Vancouver, British Columbia–(Newsfile Corp. – January 11, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to provide an outlook of the Company’s growth plans for the coming year and recap the accomplishments and milestones achieved this past year. In 2023, Riverside Resources plans to take advantage of its strong balance sheet and sound portfolio of JV-ready projects. Furthermore, the royalty portfolio growth of the past 12 months puts Riverside in a unique valuable position heading into this year.
Riverside continues to progress its Prospect Generator business model that builds up the royalty portfolio and uses proprietary databases to identify and then stake or otherwise acquire quality prospects, working with partners, finding undervalued acquisitions, and advancing some of its main assets while retaining royalties on all its projects. The Company enters 2023 with over C$8,000,000 in cash, no debt, no warrants and a tight share structure, with less than 77,000,000 shares outstanding, while being in business as a public company for over 15 years. The Company remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its strategic copper exploration alliance with BHP (one of the world’s largest mining companies). Riverside is always working towards new potential strategic alliances and partnerships, which the Company aims to deliver more of in 2023.
Similarly, Riverside expects to generate strong news flow from the following key projects and partnerships:
Canada gold exploration farm-in and farm-out activities including continuation of the exploration on the 100% owned Oakes Gold Project.
Working towards a new Strategic Alliance with a major base metal producer.
Completing an option agreement on Riverside’s copper properties to a major copper producing partner.
Commence partner funded drilling with BHP on at least one project during H1/2023.
Explore new partnership to advance La Union after high-grade exploration results in 2022.
Exploration results in Mexico for our gold projects including Cuarentas.
Working on a potential farm-out deal for Cecilia with proposed drilling on the property.
2022 Recap:
Riverside started the past year by closing a $720,000 CAD oversubscribed private placement. This financing used the government supportive flow through tax credit and was partially deployed to test and delineate gold mineralization on Riverside’s 100% owned Oakes Gold Project in Ontario. Riverside completed a 1,700m drill program with assays showing 8 of the 12 holes intersecting gold at shallow levels with mineralization remaining open at depth and along strike. The primary focus of the drill program at Oakes was to test beneath and along the exposed High Grade target, identified by geophysics and trenching programs, for gold grades and continuity which came back positive. This was followed by successfully expanding the known 1.2 km gold mineralization, beyond the outcrops and laid the groundwork, which can now be progressed with future partner funding, in drilling to test down dip and further along strike, for the Oakes gold camp in 2023.
In Mexico, Riverside sold the Tajitos Gold Project to Minera Fresnillo, S.A. de C.V. (“Fresnillo”), a wholly owned subsidiary of Fresnillo PLC, for $2,500,000 USD in cash and retained 2% NSR Royalty. Fresnillo is the world’s leading silver producer and Mexico’s largest gold producer. Riverside also sold the Pima project in Sonora to Agnico Eagle Mines Ltd. These two properties can now move ahead inside the gold production districts that Agnico Eagle and Fresnillo are developing. The Fresnillo transaction puts Riverside in a great position to unlock value from the Company’s growing royalty portfolio, by adding another quality NSR.
The Company also consolidated the La Union polymetallic project after more than $500,000 USD in partner funded exploration and consolidation work with Hochschild Mining. Exploration work at La Union returned gold (“Au”) values greater than two (2) ounces per ton (“oz/t”), silver (“Ag”) values over 20 oz/t and up to six (6) percent zinc (“Zn”). The exploration work helped to define the main structural and lithological controls of the mineralization which is fundamental for exploration of the Union district. Riverside is now free to move ahead with seeking other partners for the 26 km sq polymetallic project located in the favorable limestone carbonate replacement belt of western Sonora, Mexico. The Project is now nicely set up for the next exploration steps, which could include geophysics and drilling, and the Company looks forward to exploring new partnership opportunities in 2023.
In September 2022, BHP and Riverside agreed to move forward with a fourth year of generative funding for copper exploration in Sonora, Mexico. BHP will fund an additional US$1,600,000 in the fourth year of the agreement, on specified properties in the Exploration Financing Agreement (EFA), within the Laramide copper producing belt of Mexico. By building upon the past three years of the BHP fully funded generative exploration work, the EFA will move into the next exploration phase, focusing on five copper projects in Sonora, Mexico. The EFA breakdown, will consist of a currently approved US$1,100,000 in exploration funding to work on the Llano de Nogal district and US$500,000 in ongoing property programs within the Riverside Sonora Projects, for an initial allocated budget of US$1,600,000. Riverside optioned 100% interest in the Llano de Nogal copper project from Orogen Royalties in May of 2022, using the funding through the BHP Alliance. Furthermore, Riverside previously acquired minor tenure of the Llano de Nogal district from Millrock Resources in 2019 and has subsequently worked with BHP on the Project, over the past three years, through the EFA, to consolidate the larger portion.
The BHP Program continues to focus on identifying and developing exploration opportunities leading to the discovery of new large copper deposits within an area of interest, using Riverside’s proprietary databases and in-country infrastructure, with its strong generative exploration team strategically based in Hermosillo, Sonora.
Upcoming Events:
Riverside Resources Inc. will be exhibiting at the Vancouver Round Up conference in late January and then in early March, at the PDAC in Toronto. Make sure to stop by our booth for the latest news and a detailed update on the Company’s plans for the year ahead.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Highlights: Treasure Creek project NW Array prospect drill results: Hole 22TCRC078: 89.9 meters grading 0.97 grams per tonne gold from 45.7 meters, including 41.1 meters grading 1.72 grams per tonne gold from 59.4 meters. The mineralized area now measures 400 meters by 750 meters and is open in four directions.
Treasure Creek project Eastgate–Scrafford prospect drill results: Hole 22TCRC036: 7.6 meters grading 6.48 grams per tonne gold from 50.3 meters, including 1.5 meters grading 31.4 grams per tonne gold from 50.3 meters.
Results pending: Assays from a further 90 holes drilled on various project areas on the Fairbanks Gold District properties are still pending from the assay laboratory.
VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to provide an update on Fairbanks Gold District exploration being carried out by Felix Gold Limited (ASX: FXG, “Felix Gold” or “Felix”). Millrock owns 9,957,157 shares of Felix Gold and holds royalties ranging from 1.0% to 2.0% Net Smelter Returns (“NSR”) on all claims currently held by Felix in the Fairbanks District. The claims cover close to 400 square kilometers of prospective lands.
Felix Gold has recently reported the following significant near-surface gold intercepts from drilling done on the NW Array prospect on the Treasure Creek gold project.
NW Array prospect gold intercepts include:
Hole 22TCRC071: 38.12 meters (m) grading 1.1 grams (g) / tonne (t) gold (Au) from 1.5 m downhole, including 7.6 m grading 4.13 g/t Au from 6.1 m downhole
Hole 22TCRC073: 41.1m grading 0.37 g/t Au from 1.5 m downhole, including 6.1 m grading 1.15 g/t Au from 21.3 m downhole
Hole 22TCRC075: 9.1 m grading 0.44 g/t Au from 1.5 m downhole and 35.1 m grading 1.8 g/t Au from 16.8 m downhole, including 1.5 m grading 27.2 g/t Au from 35.1 m downhole
Hole 22TCRC076: 18.3 m grading 1.02 g/t Au from 42.7 m downhole and 1.5 m grading 7.42 g/t Au from 45.7 m downhole
Hole 22TCRC078: 30.5 m grading 0.40 g/t Au from 1.5 m and 89.9 m grading 0.97 g/t Au from 45.7 m, including 41.1 m @ 1.72 g/t Au from 59.4 m
Hole 22TCRC083: 38.1 m grading 0.75 g/t Au from 51.8m, including 24.4m grading 1.08 g/t Au from 51.8 m
Felix Gold indicates that the drilling results show bulk tonnage gold mineralization distributed over an area measuring 400 m by 750 m at the NW Array Southern Zone. The mineralization is open to depth and to the north, south, and east, as per the Felix Gold press releases dated October 5, 2022, and October 18, 2022. The Treasure Creek prospect is road accessible. The claim block is traversed by a power line, which leads approximately 20 kilometers southeast to the Fort Knox Gold Mine, operated by a subsidiary of Kinross Gold Corporation.
Felix Gold has also reported the following significant, near-surface gold intercepts from drilling done on the Eastgate – Scrafford prospect on the Treasure Creek gold project over the past month. The following are highlights from 13 reverse circulation holes drilled in the Eastgate Central Zone. The results expand near-surface, high-grade gold mineralization over an approximate one-kilometer strike length. (Felix Gold press release dated September 28, 2022, and November 1, 2022).
Hole 22TCRC113: 6.1 m grading 3.74 g/t Au from 13.7m downhole, including 1.5 m grading 8.73 g/t Au from 15.2 m downhole and 3.0 m grading 1.16 g/t Au from 36.6 m downhole
Hole 22TCRC022: 6.1 m grading 3.22 g/t Au from 62.5 m downhole, including 1.5 m grading 11.4 g/t Au from 64.0 m downhole
Hole 22TCRC014: 4.6 m grading 1.90 g/t Au from 21.3 m downhole
Hole 22TCRC122: 41.1 m grading 0.31 g/t Au from 79.2 m downhole and 53.3 m grading 0.47 g/t Au from 129.5 m downhole
Hole 22TCRC029: 4.6 m grading 0.76 g/t Au from 91.4 m downhole
Hole 22TCRC036: 7.6 m grading 6.48 g/t Au from 50.3 m, including 1.5m grading 31.4 g/t Au from 50.3 m
Hole 22TCRC038: 4.6 m grading 0.78 g/t Au from 27.4 m and 9.2 m grading 0.43 g/t Au from 93.0 m, including 1.5 m grading 1.76 g/t Au from 93.0 m and 18.3 m grading 0.40 g/t Au from 126.5 m, including 1.5 m grading 1.19 g/t Au from 129.5 m
The Eastgate – Scrafford prospect is located approximately three kilometers southeast of the NW Array Southern Zone. Assays are pending for a further 50 reverse circulation drill holes completed in the Phase 1 program at Treasure Creek. Assay results from a further 40 holes drilled on prospects on various other claim blocks in the Northeast Fairbanks area are also pending.
Felix Gold and Millrock have now ended the Strategic Alliance relationship between the companies. Each party is free to use the information generated during the alliance period for their own purposes. As a result of the strategic alliance, Millrock owns royalties on all of the claims that have so far been sold to Felix or subsequently acquired by Felix through staking or third-party agreement in the Fairbanks district. The royalties feature advanced minimum royalty payments. The royalties range from 1.0% NSR to 2.0% NSR and cover 41,800 hectares of prospective lands in the Fairbanks Gold District. Millrock also owns 9,957,157 shares of Felix Gold valued today at approximately AUD$1,195,000.
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. Note: Mr. Beischer has not independently verified the assay results reported by Felix Gold. However, Mr. Beischer inspected several drill sites and sample processing methods during Summer 2022 operations, and can confirm that the assay work was done by a qualified laboratory with stringent quality controls in place at the laboratory and at Felix Gold. The quality assurance and quality control protocols of Felix Gold are as stringent as Millrock would use in its own exploration work.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation receipt of further drill results. 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, British Columbia–(Newsfile Corp. – November 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2022 (“Q3-2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
HIGHLIGHTS FOR Q3-2022
Financial Update
All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.
Revenue and other income for the three months ended September 30, 2022 was $9,338,000 which includes continuing royalty income from the Leeville, Gediktepe, and Balya royalty interests totaling $4,881,000. Other income of $4,113,000 relates to other property payments from partnered properties. Adjusted revenue and other income1 was $12,105,000 which included $2,767,000 for the Company’s share of royalty revenue from its effective Caserones copper royalty interest in Chile.
After recovering $4,210,000 from partners, the Company’s net royalty generation costs totaled $2,652,000.
General and administrative costs totaled $1,644,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities offset by a reduction in fees paid to consultants during the period.
Share-based payments totaled $481,000 for the period compared to $1,206,000 in Q3-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
Finance expenses of $1,579,000 associated with the Sprott Credit Facility. The Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000 in the previous quarter.
For the quarter, the Company had income from operations of $1,311,000 and a net loss of $16,346,000.
Other significant items affecting income for the three months ended September 30, 2022 included unrealized fair value losses on investments of $7,241,000, impairment charges of $7,130,000 primarily related to the Gediktepe royalty in Turkey, and foreign exchange adjustments of $518,000.
As at September 30, 2022, the Company had unrestricted cash and cash equivalents of $14,297,000, investments and long-term investments valued at $19,877,000, and a loan payable of $54,961,000.
Corporate Updates
Appointment of Independent Director In Q3-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.
Purchase of Royalty Portfolio from Nevada Exploration In Q3-2022, EMX announced it had executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties, with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”) for US$500,000. The portfolio consists of a 2% net smelter return royalty (“NSR”) on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles in Nevada and includes four district-scale land positions as well as certain other interests. In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive AARs of US$20,000 that escalate US$10,000 per year and are capped at US$50,000. NGE has the right to buy back half of EMX’s 2% NSR by purchasing a 0.5% NSR interest for US$1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest any time prior to production for US$1,500,000.
Receipt of Initial Production Royalty Payments from Gediktepe In Q3-2022, EMX announced the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% NSR 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 US$1,842,452, inclusive of US$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.
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. 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 8th.
The Company has also taken an impairment in Q3-2022 against the carrying value of Gediktepe. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000. Please refer to the Company’s interim financial statements for the nine months ended September 30, 2022 for additional information.
Receipt of Initial Production Royalty Payments from Balya North In Q3-2022, EMX announced the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% 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. Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in 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.
Receipt of Milestone Payment for the Parks-Salyer Royalty Property Subsequent to Q3-2022, EMX received a US$3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc. and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year. EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% NSR covering the Royalty Property.
Impact of Covid 19 EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.
Royalty and Royalty Generation Updates
EMX’s royalty and mineral property portfolio consists of 265 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:
Producing Royalties
5
Advanced Royalties
9
Exploration Royalties
152
Royalty Generation Properties
99
Figure 1. EMX’s royalty and mineral property portfolio.
During Q3-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,862,000 and recovered $4,210,000 from partners. During the quarter the Company completed two new property agreements in Northern Europe and one new partnership in the US, and continued to grow the portfolio with new mineral property acquisitions.
Highlights from Q3-2022 include the following:
In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement on a copper project in Arizona, the advancement of ten partner-funded work programs, including five drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a large (i.e., greater than 1950 hectares), prospective land position in the Silver Valley district in Idaho.
US highlights also include Arizona Sonoran Copper Company’s (“ASCU”) announcement of a maiden resource at the Parks-Salyer deposit (see ASCU news release dated September 28, 2022) and key drill intercepts within the EMX royalty footprint which include 162 meters at 1.10% copper in drill hole ECP-084 and 68.3 meters at 2.24% copper in drill hole ECP-086 (true widths unknown) (see ASCU news release dated September 7, 2022). As noted earlier, subsequent to Q3-2022, EMX received a US$3,000,000 Milestone Payment from ASCU resulting from the announced resource exceeding 200 million pounds of contained copper within the royalty footprint (see EMX new release dated October 4, 2022).
In Canada, EMX continued its summer work programs to advance and delineate targets on available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received $63,000 in cash payments and $4,000 in share equity payments during the quarter.
EMX’s Latin American royalty portfolio advanced through field programs at Morros Blancos and Morros Colorado by Austral Gold Limited, Block 4 by Pampa Metals Corporation, and drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q3 drill programs at San Marcial, as well as Diablillos and Berenguela continue to produce significant results that expand known resources and add new discoveries at nearby targets. Highlights at San Marcial include the discovery of a new silver zone by GR Silver with a 250 meter step out drill hole intersecting 101.6 meters at 308 g/t silver with multiple higher grade sub-intervals (true width unknown) (see GR Silver news release dated August 8, 2022). An updated resource estimation for San Marcial is scheduled for Q1-2023.
As a subsequent event, AbraSilver announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit reported as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone discovery.
In Northern Europe the Company continued to expand its portfolio of projects, acquiring a gold-copper project in Sweden and a gold-cobalt project in Finland totaling nearly 20,000 hectares. Two Norwegian polymetallic projects were sold to Minco Silver in Q3 and eight partner funded projects advanced EMX royalty assets, including three drill programs. Overall, approximately US$2.3 million was spent by partners on EMX royalty properties in Northern Europe in Q3.
Drill results were announced at the Tomtebo Project in Sweden by District Metals in Q3. Highlights included 25.5 meters averaging 2.4% zinc, 2.05% lead and 65 ppm silver in drill hole TOM22-38 starting at 249 meters (true width unknown) (see District Metals news release dated August 17, 2022)2.
Drill programs were also completed in Norway at Playfair Mining’s RKV project and at Norden Crown Metals’s Burfjord project. Nineteen diamond drill holes totaling 1,107 meters were drilled at Playfair’s RKV Project and 18 diamond drill holes totaling 3,500 meters were drilled at Burfjord.
EMX continued to advance its understanding of the newly discovered cobalt enriched manganese mineralization at its 100% owned Yarrol Project in Australia. Soil sampling grids continued to expand the footprint of cobalt-rich mineralization and preparations for an upcoming drill program commenced in Q3.
Work also proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company, and new areas are being assessed for further acquisitions.
Financing Updates
Exercise of Stock Options granted by EMX Ending Q3-2022, 1,045,000 stock options were exercised at $1.20 per share pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,254,000 to EMX.
Investment Updates As at September 30, 2022, the Company had investments totaling $19,877,000 which included $13,651,000 in various public and private entities, and $6,226,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
Strategic Investment in Premium Nickel Resources Between 2020 and 2022, EMX acquired 5,412,702 shares of Premium Nickel Resources Corporation, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.
Subsequent to the listing transaction, PNRL announced initial results from its ongoing diamond drilling program at its 100% owned Selebi nickel-copper-cobalt project in Botswana (see PNRL news release dated August 17, 2022). Highlights included an intercept of 25.65 meters of 0.95% nickel, 2.03% copper and 0.04 % cobalt in drill hole SMD-22-001 starting at 1,374.5 meters (true width estimated to be 70-80% of drilled interval). This was the first hole drilled in the 2022 program, and on September 13, 2022, PNRL announced further intercepts from a wedge drilled off hole SMD-22-001 (hole SMD-22-001-W1) of 4.35 meters averaging 0.98% nickel, 1.61% copper and 0.02% cobalt starting at 1,363 meters and 12.55 meters of 0.39% nickel, 1.99% copper and 0.02% cobalt starting at 1,385.65 meters (true thicknesses estimated to be 70-80% of the drilled interval) (see PNRL news release dated September 13, 2022). Assay results from other holes are pending3.
OUTLOOK
This year will see an increase in revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones, completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada, made a strategic investment in PNR, and repaid in full the vendor take back note issued to SSR Mining Inc.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.
EMX is well funded to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
QUALIFIED PERSONS
Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Company’s MD&A for the period ended September 30, 2022 for more information on each non-IFRS financial measure. 2 EMX has not done independent and sufficient to work verify the drill results as published by District Metals, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant. 3 EMX has not done independent and sufficient to work verify the drill results as published by Premium Nickel Resources Ltd, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.
Vancouver, British Columbia–(Newsfile Corp. – November 1, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”) is sad to report the passing of its longest serving director, Brian Groves, who passed due to natural causes on Monday Oct 24, 2022. Brian had become the first additional director to the company on Oct 1, 2007, immediately after the Company listed on the TSX-V on August 28, 2007. Brian’s leadership added immediate experience, commitment, and sage guidance to the Riverside team and throughout the Company’s growth over the past 15 years. While remaining a strong voice of reason and value for all stakeholders, Brian’s help with First Nations and mentoring were among his key traits. His knowledge of geology, geophysics and the mineral exploration business helped guide the company on multiple occasions.
Riverside’s President and CEO, John-Mark Staude, commented: “While being a great director, Brian was a constant supporter of Riverside and a friend. He was integral in helping us on many occasions with finding more balance and perspective in the initiatives we took on. To that effect, he also had a continued focus on family and still regularly kept up with our industry. Brian will be dearly missed!”
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – October 3, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), has been reimbursed for past taxes and fees with more than USD$500,000 of new mineral exploration and consolidation work completed to-date as per the option agreement announced in May 2022 with Hochschild Mining Corp. Exploration work at La Union Project (the “Project”) has returned gold (“Au”) values greater than two ounces per ton (“oz/t”), silver (“Ag”) values over 20 oz/t and up to six percent zinc (“Zn”) (see press release dated October 6, 2021). There are four primary drill targets that were defined from 2022 exploration programs, however Minera Hochschild Mexico SA de CV (“Hochschild”) has decided not to proceed with the option and further exploration spending at La Union for corporate strategy reasons.
Riverside’s President and CEO, John-Mark Staude, commented: “We appreciate the collaboration with Hochschild and the contributions in advancing La Union. The Project has clear exploration upside and while the timing doesn’t currently work to continue with this partnership, we still see an opportunity to create significant value at La Union and will integrate all of the data and evaluate new partnership opportunities in the near future.”
Riverside is now free to move ahead with seeking other partners for the 26 km sq project located in the favorable limestone carbonate replacement (CRD) belt of western Sonora, Mexico. The Union Project displays mineralized gold-silver-zinc-lead rich mantos (tabular bodies) hosted in the Precambrian limestone strata with mineralized chimneys cutting upward into the Cambrian limestone with a surrounding halo of alteration, dolomitization, and silicification. Furthermore, the previous mining activities did not treat sulfides at the time, providing another untested mineralization style for future drilling.
The latest exploration investment helped to define the main structural and lithological controls of the mineralization which is fundamental for successful exploration of the Union district. Technical work has defined NNW-oriented subvertical structures that acted as conducts for mineralizing fluids and which interacted with thick (> 200m) highly reactive carbonate host rocks (Caborca and Arpa Formations) delineating three main CRD target areas (Figure 1).
Target 1: This area displays a mineral and alteration footprint larger than 2 x 1.5 km, with new geochemistry yielding 7 – 10g/t Au, 170 – 279 g/t Ag and Zn ranging from 1.2 – 11.6 % (Figure 1).
Target 2: New surface geochemistry in this area returned 2.5 – 7 g/t Au, up to 73 g/t Ag and 3.2 % Zn.
Target 3: is close to la Famosa Mine where the previous sampling returned ~2 oz/t Au, ~26 oz/t Ag, and > 4% Zn (Oct 6, 2021, news release).
Newly completed regional and local structural geology has been aided through stratigraphic geologic work by the Company which provides a district-wide targeting cross-section that helps for planning future drilling as shown below.
Figure 1 – New geologic map and gold assay data from rock sampling defining primary target areas and property wide N-S cross section showing the mantos and chimneys in the Precambrian-Cambrian carbonate stratigraphy.
Exploration work completed to-date includes extensive field mapping, sampling, and geochemistry. The newly mapped and sampled areas show alteration features typical of CRD targets and particularly the gossan oxidation of potential sulfide bodies at shallow depths (<100m) that remain wide open for relatively low-risk, high-potential exploration. The Company has been able to link various units into the broader stratigraphic units of the Sierra El Viejo and overall Caborca Geologic Terrane, which had previous scientific investigations, but limited CRD drill testing so far sets up the project for immediate further exploration discovery. To that effect, a first phase of drilling could include 10 drillholes to test the continuity of the gossans and target areas along the NNW corridor shown in Figure 1 above. Therefore, the Project is now nicely set up for the next exploration steps, which could include geophysics and drilling, and the Company looks forward to exploring new partnership opportunities.
Qualified Person & QA/QC: The scientific and technical data contained in this news release pertaining to the La Union Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at the La Union Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $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
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, 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)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536263
FL-003
758
763
1900
1800
290
164
105
10
FX536264
FL-003
763
768
1900
1870
260
162
80
14
FX536270
FL-003
793
798
2500
1270
220
164
80
10
FX536274
FL-003
813
818
3000
1560
240
206
80
52
FX536277
FL-003
828
833
2300
820
180
118
50
16
FX536281
FL-003
848
853
3200
1460
210
132
50
24
CEZ Calculated Grade (Historic Assays)
0.25
0.14
0.02
0.157
0.072
0.023
New Assays Results from Composite Samples
0.25
0.16
0.02
0.173
0.043
0.068
Composite 2 – Upper Eureka Zone (UEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536768
FL-003
257
262
1690
385
141
82
42.5
2
FX536772
FL-003
283
288
1500
340
120
71
33
2
FX536084
FL-003
347
350
2397
938
146
128
55
14
FX536086
FL-003
400
405
2636
918
154
132
65
16
FX536798
FL-003
415
420
1975
630
133
83
36
12
FX536253
FL-003
708
713
2000
940
220
146
70
24
UEZ Calculated Grade (Historic Assays)
0.20
0.07
0.02
0.104
0.049
0.009
New Assays Results from Composite Samples
0.23
0.06
0.02
0.135
0.031
0.095
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 Deportment
CEZ
UEZ
Ni-Fe Sulfides
92.2
%
64.1
%
Ni-Fe Alloys
2.1
%
16.7
%
Sulfide-Hydroxide
0.6
%
0.3
%
Silicates (Olivine)
5.1
%
18.9
%
Total Potential Recoverable Nickel
94.3
%
80.8
%
% Ni from chemical analysis
0.25
%
0.23
%
% S from chemical analysis
1.32
%
0.49
%
Weight % pentlandite
0.68
%
0.44
%
Weight % pyrrhotite
1.78
%
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 Deportment
CEZ
UEZ
Chalcopyrite
66.8
%
70.7
%
Bornite
1.0
%
1.7
%
Chalcocite/Covellite
3.5
%
2.9
%
Cuprite, Malachite, Azurite
1.1
%
0.2
%
Valleriite
27.5
%
24.5
%
Total Potential Recoverable Copper
72.4
%
75.5
%
% Cu from chemical analysis
0.16
%
0.07
%
Weight % Cu Sulfides
0.31
%
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.”
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
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.
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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.
