Vancouver, British Columbia–(Newsfile Corp. – March 6, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement to sell its Råna battery metal project in Norway (the “Project“) (see Figure 1) to Kingsrose Mining Limited, a publicly traded ASX-listed company. The agreement provides EMX with cash payments and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional work commitments, advance royalty payments, milestone payments and a 2.5% NSR royalty.
The Råna nickel-copper project was acquired by EMX in 2022 as part of a regional assessment program for nickel-copper sulfide deposits and covers a prospective mafic-ultramafic intrusive system in northern Norway with outcropping zones of nickel and copper-rich sulfide mineralization. The Råna project has seen historic production from multiple prospects on the property, but relatively little modern exploration.
Kingsrose is a well-capitalized, Perth-based company that had recent success at the Way Linggo gold and silver deposit in Indonesia. EMX looks forward to working closely with Kingsrose to advance the Råna project.
Commercial Terms Overview. Via an arm’s length transaction, Kingsrose can acquire 100% interest in the Råna project by a) making A$30,000 cash payment upon execution and b) making another cash payment of A$100,000 and spending a minimum of A$150,000 on exploration during a 12-month option period. Upon exercise of the option, Kingsrose will:
Provide EMX with a 2.5% NSR royalty interest in the Project. On or before the eighth anniversary after closing, Kingsrose has the option to purchase 0.5% of the NSR on the Project by paying EMX A$1,200,000.
To maintain its interest in the Project, Kingsrose will spend additional exploration expenditures of A$150,000 by the second anniversary, A$350,000 by the third anniversary, and A$350,000 by the fourth anniversary of the agreement, respectively, for a total of A$1,000,000 in exploration expenditures.
EMX will receive annual advance royalty (“AAR“) payments of A$25,000 commencing on the third anniversary of the agreement, with the AAR payment increasing 10% each year thereafter (but capped at an annual payment of A$75,000).
A milestone cash payment of A$250,000 will be made to EMX upon completion of the first 10,000 meters of drilling at the Project.
An additional milestone cash payment of A$500,000, will be made to EMX upon disclosure of a maiden mineral resource.
Råna Project Overview. EMX’s Råna Project covers the unexplored extension of a well-known mafic-ultramafic intrusion near Narvik, Norway. The intrusion hosts magmatic sulfide nickel-copper mineralization at multiple prospects including the Bruvann Nickel Mine which produced 8.2 million tonnes at an average grade of 0.52% nickel, 0.1% copper, and 0.02% cobalt1 (the Bruvann mine lies to the northwest of the EMX land position – see Figure 2). Patterns of metal enrichment and depletion across the area suggest potential for additional sulfide deposits, including PGE-rich types, elsewhere in the intrusion.
EMX controls a large land position which includes the majority of the intrusive complex, contact zones and peripheral mineral occurrences. Additional unrelated copper and zinc occurrences are found within the license and suggest multiple target styles and a fertile metallogenic district.
Comments on Nearby and Adjacent Properties. The historic mines and deposits discussed in this news release provide context for the Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Qualified Person. Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com Isabel Belger
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 The past production figures are derived from the government report: Carl Olaf Mathiesen and Rognvald Boyd, 2017: History of exploration of the nickel resources of the Råna Intrusion, Nordland, Norway, NGU Report 2017.31, available at https://www.ngu.no/upload/Publikasjoner/Rapporter/2017/2017_031.pdf.
Burlington, Ontario–(Newsfile Corp. – March 3, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it is again processing mineralized material at its 125 TPD pilot plant. The mill is currently being fine tuned with low grade material to set the recovery parameters. Having resolved the issues with pouring silver dore bars, and having made the necessary related modification to the mill circuit, the Company intends to soon process higher grade material. To date the mill has been operating to specifications with non-detectable values for silver in the tailings produced from the shaker table.
The Company has one outstanding order for 50 kilograms of silver including credits for any contained copper or gold. The purchaser of those 50 kilograms has indicated a willingness to acquire up to 500 kilograms of silver on one week’s written notice. The Company is also in discussions with other potential purchasers.
Like any responsible producer, SBMI operates its own assay lab. SBMI continues to implement a strategic sampling program using that lab to enable it to maintain silver grade control to the mill.
Below is a list of recent highlight assays and photos from the vein in the upper adit at the Buckeye Mine, from an area to which the Company recently drifted behind the Treasure Room (not all assay results are reported). Note that all of the samples listed and photographed below are from the upper adit 420ft – 444ft from the entrance of the upper adit.
Typical mineralization being encountered in the Buckeye vein within the last week
– 270.0 ounces per ton silver (from the sample in the picture above) – 290.0 ounces per ton silver – 297.6 ounces per ton silver – 284.0 ounces per ton silver
Green Vein Material
– 60.0 ounces per ton silver – 78.8 ounces per ton silver – 47.2 ounces per ton silver – 40.5 ounces per ton silver
10ft Channel Samples Across Vein -18.0 ounces per ton silver average across 10ft @ 432ft from the adit portal – 49.6 ounces per ton silver average across 10ft @ 444ft from the adit portal
Drill Cuttings From Blast Holes – 2.8 ounces per ton silver average over 12ft @ 420-432ft from the adit portal – 5.8 ounces per ton silver average over 12ft @ 432-444ft from the adit portal
The Company currently has approximately 750 tons of run of mine mineralized material at the minesite ready for transportation to and processing at the mill site in Globe.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Burlington, Ontario–(Newsfile Corp. – March 2, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’). Based on a review of the Company’s technical disclosure by staff of the Ontario Securities Commission the Company is issuing the following update.
On September 26, 2022 and October 18, 2022 the Company disclosed high-grade gold, platinum, palladium, rhodium, and osmium (the “Bonus Materials”) results from the Buckeye Mine from the in initial lab.
The Company has subsequently received results on or about January 17, 2023 from six referee/check samples submitted to another independent third-party lab (Activation Laboratories Inc. (Actlabs)) which puts these previously released assay results into question. These new results indicate an absence of gold, palladium, and platinum. Please see the table below.
Assay Results
Actlabs
Certificate No.
Initial Lab (ppb)
Actlabs (ppb)
Sample No.
Initial Lab
Actlabs
Au
Pd
Pt
Au
Pd
Pt
I342175
2210001-11
A22-18646
22900
10400
61
2
< 5
< 5
I342176
2210001-10
A22-18646
30600
13600
70
3
< 5
< 5
I342177
2210001-1
A22-18646
14600
18900
50
4
< 5
5
I342178
2210001-12
A22-18646
81700
15900
93
< 2
< 5
< 5
I342179
2210001-8
A22-18646
31800
16009
93
5
< 5
< 5
I342180 (Duplicate)
2210001-1
A22-18646
14600
18900
172
< 2
< 5
< 5
I342181 (Standard)
A22-18646
88
683
581
I342182 (blank)
A22-18646
< 2
< 5
< 5
Notes:
1) Standard used for sample I342181 was CDN-PGMS-29 a certified reference material with expected values of Au (88 ppb), Pd (677 ppb), and Pt (550 ppb) 2) Blank used for sample I342182 was barren silica material.
Investors should not rely on the assay results previously reported by the Company on September 26, 2022 and October 18, 2022.
In addition, the Company’s November 3, 2022 news release indicated that assay results from samples of diabase at several locations near and in the Buckeye Silver Mine were received and were being considered and would be disclosed to the public as soon as possible. Based on six referee/check samples noted above, the Company does not intend to disclose these results as they are considered unreliable at this time.
The Company has engaged and sent samples to another independent certified lab (Third Lab). The Third Lab is performing check assay results using the same analytical method as the initial lab. Such results will be disclosed immediately upon receipt.
The QAQC set out below is important as Actlabs that completed the check assays followed an analytical process different from the initial lab that produced the data reported by the Company on September 26, 2022 and October 18, 2022.
QAQC
The Company had retained representative material from which each of the initial lab samples were obtained. A total of 6 samples inclusive of one duplicate were selected by the Company’s QP, Robert G. Komarechka P.Geo., from this material and secured in sealed and labeled sample bags and delivered to a local courier in Globe, Arizona who then forwarded the samples on to Actlabs in Thunder Bay. The shipment also included duplicates, standards and blanks. In addition, Actlabs also used its own standards, blanks and duplicates. Actlabs undertook assaying of these 6 samples using ICP (induced coupled plasma) followed by OES (optical emission spectroscopy) analysis. This is a different analytical analysis used by the initial lab which was by MS (mass spectroscopy). SBMI is investigating whether the difference in process could explain the discrepancy in results.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Vancouver, British Columbia–(Newsfile Corp. – March 1, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that it has signed an Option Agreement (the “Agreement”) to acquire a 100% undivided right, title and interest in the Union Mine, within the Union District of Sonora, Mexico. This district has historically produced high-grade zinc, gold and silver in carbonate replacement deposits (“CRD”), which is a significant style of deposit forming major mines in northern Mexico and the southwest USA. The Union Mine historically produced ~50,000 ounces of gold (“Au”) from the upper oxide zones of manto and chimney bodies according to past reports. The potential for further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets.
This specific tenure, located within the Company’s 100%-owned Union Project, has been of interest to Riverside for several years and this Agreement finally consolidates this key inlier ground. The Union Mine property is in good standing with established infrastructure, surface access, and the opportunity to complete option purchase for 100% interest in these claims provides the Company with a clear path to start testing priority targets across the consolidated land package in this district.
Riverside’s President and CEO, John-Mark Staude, stated: “Riverside is excited to be progressing the Union District and this deal consolidates the heart of the broader Union Project, giving us line of sight towards 100% ownership. We believe there is excellent potential to extend mineralization beyond the areas that were historically mined at Union and Union Norte. Controlling the historical mine areas and local infrastructure puts us in a position to move ahead more aggressively with other discovery targets within the surrounding areas as well.”
Agreement Details:
Riverside paid USD$170,000 and can complete its earn-in to own an undivided 100% interest by making a second payment of USD$100,000 any time within 60 months of signing the Agreement.
Upon completion of the earn-in, a 1.25% Net Smelter Royalty (“NSR”) will be retained by the underlying owner.
Riverside can purchase (“buy back”) 0.25% increments of the NSR for USD$250,000 each at any time.
Figure 1. Geologic map with the tenure acquired in new Agreement shown in pink rectangle with manto and chimney type CRD targets shown in red polygons. Riverside now controls all mineral tenure in this map.
Figure 2. Cross section looking west with proposed drill sites and hole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted manto and chimney target bodies that will now be able to drill explore.
Recent work by Riverside, announced earlier for the tenures around the Union Mine ground, returned high grade assays from rock chip sampling and identified favorable structures (see press release October 3, 2022) The next phase of proposed work on this land tenure includes ground-based geophysics building upon previous work to further refine the larger structures likely responsible for the carbonate replacement bodies similar to those found in the Cananea Mining district (including Buenavista Mine), Sonora and the Sierra Vista Mining district (Taylor and other deposits), Arizona. Drill permitting is now underway and the Company views the consolidated Union Project as one of the Company’s lead assets and will move to rapidly refine targets for drilling later this year.
Qualified Person & QA/QC: The scientific and technical data contained in this news release pertaining to the La Union Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at the La Union Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – March 1, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement to sell its Adak volcanogenic massive sulfide (“VMS“) project and its Åkerberg and Rismyrliden gold projects in Sweden (the “Projects“) (see Figure 1) to Copperhead Mineral AB (“Copperhead“), an unlisted public company in Sweden. In return for the transfer of the Projects to Copperhead, the agreement provides EMX with a 9.9% equity interest in Copperhead, annual advance royalty payments, 2.5% Net Smelter Return (“NSR“) royalty interests, work commitments, and other considerations. In conjunction with this transaction, Copperhead intends to apply for a public listing of the Company’s shares on a multilateral trading facility in Sweden or other appropriate trading facility.
The Adak VMS project was acquired by EMX in 2020 and covers the areas of historical mining in the Adak district, positioned at the northwest end of the prolific Skellefteå mining belt in Sweden. Åkerberg and Rismyrliden are intrusion-hosted and orogenic gold projects also located in the Skellefteå belt. The Åkerberg license surrounds the historic Åkerberg Gold Mine with the Rismyrliden property located nearby along the geologic trend to the south of Åkerberg.
The Skellefteå belt is known for its prolific historic production from gold-enriched polymetallic VMS deposits, such as the Adak district, and its intrusion-related and orogenic gold systems which are located north of a linear geologic feature locally known as “The Break” (including the historic Åkerberg Mine). Together, these assets will form a diverse, polymetallic “starter” portfolio in central Sweden for Copperhead.
Commercial Terms Overview. Via an arm’s length transaction, Copperhead will acquire a 100% share interest in the EMX subsidiary company that controls the Projects, subject to the following terms:
Upon closing, EMX will receive 600,000 SEK (approximately US$57,000 at current exchange rates) in cash in addition to newly issued shares in Copperhead corresponding to 9.9% of the issued and outstanding shares of Copperhead.
EMX will receive a 2.5% NSR royalty interest on each of the Projects. On the sixth anniversary after closing, Copperhead has the option to purchase 0.5% of the NSR on a given project by paying EMX 12,500,000 SEK.
EMX will receive annual advance royalty (“AAR“) payments of 125,000 SEK for each project commencing on the third anniversary of the closing, with the AAR payment increasing by 50,000 SEK per year until reaching 750,000 SEK on a per project basis. Copperhead will only be required to make two AAR payments each year if it continues to hold all three Projects, but if one of the Projects is sold or transferred to a third party, the third AAR payment will be reinstated.
A financial instrument will be put in place that allows EMX to maintain its 9.9% interest in Copperhead until a total of 18,000,000 SEK (approximately US$1.7 million at current exchange rates) has been raised by Copperhead.
A payment of 5,000,000 SEK, payable in cash or shares of Copperhead, will be made to EMX upon the completion of a Prefeasibility or Feasibility Study for a given project. Copperhead will only be required to make two resource payments if it continues to hold all three Projects, but if one of the Projects is sold or transferred to a third party, the third resource payment will be reinstated.
To maintain its interest in the Projects, Copperhead will also: (i) spend a minimum of 2,500,000 SEK on the Projects by the second anniversary of the agreement (with at least 500,000 SEK spent on each property) and (ii) spend an aggregate of 10,000,000 SEK by the third anniversary of the agreement or complete a minimum of 3,000 meters of drilling, with a minimum of 1,000 meters of drilling at each of the Adak and Åkerberg projects.
Adak Project Overview. EMX’s Adak exploration permit is the site of the historic Adak mine, which operated from 1941 through 1978, when the mining complex was destroyed by a fire. The mine was never rebuilt or re-opened after the fire, and was operated at a time when VMS deposit models were only poorly understood. Through compilations of historical exploration data and the application of modern concepts for VMS exploration, EMX has identified numerous new targets in the vicinity of the historical mines. EMX believes that the nearby Storliden VMS deposit, discovered in 1998 and mined from 2002 through 2007, provides an exploration analog for further discoveries at Adak.
Åkerberg Project Overview. The Åkerberg gold project is situated in an area with multiple active gold mines and development/advanced exploration stage projects. The EMX land position surrounds the historic Åkerberg mine, which was operated by Boliden AB and produced 1.48 million tonnes averaging 3.0 grams per tonne (g/t) gold from 1991 through 20031. During the time of operation relatively little exploration took place outside of the immediate mine area, and EMX has found multiple untested zones of outcropping gold mineralization within the project area.
Mineralization in the Åkerberg mine area consists of sheeted swarms of gold bearing quartz veins and veinlets developed in gabbroic host rocks. EMX has mapped additional gabbroic rocks throughout the EMX permit areas with similar gold-bearing quartz veins.
Rismyrliden Project Overview. The regional shear zone that hosts the active Björkdal Gold Mine and the past-producing Åkerberg and Norrberget gold mines extends through EMX’s Rismyrliden license. Similar to Åkerberg, gold mineralization at Rismyrliden is hosted by swarms of sheeted quartz veins developed in calc-silicate altered greenstone rocks. EMX recently completed a multi-element soil sampling program over the entire Rismyrliden project area. EMX uses an innovative and cost-effective rapid sampling technique to test for geochemical anomalies in soils over large areas. These surveys at Rismyrliden generated multiple reinforcing geochemical anomalies that will be targeted for immediate follow up.
Comments on Nearby and Adjacent Properties. The historic mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Qualified Person. Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 and the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Register Here for the Metallic Minerals Live Webinar: https://bit.ly/3KPXJpn Press Release: https://bit.ly/3ZwEN31 Website: https://mmgsilver.com/ Investor Relations: Chris Ackerman Email: chris.ackerman@metallic-minerals.com Phone: 604-629-7800 ext. 1 Toll Free: 1-888-570-4420
TimeStamp: :47 Introduction to Metallic Minerals 1:18 On-Site to the La Plata Project/Mineral Resource Overview 3:31 Highlight from Press Release 6:00 Next Steps on the La Plata 7:13 Updated Resource 2023? 7:48 Latest Updates on the Keno Silver Project 12:13 MMG Partners with Discovery Channel – Parker Schnabel – Gold Rush 15:00 Will MMG be on the Show? 15:12 Alluvial Project Updates 17:00 Live Webinar (https://bit.ly/3KPXJpn) 18:24 MMG Capital Structure 19:09 Message to Shareholders
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
Group Ten Metals: (TSX-V: PGE | OTCQB: PGEZF) Website: https://grouptenmetals.com/ Corporate Presentation: https://grouptenmetals.com/investors/presentations/
Granite Creek Copper: (TSX.V: GCX) Website: https://www.gcxcopper.com/ Corporate Presentation: https://www.gcxcopper.com/investors/presentations/
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VANCOUVER, BC / ACCESSWIRE / February 28, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce final results from its 2022 exploration program at the La Plata copper-silver-gold-platinum group element (“Cu-Ag-Au-PGE”) project in southwestern Colorado. Two holes totaling 1,730 meters (“m”) were drilled to test lateral extensions of the existing 985-million-pound copper equivalent NI 43-101 mineral resource1. Hole LAP22-04, drilled to the north of the resource area, intercepted the longest and highest-grade interval ever encountered at La Plata at 816 m of 0.41% Recovered Copper Equivalent (“CuEq”) (see Table 1 footnote). This is one of the top intersections for any North American copper project in the past several years. Significant high-grade gold-platinum-palladium (“Au+PGE”) mineralization associated with copper and silver represents the discovery of a new style of mineralization in the resource area that has not been previously recognized or explored for.
The porphyry style mineralization in LAP22-04 strengthens through the hole, transitioning from chalcopyrite dominated at surface to bornite-rich at depth. The hole ended in mineralization with the final 5.2 m of copper plus precious metals rich mineralization grading 5.39% CuEq (2.44% Cu, 18.7 grams per tonne (“g/t”) Ag and 5.0 g/t Au+PGE (see Figure 1) but did not reach full target depth due to mechanical issues. The last sample in the hole, representing the deepest material, graded 5.42% Cu, with 47.0 g/t Ag and 11.0 g/t Au+PGE for a total of 11.54% CuEq. Mineralization remains completely open to expansion of the current resource area and outward from drill hole LAP22-04 (see Figure 2). Both drill holes intercepted continuous porphyry style mineralization starting from surface and ending in mineralization at 914 and 816 meters depth, respectively. Hole LAP22-03 shows that the shallow porphyry style mineralization is weakening to the south and west of the resource but still open at depth (see Figure 3).
Drilling Highlights
Drill hole LAP22-04 intersected 816 m of 0.41% CuEq (0.30% Cu, 2.47 g/t Ag, 0.186 g/t Au+PGE) from surface, with multiple higher-grade intercepts (See Table 1).
The interval starting at 304.8 m returned 511.2 m at 0.51% CuEq (0.36% Cu, 2.83 g/t Ag, 0.275 g/t Au+PGE).
Higher-grade zones include 0.90% CuEq over 55.8 m (0.70% Cu, 5.44 g/t Ag, 0.369 g/t Au+PGE and 1.5% CuEq over 29.57 m (0.69% Cu, 5.64 g/t Ag, 1.268 g/t Au+PGE).
The drill hole bottomed in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE).
The precious metals component of LAP22-04 (silver, gold, platinum and palladium) adds 50% in value above the copper only values. The inclusion of Au+PGE values that were not previously analyzed for in historical drilling represents a significant future upside value opportunity for the project.
The 2022 drilling will be incorporated into an updated NI 43-101 mineral resource estimate for the La Plata project, which is expected to expand significantly based on these results.
The Company will host a live webcast on March 2, 2023, at 10am PT | 1pm ET to discuss the La Plata project, along with a general overview and update on the Company. To register, click here.
Scott Petsel, President of Metallic Minerals, stated, “We have had no doubt about the strength of the mineralized system in the La Plata district, based on its 10 km2 alteration footprint and high-grade past production from the surrounding epithermal silver and gold deposits. Our work since 2020 has rapidly demonstrated the significance of the porphyry system, with the definition of our inaugural copper-silver resource in early 2022. Now, with a major new high-grade discovery from step out drilling in hole LAP22-04, we are uncovering how richly mineralized that porphyry system is. The intensity of alteration and mineralization in this drilling indicates we are vectoring to a higher-grade portion of the La Plata porphyry system with overlapping mineralization styles and a transition to high-grade bornite-rich copper mineralization with associated high precious metals values.”
“While it is not uncommon to have elevated platinum group metals in alkalic porphyry systems associated with copper, silver and gold, the level of enrichment at La Plata, with wide intervals of greater than 0.8% copper and up to multi-gram gold, platinum and palladium values, is truly exceptional. The occurrence of other anomalous critical minerals, including tellurium and rare earth elements (“REE”s), is also an intriguing value-adding opportunity. Other major alkalic magmatic systems in the region include Rio Tinto’s Bingham Canyon and Newmont’s Cripple Creek mines, which also include enrichment in tellurium, PGEs and other critical minerals.”
2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack
Metallic Minerals will be attending PDAC 2023 and attendees are invited to visit the Company at Investors Exchange Booth #3024. Additionally, President Scott Petsel will be providing a corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in Toronto Monday March 6th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.
The Company will also be participating in the inaugural Yukon Mining Alliance Invest Yukon Core Shack to be held in the Investors Exchange exhibit hall in Booth #3314, adjacent to the main PDAC Core Shack. Our technical team will be on hand to display core from La Plata (including Hole LAP22-04) and our Keno Silver project.
Table 1. La Plata Project 2022 Drill Results
Drill Hole
From (M)
To(M)
Length(M)
CuEq1(%)
Cu(%)
Ag(g/t)
Au(g/t)
Pt (g/t)
Pd (g/t)
Au+PGE(g/t)
LAP22-04
0.00
815.95
815.95
0.41
0.30
2.47
0.038
0.055
0.093
0.186
141.73
239.27
97.54
0.31
0.29
2.51
0.029
0.004
0.015
0.048
304.80
815.95
511.15
0.51
0.36
2.83
0.044
0.057
0.100
0.275
including
449.58
505.36
55.78
0.90
0.70
5.54
0.056
0.114
0.199
0.369
including
547.12
576.07
28.95
0.83
0.62
4.84
0.052
0.158
0.191
0.401
including
612.65
644.65
32.00
0.85
0.60
4.60
0.129
0.123
0.196
0.448
including
786.38
815.95
29.57
1.50
0.69
5.64
0.160
0.455
0.753
1.368
including
806.2
815.95
9.75
3.53
1.59
12.46
0.338
1.064
1.833
3.235
including
810.77
815.95
5.18
5.39
2.44
18.70
0.467
1.755
2.778
5.000
ending in
815.34
815.95
0.61
11.54
5.42
47.00
0.622
5.016
5.393
11.031
LAP22-03
0.00
913.79
913.79
0.12
0.11
1.11
0.017
0.001
0.006
0.024
518.46
594.67
76.21
0.24
0.22
1.83
0.034
0.002
0.006
0.042
Notes to reported values:
Recovered Copper Equivalent (CuEq) in Table 1 is determined as follows: CuEq% = [Cu% x recovery] + [Ag g/t x recovery / 31.103 x Ag price / Cu price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Cu price / 2,204 x 100] + [Pt g/t x recovery / 31.103 x Pt price / Cu price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Cu price / 2,204 x 100]
Copper equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $3.75/lb copper, $22/oz silver (Ag), $1,800/oz gold, $1,000/Oz platinum (Pt), $2,200/oz Palladium (Pd).
In the above calculations: 31.103 = grams per troy ounce, 2,204 = pounds per metric tonne, and 100 converts from g/t to %.
The following recoveries have been assumed for purposes of the above equivalent calculations: 90% for Cu and all other listed metals, based on recoveries at similar operations.
Intervals are reported as measured drill intersect lengths and may not represent true width.
Figure 1 – Drill core photo showing porphyry style mineralization in LAP22-04 from 806.2 to 815.95 m (9.75 m) grading 3.53% CuEq, 1.59% Cu, 12.46 g/t Ag, 0.338 g/t Au, 1.064 g/t Pt, 1.833 g/t Pd (3.235 g/t Au+PGE).
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
Figure 2 – La Plata 3D Long Section looking northwest, with significant drill intervals and mineralized grade shells Including, Hole LAP22-04. Shows nearly 1.5 kilometers of vertical mineralization open at depth and along trend to the north and east and to the west. Note 0.25% CuEq cut-off grade shell and higher-grade 0.4% CuEq shell.
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
Figure 3 – Plan map of the Allard Resource Area showing surface projections of the drill hole traces with CuEq% or Cu% in historic holes without precious metals assays.
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
La Plata Property Overview
Metallic Minerals’ La Plata project covers 44 square kilometers 20 km northwest of Mancos, Colorado, within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado Mineral Belt. Copper mineralization with associated silver, gold, platinum and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks.
The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects2. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization3. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.
A total of 58 drill holes totaling 16,930 m have been drilled on the property from the 1950s to present, this drilling has demonstrated the presence of a large multi-phase porphyry system with copper, silver, gold with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.
Exploration by Metallic Minerals and Allard Deposit NI 43-101 Resource Estimate
Metallic Minerals is conducting systematic exploration of the La Plata property since its acquisition in late 2019. This work has included drilling, underground sampling, mapping, geochemical soil sampling and 3-dimensional modeling. Comprehensive geophysical surveys have also been undertaken including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified potential extensions of the main Allard deposit, as well as 16 untested potential porphyry signatures outside of the resource area, and has developed targets for high-grade epithermal silver, gold and tellurium.
Exploration in 2021 included 1,980 meters of diamond drilling, resampling of historical drill core, underground sampling from the Allard tunnel and mapping and sampling across the broader property. This work supported the development of an inaugural NI 43-101 resource in the Allard area. The April 2022 technical report defined the resource as 115.7 million tonnes at an average grade of 0.39% CuEq (0.35% Cu and 4.02 g/t Ag) using a 0.25% CuEq cut-off grade1.
The 1,730-meter 2022 La Plata drill program was designed to test extensions of porphyry style mineralization beyond the resource area to provide vectors toward higher-grade parts of the mineral system. Results from that drilling demonstrate that mineralization remains open to significant expansion. Modelling work for an updated resource estimate, incorporating the 2022 drilling, has been initiated by SGS and is anticipated to be complete by mid-2023.
Critical Minerals
The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other Critical Minerals identified by the U.S. Government as requirements for economic and national security4. Drilling by Metallic Minerals in 2022 returned multi-gram intervals of platinum group elements with individual grades up to 5.0 g/t Pt and 5.4 g/t Pd, as well as critical minerals such as vanadium, and rare earth elements. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of ongoing exploration.
USGS Earth MRI Program
The U.S. Geological Survey (“USGS”) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative (“Earth MRI”). The work to be carried out by the Colorado Geological Survey includes geologic mapping as well as geochemical and mineralogical studies in the La Plata Mining District to generate a greater understanding of the area’s potential to host critical minerals. See USGS news release dated January 25, 2023.
Forest Service Plan of Operations Authorization
The U.S. Forest Service (“USFS”) has authorized Metallic Minerals’ Plan of Operations for proposed 2023 exploration drilling on USFS lands. The authorization of these drill sites allows for expanded drill testing opportunities near the Allard Cu-Ag-Au-PGE resource and for the drilling of several of the additional porphyry-style targets as defined by the Company’s geological team.
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company, The Company is focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and other critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022.
Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show Gold Rush on the Discovery Channel. At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource with results from the 2023 resource expansion pending.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.
1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) CuEq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949.
3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.
4) The US Geological Survey has released a list of 50 critical minerals that the US economy requires for economic and national security. Earth Mapping Resources Initiative.
Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Jeff Cary, CPG, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were prepared by Bureau Veritas Sparks, Nevada facility and analyzed at the Burnaby, B.C. facility. All samples were analyzed using the AQ-252 EXT procedure using a 30-gram multi-acid digestion with an ICP-ES/MS finish. Over-limit copper and silver samples were analyzed using the MA-401 procedure using a multi-acid digestion and atomic absorption spectrometry analysis. Select samples with elevated values of gold, platinum or palladium were re-analyzed using the FA330 procedure using a 30-gram fire assay fusion with an ICP-ES finish. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance program which included blank, duplicate, multiple standard reference samples and third-party umpire samples.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / February 27, 2023 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce it will be participating in the inaugural Yukon Mining Alliance (“YMA”) Invest Yukon Core Shack to be held in the main Investors Exchange exhibit hall at the Prospectors and Developers Annual Convention (“PDAC”) in Toronto. The Invest Yukon Core Shack will be located at Booth #3314, adjacent to the main PDAC Core Shack and the Company will be displaying samples from its Kluane Ni-PGE project in Yukon as well as its flagship Stillwater West Ni-PGE-Cu-Co+Au project in Montana, on March 5-6th. The Company will also have a presence in the main Investors Exchange and investors are invited to visit booth # IE3024 to meet the team in person.
Invest Canada North Reception
The Metallic Group of Companies is proud to be a sponsor of the 2023 Invest Canada North reception to be held March 6 in MTCC North Room 106 from 4pm – 7pm EST. Leaders from its members, Stillwater Critical Minerals, Granite Creek Copper and Metallic Minerals will be in attendance and the Group will have a display table where guests are invited to meet the team. For more information, visit here.
About Yukon Mining Alliance
Yukon Mining Alliance – the globally recognized Invest Yukon brand – is a strategic alliance of Yukon’s leaders in exploration and mining who, in partnership with the Government of Yukon, connect investors with Yukon’s competitive advantages through innovative capital attraction initiatives. For more information visit InvestYukon.ca.
Invest Canada North connects global investors with the competitive advantages and opportunities in Canada’s North, Yukon, Northwest Territories and Nunavut, at one of the world’s biggest annual mining conferences, the PDAC Convention. Our unique initiatives showcase each region, through keynote presentations, panels and special sessions, highlighting the leaders in exploration, development and production, as well as the mining ecosystem that is supported by significant geological potential, strong geopolitical stability and progressive Indigenous and community partnerships. Through our Invest Canada North mining portal catch up on the latest news in the north or dive into each region to discover your next great opportunity. To learn more visit https://investcanadanorth.ca.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. Per an expanded NI 43-101 mineral resource estimate released January 2023, the Platreef-style nickel and copper sulphide deposits at Stillwater West contain 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold1, in a compelling suite of critical minerals and are open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
1See news release dated January 25, 2023. In-pit Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Pit optimization and Cut-off grades are based on metal prices of $9.00/lb Ni, $3.75/lb Cu, $24.00/lb Co, $1,000/oz Pt, $2,000/oz Pd and $1,800/oz Au, assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.50/t rock and processing and G&A cost of US$18.00/t mineralized material. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Significant Mineralization Outlined 13km Northeast of the Moss Lake Deposit
Vancouver, British Columbia–(Newsfile Corp. – February 27, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results from the second half of the East Coldstream Phase One drill program have confirmed the potential for significant high-grade shears within East Coldstream, approximately 13 kilometers northeast of the Moss Lake Deposit. Best intercepts include:
3.49 g/t Au over 26.35m from 76.85m depth in CED-22-010, including
5.64 g/t over 15.65m from 87.55m
1.12 g/t Au over 21.9m from 206.5m
1.07 g/t Au over 31.0m from 288.0m depth in CED-22-011 and
1.48 g/t Au over 18.45m from 357.0m, including
4.68 g/t Au over 4.85m from 370.6m
0.94 g/t Au over 25.05m from 218.95m depth in CED-22-014, including
1.10 g/t Au over 16.0m from 226.0m
1.23 g/t Au over 35.15m from 338.45m depth in CED-22-017, including
2.19 g/t Au over 11.55m from 338.45m
In addition to the Moss Lake Deposit, the upcoming mineral resource estimate update will include the East Coldstream deposit. In support of this, a 3D wireframe of the mineralization constraining alteration domain has been developed utilizing both current and historical drilling data.
President and CEO Brett Richards stated: “These results at East Coldstream continue to support our thesis that the size and scale of the entire Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate in April 2023, with East Coldstream sequencing into the mine plan in a preliminary economic assessment as a satellite pit. We look forward to the continuing catalysts to the Moss Lake Gold Project in an effort to demonstrate the true value of the assets.”
Technical Overview
Figure 1 shows the location of East Coldstream relative to Moss Lake in addition to the now formally identified gold and copper prospects controlled by Goldshore Resources. Figure 2 shows the better intercepts in plan view, and Figure 3 is a typical section through holes CED-22-013 to -015 and -017. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Plan showing location of Moss Lake and East Coldstream deposits relative to the prospective Central Domain (from geophysics survey) and field-developed prospects.
Results have been received for the eight remaining holes from the Phase One East Coldstream drill program completed in the Summer of 2022.
All holes intersected visually distinct silica, carbonate, and hematite alteration zones hosted in basalt flows – historically been referred to as the “Coldstream Basalt” – that host much of the gold mineralization (Figure 4). This alteration also overprints and locally mineralizes quartz feldspar porphyry sills and gabbro intrusions where they are intersected by shear zones. The altered intrusions are significantly less “visual” than the Coldstream Basalt, which resulted in inconsistent sampling of historical drill core. Infill sampling of intervals within the modelled alteration domain represents an opportunity to expand mineralization. This is planned for the summer.
Goldshore has wireframed shear zone-hosted alteration domains (Figure 5) ahead of a mineral resource update planned for the second quarter. This consists of two major altered shear zones – Main Lens and North Lens – and four minor altered shear zone splays. The Main Lens has been historically split into the Main Lens and Sanders Lens however these two lenses are now understood to be the same zone split by a late Proterozoic diabase dyke.
To evaluate the historical drilling, hole CED-22-010 was drilled as a twin of hole C-10-23 in the core of the East Coldstream deposit where both holes intersected two shear-controlled Lenses. In the North Lens, CED-22-010 and C-10-23 intersected 1.81 g/t Au over 54.6m from 76.85m versus 1.35 g/t Au over 54.2m from 80.4m, respectively. In the South Lens, CED-22-010 intersected 0.56 g/t Au over 51.5m from 206.5m versus 0.55 g/t Au over 34.7m from 196.6m, respectively. This represents a 34% higher grade over similar widths in the North Lens and a 48% increase in width with similar grades in the South Lens in the current drill hole.
The East Coldstream deposit also contains a broad, low-grade mineralized envelope within the alteration domain. Examples include 0.54 g/t Au over 27.5.0m from 562.5m in CED-22-009; 0.56 g/t Au over 51.5m from 206.5m depth in CED-22-010; 0.33 g/t Au over 32.0m from 315m in CED-22-012; 0.72 g/t Au over 18.1m from 182.05m in CED-22-013; 0.69 g/t Au over 25.05m from 254.95m in CED-22-014; and 0.85 g/t Au over 17.4m from 190.6m in CED-22-015.
Figure 4: Core box photos of CED-22-010 intercept in the North Lens – 3.49 g/t Au over 26.35m from 76.85m depth (yellow box) including 5.64 g/t over 15.65m from 87.55m.
Note that these photos are not intended to be representative of broader mineralization on the Moss Lake Gold Project.
Pete Flindell, VP Exploration for Goldshore, said “These drill results show that East Coldstream, which is well constrained by altered and mineralized shears, may be significantly larger than previously understood. Our focus will now be on developing a mineral resource based around the high-grade shears and their low-grade envelopes, which will form an important satellite to the Moss Lake Gold Project approximately 13 kilometers to the southwest.”
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)
CED-22-009
497.00
511.65
14.65
11.5
0.58
0.58
including
497.00
501.00
4.00
3.1
1.20
1.20
562.50
590.00
27.50
22.5
0.54
0.54
including
572.50
581.00
8.50
7.0
1.44
1.44
CED-22-010
76.85
103.20
26.35
16.6
3.49
3.49
including
87.55
103.20
15.65
9.9
5.64
5.64
123.30
131.45
8.15
5.2
0.81
0.81
including
123.30
125.45
2.15
1.4
1.58
1.58
166.00
176.50
10.50
6.8
0.59
0.59
187.00
191.00
4.00
2.6
0.56
0.56
206.50
258.00
51.50
34.5
0.56
0.56
including
206.50
228.40
21.90
14.5
1.12
1.12
CED-22-011
248.40
251.75
3.35
2.0
1.49
1.49
including
248.40
251.00
2.60
1.6
1.73
1.73
284.50
324.60
40.10
24.8
0.91
0.91
including
288.00
319.00
31.00
19.1
1.07
1.07
339.00
344.50
5.50
3.5
0.70
0.70
357.00
375.45
18.45
11.8
1.48
1.48
including
370.60
375.45
4.85
3.1
4.68
4.68
400.40
413.90
13.50
8.8
0.54
0.54
including
400.40
404.45
4.05
2.6
1.25
1.25
CED-22-012
315.00
347.00
32.00
20.7
0.33
0.33
362.80
367.00
4.20
2.8
0.57
0.57
376.80
381.05
4.25
2.8
0.52
0.52
CED-22-013
119.00
121.00
2.00
1.5
1.14
1.14
137.65
149.85
12.20
9.1
0.41
0.41
182.05
200.10
18.05
13.9
0.72
0.72
including
182.05
194.40
12.35
9.5
1.02
1.02
CED-22-014
31.00
33.00
2.00
0.9
0.96
0.96
119.00
133.00
14.00
6.5
0.39
0.39
218.95
244.00
25.05
12.5
0.94
0.94
including
226.00
242.00
16.00
8.0
1.10
1.10
254.95
259.00
4.05
2.0
0.36
0.36
264.00
280.00
16.00
8.1
0.95
0.95
including
271.00
277.00
6.00
3.1
1.68
1.68
CED-22-015
9.00
11.00
2.00
1.3
0.70
0.70
21.00
23.00
2.00
1.3
0.42
0.42
31.00
33.00
2.00
1.3
0.33
0.33
118.00
120.00
2.00
1.4
0.31
0.31
190.60
208.00
17.40
12.6
0.85
0.85
including
190.60
195.80
5.20
3.7
1.20
1.20
and
206.00
208.00
2.00
1.4
1.95
1.95
CED-22-017
212.80
221.00
8.20
6.3
0.53
0.53
284.00
286.00
2.00
1.6
0.68
0.68
298.00
305.00
7.00
5.7
0.69
0.69
338.45
373.60
35.15
29.6
1.23
1.23
including
338.45
350.00
11.55
9.7
2.19
2.19
and
362.90
373.60
10.70
9.1
1.28
1.28
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
CED-22-009
680,767
5,386,281
484
341°
-50°
599.95
CED-22-010
679,898
5,386,424
475
161°
-53°
315.00
CED-22-011
679,945
5,386,526
480
155°
-57°
642.00
CED-22-012
679,945
5,386,526
480
180°
-54°
600.00
CED-22-013
680,560
5,386,569
485
340°
-50°
300.00
CED-22-014
680,561
5,386,569
485
341°
-65°
450.00
CED-22-015
680,598
5,386,576
486
340°
-50°
300.00
CED-22-017
680,641
5,386,434
478
341°
-49°
456.00
Approximate collar coordinates in NAD 83, Zone 15N
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.
Director Resignation
Doug Ramshaw has announced he will step down from the Board of Directors of the Company at the end of February 2023. Doug was instrumental in the formation of Goldshore and the preliminary launch of the initial public offering in June 2021, and is stepping down to dedicate greater time to Minera Alamos and other ventures he is involved in.
President and CEO Brett Richards stated: “Doug’s exceptional contribution to the Goldshore Board has been a testament to the broad investor awareness created around the Company’s launch and on-going development. I personally have thoroughly enjoyed working with Doug over the last two years, as he has been sound counsel to myself and the Board, and on behalf of all of us on the Board, we wish Doug the very best in his future endeavors.”
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the release and timing of an updated mineral resource estimate, the release of a preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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.
Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.
Highlights:
Millrock received payment of US$100,000 and 10 million Resolution Minerals shares. Having spent more than US$9 million and met all other necessary conditions, Resolution has earned a 51% interest in the project. A joint venture is to be formed.
Excellent drill targets have been identified at East Pogo.
VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) has been earning a joint venture interest from Millrock.
Earned Interest: Resolution has completed the requirements to earn a 51% interest in the project, and this interest has been recorded. Resolution has exceeded the Year 3 exploration expenditure requirement of US$2.5 million and has spent a total exceeding US$9.0 million on exploration. Resolution has recently paid Millrock US$100,000, and issued a further share payment of 10 million RML shares to Millrock. Millrock now owns 33 million Resolution shares. Resolution has indicated it does not intend to exercise its option to continue sole-funding exploration on the project to further increase its ownership interest. A 51% Resolution – 49% Millrock joint venture is to be formed. The terms of the December 2019 agreement can be viewed at this link: Definitive Exploration Agreement.
New East Pogo Drill Targets Identified: As a result of the 2022 regional work, new compelling drill targets have been identified at the Miranda and Boundary prospects in the East Pogo block of the project area. Four ELF (Extremely Low Frequency) electromagnetic geophysical survey lines and a surface soil geochemical grid were completed during the 2022 season in order to refine the model for the mineralized system in the area. The updated model suggests the source of mineralizing fluid is related to discrete magnetic intrusions at depth. Multiple intrusions occur within the dilatational zone associated with the previously identified shear package. The new model indicates previous drilling in the area did not achieve depths needed to test the prospective shear. Deeper drilling will be required to test the full thickness of the shear rock package. However, a shallower, undrilled target has also been outlined. Resolution has reported further details in their February 23, 2023 press release.
Figure 1
Figure 1.Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person, as defined in NI 43-101
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation formation of a joint venture between Millrock and Resolution and the possibility of further drilling at the East Pogo prospect. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
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