Categories
Project Generators

MIRASOL Announces Board Changes

 

VANCOUVER , March 21, 2019 /CNW/ – Mirasol Resources Ltd. (TSX-V: MRZ) (OTCPK: MRZLF) (the “Company” or “Mirasol“) is pleased to announce that Norman Pitcher , President and CEO, has been appointed to the Company’s Board of Directors following the resignation of Stephen Nano from the board.  Mr. Nano will continue as an advisor the Company.

Mirasol’s Chairman, Dana Prince , welcomed Mr. Pitcher to the Board stating: “Norm’s considerable experience will ensure that we continue to advance exploration of the Company’s project portfolio and also strategically add new projects to sustain the Company’s long-term strategic objective of remaining a leading project generator.  On behalf of the Board and the entire Company, we again thank Stephen for his years of service to the Company and look forward to continuing our association with him.”

About Mirasol Resources Ltd:

Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au+Ag district of Santa Cruz Province Argentina .

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.

SOURCE Mirasol Resources Ltd.

View original content: http://www.newswire.ca/en/releases/archive/March2019/21/c7128.html

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

RIVERSIDE RESOURCES Inc. Closes $2.8 Million Private Placement

THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

VANCOUVER, British Columbia, March 19, 2019 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company”) (RRI.V) is pleased to announce it has closed its previously announced private placement. The placement was over-subscribed and the Company issued 17,488,875 units at a price of $0.16 per unit for gross proceeds of $2,798,220 instead of the 9,375,000 units ($1,500,000) originally contemplated.

Each unit consists of one common share and one whole common share purchase warrant (“Unit”). Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.22 (“Warrant”). If, at any time after July 20, 2019, the closing price of the common shares on the TSX Venture Exchange (“TSX-V”) trades at a VWAP equal or greater than $0.45 for 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release announcing the new expiry date whereupon the Warrants will expire on the 30th trading day after the date on which such press release is disseminated.

Management and insiders subscribed for 845,000 Units for $135,200 in total proceeds to the Company.

With respect to a portion of the funds raised in the private placement, the Company paid finders’ fees of $87,312 to Sprott Global Resource Investments Ltd., $20,076.80 and 12,000 Units to Haywood Securities Inc., 16,000 Units to Canaccord Genuity, and  $1,280 to PI Financial Corp.

All securities issued pursuant to the private placement and as finders’ fees will be subject to a four-month hold period expiring on July 20, 2019.

The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project acquisitions and further target refinement on existing projects to advance towards new partnerships.

The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or an applicable exemption from registration requirements.

About Riverside Resources Inc.:
Riverside is an exploration company driven by value generation and discovery. The company has fewer than 65M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico 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 additional properties available for option, with more 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
Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@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.

Categories
Base Metals Energy Junior Mining Project Generators

FISSION 3.0 Drills Strong Alteration in Multiple Holes at Key Lake South

First pass drill program returns encouraging results
TSX VENTURE SYMBOL: FUU
KELOWNA, BC, March 20, 2019 /CNW/ – FISSION 3.0 CORP. (“Fission 3” or “the Company“) is pleased to announce results from the first pass drill program at its Key Lake South properties (Karpinka Lake and Hobo Lake projects) in the south-east Athabasca Basin region of Saskatchewan, Canada. A total of ~1300m was drilled in eight completed holes, all of which encountered variably intense hydrothermal alteration and six holes with anomalous radioactivity.  Of note, holes KL19-005, KL19-006 and KL19-007, drilled in the northern part of the extensive land package, encountered the most significant hydrothermal alteration and paleoweathering, which are considered important factors for hosting high-grade uranium mineralization and will be prioritized for follow up. With $6M in the treasury, Fission 3 is well poised to continue to explore on its extensive property portfolio.

  • Winter program at Key Lake complete: Eight holes in 1300.8m in the Key Lake South projects (Karpinka Lake and Hobo Lake) – located on the south-east region of theAthabasca Basin, 40 km south of the basin margin in a geological setting analogous to Fission Uranium’s Triple R deposit at PLS.
  • Drilling intercepted multiple anomalous and narrow radiometric anomalies and strong alteration: drill holes located in the northern area of the property (holes KL19-005, KL19-006 and KL19-007) have exhibited the strongest hydrothermal alteration and paleoweathering profile.
  • Prospective for high-grade mineralization: KL19-005 intersected over 100m of strong clay alteration and faulted rock, which is interpreted to represent a major structural dilation zone.  Such settings are important in the genesis of structurally hosted uranium deposits as they provide a pathway for large amount of hydrothermal fluid flow and can develop traps for localizing mineralized fluids.  Most of the Athabasca Basin’s major uranium deposits are situated in similar geological settings.
  • Cree Bay exploration upcoming: Fission 3.0’s ongoing portfolio exploration program will now move to Cree Bay, conducting ground geophysics surveys to assist with the planned summer drill program.
Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)

Ross McElroy, COO, and Chief Geologist for Fission, commented,
“The drill program at Key Lake is the latest step in the ongoing exploration of our prospective uranium projects. With radioactivity and strong alteration in multiple holes, we are looking at very encouraging first pass results that warrant follow up drilling. The winter program will now progress with a ground geophysics DC resistivity survey on our Cree Bay property in the northeast basin area, as we focus on developing high-priority drill targets to be tested during the summer exploration program.”  
About Key Lake South: The Key Lake area is an important historic mining district.  The Key Lake operations is owned by Cameco Corp. (83%) and Orano Canada Inc. (17%) and hosted the former Key Lake mine, which produced 208 million pounds of uranium between 1975 to 1997 and is home to one of the largest uranium mills in the world.  The Key Lake mill processed ore from the McArthur River uranium deposit, until Cameco announced in 2018 that McArthur River mining would be suspended indefinitely due to low uranium prices.  The area is considered highly prospective to discover significant new uranium occurrences.
The 100% owned Key Lake South Projects consist of two projects (Karpinka Lake and Hobo Lake) covering 19,377 ha in 42 mineral claims. The properties are located approximately 40km south of the historic Key Lake mine. The projects are geologically situated within the extremely prolific Wollaston-Mudjatic Transition Zone “WMTZ”, notable for hosting the majority of the major high-grade uranium deposits on the eastern side of the Athabasca Basin.  To the north, the Key Lake Deposit is hosted within the northern portion of northeast-southwest trending litho-structural feature known as the Key Lake Shear Zone “KLSZ”.  The KLSZ continues southward through the Karpinka Lake and Hobo Lake projects.  Together the properties cover approximately 50km of trend of the KLSZ, where a number of geochemical uranium anomalies have been discovered and where a network of EM conductors exhibit structural complexity including off-sets, breaks, folding and other geophysical features such as gravity and resistivity lows.  These features are often associated with uranium mineralization occurrences.
Key Lake South Projects – Drilling Summary
Table 1:  Winter 2019 Key Lake South Drill Hole Summary

Property Target EM Conductor Hole ID Collar * Down-hole Radiometric Highlights
with Mount Sopris 2PGA-1000 Natural
Gamma Probe
Overburden
Depth (m)
Total
Depth (m)
Azimuth Dip From (m) To (m) Width (m) CPS Peak
Karpinka
Lake
Key Lake Shear Zone FOR-B-2220 KL19-001 79 -75 99.9 100.2 0.3 743 18.0 149.0
111.3 111.9 0.6 884
114.9 115.3 0.4 984
126.5 126.8 0.3 948
129.4 131.8 2.4 1431
FOR-2 KL19-002 274 -50 53.5 53.8 0.3 1344 2.1 101.0
79.1 80.2 1.1 985
FOR-B-2220 KL19-003 257 -63 217.2 218.1 0.9 1492 15.3 251.0
220.3 220.6 0.3 693
KAR-3160 KL19-004 277 -54 69.1 70.0 0.9 1302 37.6 125.0
KL19-005 86 -61 No anomalous radioactivity 39.0 128.8
KL19-006 90 -52 No anomalous radioactivity 57.0 101.0
KL19-007 86 -67 113.7 114.3 0.6 840 29.0 152.0
118.7 119 0.3 595
N/A KL19-008 271 -55 212.3 212.5 0.2 550 7.3 293.0
TOTAL 1300.8

 
KL19-001
KL19-001 was an angled drill hole oriented parallel to the intermittent, weak, calc-silicate hosted radioactivity intersected in historic hole RO-01.  The purpose of KL19-001 was to test the radioactive calc-silicate from the top of bedrock down to a depth of approximately 150m. Bedrock was intersected at a depth of 18.0m down hole and was comprised of variably clay, hematite, graphite and chlorite altered schist, cataclasite and calc-silicate.  A strongly hematized calc-silicate was cored from 126.8m to 132.5m down hole which returned weak radioactivity up to 590 cps on a RS-125 handheld scintillometer.  No other anomalous radioactivity was intersected, and the hole was terminated at a depth of 149.0m in weakly altered graphitic schist.
KL19-002
KL19-002 was an angled drill hole targeting the Key Lake Shear zone (KLSZ) approximately 950m south of KL19-001. Bedrock was intersected at a depth of 43.0 m down hole and was comprised of weakly altered orthogneiss and calc-silicate gneiss to a depth of 72.9m.  From 72.9m to 80.3m a strongly sheared biotite-garnet gneiss was cored with a central 5.2mwide graphitic brittle-ductile fault zone. The hole was terminated at a depth of 101.0m in fresh orthogneiss.
KL19-003
KL19-003 was an angled drill hole targeting the weakly radioactive calc-silicate approximately 75m below that intersected in KL19-001.  The drill hole aimed to assess the variability in previously intersected calc-silicate thickness and radioactivity with depth, and to test for parallel radioactive calc-silicate lenses.  Bedrock was intersected at a depth of 15.3m down hole and was comprised of a thick sequence of biotite schist to a depth of 182.5m where a sheared, graphitic schist was intersected.  A weakly radioactive calc-silicate lens was cored from 222.2m to 224.5m which returned up to 410 cps on a RS-125 handheld scintillometer. The hole was terminated at a final depth of 251.0m in fresh orthogneiss.
KL19-004
KL19-004 was an angled drill hole testing the southern extent of a large left stepping electromagnetic conductor trace ~7km north of KL-001.  This flexure is interpreted to reflect a dilational zone in the KLSZ caused by sinistral strike-slip movement. Bedrock was intersected at a depth of 37.0m down hole and was comprised primarily of weakly hematite altered orthogneiss.  An intercalacted sequence of weakly graphitic biotite-garnet schist and cataclasite was cored from 42.7m to 66.9m down hole. No anomalous radioactivity was intersected, and the hole was terminated at a depth of 125.0m in fresh orthogneiss.
KL19-005
KL19-005 was an angled drill hole testing the same large, left stepping KLSZ VTEM conductor trace as KL19-004, approximately 1 km further to the north. Bedrock was intersected at a depth of 39.0m down hole as was comprised of moderately to extremely bleached, clay, hematite, chlorite and graphite altered orthogneiss.  A strongly graphitic, clay and chlorite altered cataclasite was intersected from 85.5m to 94.5m down hole. Thin limonitic fractures in the graphite altered orthogneiss at approximately 78m down hole returned elevated radioactivity up to 200 cps on the RS-125 handheld scintillometer. The hole was lost due to ground conditions at a depth of 128.8m in strongly chlorite and graphite altered orthogneiss.
KL19-006
KL19-006 was an angled drill hole testing the up-dip projection of the graphitic cataclasite in hole KL19-005.  Bedrock was intersected at depth of 56.0m down hole and was comprised of weakly clay and chlorite altered orthogneiss. The drill hole is interpreted to have overshot the graphitic cataclasite which down-dropped the bedrock surface to the east (normal faulting). No anomalous radioactivity was intersected and the hole was terminated at a depth of 101.0m in weakly chlorite and clay altered orthogneiss.
KL19-007
KL19-007 was an angled drill hole testing the down-dip projection of the structural damage zone and strong alteration in KL19-005.  Bedrock was intersected at a depth of 29.0m down hole and was comprised of extremely clay and chlorite altered graphitic cataclasite, variably altered graphitic schist, biotite schist and orthogneiss. Weak elevated radioactivity up to 160 cps was recorded on the RS-125 handheld scintillometer at 119.0m hosted in intercalated quartzitic and graphitic schist.  Apart from the upper cataclasite no structural damage zone was intersected below KL19-005 and the hole was terminated at a depth of 152.0m in fresh orthogneiss.
KL19-008
KL19-008 was an angled drill hole testing for the northern extension of the historic DD-Zone where previous historic drilling returned up to 0.78% U3O8 over 0.5m.  Bedrock was intersected at a depth of 7.3m down hole and was comprised of a thick intercalated sequence of graphite altered amphibolite and calc-silicate to a depth of 136.8m.  Below 136.8m, the hole encountered weakly altered to fresh biotite-garnet schist and graphitic schist.  A 0.20m granite intrusion at 90.5 m depth returned elevated radioactivity up to 540 cps. The hole was terminated at a depth of 293.0m in fresh biotite-garnet schist.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a Mount Sopris PGA-1000 Natural Gamma Probe and a hand-held RS-125 Scintillometer manufactured by Radiation Solutions. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.
Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. Analysis will include a 63 element ICP-OES, and boron.
All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
Cree Bay Exploration: In 2017 a ground DC Resistivity survey was completed in 2 separate grids centered on sections of strong conductivity interpreted from a historic airborne GEOTEM electromagnetic survey on what was then the Cree Bay property. Fission 3 subsequently staked additional ground to cover the most conductive part of this anomaly. The winter 2019 exploration work will thus continue to extend the ground geophysics survey over the anomaly, to determine the highest priority drill targets. The program will consist of a winter 21 line-km ground DC Resistivity survey and 2 lines of Moving Loop TDEM survey will be conducted during April to cover the most geophysically prospective area identified from a historic GEOTEM electromagnetic survey.
About Cree Bay: The Cree Bay property, located 20km south of the town of Stony Rapids, consists of 16 claims totaling 14,080 ha and sits on the inside edge of the north-eastern Athabasca Basin.  The property is located along the major SW-NE trending Virgin River Shear Zone.  Locally the conductive corridor is bound by the Black Lake Fault to the north and East Channel Fault to the south.  The historic Nisto uranium mine, is located ~7.5km to the northeast, along the Black Lake fault.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
“Ross McElroy”

Ross McElroy, COO
Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

SOURCE Fission 3.0 Corp.

For further information: Investor Relations, Ph: 778-484-8030, TF: 844-484-8030, ir@fission3corp.com, www.fission3corp.com
Categories
Base Metals Energy Exclusive Interviews Junior Mining Project Generators

(VIDEO) FISSION 3.0 Prospect Generator in Position for Uranium Turnaround

Ross McElroy the COO and Chief Geologist for Fission 3.0 (TSX.V: FUU | OTCQB: FISOF) sits down with Maurice Jackson of Proven and Probable to discuss the value proposition of Fission 3.0 and their Property Bank. In this interview Mr. McElroy provides the macro economics for uranium and how one may allocate their uranium holdings in a Uranium Project Generator with a Property Bank with projects located in high-grade uranium districts, with proven management and technical team that has a 20 year history of delivering success to shareholders.

VIDEO

AUDIO

TRANSCRIPT


Original Source: https://www.streetwisereports.com/article/2019/03/16/prospect-generator-in-position-for-uranium-turnaround.html
Maurice Jackson: Joining us for a conversation is Ross McElroy, the COO and chief geologist for Fission 3.0 Corp. (FUU:TSX.V; FISOF:OTC.MKTS): A Uranium Project Generator and Property Bank. Ross McElroy, glad to have you back on the program to share the value proposition of Fission 3.0. Before we begin, Ross, I’d like to begin with some basic fundamentals regarding uranium. For someone new to the uranium sector, what is uranium, and where is it used?
Ross McElroy: Uranium is really all about energy. The way we use uranium is for nuclear fuel. That’s basically the fuel that runs reactors.
Globally nuclear power constitutes between 15% and 20% of the electrical requirements. That’s really where the majority of the uranium is used. There is some uranium that’s used for strategic purposes on a country by country basis, more for the Department of Defense reasons. But really, the vast, vast majority of uranium is used to fuel nuclear reactors.
Maurice Jackson: Provide us with some metrics on how abundant uranium is in the Earth’s crust, and correlate that to the average grade that is found versus the grade that is needed to define an ore deposit in a future mine?
Ross McElroy: Well, uranium is actually one of the most abundant elements in the Earth. It’s kind of ubiquitous. You’ll see it throughout the Earth’s crust; there is trace amounts of uranium present primarily in volcanic and igneous rocks and sedimentary rocks.
On a deposit level, there’s actually a number of uranium deposits around the world, in every continent on the planet and in many countries. On a global basis, the average grade of a uranium deposit worldwide is around 0.1 to 0.15% U308.
Now, if you compare that to say, the deposits in Canada, they’re orders of magnitude higher grade in Canada. We’re talking orders of magnitude that are 10 to 20 times that of the global grade.
Although I’ve given you the average grade, most of those deposits at those lower grades, the average grades are really uneconomic deposits. We need grades that are generally much higher than the 0.1%–0.15% if it’s going to be an economic deposit. And that’s what Canada has. Canada has very high-grade deposits, so the economic metrics are just that much more attractive in Canada.
Maurice Jackson: Now that we’ve identified uranium’s utility, what can you share with us from a supply and demand perspective?

Ross McElroy: Well, it’s fairly simple to understand what the demand for nuclear energy is, in other words, uranium. We can just multiply the number of reactors around the world that are currently operating, and the known fuel consumption rate for a 1000 megawatt reactor is just under 500,000 pounds of uranium a year. If we look at the global reactors, there are around 450 reactors around the world. You can see that the need for uranium on an annual basis is around the realm of almost 200 million pounds of uranium.
Maurice Jackson: How does the nuclear plant in Fukushima, Japan, fit into this narrative?
Ross McElroy: Japan historically, up until the Fukushima event in 2011, was one of the main users on a country basis worldwide. Japan I think consumed almost 20% of the world’s nuclear power, in other words, 20% of the world’s annual production of uranium was used to run the Japanese reactors.
In 2011, of course, we had the magnitude 9 earthquake followed by a tsunami, and that’s what damaged the Fukushima facility. Interestingly enough, even with that magnitude of an earthquake and the soon-to-follow tsunami, the reactor still did not breach. The housing that surrounded the reactor was damaged, and this is where some of the radiation leaks came from, but the reactor itself actually held, and so the damage was actually very, very limited and manageable.
What happened is overnight, Japan shut down all of its nuclear reactors, in other words, all 52 reactors I think they had working at that time, went offline. That caused disruption to the supply/demand situation globally.
What’s happened since then is Japan is slowly coming back on. Japan’s alternatives for power are pretty limited as the country doesn’t have very much of its own resources, if any at all. It imports whatever energy that it needs, be it in natural gas now, in nuclear.
It’s important for Japan to be able to operate these factories that they’re running. I mean, it’s an exporting country around the world, so it does have high energy requirements. It also has the requirements for inexpensive power.
Japan is coming back on to the scene as far as nuclear power. There are eight reactors that are currently back up and operating, and 17 reactors that are in the near-term licensing for approval to get them restarted again.
I think the bottom line is, prior to Fukushima, Japan depended on nuclear energy for at least 25% of its electricity demands. I think by the time 2030 approaches, Japan is supposed to be right back up to those same levels. The country is coming back on, it has always been an important major consumer of nuclear power. I think we’ll see it right back to the equation again in the very near future.
Maurice Jackson: Uranium, next to gold, is known as the other yellow metal, and here’s why. Ross, let’s step back to the bull market in uranium. If one was selective with the uranium holdings, they would’ve had generational changes in their portfolio. What was the spot price during the last bull market?

Ross McElroy: Well, in 2002, uranium was around, I don’t know, about $15 a pound. This is on the spot market. That’s what uranium was trading for.
In 2003–2004, we really saw the lift off of the price of uranium. In fact, it peaked at 2007 to around $140 a pound. It went almost a 10-fold increase in the price of the commodity between 2003 and 2007. The peak at 140 didn’t last particularly long, but it had a slower decline until about 2008—2009, it stabilized, and then it peaked back up again.
Really, it was holding steady. I guess this is the point I would want to make, is that we were starting to see a steady state price of between $50 to $70 a pound, and then the Fukushima event hit that we talked about in 2011, and that really threw the whole pricing structure right out the window. We’ve been working on our recovery ever since.
Maurice Jackson: What is the spot price for uranium today?
Ross McElroy: Currently we’re about $28 a pound for uranium. It has recovered; we’re off the bottoms of $17, $18 a pound just a couple of years ago. Uranium is making its way back.
Maybe the important point here to note is we’re still at prices that the majority of mines around the world are not profitable. Even the lowest cost producers are really not operating in an environment where they can make money with uranium prices what they’re at right now.
What we’ve seen is that the supply is starting to be restricted as the producers are taking a lot of that uranium off market; they’re not supplying it to the utilities at this cheap price, because it’s not a working business model to lose money in the long run on the mining of the commodity.
We are seeing an improvement in the price of uranium, and it’s been about a year and a half in the making. It’s gone up from the $18 that I mentioned to about $28 a pound, but it certainly has a lot more room to move upwards even before we can start to get production back online to meaningful levels.
Maurice Jackson: What is that spot price that companies right now, uranium companies I should say, for them to earn their cost of capital? Is the number around $60 for a spot price of uranium?

Ross McElroy: I believe you are correct. We’re seeing prices that globally, they have to be in the $60 to $70 a pound really to bring on any meaningful production.
One of the clues that I look at when we look at the best uranium mines out there, the lowest cost producers, those would be McArthur River deposit in Canada’s Athabasca Basin in Northern Saskatchewan. That is one of the best uranium mines in the world, certainly the largest highest-grade operating mine. Cameco took that offline because of the prices of uranium where they were at, they weren’t making any money on the mining of this deposit.
There are some indications that Cameco won’t turn that mine back on into being a producer until the price of uranium is somewhat north of $40, maybe $45. Something in that realm.
I don’t have an exact number there, but it does tell you that if you’re going to even bring back the best of those deposits, you really need prices that are something of $40 to $45. As we mentioned earlier, the price for many of the other deposits around the world are probably closer to $60 or $70. You can see, there’s still lots of room for improvement.
Maurice Jackson: The current price of uranium does not support the fundamentals. What correlations do you see today that may exceed the returns from the last bull market?
Ross McElroy: Well, it’s sort of an elastic situation. I think that the longer that we keep depressed prices, yet the demand is still there and growing, reactors are being built, the need to fuel these reactors, that’s not stopping.
In fact, it’s growing. You have the primary suppliers of uranium, i.e., the mines that are not supplying it, the longer that the prices are low, the more rapid that climb will be in the price of uranium when it does correct.
I think there’s a possibility, as I’ve heard some analysts call it, a violent reaction upwards to the price of uranium. I think we’re going to see some substantial price increases within some short vision of time, maybe a year or two or three. Something in that realm that I think will be quite meaningful.
We’ll see what happens, but the longer it stays depressed, the more likely and quicker the rise will be when it does come.
Maurice Jackson: Ross, you’ve provided a compelling case on the fundamentals for uranium. I know readers may be asking, how will all of this demand for uranium be met? Mr. McElroy, please introduce us to Fission 3.0.
Ross McElroy: Fission 3.0 is a uranium explorer. This is a company that we spun out of Fission Uranium Corp. (FCU:TSX; FCUUF:OTCQX; 2FU:FSE), our larger company, back in 2014 when we bought out our partner on the Patterson Lake project, and in so doing with that process from that arrangement, we spun out our non-core assets, the more grassroots exploration projects.
We’ve been able to build up an exploration portfolio, primarily focused in the Athabasca Basin. Remember, the Athabasca Basin is Canada’s only producing uranium field. That’s where the McArthur River deposit is, this is where Fission Uranium has the Triple R deposit. There’s some fantastic deposits out there.
That’s what we’re exploring for in Fission 3.0. We’re looking for the next high-grade uranium deposit in the Athabasca Basin.
Maurice Jackson: You referenced that you’re a project generator. There’s a lot of ambiguity regarding project generators. Please share the virtues and why Fission 3.0 took on the project generator business model?
Ross McElroy: Project generators are really all about sharing the risk. In our case, what we do very well is pick ground. We’ve been able to strategically stake ground in the Athabasca Basin, we’ve made discoveries on two of our properties, the first one in the company called Fission Energy that we made the discovery at our Waterbury Lake property, and later on in Fission Uranium Corp on our PLS property.
That have been situations where we’ve had joint-venture partners sharing the risks, sharing the costs with others. To use the model, what we do is we use our brands and other peoples’ money. That’s really what we’re good at, that’s basically the model that we have.
We have a very highly trained technical team that’s exceptional at picking out high-quality projects. We attract other people who are looking to get into the uranium business, looking to partner up with a team such as ours and join us for the ride to make a discovery.
It’s really all about sharing risk. That’s really what the project generator model does. It’s our land, and we partner with good quality people that can fund a project, and that’s how they earn into it as well.
Maurice Jackson: Do you currently have a joint-venture partner? If yes, who and what are the terms of the relationship?
Ross McElroy: We have had joint-venture partners in the past, and very successful ones. As I mentioned earlier on our Waterbury project, we had a partner with the Korean utility called KEPCO. It earned in by spending a certain amount of money on the property each year over the course of a three-year period.
What we did with that, we were able to make a discovery, using the money in that project, we made a discovery, built up the resource estimate on there, and eventually sold that asset. That was how our shareholders were able to take advantage of our monetizing on the property.
I guess we could say the same at the PLS project, which we now own 100% of it, but that was also a partnership. We shared in the risk early on and in the money early on with our partner. We eventually bought them out in 2014. That was another example of a successful joint venture partnership.
Each one of the deals would be a little bit different from each other. It is a model that we think works very well. I will note that in our property down in Peru as well, we have a partnership that we’re still looking to finalize the deal. This is one where another group has approached us, said it’s interested in the potential of a property down in Peru. It will spend a significant amount of money having us as the operator. Hopefully we’ll make a discovery down in Peru as well.
Maurice Jackson: Well, you’ve just alluded to my next question. Fission 3.0 has 18 projects in its project bank. Now, it is strategically located in premier, high-grade uranium districts in Canada and Peru. Mr. McElroy, introduce us to the Fission 3.0 Project Bank (click here).

Ross McElroy: We have 18 properties in the Athabasca Basin. Our properties, we think that everywhere in the Athabasca Basin has the potential to host high-grade uranium projects.
One of the keys that we seek to identify are deposits that will be shallow. In other words, the closer a deposit is to surface, the easier it is to build a case that this could be a project that could go into production. It’s an easier mine to develop the closer it is to the surface.

Really deep deposits are challenging. They still exist, but they’re challenging. Eventually they cost more money to find and cost more money to get out of the ground. They’re just another level of challenge.
If you look at our 18 properties, they’re all in and around the edge of the Athabasca Basin, where we’ve had a great deal of success finding near-surface mineralization.
Our PLS project that hosts the Triple R deposit in Fission Uranium is a great example of a near-surface deposit. The mineralization starts at 50 meters below the surface, so 150 feet below the present-day surface is where the high-grade mineralization starts. That makes it a potentially open-pit deposit, which is generally low cost and gives you a lot of flexibility.
This is the sort of thing that we’re looking for in Fission 3.0. We’ve got very good properties that are in known mining districts, conversely, we have a good portfolio of ground around the southwest side of the basin where our PLS project in Fission Uranium is hosted, and also NexGen’s Arrow deposit, it’s all in that same area. We have the significant land package that surrounds that area.

We also have a good strategic land package in and around the Key Lake area on the southeast side of the basin. This has been, and still currently is the hot bed of uranium mining in Canada right now. This is the side of the basin where the McArthur River and Cigar Lake deposits are located.

McArthur shut down for economic reasons waiting for higher uranium prices. It was an operating mine up until about a year ago, and Cigar still is in operation. You’ve also got the Key Lake mine.
It’s a strategic area to have a good land package. We think there’s lots of opportunities in and around land in that area to make a new discovery.

And probably third for us is the land package that’s up in the northwest side of the basin, in the old uranium city Beaverlodge district where uranium mining in Saskatchewan first got started back in the 1950s and was the going concern back in the ’50s and the ’60s, I think there were about 52 operating mines up in that area, pretty small scale most of them, but still lots of high-grade uranium. That’s an area where we think that there’s still plenty of exploration potential.
Between all those areas, we’re going to be active and we’re going to be looking for the next high-grade uranium deposit in Saskatchewan.
Maurice Jackson: Speaking of being active, is there active drilling going on right now in these projects?
Ross McElroy: There is active drilling. We did drill in the southwest side of the basin. We were drilling in January on our PLN project. That project is just immediately north of Fission Uranium’s PLS project.
You’re really talking about the same area where the latest discoveries have been found, where you’ve got the Triple R deposit, you’ve got NexGen’s Arrow deposit. These are two of the best new deposits that have been found in the Athabasca Basin in the last 15 years.
We have a package around there called PLN, and we did drill six holes in there earlier this year. It has the potential to host another one of these fantastic deposits, so we are going to continue looking there. We see all the signs present that tell us that this is where we’ll make that discovery.
As we’re speaking right now, we’re drilling over in the Key Lake area that I described earlier. This is over on the southeast side of the basin, about 200 kilometers to the east of the PLS drilling. That is a program where we’ll drill probably eight or nine holes, just south of the Key Lake Mill and the old historical Key Lake deposits. There’s areas of activity there. We’ll continue drilling throughout the rest of 2019 on a number of our projects.
Fission 3.0 is active. We were able to raise some significant money early in the year, in late 2018. We’re going to be active. This is how we’ve been successful in the past, is by being aggressive, looking in places where people probably haven’t looked for a while or never even thought to look, and putting our technical team to work. Yes, you’ll see pretty good news flow out of Fission 3 this year.
Maurice Jackson: Ross, let’s expand the narrative on the project bank portfolio and go south into Peru. What can you share with us there?

Ross McElroy: Peru is a really interesting area. Where our projects are is called the Macusani Plateau, located in southern Peru, near the Bolivian border. The Macusani Plateau has shown at least over 100 million pounds in near-surface uranium deposits.

There’s a company down there that’s quite dominant called Plateau Energy. Plateau has been able to stake a lot and consolidate a land package in the area, and consolidated all these old deposits. It has amassed around 100 million pounds of uranium in these uranium deposits.

However, even more significant, Plateau made a discovery of high-grade lithium in the same area, and in fact, that’s within five kilometers of our southern property boundary on our Macusani plains. Not only do we have the potential now to host near-surface uranium deposits, and we have shown in fact that we do have mineralization on our property for uranium, we’ve mapped it, we’ve drilled, we’ve trenched and found high-grade uranium, but now the potential’s there for hosting high-grade lithium.
This is really a new dimension that we have down in that area, that we wouldn’t have had say, two or three years ago when we were last down drilling. You’ve got uranium, and now we have lithium. It’s a very interesting up-and-coming area as well.
Maurice Jackson: Switching gears, Fission 3.0 has the right projects in the right place at the right time. But that’s only part of the story. Equally important are the people that are responsible for increasing shareholder value. Mr. McElroy, please introduce us to your board of directors.
Ross McElroy: Thank you, and I appreciate that. We do have a very successful team. Our founder of Fission 3.0 is also the same CEO and founder of Fission Uranium, and previously Fission Energy before that, and Strathmore.
Dev Randhawa has been involved in this company right from the get-go in its first iteration back in 1996, and also heading up Fission 3.0. Dev is the longest running CEO in the uranium sector.
Myself, I’ve been involved with Dev 12, 13 years now. We’ve had a great successful relationship. We’re able to raise money, raise attention, put that money to work, make discoveries, and basically build shareholder value right from the bottom up.
This is the group that I think, we’ve been able to deliver in the past, and we’re going to be able to deliver shareholder value as we move forward in this much improving uranium sector.
A lot of the same players that we’ve had all the way along, still keep also in the Fission 3 group.
Maurice Jackson: Who is on your management team?

Ross McElroy: The management team is composed of our CEO Dev Randhawa and chairman. I am the chief operating officer, and also the chief geologist. We have maintained the same structure that we have in Fission Uranium, is the same that we have in Fission 3.0. It’s a fairly lean team. Phil Morehouse is president of Fission 3.0. We kept a pretty lean mean machine in Fission 3.
Don’t forget, we’ve had up until just recently in the last six months, it’s been a very quiet company, there hasn’t been a lot of exploration activities in the uranium sector. I think as we start to ramp up, with our level of activity increasing, we’ll start to draw more and more people into roles and developing roles within the company as we begin to be active, get out and start marketing the story more, get on the ground and back that up with real results, we’re going to continue to build our team.
Maurice Jackson: Before we move on to your impressive technical team, in the natural resource basis, why is it wise to follow proven winners? Ross, you alluded to it earlier, you and CEO Dev Randhawa have a proven pedigree of success. How were shareholders rewarded as far as returns for their loyalty to sticking with your team?
Ross McElroy: Well, if you owned the original company at the beginning, which would’ve been Strathmore Minerals, and you’d held on it to all the way throughout, over the last 20 years since about 1996, 97, you’d probably own about five different companies right now.
What’s happened is we’ve moved on to a new phase, we’ve made discoveries, advanced projects, sold different projects to different groups. What we’ve been able to do is form new companies, split off new companies in what they call a butterfly transaction.
You have shares in the new company, still maintain your shares in the old company, so you would’ve received essentially what would look like dividends in the way of different shares for five different companies since that time. The shareholders that have been loyal and sticking with us would’ve succeeded quite handsomely all the way along.
Maurice Jackson: Your technical team is exceptional. I had an opportunity to meet them in the summer of 2016 at the site visit there. Please, introduce us to them.
Ross McElroy: We’re very, very proud of this group. This has been the team we’ve had, the same core group of people with us since 2010. With that same group, we were able to make our discovery on the Waterbury Lake project, and then followed up in 2012 with the discovery of PLS. It’s the same group that is very core and important to us in Fission 3.0.
I do head up the team and the technical group, so I would be the team leader or chief geologist for the technical team. My right hand guy is Raymond Ashley, he’s the VP of exploration. Ray is an excellent geoscientist who I’ve had the pleasure to work with for over 30 years in this sector, so we’ve been working pretty close together. Definitely a proven mine finder.
We’ve basically held the same group of people together on the project managers, all the structural scientists, geochemists. We’ve kept the same core group together over the last almost 10 years or so.
To me, that’s really the key. You want a team that works together well, good chemistry with each other, the ability and the environment to think outside of the box. Really, the goal for each and every one of us is to responsibly make world-class discoveries. That’s what we’re all about.
We’ve got an excellent team. All the key people are listed on the website. You’ll be able to go there and see the roles of the various groups there in the technical team, but there’s about seven or eight of us that have been able to be what I consider the core team for the last decade or so.
Maurice Jackson: Let’s get into some numbers. Please share your capital structure.

Ross McElroy: In Fission 3.0, we have 142 million shares outstanding. We were able to raise a significant amount. We have just under $7 million in the treasury right now, that’ll allow us to be active over the next two years or so.
Maurice Jackson: What is your burn rate?
Ross McElroy: The burn rate, because it’s exploration, it’s pretty discretionary spending. We have $7 million that we have in the treasury right now, that’ll certainly carry us over the next two to three years of pretty aggressive exploration spending on our key projects. We can dial that kind of number up, and we can dial it back as conditions warrant. That’s the benefit of being in exploration.
The burn rate is actually pretty minimal. In other words, we run a pretty lean shop as far as the number of management and corporate costs. Really, the majority of the costs are exploration spending, which is really entirely discretionary.
Maurice Jackson: How much debt do you have?
Ross McElroy: We have no debt. We’ve not taken on any debt. Basically, the money that we raise have been through equity share offerings. No debt in Fission 3.0.
Maurice Jackson: Who are your major shareholders? What is their level of commitment?
Ross McElroy: When we spun off Fission 3.0 back in December of 2014, it was the same shareholders that were shareholders of Fission Uranium, were the same shareholders in Fission 3.0. We would’ve had a lot of the same loyal, large shareholders, including JP Morgan, even investment from others that we’ve had along the way. It’s been the same loyal group.
We have significant new shareholders now with the financing that we did back in 2018, which was led by the Sprott Global Resources Group out of California. I think we have some new players back to the game, but we have a lot of shareholders that have been with us over the long haul.
These are people that have a good vision of the uranium sector. They know that the good times are around the corner. It’s a point that we believe really strongly, and we think that the sector is improving a great deal.
This is how our loyal shareholders are going to be rewarded, by being a much better market with an aggressive team like Fission 3.0, and the new shareholders will probably be long term loyal shareholders too if we’re successful and able to build value for them as well.
Maurice Jackson: What is the float?
Ross McElroy: Fully diluted, we have 227 million shares. We’ve got shares outstanding, we’ve got options and warrants that we’re a part of financing as well, so 227 million shares out in total. We trade around 240,000 shares a day, I think that’s our average volume.
Maurice Jackson: Multi-layered question. What is the next unanswered question for Fission 3.0? When can we expect a response? What determines success?
Ross McElroy: Well, we are going to be successful through work. We know that a better market should buoy the price up of everybody involved in the nuclear sector. They’re starting to get some life back in the exploration world.
Really, we’ve always built value by our success. We’ve been successful with making discoveries. We now have the money, we have the team, we’re putting them to work. I would look to us as being one of the most dynamic uranium explorers out there. That’s something that I think people can follow, they can see our news release cycle, they’ll see how we’re marketing our story, and just look at the results. I think they’ll speak for themselves.
We’re looking at our projects, we’ll be active throughout the calendar year. I think the news flow will be very strong and steady. People that are interested in following the company will always see that there’s a continuing narrative out there. We want to take advantage of this and improve the uranium market, the fact that we are well financed, and we have the properties that we want to explore. I think there’s a very good opportunity for readers to look at Fission 3.0 as a sector leader in the uranium exploration business.
Maurice Jackson: Mr. McElroy, last question. What did I forget to ask?
Ross McElroy: I think we’ve covered a lot of ground here, and a lot of important ground. One of the takeaways that I want readers to know is we really do believe in the nuclear sector. We think that we have turned the corner and that conditions are improving.
If people are looking to invest in the uranium sector, I think it’s important for them to look at a group that has done it before. Your track record is very indicative of what your future has the potential to look like. I always find myself, when I’m investing, I like to back teams with a proven track record.
We have that in our group. We’ve got an exceptional management team. We’ve done it before. We’ve been able to capitalize on our discoveries by selling assets. We have a unique technical team that has the ability to make discoveries.
So better sector, very good team. Strong management. Those are the ingredients we need to be successful.
Maurice Jackson: Ross, for someone listening that wants to get more information about Fission 3.0, please share the website address.
Ross McElroy: Our website address is www.fission3corp.com.
Maurice Jackson: For direct queries email ir@fission3corp.com, or you may call (778) 484-8030. Fission 3.0 trades on the TSX:V, symbol FUU, and on the OTC, symbol FISOF.
For audience, we’ve been proud shareholders of Fission 3.0 since 2014. Last but not least, please visit our website, provenandprobable.com, for mining insights and bullion sales. You may reach us at contact@provenandprobable.com.
Ross McElroy of Fission 3.0, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
Disclosure: 
1) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Fission 3.0. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. Proven and Probable disclosures are listed below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.
The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investments, trading or otherwise, based on any of the information presented on this forum without undertaking independent due diligence and consultation with a professional broker or competent financial advisor. You understand that you are using any and all Information available on or through this forum at your own risk.
Images provided by the author.

Categories
Base Metals Junior Mining Project Generators

FISSION 3 Completes Binding Earn-In Agreement for up to $22mm with Rhyolite

Categories
Project Generators

MIRASOL Reports on Nico Drilling Results

VANCOUVER , March 4, 2019 /CNW/ – Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the “Company” or “Mirasol“) reported that it has completed the self-funded drill program on the Nico property in Santa Cruz , Argentina, as was described in the news release dated November 20, 2018 . The majority of the assay results have been received and are generally low grade. The drill program included 27 holes for a total of 1,610m , including 17 reverse circulation holes ( 907m ) and 10 diamond drill holes ( 703m ). Assay results have been received for 22 drill holes with results pending for the remaining 5 diamond drill holes.

A further detailed news release will be issued following receipt of the balance of the assays and the results have been fully interpreted. No further drilling at Nico is contemplated at this time.

About Mirasol Resources Ltd.

Mirasol is a premier project generation company that is focused on the discovery and development of profitable precious metal and copper deposits, operating via a hybrid joint venture and self-funded drilling business model. Strategic joint ventures with precious metal producers have enabled Mirasol to maintain a tight share structure while advancing its priority projects that are focused in high-potential regions in Chile and Argentina. Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and experienced exploration geoscientists to maximize the potential for discovery. Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au+Ag district of Santa Cruz Province Argentina .

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

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.

SOURCE Mirasol Resources Ltd.

View original content: http://www.newswire.ca/en/releases/archive/March2019/04/c9102.html

Categories
Base Metals Energy Junior Mining Project Generators

EMX ROYALTY Options the Røstvangen and Vakkerlien Properties in Norway to Playfair Mining

March 4, 2019
Vancouver, British Columbia, March 4, 2019 (TSX Venture: EMX; NYSE American: EMX) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce the execution of an exploration and option agreement (the “Agreement”) for the Røstvangen volcanogenic massive sulfide (“VMS”) property and Vakkerlien nickel-copper-cobalt property in Norway (collectively the “Project”) with Playfair Mining Ltd. (“Playfair”) (TSX Venture: PLY). The Agreement provides EMX with immediate share equity in Playfair, and upon Playfair’s completion of the option terms and other consideration, a 9.9% interest in Playfair, a 3% net smelter return (“NSR”) royalty on the Project, and advance royalty payments.
The Røstvangen property hosts a >30 kilometer long trend of geophysical anomalies and VMS-type mineralization, as well as the Kvikne copper deposits, that occur in one of Norway’s oldest mining districts. On the directly adjoining Vakkerlien property, nickel mineralization was discovered in the 1870s, and was the subject of drill campaigns from the 1970s through the early 2000s that led to the discovery of nickel-copper-cobalt mineralization.
Commercial Terms Overview. Pursuant to the Agreement, Playfair can earn 100% interest in the Project by the issuance of shares to EMX and performance of work during the one-year option period, as described below (all dollar amounts in CDN):

  • On signing the Agreement, subject to TSX Venture Exchange acceptance, Playfair will issue to EMX 3 million common shares of Playfair stock.
  • As a condition to the exercise of the option, Playfair must complete work commitments of at least $250,000 on the Project, and must raise such capital by May 15, 2019.

Upon exercise of the option, Playfair will issue to EMX an additional 3 million shares of Playfair stock, and EMX will receive a 3% NSR royalty on the properties comprising the Project. Within six years of the execution of the Agreement, Playfair may purchase 1% of the NSR royalty in 0.5% increments for a total of $3,000,000, leaving EMX with a 2.0% NSR royalty. EMX will also receive annual advance royalty (“AAR”) payments of $30,000 commencing on the second anniversary of the option exercise, with the AAR payments increasing by $5,000 per year until reaching $80,000 per year. AARs may be paid in cash or Playfair shares, subject to certain conditions.
After the exercise of the option, further conditions of the Agreement include:

  • Playfair will use commercially reasonable efforts to raise an additional $2,750,000 for advancement of the Project and other activities, and will drill at least 2,000 meters on the Project before the third anniversary of the Agreement effective date.
  • Within two years of the execution date, Playfair will issue to EMX that number of common shares of Playfair that will increase EMX’s equity ownership in Playfair to 9.9%. Thereafter, Playfair will have the continuing obligation to issue additional shares of Playfair to EMX to maintain its 9.9% interest in Playfair, at no additional cost to EMX, until Playfair has raised a cumulative $3,000,000 in equity; thereafter EMX will have the right to participate pro-rata in future financings at its own cost to maintain its 9.9% interest in Playfair.
  • Playfair will issue the equivalent of $250,000 in common shares of Playfair to EMX upon the earlier of:
    • the filing of a Preliminary Economic Assessment technical report,
    • the filing of an initial Resource Estimate technical report,
    • the fifth anniversary of the option exercise date.
  • The issuance of additional shares of Playfair to EMX will be limited to a maximum 9.9% equity ownership in Playfair by EMX.

The issuance of Playfair shares to EMX as set forth in the Agreement is subject to receipt of TSX Venture Exchange approval.
Overview of Project. The Røstvangen property is located approximately 300 kilometers north of Oslo, and hosts the “Kvikne Copper Works”, one of Norway’s oldest base metal mining districts. Copper mineralization was discovered at Kvikne in 1629, followed by 150 years of mineral production. The mineralization at Kvikne is VMS-type, with enrichments of copper and gold. The Kvikne deposits are positioned along a >30 kilometer long trend of geophysical anomalies and VMS-type mineral occurrences that form multiple parallel belts across the property. These belts have seen little modern exploration work, and only a few historic drill holes, despite the widespread VMS occurrences and historic mining activities.
The Vakkerlien nickel-copper-cobalt property directly adjoins the Røstvangen exploration licenses. Nickel was discovered on the property in the 1870s, when small scale mining was conducted in the district. Further exploration by Falconbridge Limited and Blackstone Ventures Inc. from 1975 through the early 2000s led to the drilling and discovery of nickel-copper-cobalt mineralization to the southeast of the historic workings. The mineralization is associated with, and hosted by, a mid-Proterozoic gabbroic intrusive complex, and is interpreted to be a magmatic sulfide deposit type. Gold and platinum group element (“PGE”) content remains poorly understood and in need of further assessment.
EMX and Playfair are planning to commence exploration programs in the upcoming spring and summer months, which will include property-scale sampling, reconnaissance mapping and geophysical surveys. The intent of the programs is to rapidly identify additional exploration targets for drill testing.
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 leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments. Please see www.EMXroyalty.com for more information.

-30-

For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: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 merits 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 nine month period that ended on September 30, 2018 (the “MD&A”), and the most recently filed Form 20-F for the year that ended on December 31, 2017, actual events may differ materially from current expectations.  More information about the Company, including the MD&A, the 20-F 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.

View in PDF Format

Categories
Base Metals Energy Junior Mining Project Generators

RIVERSIDE RESOURCES INC. Increases Private Placement Due to Investor Demand

GlobeNewswire

THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

VANCOUVER, British Columbia, Feb. 27, 2019 (GLOBE NEWSWIRE) — Riverside Resources Inc. (the “Company” or “Riverside”) (RRI.V) is pleased to announce that the Company has received exceptionally strong investor interest and intends to increase its previously announced non-brokered private placement (see press release February 13, 2019) by an additional $800,000. Riverside now plans to raise up to $2,300,000 in gross proceeds from the issuance of 14,375,000 units at a purchase price of $0.16, up from the original $1,500,000 target.

Each unit consists of one common share and one whole common share purchase warrant (“Unit”). Each common share purchase warrant is exercisable into one common share for a period of two (2) years from closing at a price of $0.22 (“Warrant”). If, at any time after four months following the closing of the private placement, the closing price of the common shares on the TSX Venture Exchange (“TSX-V”) trades at a VWAP equal or greater than $0.45 for 10 consecutive trading days, the Company may accelerate the expiry date of the Warrants by disseminating a press release announcing the new expiry date whereupon the Warrants will expire on the 30th trading day after the date on which such press release is disseminated.

The Company will use the proceeds of the financing to fund a focused drill program at the Cecilia Gold Project, additional project acquisitions and further target refinement on existing projects to advance towards new partnerships. The Company may pay finders fees in cash or Units to qualified finders of up to 8.0% of the aggregate gross proceeds realized from subscribers identified by the finder. The closing of the private placement is subject to TSX-V approval.

The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without United States federal and state registration or an applicable exemption from registration requirements.

About Riverside Resources Inc.:
Riverside is an exploration company driven by value generation and discovery. The Company has 45M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico 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 additional properties available for option, with more 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
Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671 ext. 312
TF: (877) RIV-RES1 ext. 312
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.

Categories
Base Metals Energy Junior Mining Project Generators

EMX ROYALTY Acquires Further Shares and Warrants of Boreal Metals Corp.

Vancouver, British Columbia–(Newsfile Corp. – February 21, 2019) –  EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX)  (the “Company” or “EMX”) is pleased to announce it has acquired ownership of 1,995,672 common shares (representing 2.63% of the outstanding shares) and warrants to purchase an additional 1,995,672 common shares of Boreal Metals Corp. (“Boreal“; TSX-V: BMX). The acquisition was made pursuant to a private placement of units, each unit consisting of one common share and one warrant to purchase a further common share, at a price of $0.095 per unit (for a total investment of $189,589 by EMX), which closed today.

Immediately prior to the acquisition, EMX had ownership of 5,530,063 common shares (representing 9.4% of Boreal’s outstanding common shares). Immediately following the acquisition, EMX had ownership of 7,525,735 common shares (representing 9.9% of Boreal’s outstanding common shares) and warrants to purchase an additional 1,995,672 common shares. If the warrants were exercised, EMX would have ownership of 9,521,407 common shares (representing 12.20% of Boreal’s outstanding common shares).

The shares and warrants were acquired for investment purposes under the prospectus exemption set out in section 2.3 [Accredited investor] of National Instrument 45-106 Prospectus Exemptions of the Canadian Securities Administrators. Presently, EMX does not have any intention of acquiring any further securities of Boreal but may acquire ownership of or control over further securities in the future depending upon market circumstances.

EMX has filed an Early Warning Report with the British Columbia, Alberta and Ontario Securities Commissions in respect of the acquisition. Copies of the Report may be obtained from SEDAR (www.sedar.com) or without charge from EMX’s Corporate Secretary, Lori Pavle (604-688-6390).

About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.

The recent advancements of the Company’s asset portfolio underscore EMX’s focus on steadily increasing global revenue streams from strategic investments, royalties, and other payments. The Company’s goal is to substantially grow our cash flowing royalty portfolio while providing multiple opportunities for exploration and production success.

-30-

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: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 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.

Corporate Logo

Maurice

More on Finance

  • Why Tile Shop Holdings Stock Went Down 15% After Earnings

    Motley Fool
  • Sequential Brands (SQBG) to Report Q4 Results: Wall Street Expects Earnings Growth

    Zacks
Categories
Base Metals Exclusive Interviews Junior Mining Precious Metals Project Generators

(VIDEO) Millrock Resources Watching Neighbor’s Drilling Closely

Gregory Beischer the President, Director, and CEO of Millrock Resources (TSX: MRO | OTC: MLRKF) along with Chris Van Treeck Senior Project Geologist sits down with Maurice Jackson of Proven and Probable to discuss a unique value proposition for current and prospective shareholders on the latest developments on MRO’s West Pogo – Goodpaster Project. Today’s interview will be very comprehensive, as Senior Project Geologist Chris Van Treeck provides a thorough analysis of Nothern Star Resources Pogo Mine in relation to Millrock Resources adjacent 100% owned (7) claim blocks in the West Pogo – Goodpaster, in what may very likely be a watershed moment for Millrock Resources.

VIDEO

AUDIO

TRANSCRIPT

Original Source: http://www.streetwisereports.com/article/2019/02/20/millrock-resources-watching-neighbors-drilling-closely.html

Source: Maurice Jackson for Streetwise Reports  (2/20/19)

Maurice JacksonGregory Beischer, the president, director and CEO of Millrock Resources, and Chris Van Treeck, the company’s senior geologist, speak to Maurice Jackson of Proven and Probable about their varied projects, and discuss what their next-door neighbor’s drilling in Alaska is finding.

Maurice Jackson: Joining us for a conversation today is Gregory Beischer, the president, director and CEO of Millrock Resources Inc. (MRO:TSX.V; MLRKF:OTCQX), along with Chris Van Treeck, senior project geologist.
Glad to have you both on the program to discuss an important announcement that may be quite significance for Millrock Resources. But before we begin, Mr. Beischer, for first time listeners, who is Millrock Resources?
Gregory B: Millrock is a project generator company. Alaska is home base for a lot of us and so we explore there and we also explore in Sonora state in northwestern Mexico, as well as the state of New Mexico and the southwest U.S. At Millrock we come up with early-stage exploration projects and then we make agreements with other exploration and mining companies to share the risk that’s involved in early-stage drilling. And the whole objective is to keep a systematically exploring continuous early exploring company that over time will make big discoveries that drives up Millrock’s share price without continuously diluting shareholders as with most exploration companies.

Maurice Jackson: Mr. Beischer, beginning in Mexico, please introduce us to the Millrock project portfolio.
Gregory B: In Sonora state, which is the northwestern part of Mexico (click here to view), Millrock holds advanced exploration projects, primarily focusing on Orogenic gold deposits, of which Sonora hosts some great examples, such as the Herradura multimillion ounce, probably around 9 million ounces, one of which is Newmont’s leading mine. We are in the right part of the world to be looking for these large gold deposits. Additionally, we target copper there, in particular porphyry coppers like the world-class Cananea-La Caridad belt, just south of the Arizona porphyry belt, probably a southern extension of the same cluster of the porphyry deposit. So, we like these types of deposits that can be exceptionally large and great metal producers.
New Mexico-State Map.jpg
We also explore in the state of New Mexico (click here to view), which is opened up as a much more open jurisdiction to mining. We acquired several years ago a uranium deposit in that state; we’ve sat on it to for these years without doing much work, biding our time until the uranium price improved. It turns out this year the uranium deposit also has a lot of vanadium in it, and potentially both metals could be mined together. We’re starting to get calls as people learned that we own this project. So, I’m pretty sure we’ll be able to make an agreement on it sometime soon. We also have a gold project in New Mexico and are lining up partners as we speak. But home base is Alaska, where we’ve got quite a number of gold and copper projects that have active exploration ongoing right now.
AlaskaWebsite_State_AllProjects_March2018.jpg
Maurice Jackson: And, gentlemen, let’s stay in Alaska, shall we? And, in particular, I want to focus on seven claim blocks owned by Millrock Resources, which may be direct beneficiaries regarding the press release issued on Feb. 12 by neighboring Northern Star Resources where it just released some exceptional exploration results on its Pogo gold mine. Chris, you are the senior project geologists on the Pogo West. Please take us to the Pogo gold mine and show us where it is in relation to Millrock resources, Pogo West.

Chris Van T: We are going to be in interior Alaska right next to the Pogo mine. Literally right next to the Pogo mine as photos from our property, you can see the mill, right here and this is for the last drilling campaign by the junior company that had it prior to Millrock. So we are right across the river from Pogo proper. Current exploration on the mine property is getting closer and closer to the Pogo mine, which was very recently purchased from Northern Star at a fair price, but it ended up equaling about $69 an ounce that they had to find already.

But it’s been a great asset for Sumitomo and now Northern Star, 12 years of production, nearly 4 million ounces produced and easily another 4 million ounces that they have in their reserve and resource prior to the update that they said they’d be releasing later this year based on their new drilling and the latest press release. So things are really ramping up there. And it’s been a great asset for those two companies. And Northern Star felt very highly of it and some of their promotional material they placed it as the third highest grade mines in North America. And they felt it was the eighth largest gold mine in the United States, based on its production and contained ounces.

Millrock’s Pogo West is located in Tintina Gold Belt in Alaska, which has some of the more prolific deposits in Alaska right now. The Pogo mine has about 8 million ounces contained gold. The Mother’s Fort Knox is up at 13 million ounces and, of course, the gargantuan Donlin Creek at 45 million ounces, as well as some smaller deposits that are still being explored heavily in the Yukon that I’m sure you’re aware of there, Coffee and White Gold and Brewery Creek.

Maurice Jackson: Chris, can you provide us with some additional context on the geology at the West Pogo Goodpaster region?

Chris Van T: Geologically, the Goodpaster district, which contains Pogo, is a nice chunk of the crust that’s broken up by a number of very large faults that are all related to the Tintina gold belt faults. And so, the Denali fault would be down here, that’s the southern boundary of the Tintina gold belt and the Tintina fault is up here. And so, it’s in an area of metamorphic rocks that has some very nice granitic intrusions in them, which would be the source of the fluids for the Pogo mine, as well as the other deposits in the district there.
Maurice Jackson: Chris, what can you share with us about the existing infrastructure?

Chris Van T: It’s fantastic access and infrastructure with the Pogo mine road running through the claim block. We have the permit to travel on that road. The nice claim block, which size is 7,500 hectors and, as I mentioned, it’s adjacent to the Pogo mine. Taking a look at what the Pogo mine looks like in a geologic model, specifically in a schematic cross section. The Pogo mine itself is exploiting and beneficiating low angle quartz veins, as well as high angle veins. So, the theory is that the fluids from the plutons travel up those steep faults and enter into the shallow dipping faults. And that’s where they have the gold veins in both the steep faults in the shallow faults.

And there are quartz veins with a small amount of sulfide minerals, arsenopyrite and as well as some bismuth minerals. And so, arsenic and bismuth along with gold are the fantastic pathfinder elements that we have at the surface. Those allow us to look at the soil samples and the rock samples at the surface and try to zone in on where the mineralization would be at depth. The surface features would be these high angle steep faults intercepting the soil profile.
These are the projections of the Pogo veins from the subsurface brought up and displayed on the surface. Northern Star Resources are mining these areas: South Pogo, Liese, North Zone and East Theits. There are large faults that break up the rocks and move them around.

Looking at this cross section towards the northeast are some high angle steep veins and they’re interpreted mineralized halo. Both these and the shallow dipping faults contain veins that are being mined right now at the Pogo mine. And an important thing to point out on are the steep faults tend to move the northwest side of the fault up relative to the southeast side, which would then bring this mineralization in the low angle faults closer to the surface, and that’s been repeated throughout the district and has a real boon to the Millrock properties.
Here’s a picture from the mine and we’re looking down the trace of the mine. The latest exploration on Pogo is across the river and right adjacent to our claim block.


In 2017, they made a fantastic discovery of another vein of minable width. And on the other side of the river. The Goodpaster vein had very nice thicknesses and it dips in the same direction of previous veins. Northern Star Resources made this discovery based on reinterpretation of its subsurface imaging that uses a resistivity method called CSAMT, (Controlled Source Audio Magnetotellurics), the image conductive properties of the rocks. The company decided that the break rate here and the conductive properties of the rocks represented the base of a vein and the drilling in 2017 revealed this low angle vein that the 2007 drilling didn’t reach because they didn’t have this reinterpreted imaging.

The vein that they intercepted, a low angle vein Quartz gold Arsenopyrite, and it had a very nice minable width of 5.3 meters at 60 grams. So, this is very similar, nearly identical to what was being mined already in the Liese veins South Pogo, east steeps north zone on the eastern side of the river. Now on the western side of the river, they have nearly identical mineralization with the exact same orientation. So they’re very excited that the vein system that they’ve been mining for 12 years exists on the west side of the river.
The Fun Zone is this area in here on their plan map, so this would be looking down over the mine. The river is a visible in the satellite imagery from a northeast view, as we look this cross section. Once again, these high angel steep faults bring the northwest western side up.
Maurice Jackson: Chris, if I may interrupt you with the shift in the fault zones, how does it benefit Millrock?
Chris Van T: It brings the mineralization closer to surface. This area here is a big part of their latest press release; Northern Star Resources is calling it the Central Lode System and it feels that it’s a significant extension of both the Liese zone and Fun zone vein sets within the same overall large, mildly dipping faults that contain these veins. And so, this same process that’s bringing things up all throughout the district is that work on the western side of the river adjacent to the Millrock claims.

These red lines represent those steep folks that make and bring the northwestern side up relative to the southeastern side. And this red line represents that Goodpaster Structural Zone. The Goodpaster Prospect that has been explored aggressively by Pogo in the last two years is in between two other of these large steeply dipping faults. And so, it’s a fairly contiguous block and it’s about the same distance between the Goodpaster Structural Zone and the South Pogo Zone. And so, this matches very well geologically with what we would expect to see on these high angle faults. Northern Star Resources claim boundary and the latest exploration road is very close to our claim boundaries within 420 meters of our claim boundary now. Not only at an exploration road but also some of its large drill pads and it is drilling in the area.
Maurice Jackson: Does Northern Star Resources have any drilling planned this year near Millrock’s claim blocks?
Chris Van T: Northern Star Resources are exploring very close. It has got some drill holes planned for this year in the summertime within 90 meters of the claims boundary right here in the north. And so, Pogo is knocking at the door of the Millrock claims of their exploration. Their Central Lode and that’s what was in the press release (click here) that came out Feb. 12. And so, this area right in here is where they have released their new spectacular results and subsequent definition of resource coming this August from the press release. From a real estate standpoint, Millrock is very well placed within what’s going on with the Pogo mine exploration. And we feel that the rest of our geologic knowledge in the area as well as the information purchase from other parties leads me to believe that those veins extend onto the middle rock properties.
Maurice Jackson: Northern Star Resources had an active drill program near the Millrock claim blocks last year. Do we know any of the results? And also, do we know what their aspirations are in the area for 2019?


Chris Van T: Here are some photos in September of their exploration in that area. Very large drill pads, large rigs drilling, multiple drill holes. Northern Star Resources 2019 planned holes which are to start in February so they could well be underway as we speak. They are drilling off what appears to be a substantial resource of those low angle veins. Once again, just to remind you of 5.3 meters at 60 grams per tonne drilled and released in this area here. No other drill results or any of this drilling has been made public as of yet, but they are getting closer and closer to our claim boundary in this trajectory right here.

This is a photo from our claims looking back to the mine and here is that Goodpaster Structural Zone that they’ve named it. And so right now they’ve defined their new Central Lodes would be filling this area basically from their road here to this structural zone where they’ve defined basically a new extension of the mine right up to this fault and they’re getting ready to go and move some headings into there and continue to explore that from underground. So they’re moving mine infrastructure from the Liese zone, right up to this Structural zone. And as I mentioned, the Goodpaster Prospect is just the other side of that and is actually had the veins that are being explored for in the area brought closer to the surface because of the faults and how they always bring the northwestern side up, very close to our claim boundary.

Let’s take a look at a magnetic survey image that the state survey ran in 2000. Here are the Pogo veins brought to surface. Note these veins occur outside of this purple magnetic high, within a magnetic low relative to the rest of the area. There are more of these on the other side of this large high angle fault throughout the Millrock claim boundary as well as here in the Goodpaster Prospect.

This is the area they’re drilling and right now, predominantly in this magnetic low that’s very similar to what they have on the north side of their mine. They’ve got a diorite within the mine that’s magnetic and there’s one on the Millrock claims that’s magnetic as well with the same magnetic lows surrounding it. So, from a geologic standpoint, these are nearly identical features. The fact that they’re drilling and this one here as well as this mag lode to the north, lead me to believe that the geologic model at the mine is readily applicable on the other side of that high angle, steep fault called the Goodpaster Structural Zone. So I feel that the Millrock claims are very highly prospective for the extension of the vein. Placing our soil and rock samples on top of the magnetics, they illustrate how in those areas of magnetics, we have great gold samples and they are oriented more or less in a northeast, southwest fashion, which is the same as what’s going on over here on the mine property.


They have a northeast southwest orientation to their gold and soil sample. We have the same orientation on our property. These are most likely caused by unmapped equally dipping fault such as this one here, which helps those fluids from the magmatic intrusion at depth, get them to the surface into the soil profile. Arsenic has a coincident anomaly and so does bismuth. And so our pathfinder elements that match the Pogo mineralization of gold in our arsenopyrite with bismuth minerals are all present on the Millrock properties.
Maurice Jackson: Let’s add some geometry to the discussion.

Chris Van T: This here is the location of that Goodpaster vein, the 5.3 meters at 60 grams. Northern Star Resources has stated the vein was oriented with a strike of 240 degrees and the dip of 35 to the northwest. Plotting that strike line is would be where the vein would be the same elevation all the way across. It brings us very close to past drilling in our area. Past drilling was situated in that area of fantastic gold, soil, and rock anomalies that are all showing the interaction of those steep faults that carried the fluids with the soil. The vein intercepted within these drill holes have been narrow quartz arsenopyrite veins. And the assays returned good arsenic bismuth silver. They have the same style of alteration of Pogo there. And the angles intercept in there would indicate that these veins are steeply dipping.

So, exactly along the model lines of the steeply dipping faults springing the fluids up towards the surface. All of those faults have been intercepted in these drill holes. The difference between here and what’s going on at Pogo is that these drill holes did not get deep enough to intersect those shallowly dipping veins such as the hole reflecting 5.3 meters at 60 grams. That’s due to the higher elevation where are these drill holes where collared as well as the dip along the vein. The deepest hole over here at the very end of the hole, only got down to 350 meters above sea level. The vein was intercepted at 230 meters above sea level. So when all things being consistent, this hole ended 120 meters vertically above where we would expect to see the flat and veins.

To bring this back into the Pogo model, the exact same thing happened on the Pogo property in 2007. Norther Star Resources drilled and intercepted steeply dipping veins that contain gold, arsenopyrite and bismuth; they did not reach the flat line veins. The hole did not go deep enough. The same thing went on the west Pogo claims.

The drilling so far at West Pogo has just gotten into the top of these steeply dipping veins. I believe that the shallow dipping veins are there at depth, that the soil and rock anomalies at the surface coupled with the drilling show that we haven’t reached the depth of those flat veins to date and that a few holes of deeper drilling could readily intersect these veins at the depth and an extension of the mine mineralization on the Millrock Claims.
Maurice Jackson: What initiatives will Millrock take to de-risk the West Pogo property?

Chris Van T: That would be to do that imaging along these black lines here in order to do the same style imaging, the CSAMT or Resistivity imaging over this mag low that also has the good gold and rock samples on top of it. That would be one way to de-risk it. In order to know the depth you need to drill to in order to find the extension of this mineralization that’s on the Pogo claims.
Millrock believes that the West Pogo property has not been explored properly to depth. It’s got the exact same magnetic signature as the mine proper. The surface geochemistry and the drill hole geochemistry have all the attributes to indicate that mine style mineralization is located on the property. Northern Star Resources is currently exploring, right against our claim boundary and we’ve got established access with the mine road running right through the property. And so very positive factors for the West Pogo property.
Maurice Jackson: Gregory, this may be premature, but should we continue to have favorable outcomes such as this press release? How does this impact Millrock’s strategy?
Gregory B: Well, I think one of the more remarkable things about the statements from Northern Star is the exceptional grade of the drilling intersections that they’ve discovered at this Central Lode’s area. And we’re pretty sure they’re finding similar things at their new Goodpaster discovery, which is very close to Millrock’s West Pogo project. If an ore body of that grade does trend right onto Millrock’s claims, I think it’s going to make a tremendous difference in the price of Millrock stock. We’re trading today around 10 cents Canadian. And I think, just fortuitously, if that deposit comes onto our claims, it’s going to make a big difference for our company and for our shareholders.
We have stuck rigorously to our business model over the 12 years we’ve be in the operation. We’ve always got a partner on a project before it got to the drilling stage. Right now, we’re faced with the possibility that our neighbor, Northern Star at Pogo, has discovered an ore body that comes right on to our claims. And so, we might take a different view at this point since we presently have not made an agreement on the claims and we own it 100%. So, it’s possible that we would actually pursue this claim ourselves, but it’s not determined yet. And in fact, right now our best strategy is to wait and see what Northern Star has discovered. Eventually they’ll tell us more about their Goodpaster discovery.
What they announced on Feb. 12 was really interesting. I think they’re going to make a fortune from their purchase of the Pogo mine. They’re great miners and great explorers clearly. And they’ve had some great success of finding the new Central Lode’s area, but we know there’s more, further to the northwest and there’s likely to be gold on our claims too. So our strategy for now is to stand pat and a wait for more information, which is not our usual way of doing things. Usually we’re charging ahead full steam, but we’re at now we’re going to bide our time and watch, wait and see what happens.
Maurice Jackson: Germane to this discussion, how do the prices of gold, silver, copper and uranium fit into this narrative?
Gregory B: Well, certainly Millrock has exposure to all of these metals. I know that the price of gold seems to have a large effect on availability of capital for junior explorers. When the price of gold is strong, there’s lots of capital available. It doesn’t matter if you’re looking for copper, it often seems to have a lot to do with the price of gold. Millrock has seen good increase in the gold price lately. Everything I’m reading says that gold’s going to march up even higher and silver we’ll go with it. I hope they’re all right about that. And that will soon have a really favorable market in the coming years for those metals. Longer term, I’m a huge believer in copper. I just know it’s going to be a metal in huge demand and we’re happy to be looking for copper now too, for the future. And a uranium, well, it’s a beaten a down cycle a long time, but I’ve sure seen some active of bull markets in that metal over the years. And if there’s another one coming, Millrock and its shareholders are really going to benefit by virtue of the uranium deposit we own in New Mexico.
Maurice Jackson: Switching gears, Gregory, what do you see as the biggest challenge for Millrock resources and how do you mitigate that situation?
Gregory B: Our biggest challenge is a financing. We’re in a short cash position. How do we mitigate that? Well, the best way we can do it is to get more funding partners on our projects. And so we’re on a real push to get that done right now. We’ve got deals that look like they’re imminent in Sonora and Alaska. So that’s the best way. Ultimately we may have to raise funds through an equity financing again soon. So those are Millrock’s challenges right now, but I think there’s good solutions for them. Millrock presently has a pretty low share account all of which was in quite solid hands. There’s 67 million shares outstanding at present.
Maurice Jackson: Finally, what did I forget to ask?
Gregory B: Well, I don’t know if it’s something you forgot to ask, Maurice, but maybe something I forgot to mention. Millrock had acquired several great properties in British Columbia some years ago, and last year we rolled them all into a new company called Sojourn Exploration and found a great management team for that company. It has its own projects and so Millrock’s is a big shareholder of Sojourn Exploration. Those shares are worth the money right now, which helps Millrock shareholders, and we own royalties on three of those projects. So, we’ve reviewed internally what’s Sojourn all those projects recently and that it’s just a great portfolio and I know that team is going to have great success attracting other companies to fund drilling on them and make discoveries. So, this could be a real winner for Millrock and its shareholders.
Maurice Jackson: Mr. Beischer, for someone listening that wants to get more information on Millrock Resources, please share the contact details.
Gregory B: millrockresources.com and Melanee Henderson at 604-638-3164, in charge of investor relations, will be glad to talk to you or put the shareholders in direct touch with me.
Maurice Jackson: And as a reminder, Millrock Resources trades on the TSX.V, symbol MRO. Now, in the OTCQX, symbol, MLRKF. Millrock Resources is a sponsor of Proven and Probable and we are proud shareholders of Millrock Resources for the virtues conveyed in today’s message. And last but not least, please visit our website, provenandprobable.com, where we deliver mining insights and bullion sales. You may reach us at contact@provenandprobable.com.
Gregory Beischer and Chris Van Treeck of Millrock Resources, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
Disclosure: 
1) Gregory Beischer: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Millrock Resources. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Millrock Resources.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Millrock Resources. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Millrock Resources is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click herefor important disclosures about sponsor fees.
4) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Millrock Resources, a company mentioned in this article.
Proven and Probable LLC receives financial compensation from its sponsors. The compensation is used is to fund both sponsor-specific activities and general report activities, website, and general and administrative costs. Sponsor-specific activities may include aggregating content and publishing that content on the Proven and Probable website, creating and maintaining company landing pages, interviewing key management, posting a banner/billboard, and/or issuing press releases. The fees also cover the costs for Proven and Probable to publish sector-specific information on our site, and also to create content by interviewing experts in the sector. Monthly sponsorship fees range from $1,000 to $4,000 per month. Proven and Probable LLC does accept stock for payment of sponsorship fees. Sponsor pages may be considered advertising for the purposes of 18 U.S.C. 1734.
The Information presented in Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Information contained in or provided from or through this forum is not intended to be and does not constitute financial advice, investment advice, trading advice or any other advice. The Information on this forum and provided from or through this forum is general in nature and is not specific to you the User or anyone else. You should not make any decision, financial, investments, trading or otherwise, based on any of the information presented on this forum without undertaking independent due diligence and consultation with a professional broker or competent financial advisor. You understand that you are using any and all Information available on or through this forum at your own risk.
Images provided by the author.

Sign up to Stay Up to Date on News and Progress from Page