Vancouver, British Columbia–(Newsfile Corp. – September 5, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine (Figure 1).
EMX’s Timok royalty property is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposits which have recently been put into production by Zijin. Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX. The Cukaru Peki deposits consist of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the “Upper Zone”, and a deeper body of porphyry-style copper-gold mineralization known as the “Lower Zone”.
Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone. The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis. EMX is appreciative of Zijin’s cooperative and amicable approach throughout the process of achieving this resolution and looks forward to working with Zijin as the projects advance.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “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.
Figure 1. Locations of EMX royalty interests and key geological features in the Timok Magmatic Complex in the Bor Mining District of Serbia.
VANCOUVER, British Columbia, July 27, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that it has received a $153,000 exploration grant from the Government of the Northwest Territories’ Mining Incentive Program to further exploration at its IML critical minerals project.
IML Project The IML project is located 195 km east-northeast of Yellowknife, NT, east of the Yellowknife Pegmatite Group, on the eastern arm of Great Slave Lake, within the rear earth element and pegmatite focus area. Great Slave Lake is located in the south of the Northwest Territories.
The IML Vulcanic Massive Sulphide project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*. The project is one of the last unexplored greenstone belts in the world, and has district scale potential. The historic resource is coming from just 3% of the 30,000 acre greenstone belt. Pegmatites have been identified in the historic drill core, and management of the Company has planned a Phase 1 Exploration Program to further explore for lithium in the pegmatites associated with the greenstone belt, as well as those that may exist from surrounding prominent granitic intrusions.
Infrastructure Unlike some projects in the Northwest Territories of Canada, the project benefits from primary barge infrastructure, and is located within a prolific area of lithium and rare earth elements exploration, where recent discoveries (for example, LiFT Power) are bound to bring new infrastructure to the area. Seasonal access to the IML project currently relies upon fixed or rotor wing support, or ice road. A right of way was cleared to the project from the deep lake port of Thompson Landing, NT, in the 1970s, providing barge access with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
Use of Grant Proceeds The Company has outlined a Phase 1 Exploration Program that relies heavily on airborne and ground geophysics to connect and model all of the historic zones of the project. The intent of the Phase 1 program is to ready the project for drilling in H2-2024. Rover Metals is seeking Joint Venture partners to option the project in 2024 for drilling.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Judson Culter, CEO at Rover Metals, states, “Zinc, Copper, and Lithium are on the Canadian Government’s Critical Minerals List, and have been prioritized for development. We’re thrilled the Government of the Northwest Territories has selected the IML project for grant funding. The recent discovery by LiFT Power of economic grade lithium in the area is shining a light on the jurisdiction, and we think the timing is right to plan an exploration program for IML.”
Current Financing Further to the Company’s release of July 20th, 2023, the third and final closing of the Company’s $0.08 Unit Financing has been allocated towards the Phase 1 Exploration Program for the IML project.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Exploration fieldwork has discovered a new porphyry target located five hundred metres east of the high-grade Apollo Porphyry Deposit and referred to as the Plutus Porphyry Centre (“Plutus”).
To date, Plutuscovers 1,000 metres by 720 metres in area and hosts multiple mineralization styles including porphyry veining, porphyry related breccia mineralization and late-stage carbonate base metal (‘CBM”) veins.
Within Plutus are two areas of interest:
Reconnaissance rock chip and shallow auger sampling of oxidized (leached) surface material at Plutus has yielded the following results:
Drilling is expected to commence at Plutus in August 2023. Four rigs are now operating at the project with eleven holes currently in the lab for analysis. Additional assay results are expected in the near term from further drilling at Apollo and surrounding targets.
Ari Sussman, Executive Chairman commented: “The Guayabales project continues to demonstrate its remarkable geological endowment. Hard work by the technical team has outlined the Plutus Porphyry Centre, which is the largest target outlined to date at the project. Given the sheer scale of Plutus, three pads are being constructed ahead of drilling which is expected to commence in mid to late August. We will be aggressive in testing Plutus and are hopeful of making another discovery to rival the Apollo porphyry system.”
TORONTO, July 18, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results and field observations from recent reconnaissance exploration work undertaken in the new Plutus Porphyry Centre (“Plutus”), located 500 metres east of the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia.
Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 455 metres x 395 metres x 915 metres and open for expansion.
To watch a short video of Richard Tosdal, renowned porphyry expert and Special Advisor to Collective Mining, review the Plutus discovery please click here.
Details (See Figures 1-3)
This press release outlines results from surface reconnaissance exploration work undertaken at the newly discovered Plutus Porphyry Centre (“Plutus”). Plutus is located 500 metres to the east of the Apollo Porphyry in an area with very sparse outcrop due to landslide and ash cover. Results and observations from Plutus are summarized below.
The Plutus porphyry centre measures 1,000 metres by 720 metres in area and is defined by a large porphyry intrusive in contact with breccia to its north-west. The intrusive body is outlined by soil anomalies of copper, molybdenum, gold, tungsten, tin and bismuth which are coincident with a magnetic susceptibility high. Soil copper values greater than 500 parts per million (“ppm”) and 30 ppm molybdenum with highest values up to 1,482 ppm copper and 127 ppm molybdenum define a 650-metre diameter area outlining the porphyry body. Surface geochemical soil, auger and rock sampling assay results from Plutus displays the following ranges of results:
Rock Chip
Gold rock chip values up to 4.90 g/t (range of 0.03 g/t to 4.90 g/t);
Silver rock chip values up to 100 g/t (range of 0.10 g/t to 100 g/t);
Copper rock chip values up to 1,290 ppm (56 ppm to 1,290 ppm);
Molybdenum rock chip values up to 102 ppm (0.2 ppm to 102 ppm).
Soil
Gold soil values up to 4.80 g/t (range of 0.03 g/t to 4.80 g/t);
Silver soil values up to 364 g/t (range of 0.10 g/t to 364 g/t);
Copper soil values up to 835 ppm (0.3 ppm to 835 ppm);
Molybdenum soil values up to 127 ppm (0.5 ppm to 127 ppm).
Auger
Gold auger values up to 3.72 g/t (range of 0.03 g/t to 3.72 g/t);
Silver auger values up to 56 g/t (range of 0.02 g/t to 56 g/t);
Copper auger values up to 1,482 ppm (69 ppm to 1,482 ppm);
Molybdenum auger values up to 113 ppm (1 ppm to 113 ppm).
The amount of rock and weathered exposures in the Plutus target area is limited to a few sparse outcrops due to vegetation, historical landslides, and volcanic ash cover.
Observations from surface mapping of the sparse outcrops and logging of auger drilling chips highlights the presence of porphyry-related mineralization, including magnetite veins as well as pyrite, chalcopyrite and molybdenite sulphide and quartz A, B, EB, and D type porphyry veins. The quartz diorite porphyry exhibits both potassic and sericite alteration.
A north-western breccia area with multiple outcrops is located contiguous with the porphyry intrusive body and includes the Donut Breccia discovery where previous drilling intercepts included 163 metres @ 1.3 g/t AuEq from surface in DOC-3 and 104 metres @ 1.3 g/t AuEq from surface in DOC-2 (see press release dated November 15, 2021 and October 18, 2021, respectfully). Follow up work in the breccia area has identified additional outcrops located to the west and east of the area previously drill tested with assay results pending from channel sampling of limited available exposures.
One rig will be mobilized to Plutus with drilling expected to commence in August 2023.
Apollo Drill Program Outline and Assay Update
The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results announced with an additional eleven holes awaiting assay results from the lab. The objective of the 2023 drilling program is to define high-grade near surface mineralization of the Apollo porphyry system, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 55 drill holes (approximately 23,907 metres) has been completed and assayed.
Figure 1: Location of Apollo and Plutus Porphyry Centres (CNW Group/Collective Mining Ltd.)
Figure 2A and 2B: Plutus Porphyry Centre as Outlined by Copper and Molybdenum in-Soil, Auger and Rock Chip Geochemistry, Superimposed on Magnetic Susceptibility Data – Copper (CNW Group/Collective Mining Ltd.)
Figure 2A and 2B: Plutus Porphyry Centre as Outlined by Copper and Molybdenum in-Soil, Auger and Rock Chip Geochemistry, Superimposed on Magnetic Susceptibility Data – Molybdenum (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Plutus Target (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system, continue to expand the overall dimensions of the system through step out and direction drilling, which remains open in most directions and drill test multiple new targets generated through grassroots exploration.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
The market for critical minerals used in electric vehicles, solar panels and wind turbines has doubled over the past five years, reaching $320-billion in 2022, and is expected to continue to growth strongly amid record deployments of clean energy technologies such as solar and batteries.
The International Energy Agency’s (IEA’s) inaugural ‘Critical Minerals Market Review’ shows that, from 2017 to 2022, the energy sector has been the main factor behind a tripling in overall demand for lithium, as well as the 70% jump in demand for cobalt and the 40% rise in nickel demand.
“As a result, energy transition minerals, which used to be a small segment of the market, are now moving to centre stage in the mining and metals industry,” the report states.
The market has responded, with investment in critical mineral development rising 30% last year, led by lithium with a 50% jump in investments.
Likewise, exploration spending rose by 20% in 2022, again driven by record growth in lithium exploration, particularly in Canada and Australia where year-on-year growth of 40% was recorded.
After a surge in 2021 and 2022, the IEA says many critical mineral prices started to moderate in 2023, albeit while remaining above their historical averages.
Nevertheless, IEA executive director Fatih Birol warns that far more needs to be done to ensure supply chains for critical minerals, such as lithium, cobalt, nickel and copper as well as platinum, manganese and various rare-earth minerals, are secure and sustainable.
There is also a need, the report argues, to diversify the sources of supply away from their current concentration in a handful of countries, with the Democratic Republic of Congo dominating cobalt supply, China holding half of planned lithium chemical plants and Indonesia representing nearly 90% of planned nickel refining facilities.
The report also cautions that any project delays and technology-specific shortfalls could undermine both the pace and cost of the transition to those energy technologies needed by 2030 to limit global warming to 1.5 °C.
The IEA, which began analysing the role of critical minerals in the energy transition in 2021 and subsequently received a mandate from its member governments to track developments, has also launched an interactive online tool to improve visibility of market dynamics.
The IEA Critical Minerals Data Explorer currently provides users with access to the agency’s demand projections under various scenarios and technology trends and supply-side information will be added in future updates.
The IEA is also preparing to host an international critical minerals summit in Paris, France, on September 28.
Rule Investment Media Proudly Presents… Exclusive On-Demand Livestream of the Rule Symposium on Natural Resource Investing
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Rule Investment Media Proudly Presents… Exclusive On-Demand Livestream of the Rule Symposium on Natural Resource Investing
JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!
THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…
On behalf of Bob Moriarty, www.321gold.com will be back up and running 5 July 2023. Bob is doing just fine, There was a technical issue with the website,
India is imposing a 20% refundable tax on foreign expenses made in INR. While this money will theoretically be refunded in the following tax assessment, you will lose value because of high inflation. Moreover, most people will not claim this money, for they fear audits and harassment by rapacious tax officers. This fear has been a boon for Hawala transactions, which have drained the US dollar from the streets of India. Here are my thoughts:
India is imposing a 20% refundable tax on foreign expenses made in INR. While this money will theoretically be refunded in the following tax assessment, you will lose value because of high inflation. Moreover, most people will not claim this money, for they fear audits and harassment by rapacious tax officers. This fear has been a boon for Hawala transactions, which have drained the US dollar from the streets of India. Here are my thoughts:
As time has passed, corruption has become more blatant in India, and fanaticism is rapidly increasing. Previously, the US used to hold a higher moral ground. However, today, being woke and expedient, it hosts those it once used to ban from entry. Here are my thoughts on Modi’s recent visit to the US:
On Investments
I recently had a conversation with Maurice Jackson about why most people make a horrendous mistake by conflating resource companies with the underlying commodities they represent. We also discussed several coal companies:
Here are some more companies that have my attention:
Irving Resources (IRV; C$0.72): IRV has three drill rigs, with one operating 24 hours a day at the Omu project in Hokkaido. They have over $7 million in cash. Newmont is increasing its ownership in IRV by financing it at C$1.03 per share, a significant premium to the current share price.
Maritime Resources (MAE; C$0.04): They are buying the Point Rousee project from Signal Gold. And I wouldn’t be surprised if they bid for the now-defunct Rambler Mines. MAE can create good value if they do this combination right. To protect my downside, I wouldn’t buy it for more than C$0.04.
Rockcliff Metals (RCLF; C$0.035): RCLF is being acquired by Hudbay. At C$0.035, there would be a 19% arbitrage upside.
Nameson Holdings (HK:1982; HK$0.47): Nameson is a small knitwear manufacturing company catering to some of the top international brands. My clients and I have been invested in it for several years. The dividend yield is >10%. I expect the next dividend to be much higher.
The next Capitalism & Morality will be held on the 9th of September 2023. If this philosophy seminar interests you, please use the following coupon code to get a 10% discount rate: 1984. The ticket price will go up next week.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
North Vancouver, British Columbia–(Newsfile Corp. – June 28, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide an update on construction progress at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
Mine construction is approximately 75% complete.
Earthworks and concrete works are substantially complete, structural steel is 70% complete.
The project is fully funded and on track for delivery of first gold in Q4 CY 2023.
Figure 1. Tuvatu Gold Mine Under Construction. See below for additional images.
Mine construction is approximately 75% complete and remains on track for delivery of first gold in Q4 2023. Earthworks and concrete works are substantially complete, with over 3,500 m3 of concrete poured to date. Structural steel is 70% complete and is progressing rapidly. All the components required to commission the processing plant are on site and a team of 350 contractors and employees are working together to bring the project towards completion. Once complete, Lion One plans to operate the processing plant at an initial production capacity of 300 tonnes per day for the first 18 months of operations before increasing the capacity to 500 tonnes per day in mid-2025. Lion One is fully funded to complete mine construction and bring the Tuvatu Alkaline Gold Project into production by the end of the year.
Videos of construction progress can be viewed on the company’s website (www.liononemetals.com). A summary of construction items that are in progress or complete is shown in Table 1 below.
Site Infrastructure
A large portion of the site infrastructure is complete, including the site office, the mine changeroom, the mine workshop, the fresh water supply system, the sewage treatment plant and the waste rock crusher and screener, all of which are commissioned and in use. The construction of the power plant, which consists of six 800 KW generators and one 1,500 KW generator for a total 6.3 MW, is in progress.
Crushing and Conveying
The Lion One processing plant will treat material using a two-stage crushing process, with a primary jaw crusher and a secondary cone crusher. A system of three conveyor belts will transport material between the two crushers and on to the processing plant. The jaw crusher, cone crusher, conveyor belt 1 and conveyor belt 2 are all in place while conveyor belt 3 has been fabricated and needs to be lifted into place. Piping and electrical work remains to be completed. The ROM pad has also been constructed and is in use, with minor upgrades remaining to be completed.
Grinding, Concentrating, Leaching and Recovery
Material from the crushing process will be fed to a two-stage grinding circuit, followed by an integrated two-stage gravity concentration circuit. Some concentrates will then be treated by an intensive cyanide leaching reactor and the remainder of the concentrates will be leached using conventional cyanide Carbon in Leach (CIL) technology. Gold will be recovered from the gold laden carbon using conventional absorption desorption recovery (ADR) technology and smelted on site to produce gold doré bars. Construction is advancing rapidly on the grinding, concentrating, and leaching circuits, as well as on the necessary supporting infrastructure such as warehouses and workshops. Ball Mills 1 and 2 are in place, the leaching tanks are in place, and Reagent Warehouse 1 is nearing completion. All other components of the processing plant are in progress at varying levels of completion. Electrical and piping work remains to be completed.
Tailings Storage Facility (TSF)
Tailings from the processing plant will be treated using the SO2/air process to remove any residual cyanide and will be filtered to produce filtered tailings which will then be transported to the TSF for storage. Stage 1 of the TSF will consist of a dam with a finish level at 115 m elevation, and a pond with enough capacity for 18 months of operation. The tailings dam has currently been built to an elevation of 107 m. TSF construction has been ongoing since June 2022 and the TSF is anticipated to be in operation in Q4 of 2023. Other components of the TSF, such as diversion channels, dam spillway, and liner installation are advancing simultaneously.
Underground Developments
Underground mining of the URA1 , URW1a and URW1b lodes is ongoing. The main decline has reached a vertical depth of 99.4 m below surface and a total length of 344 m from the mine portal. The link drive connecting the main decline to the historical exploration decline has been completed and measures 140 m from the junction with the main decline to the junction with the historical exploration decline. The link decline was driven from the main decline to the exploration decline and broke through the exploration decline on June 21st, 2023.
The completion of the link drive is a major milestone in the development of the mine as it enables the Stage 1 primary ventilation system to be installed. The Stage 1 primary ventilation system consists of four 55KW exhaust fans that are being installed at the entrance to the historical exploration decline, and which will provide ventilation throughout the mine. The Stage 1 primary ventilation system will provide sufficient ventilation to mine all the way down to the 500 zone, which is part of the high-grade feeder zone underlying Tuvatu and which comprises a major component of the mine plan. The completion of the link drive also enables mineralized lodes to be mined both from the historical exploration decline as well as from the main decline, thereby increasing the number of faces available to mine and adding considerable flexibility to the mining operations.
In addition to the link drive and ventilation system, a high voltage power plant and an underground compressor are also being installed to support underground mining operations.
Table 1. Status of Major Mine Components Under Construction.
Processing Plant
Item
Construction/Installation Progress
ROM Pad
Nearing Completion
Jaw Crusher
Complete
Cone Crusher
Complete
Conveyor Belt 1
Nearing Completion
Conveyor Belt 2
Nearing Completion
Conveyor Belt 3
In Progress
Ball Mill 1
Complete
Ball Mill 2
Complete
Gravity Circuit
In Progress
Intensive Leaching Circuit
In Progress
Leaching Tanks
Nearing Completion
Filter Press System
In Progress
Reagent Warehouse 1
Nearing Completion
Reagent Warehouse 2
In Progress
Electrowinning and Carbon Regeneration Workshop
In Progress
Gold Room
In Progress
Main Power Plant
In Progress
Supporting Infrastructure
Item
Construction/Installation Progress
Mine Changeroom
Complete
Mine Workshop
Complete
Site Office
Complete
Surface Magazine Storage
Complete
Mill Maintenance Workshop
Planning
Site CCTV and Fibre Optic Cable Installation
Nearing Completion
Fresh Water Supply System
Complete
Sewage Treatment Plant (STP)
Complete
Diesel Generator Power Plant Installation
In Progress
Waste Rock Crusher and Screener
In Production
Water Retention Pond
Complete
Coreshed Expansion
Complete
Tailings Storage Facility (TSF)
Item
Construction/Installation Progress
Tailings Dam (Stage 1)
In Progress
North Diversion Channel
Complete
South Diversion Channel
In Progress
TSF Basin Excavation
In Progress
TSF Dam Spillway
In Progress
HDPE Liner Installation
In Progress
Underground Developments/Upgrades
Item
Construction/Installation Progress
Link Drive Connecting Main and Exploration Declines
Complete
HV Power Plant
In Progress
UG Compressor Installation
In Progress
Stage 1 Primary Ventilation
In Progress
Images
Figure 2. Oblique aerial view of mine site under construction, June 16, 2023.
Figure 7. Location of link drive in relation to the main decline and the historical exploration decline. Mineralized lodes are shown in transparent grey. Connecting the main decline to the exploration decline enables the Stage 1 primary ventilation system to be installed and enables mining of the lodes accessed through the exploration decline.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Patrick Hickey, Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Edmonton, Alberta–(Newsfile Corp. – June 23, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that crews have started to mobilize back to the Rock Creek camp to commence work within the Greenwood Precious and Battery Metals Project.
Geological and prospecting crews have mobilized to the Greenwood Project to commence summer field work. Prospecting, rock and soil sampling, geological mapping, and ground geophysical surveys are immediately planned for the Midway and Imperial areas in preparation for drilling later this year. The Company is awaiting land use permits for conducting drilling and trenching at both projects as well as a number of other areas including Sappho and Copper Mountain.
The geological crew has and will be collecting a number of samples for assay. The samples will be submitted for assay and results will be reported when they become available.
The goal is to have a pipeline of high priority Ag-Au and battery metal targets that are all permitted and ready for a long 2023 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.
2023 Exploration Update for Greenwood
Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in order to follow-up the anomalous results of the 2022 drilling program. In addition, there are other targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great Hopes crown grant that have yet be drill tested.
Drilling and trenching permit applications have been submitted for the 2023 season for the Midway, Sappho, Copper Mountain and Imperial targets.
Additional permit applications for drilling at the Crown Point and the Overlander-Mt Attwood areas are in preparation and will be submitted in the near future.
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver. The Overlander area is being targeted for mesothermal to epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples from outcrop collected from the Midway Mine-Picturestone area, with 4 of 7 rock grab samples from outcropping mineralization in the Midway Mine historical pit yielded a range of 12.05 g/t (or 0.351 ounces per ton [oz/t]) Au up to 70.8 g/t (2.065 oz/t) Au (See Company news release dated October17, 2022).
Three (3) of the 7 selective rock grab samples from the Midway Mine pits yielded from 1,360 g/t Ag (39.7 oz/t Ag) up to 2,140 g/T Ag (62.4 oz/t Ag) (see the Company news release dated October 17, 2022).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 oz/t Au) and 1,530 g/T Ag (44.6 oz/t Ag), illustrating that there is potential for additional high-grade mineralization in the area.
The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
At least five new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho Target.
Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
Numerous rock grab samples have yielded greater than 1% copper, 1 g/t gold, 1 g/t platinum and 1 g/t palladium (see Company news release dated November 3, 2022).
Historical drilling (by the Company) has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Director Resigns
Mr. V. Richard Rabbito has resigned from the Company’s Board of Directors. The 500,000 compensation stock options granted to Mr. Rabbito per the Company’s news release dated May 29, 2023 have been cancelled unexercised.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
