Category: Uncategorized

Metallic Minerals Announces Start of Drilling at La Plata Silver-Gold-Copper Project in Southwest Colorado, USA, and Extends Warrant Expiry

Post author By admin
Post date July 27, 2022

VANCOUVER, BC / ACCESSWIRE / July 27, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the start of its 2022 exploration and drill campaign at the La Plata silver-gold-copper project, located in southwest Colorado. This is the Company’s second diamond core drill program at La Plata and follows the establishment of a new NI 43-101 compliant mineral resource estimate announced earlier this year (see news release dated April 26, 2022).

The initial focus of the 2022 drill program is to extend the limits of previously drill-identified mineralization in the Allard resource area, which is expected to form the basis for updated and expanded resource estimate in 2023. The Company is in the process of completing a follow-up ground-based induced polarization geophysical survey designed to support resource expansion drilling, as well as to help refine and prioritize additional copper-silver-gold porphyry targets developed from the Company’s systematic exploration and the application of new technologies on the project.

La Plata Project Highlights

Inaugural National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource issued April 2022 for the Allard deposit totals 889 million pounds of copper and 15 million ounces of silver in a constrained model, with 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade¹.
Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization.
Exploration drilling in 2022 is designed to expand limits of known mineralization in the Allard resource area and to test newly developed targets representing potential new copper-silver-gold porphyry mineralization.

Project History

The road accessible La Plata project covers 33 km² approximately 20 km northeast of Mancos, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.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%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BColorado%253BPorphyry_copper_deposit%253BCompany%253BMancos%252C_Colorado%253BNatural_resource%253BMineral%253BExploration%253BNational_Instrument_43-101%253BBorehole%253BPhelps_Dodge%253BGold_and_Copper%253BCopper%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25226fd0f08e-c132-3ea8-ac39-5f9770e1768b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects³. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization². Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m have been drilled on the property since the 1950s which confirm the presence of large multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km² strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold².

In addition to the development of the inaugural resource estimate, exploration completed by Metallic Minerals at La Plata to date has included confirmation drilling, resampling of historic drill core and underground sampling, surface mapping, and soil sampling. The Company has also completed comprehensive geophysical surveys over the project including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified 16 untested potential porphyry centers outside of the main Allard resource area, as well as developed targets with potential for significant high-grade epithermal silver and gold.

Warrant Extension

Metallic further announces that the Company has applied to the TSX Venture Exchange for approval to extend the expiry date on 9,587,500 warrants that were due to expire August 13, 2022 (the “Warrants”) to February 13, 2023. The Warrants were originally issued as part of a financing completed in August 2020 (see news release dated August 13, 2020) led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters including Red Cloud Securities Inc. and Mackie Research Capital Corporation. The warrants entitle the holder to acquire one common share at an exercise price of $0.60.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and fourth largest in the world, announced the acquisition of Alexco in July 2022. Metallic recently announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGE-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

Footnotes

1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) Cu Eq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949;

3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.

Qualified Persons

The La Plata copper-silver project 2022 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.

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Uncategorized

Goldshore Resources Confirms High Grade Mineralization in the Main Zone

Post author By admin
Post date July 20, 2022

Vancouver, British Columbia–(Newsfile Corp. – July 20, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define high-grade structural zones within the Moss Lake deposit.

Highlights:

Three holes drilled to evaluate gaps in the Main Zone have confirmed high-grade gold mineralization within anastomosing shears hosted by low-grade mineralized altered diorite with intercepts of:

13.30m @ 1.49 g/t Au from 48.6m depth in MMD-22-028
21.20m @ 1.66 g/t Au from 187.7m
3.50m @ 10.7 g/t Au from 349.6m

17.00m @ 1.28 g/t Au from 50.0m depth in MMD-22-030
6.30m @ 2.00 g/t Au from 358.7m, including

7.70m @ 1.40 g/t Au from 533.3m depth in MMD-22-032
6.00m @ 1.93 g/t Au from 570.0m
MMD-20-32 also extended across the Main Zone to confirm the recently identified southern parallel zone with best intercepts of:

9.60m @ 1.02 g/t Au from 805.9m
10.00m @ 1.21 g/t Au from 825.0m

President and CEO, Brett Richards, stated, “We continue to receive results that confirm the developing model that high grades occur within broader envelopes of lower grade gold mineralization. Our understanding of the geology is now at a level that will enable us to accurately represent the position of high grades within a resource model we are aiming to produce by the end of the year.”

Technical Overview

Figure 1 shows a typical cross section through MMD-22-028. Table 1 shows the significant intercepts. Table 2 and Figure 2 show the drill hole locations.

Figure 1: Drill section through MMD-22-028 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/131311_c9199a03f4c90bca_002full.jpg

Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/131311_c9199a03f4c90bca_003full.jpg

Table 1: Significant downhole gold intercepts

HOLE ID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MMD-22-028	28.00	30.00	2.00	0.7	0.98	0.98
	40.35	115.30	74.95	25.6	0.58	0.58
including	48.60	61.90	13.30	4.5	1.49	1.49
and	112.50	115.30	2.80	1.0	2.91	2.91
	126.00	128.00	2.00	0.7	1.32	1.32
	142.00	152.00	10.00	3.6	0.31	0.31
	155.00	163.00	8.00	2.9	0.34	0.34
	182.00	237.00	55.00	19.7	0.88	0.88
including	187.70	208.90	21.20	7.6	1.66	1.66
	267.00	274.15	7.15	2.7	0.52	0.52
	342.90	387.10	44.20	16.6	0.80	1.08
including	349.60	353.10	3.50	1.3	7.14	10.7
	426.70	442.00	15.30	6.0	0.44	0.44
	471.00	528.00	57.00	23.2	0.35	0.35
	628.30	639.00	10.70	4.4	0.47	0.47
	663.10	674.70	11.60	4.7	0.38	0.38

MMD-22-030	7.00	88.55	81.55	43.2	0.51	0.51
including	8.00	11.40	3.40	1.8	2.18	2.18
and	50.00	67.00	17.00	9.0	1.28	1.28
and	79.00	81.00	2.00	1.1	1.02	1.02
	98.90	107.90	9.00	4.8	0.75	0.75
including	98.90	103.35	4.45	2.4	1.36	1.36
	166.00	172.60	6.60	3.6	0.35	0.35
	236.80	243.00	6.20	3.4	0.36	0.36
	257.00	269.00	12.00	6.7	0.32	0.32
	336.00	453.55	117.55	67.4	0.38	0.38
including	358.70	365.00	6.30	3.6	2.00	2.00
	473.00	482.65	9.65	5.8	0.62	0.62
	610.70	655.00	44.30	29.1	0.38	0.38
including	610.70	613.00	2.30	1.5	1.22	1.22

MMD-22-032	247.10	255.10	8.00	3.9	0.90	0.90
	278.00	280.00	2.00	1.0	1.23	1.23
	378.00	388.50	10.50	5.3	0.63	0.63
including	381.95	384.00	2.05	1.0	2.30	2.30
	400.65	414.00	13.35	6.7	0.38	0.38
	443.00	452.00	9.00	4.5	0.51	0.51
	472.50	482.00	9.50	4.9	0.32	0.32
	528.55	610.00	81.45	41.9	0.50	0.50
including	533.30	541.00	7.70	4.0	1.40	1.40
and	570.00	576.00	6.00	3.1	1.93	1.93
	624.35	652.00	27.65	14.7	0.48	0.48
	704.00	733.90	29.90	15.8	0.55	0.55
including	709.00	711.00	2.00	1.1	2.90	2.90
and	723.00	725.05	2.05	1.1	3.83	3.83
	757.00	759.00	2.00	1.1	0.79	0.79
	805.90	857.75	51.85	28.2	0.60	0.60
including	805.90	815.50	9.60	5.2	1.02	1.02
and	825.00	835.00	10.00	5.4	1.21	1.21
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MMD-22-028	668942	5379332	434	155°	-70°	819.0m
MMD-22-030	669064	5379382	432	155°	-60°	661.95m
MMD-22-032	668671	5379150	448	155°	-60°	862.0m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for three holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems.

The holes were only constrained by the 500-meter vertical depth limit being applied to all holes in this program. As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 74.95m @ 0.58 g/t Au from 40.35m, 55.0m @ 0.88 g/t Au from 182.0m and 44.2m @ 0.8 g/t Au from 342.9m in MMD-22-028; 81.55m @ 0.51 g/t Au from 7.0m and 117.55m @ 0.38 g/t Au from 336.0m in MMD-22-030; and 81.45m @ 0.50 g/t Au from 528.55m in MMD-22-032.

All of these low-grade zones occur as envelopes to higher-grade structures. An analysis of oriented core by renowned structural geologist, Dr. Brett Davis, confirmed that these form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 21.2m @ 1.66 g/t Au from 187.7m in MMD-22-028) and several narrow high-grade intervals, including 0.4m @ 61.5 g/t Au from 349.6m and 0.6m @ 13.6 g/t Au from 352.5m in MMD-22-028; and 0.4m @ 14.7 g/t Au from 363.55m in MMD-22-030.

The high grade near surface intercepts in MMD-22-028 and MMD-22-030 extend previously defined high-grade mineralization to surface.

MMD-22-032 also extended across the altered diorite into the wall rock to test the southern parallel zone. This broad zone of low-grade mineralization (51.85m @ 0.60 g/t Au from 805.9m) occurs around the higher-grade structures listed in the highlights.

Pete Flindell, VP Exploration for Goldshore, said, “The recent structural geology review by Dr. Brett Davis has helped resolve the theories we have been developing for the genesis of the Moss Lake gold deposit. Our improved understanding will guide the upcoming geological modelling exercise. Specifically, we will model a 3D anastomosing shear network that hosts the higher grades in the deposit and direct the geometry of the lower grade haloes. This is a significant step forward as the historic resource model ignores high grade gold mineralization.”

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23“) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61“). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21“).

In addition to ALS quality assurance / quality control (“QA/QC“) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a strategic shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold¹. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc^2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver⁴ from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Deposit¹ (2013 resource estimate)
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Deposit² (2011 resource estimate)
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.
Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.
The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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 release.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416
M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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 the Company’s actual results, performance or achievements, or developments 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.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131311

Tags #BrettRichards, #GoldShoreResources, #GSHR, #JuniorMining, #MauriceJackson, #MossLakeDeposit, #MossLakeProject, #MossLakeProperty, #ProvenAndProbable

Uncategorized

Silver Hammer Commences Induced Polarization Survey at Silver Strand Project in Idaho

Post author By admin
Post date July 14, 2022

Figure 1

Proposed IP/Resistivity Survey at Silver Strand

VANCOUVER, British Columbia, July 14, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to announce that it has commenced an induced polarization (“IP”) resistivity survey at its past-producing Silver Strand Project in Idaho.

The IP/Resistivity technology can identify silicified quartz-hosted, sulfide-rich silver and gold mineralization up to 200 metres depth. The survey is intended to track the known mineralized zone laterally, as well as to search for parallel mineralized zones and will run concurrent with the upcoming drill program, which is expected to commence before the end of July.

The survey lines will extend 1.3 kilometres in length and data will be collected at 100 metre spaced stations with survey lines spaced 200 metres apart.https://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%2522Electrical_resistance_survey%253BBritish_Columbia%253BIdaho%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25221c4e1ebc-6e17-3d1a-b6f3-760b074bfe72%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The survey will be conducted by Big Sky Geophysics, and the data collected from the survey will be used in concert with data collected from a recent drone-supported magnetic survey to assess and enhance both underground and surface targets.

“The IP survey is yet another low-cost surface exploration method we are using to better understand the potential for a district-scale mineralized system at Silver Strand,” stated President and CEO Morgan Lekstrom. “The IP survey results will be analyzed together with our magnetics data to further refine surface drill targets as we work to ascertain the potential for mineralization along the 5.5 kilometre strike extent of the prospective Revett formation on the property, which is located within Idaho’s Silver Valley.”

Qualified Person

Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.

Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom
President and CEO

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For investor relations inquiries, contact:

Kristina Pillon, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact:

Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ad8e0454-d4ee-4f3a-a1f4-d252a5c6ecd5

Uncategorized

Diamcor Reports Initial Tender and Sale Results for Quarter and The Recovery of Two Gem Quality Special Diamonds

Post author By admin
Post date July 14, 2022

KELOWNA, BC / ACCESSWIRE / July 14, 2022 / Diamcor Mining Inc. (TSX-V.DMI), (OTCQB-DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its first tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) in the Company’s fiscal second quarter (“Fiscal Q2”) ending September 30, 2022. In this initial tender, the Company sold a total of 1,939.81 carats of rough diamonds, generating gross revenues of USD $478,391.90, resulting in an average price of USD $246.62 per carat.

The Company is also pleased to report the recovery of two gem quality rough diamonds in the specials category, a 59.25 carat and a 21.85 carat diamond, which have been delivered and are expected to be tendered in August of 2022.

We are very pleased with the results of this first tender and sale early in the current quarter and continue to see strong demand for our rough diamonds given their overall quality”, stated Mr. Dean Taylor, Diamcor CEO. “Our efforts continue to focus on increasing processing volumes, and the recovery of two large gem quality rough diamonds in the specials category from our recently upgraded facilities at this point is yet further confirmation of the Project’s potential for large high value gem quality rough diamonds”.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.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%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522TSX_Venture_Exchange%253BTiffany_%2526_Co.%253BCompany%253BThe_Project_(Australian_TV_program)%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25222ab8513b-82cb-3ae3-b1e5-1b1fbcf4b204%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither 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.

SOURCE: Diamcor Mining Inc.

View source version on accesswire.com:
https://www.accesswire.com/708548/Diamcor-Reports-Initial-Tender-and-Sale-Results-for-Quarter-and-The-Recovery-of-Two-Gem-Quality-Special-Diamonds

Junior Mining Precious Metals Uncategorized

(VIDEO) Provenance Releases Initial Technical Report on White Rock Gold Property in Nevada

Post author By admin
Post date July 12, 2022

Vancouver, British Columbia–(Newsfile Corp. – July 7, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce that an initial NI 43-101 technical report has been completed on its White Rock Gold Property (the “Property“) in Nevada. The purpose of this report was to form a baseline for the Property and will be updated further in 2023 following a second drill program planned by the Company that is fully permitted. The planned drill program is being designed to expand upon significant zones of gold mineralization confirmed during the 2021 drill program.⁽¹⁾

The following points are highlights of the technical report:

The Property is very large with gold mineralization being found over three-square kilometers that hosts gold in feeder structures, silicified limestones and silicified sandstones and shales.
The Property has on the surface to near surface gold mineralization over significant widths and thickness associated with a > 3.5 km² alteration system, and affinities of both sediment-hosted low-sulfidation epithermal and Carlin styles of mineralization.
Significant exploration potential is found on undrilled or under-drilled portions of the property in 2021; including the newly recognized feeder structure on Central Ridge.
There is a strong correlation between the 2021 and historic assay values from twinned holes on the property, indicating the historic data is valid and can be relied upon for future exploration and evaluation.
The authors of the technical report recommend that the Property be advanced with a large drilling program, metallurgical test work and a thorough database audit in preparation for resource modeling.

Figure 1. Drill Holes and Targets – White Rock Property, Nevada
https://www.provenancegold.com/assets/2022-06-10_Fig1.pdf

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/5654/130207_8f92ceb494ada831_001full.jpg

Table 1. Drill Intersection Highlights Showing Results Above 0.1 g/t Au

Hole	Depth	Interval-Ft	Thickness-Ft*	Au g/t
WR-15	500	120-215	95	0.636
		160-185	25	1.452
		235-410	175	0.197
		240-265	25	0.427
		420-435	15	0.13
WR-16**	300	95-270	180	0.618
		95-135	40	0.83
		225-260	35	1.53
WR-17**	450	440-450	10	0.21
WR-18**	320	295-320	25	1
WR-19**	300	90-125	35	0.792
		150-175	25	0.321
		290-300	10	0.404
WR-20	450	85-115	25	0.158
		165-230	65	0.196
		255-280	25	0.321
WR-21	400	110-135	25	0.11
WR-22**	140	0-40	40	0.357
		60-65	5	1.337
		85-140	55	0.25
WR-23	480	0-75	75	0.256
		95-360	265	0.388
		100-125	25	0.778
		160-180	20	0.397
		200-220	20	0.526
		260-310	50	0.65
WR-24**	300	0-40	40	0.454
		90-300	210	0.293
		95-130	35	0.713
		230-240	10	0.407
WR-25**	200	55-95	40	0.301
		105-125	20	0.14
		140-165	25	0.144
WR-26	400	0-55	55	0.157
		80-150	70	0.293
		175-190	15	0.117
		200-330	130	0.241
		235-255	25	0.435
		345-380	35	0.156
WR-27**		10-15	10	0.82
		30-55	25	0.237
		70-210	140	0.257
		115-140	25	0.546
WR-28	530	75-340	265	0.376
		205-260	55	0.729
		355-405	50	0.242
WR-29**	235	115-235	120	0.276
WR-30**	140	85-140	55	0.291
WR-31	400	195-335	140	0.208
WR-32**	380	165-380	215	0.305
		175-240	65	0.411
		350-365	15	0.492
WR-33**	120	75-120	45	0.39
WR-34**	150	0-20	20	0.17
		95-140	45	0.492
		95-120	25	0.96
WR-35**	160	110-160	50	0.22
WR-36**	250	115-250	135	0.242
		215-235	20	0.412
WR-37	600	35-50	15	0.23
		70-100	30	0.153
		210-225	15	0.157
		240-285	45	0.226
		310-405	95	0.205
		490-500	10	0.119
		590-600	10	0.182
WR-38**	270	120-175	55	0.28
		135-160	25	0.476
		200-225	25	0.156
		245-265	20	0.216
WR-39**	220	65-90	25	0.152
		125-150	25	0.217
		195-220	25	0.17
WR-40**	220	135-220	85	0.449
WR-41**	250	145-195	50	0.289
		215-250	35	0.219
WR-42	360	0-30	30	0.16
		185-250	65	0.15
		260-280	20	0.24
WR-43**	200	40-200	160	0.017
WR-44	320	95-145	50	0.137
WR-45	340	55-275	220	0.517
		70-170	100	0.88
		120-160	40	1.11
WR-46**	60	0-60	60	0.367
		35-50	15	1.01
WR-47	310	0-310	310	0.359
		35-135	100	0.535
		170-195	25	0.717
WR-48	300	160-180	20	0.1
		220-225	10	0.1
WR-49	300	60-85	25	0.1

(Many of the drill holes ended in mineralization short of their target depths due to difficult ground conditions)

CLICK HERE TO VIEW FULL TABLE

Provenance’s Chairman Rauno Perttu said, “We are a junior mining company in the very enviable position of controlling two major gold projects, with both the White Rock and Eldorado properties. We plan to focus on these two projects, to advance them as quickly as we can.

Considering these positive developments, the Company has elected to discontinue its option agreement on the Mineral Hill silver property to better advance our flagship projects. Because we believe our Silver Bow property also has the potential to become another significant project, we plan to continue to also advance it in the belief that we will become a three-flagship property junior. I don’t know if there’s another junior out there in that position.”

NI 43-101 Technical Report

An NI 43-101 Technical Report entitled “Technical Report on the White Rock Property, Elko County, Nevada” has been completed and filed on behalf of the Company. The report was completed by Michael Dufresne, M.Sc., P.Geol., P.Geo. of Apex Geosciences Ltd. and Jodie Gibson, M.Sc., P.Geo. with an effective date of April 29, 2022. The purpose of the report was to summarize the geological setting; historic and current exploration and drilling data; and, ultimately, form the baseline for the project for future exploration, and potentially, resource estimation purposes. The authors noted that White Rock is a Property of Merit based on drilling results to date and appears to host a large alteration and gold mineralized system that is near surface and with significant thickness. The authors also recommended further exploration work on the project to better define the mineralization in term of grade, potential size and scale across the Property in advance of a mineral resource estimate. The recommendations included 1.) substantial infill and step-out drilling (up to 12,000m), 2.) metallurgical test work, and 3.) a thorough audit and validation of the historic and current drill hole and surface data. The technical report has been posted on the Company’s website and is available on SEDAR.

White Rock Project Summary

The White Rock Property consists of 258 lode mining claims covering a combined area of approximately 5,160 acres, located approximately 105 kilometers northeast of Wells, Elko County, Nevada. On June 12, 2020, Provenance, through its subsidiary Provenance Gold USA, entered into a four-year option agreement with Nevada Select Royalty Inc., an arm’s-length company that is a subsidiary of Gold Royalty Corp., a leading growth and America’s-focused precious metals royalty company which grants Provenance Gold USA the sole and exclusive right to purchase 100% of Gold Royalty’s right, title and interest to the Property.

The Property lies near the northern end of the basin and range geological province of the western United States and hosts gold mineralization and alteration patterns with similarities to low sulphidation epithermal deposits. Drilling by Provenance commenced in July 2021 and defined the stratigraphic and structural controls and grades within the extensive central area of sediment-hosted gold mineralization. The target mineralization extends across a 2.8 km by 1.3 km area centered on a complex dome structure that is believed to have formed on the upper plate of a system of thrust faults. In addition, drilling was intended to confirm results from historical drillholes that intersected numerous thick intervals of gold mineralization, while confirming Provenance’s new understanding of the structural and stratigraphic controls of the gold mineralization.

The drillhole assay results confirmed similar results to those achieved by past operators and confirmed the location of a newly recognized open-ended gold mineralization feeder structure that extends across the core mineralized area of 2.8 km in width and 1.3 km in length (WR-45) while bottoming out in mineralization. In addition to the newly identified plumbing structure, recent step-out drilling continued to expand the gold mineralization in several directions from drillhole WR-23, which returned an interval of 80 meters (265 feet) of gold mineralization. Large step-out drilling tested new areas including the Rhyolite Graben to the northwest, the Nose area to the south and the newly identified plumbing structure. The Rhyolite Graben, located to the northwest and west of hole WR-23 was tested with two holes. Both intercepted gold mineralization with hole WR-32 assaying 65.5 meters (215 feet) of 0.305 g/t gold which included 20 meters (65 feet) of 0.411 g/t gold. The hole bottomed out in mineralization at 115.8 meters (380 feet) and was lost. The importance of this intercept suggests that the host rocks in the graben will host gold mineralization and now become a substantial new target.

The Company was pleased to report that all 35 RC drill holes during its 2021 drill program intercepted gold mineralization. Provenance is currently planning the next stage of drilling at White Rock.

Qualified Person

Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

(1) See the Company’s news release dated December 2, 2021. Available on SEDAR.

Tags #Eldorado, #JuniorMining, #MauriceJackson, #PAU, #ProvenancrGold, #ProvenAndProbable, #WhiteRock

Base Metals Energy Junior Mining Metallic Group Stillwater Critical Minerals Uncategorized

Stillwater Critical Minerals Reports Wide and High-Grade Intervals of Platreef-Style Mineralization in Resource Expansion Drilling in the HGR Deposit Area at Stillwater West Project in Montana, USA

Post author By admin
Post date July 7, 2022

VANCOUVER, BC / ACCESSWIRE / July 7, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) today reports wide, high-grade intervals of nickel sulphide mineralization with palladium, platinum, rhodium, cobalt, copper and gold in a final tranche of first-pass drill results from the 14-hole resource expansion campaign completed at the Company’s flagship Stillwater West PGE-Ni-Cu-Co + Au project in Montana, USA. Additional rhodium results are pending.

Results continue to support the Company’s priority objective of expanding the October 2021 inaugural mineral resource estimates with multiple wide and highly mineralized intervals returned in step-out drilling in six holes at the HGR deposit area at Iron Mountain (see Table 1 and Figure 1). Drilling in 2021 focused on resource expansion in three of the five deposit areas delineated by the 2021 estimates. Similar wide and well-mineralized intervals have now been reported from all three deposit areas as announced December 20, 2021, March 7, 2022, and May 3, 2022. Mineralization remains open to expansion along trend and at depth in all five deposit areas, which are set within 12 kilometers of the broader 32-kilometer-long land package in the lower Stillwater Igneous Complex (see Figure 2).

Highlights from six holes drilled in the HGR deposit area in 2021 include:

IM2021-05 returned379.2 meters of continuous battery and precious metal mineralization starting at surface and grading 0.33% Nickel Equivalent (“NiEq”), equal to 0.88 g/t Palladium Equivalent (“PdEq”), with successive contained higher-grade intervals including:
- 133.2 meters of 0.38% NiEq (1.01 g/t PdEq);
- 21.5 meters of 0.66% NiEq (1.75 g/t PdEq); and
- 7.3 meters of 0.79% NiEq (2.11 g/t PdEq) as 0.45% Ni, 0.51 g/t Pd+Pt+Au+Rh (“4E”), 0.17% Cu and 0.026% Co .

IM2021-05 is the second most highly mineralized drill hole ever recorded in the Stillwater district with a grade-thickness value of 334 gram-meter PdEq, after CM2021-01 which returned 530 gram-meter PdEq.

IM2021-06 returned 94.0 meters of 0.48% NiEq (1.28 g/t PdEq) within333.0 meters of continuous mineralization grading 0.28% NiEq (0.73 g/t PdEq). Additional contained intervals at higher grades include 26.4 meters of 0.63% NiEq (1.69 g/t PdEq) and 4.8 meters of 1.38 g/t 4E which includes 0.077 g/t Rh .
IM2021-04 , partially reported on March 7, 2022, returned 115.0 meters of 0.38% NiEq (1.02 g/t PdEq) within 306.5 meters of continuous mineralization grading 0.26% NiEq (0.68g/t PdEq). Additional contained intervals at higher grades include:
- 9.8 meters of high-grade PGE mineralization with 0.89% NiEq (2.38 g/t PdEq) as 1.54 g/t 4E including 1.02 g/t Pd, 0.39 g/t Pt, and 0.064 g/t Rh, along with base metal mineralization; and
- 4.8 meters of high-grade battery metal mineralization with 1.47% NiEq (3.91 g/t PdEq) as 0.74% Ni, 0.65% Cu, 0.070% Co, plus 0.30 g/t 4E including 0.055 g/t Rh (see photo below).
Drilling in the HGR deposit area in 2021 focused on step-out holes in the area of IM-2019-03 which returned 272.5 meters of 0.42% NiEq (1.11 g/t PdEq) including 26.8 meters of 0.96% NiEq (2.55 g/t PdEq) as 0.34% Ni, 0.15% Cu, 0.019% Co, 0.33 g/t Pt, 0.77 g/t Pd, 0.08 g/t Au, and 0.049 g/t Rh (see Figures 1 to 4).
These results, alongside results released May 3 and March 7, 2022, and December 20, 2021, demonstrate significant potential to expand the October 2021 mineral resource estimates with multiple long intervals at grades well above the 0.20% NiEq cut-off grade used in that study (see bolded assay values on Table 1). Potential is also shown to expand existing resources at higher cut-off grades, such as 0.35% and 0.50% NiEq (red values and shaded rows, respectively, on Table 1). Moreover, as shown in Figures 1 to 4, these results provide important intercepts in step-out drill holes located up to several hundred meters from the resource estimate block models.
Results also continue to highlight the potential for significant co-product rhodium values at Stillwater West, with drill samples in Iron Mountain holes IM2021-04, -05, and -06 returning up to 0.365 g/t Rh within the mineralized horizons. At recent values, rhodium trades at more than 16 times the value of platinum and seven times the value of palladium on a spot price basis at over US$14,000 per ounce. Sibanye-Stillwater, adjacent to Stillwater Critical Minerals’ Stillwater West project, is the primary US producer. Supply constraints for rhodium have supported rising prices since 2017.
Complete first-pass assay results have now been reported from all 14 holes drilled in 2021. Additional rhodium assays are pending on mineralized intervals.

Stillwater Critical Minerals, Thursday, July 7, 2022, Press release picture

Dr. Danie Grobler, Stillwater Critical Minerals’ Vice-President of Exploration, commented “Stillwater West continues to demonstrate significant equivalence with the Platreef deposits of the northern Bushveld Complex. Albie Brits and I are actively applying our combined four decades of Platreef experience in our new roles at Stillwater Critical Minerals with a priority on updating the geologic model to support planning and refining of drill targets for the next phase of follow-on work. Our current focus is to define detailed stratigraphic and structural controls within the 2021 Inferred Resource areas. We are also in the process of reviewing and prioritizing higher-grade pegmatoidal pyroxenite targets within the Stillwater stratigraphy that have not been fully tested.”

Michael Rowley, President and CEO, commented, “Results from the Iron Mountain drill campaign continue to demonstrate the remarkable potential for expansion of our inaugural mineral resource with multiple wide intercepts of battery and precious metals and contained intervals at successive higher grades. In particular our success in targeting Platreef-style nickel sulphide mineralization in step-out holes in the area of IM2019-03 shows excellent potential for resource growth, similar to our success in the DR and Hybrid deposit areas over seven kilometers to the west. We continue to see confirmation of a large mineralized system with an impressive endowment of eight of the commodities listed as critical by the US government. We look forward to further updates on our planned resource expansion, exploration priorities for 2022, and other news in the near term.”

Table 1 – Highlight Results from the 2021 Expansion Drill Campaign at the HGR Deposit Area

Highlighted significant mineralized intercepts are presented above. Grade-thickness values cover significant mineralized intervals with total palladium and nickel equivalent grade-thickness determined by multiplying the thickness of continuous mineralization (in meters) by the palladium equivalent grade (in grams/tonne) to provide gram-meter values (g-m) or by multiplying the nickel equivalent grade (in percent) to provide percent-meter values as shown. Total nickel and palladium equivalent calculations reflect total gross metal content using long term metal prices (all USD): $7.00/lb nickel (Ni), $3.50/lb copper (Cu), $20.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,800/oz palladium (Pd), and $1,600/oz gold (Au). Equivalent values have not been adjusted to reflect metallurgical recoveries. Total metal equivalent values include both base and precious metals. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.

About Stillwater West

Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA¹ . The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex² . Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Phone: (604) 357 4790
Toll Free: (888) 432 0075
Email: info@criticalminerals.com
Web: http://criticalminerals.com

Quality Control and Quality Assurance

2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com .

SOURCE: Stillwater Critical Minerals

Tags #CanadianMining, #MauriceJackson, #MichaelRowley, #MiningCompaniesInCanada, #ProvenAndProbable, #Stillwater, #StillwaterCriticalMinerals, #StillwaterWest, best canadian mining stocks

Base Metals Collective Mining Energy Junior Mining Precious Metals Uncategorized

OTC Markets Group Welcomes Collective Mining Ltd to OTCQX

Post author By admin
Post date June 28, 2022

NEW YORK, June 28, 2022 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Collective Mining Ltd (TSX-V: CNL; OTCQX: CNLMF), an exploration and development company focused on identifying and exploring prospective mineral projects in South America, has qualified to trade on the OTCQX® Best Market. Collective Mining Ltd upgraded to OTCQX from the Pink® market.

Collective Mining Ltd begins trading today on OTCQX under the symbol “CNLMF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

“We are pleased to reach the milestone of trading on OTCQX, as this will make it easier for our U.S. employees and investors to invest in Collective Mining by reducing the requirement of having a Canadian trading account,” said Ari Sussman, Executive Chairman of Collective.

Nauth LPC acted as the company’s OTCQX sponsor.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%253B1580500%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522OTC_Markets_Group%253BRegulated_market%253BZijin_Mining%253BUnited_States%253BSouth_America%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522701730ec-86cd-3dbe-9f98-d54d4e55d5c7%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Collective Mining Ltd

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. Collective 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 is fortuitous to have 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 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021, March 15, 2022 and June 22, 2022 for AuEq calculations)

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

Tags #AriSussman, #CNL, #CollectiveMining, #JuniorMining, #MauriceJackson, #ProvenAndProbable, Canada

Uncategorized

RooGold Completes Rock Chip Sampling at Arthurs Seat Silver-Antimony Project, New South Wales

Post author By admin
Post date June 23, 2022

This release corrects and replaces the release disseminated June 23, 2022 at 9:40am ET. The release contained incorrect numbers in the table. Please see the full corrected release below.

VANCOUVER, BC / ACCESSWIRE / June 23, 2022 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) – RooGold Inc. (“RooGold” or the “Issuer“).

RooGold is pleased to report that it has undertaken a preliminary rock chip sampling program at its 100% held Arthurs Seat Project Exploration Licence (EL) 9144 in the highly prospective New England Orogen in New South Wales, Australia.

Highlights

Successful landowner negotiations and access agreement established over key prospects at Arthurs Seat including McDonalds, Coxs and Murrays Mine.
A total of 274 rock chip samples were collected at historical prospects and along structural and geological contacts.
Significant hydrothermal alteration identified with multiple generations of mineralised quartz veins visible.
Visible silver-antimony mineralisation in quartz veins observed at Murrays and Co Mine and McDonalds Prospect.
Assay results received to date from 159 samples indicate widespread, low-level mineralisation along greisen altered granite – metasediment contacts and confirms the presence of a large hydrothermal mineral system.
115 assays are still pending from other key prospects.

Carlos Espinosa, Chief Executive Officer and a Director of RooGold commented, “RooGold has completed a successful, first pass rock chip sampling program at the Arthurs Seat Project, New South Wales. Preliminary assay results have been received and confirm low-level, widespread silver-antinomy geochemical anomalism within the project. Our field geologists have identified multiple sets of quartz veins at key prospects containing silver-antimony minerals and we look forward to receiving further assay results in the near term.”https://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%2522Arthurs_Seat%252C_Victoria%253BHunter-Bowen_orogeny%253BSampling_(music)%253BCarlos_Espinosa%253BProject_Exploration%253BSouth_Wales%253BSampling_(statistics)%253BMetasedimentary_rock%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522a87ff96a-bc83-3bf2-816f-97067f19d564%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Arthurs Seat Project

The Arthurs Seat Project, comprised of Exploration License 9144 (“EL 9144”), is approximately 42 km² in area and is located in the northwestern region of the New England Orogen. The New England Orogen comprises island-arc and continental-arc gold-silver mineralized belts, which host extensive intrusion related polymetallic deposits. In the Southern New England Orogen, where Roo Golds projects are based, include the historic Conrad Silver Mine which produced approximately 3.5Moz Ag¹, Webbs Silver deposit that contains JORC (2012) Mineral Resource Estimate Indicated and Inferred of 2.2Mt at 205 g/t Ag² and the Hillgrove Au-Sb-W Mine with historic production of 720koz Au³.

The Arthurs Seat project is centered on the regional Severn Thrust Fault and mineralized granitic/sandstone contact. The property includes 3 historical silver, tungsten and antimony mines and prospects. Mineralization is found in white quartz and tourmaline veins cutting the greisen altered granite – meta- sedimentary contact zone. This contact spans over 15 km strike length within the concession, historically mined for silver and tin ore. The contact target and associated mines remain unexplored in the subsurface since mining ended in 1890.

Elevated gold grades observed at the Cox gold/silver prospect are interpreted as related with the hanging wall of the deep-seated Severn Thrust Fault – potentially representing a robust 7 km long underexplored secondary target (Figure 1 and Figure 2).

The Murray and Co Mine is located on the western boundary of EL 9144 and was mined in the late 1890’s including the development of underground adits and shafts driven into silver and tin rich quartz and tourmaline veins, which intrude metasediments along the greisen altered granite contact, (Figure 3). Historical sampling of mullock heaps at the prospect returned grades of 1,085 g/t Ag and 1,400 ppm Sb (source: Magnum Exploration NL, GS1971/217).

Rock Chip Sampling Program

Two field trips were undertaken with a total of 274 rock chip samples collected at the Arthurs Seat Project (EL 9144) to confirm the results of historical sampling. Initial sampling focused on the Arthurs Seat historical prospect that is defined by the contact between the Permian Graman Monzogranite of the S-type Bundarra Supersuite and the metasediments of the Carboniferous Texas Beds of the Central Block.

Of the 159 rock chip samples, 154 samples returned anomalous silver showing low-level, widespread silver mineralisation across the sampling area ranging from 0.01 ppm Ag to 4.0 ppm Ag, see Figure 1 and Figure 2. The highest grade results were concentrated in the greisen altered granite hosting quartz veins at Arthurs Seat. The highest assay result received was 3.99 ppm Ag, 8,210 ppm As, 4.93 ppm Sb. 3.80 ppm W and 223 ppm Bi (Sample Number R00148) from a greisen altered granite with iron-oxide filled vugs after sulfides. The highest gold result returned was 0.11 ppm Au, 5.03% As, 165 ppm Bi, 2.36 ppm Ag from a highly sheared mafic rock (Sample Number R00147).

Table 1: Significant assay results from rock chip sampling program (>0.98 ppm Ag) from (R00059 – R00241) Arthurs Seat prospect, EL 9144.

Lithology	Sample ID	Easting MGA 94	Northing MGA94	RL	Au ppm	Ag ppm	As ppm	Bi ppm	Sb ppm	W ppm
Granite	R00148	311523	6747639	536	<0.01	3.99	8210	223	4.93	3.80
Qtz vein in granite	R00193	312030	6747383	497	<0.01	3.98	67.9	49	1.11	4.70
Qtz Vein	R00156	311519	6747646	536	<0.01	3.90	31600	559	7.39	2.70
Qtz Vein	R00161	311528	6747646	534	0.01	2.58	10500	213	12.7	1.40
Mafic / skarn mineralisation (?)	R00147	311522	6747636	536	0.11	2.36	50300	165	69.1	0.80
Greisen / Granite	R00187	311632	6747384	529	<0.01	2.34	2180	75.4	2.37	2.20
Qtz Vein	R00159	311522	6747641	536	0.01	2.18	14000	176	15.4	0.60
Granite	R00150	311522	6747640	536	<0.01	1.70	3700	219	2.81	3.50
Qtz Vein	R00162	311528	6747646	534	0.02	1.22	33400	39.2	67.2	1.30
Qtz Vein	R00164	311536	6747649	533	0.04	1.05	25800	54.3	39.6	1.10
Qtz Vein	R00158	311524	6747642	535	<0.01	0.99	5660	98.9	7.24	0.90
Qtz Vein	R00152	311524	6747640	536	<0.01	0.98	23200	309	7.48	0.30

The location of the rock chip samples and current assay results are indicated below in Figures 1 and 2.

The Murray and Co mine was mapped as a subvertical, E-W trending zone of silicified ferruginous metasediments in contact with silica flooded quartz veins in greisenised granite. A 1 m zone of fine, brecciated, smokey, and gossanous quartz veins carrying stibnite, arsenopyrite, and pyrite was observed. Significant silica, sericite, and chlorite alteration of metasedimentary host rocks confirm the presence of a hydrothermal mineralizing system, Figure 4. Multiple generations of quartz veins were observed with primary, coarse bucky quartz, and secondary fine, smokey quartz veins carrying stibnite, arsenopyrite, and pyrite mineralisation.

The McDonalds North prospect was mapped as an E-W trending zone of fine (1-3 mm) gossanous and stibnite-silver bearing quartz veins within a highly silicified metasediment host rock, Figure 5. Sub-horizontal bedding contained minor sulfides along the bedding plane. McDonalds South prospect is faulted and juxtaposed against a quartz-eye porphyry dyke containing arsenopyrite and pyrite intruded into strongly silica flooded metasediments. A number of E-W sinistral faults were mapped and represent possible conduits for the deposition of mineralizing fluids, Figure 6.

The remaining 115 samples collected at Murrays and Co Mine and McDonalds prospects have assay results pending from the laboratory.

RooGold Inc., Thursday, June 23, 2022, Press release picture

Quality Assurance and Quality Control (QAQC) and Assay Procedures

A minimum of 3 kg per rock chip sample collected in sealed calico bags by the RooGold field team. Five calicos containing rock chips placed in a green plastic bag and each zip tied to ensure security. A total of 34 green bags were placed on heavy duty pallet, wrapped in heavy duty plastic wrap to ensure security and sent to ALS Geochemistry Labs (ALS) in Perth, Australia for assay testing. ALS is independent of RooGold and is certified to international quality standards through ISO/IEC 17025:2017 including ISO 9001:2015 and ISO 9002 specifications.

At ALS, rock chips underwent coarse crushing before fine crushing to 70% less than 2mm then riffle split off 1kg, followed by a pulverise split to better than 85% passing <75μm. Gold was measured by Fire Assay of 50g sample and AAS finish. Samples were also tested using a ME-ICP61 for 33 element suite by 4 acid digest, HCl leach and ICP-AES. Field blanks were inserted every 25 samples. Certified gold and base metal reference standards (CRM’s) were inserted every 13 samples. Assay results from certified standards received from the laboratory are required to be within 3σ from their Certified Reference Value. RooGold noted no issues with the CRM results, which met acceptable values.

Data Verification

Alexandra Bonner has verified all scientific and technical data disclosed in this news release including the rock chip locations, sampling procedures, and analytical data underlying the technical information disclosed. Specifically, Alexandra Bonner reviewed the original certified assay results from ALS and verified the assay summary table produced for these rock chip samples. Alexandra Bonner noted no errors or omissions during the data verification process. RooGold and Alexandra Bonner do not recognize any significant factors of sampling or recovery that could materially affect the accuracy or reliability of the rock chip assay data disclosed in this news release.

Qualified Person Statement

The scientific and technical information contained in this news release has been prepared and approved by Alexandra Bonner, Vice President of Exploration, who is a Qualified Person as defined in NI 43-101.

About RooGold Inc.

ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 14 high-grade potential gold (10) and silver (4) concessions covering 2,696 km² which have 139 historic mines and prospects.

For further information please contact:

Carlos Espinosa, CEO
cespinosa@roogoldinc.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”,”expect”, “project”, “intend”,”believe”, “anticipate”, “estimate” and other similarwords, or statements that certain eventsor conditions “may” or “will” occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, therecan be no assurance that such expectations will prove to be correct. Such forward-looking statements are subjectto risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

¹https://www.thomsonresources.com.au/projects/webbs-and-conrad-silver-projects-new-south-wales/

² Thomson Resources (ASX: TMZ), 9 June 2022

³ The Hillgrove Gold-Antimony-Tungsten District, NSW, Australia B. Hooper, P. Ashley and P. Shields

SOURCE: RooGold Inc.

View source version on accesswire.com:
https://www.accesswire.com/706453/CORRECTION-RooGold-Completes-Rock-Chip-Sampling-at-Arthurs-Seat-Silver-Antimony-Project-New-South-Wales

Junior Mining Precious Metals Uncategorized

Why Progressives Love Government “Experts”

Post author By admin
Post date June 16, 2022

Orginal Source: https://mises.org/wire/why-progressives-love-government-experts

06/09/2022 Ryan McMaken

In twenty-first-century America, ordinary people are at the mercy of well-paid, unelected government experts who wield vast power. That is, we live in the age of the technocrats: people who claim to have special wisdom that entitles them to control, manipulate, and manage society’s institutions using the coercive power of the state.

We’re told these people are “nonpolitical” and will use their impressive scientific knowledge to plan the economy, public health, public safety, or whatever goal the regime has decided the technocrats will be tasked with bringing about.

These people include central bankers, Supreme Court justices, “public health” bureaucrats, and Pentagon generals. The narrative is that these people are not there to represent the public or bow to political pressure. They’re just there to do “the right thing” as dictated by economic theory, biological sciences, legal theory, or the study of military tactics.

We’re also told that in order to allow these people to act as the purely well-meaning apolitical geniuses they are, we must give them their independence and not question their methods or conclusions.

We were exposed to this routine yet again last week as President Joe Biden announced he will “respect the Fed’s independence” and allow the central bankers to set monetary policy without any bothersome interference from the representatives of the taxpayers who pay all the bills and who primarily pay the price when central bankers make things worse. (Biden, of course, didn’t mention that central bankers have been spectacularly wrong about the inflation threat in recent years, with inflation rates hitting forty-year highs, economic growth going negative, and consumer credit piling up as families struggle to cope with the cost of living.)

Conveniently, Biden’s deferral to the Fed allows him to blame it later when economic conditions get even worse. Nonetheless, his placing the economy in the hands of alleged experts will no doubt appear laudable to many. This is because the public has long been taught by public schools and media outlets that government experts should have the leeway to exercise vast power in the name of “fixing” whatever problems society faces.

The Expert Class as a Tool for State Building

The success of this idea represents a great victory for progressive ideology. Progressives have long been committed to creating a special expert class as a means of building state power. In the United States, for example, the cult of expertise really began to take hold in the late nineteenth and early twentieth centuries, and it led directly to support for more government intervention in the private sector. As Maureen Flanagan notes in “Progressives and Progressivism in an Era of Reform,”

Social science expertise gave political Progressives a theoretical foundation for cautious proposals to create a more activist state…. Professional social scientists composed a tight circle of men who created a space between academia and government from which to advocate for reform. They addressed each other, trained their students to follow their ideas, and rarely spoke to the larger public.

These men founded new organizations—such as the American Economics Association—to promote this new class of experts and their plans for a more centrally planned society. Ultimately, the nature of the expert class was revolutionary. The new social scientists thought they knew better than the patricians, religious leaders, local representatives, and market actors who had long shaped local institutions. Instead,

Progressives were modernizers with a structural-instrumentalist agenda. They rejected reliance on older values and cultural norms to order society and sought to create a modern reordered society with political and economic institutions run by men qualified to apply fiscal expertise, businesslike efficiency, and modern scientific expertise to solve problems and save democracy. The emerging academic disciplines in the social sciences of economics, political economy and political science, and pragmatic education supplied the theoretical bases for this middle-class expert Progressivism.

The Progressive impulse for expertise-based rule was perhaps exemplified by the Progressive transportation planner Emory Johnson, who advocated for a strong federal executive branch that would be resistant to political pressure while relying on the supposedly “scientific” judgments of government planners and other bureaucrats. Johnson

explicitly took up the question of the role of expertise in the American state…. he maintained that success relied upon what he termed “executive functions.” He sought to empower the federal government’s executive branch as experts’ natural home.1

In the Progressive view, business leaders and machine politicians lacked a rational and broad view of the needs of society. In contrast, the government experts would approach society’s problems as scientists. Johnson felt this model already somewhat existed in the Department of War, where Johnson imagined the secretary of war was “quite free from political pressure and [relied] on the counsel of the engineers.” Johnson imagined that these science-minded bureaucrats could bring a “really economic and scientific application” of policy.2

“Disinterested” Central Planners

Johnson was part of a wave of experts and intellectuals attempting to develop “a new realm of state expertise” that favored apolitical technocrats who would plan the nation’s infrastructure and industry.2 Many historians have recognized that these efforts were fundamentally “state-building activities … [and that] their emergence marked and symbolized a watershed in which an often-undemocratic new politics of administration and interest groups displaced the nineteenth century’s partisan, locally oriented public life” (emphasis added).3

In short, these efforts sowed the seeds for the idealized technocracy we have today: unresponsive to the public and imbued with vast coercive power that continually displaces private discretion and private prerogatives.

Indeed, the Progressive devotion to expertise followed “the core pattern of Progressive politics,” which is “the redirection of decision making upward within bureaucracies.”4 Thus, in contrast to the populist political institutions of an earlier time, decision-making in the Progressive Era became more white-collar, more middle class—as opposed to the working-class party workers—and more hierarchical within bureaucracies directly controlled by the state’s executive agencies.

Although Progressives thought of themselves as the saviors of democracy, they nonetheless recognized the conflict between their professed democratic ideals and a reliance on experts:

[Progressives] reconciled the conflict between using hierarchical bureaucracy to seek efficiency and dispersing power to achieve equality by depicting bureaucratic systems as safeguards of public order…. Since authority flowed from supposedly disinterested facts and “scientific” expertise, bureaucratic systems were presented by their champions as objective, coherent, and essentially democratic structures.5

This idealized notion of the “disinterested expert” formed a key component of the Progressive agenda:

Progressive reformers proposed an antidote to the corruption of patronage politics, emphasizing disinterested experts and rationalized administration: a city council would appoint an executive officer, the city manager, who would in turn appoint qualified lieutenants to assist him. The rationalized and centralized bureaucracies presided over by city managers would be run “scientifically,” meaning objectively, insulated from patronage politics.6

Who Should Rule?

In many ways, then, this aspect of Progressive ideology turned the political agenda of laissez-faire classical liberalism on its head. Liberals of the Jeffersonian and Jacksonian variety had sought to increase outside political influence in the policy-making process through elections and the appointment of party activists loyal to elected representatives. This was because liberals feared that an insulated class of government experts would function more in its own interests than those of the taxpayers.

The Progressives, however, imagined they could create a disinterested nonpolitical class of experts devoted only to objective science. The fundamental question, then, became who should rule: insulated experts or nonexpert representatives with closer ties to the taxpayers.

We can see today that the Progressives largely succeeded in granting far greater power to today’s technocratic class of experts. The technocrats are praised for their allegedly scientific focus, and we are told to respect their independence.

If the goal was ever to protect public checks on state power, however, this was always an unworkable ideal. By creating a special class of expert bureaucrats with decades-long careers within the regime itself, we are simply creating a new class of officials able to wield state power with little accountability. Anyone with a sufficiently critical view of state power could see the danger in this. Interestingly, it was anarcho-communist Mikhail Bakunin who recognized the impossibility of solving the problem of state power by putting scientific experts in charge. Such a move only represented a transfer of power from one group to another. Bakunin warned:

The State has always been the patrimony of some privileged class or other; a priestly class, an aristocratic class, a bourgeois class, and finally a bureaucratic class.

Moreover, state bureaucratic efforts to plan society from the center, Bakunin noted,

will demand an immense knowledge and many “heads overflowing with brains” in this government. It will be the reign of scientific intelligence, the most aristocratic, despotic, arrogant, and contemptuous of all regimes. There will be a new class, a new hierarchy of real and pretended scientists and scholars.

It is not necessary, of course, to have full-blown socialism to create this “new class.” The modern state with its mixed economy in most cases already has all the bureaucratic infrastructure necessary to make this a reality. As long as we defer to this ruling class of “scientists and scholars,” the Progressives have won.

1.Drew VandeCreek, “Emory Johnson and the Rise of Economic Expertise in the Progressive State, 1898-1913,” Journal of the Gilded Age and Progressive Era 17, no. 2 (April 2018): 276–96, esp. 279.
2.a. b. Ibid., p.4.
3.Ibid., p. 15.
4.Heather A. Haveman, Srikanth Parachuri, and Hayagreeva Rao, “The Winds of Change: The Progressive Movement and the Bureaucratization of Thrift,” American Sociological Review 72, no. 1 (February 2007): 117–42, esp. 125.
5.Ibid., p. 125.
6.Ibid., p. 127.

Author:

Contact Ryan McMaken

Ryan McMaken (@ryanmcmaken) is a senior editor at the Mises Institute. Send him your article submissions for the Mises Wire and Power and Market, but read article guidelines first. Ryan has a bachelor’s degree in economics and a master’s degree in public policy and international relations from the University of Colorado. He was a housing economist for the State of Colorado. He is the author of Commie Cowboys: The Bourgeoisie and the Nation-State in the Western Genre.

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable

Base Metals Energy Junior Mining Precious Metals Uncategorized

Eloro Resources’ Deep Hole DSBS-02 Encounters Numerous Mineralized Intercepts Including 146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn) over 88.66m and 131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and 0.14% Sn) over 104.38m in the Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Post author By admin
Post date June 14, 2022

Figure 1

Geological Plan Map showing Drilling in Santa Barbara and Porco Areas with Holes referred to in this release highlighted.

Figure 2

3D Location of > 90 g Ag eq/t Grade Shell Model for Santa Barbara relative to the 3D Magnetic Susceptibility Inverse Model. The high-grade likely feeder zone at Santa Barbara extends approximately 750m along strike, is 650m wide and extends to a depth of at least 750m. The deposit is open in all directions.

Figure 3

3D Model of Inverse Magnetic Susceptibility and BHIP Mx Chargeability and Conductivity, Iska Iska. Note that BHIP data is primarily only available in the Santa Barbara area.

Figure 4

Strong inverse magnetic susceptibility anomaly in the Porco Area that extends for approximately 1.6km along strike by 700m wide with a vertical extent of approximately 750m.

Hole DSBS-02 was drilled across the interpreted Santa Barbara feeder zone to a length of 1,023.4m, corresponding to a vertical depth of 745m. Notably, 67% of the overall length of this hole yielded reportable intersections which collectively average 100.42 g Ag eq/t.
Grade shell modelling in Leapfrog of the Santa Barbara Deposit indicates that, as of this date, drilling has defined a higher-grade zone >90 g Ag eq/t that is approximately 750m along strike, 650m wide and extends to a depth of at least 750m. This deposit remains open in all directions.
Hole DPC-09, the first of a series of holes to test the major inverse magnetic susceptibility anomaly in the Porco area, intersected 41 reportable mineralized intersections representing 29% of this 1,124.4m long hole that collectively average 94.73 g Ag eq/t. Significantly, the last reportable intersection near the bottom of this hole is higher in Ag and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the more tin dominant mineralization at depth.
The coincidence of the magnetic inverse model with the chargeability/conductivity model from Bore Hole Induced Polarization (BHIP) surveys provides a powerful tool to outline very prospective drill targets. BHIP surveys to a depth of almost 1,000m show that the conductivity increases with depth at Santa Barbara, indicating that the potential feeder zone could be even more substantive.

TORONTO, June 14, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional two (2) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Hole DSBS-02 is a surface hole drilled due north at -30⁰ from the south side of Santa Barbara across the higher-grade likely feeder zone. Hole DPC-09 is the first in a series of drill holes to test the extensive magnetic susceptibility anomaly in the Porco area in the southern part of the property. Four drills including three surface drills and one underground drill are focussed on completing drilling in the Santa Barbara Resource Definition Drilling Area. The underground drill is on its last hole and will be moved to surface to complete drill holes requested by Micon International Limited (“Micon”) to better define the preliminary open pit to be utilized for the maiden mineral resource estimate targeted for completion at the end of Q3.

Overall, the Company has completed 59,499m in 95 drill holes to-date, including four holes in progress, as shown in Figure 1. Tables 1 and 2 list significant assay results for the two drill holes reported. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 3 summarizes drill holes with assays pending. Highlights are as follows:

Santa Barbara Mineral Resource Definition Target Area – Surface Drilling

Hole DSBS-02 was collared in the south part of the Santa Barbara target at an azimuth of 0⁰ and dip of -30⁰ to test across the likely higher grade feeder zone for the Santa Barbara Ag-Sn polymetallic mineralization. This hole was drilled to a length of 1,023.4m, corresponding to a vertical depth of 745m, with 67% of the hole containing reportable intersections which collectively average 100.42 g Ag eq/t. Significant results are as follows:

146.65 g Ag eq/t (10.74 g Ag/t, 1.01 g Au/t, 0.31% Zn, 0.11% Pb and 0.06% Sn) over 88.66m from 319.36m to 408.02m, including a higher-grade section of:
- 737.33 g Ag eq/t (51.11 g Ag/t, 6.82 g Au/t, 0.24% Zn, 0.31% Pb, and 0.19% Sn) over 12.06m from 355.39m to 367.45m. Notably, this is the strongest gold-bearing intercept encountered to date at Iska Iska.
131.86 g Ag eq/t (21.38 g Ag/t, 0.06 g Au/t, 0.25% Zn, 0.24% Pb and 0.14% Sn) over 104.38m from 531.22m to 635.60m, including higher-grade sections of:
- 224.16g Ag eq/t (50.19 g Ag/t, 0.02 g Au/t, 0.41% Zn, 0.38% Pb and 0.24%Sn) over 26.79m from 543.09 to 569.88,
- 300.90g Ag eq/t (35.33 g Ag/t, 0.20 g Au/t, 0.26 % Zn. 0.78% Pb and 0.36% Sn) over 10.38m from 590.84m to 601.22m.
78.94 g Ag eq/t (12.77 g Ag/t, 0.06 g Au/t, 0.66% Zn, 0.12% Pb and 0.04% Sn) over 235.43m from 670.27m to 905.70m which included higher grade sections of:
- 494.81 g Ag eq/t (170.06 g Ag/t, 0.49 g Au/t, 0.37% Zn, 0.35 %Pb, 0.40 % Sn) over 4.46m from 722.70m to 727.16m,
- 181.64 g Ag eq/t (76.79 g Ag/t, 0.19g Au/t, 0.76% Zn, 0.23 %Pb and 0.07% Sn) over 4.35m from 770.73m to 775.08m,
- 120.54 g Ag eq/t (15.50g Ag/t, 0.01 g Au/t, 1.57% Zn, 0.34% Pb and 0.03%Sn) over 10.96 m from 800.44m to 811.40m, and
- 129.54 g Ag eq/t (6.44 g Ag/t, 0.08 g Au/t, 2.03% Zn, 0.34% Pb and 0.02% Sn) over 8.94 m from 853.28m to 862.22m.

Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “Grade shell modelling in Leapfrog of the Santa Barbara Deposit by the Iska Iska geological team indicates that drilling has defined a higher-grade zone >90 g Ag eq/t that extends approximately 750m along strike, is 650m wide and extends to a depth of at least 750m. The deposit is open in all directions. Figure 2 shows the Santa Barbara deposit model relative to the extensive 3D inverse magnetic susceptibility model, demonstrating the remarkable scale of this enormous mineralized system.”

Dr. Pearson continued: “Figure 3 is a 3D model combining the inverse magnetic susceptibility model and the bore hole induced polarization (“BHIP”) chargeability and conductivity data that clearly shows how this new hole DSBS-02 intersected significant mineralization in an area of an extensive chargeability anomaly coincident with a magnetic high. In the lower part of this hole conductivity increases substantially and indicates that this hole stopped just short of a likely area of massive sulphide mineralization. The coincidence of the magnetic inverse model with the chargeability/conductivity model provides a powerful tool to outline very prospective drill targets. BHIP surveys to a depth of almost 1,000m show that the conductivity increases with depth at Santa Barbara, indicating that the potential feeder zone could be even more substantive.”

Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro said: “Geophysical targeting is very useful at Iska Iska because the mineralization often occurs in association with pyrrhotite, a mineral that affects both the electrical and magnetic properties of the host rock. BHIP helps to correlate mineralization between the holes because it samples a much larger volume around the borehole than each assay does. BHIP provides two electrical measures of the quantity of mineralization; chargeability that measures the amount of disseminated mineralization and conductivity that shows when the strength of mineralization reaches the point of “connectivity”, resulting in a conductive deposit. This explains the strong spatial correlation between the grade of mineralization and the chargeable volume around DSBS-02. We do not yet have BHIP surveys under DPC-09 but this hole was targeted to test a peak in the magnetic susceptibility that was modelled using surface magnetic data. The excellent spatial coincidence between the mineralized intersection and the peak in magnetic susceptibility gives us confidence that we will also likely intersect mineralization when we drill the larger magnetic susceptibility zone that is modelled deeper and farther to the south.”

Porco Area – Magnetic Inverse Anomaly – Surface Drilling

Hole DPC-09 is the first of a series of holes to test the major inverse magnetic susceptibility anomaly in the Porco area, as outlined in Eloro’s March 1, 2022 press release. This hole intersected 41 reportable mineralized intersections, representing 29% of this 1,124.4m long hole that collectively averaged 94.73 g Ag eq/t. Highlights include:

143.47 g Ag eq/t (10.67 g Ag/t, 0.25 g Au/t, 1.90 % Zn, 0.23%Pb, 0.09% Cu and 0.01% Sn) over 11.96m from 363.57 to 375.53m
84.46 g Ag eq/t (6.52 g Ag/t, 0.03 g Au/t, 1.13% Zn, 0.37% Pb and 0.01% Sn) over 10.63m from 410.09 to 420.72m
79.46 g Ag eq/t (4.47 g Ag/t, 0.02 g Au/t, 1.12% Zn, 0.08 %Pb and 0.03 % Sn) over 42.55m from 740.63m to 783.18m.
82.64 g Ag eq/t (3.48 g Ag/t, 0.05 g Au/t, 0.50% Zn, 0.09% Pb, and 0.08% Sn) over 57.34m from 798.15m to 855.49m including a higher grade section of:
- 127.94 g Ag eq/t (3.37 g Ag/t, 0.05 g Au/t, 0.50% Zn,0.12% Pb and 0.16% Sn) over 12.02m from 798.15 to 810.17m,
96.13 g Ag eq/t (8.14 g Ag/t, 0.15 g Au/t, 0.40% Zn, 0.11% Pb and 0.09% Sn) over 14.83m from 972.51m to 987.34m,
69.88 g Ag eq/t (8.73 g Ag/t, 0.11 g Au/t, 0.22% Zn, 0.05% Pb and 0.06% Sn) over 40.24m from 1045.82m to 1086.06m including a higher grade section of
- 100.05 g Ag eq/t (16.71 g Ag/t, 0.08 g Au/t, 0.35% Zn, 0.06% Pb and 0.09% Sn) over 13.25m from 1068.37 to 1081.62m
163.35 g Ag eq/t (48.35 g Ag/t, 0.12 g Au/t, 0.05% Zn, 0.05% Pb, 0.09% Cu and 0.15% Sn) over 5.95m from 1114.63m to 1120.58m

As shown in Figure 4, this hole intersected a very extensive inverse magnetic susceptibility anomaly which, at elevation 3,400m, extends for approximately 1.6km along strike by 700m wide with a vertical extent of approximately 750m. The 3,400m elevation is approximately 100m above the valley floor. Significantly, the last reportable intersection near the bottom of the hole is higher in Ag and Sn with very low values of Zn and Pb. This is typical of what is seen in the Santa Barbara area in the transition from the Ag-Zn-Pb-Sn polymetallic mineralization to the more tin dominant mineralization at depth.

Table 1: Significant Results, Surface Diamond Drilling, Santa Barbara Resource
Definition Target Area as at June 14, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSBS-02	7.84	24.44	16.60	1.36	0.01	0.00	0.01	0.00	0.07	0.001	0.001	44.49
	116.64	119.75	3.11	11.60	0.01	0.04	0.54	0.03	0.04	0.001	0.001	58.37
	140.40	153.60	13.20	0.72	0.01	1.11	0.15	0.00	0.01	0.001	0.003	60.89
	170.99	174.10	3.11	0.74	0.01	0.99	0.07	0.01	0.01	0.001	0.004	53.28
	181.52	210.84	29.32	1.61	0.01	1.04	0.11	0.02	0.02	0.001	0.004	64.93
Incl.	204.66	209.33	4.67	4.63	0.01	2.69	0.35	0.06	0.04	0.002	0.008	172.94
	235.15	255.86	20.71	5.43	0.06	1.83	0.55	0.01	0.09	0.003	0.007	168.10
	270.96	281.72	10.76	7.62	0.04	0.49	0.22	0.02	0.06	0.001	0.002	78.72
	290.74	293.71	2.97	15.53	0.05	0.06	0.14	0.04	0.05	0.001	0.001	59.26
	298.26	308.78	10.52	26.84	0.11	0.05	0.09	0.08	0.02	0.001	0.001	65.08
	319.36	408.02	88.66	10.74	1.01	0.31	0.11	0.01	0.06	0.008	0.001	146.65
Incl.	355.39	367.45	12.06	51.11	6.82	0.24	0.31	0.02	0.19	0.047	0.001	737.33
	438.04	447.12	9.08	3.67	0.21	1.53	0.10	0.01	0.05	0.001	0.007	126.04
	469.60	483.12	13.52	1.17	0.06	0.59	0.05	0.01	0.06	0.001	0.002	69.05
	489.14	517.80	28.66	6.00	0.02	0.55	0.34	0.01	0.04	0.001	0.002	68.65
	522.20	525.40	3.20	6.50	0.04	0.27	0.12	0.01	0.07	0.001	0.001	66.24
	531.22	635.60	104.38	21.38	0.06	0.25	0.24	0.01	0.14	0.002	0.001	131.86
Incl.	543.09	569.88	26.79	50.19	0.02	0.41	0.38	0.01	0.24	0.001	0.001	224.16
Incl.	590.84	601.22	10.38	35.33	0.20	0.26	0.78	0.01	0.36	0.006	0.001	300.90
	647.53	658.12	10.59	10.57	0.01	0.23	0.28	0.01	0.14	0.001	0.001	116.41
	670.27	905.70	235.43	12.77	0.06	0.66	0.12	0.01	0.04	0.005	0.002	78.94
Incl.	722.70	727.16	4.46	170.06	0.49	0.37	0.35	0.04	0.40	0.104	0.003	494.81
Incl.	770.73	775.08	4.35	76.79	0.19	0.76	0.23	0.01	0.07	0.013	0.001	181.64
Incl.	800.44	811.40	10.96	15.50	0.01	1.57	0.34	0.01	0.03	0.001	0.004	120.54
Incl.	853.28	862.22	8.94	6.44	0.08	2.03	0.34	0.01	0.02	0.001	0.006	129.54
	917.78	931.28	13.50	7.05	0.03	0.78	0.13	0.01	0.04	0.002	0.002	73.10
	953.83	955.34	1.51	16.00	0.01	0.48	1.24	0.01	0.19	0.001	0.001	191.90
	964.38	971.84	7.46	5.96	0.01	0.53	0.14	0.01	0.04	0.001	0.001	62.14
	980.80	1022.40	41.60	38.97	0.08	0.24	0.34	0.03	0.10	0.007	0.001	132.38

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):

Element	Price $US (per kg)	Ratio to Ag
Ag	$722.56	1.0000
Sn	$42.56	0.0589
Zn	$3.30	0.0046
Pb	$2.33	0.0032
Au	$57,604.00	79.7221
Cu	$9.68	0.0134
Bi	$12.76	0.0177
Cd	$5.50	0.0076

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.

Table 2: Significant Results, Surface Diamond Drilling, Porco Area – Magnetic Inverse
Anomaly as at June 14, 2022.

PORCO AREA – MAGNETIC INVERSE ANOMALY
SURFACE DIAMOND DRILLING
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DPC-09	0.00	5.42	5.42	1.89	0.01	0.00	0.01	0.00	0.15	0.001	0.001	94.64
	104.28	109.27	4.99	1.67	0.01	0.97	0.04	0.03	0.01	0.002	0.002	60.29
	162.18	172.74	10.56	0.64	0.03	0.84	0.07	0.01	0.01	0.002	0.003	54.18
	177.18	178.65	1.47	2.00	0.01	1.10	0.32	0.00	0.02	0.001	0.004	72.61
	195.31	196.80	1.49	3.00	0.01	0.81	0.41	0.00	0.01	0.001	0.003	59.66
	207.43	208.91	1.48	9.00	0.05	4.04	0.38	0.01	0.01	0.001	0.019	215.09
	211.94	213.44	1.50	0.30	0.01	1.04	0.07	0.01	0.01	0.001	0.003	55.60
	216.47	217.95	1.48	2.00	0.05	1.67	0.22	0.00	0.01	0.001	0.006	93.82
	270.53	271.99	1.46	8.00	0.03	3.61	0.20	0.05	0.01	0.001	0.018	194.48
	363.57	375.53	11.96	10.67	0.25	1.90	0.23	0.09	0.01	0.004	0.014	143.47
	392.13	393.60	1.47	8.00	0.02	1.52	0.34	0.01	0.01	0.001	0.007	94.61
	410.09	420.72	10.63	6.52	0.03	1.13	0.37	0.01	0.01	0.008	0.005	84.46
	425.11	426.61	1.50	12.00	0.01	1.11	0.34	0.02	0.01	0.001	0.004	81.08
	468.78	473.31	4.53	7.01	0.32	0.95	0.27	0.04	0.01	0.004	0.002	98.88
	621.97	624.95	2.98	29.49	0.15	7.91	0.48	0.02	0.05	0.001	0.027	451.93
	668.49	674.45	5.96	16.81	0.11	3.40	0.38	0.02	0.02	0.001	0.018	211.05
	684.96	686.38	1.42	3.00	0.34	0.31	0.11	0.02	0.01	0.001	0.001	58.23
	704.50	710.58	6.08	8.75	0.49	1.56	0.17	0.03	0.01	0.005	0.014	135.68
	731.63	736.15	4.52	11.62	0.11	2.11	0.36	0.02	0.06	0.001	0.013	165.28
	740.63	783.18	42.55	4.47	0.02	1.12	0.08	0.01	0.03	0.001	0.007	79.46
	798.15	855.49	57.34	3.48	0.05	0.50	0.09	0.02	0.08	0.002	0.002	82.64
Incl.	798.15	810.17	12.02	3.37	0.03	0.50	0.12	0.00	0.16	0.001	0.002	127.94
	865.90	868.95	3.05	1.50	0.02	0.54	0.06	0.02	0.06	0.001	0.002	69.83
	879.52	881.00	1.48	11.00	2.81	1.92	0.06	0.04	0.09	0.001	0.010	382.28
	896.05	897.54	1.49	3.00	0.02	0.51	0.10	0.01	0.09	0.001	0.001	83.89
	902.05	903.54	1.49	6.00	0.68	0.97	0.09	0.03	0.05	0.001	0.003	139.62
	911.06	912.57	1.51	2.00	0.03	0.31	0.02	0.01	0.09	0.001	0.001	71.60
	921.60	923.15	1.55	2.00	0.02	0.53	0.02	0.01	0.06	0.001	0.002	66.00
	924.64	926.07	1.43	3.00	0.01	0.59	0.01	0.01	0.05	0.001	0.003	59.22
	933.55	936.56	3.01	4.03	0.06	0.73	0.08	0.01	0.12	0.001	0.004	114.76
	941.08	944.06	2.98	4.47	0.03	0.22	0.06	0.01	0.06	0.001	0.001	58.50
	945.53	946.99	1.46	10.00	0.04	0.29	0.33	0.01	0.16	0.001	0.001	133.74
	951.57	953.02	1.45	20.00	0.01	0.71	0.52	0.01	0.03	0.001	0.003	86.78
	957.59	960.51	2.92	5.00	0.07	0.46	0.10	0.01	0.17	0.001	0.002	136.71
	972.51	987.34	14.83	8.14	0.15	0.40	0.11	0.02	0.09	0.002	0.002	96.13
	994.96	997.89	2.93	4.51	0.06	0.35	0.03	0.00	0.04	0.001	0.001	53.12
	1003.85	1005.30	1.45	14.00	0.07	0.69	0.03	0.02	0.03	0.005	0.002	74.61
	1014.23	1035.30	21.07	6.83	0.03	0.24	0.06	0.01	0.05	0.002	0.001	56.12
	1045.82	1086.06	40.24	8.73	0.11	0.22	0.05	0.02	0.06	0.003	0.001	69.88
Incl.	1068.37	1081.62	13.25	16.71	0.08	0.35	0.06	0.04	0.09	0.004	0.001	100.05
	1090.64	1093.67	3.03	9.53	0.19	0.09	0.02	0.03	0.05	0.005	0.001	62.69
	1104.16	1108.73	4.57	6.67	0.08	0.13	0.01	0.03	0.04	0.003	0.001	48.93
	1114.63	1120.58	5.95	48.38	0.12	0.05	0.05	0.09	0.15	0.018	0.001	163.35

See Note Table 1.

Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b00bb012-0067-4bf2-b22f-fe3d2b787bae

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf108382-d9d3-4d2a-a052-5cacf022835c

https://www.globenewswire.com/NewsRoom/AttachmentNg/61ed7775-0c9b-4f46-af99-6dc6844faf39

https://www.globenewswire.com/NewsRoom/AttachmentNg/b2b16fed-ec98-42ea-958c-26f66b8625a9

Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from June 14, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole length (m)
Surface Drilling Santa Barbara Breccia
DHK-24	S	205529.4	7656222.5	4153.4	225°	-60°	926.3
DHK-25	S	205526.9	7656384.7	4178.1	225°	-55°	1,147.3
						Subtotal	2,073.6
Surface Drilling Northwest Extension Santa Barbara
DSB-16	S	204973.9	7657053.1	4147.1	225°	-65°	862.0
DSB-17	S	205136.3	7656770.8	4168.1	225°	-40°	841.0
DSB-18	S	205209.3	7656683.3	4172.5	225°	-40°	890.4
DSB-19	S	205209.9	7656684	4172.5	225°	-65°	803.3
DSB-23	S	205343.3	7656534.4	4176.1	225°	-40°	863.2
DSB-27	S	205044.5	7656982.6	4150	225°	-65°	800.4
DSB-28	S	205512	7656112	4162	225°	-60°	851.4
						Subtotal	5,911.7
DSB-29	S	205511	7655966.9	4134	225°	-60°	In progress
DSB-30	S	205440.27	7656179.06	4192	225°	-60°	In progress
DSB-31	S	205652.403	7656108.35	4088	225°	-60°	In progress
Underground Drilling Santa Barbara Adit
DSBU-09	UG	205284.5	7656080	4167.1	90°	-60°	904
DSBU-10	UG	205284.5	7656080.0	4167.1	40°	-60°	878.9
						Subtotal	1,782.9
DSBU-11	UG	205284.502	7656080.03	4167.117	180°	-55°	In progress
Surface Drilling South Extension Santa Barbara
DSBS-02	S	205300	7655563	4195	0°	-45°	1,023.4
						Subtotal	1,023.4
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07	S	205090.1	7655340.9	4310	235°	-60°	791.4
DPC-08	S	205585	7655423.6	4089	235°	-65°	800.4
DPC-09	S	205456.7	7655516.6	4125	180°	-75°	1,124.4
DPC-10	S	205396.5	7655701.2	4148	225°	-60°	1,088.4
DPC-11	S	205456.7	7655516.6	4125	235°	-70°	1,065.0
DPC-12	S	205650	7655200	4100	235°	-70°	941.4
						Subtotal	5,811.0
Mina 2 Target Area – Surface Drill Program Testing Magnetic Inverse Model
DM2-01	S	205944	7654211	3674	30°	-60°	860.3
						Subtotal	860.3
						TOTAL	17,463.3

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 19,031m have been completed bringing the overall total to 59,499 m in 95 drill holes (31 underground drill holes and 64 surface drill holes) including 4 holes in progress.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience, including extensive work in South America, manages the overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon are regularly consulted on technical aspects of the project.

The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. Mr. Joe Mihelcic, P.Eng., P.Geo., of Clearview Geophysics, a QP under NI 43-101, completed the 3D magnetic inversion model in consultation with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being carried out by MES Geophysics under the supervision of Dr. Hale and Mr. Gilliatt.

Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex, including the Porco and Mina 2 areas.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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 release.

Tags #EloroResources, #IskaIska, #MauriceJackson, #ProvenAndProbable, #ThomasLarsen, ELO

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