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Vancouver, British Columbia–(Newsfile Corp. – July 24, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has acquired part of P.A.T. Gold Mine inside of the larger Pichette Project west of Geraldton, Ontario. The P.A.T Mine project was drilled extensively in the 1950s and then had test mining conducted in the 1970s with an initial bulk sample extracted during that period. The historical work (non NI43-101) includes geophysics, geochemistry, geology, and drilling, which delivered strong gold intercepts at shallow depths including 16.65 g/t Au over 3.81m and 34.28 g/t Au over 1.1m both intervals at less than 80m depth (see Figure 1). This historical work at Pichette was located on recently reverted mineral leases that Riverside acquired through staking as the Company had surrounded strategic area with mineral claims.
Highlights:
- 100% Riverside owned, no underlying royalty.
- >1 Oz/ton Au in historical core intercepts for 1m+ intervals at 30m depth, thus shallow and open at depth.
- Close to past producing 1M oz Au Leitch Mine with associated iron formation host rocks.
- Within Greenstone Gold Mines, Hard Rock deposit >10M Oz Au so far.
- Riverside magnetics survey has defined banded iron formation targets that fit with surface gold showings make this exciting and highly prospective for drilling gold.
“Riverside is very excited to have acquired this new area of gold mineralization, which is on trend with the previously identified Banded Iron Formation (BIF) gold mineralization at Pichette and appears to have continuity to the west with Leitch Gold Mine BIF host rock sequence . The BIF unit extends across the project outlining a multi-kilometer target in this district of significant past gold production. The historical work comprising geophysics and drilling gives us a solid focus for advanced drilling in this part of the Geraldton Gold Belt,” states Riverside’s President and CEO, John-Mark Staude who has been on site and notes the similarities to the Leitch Mine geology 15 kilometers to the west of Pichette.
The Pichette Project is well located with excellent road infrastructure immediately south of the Trans-Canada Highway with drive up targets within the Beardmore-Geraldton Greenstone Belt. The Pichette targets are underlain by the east-west trending Archean-aged metavolcanic and metasedimentary suite consisting of greywacke and iron formation, which is the same geologic
Figure 1: Drone magnetics survey completed recently by Riverside with historical drill holes plotted. Dashed black line subterrane boundary discussed in text.
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sequence that hosts the <1M Oz Brookbank deposit1 opposite the highway from the project. Multiple banded ironstone units are interbedded with the metavolcanics throughout the sequence making stratigraphic traps for gold. BIF hosted gold deposits occur in many major Canadian mining camps and are a significant target on the Pichette Project seen as red and blue areas in the northern portion of the Figure 1. The BIF layers consist of recrystallized chert alternating with magnetite with small amounts of pyrite, chalcopyrite and other indicator minerals. There is favorable structural preparation for gold with major fractures acting as conduits for mineralizing fluids and minor intrusions. The veins and fractures contain secondary quartz, carrying gold which becomes a second habit of gold on the project. The ironstones have been traced across the project and were better defined by the recent drone magnetic survey. Medium-grained, quartz-porphyry sills, 0.5-1.5 m wide, intrude some of the ironstones and provide a third host for gold and in crossing structures for targeting gold bearing fluid flow.
Much of the historical exploration and mining work was conducted during the 1950s with Tombill Mines Ltd. carrying out a program of surface work and diamond-drilling. Tombill conducted VLF-EM geophysics and then a soil survey of the anomalous zones defining very shallow drill targets. Later during the 1974 and 1975 field seasons, P.A.T. Mines completed thirty-two core drill holes (see figure 2). The P.A.T. drilling returned high grade intercepts at shallow depths, leaving the system open at depth.
Mineralization
In 1952 Tombill Mines Ltd. outlined 4 mineralized zones in the area of the claims. The drilling conducted by P.A.T. Mines on the Pichette property recorded gold mineralization associated with two persistent subparallel chert-magnetite-carbonate ironstones (see figure 3). The ironstones are 40 m apart and strike 75 and dip 85 north. Surface prospecting and historical diamond drilling have traced the ironstones 600 m along strike, and they average 2.0-2.5 m wide. Up to 20% magnetite has been noted in the ironstones and can contain up to 2% arsenopyrite.
Table 1: Some of the best intercepts from the historical drilling on the Pichette Project.
| Drill Hole ID | From (m) | To (m) | Interval (m) | Grade Au g/t |
| 201 | 16.76 | 20.57 | 3.81 | 16.65 |
| 202 | 35.91 | 37.03 | 1.13 | 34.28 |
| 202 | 56.97 | 58.46 | 1.49 | 7.20 |
| 204 | 61.87 | 65.07 | 3.20 | 4.80 |
| 209 | 32.46 | 35.05 | 2.59 | 4.51 |
| 210 | 31.88 | 35.81 | 3.93 | 2.31 |
| 213 | 48.95 | 49.65 | 0.70 | 6.51 |
| 216 | 42.31 | 45.78 | 3.47 | 3.37 |
| 217 | 35.69 | 37.58 | 1.89 | 7.37 |
| 220 | 42.82 | 45.08 | 2.26 | 5.31 |
Note: P.A.T. Mines drilled 26 holes on the Pichette Project as part of a larger drilling campaign in 1952. The original certificates for the assays are not available. The values here are extracted from drilling logs that were filed as part of assessment work. The work was conducted prior to the implementation of National Instrument 43-101 and as such should not be relied upon. Subsequent drilling in this area may not duplicate these results.
The gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins and veinlets as found in orogenic gold deposits. Several of the holes show high grade intercepts similar to those documented at the Leitch Gold Mine to the west at Beardmore. The bulk of the historical information described above was recovered from the Ontario Geological Survey (OGS) databases and the provincial government’s Mineral Deposit Inventory (MDI) records. These sites have been verified by government geologists and reviewed in the field by Riverside geologists and are believed to be reliable in their geological detail. However, the original assay certificates from the historical drilling are no longer available and therefore cannot be verified.
Figure 2: Plan view of the historical drilling with the best intercepts highlighted.
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Figure 3: Drill Section looking west showing the parallel veins noted on surface and in drill core.
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https://images.newsfilecorp.com/files/6101/174605_fad7bb4af4f2f968_006full.jpg
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $7M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
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.
1The Brookbank Deposit is reported to include open-pit Measured and Indicated Resources of 2.64 million tonnes averaging 2.02 g/t Au and containing 172,000 ounces. Underground resources are reported to include Measured and Indicated Resources of 1.86 million tonnes averaging 7.21 g/t Au and containing 430,000 ounces of gold (www.premiergoldmines.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/174605
Vancouver, British Columbia–(Newsfile Corp. – July 18, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to provide a summary of its ongoing strategic activities over the past six months and an outlook for the second half of the year. During this time, the Company has actively expanded in Canada, acquiring new projects and conducting target definition exploration work across its Canadian portfolio. These steps taken in the past six months have strengthened the Company’s move beyond Mexico, which has been progressing for the past two years. Riverside anticipates numerous new Canadian catalysts in the next half-year. With a commitment to advancing its diverse portfolio of mineral assets and leveraging strategic partnerships. To that effect, Riverside has made significant progress in its exploration endeavors, diversifying its commodity mix and expanding into new jurisdictions. In the coming six months, the Company plans to expand its projects beyond precious and base metals, incorporating more critical metal assets and royalties. The key mid-year developments are outlined below:
- Ontario Canada additional projects and expansion at Pichette with high grade gold drill results.
- Geophysics exploration funded through Riverside is advancing projects to drill and partnering stage at Duc project with targets expanded in scale by more than 4X.
- Property consolidation at the high-grade Union Project in Sonora, Mexico and delivering up to 1 oz/ton Au assays in the now controlled mine area.
- Royalty on Tajitos gold asset, and funds have been received from Fresnillo, who is advancing the asset.
- Progress toward catalysts now lined up for second half of 2023 with partner deals, exploration results, quality project acquisitions, having strong cash position.
Continued Expansion in Ontario’s Geraldton and Porcupine Mining Districts
Riverside Resources continued to expand and advance its Canadian portfolio during the first half of 2023 by acquiring additional claims at the Pichette Project west of the Hardrock Gold Mine complex of Equinox Gold near Geraldton, Ontario. The Company also acquired the Duc Project in the Porcupine Mining District of northwestern Ontario. The Duc Project, spanning over 600 hectares, is strategically positioned west of the past producing Agrium Ltd. carbonatite phosphate mine with critical metal concentrations and within the highly prospective Wawa Subprovince for Rare Earth Elements (REE) and gold deposits. Riverside’s generative exploration approach using historic data, proprietary databases, and field experience, coupled with personal historic knowledge of the area, aims to unlock the full potential of the Duc Project through additional exploration and joint-venture partnerships. The presence of rare earth element occurrences and orogenic gold deposits within the Wawa Subprovince further enhances the prospectivity of the region as Riverside continues the strategy of generating and owning quality projects in Canada.
Completing a Helicopter Magnetics Survey in Northwestern Ontario
Riverside Resources completed an airborne geophysical helicopter magnetics survey on the Duc Project in northwestern Ontario, which provided greater context for existing data Riverside already defined multi-kilometer structural target prospective for gold and REE -critical metals that can now be progressed during the second half of 2023. This survey employed SHA Geophysics’ Heli-3G technology, offering cost-effective and high-quality results. The magnetic data interpretation revealed two major parallel shears that traverse the central part of the Duc Project, providing important geological boundary information and identifying direct structural zones which are consistent with the style of feature that hosts major gold deposits.
Union District, Sonora, Mexico Consolidation and Advancement
In a strategic move to consolidate the Union Project area, Riverside Resources signed an Option Agreement to acquire the past-producing Union Mine, situated within the Union District of Sonora, Mexico. This district boasts a rich history of high-grade zinc, gold, and silver production from carbonate replacement mines. By securing a 100% undivided right, title, and interest in the Union Mine, Riverside expands its district wide mineral concession coverage and a foothold in the region and establishes a clear path towards advancing exploration targets within this prospective land package.
Rule Symposium July 24-27
Riverside has been selected by Mr. Rick Rule to participate in the Rule Resources Symposium convention in Boca Raton, Florida starting on July 24th, 2023. The Rule Symposium is a sector leading natural resource investing event and an exhibitor by invitation only conference that Riverside has been chosen for again this year. Riverside’s CEO and VP Corporate Communications will attend in person to give presentations and meet investors. To that effect, please view Dr. John-Mark Staude’s (our CEO) pre-conference interview with Rick Rule at the following link: https://www.youtube.com/watch?v=NDj43hCJwgo&t=117s
Looking Ahead: Riverside’s Plans for the Next Six Months
Building on the accomplishments of the past six months, Riverside Resources is progressing a targeted agenda for the remainder of 2023. The Company plans to have catalysts on the following key initiatives:
- Expand the generative portfolio with a low cost but high value in British Columbia, Canada quality projects in precious and critical metals. Assay results, mineral claims, mineralization zones all to be progressed during coming half year.
- Progress exploration in Ontario including work up targets in the field and completing technical reports and documentation of the value so far created and now moving toward transactions.
- Exploration and Joint-Venture Partnerships: Riverside’s robust portfolio of mineral assets and royalties in North America presents significant opportunities for strategic partnerships. The Company continues developing and progressing joint-venture and spin-out collaborations to accelerate the advancement of multiple assets simultaneously, fostering a greater chance of discovery leading to added shareholder value.
- Royalty assets engage in potential value catalyst steps with the portfolio and now with Fresnillo progressing their development of the Tajitos district toward future open pit heap leach gold mining where Riverside has the 2% NSR on Tajitos and Tejo mineral concessions.
- Continued Financial Prudence and Value Generation: Riverside Resources remains financially strong, with well over $7 million in cash and zero debt. The Company’s prudent financial management ensures sustainable exploration programs and underscores its commitment to generating value for shareholders.
- Investor Engagement and Communication: Riverside Resources recognizes the importance of transparent and effective communication with its valued shareholders and the investment community. The Company will continue to provide timely updates, reports, and engagement opportunities to foster a strong and supportive investor base.
Riverside Resources remains focused on its mission to generate value and continue work towards mineral discoveries while adhering to very thorough environmental standards and social responsibility. Riverside has a strong upcoming set of catalysts with results from Canada and Mexico. To that effect, with its current sector leading gold portfolio in Ontario and now expanding into strong projects in British Columbia, the Company believes that it’s on the right path in progressing towards an exciting second half of 2023.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong cash position, no debt and less than 75M shares outstanding with a quality portfolio of gold-silver and copper assets, along with royalties in North America. Riverside has extensive experience and knowledge in operating in Canada and Mexico, while leveraging its large databases to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
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.
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Vancouver, British Columbia–(Newsfile Corp. – March 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) – is pleased to announce the filing of its 2022 annual report Form 40-F, which includes the audited financial statements for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission (“SEC”) on EDGAR (www.sec.gov). EMX has also filed its Annual Information Form (AIF), audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2022 with Canadian securities regulators on SEDAR (www.sedar.com). The Company’s Form 40-F, AIF, audited FS, and MD&A are also available on EMX’s website at www.EMXroyalty.com under the heading “Investors”. Shareholders may receive a printed copy of the Company’s complete Financial Statements, or its complete Annual Information Form, free of charge, upon request to the Corporate Secretary at Suite 501 – 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada. All dollar amounts in this news release are USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Year Ended December 31, 2022
- Revenue and other income for the year ended December 31, 2022 was $18,277,000 (2021 – $7,526,000). Adjusted revenue and other income1 of $25,403,000 (2021 – $11,044,000) included $7,126,000 (2021 – $3,518,000) in income for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
- Net income for the year ended December 31, 2022 was $3,349,000 (2021 – loss of $23,731,000).
- Operating cash flow for the year ended December 31, 2022 was $16,729,000 (2021 – cash used of $8,062,000). Adjusted operating cash flow1 from operations for the year ended December 31, 2022 was $21,953,000 (2021 – cash used of $6,356,000).
- As at December 31, 2022, EMX had cash and cash equivalents of $15,508,000 (December 31, 2021 – $19,861,000), investments, long-term investments and loans receivable valued at $14,561,000 (December 31, 2021 – $18,170,000) and loans payable of $40,489,000 (December 31, 2021 – $50,733,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive. Both companies are expecting to execute a modified royalty agreement in 2023.
Settlement of the Bullion Litigation
The Company’s wholly owned subsidiary, Bullion Monarch Mining, Inc. (“Bullion”), reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion $25,000,000. Of the $25,000,000 settlement, $6,175,000 was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit did not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which continue to be paid.
Acquisition of Additional Royalty Interest on Caserones
EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for $25,742,000. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX’s new total totals to an (effective) 0.7335% NSR royalty interest.
Subsequent to the year ended December 31, 2022, the Company entered into certain agreements to acquire an additional 2.263% ownership in the underlying royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.0424% (effective) NSR interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7759%.
Acquisition of Royalty Portfolio from Nevada Exploration
EMX executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”), for $500,000 (see EMX news release dated September 2, 2022). The portfolio consists of a 2% NSR royalty on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles and includes four district-scale land positions, as well as certain other interests. In addition, if NGE options, farms out, or sells a project, then beginning on the first anniversary of the third-party agreement, EMX will receive advanced annual royalties of $20,000 that escalate $10,000 per year and are capped at $50,000. NGE has the right to buy back half of EMX’s 2% NSR royalty by purchasing a 0.5% NSR interest for $1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest has been purchased, may purchase the second 0.5% NSR interest any time prior to production for $1,500,000.
Appointment of Independent Director
EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.
Royalty and Royalty Generation Updates
In 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $17,512,000 on royalty generation costs and recovered $8,577,000 from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. During the year the Company also completed 10 partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects. In addition, our partners directly spent approximately $31,996,000 in exploration on the portfolio.
| Producing Royalties | 6 |
| Advanced Royalties | 11 |
| Exploration Royalties | 155 |
| Royalty Generation Properties | 96 |
Figure 1. EMX’s royalty and mineral property portfolio.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/160308_f88d2670540b480f_002full.jpg
Highlights from 2022 include the following:
- Initial production royalty payments were received from the Company’s Gediktepe oxide gold (silver) Royalty Property and Balya North polymetallic Royalty Property in Turkey (see respective EMX news releases dated September 9, and September 15, 2022). From Gediktepe EMX recognized $3,709,000 in royalty revenue and $4,000,000 in deferred milestone payments which will be paid in Q2 2023. EMX earned $276,000 from the Balya North Royalty Property in 2022.
- EMX received a $3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) based upon declared resources totaling 200 million pounds or more of contained copper covered by the Company’s Parks-Salyer Royalty Property. ASCU’s maiden resource for its Parks-Salyer project, which is partially covered by EMX’s Royalty Property, was reported as total inferred underground resources of 143.6 million tons averaging 1.015% (total) copper and containing 2,915 million pounds of copper as oxide, enriched, and primary mineralization at variable cutoffs (see ASCU news release dated September 28, 2022). The Company retains a 1.5% NSR royalty covering the Parks-Salyer Royalty Property.
- In the US, the Company added to its growing royalty portfolio with the completion of five new royalty agreements, the advancement of more than twenty-five partner-funded work programs, including nine drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as a large (approximately 1,890 hectares), prospective land position in the Silver Valley district in Idaho. For the year, partners spent more than $18,000,000 on EMX’s early-stage US portfolio.
- EMX’s Regional Strategic Alliance (“RSA”) with South32 Limited (“South32”) concluded in Q4 2022 after four years of generative exploration and project work. The Company is now following up on eleven priority projects identified by the RSA and retained by South32 for additional work, including an ongoing drill program at the Copper Springs porphyry copper project in Arizona’s Globe-Miami district.
- In Canada, EMX programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received C$577,000 in cash payments and C$52,000 in share equity payments during the year, while partners spent more than $3,700,000 in exploration expenditures advancing the portfolio.
- EMX’s Latin American royalty portfolio advanced through field programs by Austral Gold Limited (at Morros Blancos and Morros Colorado), Pampa Metals Corporation (Block 4), and drill programs conducted by AbraSilver Resource Corp. (Diablillos), Aftermath Silver Ltd (Berenguela), and GR Silver Mining Ltd (San Marcial). In particular, the drill programs continued to produce significant results that expanded known resources and added new discoveries at nearby targets.
- AbraSilver Resource Corp. (“AbraSilver”) announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred resources of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is designed to delineate a maiden resource estimate for the high-grade JAC zone discovery (see AbraSilver news release dated February 21, 2023).
- In Northern Europe, the Company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totaling nearly 175,000 hectares, and partnering four available properties. EMX also assisted with multiple partner-funded exploration and drilling programs. Overall, approximately $6,700,000 was spent by partners on EMX’s exploration royalty properties in Northern Europe during 2022.
- Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Financing Updates
Sprott Credit Facility
The Company entered into a credit facility in 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling $44,000,000 (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal ($660,000) was added to the principal balance as at January 24, 2022.
Private Placement with Franco-Nevada
The Company completed a $10,000,000 private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) 0.3155% NSR royalty on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).
Franco-Nevada purchased 3,812,121 units at C$3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for C$4.45 exercisable until April 14, 2027. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.
Repayment of Vendor Take Back Note
The Company repaid in full the vendor take back note issued to SSR Mining Inc. totaling $8,319,000 including interest owed.
Exercise of Stock Options granted by EMX
1,110,000 stock options were exercised pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,037,000 to EMX.
Investment Updates
As at December 31, 2022, the Company had marketable securities of $9,970,000 (December 31, 2021 – $7,409,000), and $4,591,000 (December 31, 2021 – $8,761,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from strategic investments, including Premium Nickel Resources Corporation (“PNR”), and royalty deals completed as part of our organic royalty generation business.
Strategic Investment in Premium Nickel Resources
From 2020 through 2022, EMX acquired 5,412,702 shares of PNR, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3 of 2022, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information is not NI 43-101 compliant. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, Australia, and Strategic Investments.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral 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 year ended December 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section of the Company’s annual MD&A for the year ended December 31, 2022 for more information on each non-IFRS financial measure.
Original Source: https://miningdigital.com/top10/Top-10-mining-podcasts-to-follow-in-2023?utm_id=LinkedIn+Newsletter+
For those wanting to learn more about mining and exploration from experts all across the field.
10. Behind the Scenes with Bryan
This podcast typically centres around the field of engineering and frequently explores topics related to mining, with a particular focus on issues such as mining waste management, geoscience, data management, and touches on ESG aspects such as women in mining.
The host, Bryan Ulrich, has over thirty years of experience in the field of engineering, project management, design, construction, analysis, and site investigation related to mining work, and has worked on a multitude of plant-site projects throughout his career.
9. Deep Insights with Mining Review Africa
Hosted by Laura Cornish, the editor-in-chief of Mining Review Africa, the podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the African mining industry.
Reaching an audience of over 50 000 influential mining authorities and key decision makers through a variety of channels, the podcast talks about everything from sustainable development across the mining sector in Africa through articles on project developments and the technology and financial models that drive them.
The podcast has an audience over 50,000 key stakeholders in the industry
8. Mining Minds
Mining Minds is a podcast that focuses on the mining industry in Canada, specifically in the province of Ontario. The podcast is produced by the Ontario Mining Association, a trade organisation that represents the mining industry in the province.
Drawing on their own experiences, the hosts take listeners on a journey through the lives of miners, the communities and companies that sustain them, and the unique lifestyles they embrace. The podcast will explore the vital role mining plays in our world while emphasising the crucial need for responsible mining practices that safeguard our environment and secure our future.
7. Exploration Radio
Hosted by a panel of industry experts, Exploration Radio is a podcast that focuses on the exploration of natural resources, including minerals, oil, and gas, the podcast is produced by a team of geoscientists and mining professionals who are passionate about exploration and the discovery of new resources.
Hosts talk to explorers about the challenges they have faced, what we stand to learn from them and how we can better prepare for the future.
6. Full Production with Peter Finn
Full Production with Peter Finn is a podcast that focuses on the mining industry in Australia. The podcast is produced by Newton Consulting, a consulting firm that specialises in the mining industry.
The podcast features interviews with industry experts, mining executives, and other key stakeholders who discuss a range of topics related to the Australian mining industry.
5. Network – Women in Mining South Africa
Covering everything from the importance of mentorship for women in mining to learning how to navigate male-dominated environments, the Women in Mining South Africa podcast supports the empowerment of women in the sector. The podcast features conversations with women who are leaders, entrepreneurs, professionals, and pioneers in the mining industry. Through their stories, listeners can gain insights into the challenges and opportunities that women face in the mining sector, and learn about the strategies and initiatives that are helping to promote gender equality and diversity in the industry.
WiMSA creates an empowering network to inspire, support, and develop the progression of women working in the South African mining industry
4. On the Rocks
Emily King, who is the Founder of Prospector, a geologist, and the Chief Innovation Officer for Analog Gold, hosts a podcast where she interviews special guests about the current state and the future of the mining industry.
The conversations take place over cocktails, and topics covered include space mining, deep sea mining, artificial intelligence, the state of the market, and tales of exploring remote mountains.
3. Proven and Probable
This US-based mining podcast, Proven and Probable, has been running since 2016 and has released hundreds of episodes, covering topics from gold and silver mining to battery metals and uranium.
The podcast is hosted by Maurice Jackson, who is a mining industry expert and the founder of Proven and Probable, a mining and exploration company.
Episodes cover a wide range of topics, including exploration techniques, mining methods, mineral economics, and investing strategies. Guests on the show share their experiences and expertise in these areas, and also provide their perspectives on current events and trends in the industry.
2. The Northern Miner Podcast
The Northern Miner is a pioneering podcast in the mining industry, with a legacy of over 100 years in serving mining and exploration professionals. The podcast is powered by crucial reports produced by the expert writing staff of The Northern Miner, which help inform the decision-making process of thousands of high-performing mining professionals worldwide.
Episodes of the podcast often cover news and events from around the world, including developments in mining hotspots such as Canada, Australia, and South America. Listeners can expect to hear discussions on topics such as new mining projects, mergers and acquisitions, commodity prices, and regulatory changes that impact the industry.
1. Dig Deep: The Mining Podcast
Coming in at number 1 is the Dig Deep Podcast. Episodes provide listeners with valuable information about the mining industry and how it is evolving, also highlighting emerging technologies and mining methods, as well as the impact of global events on the industry.
Hosted by Rob Tyson, mining head-hunter and founder and director of Mining International Ltd, the podcast features interviews with mining professionals, including geologists, mining executives, investors, and analysts, who share their insights and perspectives on the latest industry news and trends.
One of the unique features of the Dig Deep podcast is its focus on safety in the mining industry. The podcast often discusses safety initiatives and strategies, and provides insights into how mining companies are working to create safer working environments for their employees.
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Vancouver, British Columbia–(Newsfile Corp. – March 8, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc. (“BCE”), of a Letter of Intent (“LOI”) to sell its a) portfolio of 14 precious and base metal projects in Idaho (the “Portfolio”) acquired via staking between 2018-2022, b) Idaho Business Unit, and c) wholly-owned core drilling subsidiary, Scout Drilling LLC, to Scout Discoveries Corp. (“Scout”). Scout is a U.S. private corporation headquartered in Coeur d’Alene, Idaho and will be led by Dr. Curtis Johnson, as president and CEO along with several members of the BCE team who generated, acquired, and advanced the Portfolio which represents the largest unpatented claim holdings in the state.
EMX was an early mover in the modern era of exploration in Idaho by recognizing the geologic potential for tier one precious and base metal systems coupled with the ability to acquire contiguous district-scale land positions where limited exploration has taken place in over 30 years. Numerous projects in the Portfolio were advanced by previous EMX partners between 2018-2022. The work invested in the Portfolio has resulted in a diverse pipeline of early-stage projects through fully vetted, drill-ready targets with several historical resources open for expansion (Figure 1).
This proposed transaction is a unique example of the organic royalty generation component of EMX’s business model that provides an asset base substantial enough to form a new company around. The terms of the LOI provide EMX with an equity interest, a retained 3.25% net smelter return (“NSR”) royalty interest, annual advance royalty (“AAR”) payments, and certain milestone payments as the Portfolio of 14 projects is advanced.
Commercial Terms Overview. Pursuant to the LOI, Scout will purchase a 100% interest in the Portfolio by (all dollar amounts in USD):
- Issuance of shares equal to 19.9% of Scout to EMX.
- Raising a minimum of $3,000,000 in exploration capital coincident with the closing of the transfer of the Portfolio.
Upon the successful completion of the above:
- EMX will be granted a 3.25% NSR royalty on each of the 14 projects in the Portfolio, as well as AAR and milestone payments divided into two tiers:
- Tier 1, Advanced-stage Exploration Projects: Erickson Ridge, South Orogrande, Lehman Butte, Jacknife, Moose Ridge, and Century.
- Tier 2, Early-stage Exploration Projects: Timber Butte, Muldoon, Independence, Valve House, Cuddy Mountain, Scout, Silverback, and Cartwright Canyon.
Ongoing Scout obligations to the Company, on a per project basis, will include:
- EMX will receive AAR payments for Tier 1 projects beginning on the second anniversary and Tier 2 projects beginning on the fourth anniversary of the LOI starting at $10,000/year and increasing $10,000/year to a cap of $75,000/year.
- EMX will receive milestone payments of $500,000 for Tier 1 and $200,000 for Tier 2 projects upon completion of a preliminary economic analysis (“PEA”), $1,000,000 for Tier 1 and $750,000 for Tier 2 projects upon completion of a pre-feasibility study (“PFS”), and $1,000,000 for both Tier 1 and Tier 2 projects upon completion of a feasibility study (“FS”).
EMX will maintain a 19.9% non-dilution right up to $10,000,000 of capital raises and a preemptive right to participate in future financings to maintain a 9.9% interest, so long as it holds at least 5% of the issued and outstanding shares of Scout.
Scout may purchase 0.5% of a given NSR royalty for the USD equivalent of 600 ounces of gold by the eighth anniversary of the LOI, and an additional 0.5% NSR for the USD equivalent of 1,800 ounces of gold before commercial production on each property.
In addition to the 14 property interests, Scout will purchase a 100% interest of EMX’s wholly-owned drilling subsidiary, Scout Drilling LLC, by completing $10,000 monthly payments for 12 months, a $500,000 payment by the first anniversary (firm commitments), and 12 additional monthly payments of $10,000 and a final $1,000,000 payment, with the 24 monthly payments creditable, by the second anniversary of the LOI.
The LOI contemplates EMX and Scout entering into a definitive agreement by March 31st and closing the transaction by May 1st, 2023.
Scout Discoveries Overview. With the completion of the LOI, Scout will be 100%-focused on advancing the Idaho Portfolio to discovery. Combining the Portfolio with EMX’s low impact Hydracore HC2000 core drill and experienced team, Scout will be structured to internally advance projects from initial target definition, through drill testing and resource delineation. This represents a unique, cost-effective business model to advance the Portfolio, which includes the following key projects:
- Erickson Ridge: The Erickson Ridge project covers the northern extension of the Orogrande Shear Zone (“OSZ”) in the Elk City mining district, and hosts multiple historical shear-hosted gold resources (Figure 2), including a 1980s-era historical resource. Historical drill intercepts from the 1980s include 33.5 meters @ 4.1 g/t gold (ER-84-13 from 16.8m to 50.3 m) and 21.3 meters @ 3.15 g/t gold (ER-84-23 from 77.7 to 99.0 m) (disseminated-style mineralization, true thicknesses unknown)[1].
Historical exploration was focused on shallow oxide gold mineralization, with drill holes typically less than 100 meters in depth. Previous soil sampling programs by EMX and partners identified a 0.5 x 1.5 km gold-in-soil anomaly that extends mineralization more than one kilometer (km) along strike beyond the historical resource footprint[2]. The project is now permitted for drilling to follow-up on these targets.
- South Orogrande: The project lies 16 km south of Erickson Ridge and covers approximately 11.5 km of strike length along the OSZ (Figure 3). South Orogrande is adjacent to, and along strike, of Endomines Inc’s Friday deposit which has historical open pit constrained mineral resources[3]. At South Orogrande, modern surface exploration (2018-2021) identified multiple km-scale, cohesive gold-in-soil anomalies (2×5 km and 1.5×3 km) with coincident geophysical anomalies in areas of minimal outcrop and widespread placer gold[4].
The only modern drilling is a single hole in 2021 that was lost at 269m, which intersected increasing intensities of disseminated quartz-sericite-pyrite alteration that assayed 0.78 g/t Au over 1.5m within a consistent zone of 72m @ 0.15 g/t Au (from 197m to 269m) at the bottom of the hole[5]. This drilling has not been followed up, and the project is permitted for 50 new drill pads within the gold-in-soil anomalies.
- Jacknife: The Jacknife project encompasses the entirety of the Lakeview Ag-Pb-Zn district, including 335 acres of leased patented claims, approximately 40 km northwest of the Silver Valley, Idaho (Figure 4). The project is centered on a seven-km swarm of 0.5 to 5-meter-thick carbonate-quartz-sulfide veins hosted in regional shear zones within Mesoproterozoic Belt Basin sedimentary units, predominantly the Wallace, St. Regis, and Revett Formations – key host units in the Silver Valley. In the 1960s a 610 meter (m) vertical exploration shaft was sunk, with exploration drifting completed to explore the vein system to depth and define an historical resource[6]. Only minor surface exploration and small-scale production has occurred in the district since.
In 2012, limited shallow drilling was completed in the historical resource area, with highlight intercepts of 1.4m (101.4-102.8m) @ 692 g/t Ag, 5.7% Pb, 0.4% Zn, and 0.42 g/t Au (ABM-12-DH2) and 0.6m (100.4-101m) @ 1,106 g/t Ag, 0.65% Pb, 0.23% Zn, 0.81 g/t Au (ABM-12-DH4) (true thicknesses unknown)[7]. In 2021-2022, EMX leased the patented claims at Lakeview, and staked the surrounding open ground, marking the first time the district has been consolidated since initial discovery in the late 1800s.
- Lehman Butte: The Lehman Butte project, located in central Idaho, contains widespread low sulfidation epithermal veining and quartz-clay-adularia alteration in intermediate volcanic rocks, as well as jasperoid replacing underlying Mississippian limestone (Figure 5). Work by EMX and previous partners has outlined a cohesive 1.5 x 3 km gold-in-soil anomaly with rock chip samples that include 3.1 g/t Au and 19.8 g/t Ag (n=214, avg. 0.145 g/t Au and 4.8 g/t Ag), indicating bulk-tonnage style mineralization, cored by a zone of banded quartz-adularia feeder veins up to 2.5m in width and mapped across 3 km of strike. Coincident magnetic, chargeability, and resistivity anomalies corroborate the targets outlined by surface sampling and mapping. The project is permitted for drilling and the primary target is a bulk-tonnage Au-Ag deposit hosted within permeable volcanics, as well as high-grade bonanza-style epithermal veins at depth.
- Pipeline Projects: The Portfolio includes an additional 10 district-scale, earlier stage projects with Carlin-type Au, low sulfidation epithermal Au-Ag, porphyry and intrusion-related Au-Cu, carbonate replacement Ag-Pb-Zn (Au-Cu), Silver Valley-type Ag-Pb-Zn, and orogenic Au targets. Scout will advance these projects systematically through detailed target definition as the four highlighted projects are drill-tested.
The Scout Discoveries team will be led by Dr. Curtis Johnson as President and CEO, and will be comprised of a core group of youthful, but seasoned explorationists that will shift from BCE to Scout on a 100% basis. These acomplished geologists have been responsible for assembling and building value in Scout’s Idaho Portfolio. Further value will be provided by integrating Scout Drilling LLC into the new company, which will provide Scout Discoveries with a unique competitive advantage to quickly and cost effectively evaluate mineral project upside through drilling. Idaho is a highly prospective terrane for developing new precious, base and battery metals resources, and EMX is confident that Scout Discoveries will be a leader in exploration discovery and entrepreneurial success.
More information on Scout Discoveries Corp. and the Portfolio can be found at: www.scoutdiscoveries.com.
Comments on Sampling, Assays, and QA/QC. EMX and its project partners’ exploration samples were collected in accordance with accepted industry standards and best practices. EMX samples were submitted to ALS Laboratories in Reno for sample preparation and analysis. Gold was analyzed by Au-ICP21 fire assay and ICP-AES (30 g nominal sample weight) method, and multi-element analyses were performed by an ME-MS61m method combining a four-acid digestion with ICP-MS finish. As standard procedure, the Company conducts routine QA/QC analysis on all assay results, including the systematic utilization of certified reference materials, blanks, and field duplicates.
Comments on Historical Exploration Results and Nearby Deposits & Mines. The historical data in this disclosure (including maps) is related to historical drilling and surface sampling results. EMX and its partners have conducted independent field assessment, including geologic mapping, surface sampling, and in some cases reconnaissance drilling. From this independent work, the Company considers that the historical results are reliable and relevant for guiding and planning follow-up exploration work.
The nearby deposits and mines referenced provide geologic context for EMX’s projects, but this is not necessarily indicative that the projects host similar tonnages or grades of mineralization.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1: Overview map of project locations.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_002full.jpg
Figure 2: Erickson Ridge project map.
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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_003full.jpg
Figure 3: South Orogrande project map.
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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_004full.jpg
Figure 4: Jacknife project map[8],[9].
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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_005full.jpg
Figure 5: Lehman Butte project map.
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https://images.newsfilecorp.com/files/1508/157665_f56b66eb34ab4ada_006full.jpg
[1] From “Erickson Reef Project, Idaho County, Idaho”, 1985 internal report for United Gold Corp.
[2] Gold Lion Resources news release dated February 1, 2022.
[3] “NI 43-101: Technical Report, Idaho Gold Project” dated April 8, 2013 prepared by Geosim for Premium Exploration Inc.
[4] Gold Lion Resources news release dated November 10, 2020.
[5] Gold Lion Resources news release dated January 28, 2022.
[6] “Reserve Estimate – Conjecture Mine Project, Lakeview Mining District, Bonner County, Idaho”, 1981 internal report for Mines Management.
[7] Black Mountain Resources, news release dated October 17, 2012.
[8] Shoshone Silver, 2008. Lakeview Project Drilling. Internal report.
[9] Duval Corporation, 1965. Conjecture Mine Area, Geochemical Surface Sampling Map. Internal Map.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157665
Vancouver, British Columbia–(Newsfile Corp. – March 6, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement to sell its Råna battery metal project in Norway (the “Project“) (see Figure 1) to Kingsrose Mining Limited, a publicly traded ASX-listed company. The agreement provides EMX with cash payments and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional work commitments, advance royalty payments, milestone payments and a 2.5% NSR royalty.
The Råna nickel-copper project was acquired by EMX in 2022 as part of a regional assessment program for nickel-copper sulfide deposits and covers a prospective mafic-ultramafic intrusive system in northern Norway with outcropping zones of nickel and copper-rich sulfide mineralization. The Råna project has seen historic production from multiple prospects on the property, but relatively little modern exploration.
Kingsrose is a well-capitalized, Perth-based company that had recent success at the Way Linggo gold and silver deposit in Indonesia. EMX looks forward to working closely with Kingsrose to advance the Råna project.
Commercial Terms Overview. Via an arm’s length transaction, Kingsrose can acquire 100% interest in the Råna project by a) making A$30,000 cash payment upon execution and b) making another cash payment of A$100,000 and spending a minimum of A$150,000 on exploration during a 12-month option period. Upon exercise of the option, Kingsrose will:
- Provide EMX with a 2.5% NSR royalty interest in the Project. On or before the eighth anniversary after closing, Kingsrose has the option to purchase 0.5% of the NSR on the Project by paying EMX A$1,200,000.
- To maintain its interest in the Project, Kingsrose will spend additional exploration expenditures of A$150,000 by the second anniversary, A$350,000 by the third anniversary, and A$350,000 by the fourth anniversary of the agreement, respectively, for a total of A$1,000,000 in exploration expenditures.
- EMX will receive annual advance royalty (“AAR“) payments of A$25,000 commencing on the third anniversary of the agreement, with the AAR payment increasing 10% each year thereafter (but capped at an annual payment of A$75,000).
- A milestone cash payment of A$250,000 will be made to EMX upon completion of the first 10,000 meters of drilling at the Project.
- An additional milestone cash payment of A$500,000, will be made to EMX upon disclosure of a maiden mineral resource.
Råna Project Overview. EMX’s Råna Project covers the unexplored extension of a well-known mafic-ultramafic intrusion near Narvik, Norway. The intrusion hosts magmatic sulfide nickel-copper mineralization at multiple prospects including the Bruvann Nickel Mine which produced 8.2 million tonnes at an average grade of 0.52% nickel, 0.1% copper, and 0.02% cobalt1 (the Bruvann mine lies to the northwest of the EMX land position – see Figure 2). Patterns of metal enrichment and depletion across the area suggest potential for additional sulfide deposits, including PGE-rich types, elsewhere in the intrusion.
EMX controls a large land position which includes the majority of the intrusive complex, contact zones and peripheral mineral occurrences. Additional unrelated copper and zinc occurrences are found within the license and suggest multiple target styles and a fertile metallogenic district.
More information on the Project can be found at www.EMXroyalty.com.
Comments on Nearby and Adjacent Properties. The historic mines and deposits discussed in this news release provide context for the Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Qualified Person. Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com
Scott Close
Director of Investor Relations Phone: (303) 973-8585
SClose@emxroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1: Project Location Map
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Figure 2: Råna Project Geologic Map
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1 The past production figures are derived from the government report: Carl Olaf Mathiesen and Rognvald Boyd, 2017: History of exploration of the nickel resources of the Råna Intrusion, Nordland, Norway, NGU Report 2017.31, available at https://www.ngu.no/upload/Publikasjoner/Rapporter/2017/2017_031.pdf.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157264
Vancouver, British Columbia–(Newsfile Corp. – March 1, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that it has signed an Option Agreement (the “Agreement”) to acquire a 100% undivided right, title and interest in the Union Mine, within the Union District of Sonora, Mexico. This district has historically produced high-grade zinc, gold and silver in carbonate replacement deposits (“CRD”), which is a significant style of deposit forming major mines in northern Mexico and the southwest USA. The Union Mine historically produced ~50,000 ounces of gold (“Au”) from the upper oxide zones of manto and chimney bodies according to past reports. The potential for further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets.
This specific tenure, located within the Company’s 100%-owned Union Project, has been of interest to Riverside for several years and this Agreement finally consolidates this key inlier ground. The Union Mine property is in good standing with established infrastructure, surface access, and the opportunity to complete option purchase for 100% interest in these claims provides the Company with a clear path to start testing priority targets across the consolidated land package in this district.
Riverside’s President and CEO, John-Mark Staude, stated: “Riverside is excited to be progressing the Union District and this deal consolidates the heart of the broader Union Project, giving us line of sight towards 100% ownership. We believe there is excellent potential to extend mineralization beyond the areas that were historically mined at Union and Union Norte. Controlling the historical mine areas and local infrastructure puts us in a position to move ahead more aggressively with other discovery targets within the surrounding areas as well.”
Agreement Details:
- Riverside paid USD$170,000 and can complete its earn-in to own an undivided 100% interest by making a second payment of USD$100,000 any time within 60 months of signing the Agreement.
- Upon completion of the earn-in, a 1.25% Net Smelter Royalty (“NSR”) will be retained by the underlying owner.
- Riverside can purchase (“buy back”) 0.25% increments of the NSR for USD$250,000 each at any time.
Figure 1. Geologic map with the tenure acquired in new Agreement shown in pink rectangle with manto and chimney type CRD targets shown in red polygons. Riverside now controls all mineral tenure in this map.
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Figure 2. Cross section looking west with proposed drill sites and hole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted manto and chimney target bodies that will now be able to drill explore.
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Recent work by Riverside, announced earlier for the tenures around the Union Mine ground, returned high grade assays from rock chip sampling and identified favorable structures (see press release October 3, 2022) The next phase of proposed work on this land tenure includes ground-based geophysics building upon previous work to further refine the larger structures likely responsible for the carbonate replacement bodies similar to those found in the Cananea Mining district (including Buenavista Mine), Sonora and the Sierra Vista Mining district (Taylor and other deposits), Arizona. Drill permitting is now underway and the Company views the consolidated Union Project as one of the Company’s lead assets and will move to rapidly refine targets for drilling later this year.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the La Union Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at the La Union Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Mehran@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Highlights:
- Millrock will become an energy metal explorer – developer focused on its Nikolai project in Alaska, targeting a potentially large resource of nickel, copper, cobalt, chromium, iron, and platinum group elements.
- The Company will be renamed Alaska Energy Metals Corporation and effect a 10:1 stock consolidation following receipt of TSX Venture Exchange (“TSX-V”) approval.
- Gregory Beischer will continue to lead the company and key employees have been promoted to executive positions.
- The Company intends to undertake an equity financing with the amount and terms to be determined. Existing Millrock shareholders will have priority participation.
- Non-core assets may be sold and proceeds directed to the Nikolai project.
- Historical drilling shows thick intersections of disseminated sulfide mineralization over wide intervals and extensive strike length. Drilling is planned in 2023 and 2024 to establish an initial resource of nickel, copper, cobalt, and platinum group elements.
- The Nikolai project also features indications of exceptionally high-grade, massive sulfide nickel, copper, and platinum group element occurrences that will be brought to drill readiness in 2023.
VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) announces that, subject to receipt of TSX-V approval, it plans to change its name to Alaska Energy Metals Corporation and consolidate its share capital on a 10 for 1 basis. The Company will have approximately 15.5 million common shares issued and outstanding on a post-consolidated basis. In this news release, the post-consolidated Company is referred to as “Alaska Energy Metals” or the “Company”.
The Company also plans to undertake an equity financing to raise capital for drilling and metallurgical testing of nickel (Ni), copper (Cu), cobalt (Co), chrome (Cr), iron (Fe), platinum (Pt), palladium (Pd), gold (Au), and silver (Ag) mineralization on its Nikolai project in Alaska. Details will be announced when finalized.
President & CEO Gregory Beischer stated: “Despite strong execution of the Project Generator model over the past few years, Millrock’s share price has declined. Bold changes are necessary and the Nikolai project presents a timely opportunity. Historical drilling at Nikolai indicates potential for a very large, low grade, polymetallic deposit dominated by nickel sulfide mineralization. The demand for nickel and cobalt for electric vehicle battery manufacture has been growing rapidly and is projected to increase significantly. It will be necessary for the mining industry to mine bulk tonnage nickel – cobalt deposits to meet the demand. Alaska Energy Metals is positioning itself to supply domestic markets with a source of critical and strategic metals. Located in the USA, we intend to help North America transition to electrical power for vehicles and other rechargeable battery powered products.”
Nikolai Project
The Nikolai project consists of two claims blocks, the Eureka block and the Canwell block, totaling 9,477 hectares. The Eureka claim block, which is 100% owned by the Company, covers the Eureka Zone, where historical drilling indicates the presence of a thick zone of disseminated mineralization over a 15-kilometer (km) strike length.
Alaska Energy Metals has an option to purchase a 100% interest in the Canwell claim block where sulfide occurrences with high grade Ni, Cu, Au, Pt, Pd and the rarer platinum group elements are documented.
Figure 1. Nikolai Project Location, Alaska
The Nikolai project is well-situated. The paved Richardson Highway leads to the project area, which is a 2.5-hour drive south of the city of Fairbanks. An old mining trail leads from the Richardson Highway close to the Eureka claim block, which sits on rolling hills on the leading southern edge of the Alaska Range mountains. A series of gravel roads and trails traverse the Canwell claim block, which exhibits more rugged terrain at higher elevations in the Alaska Range mountains.
At the Eureka Zone, a 3.4 km strike length (red ellipse in Figure 2) shows more substantial metal concentrations in historical drill holes. Drilled intervals range between 95 meters (m) and 320 meters, and nickel equivalent (NiEq) grades range between 0.29% and 0.47%. Typical nickel grade is ~0.22%.
Historical drilling is sparse, but metal concentration appears consistent over long distances. Calculating an initial inferred resource from some more closely spaced historical holes may be possible. The Company does not presently have access to the assay certificates from holes drilled by a former explorer (Pure Nickel Inc.). It is possible that the Company may be able to obtain this data.
Alaska Energy Metals envisions a 4,200-m drill program in summer 2023, which may result in the calculation of an initial inferred resource in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Alaska Department of Natural Resources has approved drilling permits and temporary water use authorizations. Initial deportment studies indicate nickel is present primarily in the form of the sulfide mineral pentlandite but also as Ni-Fe alloy, both of which may be readily recovered by standard milling methods.
An important part of the anticipated 2023 program will include additional Ni-Cu-PGE-Au deportment studies, crystallography studies of Ni-Fe Alloys, and bench-scale, closed-circuit flotation studies.
Note: The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals, as mentioned in Figure 2, is conceptual in nature. There has been insufficient exploration drilling to estimate an Inferred Mineral Resource (as defined in CIM Definition Standards for Mineral Resources & Mineral Reserves), and it is uncertain if further exploration will result in the calculation of in an Inferred Resource estimate.
Figure 2. Eureka Zone of the Nikolai Project. Historical drilling indicates thick intersections of disseminated sulfides over a 15-km strike length. Metal prices used for NiEq calculation are: $7.00/lb. Ni, $3.50/lb. Cu, $25.00/lb. Co, $900/oz Pt, $1800/oz Pd and $1600/oz Au. (Source: Millrock files and data published in various press releases by prior explorer Pure Nickel Inc. from 2007 to 2014).
There are several sulfide occurrences exposed at surface on the Canwell block of claims. Exceptional grades of nickel, copper, gold, platinum, palladium, and the rarer platinum-related metals osmium, iridium, ruthenium and rhodium have historically been reported from outcrop grab, float and chip samples. These samples are selective in nature and not necessarily representative of mineralization. Little drilling has been done and all holes are very shallow tests of surface anomalies.
In 2023, Alaska Energy Metals intends to carry out an extensive rock and soil sampling program and a modern, detailed airborne electromagnetic survey on the Canwell Block in preparation for a 2024 drilling program.
Figure 3. Canwell Zone of Nikolai Project. Surface occurrences of massive sulfide indicate very high grades of Ni, Cu, Au, Pt, Pd, and the rare platinum group elements Os, Ir, Ru and Rh.
Management Changes
Phil St. George has stepped down as Chief Exploration Officer of Millrock but will continue as a technical advisor to Alaska Energy Metals. Millrock is grateful for Mr. St. George’s contributions to the Company, and Alaska Energy Metals looks forward to his continued support.
Long-standing senior employees of Millrock will now fill executive roles within Alaska Energy Metals.
Greg Beischer will continue to lead the Company. Mr. Beischer has a long history with the Nikolai project. In 1995, his first employer, International Nickel Company (INCO), transferred him to Alaska to explore the state with a focus on the Nikolai project area. As a geologist (Laurentian University, Sudbury, Ontario, Canada) and a mining engineering technologist (Haileybury School of Mines, Haileybury, Ontario, Canada) and an experienced executive, Mr. Beischer has the capability to lead the re-focused company as an energy metal explorer and developer.
Kyle Negri has been appointed Vice-President of Exploration. Mr. Negri started his career with Millrock as a geology student at the University of Alaska in 2008. He is now an accomplished exploration geologist and operations director that will lead Alaska Energy Metals’s exploration efforts.
Traci Hartz has been appointed Vice-President of Administration. As an experienced and dedicated landwoman and administrative professional, Ms. Hartz began her career in mining in 2011 with Millrock. Ms. Hartz has risen rapidly to become expert in mineral land management and is well-versed in resource-related legal contracts. Ms. Hartz ably handles all matters relating to tenure management, service contracts, human resources, and office management.
Gabe Graf has been appointed Chief Geoscientist. As an economic geologist (M.S. New Mexico Institute of Mining and Technology – 2008) with an MBA (University of Alaska Fairbanks – 2018), Mr. Graf is an accomplished exploration and mining geologist. As the Exploration Superintendent at Alaska’s Pogo mine, he made significant gold deposit discoveries. Mr. Graf has been involved with Millrock for several years and will now play a pivotal role in target generation and 3-D geological modeling.
Non-Core Assets
The Company owns a portfolio of exploration stage royalty assets in Alaska and a portfolio of shares in other junior exploration companies. Additionally, the Company owns a 49% interest in the 64North gold project surrounding the Pogo gold mine in Alaska, and also other mineral property interests. The Company will consider selling these assets for fair prices to bolster the treasury and contribute to exploration and development at the Nikolai project.
Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a qualified person, as defined in NI 43-101. Mr. Beischer was an exploration manager for INCO in the 1990s and directly supervised drilling and sampling operations on the project. The drill core samples and rock samples collected at the time were analyzed by ALS Chemex labs and all standard quality control and quality assurance methods were used. The qualified person has recently reviewed all assay certificates from the historical drilling and sampling done by INCO. The Company has done check sampling of the INCO drill cores, which are stored at the Geologic Materials Center in Anchorage, Alaska. New assay data confirmed historical values. Some historical data presented in this press release include drill intercepts that were reported by Pure Nickel Inc. in press releases. The Company does not have access to this data and cannot therefore independently verify the information. However, Pure Nickel Inc. was known by the qualified person to be a high-caliber company that employed strong, industry-standard methods, and the qualified person has no reason to doubt the validity of the publicly reported Pure Nickel Inc. results.
About Alaska Energy Metals
Alaska Energy Metals Corporation will be focused on delineating and developing a large polymetallic deposit containing Ni, Cu, Co, Cr, Fe, Pt, and Pd. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals. The Company intends to delineate a major metal resource by the end of 2024.
ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, TSX-V approval of the Company’s proposed name change and consolidation of shares, and the Company’s successful realization of adequate financing to explore and develop the Nikolai project and to successfully achieve milestones. The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals is conceptual in nature. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation a Mineral Resource. The Company has stated its intention to liquidate non-core assets but there is no assurance that it will be successful in doing so. All these statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.