On February 16th the comedian running Ukraine began a massive shelling attack on the Donbas after murdering over 14,000 innocent civilians since 2014 in the region because they did not support the illegal coup d’état sponsored by the US.
In a speech given at the Munich Security Conference on February 19th the clown made it clear Ukraine wanted to regain its nuclear arsenal. Also on February 19th Brandon announced he knew Putin was about to attack Ukraine. That may have had something to do with Ukraine’s planned invasion of the Donbas scheduled for early March.
Russia responded with a preemptive attack on Ukraine on February 24th. Brandon called for more sanctions on Russia in response in addition to those imposed before Russia had done anything.
The European allies and US seized billions of dollars of Russian reserves in the west and other assets without even a shred of legal justification. The Ruble went into free fall going from 85 to the dollar on February 15th to a high of 147 on March 7th. Clearly the sanctions had an effect and cut the value of the Ruble almost in half.
Russia was prepared for yet another round of sanctions. They raised internal interest rates and demanded payment for their gas and oil in Rubles. Since then the Ruble has been the strongest currency in the world currently trading at 55 to the dollar. The Euro has fallen to below par with the Dollar, the British Pound is down over 20% and almost at par with the dollar. The sanctions hurt.
But they hurt Europe, they didn’t hurt Russia.
On March 1st I posted an article I had written in response to the sanctions. I called it The US, EU and Nato Just Committed Suicide. I’m going to take credit for being the first person in the world to write about how stupid and self-destructive the sanctions were. Since then the word suicide has been recognized by hundreds or thousands of other commentators. Everyone now understands just how much damage the sanctions have done to the economy of Europe and the US.
You see, there is no energy shortage. There is lots of natural gas available and coal and oil to any willing buyer. But at the insistence of the US upon their European sock puppets, Europe refused to agree to perfectly reasonable terms offered by Russia. This wasn’t a case of Russia refusing to sell resources to the EU. It was a case of the EU first stealing from Russia and then demanding Russia agrees to their terms.
Putin understood something that none of the “leaders” of the EU understood and most of the world still doesn’t get.
Europe needs Russia.
Russia does not need Europe.
So the cost of energy and food across the world has skyrocketed. This winter thousands of businesses in Europe are going to be forced to close because they cannot afford to pay their energy bills. Millions of Europeans are going to starve or freeze or be forced into poverty as a result of their own stupidity or all three at the same time.
I’ve been amazed because the solution to the problem was so simple but the actions of the “leaders” of the EU so obtuse.
Regardless of how they feel about the war, right or wrong on anyone’s part, if the sanctions hurt Europe and didn’t hurt Russia, all the EU had to do was declare victory and announce the end of the sanctions. Agree to pay on the terms Russia has offered to everyone and the economy recovers from this latest stupidity in government in a few months.
If Germany needs natural gas as a feedstock for their chemical plants and to provide heat for businesses and homes, all they had to do was turn on the Nord Stream II pipeline.
That was until September 27th when the US blew up Nord Stream I and Nord Stream II. Which Brandon has promised was in the works long ago.
So we are in one of those good news, bad news places. The good news is that thousands and perhaps millions of Europeans led by the Germans are going to starve, freeze and go bankrupt this year.
Because of this act of war on the part of the US, the probability of a nuclear exchange just went through the roof. We are closer to nuclear annihilation than we have ever been in history.
The bad news of course is that no matter how grim this winter is in Europe, they are totally fucked next year. Turning on the tap is no longer an option even if the EU sobered up.
Welcome to World War III brought to you by Brandon and the idiot neo-cons surrounding him. Is anyone stupid enough to believe Russia will not respond in kind?
About 5.7 tons of Russian bullion arrived in August, data show
Metal arrived from the UK, not under sanctions: Swiss customs
By
Eddie Spence+FollowSeptember 20, 2022, 4:26 AM EDTUpdated on
Switzerland’s imports of Russian gold surged to the highest in more than two years, a sign that more old bullion from the country may be being remelted to make it easier to sell.
About 5.7 tons — worth $324 million — of Russian metal was imported by the refining hub in August, according to data from the Swiss Federal Customs Administration. That’s the most since April 2020.
The shipment was Russian metal that arrived from the UK, the customs administration said in a statement on Tuesday. Swiss customs data show the last place the precious metal was refined, rather than where it was last shipped from.
Russia’s gold has become taboo since the country invaded Ukraine earlier in the year. New Russian gold has been sanctioned by the US, EU and Switzerland, but bars exported from the country before Aug 4. are not subject to the import ban, the customs authority said Tuesday.
Some investors with old Russian gold bars may wish to remelt them at Swiss refineries to make them easier to sell. Though the country’s bullion minted before the war can still be traded in most major centers, including London and Zurich, there’s a stigma around it. Russia — the world’s second-biggest gold miner globally — was previously a major supplier of new bullion to the UK market.
China is still importing Russian gold, though the quantities remain relatively low. The country bought 0.3 tons of the precious metal from Russia in August, a small fraction of its
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Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”) is pleased to report assay results for the remaining 7 drillholes of its twelve-hole, 1700-meter diamond drill program completed at the Oakes Gold Project (the “Project”) in northwestern Ontario, Canada. The primary focus of the first drill program at Oakes was to test the ‘HG’ Target identified by geophysics and trenching programs for gold grades and continuity. The results came back favorable with hole 22-11 returning 5 intervals of gold over a total interval of 55 meters and hole 22-06 returning 4m @ 1.7 g/t Au. The Induced Polarization (IP) work conducted by Riverside in the summer of 2021 showed the HG IP Target extended westward beyond the area of trenching and sampling. Drilling this year has now confirmed the gold continuity of over 1.2 kilometer strike, hitting the mineralized structure and further open in both east and west. The drill results announced here fit with the orogenic gold model and further drilling can be progressed with confidence as all the holes of this program were shallow, with intercepts at less than 120m for most cases, while the system is wide open at depth.
This drill campaign has now successfully expanded the known gold mineralization well beyond the outcrops and laid the groundwork for the next drill campaign to continue expanding the Oakes gold camp. IP data provided strong conductivity and complimentary resistivity anomaly trending roughly east-west parallel to the geological units with greater confidence. The 7 holes announced here intercepted favorable geology of metavolcanics, “greenstone”, consistent with the geology noted in the first five holes and further geological constraints. As this part of Oakes has never been drilled, the first drill program comprised of shallow holes with the intent of intercepting the target at 100 m vertical below surface. The mineralized zone on surface is known to pinch and swell and averages about 5 m in width. The best hole in the second batch of reporting was DDH-22-06 which returned 1.7 g/t over 4 m with one sample being almost 5 g/t gold. The best intercept in the program was 8.4 g/t over 1 m in Hole #2.
Table 1: Spring 2022 Drill Program Highlights at Oakes (holes 6-12)
Hole No.
from (m)
to (m)
length (m)
Au (g/t)
OAKES-22-06
72
76
4
1.7
including
72
73
1
4.9
OAKES-22-06
85
88
3
1.0
OAKES-22-07
98
100
2
0.9
OAKES-22-08
9
10.5
1.5
0.4
OAKES-22-09
18
18.5
0.5
1.0
OAKES-22-11
22
23
1
2.2
OAKES-22-11
96.5
98
1.5
1.0
OAKES-22-11
113.5
115
1.5
1.1
OAKES-22-11
125.5
127
1.5
2.3
OAKES-22-11
151
152
1
0.9
OAKES-22-12
106.5
108
1.5
2.4
OAKES-22-12
130
131
1
0.4
All samples comprised half-core, saw-cut samples with QA/QC described below and further at www.rivres.com. Samples are generally considered to be 90-95% to true width.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Target_Corporation%253BDrill%253BTom%25C3%25A1%25C5%25A1_Hole%25C5%25A1%253BDrilling%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25220b3e363e-27c8-3807-828c-310b2cededf8%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Technical Interpretations & Observations
DDH-22-06 & 07 were designed to intercept the HG Zone beneath Trench 1 at about 100 m depth. The target zone comprises strongly foliated, fine grained, metavolcanic rocks showing strong silicified zones with narrow bleached sections. Alteration comprises abundant biotite and chlorite bands, the top of the unit shows quartz veining with semi-massive pyrite-pyrrhotite and trace chalcopyrite which generally described the mineralized environment at Oakes. Quartz carbonate veinlets and stringers are more frequent from 80 m to 110 m down the hole consistent with the drill target gold bearing area. The overall 25-30m mineralization halo and main zone which is near vertical, now demonstrates strong consistency and provides the Company confidence of a significant gold system at Oakes. DDH-22-08 hit a fault and could not reach the target. DDH-22-09 was the setback collared to drill the Brinklow IP anomaly south of HG Zone, while DDH-22-10 was collared on the Crib Road with the intent to test the IP anomaly associated with the metasediment/metavolcanic contact boundary mapped at this location. Holes 8, 9 and 10 were not intended to evaluate the HG target and were instead testing parallel features. Holes 6, 7, 11, 12 provide technical data specific to the HG trend and give positive results for further exploration at Oakes which lies 25 km east of the Hard Rock Mine currently being constructed by Greenstone Gold (Equinox Gold) with a Proven & Probable Reserves of 5.5Moz at 1.27 g/t Au.[1]
Figure 1: Collars and projected drill holes for 12 holes plotted on IP Chargeability Map
DDH-22-11 was targeting an IP conductivity anomaly associated with the HG Zone on trend with the mineralization defined on surface (and in drill core) at Hole 6 located 600 m to the east along what is believed to be the same structure. Assays returned gold results associated with veining throughout the hole and as high as 2.3 g/t gold. Hole 11 was collared in metasedimentary rocks and drilled northward into metavolcanic rocks. Bedding and the contact between the two units was measured at 50 degrees to the core axis whereas foliation and shearing is at about 45 degrees. Alteration comprises moderately to strong biotitic and weak to strong chlorite zones sometimes associated with carbonate zones. Quartz veining and silica content increases starting at 80 m downhole. Sulphides are associated with quartz veins and comprise 2-5% disseminated Pyrite-Pyrrhotite seen within local fracture fillings and stringers.
Figure 2: Interpreted North – South Cross Section DDH-22-11 demonstrating the progression from brittle down into brittle-ductiledeformation as the targeting model having found gold over 55m drill width zone in hole 11
DDH-22-12 was collared in gabbro and drilled north through metasedimentary rock into metavolcanics. Mineralization is noted within similar altered rock but only within shears in the mafic volcanics and does not appear to be associated with the contact zones. Sheared zones commonly a focus for gold mineralization in orogenic systems like this one are expressed as altered, fine-grained, metavolcanics with moderate to strong chlorite-biotite alteration with quartz-carbonate veins and stringers with 1-2% disseminated pyrite and pyrrhotite.
Conclusions
The HG Zone at Oakes has been proven to extend well beyond the strike extent defined by trenching and has now been drill proven to at least 1.1 km in length. To date the drilling has only tested the upper 100 m of the structure where mineralization appears associated with quartz veins that show visible gold within pyrite rich veins. The gold mineralization is associated with quartz and quartz-carbonate veins in shear zones within metavolcanic rocks often (near-vertical which can bode well for potential future mining and predicting the next round of drilling). Quartz veins that are subparallel to foliation appear to be the veins that carry gold and are cut by later quartz carbonate veins that do not have sulfides. The quartz veins are mostly associated with brittle type fracturing with lesser semi-ductile type, potentially indicating that drilling was approaching the upper brittle-ductile transition which can be highly favorable in large orogenic gold deposits. The nature of the fracturing suggests that the shallow drilling is primarily within the upper brittle deformation zone as shown in Figure 2. The fact that the gold veins can now be traced in drill holes more than 3x beyond the previous surface trenching expands the Oakes project potential greatly.
The Oakes property is located along the general metallogenic boundary of the Wabigoon and Quetico sub-provinces and this boundary is commonly a major fault breaks, and large gold resources are associated with these breaks generally in secondary shear zones in the Canadian shield geologic provinces. The Hemlo Gold Mine to the south is hosted in a brittle fracture environment and the Black Fox gold mine to the east in Matheson is hosted in a semi-ductile fracture system at depth and more brittle near the surface. Riverside sees the potential for brittle fracture zones progress into semi ductile and ductile zones at depth in general becoming wider and potentially richer as has commonly been found and further drilling is warranted.
Riverside’s President and CEO, John-Mark Staude:“Riverside has expanded the gold zone at Oakes along strike over 1 km and begun showing the continuity on surface and to depth, consistent with the goals for the 2022 drill program. Next steps will include more geophysics to map the structural features to trace the HG Zone and gold mineralization. We are very encouraged by these good results covered in this and the prior news release and are pleased to see how effective the geophysical surveys were at finding mineralization and predicting extensions. Moreover, we remain very cautiously optimistic to see our first program of shallow drilling demonstrate continuity of mineralization along strike and at depth. Riverside continues to pursue the Prospect Generator hybrid model, by providing shareholders with the upside for discovery on multiple projects, and with different partners, along with the current self-funded value adding project.”
Qualified Person & QA/QC: As part of the quality control Riverside inserted blanks, duplicates and two different standards, into the sample stream prior to delivery at Activation Laboratories in Thunder Bay. Logged core was delivered from site to a core cutting facility in Thunder Bay by Riverside and trucked to Activation Laboratories from this facility typically in batches of 2 to 4 holes at a time. Multi-Element Analysis using Aqua Regia Extraction and (40 element) Inductively Coupled Plasma Atomic Emission Spectrometry Analytical and fire assay for gold methods where used. Activation Laboratories is an ISO/IEC accredited laboratory.
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce results from drilling at the Wolf Vein, including step-out hole DV22-300 which returned a significant, high-grade silver intercept. Based on the grade and strength of the mineralizing system, the Company has prioritized continued step-out drilling at Wolf during for the remainder of the 2022 season.
DV22-300 encountered a wide interval of multi-phase veins and breccia, intersecting 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au, with bonanza grade silver mineralization grading 4,326 g/t Ag, 4.21% Pb, 1.36% Zn and 1.00 g/t Au over 1.60m (1.12m true width) within a sulphide and silver sulphosalt matrix vein breccia in the main veined interval.
Figure 1. Kitsault Valley trend and mineral deposits
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_002full.jpghttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Company%253BBreccia%253BDrilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522edcf1f2a-bcfa-39ba-b8d2-b5dc80848c6b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“With an increase in vein intensity and silver grades, the Wolf Vein area is emerging as a large system, rivaling our Torbrit Deposit. With an established plunge length of over 500 meters from the historic underground workings, we are continuing to step out along this trend towards the Kitsol Vein, where we recently announced similar, high-grade mineralization over 1,400 meters away. The increasing gold and base metal content, in addition to the silver, is highly encouraging, as well as the significant widths that are potentially amenable to bulk underground mining techniques,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
The mineralized interval in DV22-300 is a southwesterly step-out along strike and down dip from DV21-273, which returned 17.50m averaging 214 g/t Ag and 0.47% Pb including 1.22 m averaging 1,532 g/t Ag, 0.44 g/t Au, 2.11 % Pb and 1.07% Zn (see Dolly Varden news release, December 20, 2021) and projects as a mineralized shoot over 55m down plunge from DV21-273. High-grade silver in DV22-300 occurs within a very strong, multiphase vein and breccia system that also includes significant gold and base metal mineralization.
The strength of the mineralizing system, as well as silver and potentially gold appears to be increasing at depth and to the southwest; assays are pending for DV22-316, which encountered strong veining, alteration, brecciation and one occurrence of visible gold over 200m away from DV22-300 (see Figure 2). All of these drill holes tested below the Upper Hazelton sediment cap with associated strong potassic alteration; this trend continues south for 1,400 m to the Kitsol Vein (see Figure 1).
Figure 3. Geological Cross Section of Wolf Vein. 25 meter window width looking northwest. DV22-194 is same dip as DV22-300 approximately 30m off section.
The Wolf Vein is a steep dipping, high-grade silver vein deposit that is part of the current Mineral Resource Estimate at Dolly Varden’s Kitsault Valley trend. In 2021, geological modelling of the deposit showed expansion potential along strike to the southwest below the sediment cap that masks surface expression of the vein mineralization and associated alteration. With the discovery that the system continued to the southwest over 8,000m of follow up drilling has been completed thus far during the 2022 exploration program. This drilling has defined high grade silver mineralization to a depth of 500m below surface and extended the zone over 350m down plunge from historic drilling and over 500m from the historic underground workings.
Results have been received for the first six exploration drill holes testing the Wolf Vein extension. All holes were drilled from the same pad with varying azimuths and dips (see Table 2). These drill holes tested below the Upper Hazelton sediment cap and have encountered a robust, multi-phase vein and breccia mineralizing system that remains wide open along strike to the south and down dip. The associated strong potassic alteration, a key indicator for silver mineralization at the Kitsault Valley Project, continues below the sediment cap and south for 1,400m to the Kitsol Vein. All holes drilled during 2022, except DV22-280, intersected the extension of the Wolf Vein, suggesting a plunge at approximately 45 degrees to the southwest. DV22-280 came out of the sediment cap into the footwall of the vein. Drill hole DV22-281- intersected impressive base metal values in addition to silver: 3.75m (2.43m true width) averaging 170 g/t Ag,6.25% Pb, 14.12% Zn. In drill holes that hit the Wolf vein outside of the interpreted plunge of the high-grade silver zone, significant lead and zinc intervals are present.
Mineralization at the Wolf Vein consists of multiple epithermal silica vein and brecciation events along a NE trending, steeply NW dipping zone (Figures 4 and 5). Silver mineralization includes: silver sulphosalts, tennantite, argentite and argentiferous galena hosted in vein and vein breccia mineralization.
Figure 4. DV22-300 mineralized interval of multi-phase quartz vein and vein breccias
*AgEq was calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Drill hole collar locations and orientations
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV22280
467089
6173630
388
120
-45
392.00
DV22281
467089
6173630
388
120
-65
495.00
DV22285
467089
6173630
388
120
-70
573.00
DV22288
467089
6173630
388
120
-73
720.00
DV22294
467089
6173630
388
110
-60
423.00
DV22300
467089
6173630
388
129
-60
396.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3
Plan View with Traces of Drill Holes Completed to Date in the Main Breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red
Figure 4
Apollo Target Cross Section with Core Photo Highlights for APC-8
APC-8 intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins and returned:
APC-6 also intersected the main breccia zone with some interfingering, mineralized rock flour breccia towards the northern end of the hole resulting in a broad interval as follows:
As a result of the new drill holes reported today, the maximum dimensions of the Main Breccia have increased to 350 metres along strike by 100 metres across by 500 metres depth (prior dimensions were 300m x 100m x 400m) and remains open in all directions.
Drill holes APC-12, APC-13 and APC-14 are now complete at Apollo with the following visual observations from logging:
APC-12 and APC-14 intercepted the Main Breccia zone with both holes cutting more than 230 metres of potentially favourable mineralization; APC-13 unfortunately failed before reaching the Main Breccia zone but cut a narrow zone of sheeted veins at a shallow elevation.
TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-3, which intersected 180.60 metres @ 2.43 g/t AuEq. (See press releases dated August 10th and 29th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.
“Apollo continues to deliver continuous, broad, and consistent zones of well mineralized breccia with overall grades being enhanced by the overprinting, high-grade carbonate base metal veins. Importantly, this remarkable copper-silver-gold discovery continues to grow materially in tonnage as we continue with aggressive step-out drilling in multiple directions. We will remain aggressive for the balance of 2022 and look forward to receiving additional assay results in the near term,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 4)
Seven diamond drill holes with accompanying assay results have now been announced at Apollo and based on results, the Main Breccia at Apollo has expanded and now measures up to 350 metres along strike by 100 metres across by 500 metres vertical. The target remains open in all directions and has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.
Drill holes APC-6 and APC-8 were drilled in opposite directions from two separate drill pads (Pads 3 and 2) to the northeast and southwest respectively and were designed to test the depth and strike continuity of the mineralized breccia previously intersected in holes APC-1, APC-1W, APC-2, APC-3 and APC-5. The following results are highlighted:
APC-6: 326.05 metres @ 1.07 g/t AuEq from 364.60 metres (295 metres vertical) including: 151.5 metres @ 1.20 g/t AuEq from 480.15 metres down hole, and 10.55 metres @ 4.64 g/t AuEq from 680.10 metres down hole.
APC-6 is the deepest diamond hole drilled to date and this long intercept consisted primarily of favorable angular breccia with interfingering of rock flour breccia, which is less porous and therefore lower grade. APC-6 was collared from Pad 3 and terminated at a final depth of 759 metres.
APC-8: 265.75 metres @ 2.44 g/t AuEq from 202.00 metres (157 metres vertical) including: 13.20 metres @ 4.29 g/t AuEq from 202.0 metres down hole, 18.45 metres @ 4.55 g/t AuEq from 239.05 metres down hole, 28.45 metres @ 4.18 g/t AuEq from 279.40 metres down hole, and 15.50 metres @ 5.21 g/t AuEq from 342.6 metres downhole.
APC-8 intercepted continuous mineralized angular breccia with a sulphide matrix consisting of pyrite, chalcopyrite and pyrrhotite which has been overprinted by carbonate-base metal porphyry veins (“CBM”) hosting sphalerite in various locations and particularly in the upper portion of the intercept. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system. APC-8 was collared from Pad 2 and terminated at a final depth of 523 metres.
Four rigs continue to drill at the Guayabales project with assay results anticipated in the near term for three holes from Apollo with the following encouraging visual intercepts:
APC-12 and APC-14 tested the Main Breccia discovery at Apollo with both holes intersecting more than 230 metres of potentially favourable mineralization.
APC-13 ran into technical difficulties prior to reaching the Main Breccia but intersected a 15 metres zone of sheeted CBM veins at a shallow depth.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Zn %
Pb %
Mo %
AuEq (g/t)*
APC-6
364.60
690.65
326.05
0.85
10
0.04
0.04
0.02
0.001
1.07
Incl
480.15
631.65
151.50
0.96
11
0.04
0.06
0.03
0.001
1.20
680.10
690.65
10.55
4.67
7
0.05
0.01
0.00
0.000
4.64
APC-8
202.00
467.75
265.75
1.26
55
0.22
0.07
0.05
0.045
2.44
Incl
202.00
215.20
13.20
3.68
27
0.03
0.32
0.24
0.238
4.29
239.05
257.50
18.45
3.48
53
0.12
0.24
0.22
0.216
4.55
279.40
307.85
28.45
3.70
24
0.16
0.03
0.02
0.016
4.18
342.60
358.10
15.50
2.15
158
0.47
0.13
0.10
0.104
5.21
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. ** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. 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 currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
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 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.
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
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.
Including 2.0m @ 24.03g/t PGM + Au (including 1.14g/t Rhodium)
VANCOUVER, BC, Sept. 13, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO), (“Bravo” or the “Company“) today announced that it has received results from the re-analysis of an additional five historic drill holes (“DDH”) from its wholly owned Luanga PGM (palladium + platinum + rhodium) + gold + nickel project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil.
“We are encouraged that the results from the historic core re-assay program continue to correlate well with VALE’s historic results in both thicknesses and grades, further increasing our confidence in the prior work completed at Luanga,” said Luis Azevedo, Chairman and CEO of Bravo. “Regarding the recent success encountering high-grade nickel/copper massive sulphides, drilling has already commenced on the next drill section, and surface Fixed Loop Transient Electromagnetics (FLTEM) surveying is expected to commence shortly, and will ultimately cover the whole project footprint.”
Highlights
Additional assay results from the re-assaying of historic drilling continue to correlate closely with the historic original assay results, in both tenor and mineralized thicknesses.
Highlights of Bravo’s recent re-assay results are tabulated below, with details and comparisons attached:
HOLE-ID
From (m)
To (m)
Thickness (m)
Pd (g/t)
Pt (g/t)
Rh (g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
PPT-LUAN-FD0010
0.0
17.0
17.0
1.29
1.02
0.20
0.03
NA
2.53
Ox
PPT-LUAN-FD0014
10.0
22.0
12.0
5.42
2.62
0.41
0.04
NA
8.49
Ox
Including
16.0
18.0
2.0
15.3
7.51
1.14
0.08
NA
24.03
Ox
PPT-LUAN-FD0021
0.0
16.0
16.0
1.59
0.63
0.09
0.01
NA
2.33
Ox
PPT-LUAN-FD0026
0.0
26.0
26.0
1.31
1.00
0.20
0.02
NA
2.53
Ox
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
Drilling has commenced on the next drill section to the north of the high-grade nickel/copper massive sulphides intersected in drill hole DDH22LU047 (see August 16th, 2022 news release).
Surface FLTEM surveying is expected to commence shortly.
71 drill holes have been completed, for a total of 11,770 metres (or 46% of Phase 1 Drilling Program), including 5 twin holes and 6 metallurgical holes. Currently 38 drill holes are at the laboratory pending results, including 16 historic re-assay drill holes.
10,435 samples submitted for assay to date including 2,945 re-assay samples from historic drill core.
6 drill rigs operating onsite.
Luanga Re-Assay Program Progress
A comparison of the original historic intercepts with the Bravo re-assay results is tabulated below, with a plan showing their locations and a section for PPT-LUAN-FD0021. Bravo’s re-assay results again reiterate the close correlation with the original historic intercepts, in both thicknesses and grade, noting that Bravo nickel grades are for sulphide nickel which is representative of potentially recoverable (by froth flotation treatment) nickel, and does not include non-recoverable silicate nickel whereas historic assays were total nickel, thus including both sulphide and non-recoverable silicate nickel.
Comparison of Re-Assayed Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)
HOLE-ID
From (m)
To (m)
Thickness (m)
HISTORIC SGS PGM + Au (g/t)
BRAVO ALS PGM + Au (g/t)
HISTORIC Ni % (Total)
BRAVO Ni % (Sulphide)
TYPE
PPT-LUAN-FD0010
0.0
17.0
17.0
2.57
2.53
NA
NA
Ox
PPT-LUAN-FD0012
57.0
61.0
4.0
0.54
0.74
0.08
0.08
FR
PPT-LUAN-FD0014
10.0
22.0
12.0
7.34
8.49
NA
NA
Ox
Including
16.0
18.0
2.0
20.11
24.03
NA
NA
Ox
PPT-LUAN-FD0021
0.0
16.0
16.0
1.90
2.33
NA
NA
Ox
PPT-LUAN-FD0026
0.0
26.0
26.0
2.60
2.53
NA
NA
Ox
And
40.0
45.0
5.0
0.95
2.92
0.01
0.01
FR/LS
And
52.0
78.0
26.0
0.64
0.88
0.01
0.02
FR/LS
And
85.0
98.0
13.0
0.90
1.20
0.00
0.01
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
Historic drill holes PPT-LUAN-FD0010 and PPT-LUAN-FD0026 were drilled from the same location but scissored to intersect the steeply dipping mineralization from both the hangingwall and footwall sides. As a result, after going through the top of the sulphide mineralization, PPT-LUAN-FD0026 immediately goes into the transitional mafic rocks in the hangingwall above the Luanga sulphide zone, intersecting low sulphide mineralization. This low sulphide mineralization is not currently being targeted by the Company’s drill program since the recovery of metals from low sulphide mineralization is typically more challenging and therefore it has not been prioritized by Bravo. However, Bravo will continue to assess the potential of low sulphide mineralization and, if warranted, consider metallurgical testing to evaluate recovery options.
Complete Table of Re-assayed Intercepts
HOLE-ID
From (m)
To (m)
Thickness (m)
Pd (g/t)
Pt (g/t)
Rh (g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
PPT-LUAN-FD0010
0.0
17.0
17.0
1.29
1.02
0.20
0.03
NA
2.53
Ox
PPT-LUAN-FD0012
57.0
61.0
4.0
0.44
0.25
0.04
0.01
0.08
0.74
FR
PPT-LUAN-FD0014
10.0
22.0
12.0
5.42
2.62
0.41
0.04
NA
8.49
Ox
Including
16.0
18.0
2.0
15.3
7.51
1.14
0.08
NA
24.03
Ox
PPT-LUAN-FD0021
0.0
16.0
16.0
1.59
0.63
0.09
0.01
NA
2.33
Ox
PPT-LUAN-FD0026
0.0
26.0
26.0
1.31
1.00
0.20
0.02
NA
2.53
Ox
And
40.0
45.0
5.0
0.43
2.24
0.24
0.01
0.01
2.92
FR/LS
And
52.0
78.0
26.0
0.26
0.55
0.06
0.01
0.02
0.88
FR/LS
And
85.0
98.0
13.0
0.38
0.77
0.03
0.01
0.01
1.20
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~70 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulpur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
Luanga Phase 1 Drilling Progress
The Phase 1 diamond drill program continues as planned at Luanga. With six drill rigs on site, with drilling progressing in various locations along the entire 7km strike length of the known Luanga mineralized envelope (as defined by historic drilling), including to the north where high-grade massive sulphide nickel/copper mineralization was intersected in hole DDH22LU047 (see August 16th, 2022 news release). Drilling on the next drill section to the north of DDH22LU047 has commenced. Surface FLTEM surveying is expected to start soon, to the south of the massive sulphide intercept. To date, 71 drill holes have been completed, for a total of 11,770 metres from the planned 25,500 metre Phase 1 drill program.
Location of Historic Drill Hole Results Discussed in this Report (CNW Group/Bravo Mining Corp.)Section Showing PPT-LUAN-FD0021 (CNW Group/Bravo Mining Corp.)
About Bravo Mining Corp.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “encouraged”, “correlates”, “confidence”, “success”, “potential”, “prioritize”, “, and other similar words, phrases or statements that certain events or conditions “should”, or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs and the results thereof; the expected arrival of geophysical equipment and the results of such surveys; the potential for the definition o new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Schedule 1: Drill Hole Collar Details
HOLE-ID
Company
East (m)
North (m)
RL (m)
Datum
Depth (m)
Azimuth
Dip
PPT-LUAN-FD0010
Vale SA
659541.88
9342973.84
280.09
SIRGAS2000 UTM22S
90.35
90.00
-60.00
PPT-LUAN-FD0012
Vale SA
659642.87
9342776.66
307.49
SIRGAS2000 UTM22S
90.35
90.00
-60.00
PPT-LUAN-FD0014
Vale SA
658749.75
9340975.61
230.92
SIRGAS2000 UTM22S
200.65
330.00
-60.00
PPT-LUAN-FD0021
Vale SA
656951.00
9339616.18
275.43
SIRGAS2000 UTM22S
90.35
360.00
-60.00
PPT-LUAN-FD0026
Vale SA
659541.02
9342975.77
278.49
SIRGAS2000 UTM22S
110.00
270.00
-60.00
Schedule 2: Assay Methodologies and QAQC
Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was quarter cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the respective ALS or SGS global websites (ALS, SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.
Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.
North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.
Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.
The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.
Top Intercepts include:
20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.
Lion One Drilling Programs in Progress Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.
The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.
Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”
Infill Drilling Program Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.
Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.
Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-589
19.1
19.4
0.3
0.91
85.1
85.4
0.3
0.81
89.6
91.4
1.8
1.44
113
113.6
0.6
17.33
170.9
171.2
0.3
7.36
209.3
209.6
0.3
0.96
210.8
224
13.2
3.79
Incl.
213.2
213.5
0.3
17.03
Incl.
213.8
214.1
0.3
7.85
Incl.
215.6
215.9
0.3
7.17
Incl.
216.5
216.8
0.3
11.41
Incl.
218
218.3
0.3
33.30
Incl.
222.5
222.8
0.3
7.21
Incl.
223.7
224
0.3
15.34
TUDDH-591
73.4
74.0
0.6
1.04
102.3
102.6
0.3
9.28
103.7
104.6
0.9
0.93
106.1
106.6
0.5
2.01
107.5
110.5
3.0
7.14
Incl.
107.5
107.8
0.3
28.56
Incl.
108.1
108.4
0.3
10.54
Incl.
109.0
109.3
0.3
28.74
112.0
112.6
0.6
0.73
113.2
113.5
0.3
0.84
117.7
118.6
0.9
2.02
126.3
127.8
1.5
1.29
129.0
130.2
1.2
0.65
132.9
134.1
1.2
0.88
142.7
143.6
0.9
1.71
TUDDH-592
14.6
14.9
0.3
1.83
18.5
18.8
0.3
0.55
75.2
75.5
0.3
0.55
101.6
102.2
0.6
15.24
147.5
148.7
1.2
0.74
158.9
159.2
0.3
7.76
184.1
184.7
0.6
8.32
Incl.
184.4
184.7
0.3
10.36
TUDDH-593
9.9
11.7
1.8
4.49
Incl.
10.5
11.1
0.6
8.98
28.2
29.4
1.2
0.54
34.5
34.8
0.3
0.69
88.5
89.7
1.2
4.31
140.1
140.4
0.3
3.50
152.7
154.2
1.5
0.78
168.9
170.4
1.5
1.42
TUDDH-594
105.0
105.3
0.3
13.10
189.9
191.1
1.2
8.01
195.0
195.3
0.3
1.80
203.4
207.6
4.2
0.85
203.4
203.7
0.3
3.67
TUDDH-595
54.9
56.1
1.2
0.64
112.2
112.8
0.6
0.85
114.0
114.3
0.3
80.65
121.8
123.9
2.1
1.61
190.2
191.1
0.9
2.20
194.4
194.7
0.3
3.75
201.3
201.6
0.3
1.31
209.7
211.5
1.8
1.88
213.6
213.9
0.3
2.18
224.4
225.9
1.5
1.46
234.9
235.5
0.6
0.52
236.7
238.2
1.5
3.19
247.5
247.8
0.3
1.10
TUDDH-596
77.1
77.4
0.3
0.8
88.8
91.2
2.4
1.35
92.1
96.3
4.2
6.8
Incl.
92.1
92.4
0.3
10.39
Incl.
93.3
93.9
0.6
24.57
Incl.
94.8
95.4
0.6
9.62
102.3
102.9
0.6
7.77
TUDDH-597
91.1
91.7
0.6
1.24
137.9
138.5
0.6
8.59
Incl.
137.9
138.2
0.3
16.50
152.9
153.5
0.6
1.37
176.6
178.4
1.8
0.81
189.5
190.4
0.9
0.55
194.9
195.8
0.9
8.89
TUDDH-598
96.7
97
0.3
0.84
139.6
140.5
0.9
1.85
144.1
144.7
0.6
9.19
170.2
173.8
3.6
4.68
Incl.
170.2
170.5
0.3
12.89
Incl.
171.4
172.6
1.2
8.37
209.5
209.8
0.3
0.65
TUDDH-600
65
65.3
0.3
0.55
73.4
77
3.6
2.66
Incl.
74
74.3
0.3
5.75
Incl.
74.9
75.2
0.3
10.95
78.8
79.4
0.6
0.96
147.8
148.7
0.9
1.26
TUDDH-602
127.4
127.7
0.3
2.73
152
153.2
1.2
0.79
182.3
182.6
0.3
1.03
209.6
210.5
0.9
3.12
Incl.
210.2
210.5
0.3
7.45
214.4
214.7
0.3
1.10
225.2
225.5
0.3
7.12
TUDDH-603
28.7
30.5
1.8
1.64
TUDDH-604
84.6
84.9
0.3
0.64
144.6
146.4
1.8
56.90
Incl.
144.6
145.2
0.6
163.19
167.1
170.7
3.6
8.75
Incl.
167.1
167.7
0.6
45.36
TUDDH-605
127.9
128.5
0.6
17.85
Incl.
127.9
128.2
0.3
26.79
Incl.
128.2
128.5
0.3
8.90
157.6
158.5
0.9
4.10
Incl.
158.2
158.5
0.3
10.21
161.8
164.5
2.7
5.52
Incl.
164.2
164.5
0.3
36.81
190
190.6
0.6
1.21
193.9
194.5
0.6
0.71
197.2
199
1.8
0.64
201.1
201.7
0.6
2.05
214
214.3
0.3
1.09
TUDDH-606
66.0
66.6
0.6
0.88
98.4
98.7
0.3
1.00
TUDDH-609
53.0
54.8
1.8
35.98
Incl.
53.9
54.2
0.3
194.0
Incl.
54.2
54.8
0.6
9.32
TUG-143
14.7
15.3
0.6
2.96
17.1
17.7
0.6
0.89
30.3
30.9
0.6
0.93
32.4
33.0
0.6
1.29
54.9
58.2
3.3
12.22
Incl.
54.9
55.5
0.6
32.08
Incl.
57
57.6
0.6
24.08
Incl.
57.6
58.2
0.6
8.82
60.9
61.2
0.3
17.23
66.6
67
0.4
2.26
67.8
68.4
0.6
1.24
71.1
73.2
2.1
0.86
74.4
74.7
0.3
7.19
80.4
80.7
0.3
2.2
89.4
89.7
0.3
8.48
TUG-144
6.9
8.4
1.5
6.82
Incl.
6.9
7.5
0.6
8.07
Incl.
7.5
7.8
0.3
9.77
10.5
12.0
1.5
9.33
Incl.
11.1
11.4
0.3
37.42
30.6
31.5
0.9
4.25
Incl.
30.6
31.2
0.6
5.77
43.5
43.8
0.3
0.9
45.6
45.9
0.3
0.9
51
51.6
0.6
0.95
52.8
54
1.2
2.03
64.2
66.6
2.4
0.81
68.4
69.9
1.5
3.93
Incl.
68.4
68.7
0.3
8.35
Incl.
69.6
69.9
0.3
11.08
75.3
76.2
0.9
1.83
77.7
78.3
0.6
0.78
84.3
86.7
2.4
1.52
93.9
95.1
1.2
8.3
Incl.
93.9
94.5
0.6
12.48
98.4
102.3
3.9
20.59
Incl.
98.4
99.9
1.5
52.89
which includes
98.4
98.7
0.3
11.35
and
99.0
99.3
0.3
171.5
and
99.6
99.9
0.3
79.18
103.8
106.8
3.0
4.76
Incl.
104.4
104.9
0.5
17.11
Incl.
105.3
105.9
0.6
5.80
115.5
115.8
0.3
0.64
119.1
121.5
2.4
1.46
TUG-146
3.3
3.6
0.3
3.86
10.8
11.4
0.6
1.73
12.9
13.5
0.6
6.30
38.4
39.3
0.9
5.48
Incl.
38.4
38.7
0.3
10.97
60.3
63.6
3.3
9.13
Incl.
60.3
60.9
0.6
44.85
68.4
70.8
2.4
1.41
97.5
102.6
5.1
8.15
which includes
99.3
101.7
1.8
19.70
Incl.
99.3
99.9
0.6
13.28
and
99.9
100.5
0.6
11.73
and
101.1
101.7
0.6
34.08
105
109.5
4.5
3.95
Incl.
106.5
107.1
0.6
8.29
Incl.
107.7
108
0.3
7.62
110.7
111
0.3
9.37
111.9
113.1
1.2
1.44
114.3
119.4
5.1
2.76
Incl.
115.5
115.8
0.3
8.27
144.3
145.2
0.9
5.59
Incl.
144.3
144.6
0.3
14.63
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-589
1876513
3920435
348.5
266.6
-65
255
TUDDH-591
1876442
3920520
314.0
149.3
-65
297
TUDDH-592
1876513
3920435
348.6
221.6
-55
220
TUDDH-593
1876513
3920435
348.6
224.4
-45
220
TUDDH-594
1876527
3920502
309.6
239.3
-45
200
TUDDH-595
1876527
3920502
309.6
265.9
-56
225
TUDDH-596
1876442
3920520
314.0
132.0
-55
297
TUDDH-597
1876527
3920502
309.6
227.3
-42
200
TUDDH-598
1876527
3920502
309.6
296.3
-52
280
TUDDH-600
1876442
3920519
311.1
150.8
-71
251
TUDDH-602
1876530
3920503
309.8
251.4
-54
275
TUDDH-603
1876529
3920503
309.8
234.6
-40
290
TUDDH-604
1876529
3920503
309.9
212.4
-45
291
TUDDH-605
1876530
3920503
309.7
254.5
-57
288
TUDDH-606
1876442
3920519
311.1
142.5
-65
249
TUDDH-609
1876442
3920519
311.4
in progress
-54
250
TUG-142
3920486
1876411
102.0
85.8
-12
090
TUG-143
3920486
1876412
103.7
97.7
+30
087
TUG-144
3920486
1876411
101.3
156.3
-40
089
TUG-146
3920486
1876411
101.3
163.9
-45
089
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
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.
