 g/t Au over 0.30m from TUG-139
18.77 g/t Au over 2.10m from 118.8-120.9m, incl. 26.07 g/t Au over 1.50m from TUDDH-577
11.95 g/t Au over 2.70m from 55.9-58.6m, incl. 35.91 g/t Au over 0.60m from TUDDH-578
11.18 g/t Au over 1.20m from 153.5-154.7m, incl. 40.05 g/t Au over 0.30m from TUDDH-580
The mineralization reported here is considered to be a highly significant development, representing a substantive addition of Au mineralization at grades well in excess of the average resource grade, intersected at relatively shallow levels in the orebody. As a result, the new high-grade mineralization defined by the ongoing infill drill program can be expected to substantially enhance the early part the production stream and hence the immediate economic viability of Tuvatu.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lion%253BExploration_diamond_drilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252290214f74-cd87-30c8-9d72-a6dbadcf0260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Results of the ongoing infill drill program to date are summarized below in Table 1. Highlighted in blue on Table 1 are specific drill intercepts that are outside of the mineralized lodes that make up the existing resource model. Each of these additional intercepts has the potential to add width, grade, and continuity to the resource in this portion of the Tuvatu orebody.
Lion One CEO Walter Berukoff, stated “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model overall with higher localized grades earlier in the production schedule at Tuvatu. Furthermore, when considering the substantially higher grade near-surface infill results reported here, along with the continuing success of the deep drilling program, this underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au producer. As we expand our drilling fleet to eight rigs and our laboratory capacity to 12,000 samples per month, we are well positioned to continue securing impressive results from all three tiers of our exploration strategy: from ongoing near-surface infill drilling; from extensions of deep high-grade feeder targets at Tuvatu; and from our pipeline of regional targets in the surrounding Navilawa caldera”.
Since the start of Phase 2 infill drill program in February 2022, Lion One has to date completed approximately 3,700m out of a planned 8,000m of infill drilling. This news release reports the results from approximately 2,375m of drilling, equivalent to approximately 30% of the planned program.
Infill Drilling Program
Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1A) in mid-February 2022, adding over 8,400m of new drill data, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from the initial 11 drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8000m of diamond drilling from surface and underground, and is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody (Figure 1). The program as planned includes 30 holes totalling 5,400m carried out from 4 separate drill stations at surface, and 34 holes totalling 2,600m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022 with drill hole TUDDH-577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.
The results from the initial approximately 2,375m of drilling in Zone 5 (Figure 2), representing approximately 30% of the planned program total, indicate consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource (Table 1). Additionally, the results from the initial 30% of the Phase 2 infill program indicates significant new high-grade mineralization not previously known to occur prior to this program, and therefore not included in the current resource statement.
Overall, results to date suggest higher-than-expected continuity and widths of mineralization, locally at grades above the calculated average grade of the deposit. Indeed, the Phase 2 infill program is confirming, and in certain instances, extending previously modelled lodes in this part of the resource. Intercepts of exceptionally high-grades (e.g. 584.07 g/t Au in TUDDH-586) are in line with bonanza results documented from several intercepts from the previously completed Phase 1 infill drill program, providing further support to the expectation of an overall increase in average grades of the lodes scheduled for earliest phases of mining.
Numerous mineralized intervals, including the 584.07 g/t Au bonanza-grade intercept in hole TUDDH-586 as well as 43.34 g/t Au over 0.30m from 187.7-188.0m in hole TUDDH-580, occur fully outside of existing modelled lodes (Table 1, highlighted), adding to our understanding of the lode geometry, as well as to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
As per the Phase 1 infill program, numerous strategically located historic holes have also been identified for resampling, the results of which will be reported in future news releases.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent gray), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figure 2: Composite vertical section looking N through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (blue labels) and the trace of the infill drilling reported in this release (yellow traces). Solid lines are in the section, dotted lines are projected to this section.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-577
7.2
8.1
0.9
1.25
59.1
60.3
1.2
1.13
100.8
101.4
0.6
0.86
118.8
120.9
2.1
18.77
including
118.8
120.3
1.5
26.07
127.5
127.8
0.3
16.30
135.6
136.2
0.6
1.09
138.6
138.9
0.3
24.66
182.2
182.8
0.6
0.65
TUDDH-578
45.4
45.7
0.3
0.72
55.9
58.6
2.7
11.95
including
55.9
56.5
0.6
35.91
and
58.0
58.3
0.3
22.39
64.3
65.2
0.9
0.58
82.3
82.9
0.6
0.77
100.6
101.5
0.9
1.39
TUDDH-579
22.0
22.3
0.3
0.73
126.1
126.4
0.3
2.43
129.7
131.8
2.1
0.94
135.1
135.4
0.3
13.56
140.5
142.3
1.8
2.88
including
140.5
140.8
0.3
11.62
and
142.0
142.3
0.3
5.2
161.2
163.6
2.4
1.78
TUDDH-580
8.0
9.2
1.2
4.53
46.7
47.3
0.6
1.67
81.8
82.4
0.6
0.78
83.6
85.1
1.5
1.48
153.5
154.7
1.2
11.18
including
153.5
153.8
0.3
40.05
157.7
158.6
0.9
0.66
159.5
159.8
0.3
0.66
165.2
167.0
1.8
1.11
including
166.7
167.0
0.3
5.01
173.6
173.9
0.3
0.76
187.4
188.0
0.6
24.72
including
187.4
187.7
0.3
6.12
including
187.7
188.0
0.3
43.34
192.8
196.4
3.6
1.88
including
193.1
193.4
0.3
11.17
including
194.6
194.9
0.3
4.11
TUDDH-581
20.9
21.2
0.3
4.12
81.8
82.4
0.6
0.76
100.4
101.0
0.6
1.56
106.4
107.0
0.6
0.82
168.5
170.0
1.5
4.41
including
168.5
168.8
0.3
8.27
and
168.8
170.0
1.2
3.25
179.3
182.0
2.7
1.32
186.8
187.1
0.3
0.54
206.6
206.9
0.3
3.07
208.4
209.9
1.5
1.91
212.3
213.2
0.9
0.69
226.1
227.9
1.8
2.39
including
227.0
227.3
0.3
7.48
249.8
250.7
0.9
1.38
251.9
252.2
0.3
2.38
307.4
308.9
1.5
1.55
TUDDH-582
47.6
48.5
0.9
3.21
91.8
93.6
1.8
3.81
including
92.4
93.6
1.2
5.22
99.3
102.0
2.7
3.33
including
99.3
100.2
0.9
5.77
TUDDH-583
7.5
8.1
0.6
2.26
46.5
47.1
0.6
1.02
72.0
72.3
0.3
1.48
87.3
88.5
1.2
0.69
96.3
96.9
0.6
2.68
114.0
114.3
0.3
1.62
121.5
122.7
1.2
1.48
126.9
128.7
1.8
1.93
including
128.4
128.7
0.3
4.39
132.0
132.3
0.3
25.32
137.4
137.7
0.3
0.66
138.9
140.1
1.2
3.11
including
138.9
139.2
0.3
7.12
241.2
241.5
0.3
1.48
TUDDH-586
9.3
11.1
1.8
4.28
including
10.2
11.1
0.9
7.91
63.6
64.2
0.6
0.53
67.8
68.4
0.6
1.8
84.6
84.9
0.3
5.95
98.1
98.4
0.3
2.95
104.7
105.9
1.2
18.47
116.7
117.3
0.6
0.55
122.1
122.7
0.6
292.69
including
122.4
122.7
0.3
584.07
127.5
127.8
0.3
1.68
129.3
129.9
0.6
10.74
133.2
133.8
0.6
3.41
141.6
143.7
2.1
1.75
including
142.5
142.8
0.3
7.33
238.5
241.2
2.7
0.95
TUDDH-587
17.2
17.5
0.3
0.69
62.8
63.4
0.6
1.11
76.6
76.9
0.3
1.57
89.5
89.8
0.3
0.59
103.6
103.9
0.3
2.34
146.2
146.5
0.3
4.43
159.1
160.9
1.8
1.66
232.9
233.5
0.6
6.43
including
232.9
233.2
0.3
11.40
234.7
235.9
1.2
4.27
including
235
235.6
0.6
5.42
237.4
238.6
1.2
8.89
TUG-139
17.8
18.1
0.3
1.42
22.0
22.3
0.3
0.82
26.5
26.8
0.3
1.47
28.9
29.2
0.3
1.42
31.0
31.3
0.3
0.75
48.7
49.6
0.9
1.49
54.4
59.2
4.8
4.20
including
54.7
55.0
0.3
5.91
and
55.0
55.3
0.3
12.60
and
55.6
55.9
0.3
7.27
and
55.9
56.2
0.3
5.70
and
57.1
57.4
0.3
15.09
70.9
72.1
1.2
25.23
including
70.9
71.2
0.3
8.96
and
71.2
71.5
0.3
8.32
and
71.5
71.8
0.3
5.00
and
71.8
72.1
0.3
78.02
82.3
82.6
0.3
2.78
91.6
91.9
0.3
1.66
95.5
95.8
0.3
1.84
TUG-142
20.4
20.7
0.3
1.15
29.4
29.7
0.3
1.49
31.2
36.3
5.1
0.65
41.4
42
0.6
1.88
45.3
45.6
0.3
0.69
61.3
63.7
2.4
3.55
including
62.5
63.1
0.6
8.14
additional results pending
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-577
3920435
1876442
314.0
197.9
-39
268
TUDDH-578
3920520
1876513
348.6
150.3
-59
267
TUDDH-579
3920435
1876513
348.6
239.0
-49
269
TUDDH-580
3920435
1876513
348.6
284.9
-60
265
TUDDH-581
3920435
1876513
348.6
311.6
-70
265
TUDDH-582
3920435
1876442
314.0
120.2
-49
267
TUDDH-583
3920435
1876513
348.6
303.2
-44
289
TUDDH-586
3920435
1876513
348.6
302.3
-55
289
TUDDH-587
3920435
1876513
348.6
256.8
-63
289
TUG-139
3920480
1876411
103.1
123.3
+13
091
TUG-142
3920480
1876411
103.1
85.8
-30
090
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Despite the growing hype around electric vehicles, conventional gas-powered vehicles are expected to be on the road well into the future.
As a result, exhaust systems will continue to be a critical tool in reducing harmful air pollution.
The Power of Palladium
Today’s infographic comes to us from North American Palladium, and it demonstrates the unique properties of the precious metal, and how it’s used in catalytic converters around the world.
In fact, palladium enables car manufacturers to meet stricter emission standards, making it a secret weapon for fighting pollution going forward.
The world is in critical need of palladium today.
It’s the crucial metal in reducing harmful emissions from gas powered vehicles—as environmental standards tighten, cars are using more and more palladium, straining global supplies.
What is Palladium?
Palladium is one of six platinum group metals which share similar chemical, physical, and structural features. Palladium has many uses, but the majority of global consumption comes from the autocatalyst industry.
In 2018, total gross demand for the metal was 10,121 million ounces (Moz), of which 8,655 Moz went to autocatalysts. These were the leading regions by demand:
North America: 2,041 Moz
Europe: 1,883 Moz
China: 2,117 Moz
Japan: 859 Moz
Rest of the World: 1,755 Moz
Catalytic Converters: Palladium vs. Platinum
The combustion of gasoline creates three primary pollutants: hydrocarbons, nitrogen oxides, and carbon monoxide. Catalytic converters work to alter these poisonous and often dangerous chemicals into safer compounds.
In order to control emissions, countries around the world have come up with strict emissions standards that auto manufacturers must meet, but these are far from the reality of how much pollutants are emitted by drivers every day.
Since no one drives in a straight line or in perfect conditions, stricter emissions testing is coming into effect. Known as Real Driving Emissions (RDE), these tests reveal that palladium performs much better than platinum in a typical driving situation.
In addition, the revelation of the Volkswagen emission scandal (known as Dieselgate) further undermines platinum use in vehicles. As a result, diesel engines are being phased out in favor of gas-powered vehicles that use palladium.
Where does Palladium Come From?
If the world is using all this palladium, where is it coming from?
Approximately, 90% of the world’s palladium production comes as a byproduct of mining other metals, with the remaining 10% coming from primary production.
In 2018, there was a total of 6.88 million ounces of mine supply primarily coming from Russia and South Africa. Conflicts in these jurisdictions present significant risks to the global supply chain. There are few North American jurisdictions, such as Ontario and Montana, which present an opportunity for more stable primary production of palladium.
Long Road to Extinction
The current price of palladium is driven by fundamental supply and demand issues, not investor speculation. Between 2012 and 2018, an accumulated deficit of five million ounces has placed pressures on readily available supplies of above-ground palladium.
Vehicles with internal combustion engines (ICE) will continue to dominate the roads well into the future. According to Bloomberg New Energy Finance, it will not be until 2040 that ICE vehicles will dip below 50% of new car sales market, in favor of plug-in and hybrid vehicles. Stricter emissions standards will further bolster palladium demand.
The world needs stable and steady supplies of palladium today, and well into the future.
