Category: Uncategorized

Collective Mining Drills 180.6 Metres Grading 2.43 g/t Gold Equivalent in the Newly Discovered Main Breccia at the Apollo Target

Post author By admin
Post date August 29, 2022

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View with Traces of drill holes completed to date in the Main Breccia Discovery at Apollo

Figure 4

Apollo Target Cross Section N-S with Core Photo Highlights for APC-5

APC-3 intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins beginning at 200 metres below surface and returned:
- 180.6 metres @ 2.43 g/t gold equivalent.
APC-5 also intersected the main breccia structure with some overprinting carbonate base metal veining beginning at 135 metres below surface and yielded:
- 268.00 metres @ 1.50 g/t gold equivalent.
Three rigs continue to actively drill at Apollo with four additional completed holes awaiting assay results in the near term.
- APC-6 and APC-8 were designed to test the main breccia target at Apollo and both holes intersected more than 265 metres of potentially favourable mineralization.
- APC-4 and APC-7 were NOT designed to test the main breccia target but rather two grassroot concept targets at Apollo. Both holes intersected potentially favorable mineralization with APC-4 cutting a 10-20-metre-thick zone of carbonate base metal veins with visible gold observed in one vein and APC-7 cutting 3 mineralized zones of favorable angular breccia down-hole between 20-40 metres thick.

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TORONTO, Aug. 29, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.

“These latest drill intercepts demonstrate the remarkably continuous nature of this mineralized breccia and overprinting CBM vein system which is now expanding with every drill hole that we complete. With multiple overprinting events depositing mineralization into the system, the Apollo main breccia has all the right markers to evolve into a large-scale discovery. We will remain aggressive with drilling for the balance of 2022,” commented Ari Sussman, Executive Chairman.

A short video presented by David Reading discussing the results can be seen by clicking here.

Details (See Table 1 and Figures 1 – 4)

Five diamond drill holes with accompanying assay results have now been announced at Apollo and resulted in expansion of this main breccia and overprinting vein system with dimensions of up to 300 metres along strike by 100 metres across by 400 metres vertical. The target remains open in all directions and has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.

Drill holes APC-3 and APC-5 were drilled in opposite directions from two separate drill pads (Pads 2 and 3) to the northeast and southwest respectively to test continuity of the mineralized breccia previously intersected in holes APC-1, APC-1W and APC-2 and to test the early working model of the geometry of the main breccia (see press releases dated April 27, 2022, June 22 and July 6, 2022). The following results are highlighted:

APC-3:
180.60 metres @ 2.43 g/t AuEq from 303.40 metres down hole (200 metres vertical) including:
21.10 metres @ 3.47g/t AuEq from 304.9 metres down hole, and
46.60 metres @ 5.13 g/t AuEq from 363.1 metres down hole.

APC-3 is the first hole drilled from a newly constructed pad (Pad 3) located approximately 400 metres to the south of Pad 1 (Holes APC-1 and 1W) and 300 metres to the southwest of Pad 2 (Hole APC-2 and APC-5).

APC-5:
268.00 metres @ 1.50 g/t AuEq from 210.5 metres down hole (135 metres vertical) including:
16.35 metres @ 2.55 g/t AuEq from 210.3 metres down hole,
19.20 metres @ 3.03 g/t AuEq from 252.6 metres down hole, and
22.25 metres @ 2.92 g/t AuEq from 456.6 metres down hole.

APC-5 was drilled from Pad 2 to the SW with a steeper inclination and a 200-metre vertical difference from the previous intercept reported in APC-2.

Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
A further four holes (APC-4, APC-6, APC-7 and APC-8) have now been completed with APC-9, APC-10 and APC-11 now being drilled.
- APC-6 and APC-8 were designed to test the main breccia target at Apollo and both holes intersected more than 265 metres of potentially favourable mineralization.
- APC-4 and APC-7 were NOT designed to test the main breccia target but rather two grassroot concept targets at Apollo. Both holes intersected potentially favorable mineralization with APC-4 cutting a 10-20-metre-thick zone of carbonate base metal veins with visible gold observed in one vein and APC-7 cutting 3 mineralized zones of favorable angular breccia down-hole between 20-40 metres thick.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

Table 1: Assays Results

HoleID	From (m)	To (m)	Intercept (m)	Au (g/t)	Ag (g/t)	Cu %	Zn %	Pb %	Mo %	AuEq (g/t)*
APC-3	303.40	484.00	180.60	1.52	39	0.16	0.13	0.11	0.001	2.43
Incl	304.90	326.00	21.10	2.86	24	0.04	0.28	0.28	0.001	3.47
	363.10	409.70	46.60	3.78	58	0.20	0.33	0.27	0.001	5.13
APC-5	210.25	478.25	268.00	0.89	22	0.13	0.11	0.07	0.002	1.50
Incl	210.25	226.60	16.35	1.95	20	0.04	0.308	0.23	0.001	2.55
	252.60	271.80	19.20	2.61	14	0.04	0.271	0.13	0.000	3.03
	456.00	478.25	22.25	2.30	21	0.04	0.332	0.24	0.002	2.92
and	496.80	510.65	13.85	0.71	9	0.02	0.144	0.11	0.001	1.00

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/eeb9e76f-a937-4682-a99b-ac6ab09f0c51

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/7eca55ae-f68b-48d2-a2a9-cac7f26df452

Figure 3: Plan View with Traces of drill holes completed to date in the Main Breccia Discovery at Apollo
https://www.globenewswire.com/NewsRoom/AttachmentNg/b56c6abe-3941-438c-8374-c39142a568c3

Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-5
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb5d25f0-7fdc-4103-9370-fefd14b96872

Marketing Services Agreement

The Company is pleased to announce an agreement with Proven and Probable (“PP”) to provide investor relations services to the Company, subject to approval by the TSX Venture Exchange (the “TSX-V”). PP will provide investor relations services to increase exposure to and awareness of Collective. Services include, but not limited to:

Displaying Collective on its sponsor webpage.
Conduct interviews with management and advisors and publish them on their website and other virtual channels.
Publish third party media regarding Collective on their website and other virtual channels.

The agreement with PP has a term of one year, for which they will be paid an annual fee of USD $72,000. PP currently owns 3,250 common shares of Collective.

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

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

Uncategorized

EMX Royalty Options the Mesa Well Copper Project in Arizona to Intrepid Metals

Post author By admin
Post date August 26, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 26, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”), is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an option to purchase agreement (the “Agreement”) for the Mesa Well property (the “Project”) to Intrepid Metals Corp. (“Intrepid”). The Agreement provides EMX with cash and share payments during Intrepid’s earn-in period, and upon earn-in, a retained 2% net smelter return (“NSR”) royalty interest, annual advance royalty payments, and certain milestone payments.

The Mesa Well Project is located in south-central Arizona’s porphyry copper belt, approximately 100 kilometers northeast of Tucson. The principal target is a structurally dismembered and rotated porphyry copper-molybdenum system concealed beneath strongly tilted, post-mineral cover rocks. There are additional targets of skarn/replacement mineralization, also beneath cover rocks.

The Agreement with Intrepid is an example of EMX’s execution of the royalty generation aspect of its business model. The Company acquired Mesa Well at minimal cost in a premier porphyry copper belt, and has now partnered the Project for further in-the-ground exploration investment, pre-production payments, and a retained NSR royalty interest, all at no additional cost to EMX.

Commercial Terms Overview. Intrepid can earn 100% interest in the Project before the fifth anniversary of the Agreement by: (a) making execution and staged option payments totaling $350,000, (b) delivering 600,000 common shares of Intrepid, and (c) incurring $2,000,000 in exploration expenditures. After earn-in, EMX will retain a 2% NSR royalty interest on the Project and will receive certain annual advance royalty (“AAR”) payments.

Additionally, Intrepid has agreed to make payments to EMX at certain Project milestones: (a) $200,000 upon completion of a Preliminary Economic Assessment; (b) $500,000 upon completion of a Prefeasibility Study; and (c) $1,000,000 upon completion of a Feasibility Study.

All dollar amounts are in USD unless otherwise noted.

Mesa Well Overview. The Mesa Well Project is covered by State of Arizona exploration leases that were acquired as a result of EMX’s southwestern U.S. porphyry copper royalty generation program. The original target concept was derived from the coincidence of locally anomalous water well geochemisty and an unexplored porphyry dike swarm striking toward those anomalies, with several water wells reporting high molybdenum values and notable “multiparameter” anomalies¹.

The Mesa Well target area is covered by highly tilted, post-mineral, Tertiary gravels. Field work to the east of the principal target area identified: 1) a variety of porphyry dikes and associated weak, but broadly-developed biotitic and sodic-calcic alteration with sparse chalcopyrite mineralization and 2) exotic, secondary copper mineralization along a low angle fault zone that spans from the dike swarm to the geochemically anomalous water wells. The dikes, alteration, and mineralization are characteristic of the deeper flanks of a porphyry system. The remobilized copper mineralization is interpreted to be sourced from the porphyry target beneath the post-mineral cover.

Exploration by a previous partner included five holes totaling 2,701 meters of reverse circulation and 981 meters of core drilling which intersected distal porphyry copper alteration and mineralization. These drill intercepts increase in alteration intensity and mineralization (pyrite-chalcopyrite-molybdenite-bearing quartz veins with sericitic alteration) and vector toward the target area. Permitting was completed for a planned follow-up drill program that was never executed. As a result, the Mesa Well Project presents “walk-up” drill targets for Intrepid’s upcoming work programs. Intrepid advises it has plans to complete geophysical surveys on the Project prior to year-end, followed by a drill program in Q1 2023.

Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

¹ Bolm, K. S., Hayes, T. S., and Brown, J. G., 2008, Using alluvial basin ground-water chemistry to explore for concealed porphyry copper deposits in Arizona, in: Ores and Orogenesis: Circum-Pacific Tectonics, Geologic Evolution, and Ore Deposits, Arizona Geological Society Digest 22, Spencer, J. E., and Titley, S. R., eds. p. 137-149.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134909

Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One & the Curse of Rich Projects

Post author By admin
Post date August 19, 2022

Bob Moriarty
Archives
Aug 19, 2022

Lion One (LIO-V) came out with a press release in early June that shot the shares from $1.04 to $1.67 in less than a week. Obviously the results were excellent. Most of the people who read it appreciated it for what it was. One of the clowns who posts on CEO.CA maintained that the company was only finding high-grade but narrow intercepts and didn’t believe it could be put into production.

So I posted a piece on June 7th and showed Mr. Doom and Gloom a map of Fiji showing the seven million ounces of production from the Vatukoula gold mine only forty km to the North East. The deposits might as well be identical. Same age, same grades and thickness, same type deposit.

The uptick didn’t last long. The shares came off their high and dropped to a low of $1.17 in early July before climbing a little. Gold shares seem to have lost their luster. Right now it really looks like everyone hates gold and gold shares.

That is wonderful news for investors.

But first I want to talk about something that I have been tempted to discuss in one or more of the interviews I have been doing lately. It doesn’t have anything to do with investing but it’s a lifestyle change I learned almost fifty years ago when I worked at Electronic Data Systems. That’s the company that made Ross Perot a billionaire.

EDS made Perot a billionaire within two weeks of the company going public in 1968. He was the first of the billionaires created by taking a company public. When Perot took EDS public only three people made over $1 million. Perot, his secretary and his number 2 man. The company that created the largest number of millionaires was Microsoft. Anyone working there for over five years had picked up enough options by 2000 to be a millionaire. So Perot made the least number of rich employees and Bill Gates made the most.

Perot was a squid; he attended the Naval Academy and served as a line officer in the Navy before leaving the service and going to work with IBM in 1957 selling mainframe computers. In 1962 he formed EDS that made his fortune for him. Perot actually never operated a computer and never wrote a line of code. But he did understand the potential of the machine.

EDS hired me in 1971. We all went through training in Dallas before launching off to whatever contracts EDS had providing computer services. Perot came up with a lot of interesting approaches to life.

The most valuable to me was the concept of how to get a lot of things done. A lot of people who actually believe they are organized will make a list of things they want to do and figure out when it will be convenient to do them.

Don’t ever do things when they are convenient. You will never accomplish very much.

Do things when they are inconvenient.

And the more inconvenient the better. That sounds counter intuitive much like investing in stocks when people hate them but it actually works in real life in both cases.

You see, no matter what you want to do, a lot of the time, in fact most of the time; it’s just inconvenient to do something. There are a lot more inconvenient times to do things than convenient times. So you will accomplish a lot more by doing them when they are a pain in the ass to do. They might never become convenient.

Lion One announced another set of great assays at their Tuvatu Gold mine in Fiji on the 12th of August. Since then the shares have dropped 16%. That’s simply nuts or the assays did nothing more than create a liquidity event. Tuvatu is 100% owned with no NSR.

Lion One came out with a 43-101 back in June of 2014 showing slightly over 910,000 ounces of gold at a 1.0-gram cutoff. They have done a lot of drilling and intercepts since. Remember their neighbor 40 km away has already produced seven million ounces of gold and has another four million identified.

But rich projects require a lot of money and a lot of time to advance. Lion One is drilling for expansion of their resource at the same time they are doing mine planning for their mill scheduled to be into production in Q4 of 2023.

Lion One is my biggest single position. I have an average cost of $1.18 and as of today it trades at $1.16. But I only know half a dozen stocks that have the market cap potential of Lion One and it is by far the cheapest in relative terms. The company has excellent management and technical team. They have their own lab on site supporting the six drill rigs turning.

Lion One is an advertiser. I am a shareholder and just as biased as I can be so do your own due diligence.

Lion One Metals
LIO-V $1.16 (Aug 18, 2022)
LOMLF OTCQX 156.4 million shares
Lion One website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Tags #321Gold, #BobMoriarty, #JuniorMining, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #QuintonHennigh, #WalterBerukoff, LIO

Uncategorized

RooGold Announces Changes To Its Board Of Directors

Post author By admin
Post date August 16, 2022

TORONTO, ON / ACCESSWIRE / August 16, 2022 / (CSE:ROO) (OTC:JNCCF) (Frankfurt:5VHA) RooGold Inc. (“RooGold” or the “Company“).

RooGold announces the appointment of Vishal Gupta to the Board of Directors. Mr. Gupta replaces Carlos Espinosa, who will be stepping down as a director in order to make room for Mr. Gupta to join the Company’s board of directors. Mr. Espinosa will remain in his role as President and Chief Executive Officer of the Company.

Mr. Gupta is a P. Geo. registered with the Professional Geoscientists of Ontario, who brings considerable mining industry expertise and public markets experience to his role as Director of RooGold. He currently serves as the President and CEO of Caprock Mining Corp., a gold exploration company listed on the Canadian Securities Exchange (“CSE”). Prior to joining Caprock, Mr. Gupta served as the President and CEO of California Gold Mining Inc., an advanced-stage gold exploration company also listed on the CSE. Previously, he worked as an equity research analyst and investment banker covering the mining sector for a number of Toronto-based financial institutions including Desjardins Securities, Cormark Securities, Dundee Capital Markets, Fraser Mackenzie and Global Financial. During his tenure in capital markets, Mr. Gupta performed independent technical due diligence, M&A advisory and comprehensive valuation analysis on a wide variety of resource projects across the United States, Canada, Mexico, Brazil, Argentina, Chile, and Nicaragua. Mr. Gupta holds a Master of Science degree in Geology from the University of Toronto, and started his career as an exploration geologist for junior resource companies where he was involved in the planning, preparation, execution and reconciliation of exploration programs.

“We are very pleased to have Mr. Gupta join our team at this time,” stated Carlos Espinosa, President and CEO of RooGold. “Vishal brings extensive capital markets and mining experience, and we look forward to benefitting from his insights and guidance.”

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

Ryan Bilodeau
(416) 910-1440
info@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 similar words, or statements that certain events or conditions “may” or “will” occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to 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.

SOURCE: RooGold Inc.

View source version on accesswire.com:
https://www.accesswire.com/712307/RooGold-Announces-Changes-To-Its-Board-Of-Directors

Tags #CarlosEspinosa, #JuniorMining, #MauriceJackson, #ProvenAndProbable, #ROO, #RooGold

Uncategorized

EMX Royalty Announces Second Quarter 2022 Results

Post author By admin
Post date August 15, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 15, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2022 (“Q2 2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q2-2022

Financial Update

All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.

Revenue and other income for the three months ended June 30, 2022 was $8,952,000 including income of $921,000 from the Leeville royalty, which was an increase as production has moved into Four Corners and corridor from Carlin East to Rita K. Adjusted revenue and other income¹ was $12,055,000 including $3,103,000 for the Company’s share of royalty revenue from the effective Caserones copper royalty interest in Chile.

https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Company%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522276b03d4-e4ee-3765-9cf1-48e7c3f91c8d%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

After recovering $2,570,000 from partners, the Company’s net royalty generation costs totaled $3,944,000.
General and administrative costs totaled $1,166,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities, including the attendance of trade shows, offset by a decrease in professional fees as no further costs were incurred relating to the Barrick settlement of the Bullion Monarch litigation in the US.
Share-based payments totaled $2,714,000 for the period compared to $2,845,000 in Q2-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
Finance expenses of $1,756,000 associated with the Sprott Credit Facility and the SSR VTB note. As at June 30, 2022, the Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000.
For the quarter, the Company had income from operations of $1,285,000 and a net loss of $4,125,000.
Other significant items affecting income for the three months ended June 30, 2022 included, unrealized fair value losses on investments of $4,390,000, and foreign exchange adjustments of $1,983,000.
As at June 30, 2022, the Company had unrestricted cash and cash equivalents of $9,862,000, investments, long-term investments and loans receivable valued at $27,452,000, and a loan payable of $51,039,000.

Corporate Updates

Acquisition of Additional Royalty Interest on Caserones
In Q2-2022, EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.

Appointment of Independent Director
Subsequent to Q2-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.

Commencement of Commercial Production at Gediktepe
Subsequent to Q2-2022, EMX announced the achievement of commercial production for oxide gold mineralization at its flagship Gediktepe royalty property in western Turkey. The Company holds a 10% NSR royalty on oxide gold production at Gediktepe, and operator Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company, has informed EMX that it has produced over 10,000 gold equivalent ounces², the trigger for commencement of production royalty payments to EMX.

Impact of Covid 19
EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.

Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of 266 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Producing Royalties	5
Advanced Royalties	9
Exploration Royalties	155
Royalty Generation Properties	97

Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/133730_figure2.jpg

During Q2-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,514,000 and recovered $2,570,000 from partners. During the quarter the Company also completed one partnership in the US and continued to grow the portfolio with new mineral property acquisitions.

Highlights from Q2 2022 include the following:

In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement, the advancement of twelve partner-funded work programs, including four drill projects, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as expanded royalty footprints in Idaho. Subsequent to Q2 2022, three agreements with Hochschild were terminated and the projects are available for partnership.
EMX released drill results from its Hardshell royalty property in southern Arizona where operator South32 Limited is advancing a new copper-rich target named Peake, as well as potential extensions of Taylor CRD styles of mineralization.
In Canada, EMX conducted work programs to advance and delineate targets on recently acquired properties as partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $206,000 in cash payments and $45,000 in share equity payments.
EMX’s South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q2 drill programs at both Diablillos and Berenguela continue to produce significant results that extend mineralization away from known zones as well as confirming historical drill results. Pampa Metals announced the discovery of a new porphyry target for drill testing later this year at EMX’s Block 4 royalty property.
EMX continued to expand its portfolio of projects in northern Europe in Q2 by adding several additional “battery metals” projects. EMX continues to seek new acquisition and staking opportunities around the world, and recently established a corporate presence in Morocco and the Balkans region.
In Sweden, a 750 meter drill program was completed by partner District Metals Corp. at the Tomtebo project in Q2, with analytical results pending.
Drill programs also commenced at partner Playfair Mining’s RKV project in Norway and on the Norden Crown Metals and Boliden AB joint venture property in Norway. Initial results are anticipated to be received in Q3.
Work continued to expand the known footprint of cobalt mineralization at EMX’s Yarrol property in Queensland, Australia. Surface sampling of cobalt enriched manganiferous mineralization developed on the north side of the Yarrol project shows cobalt enrichments over broad areas where lenses of manganese-rich conglomerate have been found in the field.

Financing Updates

Private Placement with Franco-Nevada
EMX completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units of the Company at a price of $3.30 per unit. Each unit consisted of one common share of EMX and one warrant, with each warrant entitling the holder thereof to purchase one common share of EMX for $4.45 for a period of five years. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Repayment of Vendor Take Back Note
During Q2-2022, EMX repaid in full the vendor take back note issued to SSR Mining Inc. on October 21, 2021, totaling $10,774,000 including interest owed.

Investment Updates

As at June 30, 2022, the Company had investments totaling $26,082,000 which included $20,583,000 in various public and private entities, and $5,499,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

Strategic Investment in Premium Nickel Resources
In Q1-2022, EMX completed a strategic investment in Premium Nickel Resources Corporation (“PNR”), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE”) projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.

On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (TSX:”NAN”). This transaction will effectively take PNR public, offering liquidity for shareholders such as EMX. Trading of NAN shares was halted after the announcement, with approval for the transaction and resumption of trading for the resultant issuer expected in Q3. Securityholders of PNR will receive 5.27 shares of the resultant issuer for each share of PNR held (see NAN news release dated April 26, 2022).

PNR subsequently informed EMX that it had commenced an exploration drill program in the Selebi Mine area and will likely continue drilling through the remainder of 2022. Subsequent to period end, NAN and PNR announced that the TSX Venture Exchange has provided conditional approval for the RTO transaction (see NAN news release dated July 21, 2022).

OUTLOOK

This year will see an increase in revenue and other income coming from our cash flowing royalties, including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have commenced commercial production, and EMX anticipates receipt of production royalty payments from both projects in Q3. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global portfolio. The Company plans to give production guidance for 2022 later this year.

So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada and a strategic investment in PNR.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.

EMX is well funded to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Forward-Looking Statements

¹ Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 22 of the Company’s MD&A for the six months ended June 30, 2022 for more information on each non-IFRS financial measure.

² Gold equivalent ounces as referred to in the definition of “Oxide Commercial Production” in the 2019 Gediktepe share purchase agreement between Alacer Gold Madencilik A.S. and Lidya Madencilik.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133730

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Mountain Province Diamonds Announces Second Quarter and Half Year 2022 Results

Post author By admin
Post date August 9, 2022

TORONTO and NEW YORK, Aug. 9, 2022 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVDF) today its financial and operating results for the second quarter (“Q2 2022”) and first half 2021 (“H1 2022”) ended June 30, 2022. All figures are expressed in Canadian dollars unless otherwise noted.

Second Quarter 2022 Key Takeaways

Record Quarterly Adjusted EBITDA of C$55.1M
Revenue of $97.8M representing the second highest quarterly revenue in the Company’s history and a 16% increase relative to that achieved in Q1 2022
Strong average value per carat of US$130 follows closely to the unprecedented price growth during the Q1/22. The rough diamond market continues to experience strong demand supported by solid US retail results. Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country.
Repurchase for cancellation of approximately US$26.4 million aggregate principal amount of the 8.000% Senior Secured Second Lien Notes following the close of the fiscal quarter
A successful winter exploration program included further drilling of the Hearne Northwest Extension at the Gahcho Kué mine. Results included Kimberlite intersected in 60% of drill holes with mineralization ranging between 24.3 to 114.5 meters (see press release, July 18, 2022).

Mark Wall, the Company’s President and Chief Executive Officer, commented:

“The Company continues its’ strong financial performance through the first half and into Q3 of 2022. We are pleased with these financial results. At the same time there remains work to do on the operations side. There are plans in place to correct the dilution issues seen early in the year, and these are working. Significant work has recently been completed on the primary crusher and I expect these upgrades to have a positive impact. There remain other areas of the operational performance that do not meet our expectations and we continue to actively engage with De Beers as the operator around the plan to deliver these improvements.

Together with our increased revenues, our recent repurchasing of Senior Secured Second Lien Notes has strengthened our balance sheet as we move closer to achieving our strategic and financial goals planned for the second half of this year.”

Operational Highlights for Second Quarter 2022 (“Q2 2022”)

749,000 ore tonnes treated, a 6% increase relative to Q1 2022, and an 8% decrease relative to Q2 2021 (Q1 2022, 707,553 ore tonnes treated; Q2 2021: 811,171 ore tonnes treated).
1,043,000 ore tonnes mined, a 2% increase relative to 1,019,000 tonnes mined in Q1 2022 and a 5% increase relative to the 993,000 tonnes mined in Q2 2021
1,261,000 carats recovered at an average grade of 1.68 carats per tonne, a 6% increase relative to Q1 2022 and a 29% decrease compared to the 1,764,000 carats recovered at 2.18 carats per tonne in Q2 2021 (Q2 2021: 1,763,556 carats recovered, Q1 2022: 1,185,156 carats recovered).
7,881,000 total tonnes mined, a 6% increase relative to Q1 2022 and a 10% decrease from 8,749,000 total tonnes mined in Q2 2021.

Financial Highlights for Second Quarter 2022 (“Q2 2022”)

Revenue from 587,000 carats sold at $97.8 million (US$76.0 million) at an average realised value of $167 per carat (US$130) compared to $64.7 million from 719,000 carats sold in Q2 2021 (US$52.6 million) at an average realized value of $90 per carat (US$73).
Adjusted EBITDA¹ of a record $55.1 million compared to $37.9 million in Q2 2021.
Earnings from mine operations $51.4 million compared to $32.8 million in Q2 2021.
Cash costs of production, including capitalized stripping costs¹ of $126 per tonne treated (2021: $97 per tonne) and $75 per carat recovered (2021: $45 per carat).
Net income at June 30, 2022 was $22.6 million or $0.11 earnings per share (2021: $22.5 million or $0.11 earnings per share). Included in the determination of the net income at June 30, 2022 are unrealized foreign exchange losses of $11.7 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.

¹Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Operational Highlights for H1 2022

16.0 million total tonnes mined in H1 2022, a 12% increase from the 14.3 million total tonnes mined in H1 2021.
1,457,000 tonnes of ore treated in H1 2022; a 1% increase compared to the 1,437,000 tonnes treated in H1 2021.
2,446,000 carats recovered at an average grade of 1.68 carats per tonne, 22% lower than the 3,156,000 carats, 2.20 carats per tonne, recovered in H1 2021.

Financial Highlights for H1 2022

Total sales revenue of $182.4 million (US$142.7 million) at an average realised value of $167 per carat (US$130) compared to $119 million in 2021 (US$95.3 million) at an average realized value of $90 per carat (US$72).
Half year Adjusted EBITDA² of $99.7 million compared to $57.1 million in H1 2021.
Earnings from mine operations of $94.2 million (2021: $46.5 million).
Cash costs of production, including capitalized stripping costs², of $136 per tonne treated (2021: $115 per tonne) and $81 per carat recovered (2021: $53 per carat).
Net income for half year 2022 at June 30, 2022 was $47 million or $0.22 earnings per share (2021: net income $29.8 million or $0.14 earnings per share). Included in the determination of the net income for the half year at June 30, 2022 are unrealized foreign exchange losses of $7.4 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.
Capital expenditures in H1 2022 were $24.2 million, $18.5 million of which were deferred stripping costs, with the remaining $5.7 million accounting for sustaining capital expenditures related to mine operations.

²Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Market Highlights for Q2 & H1 2022

In Q2 2022, 587,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $97.8 million (US$76.0 million) in comparison to 719,00 carats sold at an average value of $90 per carat (US$73 per carat) for total proceeds of $64.7 million (US$52.6 million) in Q2 2021.

During H1 2022, 1,094,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $182.4 million (US$142.7 million) in comparison to 1,322,000 carats sold at an average value of $90 per carat (US$72 per carat) for total proceeds of $119.0 million (US$74.2 million) in H1 2021.

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2022 and 2021.

		Three months ended	Three months ended	Six months ended	Six months ended
		June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021

GK operating data
Mining
*Ore tonnes mined	kilo tonnes	1,043	993	2,062	1,508
*Waste tonnes mined	kilo tonnes	6,838	7,756	13,987	12,846
*Total tonnes mined	kilo tonnes	7,881	8,749	16,049	14,354
*Ore in stockpile	kilo tonnes	1,353	340	1,353	340

Processing
*Ore tonnes processed	kilo tonnes	749	811	1,457	1,437
*Average plant throughput	tonnes per day	8,231	9,011	8,050	7,852
*Average diamond recovery	carats per tonne	1.68	2.18	1.68	2.20
*Diamonds recovered	000’s carats	1,261	1,764	2,446	3,156
Approximate diamonds recovered – Mountain Province	000’s carats	618	864	1,199	1,546
Cash costs of production per tonne of ore, net of capitalized stripping **	$	103	85	110	100
Cash costs of production per tonne of ore, including capitalized stripping**	$	126	97	136	115
Cash costs of production per carat recovered, net of capitalized stripping**	$	61	39	65	45
Cash costs of production per carat recovered, including capitalized stripping**	$	75	45	81	53

Sales
Approximate diamonds sold – Mountain Province***	000’s carats	587	719	1,094	1,322
Average diamond sales price per carat	US	$ 130	$ 73	$ 130	$ 72

* at 100% interest in the Gahcho Kué Mine

**See Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation

***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process

Financial Performance

		Three months ended	Three months ended	Six months ended	Six months ended
(in thousands of Canadian dollars, except where otherwise noted)		June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021

Sales	$	97,761	75,147	182,414	129,371
Carats sold	000’s carats	587	719	1,094	1,322
Average price per carat sold	$/carat	167	105	167	98
Cost of sales per carat*	$/carat	79	59	81	63
Earnings from mine operations per carat	$	88	46	86	35
Earnings from mine operations	%	53 %	44 %	51 %	36 %
Selling, general and administrative expenses	$	3,803	2,676	7,797	5,285
Operating income	$	43,047	28,756	78,065	39,288
Net income for the period	$	22,634	22,472	46,961	29,784
Basic an diluted earnings per share	$	0.11	0.11	0.22	0.14

* This cost of sales per carat includes the cost of acquiring 51% of the fancies and specials which have been sold, after having been won in a tendering process with De Beers Canada.

Conference Call

The Company will host its quarterly conference call on Wednesday, August 10^th, 2022 at 11:00am ET.

Title: Mountain Province Diamonds Inc Q2 2022 Earnings Conference Call

Conference ID: 56265156
Date of call: August 10, 2022
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://app.webinar.net/EjQrB08Bd0K

Participant Toll-Free Dial-In Number: (+1) 888-390-0546
Participant International Dial-In Number: (+1) 416-764-8688

A replay of the webcast and audio call will be available on the Company’s website.

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-second-quarter-and-half-year-2022-results-301602918.html

SOURCE Mountain Province Diamonds Inc.

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Tudor Gold Obtains Interim Order and Provides Transaction Update

Post author By admin
Post date August 5, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 4, 2022) – Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the “Company” or “Tudor Gold“) announced today that, further to its news releases dated July 13, 2021, February 1, 2022 and July 8, 2022 (the “Initial News Releases“), the Company obtained an interim order from the Supreme Court of British Columbia (the “Court“) on August 3, 2022, authorizing the holding of its annual general and special meeting (the “Meeting“) and matters relating to the conduct of the Meeting, including approval of the Arrangement (as defined below).

At the Meeting, shareholders of the Company (the “Shareholders“) as of the record date, being August 3, 2022 (the “Record Date“), will be asked, among other things, to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution“) to approve a spin-out transaction (the “Arrangement“) in accordance with the terms of the arrangement agreement entered into by the Company and Goldstorm Metals Corp. (“Goldstorm“), its wholly-owned subsidiary, on July 6, 2021, as further amended and restated on January 31, 2022, July 8, 2022 and July 28, 2022 (the “Arrangement Agreement“) by way of a statutory plan of arrangement under section 288 of the Business Corporations Act (British Columbia).

Pursuant to the Arrangement, among other things:

Shareholders as of the Record Date will receive approximately 0.251 of a common share of Goldstorm (a “Goldstorm Share“) for every one common share of Tudor Gold held; and
Goldstorm will acquire the Company’s six contiguous Golden Triangle Area mineral properties, being the Mackie East, Mackie West, Fairweather, High North, Delta and Orion and Electrum properties in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Shareholders as of the Record Date.

For further information on the Arrangement, please refer to the Initial News Releases. Additional details of the Arrangement will be included in the Company’s information circular prepared in connection with the Meeting, which will be mailed on or before August 11, 2022 to Shareholders as of the Record Date. The Meeting will be held on September 7, 2022 at 10:00 a.m. (Vancouver time) at 10th Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5. Assuming no adjournment or postponement to the Meeting, the cut-off time to vote by proxy will be 10:00 a.m. (Vancouver time) on September 2, 2022.

The Arrangement is anticipated to be completed during the week of September 12, 2022, subject to obtaining Court, Shareholder and regulatory approval and the satisfaction of conditions set forth in the Arrangement Agreement.

About Tudor Gold

TUDOR GOLD Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. In April 2021 Tudor Gold published their 43-101 technical report, “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia Canada” dated March 1, 2021 on the Company’s SEDAR profile. The Company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.

ON BEHALF OF THE BOARD OF DIRECTORS OF
TUDOR GOLD CORP.

“Ken Konkin”

Ken Konkin
President and Chief Executive Officer

For further information, please visit the Company’s website at www.tudor-gold.com or contact:
Chris Curran
Head of Corporate Development and Communications
Phone: (604) 559 8092
E-Mail: chris.curran@tudor-gold.com

Carsten Ringler
Head of Investor Relations and Communications
Phone: +49 151 55362000
E-Mail: carsten.ringler@tudor-gold.com

Neither 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.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the completion of the Arrangement and the results of the Meeting are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company’s ability to complete the proposed Arrangement on the terms and conditions contemplated, or at all; the Companies’ ability to secure the necessary shareholder, Court and regulatory approvals required to complete the Arrangement; the estimated costs associated with the Arrangement; the timing of the Meeting and the Arrangement, and the general stability of the economy and the industry in which the Company operates. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to the Company failing to obtain the requisite shareholder approval required for the Arrangement; risks relating the number of dissenting shareholders requiring fair value for their securities in connection with the Arrangement; risks related to exploration and potential development of the Company projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; the need for cooperation of government agencies and native groups in the issuance of required permits; the need to obtain additional financing to develop properties, and uncertainty as to the availability and terms of future financing; and other risk factors as detailed from time to time and additional risks identified in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132899

Tags #JuniorMining, #MauriceJackson, #MilesFranklin, #ProvenAndProbable, canadian gold company stocks, Chirs Curran, TUD, Tudor Gold

Base Metals Energy Junior Mining Precious Metals 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.

View source version on accesswire.com:
https://www.accesswire.com/709928/Metallic-Minerals-Announces-Start-of-Drilling-at-La-Plata-Silver-Gold-Copper-Project-in-Southwest-Colorado-USA-and-Extends-Warrant-Expiry

Tags #JuniorMining, #MauriceJackson, #MMG, #ProvenAndProbable, eric sprott, Greg Johnson, Metallic Mienrals, Metallic Minerals, Scott Patrizi

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

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