VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks.
Felix indicates that it plans to drill 7,000 meters with a small reverse circulation drill rig. Millrock has assigned its Treasure Creek mineral rights to Felix Gold in return for cash, shares, and production royalties featuring advanced minimum royalty streams. Millrock owns 9,957,157 Felix Gold shares that today have a market value of approximately AUD$1,643,000 (CDN$1,495,000).
Millrock President & CEO Gregory Beischer commented: “The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit. A new discovery here would propel the value of Millrock’s shareholding in Felix Gold and in return increase the value of Millrock shares. The project is certainly well-situated, about 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold’s new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation. Felix Gold has built an excellent exploration team and is well-capitalized. The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry. This has allowed Felix, through Millrock, to consolidate a tremendous land position. As a result of the agreement with Felix, Millrock is entitled to production royalties at Treasure Creek and throughout the Fairbanks district.”
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, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in 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: Melanee Henderson, Investor Relations 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 the intention to perform further exploration on the Treasure Creek project. 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.
VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that it has retained SGS to complete an updated Preliminary Economic Assessment (“PEA”) on the Carmacks project. The PEA will use the 2022 Resource Estimate (Table 1), consisting of 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23g/t Ag and 0.011% Mo) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs Cu Inferred as the main input. Building off a 2017 PEA(1), the updated study will encompass the following:
Significant Increase in Contained Copper – The 2022 resource estimate marked a 43% increase in contained copper over the previous estimate referenced(2)
Inclusion of Sulphide Processing – As of the publication of the 2022 resource estimate the Carmacks project consists of roughly 50/50 sulfide and oxide resources by contained metal. The Company sees the inclusion of sulphide resources as a significant potential value driver having a positive impact on the economics of the project; and
High Proportion of Resources Modeled in Three Conceptual Open Pits – 96% of the 2022 resources are contained within the conceptual pits (Figure 1). With a high percentage of current resources reporting in conceptual pits the cash cost per pound of copper is expected to be significantly lower when compared to a similar sized underground operation.
Timothy Johnson, Granite Creek President & CEO, stated, “The launch of the updated Preliminary Economic Assessment study marks a major milestone in the development of the Carmacks deposit at a time when commodities demand is seeing rapid growth. The Carmacks project is well-positioned by its location, access to infrastructure, and proximity to the operating, high-grade Minto mine just to the north. Both copper and molybdenum have been deemed by the Canadian government to be ‘critical minerals‘ based on their role in the transition to a low-carbon economy which we expect will provide prolonged price strength well into the future. We look forward to continuing to bring positive news as we develop this high-grade copper project.”
Upcoming Events
OTC Markets Mining and Metals Virtual Conference – Tim Johnson, President & CEO, will present live at VirtualInvestorConferences.com on May 5th, 2022 at 10am PT | 1pm ET. To register, click here.
Vancouver Resource Investment Conference – Granite Creek Copper will join fellow members of the Metallic Group of Companies at the 2022 VRIC event at the Vancouver Convention Centre on May 17-18. Visit us in Booth 111.
2022 Technical Report Filing
Granite Creek also announces that further to its news release dated March 15, 2022 it has filed on SEDAR a National Instrument 43-101 technical report (the “Technical Report”) for the Carmacks project, located in the Yukon, Canada.
The report, entitled “Technical Report on the Updated Mineral Resource Estimates for the Carmacks Cu-Au-Ag Project Near Carmacks, Yukon, Canada”, has an effective date of February 25, 2022. The Technical Report was authored Allan Armitage Ph.D., P.Geo of SGS Geological Services(“SGS”) an independent Qualified Person and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.gcxcopper.com.
Table 1 – 2022 Carmacks Copper Project Mineral Resources
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, Mlbs=millions of pounds, klbs=thousands of pounds, koz=thousands of ounces. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host. Metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.
Figure 1 – Oblique view of 2022 resources and proposed pits (total strike length of 2,950 m)
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Qualified Persons
The Carmacks project 2022 Resource Estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of February 25, 2022. Armitage conducted a site visit to the property on November 9, 2021.
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
1PEA: “NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada” Effective Date 12 October 2016. Report Date: 25 November 2016. SEDAR Filing Date: 9 February 2017
1News Release: “Copper North Expands Oxide Mineral resources at Carmacks” Published on SEDAR 9 April 2018.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
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, May 03, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce the start of its Phase 1 Exploration Program at its 100% owned Tobin Gold Project, Winnemucca, NV, USA. Rover has engaged a renowned Carlin gold geologist to assist in the planning of the Phase 1 program.
Tobin Gold Project In February 2022, Rover acquired a 100% interest in the Tobin Gold Project (“Tobin”), which is comprised of 68 claims within BLM land, for a total of 1,405 acres (or 569 hectares). Tobin is a Carlin-style gold system set in Mesozoic rocks. The project is located about 40 km from the operating Phoenix Gold Mine, which is owned by Nevada Gold Mines, a joint venture between Newmont and Barrick. Tobin is also located about 60 km from i-80 Gold’s Lone Tree Gold Mine, 50 kms from SSR’s Marigold Mine and is in close proximity to other proven gold deposits owned by i-80 Gold, SSR Mining, and Kinross. See property map below for more details.
The property sits in the historical Mt. Tobin mercury district within an area of widespread silicification and banded chalcedony veins over an area of several square kilometers. Both structural and strata bound jasperoids are present in the adjoining Triassic and Paleozoic carbonate and fine-grained clastic sediments along the range-front structure as well as higher in the range. The prospect area was identified during a BLEG stream sediment sampling program. Follow up rock chip sampling along and above the range front confirmed that there are multiple structures carrying mineralization. Gold values run as high as 2.3 g/t Au, with many samples having gold content between 200 ppb Au and 1000 ppb Au. Pathfinder elements run as high as 200 ppm Sb, 1100 ppm As and 29 ppm Hg. Mineralization at the Tobin Project appears to be localized along two subparallel trends. The first is the range-front fault, and the second is structural zone located several tens of meters above the valley that trends somewhat obliquely to the range-front. To date, the better mineralized rocks were largely collected from this second structure located higher on the mountain front.
Judson Culter, CEO at Rover Metals, states, “The Tobin Gold Project is our first low-cost gold exploration project. We believe that future drill programs will be reverse circulation (“RC”) drill programs. Tobin is located in the mining friendly jurisdiction of Nevada, in the Battle Mountain region, which has seen significant consolidation in the past several years.”
Annual Report Rover has SEDAR filed its Annual 2021 Comparative Financial Statements and Management Discussion and Analysis (“MD&A”) for the years ended December 31, 2021 and December 31, 2020. The 2021 MD&A lays out management’s performance and significant milestones accomplished in 2021.
Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.
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. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, in the Northwest Territories of Canada (60th parallel), is also currently underway as of the date of this release. Additionally, the Company is 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.
VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Group Ten Metals Inc. (TSX.V:PGE; OTCQB: PGEZF; FSE:5D32) (the “Company” or “Group Ten”) today reports wide, high-grade intervals of nickel sulphide with palladium, platinum, rhodium, cobalt, copper and gold in a third tranche of drill results from the 14-hole resource expansion campaign completed at the Company’s flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA.
Results continue to support the Company’s priority objective of expanding the October 2021 inaugural mineral resource estimates with multiple wide and highly mineralized intervals returned in step-out drilling in the DR-Hybrid deposit area at Chrome Mountain (see Table 1 and Figure 1). Drilling in 2021 focused on resource expansion in three of the five deposit areas delineated by the 2021 estimates. Similar wide and well-mineralized intervals have now been reported from all three deposit areas as announced December 20, 2021, and March 7, 2022. Mineralization remains open to expansion along trend and at depth in all five deposit areas, that are in the 12-kilometer-long resource area within the broader 32-kilometer-long land package in the lower Stillwater Igneous Complex (see Figure 2).
Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture
Live Webinar with Q&A
Group Ten President & CEO, Michael Rowley, will be joined by newly appointed Vice-President Exploration, Danie Grobler, for a live webinar on Wednesday, May 4th at 10am PT (1pm ET). To register click here or the thumbnail.
Highlights:
CM2021-05 returned 400.8 meters of continuous battery and precious metal mineralization grading 0.30% Nickel Equivalent (“NiEq”), equal to 0.80 g/t Palladium Equivalent (“PdEq”), with successive contained higher-grade intervals including 96 meters of 0.60% NiEq (1.56 g/t PdEq) and including 13.2 meters of 3.33% NiEq (8.88 g/t PdEq) as 2.31% Ni, 1.51 g/t Pd+Pt+Au+Rh (“4E”), 0.35% Cu and 0.115% Co starting at 37.6 meters. This is one of the widest high-grade intercepts ever recorded in the Stillwater district.
The results from CM2021-05 represent an important new discovery with the same distinctive signature of high-grade nickel sulphide, platinum group metals and gold as encountered in CM2020-04, which returned 8.5 meters of 1.74% NiEq (or 4.65 g/t PdEq) within a broad mineralized package located approximately 125 meters to the west. This zone remains open to further expansion with additional drilling.
CM2021-06 returned 0.26% NiEq (0.71 g/t PdEq) over 345.0 meters, including 75.4 meters of 0.37% NiEq, or 0.99 g/t PdEq, and a second, lower interval with 148.4 meters of 0.30% NiEq, or 0.79 g/t PdEq.
CM2021-04 returned 247.2 meters of 0.21% NiEq (0.57 g/t PdEq) mineralization including two long intervals at higher grades.
Results also continue to highlight the potential for significant co-product rhodium values at Stillwater West, with drill samples in Chrome Mountain holes CM2021-04, -05, and -06 up to 0.36 g/t Rh within the mineralized horizons. At recent values, rhodium trades at more than 16 times the value of platinum and 8 times the value of palladium on a spot price basis at over USD 16,000 per ounce. Sibanye-Stillwater, adjacent to Group Ten’s Stillwater West project, is the primary US producer. Supply constraints for rhodium have supported rising prices since 2017.
Assay results remain pending from five holes in the HGR deposit area at Iron Mountain and portions of holes CZ2021-01 and IM2021-04, in addition to rhodium assay results on a number of mineralized intervals reported to date.
These results, in addition to results released March 7, 2022 and December 20, 2021, demonstrate significant potential to expand the October 2021 mineral resource estimates with multiple long intervals at grades well above the 0.20% NiEq cut-off grade used in that study (see bolded assay values on Table 1). Potential is also shown to expand existing resources at higher cut-off grades, such as 0.35% and 0.50% NiEq (red values and shaded rows, respectively, on Table 1). Moreover, as shown in Figures 1 to 4, these results provide important intercepts in step-out drill holes located up to several hundred meters from the resource estimate block models.
Dr. Danie Grobler, Group Ten’s Vice-President of Exploration, commented “I am excited to extend my experience obtained over the past two decades at the Platreef in the northern Bushveld Complex to Group Ten’s Stillwater West project. We see significant comparability with Platreef-style mineralization in the lower Stillwater Complex and in particular, early evidence of higher-grade Flatreef pegmatoidal-style mineralization targets within the project’s layered magmatic stratigraphy.”
Michael Rowley, President and CEO, commented, “The high-grade intercept in hole CM2021-05 is the latest in a series of exciting discoveries made by our team in the lower Stillwater complex through the development of a new predictive geologic model for this famously metal-rich district. This notable intercept demonstrates the same high tenor nickel sulphide mineralization as a similar interval in CM2020-04, 125 meters away, and is in an area that is completely outside of the current resource block model. It also represents one of the widest high-grade battery and precious metal intercepts to date in the Stillwater district. Further step-outs on this new target, situated between the existing DR and Hybrid deposit areas, are a priority for the coming season. Overall, we continue to see confirmation of a large mineralized system with an impressive endowment of eight of the commodities listed as critical by the US government. We look forward to reporting additional remaining drill results from the 2021 Iron Mountain drilling, exploration plans for 2022, and other news in the near term.”
Table 1 – Highlight Results from the 2021 Expansion Drill Campaign at the DR and Hybrid Deposit Areas
Group Ten Metals Inc. , Tuesday, May 3, 2022, Press release picture
Highlighted significant mineralized intercepts are presented above. Grade-thickness values cover significant mineralized intervals with total palladium and nickel equivalent grade-thickness determined by multiplying the thickness of continuous mineralization (in meters) by the palladium equivalent grade (in grams/tonne) to provide gram-meter values (g-m) or by multiplying the nickel equivalent grade (in percent) to provide percent-meter values as shown. Total nickel and palladium equivalent calculations reflect total gross metal content using long term metal prices (all USD): $7.00/lb nickel (Ni), $3.50/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,800/oz palladium (Pd), and $1,600/oz gold (Au). Equivalent values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.
Upcoming News and Events
Geological Survey of Nevada Symposium
Dr. Craig Bow will present recent findings in a technical session at the GSN Symposium May 4th in Reno, Nevada.
OTC Markets Metals and Mining Conference Virtual Conference
Michael Rowley will present on Thursday, May 5 at 10:30am PT (1:30PM ET). To register, click here.
Vancouver Resource Investment Conference
Group Ten will join fellow Metallic Group company members in Booth 111 at the 2022 VRIC event.
About Stillwater West
Group Ten is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
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 / April 27, 2022 / Group Ten Metals, Inc. (TSXV:PGE) (OTCQB:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is very pleased to announce the appointment of Dr. Danie Grobler to the role of Vice-President, Exploration and Mr. Albie Brits to the role of Senior Geologist, as of May 1st, 2022. Dr. Grobler and Mr. Brits both have extensive senior level experience from more than two decades of advancing major deposits on the northern limb of the Bushveld Igneous Complex in South Africa including, most recently, at Ivanhoe Mines’ Platreef PGE-Ni-Cu-Au mine, which is now in construction.
The addition of Dr. Grobler and Mr. Brits to the Group Ten Metals team is an important step in the advancement of the Company’s Stillwater West project as a major U.S.-based source of critical minerals – nickel, palladium, copper, cobalt, platinum, and rhodium – in Montana’s productive and famously metal-rich Stilllwater Igneous Complex. Their expertise in similar geologic models from the giant mines of South Africa’s Bushveld Igneous Complex is expected to drive expansion of Group Ten’s inaugural NI 43-101 resource estimates, announced October 2021, which delineated five deposits totaling 1.1 billion pounds of nickel, copper and cobalt and 2.4 million ounces of palladium, platinum, rhodium and gold in Platreef-style mineralization in the lower Stillwater Igneous Complex. All deposits are open for expansion at depth and along trend within the 12-kilometer core project area, and more broadly within earlier stage targets across the 32-kilometer span of the Stillwater West PGE-Ni-Cu-Co + Au project.
Dr. Danie Grobler has more than 25 years of industry experience as an exploration and mine geologist including most recently as Head of Geology and Exploration for Ivanplats Pty Ltd (an Ivanhoe Mines company) where since 2011 he led the delineation and advancement of Ivanhoe’s world-class Platreef PGE-Ni-Cu mine on the northern limb of the Bushveld complex. Including previous experience as Project Manager at Platinum Group Metals’ at their project on the Bushveld’s northern limb, Dr. Grobler brings decades of senior level experience focused on the discovery and mining of battery and platinum group metals in ultramafic magmatic systems and has published numerous papers on Ivanhoe’s Flatreef deposit.
Dr. Danie Grobler commented, “The geological parallels between Stillwater West and the Platreef/Flatreef-type mineralized ore bodies in South Africa are truly exceptional. I am very enthusiastic to be joining the highly experienced Group Ten Metals team and am excited to be able to apply my extensive Bushveld and Platreef experience at Stillwater West, with a focus on expanding the recently announced mineral resource. Utilizing the wealth of exploration data available, our immediate goal will be to continue to identify and grow shallow, continuous high-grade Platreef-style PGE-Ni-Cu mineralization within the lower part of the Stillwater Igneous Complex.”
Mr. Albie Brits has more than 28 years focused on the advancement of projects from grassroots stage to advanced exploration and full-scale mining operations, starting at Gold Fields of South Africa and including, most recently, the role of Senior Geologist and Manager Project Geology for Ivanplats Pty Ltd (an Ivanhoe Mines company). Focused on exploration for platinum group and base metals on the northern limb of the Bushveld complex since 2001, Mr. Brits was part of the team that discovered Ivanhoe’s Flatreef deposit. He has extensive experience in the exploration of mafic-ultramafic magmatic systems and has presented and co-authored numerous papers on the Flatreef deposit.
Mr. Brits commented, “I am very excited to be joining Group Ten’s excellent Stillwater West team and looking forward to applying my experience developing geological and structural models for the feasibility study of the Platreef project to drive new success in Montana. The Stillwater district is truly world class and Stillwater West shows remarkable expansion potential based on the geologic similarities with the Bushveld complex.”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%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522Platinum_group%253BBushveld_Igneous_Complex%253BIvanhoe_Mines%253BStillwater_igneous_complex%253BMontana%253BExploration%253BSouth_Africa%253BNatural_resource%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252231c0ceeb-bd8e-34f0-832d-e67ffef5ff62%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Michael Rowley, President and CEO, commented, “Developments at the Stillwater Igneous Complex have generally paralleled those at the Bushveld Igneous Complex, highlighting their significant geologic similarities. For example, the discovery and large-scale production of platinum group metals from the high-grade Merensky reef deposit in the Bushveld preceded the discovery and mining of the high-grade J-M Reef deposit at Stillwater by many decades. The more recent development of the Platreef deposits, starting with Anglo American’s bulk mineable PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with Ivanhoe’s Platreef mine, have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex. Our recent discoveries of comparable bulk-tonnage Platreef-style systems at Stillwater West demonstrate the continuation of the geologic parallels between the systems and highlight the incredible potential value creation for Group Ten Metals.”
Mr. Rowley continued “The addition of two such renowned experts, literally among the very top globally in large-scale critical mineral systems, is a watershed moment in the advancement of the Stillwater West project. Their unique expertise and perspective, earned from decades of work on world-class systems in the Bushveld, will directly complement the knowledge of our existing team which has decades of experience in the Stillwater district. We look forward to further announcements including our 2022 exploration plans and further assay results from our 2021 resource expansion drill campaign in the very near term.”
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About Stillwater West
Group Ten is advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available on the company’s profile at www.sedar.com.
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.
VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of March 21, 2022, the Company is pleased to announce the second closing of its $0.05 Unit Financing for gross proceeds of $467,500.00 (“the Second Closing”).
$0.05 Unit Financing The Second Closing of $467,500.00 is comprised of the sale of $0.05 units in the amount of $412,500.00 and the sale of $0.055 flow-through shares in the amount of $55,000.00. The Company has issued 8,250,000 common shares and 4,125,000 common share purchase warrants as a result of the sale of $0.05 units. The warrants have an exercise price of $0.075 and a useful life of three years. The Company has also issued 1,000,000 common shares from the sale of flow-through common shares. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $13,125.00 and finders’ warrants of 255,500. The finder’s warrants will have an exercise price of $0.075 and a useful life of three years. The common shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance.
Use of Proceeds The use of proceeds from the Second Closing will be to finance Phase 3 Exploration at the Company’s 100% owned Cabin Gold Project. The Company now has plans to expand its Phase 3 Exploration Program to include:
Metallurgical testing of its drill core to determine potential recovery rates from the Fortune Minerals’ NICO test pilot processing facility, which will be located 40km northwest of the Cabin Gold Project.
Re-sampling of the holes drilled at the Beaver Zone in 2021, using the metallic screen fire assay method. The metallic fire assay method is effective when sampling to determine coarse and fine gold.
Appointment of Advisors Gary MacDonald has been appointed to the Company’s Advisory Board and will assist the Company with corporate development. Mr. MacDonald has more than 30 years of natural resource experience with an extensive background in mining. Mr. MacDonald currently serves on the board of several public and private companies and has operated projects internationally. Mr. MacDonald’s roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, financing, exploration through to development, operations, production, management, and negotiating asset /company buyouts. Mr. MacDonald will receive a grant of 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
Judson Culter, CEO at Rover, states “we are very fortunate to have such a well esteemed individual joining our team. Mr. MacDonald’s strong technical and capital markets background coupled with his extensive mining knowledge will be a major asset and benefit to Rover. Mr. MacDonald’s experience working in Nevada will bring added value to our development plans for the Tobin Gold Project, located in the Battle Mountain district of Nevada. Rover plans to launch a Phase 1 Exploration Program at the Tobin Gold Project later this year.”
The Company has also engaged marketing consultants in Switzerland to assist Rover with entering the Swiss market and reaching Swiss junior mining gold investors. Pursuant to these consulting agreements, the Company has granted 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
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). 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 hereof.
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.
VANCOUVER, BC / ACCESSWIRE / April 26, 2022 / Metallic Minerals (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, , or the “Company“) is pleased to announce the first National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2022 Resource Estimate”) on the Company’s La Plata project, which focuses on the central Allard copper-silver porphyry deposit. The Company acquired the project in 2019 and with confirmatory drilling and sampling has quickly generated a NI 43-101 compliant resource estimate consisting of 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade.
The Allard deposit remains open to significant expansion within the resource area. In addition, the greater La Plata silver-gold-copper project remains underexplored and open to new discoveries of both additional copper porphyry centers as well as high-grade epithermal silver and gold systems. A robust campaign of follow-up drilling and geophysical surveys is planned for the project in 2022 with the objective of expanding the 2022 Resource and advancing new targets.
Metallic Minerals Corp., Tuesday, April 26, 2022, Press release picture
Metallic Minerals will host a live webinar on Wednesday April 27th at 10am PT (1pm ET) to discuss the 2022 Resource, current activities, and upcoming plans for the La Plata and Keno Silver projects. To register, click here or the thumbnail.
Highlights
Inferred mineral resources at the Allard deposit total 889 million pounds of copper and 14.975 million ounces of silver in a constrained model with 115.7 million tonnes at an average grade of 0.39% Cu Eq (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade (see Table 1).
The 2022 Resource Estimate area incorporates a single porphyry intrusive-hosted sulphide system that is drill defined over a kilometer (“km”) in length, 400 meters (m) in width and to a kilometer of vertical extent and remains open to expansion in all directions. The resource area shows strong spatial correlation with large-scale anomalies in geophysics and metal in soil values, providing a compelling basis for expansion of the 2022 Resource Estimate and for potential new discoveries in future drill campaigns.
The 2022 Resource Estimate was completed by SGS Geological Services (“SGS”) and is based on 56 diamond core drill holes, totalling 15,200 meters completed by Rio Tinto, Freeport and others along with new drilling and underground sampling by Metallic Minerals.
Exploration activities by Metallic Minerals in 2020 and 2021 included 1,980 meters of core drilling, resampling of historical drill core, underground sampling from the Allard deposit, airborne and ground-based geophysics and surface sampling across the broader property.
Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization (see Figure 1).
In addition to the 2022 Resource Estimate, which remains fully open to expansion at depth and along strike, 16 untested potential porphyry centers have been identified on the greater La Plata project area, as well as target areas with potential for significant high-grade epithermal silver and gold.
Scott Petsel, Metallic Minerals’ President, states, “This inaugural resource is a major milestone for Metallic Minerals and the La Plata project and puts us on the map in the U.S. with a new resource containing important base and precious metals, that fall under the US government’s critical minerals strategy, in a past-producing yet underexplored district in the southwestern U.S. With 15 million ounces of silver and nearly a billion pounds of copper, at recent metal prices of over $25/oz silver and $4.50/lb copper, the Company has demonstrated the exceptional value opportunity of the La Plata project for Metallic Minerals shareholders.”
Mr. Petsel continued, “We feel this is just the start for us at La Plata and it validates our strategy of identifying and acquiring high-quality district-scale assets during lows in the metal price cycle and applying modern, systematic exploration techniques as a means of value creation. This is also the process we are seeing to fruition at our high-grade Keno Silver property in the Yukon, Canada. Work at La Plata in 2022 will focus on expanding this new resource and testing new priority target areas for porphyry and high-grade silver and gold mineralization.”
The 2022 Resource Estimate will be incorporated into an NI 43-101-compliant technical report for the La Plata project which will be available within 45 days.
Table 1 – La Plata Inferred Mineral Resource Estimate at a Base Case Cut-off Grade of 0.25% CuEq with Grade and Contained Metal Sensitivity Analysis at Various CuEq Cut-off Grades.
Class
CuEq (%)
Tonnes
Cu
Ag
CuEq (%)
Cut-off
Grade (%)
Mlbs
Grade (g/t)
Ounces
Grade (%)
Mlbs
Inferred
0.15
151,327,000
0.31
1,040
3.68
17,888,000
0.35
1,154
Inferred
0.2
142,378,000
0.32
1,008
3.77
17,273,000
0.36
1,118
Inferred
0.25
115,731,000
0.35
889
4.02
14,975,000
0.39
985
Inferred
0.3
86,986,000
0.38
733
4.31
12,056,000
0.42
810
Inferred
0.35
60,752,000
0.42
565
4.61
9,000,000
0.46
622
The 2022 Mineral Resource Estimate 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. Cu Eq 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.
Figure 1 – La Plata Cross Section with Significant Drill Intervals and Mineralized Grade Shells
Metallic Minerals Corp., Tuesday, April 26, 2022, Press release picture
Sensitivity Analysis
In addition to the base case scenario at an economic cut-off grade of 0.25% Cu Eq, a sensitivity analysis is provided in Table 1 above, which demonstrates the variation in grade, tonnage and contained metal for the 2022 Resource Estimate at various cut-off grades. Different cut-off grades may be employed depending on variations in prevailing metal prices and mining costs.
Project Review and Exploration Update
The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.
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 vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold.
From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. 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 56 drill holes, totaling 15,200 m, have been drilled on the property since the 1950s which confirms the presence of a large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2, strong magnetic signature with intense hydrothermal alteration mapped in satellite based multispectral imaging.
The new 2022 Resource Estimate, at the Allard deposit, covers a relatively small part of the overall 33 km2 property. The deposit is steeply dipping and roughly tabular in shape, occurring over 1 km in length, 400 m in width with over 1 km in vertical extent based on drilling to date. The Allard deposit remains open to expansion in all directions.
The Allard deposit is a significant potential source of copper and silver, both important metals for the modernization and electrification of the economy. In addition, the broader La Plata property is known for Critical Minerals also important for the green energy revolution2. The resampling of hole 95-1 during the 2021 field season returned significant platinum and palladium assays (0.14 g/t platinum and 0.10 g/t palladium) associated with the Copper Hill target area east of the Allard resource area and corroborated historic accounts of its presence. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. These and other important metals noted in the district will be evaluated as part of ongoing exploration of the project.
Work during the 2021 field season focused on the Allard target area with the completion 1,980 m of confirmation drilling, resampling of historical core and the resampling of the underground adit. Metallic Minerals is the first Company to complete significant exploration on the La Plata project in 50 years. Since acquisition, the Company has systematically explored the project by employing an array of modern exploration techniques. Through this work the Company has identified new high-grade epithermal-style targets and over 16 potential porphyry style mineralized zones across the broader property including at the adjacent Copper Hill target area, 1 km from the Allard deposit.
Planning for exploration work in 2022 is currently underway with a focus on resource expansion drilling, geophysics, and follow-up exploration on newly identified porphyry and high-grade silver and gold targets.
Estimation Methodology and Parameters
Completion of the 2022 Resource Estimate involved the assessment of a drill hole database, which included all data for surface and underground sampling completed through the fall of 2021, as well as a three-dimensional (“3D”) mineral resource model, a topographic surface model, models of the underground workings and underground channel samples, and available written reports. SGS used 56 drillholes and 15,200 m of drill data from 1959 to 2021 to delineate the Allard deposit in the 2022 Resource Estimate. All drill data and underground sampling completed by Metallic Minerals in 2021 were included in the 2022 Resource Estimate.
Inverse Distance squared restricted to a relevant underground mining mineralized domain was used to Interpolate grades for the main elements of interest including Cu (ppm) and Ag (g/t) into a block model. Composites of 3.05 m were used for the resource estimation with a 5 x 5 x 5-meter block size. A fixed specific gravity value of 2.65 g/cm3 is used to estimate the Mineral Resource tonnage from the block model volume and for waste density. While gold is seen associated with copper and silver in the deposit, historic assays for gold were limited and as such were not included in the estimate.
The mineral resources are presented undiluted and in situ (no minimum thickness), constrained by a continuous 3D wireframe model, and are considered to have reasonable prospects for eventual economic extraction. Based on a review of the project location and size, geometry and continuity of mineralization of the La Plata deposit, and its spatial distribution, it is envisioned that the La Plata deposit may be mined using a large-scale underground bulk mining method.
The base case cut-off grade of 0.25 % Cu Eq has been used to define Inferred underground resources on the La Plata deposits using bulk underground mining costs of US$5.30/tonne, US$11.50/tonne processing and G&A costs and assumed processing recoveries of 90% for Cu, 65% for Ag at long term metal prices of $3.60/lb Cu and $22.50/oz Ag. The constrained 2022 Resource Estimate grade blocks were quantified above the base case cut-off grade. At this base case economic cut-off grade the deposit shows good geologic and grade continuity.
The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no certainty that all or any part of the Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
About SGS Geological Services
SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration Company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to 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 Alexco Resource Corp’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB, and Frankfurt stock exchanges.
1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard Copper-Silver-Gold-PGM deposit, La Plata Mining District, Durango, Colorado, 2005.
2) The US Geological Survey has released a list of 50 critical minerals that the USA economy requires for economic and national security.
Qualified Persons
The La Plata copper-silver project 2022 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Armitage conducted a site visit to the property on August 13, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.
Quality Control and Quality Assurance
Quality assurance and quality control procedures for drilling completed by the Company and consultants to the Company in 2021 include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in their Sparks, Nevada facility and analyzed at the Burnaby, B.C. facility. All samples were analyzed using a 30 g multi-acid digestion with an ICP-ES/MS analysis. Samples with over limit gold, platinum or palladium were re-analyzed using a 30-gram fire assay fusion with an ICP-ES analysis. Over-limit copper and silver samples were analyzed by multi-acid digestion and atomic absorption spectrometry analysis. All results have passed the QAQC screening by the lab and the Company utilized a quality control and quality assurance protocol for the project, including blank, duplicate and standard reference samples.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals 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 or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com
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. – April 26, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market on its Moss Lake Project activities for the forthcoming spring and summer exploration period.
Key Points
The Company is expanding the exploration program to 8-10 rigs as soon as possible and remains well funded with a treasury of nearly $20M;
The Company is accelerating its metallurgical test work; structural geology understanding, 3D geologic model(s) and analysis of historical core;
The 2021 VTEM survey highlighted 29 quality drill targets including potential expansion of the Moss Lake strike length; as well as the potential for a resource increase at East Coldstream; and the Company will attempt to identify maiden resources at other known mineralized targets; and
Earlier in the year, the Company released the detailed interpretation and analysis of the VTEM geophysical survey conducted in 2021 (see Press Release dated March 10, 2022: Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity). This produced 29 quality drill target areas, including 11 new Moss Lake target styles that potentially expand the strike length by over 4x from 2.5km to over 11km.
Subsequently, initial drilling of several of the targets successfully intersected new gold minerlization including the hole MMD-21-008 that returned 6.3 g/t Au over 58.85 metres and interpreted to be a high grade structure in the Moss Lake Deposit. (see press release Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake).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%2522Coldstream%253BHamlin_Lake%253BTechnical_analysis%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25225cf3f714-4fcf-300f-bbaf-b3dce5f88731%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
To that end, the Company is accelerating its exploration program at the Moss Lake Project, currently having a historical resource of 1.47M oz Au Indicated and 2.51M oz Au Inferred (see Table 1). The Company is preparing to ramp up its drilling efforts to 8 to 10 rigs as soon as practicable,. It is planned that the Moss Lake area will utilize 4 to 5 drill rigs through the spring-summer period; Coldstream / North Coldstream / Iris Lake area targets will utilize 2 to 3 rigs and Hamlin Lake area targets will utilize 1 to 2 rigs.
The Company is currently well funded with approximately $19.6M in the treasury, after closing its recent funding of $10M (see Press Release Goldshore Announces Closing of $10M Private Placement).
Key Strategic Highlights
Increasing the quantum and frequency of drilling at the Moss Lake Project; and early mobilization of rigs into the north-east corridor of Coldstream / North Coldstream and Iris Lake; as well as early mobilization into Hamlin Lake area;
Accelerated re-logging and mutli-element assaying of historic North Coldstream and Moss Lake core;
Goldshore has been logging historic core throughout this campaign to maximize the value of the historic drill core. As part of this program, the team has commenced resampling of core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored or missed. Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth along the northern edge of the QES Zone (see press release Goldshore Reports Additional Step-Out Intercepts ). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets.
Establishing a robust 3D geologic model of the Moss lake deposit to guide exploration and updating future resource estimates.;
Goldshore has been rebuilding the mine model for the historic North Coldstream copper mine that was mined between 1957 and 1967. This has included compiling all historic data and wireframes for the underground workings to understand the distribution of mineralization with a view to identifying the potential for additional mineralization; but also to guide scout drilling of similar geophysical targets identified by last year’s VTEM/magnetics survey.
Analysis of underground data focused on copper and gold, which returned assays in the range of 1.0 to 15.0% Cu and 0.5 to 5.0 g/t Au. Of note, limited assaying for cobalt on one level returned values in the range of 0.1 to 0.5% Co. These high levels of cobalt have not been recognized in the past but clearly point to the strategic value of this deposit style.
Scout drilling of preferred mineralization trends at North Coldstream and of similar nearby targets will aim to confirm the highly mineralized nature of this deposit style.
Dr. Brett Davis graduated from James Cook University, Australia with a Bachelor’s in Geology in 1986, which was followed in 1992 with a Doctorate degree in Structural Geology. Dr. Davis has worked and consulted globally on a number of large scale deposits and has established himself as a world leader in structural geology and currently runs Olinda Gold Structural Geology Consulting. Dr. Davis also serves as an Adjunct Research Fellow at his alma mater – James Cook University.
Accelerating the geometallurgical characterization study to determine the geometallurgical domains, and commencing metallurgical test work to optimize the recovery profiles of these domains at Moss Lake;
The Goldshore geological team is working with ALS on establishing geometallurgical parameters, in an effort to optimize and guide the metallurgical test work required for use in the updated preliminary economic assessment (“PEA”) intended to be published in Q1 2023.
Brett Richards, President and Chief Executive Officer of Goldshore commented: “With the recent market support to close the $10M funding; coupled with the excellent drilling and VTEM results previously shared with the market; we are pleased to be accelerating the exploration program at Moss Lake, as well as Coldstream, North Coldstream, Iris Lake and Hamlin Lake. It has been shown that all of the 29 high priority targets that have had historical drilling and/or form part of the historic resource; along with 17 gold targets identified in the VTEM interpretation need to be accelerated into this coming field season. The main purpose for this is to quantify and maximize the understanding of mineralization in all of these targets; prior to conducting a mineral resource update and updated PEA (intended to be published in Q1 2023).
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic 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.
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 1), the historically producing North Coldstream Mine (Table 2), 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 Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 1: 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 2: 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.
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, including planned drilling activities and metallurgical test work and the other matters listed under the heading “Key Strategic Highlights”, intended identification of maiden resources, an update to the historical 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.
Silver Hammer Mining is focused on building a multi mine silver production company. Its growing asset portfolio includes the recently acquired past-producing Silver Strand and Burnt Cabin mines located in the renowned Coeur d’Alene mining district in Idaho, USA, one of the most prolific silver districts in the world and the earlier stage Lacy Gold-Silver project in British Columbia, Canada.
This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe
Thursday, April 21, 2022
Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him @SPYJared
Last week, I got the call. A dear relative living on a pension who’s facing soaring prices for food, gas, and medicine — along with everything else — asked me how to buy gold. Whether one considers gold a hedge against inflation or Armageddon itself — and there are arguments both ways — simple market technicals are forecasting gold prices will surge again to record highs, according to one Wall Street bank.
Monday, gold futures (GC=F) briefly topped $2,000 per ounce — less than $100 from its 2020 all-time high. BofA Securities’ Paul Ciana on Monday said that “a dip from $2,000 looks like a buying opportunity.” Gold subsequently dipped below $1,950 before settling at $1,955.60 per ounce Wednesday.
Ciana has been bullish on gold since early February — just before gold broke to the upside after months of consolidation. He’s reiterating his bullish gold trend view with a 2022 price target of $2,175, which is “modestly” higher than the current record high of $2,089. He also has a bullish conviction on silver and believes that both gold and silver could outperform copper, bonds and “maybe oil too.” But that could take a few months to play out and be confirmed, he said.
Ciana’s notes that gold prices created a rounded base technical pattern from 2014 to 2019. Long bases tend to lead to outsized, sustained moves when the breakout finally happens — which it did in 2019, as he forecasted at the time.
After the new highs in 2020, gold backed off and consolidated into early 2022 before breaking out in February. Ciana’s $2,175 price target uses a so-called measured move, which is calculated by adding the price range of the consolidation to the breakout apex.
Ciana also lays out the bear case for gold. The risk to his bullish view is a potential “double top” formed by the twin peaks of 2020 and 2022. “Gold would need to start selling off in the next 1-2 months, such as below the last breakout point of $1,840, to entertain the possibility of a double top and large decline,” he wrote.
How high can gold soar?
That $2,175 price target is only about 11% from the current price, but it’s also only a technical target in play this year. What happens beyond then, and whether gold serves as a good hedge against the current inflationary backdrop remains to be seen.
But historically, high gold prices have been mean-reverting when adjusted for inflation.This content is not available due to your privacy preferences.Update your settings here to see it.
The above chart tracks the price of spot gold in U.S. dollars divided by the consumer price index (CPI) to adjust for purchasing power. After President Nixon closed the gold window in 1971, there was a huge run-up in both the price of gold and inflation during the decade. But gold got too extended in 1980 — reaching $637 per ounce. Afterward, it sold off for two decades.
Importantly, when gold peaked in 2011 at over $1,700 per ounce, the gold-to-CPI ratio was nearly perfectly testing that 1980 peak. Astute readers will note the most recent run-up in 2019 came short of those peaks and the ratio has backed off those highs a bit.
All of these leaves more potential room for gold to rise — at least by this metric — as inflation (the denominator) weighs on the ratio. Voodoo technical analysis, I know.
Back to the main point: Is my dear relative now successfully buying gold? You bet — physical. Sounds to me like more than just an inflation hedge
