Category: Project Generators

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Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Receives Positive Initial Mineralogy Results From the Nikolai (Ni-Cu-Co-PGE) Project, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report positive initial results from a mineralogical assessment of historical drill core from the Upper Eureka Zone (“UEZ”) and Core Eureka Zone (“CEZ”) at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) –cobalt (Co) – platinum group elements (PGE) prospects. The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014.

Highlights from the mineralogical assessment include:

  • 94% of the nickel within the CEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
  • 72% of the copper within the CEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
  • 80% of the nickel within the UEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
  • 75% of the copper within the UEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).

Millrock President and CEO Gregory Beischer commented: “These are encouraging results! For large tonnage – low-grade deposits, it is crucial that potential recovery rates of the valuable metals are well understood. This first-pass work shows that much of the nickel and copper is in mineral form that allows strong recoveries with common processing methods.”

Methodology – Metal Content
Two composite samples from hole FL-003 were created for the UEZ and CEZ. Each composite was comprised of six quarter-core sample intervals spread across the mineralized zones. The anticipated metals content for each of the composited samples was calculated using historical assays from the work done by INCO in 1997 (Table 1). Historical logging and sampling of the INCO drill core was done under the direct supervision of Gregory Beischer, the qualified person responsible for the contents of this disclosure. Historical assays were performed at Chemex, Inc. in Reno, Nevada. Chemical analysis of the composites for this study were completed prior to the mineralogical study to validate the historical assay results completed by INCO (Table 1). Concentrations determined by INCO and by Millrock were found to be similar.

Table 1. Sample intervals, historical grades, calculated composite grades, and actual assay results from mineralogical study for selected samples from hole FL-003 to create composites for the CEZ and UEZ.

Composite 1 – Core Eureka Zone (CEZ)
SampleHole IDFrom ftTo ftNi ppmCu ppmCo ppmPd ppbPt ppbAu ppb
FX536263FL-0037587631900180029016410510
FX536264FL-003763768190018702601628014
FX536270FL-003793798250012702201648010
FX536274FL-003813818300015602402068052
FX536277FL-00382883323008201801185016
FX536281FL-003848853320014602101325024
CEZ Calculated Grade (Historic Assays)0.250.140.020.1570.0720.023
New Assays Results from Composite Samples0.250.160.020.1730.0430.068
          
Composite 2 – Upper Eureka Zone (UEZ)
SampleHole IDFrom ftTo ftNi ppmCu ppmCo ppmPd ppbPt ppbAu ppb
FX536768FL-00325726216903851418242.52
FX536772FL-003283288150034012071332
FX536084FL-00334735023979381461285514
FX536086FL-00340040526369181541326516
FX536798FL-0034154201975630133833612
FX536253FL-00370871320009402201467024
UEZ Calculated Grade (Historic Assays)0.200.070.020.1040.0490.009
New Assays Results from Composite Samples0.230.060.020.1350.0310.095

Methodology Mineralogical Study
The mineral processing work was completed by the Bureau Veritas Metallurgical Laboratory in Richmond, British Columbia, Canada. The individual composites were ground to ~125µm following standard grind calibration procedures. The ground composites were sized using wet screens and a cyclone sizer, and then sized into four fractions for chemical analysis and QEMSCAN analysis. QEMSCAN Particle Mineral Analysis was conducted on each size fraction of the sized composites to determine nickel and copper deportment and fragmentation characteristics.

Initial Mineralogical Study Results
Nickel sulfide and nickel alloys accounted for ~94% of the total nickel within the CEZ composite sample (only 5.1% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~92% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.68% by weight. The remaining potentially recoverable nickel was in the nickel alloys and nickel metal, which accounted for ~2% of the total nickel. Sulfur is higher in the CEZ (1.32%) and there is an increased amount of pyrrhotite (1.78% by weight). Interlocking between pentlandite and pyrrhotite was rarely observed, which will be favorable to the pentlandite separation from pyrrhotite.

Nickel sulfide and nickel alloys accounted for ~80% of the total nickel within the UEZ composite sample (18.9% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~64% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.44% by weight. The remaining potentially recoverable nickel was in the form of nickel alloy and nickel metal, which accounted for ~16% of the total nickel. Sulfur is lower in the UEZ (0.49%), likely due to the decrease in pyrrhotite. These results are summarized in Table 2 below.

Table 2. Summary of Ni-Fe-S deportment of Eureka Zone composites

Nickel DeportmentCEZUEZ
Ni-Fe Sulfides92.2%64.1%
Ni-Fe Alloys2.1%16.7%
Sulfide-Hydroxide0.6%0.3%
Silicates (Olivine)5.1%18.9%
Total Potential Recoverable Nickel94.3%80.8%
% Ni from chemical analysis0.25%0.23%
% S from chemical analysis1.32%0.49%
Weight % pentlandite0.68%0.44%
Weight % pyrrhotite1.78%0.55%

Copper sulfides accounted for ~71% to 75% of the total copper within the CEZ and UEZ composites. Chalcopyrite is the dominant copper sulfide and accounts for ~67% to 71% of the copper in the composite samples. Bornite, chalcocite, cuprite, malachite, and azurite were also present, in the composite samples. The remainder of the copper (~24% to 28%) was present in valleriite (Cu-Fe-Mg sulphate). The copper sulfide contents were 0.31% by weight in the CEZ and 0.14% by weight in the UEZ. These results are summarized in Table 3 below.

Table 3. Summary of Cu-Fe-S deportment of Eureka Zone composites

Copper DeportmentCEZUEZ
Chalcopyrite66.8%70.7%
Bornite1.0%1.7%
Chalcocite/Covellite3.5%2.9%
Cuprite, Malachite, Azurite1.1%0.2%
Valleriite27.5%24.5%
Total Potential Recoverable Copper72.4%75.5%
% Cu from chemical analysis0.16%0.07%
Weight % Cu Sulfides0.31%0.14%

An additional composite sample from the Lower Eureka Zone (“LEZ”) has been submitted to Bureau Veritas to complete identical mineralogical analysis. Assay results from the LEZ were reported in the Millrock press release from September 26, 2022. The results of the third composite will be released when completed.

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. Analysis methods used include MA270 – 4-acid digestion ICP-ES/MS Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. The Qualified Person is of the opinion that the results reported in this press release are reliable.

Qualified Person
The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. 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 Resolution Minerals 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, 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 contain forward-looking information, including but not limited to execution of further deportment studies. 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. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

“NEITHER 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.”

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Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Receives Initial Production Royalty Payments from Balya North

Vancouver, British Columbia–(Newsfile Corp. – September 15, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% net smelter return (“NSR”) royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”), a private Turkish company.

In the first half of 2022, Esan’s advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022 (see EMX News Release dated December 20, 2021). Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX has received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in Value Added Tax (“VAT”). These royalty payments are from 30,223 tonnes of processed material averaging 1.68% lead, 1.34% zinc, and 39.9 g/t silver.

The Balya North Mine is now operational. From current technical information provided by the operator, EMX anticipates that production will now ramp up to reach a projected production total of approximately 170,000 tonnes of material in 2022. Further, EMX anticipates production of approximately 450,000 tonnes of material from Balya North in 2023. It should be noted that the grades of material mined so far at Balya North are from materials removed during the construction and development process. Grades are expected to be significantly higher as commercial production progresses.

Balya North Lead-Zinc-Silver Deposit: The Balya North lead-zinc-silver deposit is situated in the historic Balya mining district of northwestern Turkey. Mining at Balya has taken place since antiquity, with several generations of historical operations. The Balya North property contains extensive zones of shear-zone hosted and carbonate replacement style (“CRD”) lead-zinc-silver mineralization in addition to skarn and more copper-rich styles of mineralization developed at depth.

Esan acquired the EMX royalty property at the end of 2019 (See EMX news release dated January 7, 2020) and is a private Turkish company that operates 40 mines and eight processing plants. Most importantly, Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX’s Balya North royalty property. The mineralization at Balya North is effectively an extension of the mineralization currently being mined by Esan in the main Balya deposit.

Esan is also continuing extensive exploration programs at Balya North to expand the currently defined zones of mineralization and to find new bodies of mineralization on the EMX royalty property.

More information on the Balya royalty asset can be found at www.EMXroyalty.com.

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

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

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

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

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

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

Forward-Looking Statements

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137220

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Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Provides Exploration Update On Partner-Funded Alaska Gold Projects

VANCOUVER, BRITISH COLUMBIA, September 14, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to provide an update on gold projects in Alaska.
 
Fairbanks District – Treasure Creek Gold Project
Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has recently reported that it has completed the planned exploration program at the Treasure Creek gold project in the Fairbanks Mining District. The company has completed 12,424 meters of reverse circulation drilling in 131 holes to test the NW Array and Eastgate prospect areas. Reconnaissance lines were also drilled to test geophysical and geochemical targets in other areas of the property. An initial highlight result of 89.0 meters grading 1.2 grams per tonne gold was previously reported at the Northwest Array prospect and a diamond core rig is now being used to do further testing. Assay results for only nine of the 131 holes have been reported. Thousands of assay results are to follow throughout the fall of 2022. Felix Gold has also completed a VTEM airborne geophysical survey at Treasure Creek to complement a previously flow magnetic survey. Further details can be found in Felix Gold’s September 13, 2022 press release.
 
By virtue of its sale of Fairbanks District claims and a strategic alliance with Felix Gold, Millrock owns 9,957,157 shares of Felix Gold and holds royalties ranging from 1.0% to 2.0% NSR on all claims currently held by Felix Gold in the Fairbanks District.
 
Millrock President & CEO Gregory Beischer commented: “Felix Gold executed an excellent drilling program this year and we look forward to seeing the results. We think the potential of the Fairbanks District has not been fully recognized, but that it soon will be.”
 
Goodpaster District, 64North Gold Project 
Resolution Minerals Limited (ASX: RML) (“Resolution”) has recently reported that it has completed a diamond drilling program to test the Tourmaline Ridge prospect, located to the immediate west of the Pogo Mine, where owner Northern Star Resources Ltd. operates a successful gold mining operation southeast of the City of Fairbanks.
 
Tourmaline Ridge was identified as a priority target for drilling in 2022. Gold and pathfinder elements were detected in soil samples over a 1,850 by 750-meter area. Resolution executed an efficient drill test. Five diamond core holes totaling 2,324 meters were drilled to intersect shallow northwest dipping structures interpreted from geophysics as possible extensions of the Pogo Mine structures. Hole 22TR001 intersected altered rocks with indications of multiple hydrothermal fluid flow events. Mineralization included veinlets of quartz with arsenopyrite, pyrite, and pyrrhotite. Hole 22TR003 intersected quartz veins containing bismuthinite and pyrite. Resolution reported the first batch of assay results from select zones in holes 22TR001 and 22TR003 with low-level, elevated gold values commonly in the 0.04 to 0.2 grams per tonne gold range. Resolution anticipates receipt of the remaining assay results (86% of the total samples submitted) in November 2022. Further details can be gleaned from Resolution’s September 5, 2022 press release.
 
Resolution is currently sole funding exploration to earn up to an 80% interest in a portion of the 64North project. By virtue of the earn-in agreement, Millrock owns 23,100,000 shares of Resolution. To date, Resolution has earned a 42% interest in the project.
 
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 receipt of further drill results and earning of greater ownership in 64North. 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.

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators Uncategorized

Riverside Hits Gold in 8 of 12 Holes at the Oakes Gold Project in the Geraldton Gold Belt, Ontario, Canada

Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”) is pleased to report assay results for the remaining 7 drillholes of its twelve-hole, 1700-meter diamond drill program completed at the Oakes Gold Project (the “Project”) in northwestern Ontario, Canada. The primary focus of the first drill program at Oakes was to test the ‘HG’ Target identified by geophysics and trenching programs for gold grades and continuity. The results came back favorable with hole 22-11 returning 5 intervals of gold over a total interval of 55 meters and hole 22-06 returning 4m @ 1.7 g/t Au. The Induced Polarization (IP) work conducted by Riverside in the summer of 2021 showed the HG IP Target extended westward beyond the area of trenching and sampling. Drilling this year has now confirmed the gold continuity of over 1.2 kilometer strike, hitting the mineralized structure and further open in both east and west. The drill results announced here fit with the orogenic gold model and further drilling can be progressed with confidence as all the holes of this program were shallow, with intercepts at less than 120m for most cases, while the system is wide open at depth.

This drill campaign has now successfully expanded the known gold mineralization well beyond the outcrops and laid the groundwork for the next drill campaign to continue expanding the Oakes gold camp. IP data provided strong conductivity and complimentary resistivity anomaly trending roughly east-west parallel to the geological units with greater confidence. The 7 holes announced here intercepted favorable geology of metavolcanics, “greenstone”, consistent with the geology noted in the first five holes and further geological constraints. As this part of Oakes has never been drilled, the first drill program comprised of shallow holes with the intent of intercepting the target at 100 m vertical below surface. The mineralized zone on surface is known to pinch and swell and averages about 5 m in width. The best hole in the second batch of reporting was DDH-22-06 which returned 1.7 g/t over 4 m with one sample being almost 5 g/t gold. The best intercept in the program was 8.4 g/t over 1 m in Hole #2.

Table 1: Spring 2022 Drill Program Highlights at Oakes (holes 6-12)

Hole No.from (m)to (m)length (m)Au (g/t)
OAKES-22-06727641.7
including727314.9
OAKES-22-06858831.0
OAKES-22-079810020.9
OAKES-22-08910.51.50.4
OAKES-22-091818.50.51.0
OAKES-22-11222312.2
OAKES-22-1196.5981.51.0
OAKES-22-11113.51151.51.1
OAKES-22-11125.51271.52.3
OAKES-22-1115115210.9
OAKES-22-12106.51081.52.4
OAKES-22-1213013110.4


All samples comprised half-core, saw-cut samples with QA/QC described below and further at www.rivres.com. Samples are generally considered to be 90-95% to true width.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%2522Target_Corporation%253BDrill%253BTom%25C3%25A1%25C5%25A1_Hole%25C5%25A1%253BDrilling%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25220b3e363e-27c8-3807-828c-310b2cededf8%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Technical Interpretations & Observations

DDH-22-06 & 07 were designed to intercept the HG Zone beneath Trench 1 at about 100 m depth. The target zone comprises strongly foliated, fine grained, metavolcanic rocks showing strong silicified zones with narrow bleached sections. Alteration comprises abundant biotite and chlorite bands, the top of the unit shows quartz veining with semi-massive pyrite-pyrrhotite and trace chalcopyrite which generally described the mineralized environment at Oakes. Quartz carbonate veinlets and stringers are more frequent from 80 m to 110 m down the hole consistent with the drill target gold bearing area. The overall 25-30m mineralization halo and main zone which is near vertical, now demonstrates strong consistency and provides the Company confidence of a significant gold system at Oakes. DDH-22-08 hit a fault and could not reach the target. DDH-22-09 was the setback collared to drill the Brinklow IP anomaly south of HG Zone, while DDH-22-10 was collared on the Crib Road with the intent to test the IP anomaly associated with the metasediment/metavolcanic contact boundary mapped at this location. Holes 8, 9 and 10 were not intended to evaluate the HG target and were instead testing parallel features. Holes 6, 7, 11, 12 provide technical data specific to the HG trend and give positive results for further exploration at Oakes which lies 25 km east of the Hard Rock Mine currently being constructed by Greenstone Gold (Equinox Gold) with a Proven & Probable Reserves of 5.5Moz at 1.27 g/t Au.[1]


 
Figure 1: Collars and projected drill holes for 12 holes plotted on IP Chargeability Map
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/136913_da0d27ece44d68d1_002full.jpg

DDH-22-11 was targeting an IP conductivity anomaly associated with the HG Zone on trend with the mineralization defined on surface (and in drill core) at Hole 6 located 600 m to the east along what is believed to be the same structure. Assays returned gold results associated with veining throughout the hole and as high as 2.3 g/t gold. Hole 11 was collared in metasedimentary rocks and drilled northward into metavolcanic rocks. Bedding and the contact between the two units was measured at 50 degrees to the core axis whereas foliation and shearing is at about 45 degrees. Alteration comprises moderately to strong biotitic and weak to strong chlorite zones sometimes associated with carbonate zones. Quartz veining and silica content increases starting at 80 m downhole. Sulphides are associated with quartz veins and comprise 2-5% disseminated Pyrite-Pyrrhotite seen within local fracture fillings and stringers.


 
Figure 2: Interpreted North – South Cross Section DDH-22-11 demonstrating the progression from brittle down into brittle-ductiledeformation as the targeting model having found gold over 55m drill width zone in hole 11
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/136913_da0d27ece44d68d1_004bfull.jpg

DDH-22-12 was collared in gabbro and drilled north through metasedimentary rock into metavolcanics. Mineralization is noted within similar altered rock but only within shears in the mafic volcanics and does not appear to be associated with the contact zones. Sheared zones commonly a focus for gold mineralization in orogenic systems like this one are expressed as altered, fine-grained, metavolcanics with moderate to strong chlorite-biotite alteration with quartz-carbonate veins and stringers with 1-2% disseminated pyrite and pyrrhotite.

Conclusions

The HG Zone at Oakes has been proven to extend well beyond the strike extent defined by trenching and has now been drill proven to at least 1.1 km in length. To date the drilling has only tested the upper 100 m of the structure where mineralization appears associated with quartz veins that show visible gold within pyrite rich veins. The gold mineralization is associated with quartz and quartz-carbonate veins in shear zones within metavolcanic rocks often (near-vertical which can bode well for potential future mining and predicting the next round of drilling). Quartz veins that are subparallel to foliation appear to be the veins that carry gold and are cut by later quartz carbonate veins that do not have sulfides. The quartz veins are mostly associated with brittle type fracturing with lesser semi-ductile type, potentially indicating that drilling was approaching the upper brittle-ductile transition which can be highly favorable in large orogenic gold deposits. The nature of the fracturing suggests that the shallow drilling is primarily within the upper brittle deformation zone as shown in Figure 2. The fact that the gold veins can now be traced in drill holes more than 3x beyond the previous surface trenching expands the Oakes project potential greatly.

The Oakes property is located along the general metallogenic boundary of the Wabigoon and Quetico sub-provinces and this boundary is commonly a major fault breaks, and large gold resources are associated with these breaks generally in secondary shear zones in the Canadian shield geologic provinces. The Hemlo Gold Mine to the south is hosted in a brittle fracture environment and the Black Fox gold mine to the east in Matheson is hosted in a semi-ductile fracture system at depth and more brittle near the surface. Riverside sees the potential for brittle fracture zones progress into semi ductile and ductile zones at depth in general becoming wider and potentially richer as has commonly been found and further drilling is warranted.

Riverside’s President and CEO, John-Mark Staude: “Riverside has expanded the gold zone at Oakes along strike over 1 km and begun showing the continuity on surface and to depth, consistent with the goals for the 2022 drill program. Next steps will include more geophysics to map the structural features to trace the HG Zone and gold mineralization. We are very encouraged by these good results covered in this and the prior news release and are pleased to see how effective the geophysical surveys were at finding mineralization and predicting extensions. Moreover, we remain very cautiously optimistic to see our first program of shallow drilling demonstrate continuity of mineralization along strike and at depth. Riverside continues to pursue the Prospect Generator hybrid model, by providing shareholders with the upside for discovery on multiple projects, and with different partners, along with the current self-funded value adding project.”

Qualified Person & QA/QC:
As part of the quality control Riverside inserted blanks, duplicates and two different standards, into the sample stream prior to delivery at Activation Laboratories in Thunder Bay. Logged core was delivered from site to a core cutting facility in Thunder Bay by Riverside and trucked to Activation Laboratories from this facility typically in batches of 2 to 4 holes at a time. Multi-Element Analysis using Aqua Regia Extraction and (40 element) Inductively Coupled Plasma Atomic Emission Spectrometry Analytical and fire assay for gold methods where used. Activation Laboratories is an ISO/IEC accredited laboratory.

The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Mehran@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

_______________________________

[1] https://www.equinoxgold.com/_resources/projects/technical_reports/2021-Hardrock.pdf

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136913

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

EMX Receives initial production royalty payments from Gediktepe

(In U.S. dollars unless otherwise noted)

Vancouver, British Columbia–(Newsfile Corp. – September 9, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”)is pleased to announce the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% net smelter return (“NSR”) royalty on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling $1,842,452 inclusive of $281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June (see EMX News Release dated July 13, 2022).

The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. It should be noted that the payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8.

In addition to the oxide gold royalty, EMX also owns a 2% NSR royalty on production from an underlying polymetallic copper, zinc, lead and gold deposit that is slated for future development.

Polimetal had informed EMX earlier in 2022 that it expects to produce between 35,000 and 45,000 ounces of gold per year from Gediktepe (with additional contributions from silver production) while mining the oxide gold cap over the next 3-4 years. The production proceeds received for June and July production are consistent with those projections. The Gediktepe royalty is the subject of a NI 43-101 technical report authored by Dama Engineering with an effective date of February 1, 2022. This technical report has been filed on SEDAR under the Company’s profile and contains historical mining reserve and mineral resource estimates.

Gediktepe VMS Deposit: The Gediktepe volcanogenic massive sulfide (“VMS”) deposit is a polymetallic system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit.

Gediktepe was discovered in 2012 by a joint venture between Alacer Gold Corporation (which merged with SSR in 2020) and Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”), a private Turkish company. Alacer Gold Corp later converted its 50% joint venture interest at Gediktepe into the royalty interests now owned by EMX. Polimetal is a wholly owned subsidiary of Lidya and serves as the operator for the Gediktepe project.

More information on the Gediktepe royalty asset can be found at www.EMXroyalty.com.

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

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

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

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

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

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

Forward-Looking Statements

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136416

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

BHP And Riverside Resources Extend Sonora Mexico Exploration with Budget of US$1,600,000 in Funding Focused on Four Copper Properties and Llano De Nogal

Vancouver, British Columbia–(Newsfile Corp. – September 6, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report that the BHP – Riverside Exploration Funding Agreement (“EFA”) will be extended into a fourth year. Building on the past three years of BHP fully funded generative exploration work, the EFA will move into the next exploration phase focusing on five copper projects in Sonora, Mexico (see Figure 1) with a currently approved US$1,100,000 in exploration funding to work on the Llano de Nogal district and US$500,000 in ongoing High Value Work programs in the Sonora Projects for a total so far allocated budget of US$1,600,000 exploration work on the specified properties in the EFA.

The approved next phase of work focuses toward property specific funding to advance the current priority projects with derisking exploration, geophysics, geology, geochemistry, mineral titles, and other related mineral exploration aspects to progress towards drilling and drill decisions. Additional expanded budgets for drilling will be added as projects are moved forward to the Operational Phase for the BHP -Riverside EFA. To that effect, Riverside has experience in all aspects of the upcoming work, as Riverside has managed this successfully in earlier exploration alliances with Kinross Gold, Antofagasta, Cliffs, and Hochschild among others.

Riverside’s President and CEO, John-Mark Staude, commented: “We are pleased to see our partnership with BHP progress from the generative phase into more focused exploration work across the portfolio of projects we’ve acquired and advanced to-date. Now that our partnership with BHP is focusing on a priority group of copper projects, the extensive data, relationships and additional targets we’ve generated within the broader EFA area can also be leveraged and pursued by Riverside. The solid funding support by BHP builds beyond Riverside’s strong balance sheet and other projects. The Company owns and anticipates catalysts in the coming quarter.“

This exploration program is coordinating with the technical teams from BHP and Riverside Resources to work together towards programs which are jointly defined by both companies, while Riverside continues to be the EFA Operator. The five projects that are moving forward are called collectively the “Sonora Projects”. BHP and Riverside will progress the Sonora Projects exploration for large Tier 1 scale porphyry Cu targets and work toward drilling where the majority ownership and funds from BHP could earn a minimum of 80%. Once any of the Sonora Projects are named a Designated Project and moved to the Operational Phase, the partnership continues through a funding by BHP of at least $4M into each project, as outlined in earlier news releases, with Riverside retaining an NSR on projects, should BHP earn an interest and Riverside does not choose to continue as JV partner.

BHP and Riverside will now focus the EFA on Sonora Projects with additional funding to be fully funded by BHP for this fourth year, with emphasizing on drill targeting, permitting, preparation for future drill testing of identified assets and expand on the work programs of the five projects noted below.

The Technical Committee, comprised of both BHP and Riverside personnel, reviewed and visited prospective areas in Sonora, identified during the Generation Phase of the EFA, and singled out a portfolio of five priority copper projects, which are inside of two reduced focused zones and specific property boundaries.

Figure 1: Progressing five projects inside of two focused areas for the BHP – Riverside funded work extended EFA.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6101/136027_3ad3038cc48b5a6a_002full.jpg

Additionally, with the thorough evaluations completed by the BHP – Riverside EFA, the Company and BHP now hold a comprehensive and unique data set on Sonora’s porphyry copper potential. Certain prospective target areas were not selected within the EFA framework for various reasons but still have significant potential to host large copper deposits, and both parties can now pursue these opportunities themselves. Moreover, Riverside is also working up four Additional Properties that are mutually agreed for BHP to consider and could be added to the Sonora Projects. These additional properties have yet to reach an on-going funding decision and if not, then may become part of the going forward target ideas that Riverside could pursue as well as the larger exploration region in the coming months.

Options Grant

On September 2nd, 2022 the Company granted 1,000,000 incentive stock options (the “Options”) to Directors, Officers and Consultants of the Company. The Options are exercisable at $0.13 per share for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in 3 equal instalments over 18 months and Options granted to Officers and Consultants vest in 4 equal instalments over 12 months. The Options were granted pursuant to the Company’s shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Mehran@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136027

Categories
Base Metals Energy Junior Mining MillRock Resources Project Generators

Millrock Adds to Treasury From Royalty Sale

VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it has sold a portfolio of royalties on exploration projects in British Columbia, Canada and Sonora State, Mexico to Osisko Gold Royalties Ltd (“Osisko”). Gross proceeds from the sale are $1.2 million.

Millrock President & CEO, Gregory Beischer, commented: “Prevailing market challenges make an equity financing difficult and raising capital in this manner would be highly dilutive to shareholders. Sale of non-core assets is the best way to bolster Millrock’s treasury for continued project generation activities, while we wait for assay results to roll out from two major Alaska gold drilling projects in which Millrock holds an interest.”

PROJECT NAMENSR%
Mexico Royalties 
Santa Rosalia0.5%
El Valle0.5%
El Pima0.5%
Violeta0.5%
Guadalcazar0.5%
  
British Columbia Royalties 
Todd Creek1.5% to 2.0%
Oweegee Dome1.5% to 2.0%
Willoughby1.5% to 2.0%

Table 1. Royalties sold to Osisko for $1.2 million.

The right to any proceeds stemming from the exercise of any royalty buy backs pertaining to the British Columbia royalty properties has been assigned to Osisko. Additionally, Millrock has granted certain rights to Osisko in relation to royalties currently held, or that may be created, by Millrock during the next five years.

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 but not limited to the receipt of drill results from Alaska drilling projects. 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.

Categories
Energy Junior Mining Project Generators

Dolly Varden Intersects 50.2 Meters of 414 g/t Silver in Step-Out Drilling at Kitsol Vein

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.

Highlights from drill hole DV22-283 include:

  • 50.18m (~30.0m true width) averaging 414 g/t Ag
  • Including 7.15m (4.29m true width) averaging 646 g/t Ag
  • Including 11.74m (7.04m true width) averaging 658 g/t Ag
  • Including 5.34m (3.20m true width) averaging 801 g/t Ag

Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth. Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t respectively. The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.

“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area. We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Complete results from drill hole DV22-283 are as follows:

TargetHole IDFrom (m)To (m)Core Length (m)True width (m)Ag (g/t)Pb (%)Zn (%)Au (g/t)
Kitsol VeinDV22-283181.32231.5050.1830.114140.180.190.07
Includes:
Zone 1DV22-283189.11196.267.154.296340.470.310.11
includingDV22-283191.00193.752.751.6511210.660.370.21
includingDV22-283191.00191.500.500.3029102.811.320.54
includingDV22-283193.25193.750.500.3023900.120.140.42
Zone 2DV22-283207.00218.7411.747.046580.210.140.07
includingDV22-283211.00217.906.904.148490.200.160.10
includingDV22-283212.70215.042.341.4012450.220.110.23
includingDV22-283212.70213.200.500.3025000.030.080.23
Zone 3DV22-283223.02228.365.343.208010.070.220.02


 
Photo showing Native Silver mineralization from Kitsol drill hole DV22-283
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_002full.jpg


 
Photo showing siliceous breccia and epithermal vein mineralization from Kitsol drill hole DV22-283
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_003full.jpg


 
Long Section of the Kitsol Vein showing the location of DV22-283 relative to the 2019 Mineral Resource block model
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_004full.jpg


 
Isometric view of drill hole DV22-283 relative to the Kitsol 2019 Mineral Resource estimate solid
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_005full.jpg

2022 Kitsault Valley Drill Program

The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.

Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.

The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo Vice President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133309

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Reports Drilling News From the Treasure Creek Gold Exploration Project, Fairbanks, Alaska

Millrock Resources, Proven and Probable

VANCOUVER, British Columbia, Aug. 01, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has disclosed results from the first nine holes they have drilled on the Treasure Creek gold project this year. Treasure Creek lies just north of the City of Fairbanks, Alaska. Since commencement of drilling in May 2022, Felix has already drilled more than 100 reverse circulation drill holes and drilling continues more. Assay results are being released in batches as they become available from the laboratory.

A highlight intersection of 89.9 meters grading 1.20 grams per tonne gold starting from 32.0 meters downhole has been reported by Felix Gold from Hole 22TCRC008. All nine holes reported so far are from the NW Array prospect, and intersected gold mineralization. The full results published by Felix Gold can be seen in their two most recent press releases available on their website. Note that Millrock has not independently verified the results reported by Felix Gold.

Millrock President & CEO Gregory Beischer commented: “This is a great start to the drilling program that Felix Gold has undertaken. Millrock owns 9,957,157 shares of Felix Gold or about 5.8% of the company. Additionally, Millrock is to be granted a net smelter return royalty on the project that ranges from 1.0% to 2.0%. We hope that these first drill intersections are indications of a new gold deposit discovery that significantly increases Millrock’s share price and market capitalization. More and more discoveries of gold are being made in Fairbanks and the district should soon be recognized as a globally-significant gold mining camp.”

The Treasure Creek gold project is situated 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold Ventures Ltd 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.

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
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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 including drilling 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.