Category: Uncategorized

Mountain Province Diamonds Announces Successful Exploration Update for Kennady North

Post author By admin
Post date May 17, 2022

TORONTO and NEW YORK, May 17, 2022 /CNW/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces interim exploration results for its 100%-held Kennady North Project. The Kennady North Project consists of over 107,000 hectares of claims and leases that completely surround the Gahcho Kué Diamond Mine. The 2022 exploration program is focussed on finding new kimberlites based on a detailed analysis of historical technical information including ground and airborne geophysics, kimberlite indicator minerals, and geological mapping. Approximately 3,000 of the ongoing 6,000 meter winter drill program have been completed.

Exploration Highlights for the Winter Program

Kimberlite intersected in 16 of 20 drill holes
3 of 4 target areas have returned Kimberlite Intersections
Winter geophysics completed

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

“We began 2022 with a plan to launch an aggressive winter exploration campaign over Kennady North, and we have achieved that plan. We have discovered kimberlite in three of four targets tested to date, and completed all of our scheduled airborne and ground geophysics. In the final weeks of our winter program, we will continue to drill-test as many priority anomalies as feasible with the intent to discover more kimberlite and add value to the Kennady North Project. As a pure Canadian diamond producer and explorer, we see this as an important time to aggressively explore for new Canadian diamond production”

Of the sixteen targets identified four have been tested by drilling so far. Drilling will continue through the rest of the winter 2022 program which is expected to culminate at the end of May. Summer exploration will start in Q3 with emphasis on follow-up sampling of indicator mineral results generated from the 2021 till sampling program, which are expected to be complete by the end of Q3. A review of all winter 2022 ground geophysical data continues through Q2 with the intent to drill areas of interest (“AOI”) with land-based anomalies in the summer program.

To date, 2,935 meters from 20 drillholes have been collected from the North Anomaly, South Anomaly, KS Anomaly and G6 Anomaly. These anomalies were defined using ARRT (a high-resolution ground resistivity system developed by Aurora Geoscience Ltd., Yellowknife), and by ground gravity. Both systems recognize the physical contrast between competent country rock and country rock adjacent to kimberlite that is broken and altered from emplacement of the kimberlite. Locations for these anomalies relative to the Kelvin and Faraday kimberlites are shown in the first set of images.

Locations for the anomalies relative to the Kelvin and Faraday kimberlites (CNW Group/Mountain Province Diamonds Inc.)

Seven drillholes completed at the North Anomaly have identified depth-extensive zones of highly altered country rock intermixed with intersects of hypabyssal kimberlite (‘HK’) ranging from 0.03 to 6.93 meters in thickness (average thickness 1.54m). Suspected volcaniclastic kimberlite (‘VK’) has been intersected in three drillholes and ranges from 0.16 to 2.13 meters in thickness (average 0.95m), with 3D modeling of the drilling indicating lateral continuity for the VK. For Kelvin and Faraday kimberlites at Kennady North, VK comprises the greatest volume and its presence in the exploration drilling is considered a good indication for volume potential at the North Anomaly.

At the South Anomaly all five drillholes have HK present with thicknesses ranging from 0.68 to 6.96 meters (average 3.23m). Country rock breccia consisting of highly comminuted gneiss mixed with kimberlite has also been observed, and is indicative of volume potential for the South Anomaly.

Four of six drillholes at the KS anomaly intersected HK kimberlite ranging from 0.22 to 1.49 meters in thickness. The present interpretation for the KS anomaly is that the system is lacking the kimberlitic fluids necessary to break up country rock and provide volume for VK to develop. A table of drill results for the North, South and KS Anomaly is provided below.

Drill Hole	Azimuth²	Inclination²	Kimberlite Intersect^1,2 (m)	End of Hole²(m)
From	To	Length¹
North Anomaly
KDI-22-008	128.5	-71.2	75.86	81.48	5.62	121.0
KDI-22-010	135.8	-49.4	83.27	86.59	3.32	127.4
KDI-22-012	47.9	-46.1	107.05	113.98	6.93	150.0
KDI-22-013	49.4	-60.7	81.56	81.75	0.19	121.0
		plus	82.61	82.98	0.37
		plus	83.68	83.88	0.20
		plus	85.07	85.45	0.38
		plus	86.10	86.13	0.03
		plus	86.30	86.52	0.22
		plus	87.72	88.75	1.03
KDI-22-015	45.0	-52.5	76.76	76.90	0.14
		plus	77.66	78.60	0.94
		plus	80.73	81.10	0.37
		plus	83.90	87.00	3.10
KDI-22-016	45.0	-62.0	69.50	72.40	2.90
		plus	73.15	73.70	0.55
KDI-22-019	223.7	-52.4	76.60	76.76	0.16
		plus	77.13	78.83	1.70
South Anomaly
KDI-22-001	307.4	-46.1	109.00	113.13	4.13	163.0
KDI-22-002	294.3	-65.0	84.19	90.06	5.87	114.7
KDI-22-003	48.6	-45.5	115.02	121.98	6.96	142.0
KDI-22-004	46.2	-69.4	98.57	99.25	0.68	139.0
KDI-22-007	182.0	-89.0	66.03	68.42	2.39	121.0
		plus	79.97	81.45	1.48
		plus	85.48	86.57	1.09
KS Anomaly
KDI-22-005	35.1	-46.1	217.08	218.57	1.49	163.0
KDI-22-006	31.3	-54.7	—	—	—	114.7
KDI-22-009	26.0	-67.7	63.51	63.76	0.25	93.2
KDI-22-011	24.9	-52.5	—	—	—	152.0
KDI-22-018	27.0	-50.0	35.50	35.65	0.15	160.0
		plus	37.00	37.25	0.25
		plus	40.20	40.50	0.30
		plus	46.46	47.71	1.25
		plus	65.14	66.00	0.86

¹Intersects are not true thicknesses. ²Initial measurements from field logs may change with further drillhole surveying and logging.

The target AOI were selected from recently-compiled studies of glacial geology and kimberlite indicator mineral (KIM) dispersions over the project area. Additional target AOI were selected after a review of historical geophysical data for Kennady North. These datasets were reviewed during several in-house workshops held in late 2021 and early 2022, with final ranking of sixteen AOI completed in a joint workshop held with De Beers in February 2022. The sixteen AOI were scheduled for ARRT and ground gravity surveys during the winter program, with a total of 188.8 line-km of ARRT and 3,139 gravity stations completed over the targets. A map image of the AOI that received ground geophysics for drill-targeting is shown in the third image.

A map image of the AOI that received ground geophysics for drill-targeting (CNW Group/Mountain Province Diamonds Inc.)

Drilling has started at the G6 anomaly, situated on the winter spur road to Gahcho Kué Mine. The G6 anomaly is the result of a 1997 DIGHEM airborne survey that delineated the Kelvin, Faraday and Gahcho Kué kimberlites. Recent drilling over follow-up coincident ARRT and ground gravity anomalies encountered no kimberlite. Assessment of the drill data is underway.

In addition to the ground geophysical surveys, a small airborne magnetic/electromagnetic survey was conducted over an unsurveyed area located one kilometer southeast of Gahcho Kué. A total of 1,291 line-km of data were collected over the area.

In 2021 over 600 till samples were collected over the project area, including the recently staked Kennady East claims. Preliminary results for 47 samples confirm the presence of pyrope, chromite and picroilmenite in esker samples from the southern portion of the Kennady East claims. The distribution of 2021 till samples and outline of the 2022 airborne geophysics program are shown in the fourth and final image.

The distribution of 2021 till samples and outline of the 2022 airborne geophysics program. (CNW Group/Mountain Province Diamonds Inc.)

About the Company

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 parametres, 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

Tags #InvestingInBatteryMetals, #MauriceJackson, #MilesFranklin, #ProvenAndProbable

Base Metals Junior Mining Noram Lithium Uncategorized

Noram Completes Major Milestone: Infill Drill Program for Pre-Feasiblity Study Completion and Commencement of Plan of Operations

Post author By admin
Post date May 12, 2022

VANCOUVER, BC / ACCESSWIRE / May 12, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce” that the Company has successfully completed the Phase VI infill drill program on the Zeus Lithium Project in Clayton Valley, Nevada. The Zeus Project contains a current NI 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

All 12 of the Phase VI proposed holes were completed to, or beyond, their anticipated depths for a total of 5246 ft (1599 m) of drilling. Most of the holes were drilled with HQ-size core with a diameter of 2.5 inches (63.5 mm). However, 4 of the holes were drilled with PQ-size (3.35 inches, 85 mm diameter) to be used for the ongoing metallurgical test work. The samples from the core have been hand-delivered to ALS Laboratory in Reno, Nevada for processing. QA/QC samples have been inserted into the sample stream to confirm sample results.

Noram Lithium Corp., Thursday, May 12, 2022, Press release picture

Figure 1 – The last batch of Phase VI drilling samples as they were delivered to ALS in Reno, Nevada.

“This is a significant milestone for Noram” stated CEO and Director, Sandy MacDougall “with the completion of this drilling, the inferred resource calculation will be confidently upgraded to the indicated category. This marks one of the final steps required to complete the Prefeasibility Study (“PFS”) in the near term. While we have only received results from 2 of the 12 holes, the results supersede our expectations, and we can confidently say that a PFS superior to the PEA would not be surprising. All assays are being processed on a rush basis and we expect to receive the balance of the results shortly. Noram is on track to complete the PFS in the fall of 2022 while simultaneously working on new and innovative solutions to become a leader in the green technology space.”

Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed under the Phase VI Program. Phase VI holes are shown as purple squares.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lithium_carbonate%253BNor-Am_Cup%253BClayton_Valley_Charter_High_School%253BMineral_resource_classification%253BNevada%253BCompany%253BPea%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522ca745aaf-aa7e-3d2b-b9ed-9909e7380b49%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The Company has also begun initial preparation for the completion of a Plan of Operations (PoO) with the Tonopah, Nevada field office of the Bureau of Land Management. Results from the Phase VI drilling will be needed to determine whether additional drilling, bulk sampling, etc. will be required to carry the project through the PFS and DFS stages. These elements are essential to determine what goes into the PoO. The DFS is expected to follow closely on the heels of this fall’s PFS.

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022. The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.299 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
CEO and Director
C: 778.999.2159

For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653

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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion of the engagement of Bridgeview and the approval of the TSX Venture Exchange. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.

View source version on accesswire.com:
https://www.accesswire.com/701089/Noram-Completes-Major-Milestone-Infill-Drill-Program-for-Pre-Feasiblity-Study-Completion-and-Commencement-of-Plan-of-Operations

Uncategorized

The Stock Market Crash Continues and Takes Gold Stocks Down Too

Post author By admin
Post date May 11, 2022

Bob Moriarty
Archives
May 10, 2022

Investors want to see the market and their investments go up day after day and never go down. Alas, markets go up and markets go down. We are in one of those periods where all markets are going to go down.

Including resource stocks.

You can lie down and go to sleep for six months or so and you will probably be ok when you wake. The market will recover just as fast as it crashes. But watching your shares drop by big numbers can be terrifying. Cash is king right now and that is not a recommendation from me to sell everything you have. Just figure out for yourself what YOU should do. It is your money. I am not a GURU any more than anyone else is. I just get it right a lot.

In February of 2008 I spoke at the Vancouver gold show. It was President’s day as I recall. Joe Martin insisted that everyone speaking title what they were going to talk about. I called mine “The Crash of 2008” even though I never make a canned speech on any subject. I am far more interested in what my viewers want to discuss.

I started and explained that I didn’t do canned speeches. If everyone else doing them was boring, why would I be any different? And I explained that if I needed a title for speaking, that would be as good as any and if they didn’t believe I was right, they could go home and turn on their idiot box and watch the crash start. And it crashed that day. And continued for many months.

Then in Chicago on March 17th of 2008 I was on a panel at another conference talking about where we all saw silver. The best-known silver guru at the time bragged about how he was buying silver with both hands. I predicted silver would decline with the general market. It did. From about $21 or so an ounce to a low of about $9 in October. The silver guru blew up. I survived.

Here is one of the best charts I have seen lately. I think we are going to see an instant replay in resources this year.

(Click on image to enlarge)

Many other forecasters including a few a lot smarter than I am are calling for a market crash for a variety of reasons. Since 95% of brokers today have never seen a real market crash, it will go on longer and lower than most people believe.

Tom McClellan is one of the best chart guys I know and he posted this a few days ago. I think it is spot on.

Others feel the same way. Here is another good view of the near future.

You have two choices as I see things. Sit on your hands and ignore share prices.

While the market declined 89% from September of 1929 until July of 1932, it also climbed 150% from July of 1932 to June of 1933. I see something similar happening again. And remember I spent much of last year predicting a major crash beginning in October of 2021. It wasn’t obvious in the Nifty Fifty and the DOW/S&P but the internals of the market began crashing in October and most investors missed it.

Alternatively, get cashed up and sit on your hands until a hundred resource stocks are selling for less than the cash they have on hand and no one ever wants to own resource stocks or gold ever again. The DSI for gold will be 7 or 8 and the DSI for silver will be 5 or 6. That does not mean sell everything. It means keep a good solid cash position. Be prepared to put in absurdly cheap low-ball offers for great stocks and be surprised when they get filled.

While it’s perfectly true that markets do go down, eventually they will go up and the next big up move in resources will make fortunes for those wise enough to heed good advice.

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Energy Junior Mining MillRock Resources Precious Metals Project Generators Uncategorized

Millrock Resources Updates on 64 North Gold Project Exploration, Goodpaster Mining District, Alaska

Post author By admin
Post date May 11, 2022

Figure 1.

A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project, including an imminent drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.

Drilling Program: The Resolution–Millrock technical team has developed a strong drill target area at the Tourmaline Ridge prospect, located on the West Pogo block. The target area was developed through analysis of all historic data, in addition to work that has been funded by Resolution over the past thirty months. Resolution plans to execute a drilling program of approximately 2,200 meters in five boreholes that will commence in late June 2022.

Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5https://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%2522Gold_mining%253BThe_Glass_Passenger%253BBritish_Columbia%253BTourmaline%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522ba632f00-730c-3234-ae82-c09cc166c809%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Earned Interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock.

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.”

A large soil geochemical anomaly measuring 1,800 by 750 meters occurs on the Tourmaline Ridge prospect. Recently Resolution reported that it had received rock sample assay results from trenches excavated at Tourmaline Ridge in fall of 2021. Numerous narrow, gold-bearing veins were detected. These steep-dipping veins are interpreted to be “antithetic veins”, which commonly occur in the hanging wall above gold ore bodies at the nearby Pogo mine. Prior historical drilling intersected these veins along with characteristic rock alteration and pathfinder minerals. From geophysical surveys, a moderately northwest dipping structure is interpreted to lie beneath the soil anomaly and historic drill holes. Resolution and Millrock interpret this structure to be the “Pogo Trend”, which appears to be traced from the Goodpaster deposit on the adjacent Pogo Mine property operated by Northern Star Mines Ltd. (“Northern Star”).

Northern Star recently announced a maiden inferred resource estimate of 1.1 million ounces of gold in 3.2 million tonnes of rock, averaging 10.3 grams per ton gold for the Goodpaster deposit.

As of March 31, Pogo is reported by Northern Star to host 6.59 million metric tonnes of proven and probable reserves, averaging 8.5 grams per metric tonne (1.8 million ounces) gold. (Northern Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5, 2022). More than 4 million ounces of gold has been mined at Pogo.

Note: Millrock has not independently verified the information reported by Northern Star. Also, Millrock cannot assure that the structures that host gold ore bodies at Pogo continue onto ground controlled by Millrock and that gold deposits of similar magnitude and concentration will be discovered.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Tags #64NorthProject, #GregoryBeischer, #JuniorMining, #MauriceJackson, #MillrockResources, #MRO, #ProvenAndProbable

Uncategorized

Mountain Province Diamonds Announces Strong First Quarter Financial Results for 2022

Post author By admin
Post date May 3, 2022

TORONTO and NEW YORK, May 3, 2022 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVD) today announces strong financial results for the first quarter ended March 31, 2022 (“the Quarter” or “Q1 2022”) continuing the strong operational and financial performance achieved in 2021 from the Gahcho Kué Diamond Mine (“GK Mine”).

All figures are expressed in Canadian dollars unless otherwise noted.

Company Highlights for First Quarter 2022

Record average sales value per carat of US$132/carat, 52% higher as compared to average values in Q4 2021. The increase in average values in Q1 reflected the demand growth across the rough diamond market along with upstream stock levels, now believed to reflect operating inventories only.
Updated NI 43-101 Technical Report featuring:
US$50M Junior Credit Facility closed

Financial Highlights for First Quarter 2022

507,000 carats sold, with total proceeds of $84.7 million (Q1 2021: $54.2 million) at an average realised value of $167 per carat (US$132 per carat, Q1 2021: US$71/carat).
Adjusted EBITDA¹of $44.6 million (Q1 2021: 19.1 million).
Earnings from mine operations of $42.8 million (Q1 2021: $13.7 million).
Cash costs of $122 per tonne treated and $73/carat recovered, including capitalized stripping costs¹.
Net income of $24.2 million or $0.11 earnings per share as compared to net income of $7.3 million or $.03 earnings per share for Q1 2021[2].

Operational Highlights for First Quarter 2022 (all figures reported on a 100% basis unless otherwise stated)

8,168,000 tonnes mined, compared to 5,605,000 mined in Q1 2021, a 46% increase
1,019,000 ore mined, a 99% increase relative to 515,000 tonnes mined in Q1 2021
707,553 ore tonnes treated, a 13% increase relative to 625,582 tonnes treated in Q1 2021
1,185,156 carats recovered, 15% lower than the comparable quarter (Q1 2021: 1,392,128 carats)

As previously disclosed, during the first quarter Gahcho Kué experienced an outbreak of COVID-19 Omicron that caused disruption to both operations and maintenance activities, in conjunction with a major failure of the Pitman bearing in the primary crusher. These two events have been largely resolved, but within the quarter production was below internal expectations, as the feed rate through the Primary crusher continued to be lower than planned. Grade was impacted by unplanned external dilution from mining that was primarily due to workforce inefficiencies around shovel operations and bottom pit mining causing space constraints, in conjunction with a different ore mix than was planned. The Company is working with its joint venture partner DeBeers, who are the operator of the mine, to address these operating issues.

Sales Highlights for First Quarter 2022

As previously released, during the first quarter only 507,000 carats were sold for total proceeds of $84.7 million (US$66.7 million) resulting in an average value of $167 per carat (US$132 per carat). This is a 52% increase relative to the average value per carat in Q4 2021 of $110 per carat (US$86 per carat) but 16% lower in terms of volume of carats sold.

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

“I’m extremely pleased to see the Company’s strong financial performance in Q1, with a record adjusted EBITDA of $44.6M in the first 3 months of the year. In addition to its strong financial performance, the Company closed a US$50M Junior Credit Facility with its largest shareholder, and produced an updated NI 43-101 Technical Report which demonstrated an NPV attributable to Mountain Province of over $1.2Bn. These milestones are significant steps forward as we progress through what is to be a pivotal year for the Company, and all of its stakeholders. Going forward Management time will be focussed on guiding the Operator to optimise the operation and addressing the financing requirements of the Company.“

Financial Performance

		Three months ended	Three months ended
(in thousands of Canadian dollars, except where otherwise noted)	March 31, 2022	March 31, 2021

Sales	$	84,653	54,224
Carats sold	000’s carats	507	603
Average price per carat sold	$/carat	167	90
Cost of sales per carat*	$/carat	83	80
Earnings from mine operations per carat	$	84	10
Earnings from mine operations	%	50%	11%
Selling, general and administrative expenses	$	3,994	2,609
Operating income	$	35,018	10,532
Net income for the period	$	24,196	7,312
Basic and diluted income per share	$	0.11	0.03

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three months ended March 31, 2022 and 2021.

		Three months ended	Three months ended
		March 31, 2022	March 31, 2021

GK operating data
Mining
*Ore tonnes mined	kilo tonnes	1,019	515
*Waste tonnes mined	kilo tonnes	7,149	5,090
*Total tonnes mined	kilo tonnes	8,168	5,605
*Ore in stockpile	kilo tonnes	1,059	158

Processing
*Ore tonnes processed	kilo tonnes	708	626
*Average plant throughput	tonnes per day	7,867	6,731
*Average diamond recovery	carats per tonne	1.67	2.22
*Diamonds recovered	000’s carats	1,185	1,392
Approximate diamonds recovered – Mountain Province	000’s carats	581	682
Cash costs of production per tonne of ore, net of capitalized stripping **	$	93	119
Cash costs of production per tonne of ore, including capitalized stripping**	$	122	139
Cash costs of production per carat recovered, net of capitalized stripping**	$	56	53
Cash costs of production per carat recovered, including capitalized stripping**	$	73	62

Sales
Approximate diamonds sold – Mountain Province***	000’s carats	507	603
Average diamond sales price per carat	US	$ 132	$ 71

* at 100% interest in the Gahcho Kué Mine

**See Non-IFRS Measures section of the Company’s March 31, 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

Conference Call

The Company will host its quarterly conference call on Wednesday, May 4^th, 2022 at 11:00am ET.

Title: Mountain Province Diamonds Inc Q1 2022 Earnings Conference Call

Conference ID: 29875964

Date of call: 05/04/2022

Time of call: 11:00 Eastern Time

Expected Duration: 60 minutes

Webcast Link:
https://produceredition.webcasts.com/starthere.jsp?ei=1545143&tp_key=bd339f39e9

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

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

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.

__________________________________

¹ Cash 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 March 31, 2022 MD&A for explanation and reconciliation.

² Included in the determination of net income for the three months ended March 31, 2022 are unrealized foreign exchange gains of $4.2 million, on the translation of the Company’s US$-denominated debt. The unrealized foreign exchange gains are a result of the strengthening of the Canadian dollar versus the US dollar.

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SOURCE Mountain Province Diamonds Inc.

Uncategorized

Eloro Resources Intersects 169.11 g Ag eq/t (64.30 g Ag/t, 0.96% Zn, 0.37% Pb and 0.07% Sn) over 235.55m to further Expand Higher Grade area to the North in the Eastern Part of the Santa Barbara Target at the Iska Iska Silver-Tin Polymetallic Project, Pot

Post author By admin
Post date April 27, 2022

Figure 1

Figure 2

Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes

Figure 3

North-South Geological Section looking East across High Grade Target Area in Santa Barbara

Figure 4

Borehole Induced Polarization (IP) Mx Chargeability Section with Holes DSBU-05 and DSBU-06 looking east.

Includes a higher-grade section in this underground hole DSBU-06 (Azimuth 0⁰ and dip -65⁰⁾ of 314.52 g Ag eq/t (192.18g Ag/t, 0.22 g Au/t, 0.07% Zn, 0.41% Pb, and 0.11% Sn) over 50.68m and an additional intersection of 110.57 g Ag eq/t (17.38 g Ag/t, 0.09 g Au/t, 0.30% Zn, 0.21% Pb and 0.11%Sn) over 128.44m further down the hole.
Overall, for DSBU-06, 86% of this 599.8m long hole had reportable intersections, which collectively average 129.70 g Ag eq/t.
Underground hole DSBU-05 on the same due north section as DSBU-06, but shallower at -40⁰, intersected 141.05 g Ag eq/t (22.99g Ag/t, 0.07g Au/t, 0.18% Zn, 0.16% Pb, 0.21% Cu and 0.12% Sn) over 153.25m.
Hole DSBU-05 has a second major intersection lower in the hole from 348.08m to 526.17m of 92.47 g Ag eq/t (23.86g Ag/t, 0.96% Zn, 0.21% Pb) over 178.09m. Overall, 65% of this 641.9m long hole had reportable intersections which collectively average 107.73 g Ag eq/t.

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TORONTO, April 27, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional six (6) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Holes DSBU-05 and DSBU-06 are underground holes drilled from the Santa Barbara adit to test the northern extension of the higher-grade mineralized zone. Hole DSBS-01 was collared in the southern part of the Santa Barbara target zone and drilled at an azimuth of 30⁰ and dip of -30⁰ to test the same target^. Holes DSB-24, DSB-14 and DSB-22 were drilled at azimuths of 225⁰ to test the northwest extension of the Santa Barbara mineralized zone approximately 100m, 200m, and 1,000m, respectively, northwest of the Santa Barbara adit underground drill bay. Drilling is continuing in the Porco area to test for a potential Sn porphyry as suggested by the 3D inverse magnetic model (see Eloro press release March 1, 2022). Thus far, 4,870 m in five (5) holes have been completed in the Porco target area with assays pending.

Overall, the Company has completed 52,384m in 89 drill holes to-date, including four holes in progress, as shown in Figures 1 and 2. Currently there are three (3) surface drills and one (1) underground drill operating at Iska Iska. Tables 1, 2 and 3 list significant assay results for the drill holes in the major target areas. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 4 summarizes drill holes with assays pending. Highlights are as follows:

Santa Barbara Mineral Resource Definition Target Area – Underground Drilling

Underground holes DSBU-06 and DSBU-05 were both drilled on azimuth 0⁰ and dips of -65⁰and -40⁰, respectively, from the Santa Barbara adit to test the northern extent of higher-grade mineralization in the eastern part of the Santa Barbara target area.

Hole DSBU-06 intersected 169.11 g Ag eq/t (64.30 g Ag/t, 0.96% Zn, 0.37% Pb and 0.07% Sn) over 235.55m from 0.00m to 235.55m, including a higher-grade section of 314.52 g Ag eq/t (192.18 g Ag/t, 0.22 g Au/t, 0.07% Zn, 0.41% Pb, and 0.11% Sn) over 50.68m from 24.40m to 75.08m.
- This hole had a second major intersection of 110.57 g Ag eq/t (17.38 g Ag/t, 0.09 g Au/t, 0.30% Zn, 0.21% Pb and 0.11%Sn) over 128.44m from 264.14m to 392.58m.
- Overall, 86% of this 599.8m long hole had reportable intersections which collectively average 129.70 g Ag eq/t.
Hole DSBU-05 intersected 141.05 g Ag eq/t (22.99 g Ag/t, 0.07 g Au/t, 0.18% Zn, 0.16% Pb, 0.21% Cu and 0.12% Sn) over 153.25m from 0.00m to 153.25m which included high grade sections of:
- 201.23 g Ag eq/t (21.77 g Ag/t, 0.06 g Au/t, 0.36% Zn, 0.30 %Pb, 0.63 %Cu and 0.12% Sn) over 34.97m from 0.00m to 34.97m,
- 206.03 g Ag eq/t (24.52 g Ag/t, 0.18 g Au/t, 0.14% Zn, 0.16 %Pb, 0.11% Cu and 0.23% Sn) over 9.05m from 76.94m to 85.99m, and
- 242.83 g Ag eq/t (31.67 g Ag/t, 0.04 g Au/t, 0.23% Zn, 0.19% Pb, 0.17% Cu and 0.28% Sn) over 25.60m from 109.93m to 135.53m.
- Hole DSBU-05 has a second major intersection lower in the hole from 348.08m to 526.17m of 92.47 g Ag eq/t (23.86 g Ag/t, 0.96% Zn, 0.21% Pb) over 178.09m.
- Overall, 65% of this 641.9m long hole had reportable intersections which collectively average 107.73 g Ag eq/t.

Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration commented: “As shown in Figure 3, a N-S cross section looking east, holes DSBU-06 and DSBU-05 define a significant extension to the north of the major high grade mineralized area in the southern part of Santa Barbara. Further drilling, especially deeper, is in progress to define the full extent of this important high-grade zone. Analysis of borehole IP data and the 3D inverse magnetic model by Eloro’s geophysicists Dr. Chris Hale, P.Geo. and John Gilliatt, P.Geo. shows that the Mx Chargeability indicates stronger mineralization at greater depth as shown in Figure 4. The spatial agreement between the interpolated chargeability and the mineralization intersected in these holes also suggests that the mineralized zone may dip steeply to the south. Further deeper drilling will be carried out to test this highly prospective target. Drilling will also be carried out from the southwest to test the Northwest Extension target as the best mineralization intersected thus far is in the southern part of this target zone.”

Dr. Pearson continued, “The addition of a fourth drill and the more rapid turnaround from both our assay laboratories at ALS and AHK has allowed us to increase the pace of the exploration drill program considerably. In the next 2-3 weeks we expect to have the GeologicAI core scanner on site. We have worked closely with GeologicAI to build the database for the scanner from all our available geological and geochemical information. The scanner will allow us to better outline and track the mineral and metal zonation at Iska Iska, which is critical to efficiently explore this remarkable mineralizing system which remains open in all directions.”

Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “The dacitic volcanic domes and breccia pipes at Iska Iska, which are the primary hosts of the epithermal polymetallic Ag-Zn-Pb-Sn mineralization, appear to extend to a depth of at least 1km. These intrude altered granodiorite and intrusion breccias that are the primary hosts of xenothermal tin and other higher temperature metals such as bismuth and tungsten. The mineralization is quite complex in detail with extensive breccias, veins, veinlets, stockworks and disseminations. The likely primary distribution of both epithermal and xenothermal mineralization is indicated by the metal zonation, alteration zonation and geophysical responses. This data indicates that the mineralized system strengthens with depth and may be much more extensive than indicated in shallower drill holes.”

Santa Barbara Mineral Resource Definition Target Area – Surface Drilling

Hole DSBS-01 was collared in the southern part of the Santa Barbara target zone as shown in Figure 2. This hole was drilled at an azimuth of 30⁰ with a dip of 30⁰ to a length of 700.8m.

163.23 g Ag eq/t (2.07 g Ag/t and 0.27% Sn) over 33.23m from 58.66m to 90.94m including 560.74 g Ag eq/t (2.07 g Ag/t and 0.94% Sn) over 7.61m from 63.15m to 70.76m,
54.95 g Ag eq/t (2.94 g Ag/t, 0.14% Pb, and 0.30% Cu) over 22.58m from 225.36m to 247.94m including 129.69 g Ag eq/t (3.00 g Ag/t and 0.88% Cu) over 3.04m from 225.36m to 228.40m.
90.79 g Ag eq/t (5.36 g Ag/t, 0.85% Zn and 0.44% Pb) over 43.60m from 285.56m to 329.16m including 146.04 g Ag eq/t (2.01 g Ag/t, 1.36% Zn, 0.49% Pb and 0.09% Sn) over 4.59m from 294.43m to 299.02m and 200.55 g Ag eq/t (12.68 g Ag/t, 1.95% Zn, 0.93% Pb and 0.11% Sn) over 8.97m from 320.19m to 329.16m
110.40 g Ag eq/t (6.66 g Ag/t, 1.80% Zn and 0.40% Pb) over 55.63m from 414.88m to 470.51m including 351.80 g Ag eq/t (28.05 g Ag/t, 0.19 g Au/t, 4.99% Zn, 1.26% Pb and 0.22% Cu) over 4.45m from 416.39m to 40.84m and 153.44 g Ag eq/t (4.34 g Ag/t, 2.95% Zn and 0.32% Pb) over 9.04m from 437.41m to 446.45m.
108.55 g Ag eq/t (12.96 g Ag/t, 0.11 g Au/t, 1.43 % Zn and 0.43% Pb) over 31.71m from 491.56 to 523.27m including 192.64 g Ag eq/t (27.91 g Ag/t, 0.25 g Au/t, 2.29% Zn and 0.89% Pb) over 10.63m from 509.62m to 520.25m.
68.66 g Ag eq/t (8.94 g Ag/t, 1.02% Zn and 0.20% Pb) over 25.49m from 611.34m to 636.83m including 114.99 g Ag eq/t (19.98 g Ag/t, 1.65% Zn and 0.35% Pb) over 8.93m from 627.90 to 636.83m
with further intervals of reportable mineralization continuing to near the terminus of the hole representing the furthest east and some of the deepest mineralization yet encountered at Santa Barbara.

Further drilling is planned south-southeast of this area to continue to trace the full extent of the Ag-Au-Zn-Pb-Cu-Sn polymetallic epithermal system.

Northwest Extension, Santa Barbara Mineral Resource Definition Target Area

Results for three (3) additional drillholes all drilled at an azimuth of 225⁰ in the Northwest Extension Target Area of Santa Barbara (see Figure 2) have been received. Holes DSB-24 (-65⁰), DSB-14 (-65⁰) and DSB-22 (65⁰) were collared 100m, 200m and 1000m, respectively northwest of the Santa Barbara adit drill bay.

Hole DSB-24 intersected 22 reportable intersections as shown in Table 2 of which the best results were deeper in the hole as follows:

120.18 g Ag eq/t (41.22 g Ag/t, 0.34% Zn, 0.23% Pb, and 0.09% Sn) over 33.23m from 371.50m to 386.58m,
132.43 g Ag eq/t (16.72 g Ag/t, 0.30% Zn, 0.10% Pb, and 0.16% Sn) over 25.36m from 398.61m to 423.97m, and,
197.26 g Ag eq/t (5.25 g Ag/t, 0.73% Zn, 0.08% Pb, and 0.26% Sn) over 23.63m from 483.64m to 507.27m.

Hole DHK-14, which was collared 100m northwest of Hole DSB-24, intersected 29 reportable intersections of which the best results were as follows:

87.26 g Ag eq/t (17.05 g Ag/t, 0.06 g Au/t, 0.51% Pb and 0.28% Cu) over 37.57m from 120.36m to 157.93m
58.63 g Ag eq/t (5.26 g Ag/t, 0.31%Zn and 0.21% Pb) over 33.11m from 314.33m to 347.44m, including a higher-grade section with 96.83 g Ag eq/t (7.83 g Ag/t, 0.57%Zn, 0.25% Pb and 0.09% Sn) over 10.54m from 314.33m to 324.87m
87.26 g Ag eq/t (17.05 g Ag/t, 0.06 g Au/t, 0.51% Pb and 0.28% Cu) over 37.57m from 120.36m to 157.93m
185.94 g Ag eq/t (10.38 g Ag/t, 0.09 g Au/t, 1.43% Zn, 0.20% Pb, 0.09% Cu and 0.14% Sn) over 16.86m from 597.64m to 614.50m

Hole DHK-22 is the most northwesterly drill hole completed thus far, approximately 1,000m (1km) northwest of the Santa Barbara Drill Bay (see Figure 2). There were 10 reportable intersections returned from this hole with the best results as follows:

70.09 g Ag eq/t (2.99 g Ag/t and 0.42% Cu over 28.73m from 38.77m to 67.50m including 110.81 g Ag eq/t (2.75 g Ag/t and 0.75% Cu) over 12.15m from 52.33m to 64.48m
107.19 g Ag eq/t (11.81 g Ag/t, 0.12 g Au/t, 0.23% Zn, 0.13% Cu and 0.10 %Sn) over 46.38m from 479.32m to 525.70m including 398.55 g Ag eq/t (39.32 g Ag/t, 0.18% Zn. 0.50% Cu and 0.46% Sn) over 7.50m from 479.32m to 486.82m

Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource Definition Target Area as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLES – SANTA BARBARA ADIT
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSBU-06	0.00	235.55	235.55	64.30	0.09	0.69	0.37	0.06	0.07	0.016	0.007	169.11
Incl.	24.40	75.08	50.68	192.18	0.22	0.07	0.41	0.09	0.11	0.059	0.005	314.52
	264.14	392.58	128.44	17.38	0.09	0.30	0.21	0.01	0.11	0.002	0.001	110.57
Incl.	274.69	292.86	18.17	11.62	0.01	0.45	0.32	0.01	0.25	0.001	0.002	190.81
Incl.	319.04	331.03	11.99	14.87	0.01	0.28	0.25	0.02	0.26	0.001	0.001	193.82
	401.61	415.13	13.52	47.18	0.09	0.58	0.09	0.01	0.03	0.003	0.002	101.67
	421.19	434.67	13.48	12.23	0.01	0.40	0.11	0.01	0.02	0.002	0.002	50.62
	445.18	482.80	37.62	19.38	0.04	0.84	0.16	0.01	0.06	0.002	0.002	104.11
	497.86	520.48	22.62	22.32	0.04	0.51	0.11	0.01	0.03	0.013	0.001	71.31
	528.92	592.30	63.38	9.91	0.21	0.54	0.14	0.01	0.04	0.002	0.002	80.81
DSBU-05	0.00	153.25	153.25	22.99	0.07	0.18	0.16	0.21	0.12	0.010	0.003	141.05
Incl.	0.00	34.97	34.97	21.77	0.06	0.36	0.30	0.63	0.11	0.007	0.003	201.23
Incl.	76.94	85.99	9.05	24.52	0.18	0.14	0.16	0.11	0.23	0.013	0.004	206.03
Incl.	109.93	135.53	25.60	31.67	0.04	0.23	0.19	0.17	0.28	0.014	0.001	242.83
	190.40	212.94	22.54	6.06	0.04	0.42	0.41	0.02	0.04	0.013	0.012	73.74
	229.48	235.54	6.06	6.19	0.02	0.43	0.10	0.05	0.05	0.004	0.003	67.75
	249.08	261.10	12.02	18.11	0.27	0.07	0.23	0.02	0.01	0.005	0.011	62.92
	285.03	306.00	20.97	57.04	0.06	0.06	0.14	0.04	0.03	0.008	0.007	94.58
	249.08	261.10	12.02	18.11	0.27	0.07	0.23	0.02	0.01	0.005	0.011	62.92
	348.08	526.17	178.09	23.86	0.03	0.96	0.21	0.01	0.02	0.013	0.004	92.47
	535.29	541.40	6.11	6.68	0.09	0.84	0.12	0.00	0.05	0.004	0.002	85.49
	551.91	553.44	1.53	26.00	0.09	2.56	0.08	0.01	0.05	0.038	0.007	189.67
	583.55	585.04	1.49	2.00	0.03	1.44	0.01	0.01	0.02	0.001	0.004	84.03
	605.90	610.32	4.42	4.61	0.05	2.00	0.04	0.01	0.01	0.001	0.007	111.87

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

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

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

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

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

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

Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – SOUTH SANTA BARBARA AREA
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSBS-01	13.42	30.29	16.87	0.91	0.01	0.00	0.01	0.00	0.09	0.001	0.001	52.59
	58.66	90.94	32.28	2.07	0.01	0.00	0.03	0.00	0.27	0.001	0.001	163.23
Incl.	63.15	70.76	7.61	3.73	0.02	0.00	0.04	0.01	0.94	0.001	0.001	560.74
	98.94	100.45	1.51	4.00	0.01	0.00	0.03	0.01	0.09	0.001	0.001	61.61
	225.36	247.94	22.58	2.94	0.01	0.03	0.14	0.30	0.01	0.001	0.001	54.95
Incl.	225.36	228.40	3.04	3.00	0.01	0.07	0.07	0.88	0.00	0.001	0.001	129.69
	270.52	271.95	1.43	5.00	0.02	0.04	1.41	0.02	0.02	0.001	0.001	64.90
	285.56	329.16	43.60	5.36	0.03	0.85	0.44	0.02	0.05	0.002	0.010	90.79
Incl.	294.43	299.02	4.59	2.01	0.07	1.36	0.49	0.05	0.09	0.004	0.012	146.04
Incl.	320.19	329.16	8.97	12.68	0.03	1.95	0.93	0.01	0.11	0.001	0.012	200.55
	344.23	345.57	1.34	1.00	0.01	1.10	0.26	0.00	0.01	0.001	0.006	67.32
	357.63	359.19	1.56	3.00	0.01	1.31	0.27	0.00	0.01	0.001	0.002	75.16
	374.14	375.69	1.55	2.00	0.02	1.35	0.28	0.01	0.00	0.001	0.004	76.69
	414.88	470.51	55.63	6.66	0.03	1.80	0.40	0.03	0.00	0.003	0.005	110.40
Incl.	416.39	420.84	4.45	28.05	0.19	4.99	1.26	0.22	0.01	0.032	0.019	351.80
Incl.	437.41	446.45	9.04	4.34	0.01	2.95	0.32	0.01	0.00	0.001	0.008	153.44
	484.02	485.54	1.52	3.00	0.01	1.27	0.14	0.01	0.00	0.001	0.003	68.15
	491.56	523.27	31.71	12.96	0.11	1.43	0.43	0.02	0.01	0.004	0.005	108.55
Incl.	509.62	520.25	10.63	27.91	0.25	2.29	0.89	0.03	0.01	0.008	0.009	192.64
	541.79	549.58	7.79	2.69	0.01	1.38	0.10	0.00	0.00	0.001	0.005	72.22
	591.69	594.70	3.01	3.51	0.02	1.24	0.13	0.01	0.00	0.001	0.003	68.82
	599.26	600.79	1.53	13.00	0.13	4.03	0.32	0.01	0.01	0.003	0.018	224.85
	611.34	636.83	25.49	8.94	0.03	1.02	0.20	0.01	0.00	0.001	0.003	68.66
Incl.	627.90	636.83	8.93	19.98	0.04	1.65	0.35	0.01	0.00	0.003	0.006	114.99
	668.88	670.41	1.53	111.00	0.01	0.27	3.64	0.00	0.00	0.001	0.001	242.99
	683.93	689.86	5.93	9.73	0.11	2.69	0.35	0.02	0.00	0.003	0.013	157.74

See Note Table 1.

Table 3: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area – Northwest Extension as at April 27, 2022.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSB-14	60.17	61.69	1.52	9.00	2.08	0.00	0.03	0.04	0.00	0.001	0.001	182.35
	82.80	84.44	1.64	27.00	0.39	0.00	0.02	0.04	0.00	0.001	0.001	65.49
	97.86	100.83	2.97	68.63	0.01	0.00	0.13	0.16	0.00	0.001	0.001	97.15
	120.36	157.93	37.57	17.15	0.06	0.01	0.51	0.28	0.02	0.004	0.001	87.26
	180.45	196.91	16.46	7.95	0.04	0.01	0.19	0.26	0.01	0.001	0.001	58.44
	202.91	213.55	10.64	8.75	0.01	0.01	0.21	0.15	0.04	0.001	0.001	62.48
	231.57	236.38	4.81	2.01	0.01	0.04	0.17	0.29	0.01	0.001	0.005	54.82
	267.76	293.36	25.60	1.57	0.01	0.71	0.19	0.01	0.02	0.001	0.003	54.95
	314.33	347.44	33.11	5.26	0.01	0.31	0.21	0.01	0.05	0.001	0.004	58.63
Incl.	314.33	324.87	10.54	7.83	0.02	0.57	0.25	0.01	0.09	0.001	0.003	96.83
	367.01	368.54	1.53	8.00	0.01	0.26	0.58	0.01	0.09	0.004	0.005	91.01
	382.18	389.59	7.41	23.89	0.01	0.32	0.12	0.01	0.07	0.003	0.001	87.18
	398.65	410.68	12.03	26.58	0.06	0.14	0.05	0.01	0.04	0.003	0.001	65.02
	430.28	431.78	1.50	6.00	0.60	0.15	0.19	0.02	0.03	0.008	0.001	85.91
	448.25	454.20	5.95	3.98	0.03	0.68	0.20	0.02	0.02	0.001	0.002	58.96
	464.72	467.78	3.06	18.83	0.01	1.24	0.99	0.02	0.04	0.001	0.006	137.60
	475.27	478.20	2.93	5.47	0.01	0.58	1.12	0.00	0.01	0.001	0.041	76.07
	481.22	482.72	1.50	9.00	0.02	0.01	0.19	0.00	0.02	0.001	0.010	77.26
	518.20	521.07	2.87	29.09	0.10	0.40	1.19	0.01	0.45	0.003	0.008	360.91
	528.61	530.10	1.49	8.00	0.03	0.16	0.25	0.02	0.10	0.001	0.011	89.86
	549.27	555.12	5.85	6.62	0.01	0.27	0.21	0.02	0.06	0.001	0.001	67.81
	567.11	570.11	3.00	7.82	0.02	0.64	0.16	0.02	0.07	0.001	0.003	86.20
	597.64	614.50	16.86	10.38	0.09	1.43	0.20	0.09	0.14	0.007	0.005	185.94
	632.50	633.92	1.42	7.00	0.05	1.27	0.08	0.07	0.06	0.002	0.001	118.00
	650.26	654.83	4.57	4.90	0.05	1.41	0.09	0.11	0.03	0.002	0.001	112.37
	841.10	842.60	1.50	4.00	0.02	0.18	0.04	0.45	0.02	0.002	0.001	85.19
	884.56	886.05	1.49	1.00	0.05	0.49	0.03	0.14	0.02	0.023	0.002	64.76
	889.06	890.56	1.50	4.00	0.02	0.76	0.14	0.15	0.03	0.007	0.002	81.53
	893.59	895.06	1.47	5.00	0.02	0.73	0.19	0.23	0.02	0.005	0.003	89.45
	955.14	959.62	4.48	2.33	0.06	0.09	0.02	0.17	0.00	0.153	0.001	63.84

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSB-24	0.00	8.79	8.79	4.48	0.21	0.01	0.12	0.01	0.06	0.005	0.001	60.86
	75.19	106.48	31.29	14.70	0.03	0.02	0.15	0.10	0.01	0.001	0.001	44.47
	137.98	142.43	4.45	0.83	0.45	0.20	0.16	0.01	0.01	0.001	0.016	61.21
	162.03	163.57	1.54	3.00	0.02	0.94	0.41	0.08	0.09	0.002	0.026	126.97
	171.08	198.08	27.00	6.75	0.03	0.34	0.23	0.03	0.03	0.001	0.032	56.40
	213.00	225.06	12.06	17.98	0.09	0.64	0.37	0.04	0.02	0.005	0.002	86.19
	231.20	232.61	1.41	10.00	0.04	0.16	0.08	0.06	0.05	0.002	0.001	61.51
	240.13	244.64	4.51	7.00	0.13	0.40	0.17	0.03	0.03	0.006	0.004	63.72
	255.14	258.14	3.00	15.45	0.12	0.40	0.14	0.01	0.02	0.014	0.003	62.14
	262.59	264.08	1.49	24.00	0.01	0.18	0.11	0.00	0.03	0.056	0.001	62.66
	280.53	295.46	14.93	9.51	0.03	0.48	0.08	0.02	0.02	0.009	0.002	49.93
	340.05	344.53	4.48	8.76	0.01	0.48	0.43	0.01	0.02	0.004	0.015	59.13
	371.50	386.58	33.23	41.22	0.03	0.34	0.23	0.01	0.09	0.001	0.002	120.18
Incl.	353.35	368.52	15.17	34.92	0.02	0.48	0.31	0.01	0.10	0.001	0.003	130.97
	398.61	423.97	25.36	16.72	0.02	0.30	0.10	0.01	0.16	0.001	0.001	132.43
	450.91	461.50	10.59	22.91	0.02	0.03	0.01	0.02	0.04	0.001	0.001	52.03
	483.64	507.27	23.63	5.25	0.03	0.73	0.08	0.00	0.26	0.001	0.005	197.26
	529.03	533.64	4.61	8.01	0.07	0.11	0.06	0.00	0.09	0.001	0.001	74.66
	562.00	563.50	1.50	9.00	0.07	0.43	0.22	0.02	0.07	0.001	0.001	84.64
	593.43	594.96	1.53	9.00	0.02	0.09	0.02	0.08	0.08	0.001	0.001	71.81
	656.43	663.91	7.48	2.22	0.26	0.59	0.09	0.01	0.03	0.002	0.002	73.60
	680.29	684.93	4.64	4.95	0.11	0.30	0.03	0.04	0.03	0.009	0.001	51.68
	701.50	702.97	1.47	3.00	0.04	0.41	0.01	0.06	0.05	0.001	0.001	64.81
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSB-22	38.77	67.50	28.73	2.99	0.01	0.00	0.08	0.42	0.01	0.001	0.001	70.09
Incl.	52.33	64.48	12.15	2.75	0.01	0.00	0.08	0.75	0.01	0.001	0.001	110.81
	117.90	119.41	1.51	2.00	0.99	0.02	0.06	0.01	0.01	0.018	0.013	92.81
	140.44	142.06	1.62	3.00	0.10	0.79	0.11	0.01	0.01	0.001	0.072	63.27
	209.50	211.02	1.52	2.00	0.01	0.10	0.00	0.01	0.12	0.001	0.001	78.13
	268.23	269.69	1.46	42.00	0.04	0.03	0.16	0.03	0.09	0.001	0.001	108.86
	280.22	281.75	1.53	133.00	0.13	0.31	0.03	0.02	0.02	0.050	0.001	180.55
	280.22	296.71	8.93	5.47	0.02	1.16	0.07	0.01	0.01	0.001	0.001	70.72
	455.21	456.73	1.52	25.00	2.02	0.40	0.01	0.09	0.07	0.069	0.001	267.16
	479.32	525.70	46.38	11.81	0.12	0.23	0.00	0.13	0.10	0.012	0.001	107.19
Incl.	479.32	486.82	7.50	39.32	0.09	0.18	0.01	0.50	0.46	0.030	0.001	398.55
	593.08	609.64	16.56	7.42	0.18	0.76	0.03	0.13	0.02	0.002	0.001	84.87

See Note Table 1.

Figure 1 – Geological Plan Map showing Major Drilling areas. Santa Barbara is shown in more detail in Figure 2.
https://www.globenewswire.com/NewsRoom/AttachmentNg/984e7eb9-89cc-4d12-af54-aeab0ffceac2

Figure 2: Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/c780052e-57da-4d04-9158-3c2958d0e26d

Figure 3: North-South Geological Section looking East across High Grade Target Area in Santa Barbara
https://www.globenewswire.com/NewsRoom/AttachmentNg/d07121ff-91b3-4145-9982-35fe7147ad31

Figure 4: Borehole Induced Polarization (IP) Mx Chargeability Section with Holes DSBU-05 and DSBU-06 looking east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/76c9de76-9191-4af4-90de-8be1b4d8d5b5

Table 4: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from April 27, 2022 press release.

SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.	Type	Collar Easting	Collar Northing	Elev	Azimuth	Angle	Hole length (m)
Surface Drilling Santa Barbara Breccia
DHK-24	S	205529.4	7656222.5	4153.4	225°	-60°	In Progress
DHK-25	S	205526.9	7656384.7	4178.1	225°	-55°	In Progress
Surface Drilling Northwest Extension Santa Barbara
DSB-16	S	204973.9	7657053.1	4147.1	225°	-65°	862.0
DSB-17	S	205136.3	7656770.8	4168.1	225°	-40°	841.0
DSB-18	S	205209.3	7656683.3	4172.5	225°	-40°	890.4
DSB-19	S	205209.9	7656684.0	4172.5	225°	-65°	803.3
DSB-23	S	205343.3	7656534.4	4176.1	225°	-40°	863.2
DSB-26	S	205044.5	7656982.6	4150.0	225°	-40°	815.4
DSB-27	S	205044.5	7656982.6	4150.0	225°	-65°	800.4
						Subtotal	5,875.7
Underground Drilling Santa Barbara Adit
DSBU-04	UG	205283.7	7656071.6	4168.2	180°	-20°	570.0
DSBU-07	UG	205284.5	7656080.0	4167.1	235°	-50°	800.9
DSBU-08	UG	205284.5	7656080.0	4167.1	200°	-50°	866.8
DSBU-09	UG	205284.5	7656080.0	4167.1	90°	-60°	904.0
						Subtotal	3,141.7
DSBU-10	UG	205284.5	7656080.0	4167.1	40°	-60°	In Progress
Surface Drilling South Extension Santa Barbara
DSBS-01	S	205300.0	7655563.0	4195.0	30°	-30°	700.8
DSBS-02	S	205300.0	7655563.0	4195.0	0°	-45°	1023.4
						Subtotal	1,724.2
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07	S	205090.1	7655340.9	4310.0	235°	-60°	791.4
DPC-08	S	205585.0	7655423.6	4089.0	235°	-65°	800.4
DPC-09	S	205456.7	7655516.6	4125.0	180°	-75°	1124.4
DPC-10	S	205396.5	7655701.2	4148.0	225°	-60°	1088.4
DPC-11	S	205456.7	7655516.6	4125.0	235°	-70°	1065.0
						Subtotal	4,869.6
DPC-12	S	205650.0	7655200.0	4100.0	235°	-70°	In Progress
						Subtotal	15,611.2

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 11,196m has been completed bringing the overall total to 52,384m in 89 drill holes (30 underground drill holes and 59 surface drill holes) including 4 holes in progress.

Qualified Person

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

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

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

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

About Iska Iska

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

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

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

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

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

About Eloro Resources Ltd.

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

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

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

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

Energy Junior Mining Precious Metals Uncategorized

Goldshore Resources to Accelerate Drilling of the Moss Lake Gold Deposit and Recently Discovered Parallel Zones

Post author By admin
Post date April 26, 2022

Vancouver, British Columbia–(Newsfile Corp. – April 26, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market on its Moss Lake Project activities for the forthcoming spring and summer exploration period.

Key Points

The Company is expanding the exploration program to 8-10 rigs as soon as possible and remains well funded with a treasury of nearly $20M;
The Company is accelerating its metallurgical test work; structural geology understanding, 3D geologic model(s) and analysis of historical core;
The 2021 VTEM survey highlighted 29 quality drill targets including potential expansion of the Moss Lake strike length; as well as the potential for a resource increase at East Coldstream; and the Company will attempt to identify maiden resources at other known mineralized targets; and
Drilling of these targets has yielded positive results including 6.3g/t Au over 58.85m News: Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake (goldshoreresources.com).

Earlier in the year, the Company released the detailed interpretation and analysis of the VTEM geophysical survey conducted in 2021 (see Press Release dated March 10, 2022: Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity). This produced 29 quality drill target areas, including 11 new Moss Lake target styles that potentially expand the strike length by over 4x from 2.5km to over 11km.

Subsequently, initial drilling of several of the targets successfully intersected new gold minerlization including the hole MMD-21-008 that returned 6.3 g/t Au over 58.85 metres and interpreted to be a high grade structure in the Moss Lake Deposit. (see press release Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake).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%2522Coldstream%253BHamlin_Lake%253BTechnical_analysis%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25225cf3f714-4fcf-300f-bbaf-b3dce5f88731%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

To that end, the Company is accelerating its exploration program at the Moss Lake Project, currently having a historical resource of 1.47M oz Au Indicated and 2.51M oz Au Inferred (see Table 1). The Company is preparing to ramp up its drilling efforts to 8 to 10 rigs as soon as practicable,. It is planned that the Moss Lake area will utilize 4 to 5 drill rigs through the spring-summer period; Coldstream / North Coldstream / Iris Lake area targets will utilize 2 to 3 rigs and Hamlin Lake area targets will utilize 1 to 2 rigs.

The Company is currently well funded with approximately $19.6M in the treasury, after closing its recent funding of $10M (see Press Release Goldshore Announces Closing of $10M Private Placement).

Key Strategic Highlights

Increasing the quantum and frequency of drilling at the Moss Lake Project; and early mobilization of rigs into the north-east corridor of Coldstream / North Coldstream and Iris Lake; as well as early mobilization into Hamlin Lake area;
Accelerated re-logging and mutli-element assaying of historic North Coldstream and Moss Lake core;

Goldshore has been logging historic core throughout this campaign to maximize the value of the historic drill core. As part of this program, the team has commenced resampling of core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored or missed. Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth along the northern edge of the QES Zone (see press release Goldshore Reports Additional Step-Out Intercepts ). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets.
Establishing a robust 3D geologic model of the Moss lake deposit to guide exploration and updating future resource estimates.;

Goldshore has been rebuilding the mine model for the historic North Coldstream copper mine that was mined between 1957 and 1967. This has included compiling all historic data and wireframes for the underground workings to understand the distribution of mineralization with a view to identifying the potential for additional mineralization; but also to guide scout drilling of similar geophysical targets identified by last year’s VTEM/magnetics survey.

Analysis of underground data focused on copper and gold, which returned assays in the range of 1.0 to 15.0% Cu and 0.5 to 5.0 g/t Au. Of note, limited assaying for cobalt on one level returned values in the range of 0.1 to 0.5% Co. These high levels of cobalt have not been recognized in the past but clearly point to the strategic value of this deposit style.

Scout drilling of preferred mineralization trends at North Coldstream and of similar nearby targets will aim to confirm the highly mineralized nature of this deposit style.
Engaging world renown structural geologist, Dr. Brett Davis to work with the Goldshore geological team, to optimize drill targeting through both structural geology methods and through the VTEM geophysical interpretation prepared by TechnoImaging © . Dr. Davis will be on site in May and June 2022.

Dr. Brett Davis graduated from James Cook University, Australia with a Bachelor’s in Geology in 1986, which was followed in 1992 with a Doctorate degree in Structural Geology. Dr. Davis has worked and consulted globally on a number of large scale deposits and has established himself as a world leader in structural geology and currently runs Olinda Gold Structural Geology Consulting. Dr. Davis also serves as an Adjunct Research Fellow at his alma mater – James Cook University.
Accelerating the geometallurgical characterization study to determine the geometallurgical domains, and commencing metallurgical test work to optimize the recovery profiles of these domains at Moss Lake;

The Goldshore geological team is working with ALS on establishing geometallurgical parameters, in an effort to optimize and guide the metallurgical test work required for use in the updated preliminary economic assessment (“PEA”) intended to be published in Q1 2023.

Brett Richards, President and Chief Executive Officer of Goldshore commented: “With the recent market support to close the $10M funding; coupled with the excellent drilling and VTEM results previously shared with the market; we are pleased to be accelerating the exploration program at Moss Lake, as well as Coldstream, North Coldstream, Iris Lake and Hamlin Lake. It has been shown that all of the 29 high priority targets that have had historical drilling and/or form part of the historic resource; along with 17 gold targets identified in the VTEM interpretation need to be accelerated into this coming field season. The main purpose for this is to quantify and maximize the understanding of mineralization in all of these targets; prior to conducting a mineral resource update and updated PEA (intended to be published in Q1 2023).

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 22% 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 1), the historically producing North Coldstream Mine (Table 2), 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 Gold Mines Ltd. (“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 1: 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:

(1) 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.

(2) 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.

(3) 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 2: 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:

(4) 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, 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, including planned drilling activities and metallurgical test work and the other matters listed under the heading “Key Strategic Highlights”, intended identification of maiden resources, an update to the historical preliminary economic assessment, 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/121649

Tags #BrettRichards, #GoldShoreResources, #GSHR

Uncategorized

Mountain Province Diamonds Provides Details of First Quarter 2022 Earnings Release and Conference Call

Post author By admin
Post date April 25, 2022

TSX and OTCQX: MPVD

TORONTO and NEW YORK, April 25, 2022 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province” or the “Company”) (TSX: MPVD) and (OTCQX: MPVD) is pleased to provide the details of its Q1 2022 earnings release and conference call.

Earnings Release and Conference Call Details

The Company will host its quarterly conference call on Wednesday May 4^th, 2022 at 11:00am EST. Prior to the conference call, the Company will release Q1 2022 financial results on May 3^rd, after-market.

Conference Call Dial-in Details:

Title: Mountain Province Diamonds Inc Q1 2022 Earnings Conference Call

Conference ID: 29875964
Date of call: 05/04/2022
Time of call: 11:00 Eastern Time
Expected Duration: 60 minuteshttps://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%2522Mountain_Province_Diamonds%253BMountain_Province%253BConference_call%253BNatural_resource%2522%252C%2522lmsid%2522%253A%2522a0770000002lA5sAAE%2522%252C%2522revsp%2522%253A%2522prnewswire.com%2522%252C%2522lpstaid%2522%253A%2522f5e93d96-be84-3662-aec5-918e198a6bd6%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Webcast Link: https://produceredition.webcasts.com/starthere.jsp?ei=1545143&tp_key=bd339f39e9

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 Mountain Province Diamonds Inc.

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 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

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 Tom E. McCandless, Ph.D., P.Geo., and Matthew MacPhail, P.Eng, MBA, both employees of Mountain Province Diamonds Inc. and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

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.

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-provides-details-of-first-quarter-2022-earnings-release-and-conference-call-301532385.html

SOURCE Mountain Province Diamonds Inc.

Uncategorized

Join Silver Hammer Mining Tomorrow!

Post author By admin
Post date April 18, 2022

https://webinars.6ix.com/6ix/Silver-The-Jack-of-All-Trades-Metal

Webinar details

WHENTue, Apr 19, 2022 at 3:00 PM
Eastern Time (US & Canada) Add to calendar
ABOUTJoin Silver Hammer Mining, Blackrock Silver, and Summa Silver for a panel discussion where they discuss the benefits of being a silver investor during turbulent economic and political times.

About Blackrock Silver
Blackrock’s flagship Tonopah West project consolidates the western half of the famed Tonopah Silver District within the Walker Lane trend of Nevada. Known as the Queen of the Silver Camps, the Tonopah Silver District produced over 174.0 million ounces of silver and 1.8 million ounces of gold from approximately 7.5 million tonnes of high-grade silver-gold, making it one of the most significant silver-gold districts in North America. As the first group to target the historic workings on the property since production shut down nearly 100 years ago, Blackrock has completed in excess of 110,000 metres of exploration drilling since 2020, including a 50,000-metre infill program. Blackrock is quickly and methodically moving to advance the project, with a maiden resource estimate expected during Q1 2022, and has a 9,000-metre blue-sky exploration drill program underway to test new district-scale targets.

About Silver Hammer Mining
Silver Hammer is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, U.S. and both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada. Silver Hammer strives to become a multi-mine silver producer focusing on near-term exploration and drilling plans at its Idaho and Nevada silver-gold assets.

About Summa Silver
Summa Silver is a Canadian junior mineral exploration company. It has options to earn 100% interest in the Hughes property, located in central Nevada, and the Mogollon property, located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the U.S. between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 because of heavily depressed metal prices; little to no modern exploration work has been completed prior to Summa Silver acquiring an interest in the property.
PRICEFree
LANGUAGEEnglish
OPEN TOAnyone with the event link can attend
DIAL-IN AVAILABLE (LISTEN ONLY)Dial-in Number: +1 (312) 248-9348Dial-in ID: 481885Dial-in Passcode: 6817

Featured Presenters

Andrew PollardPresident & CEO, Director of Blackrock SilverPrior to joining Blackrock as President & CEO in 2019, Andrew Pollard had established himself as a sought-after management consultant within the mining industry.

Mr. Pollard founded the Mining Recruitment Group Ltd (MRG) in 2006 and has amassed a “Who’s Who” network in the mining & finance world, leveraging his personal relationships to help shape what has become some of the most prominent and successful resource companies.

In a sector where management is crucial, he has served as a trusted advisor to exploration companies and producers ranging in size from seed round through to over $100 billion in market capitalization.
Galen McNamaraCEO & Director of Summa SilverCo-founder and geologist with over 15 years of discovery and capital markets experience, former Senior Project Manager at NexGen Energy, Co-founder and Chairman of Goldshore Resources and Angold Resources.
Jeff ClarkSenior Precious Metals Analyst at GoldSilver.comJeff Clark is the Senior Precious Metals Analyst at GoldSilver.com. He is the son of an award-winning gold panner, with family-owned mining claims in California, Arizona, and Nevada, and has deep roots in the industry. An active investor, with a love of writing, Jeff eventually became a mining industry analyst, including spending 10 years as senior editor for the world-renowned publication BIG GOLD. Jeff has been a regular conference speaker, including at Cambridge House and Sprott Resources events, the Silver Summit, and many others. He currently serves on the board at Strategic Wealth Preservation, a bullion storage facility in Grand Cayman.
Morgan LekstromPresident & CEO of Silver Hammer MiningMr. Lekstrom has 14 years mining experience in progressively senior roles in project, operations, and engineering management and has a strong leadership background with experience overseeing 100+ person teams onsite. In a recent role, Mr. Lekstrom served as Engineering Manager responsible for the budgeting, scheduling and the first phases of execution at Sabina Gold and Silver’s Back River Marine Laydown Project. Prior to that, Mr. Lekstrom spent two years in Ghana, West Africa where he played an integral role in the development and revival of Golden Star Resources’ Prestea underground mine. He led project, engineering, and maintenance teams and worked with members of the executive team on the implementation of various strategic initiatives. A graduate of Thompson Rivers University, Mr. Lekstrom has an established track record delivering successes across numerous projects worldwide.
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Uncategorized

Mountain Province Diamonds Announces First Quarter 2022 Production and Sales Results

Post author By admin
Post date April 14, 2022

TORONTO and NEW YORK, April 14, 2022 /CNW/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTCQX: MPVD) today announces production and sales results for the first quarter ended March 31, 2022 (“the Quarter” or “Q1 2022”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.

Q1 Production Takeaways

(all figures reported on a 100% basis unless otherwise stated)

1,018,722 ore tonnes mined, a 98% increase relative to last year’s comparable quarter (Q1 2021: 515,002 ore tonnes mined)¹
707,553 ore tonnes treated, a 13% increase relative last year’s comparable quarter (Q1 2021: 625,582 tonnes treated; Q4 2021, 813,308 tonnes treated)
1,185,156 carats recovered, 15% lower than last year’s comparable quarter (Q1 2021: 1,392,128 carats)
Average grade of 1.68 carats per tonne, a 25% decrease relative to Q1 2021 (2.23 carats per tonne)

Q1 2022 Production Figures

	2022 Q1	2021 Q1¹	YoY Variance
Total tonnes mined (ore and waste)	8,167,801	5,604,562	46%
Ore tonnes mined	1,018,722	515,002	98%
Ore tonnes treated	707,553	625,582	13%
Carats recovered	1,185,156	1,392,128	-15%
Carats recovered (49% share)	580,726	682,143	-15%
Recovered grade (carats per tonne)	1.68	2.23	-25%

Note 1: Q1 2021 Production impacted by 22-day unplanned operational stand-down in February due to measures taken to limit spread of Covid-19 at Gahcho Kué

As previously disclosed along with the Company’s year-end filings, during the first quarter of 2022 additional unmodeled resource was encountered, carrying a lower grade than planned mining areas. The incremental, previously unmodeled Kimberlite will be incorporated into the stockpile strategy throughout 2022, with the net effect of increasing Life-of-Mine ore tonnes and cash-flow while also decreasing processed grade. It is seen as a positive by Mountain Province that more diamond bearing ore is being mined than was previously included in the mine plan. Additionally, recovered grade in the quarter was impacted by higher-than-planned mining dilution. Initiatives are underway to correct this going forward.

Q1 Sales Results

As previously disclosed, during the quarter, 506,567 carats were sold for total proceeds of $84.7 million (US$66.7 million) resulting in an average value of $167 per carat (US$132 per carat). This is a 52% increase relative to the average value per carat in Q4 2021 of $110 per carat (US$86 per carat). The increase in average values in Q1 reflected the increase in demand across the rough diamond market, and the fact that upstream stock levels are now believed to reflect operating inventories only.

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

“The discovery of incremental, previously unmodeled Kimberlite ore is a positive for the operation and reflects the significant opportunities for additional diamonds to be discovered at the Gahcho Kué mine. Additionally, I’m pleased to say that the operational effects of the late-2021/early 2022 Omicron outbreak at site are now largely behind us and the unplanned failure at the primary crusher is repaired, with additional crusher optimization opportunities identified. After a slower than expected Q1 we are working with our joint venture partner to make the necessary improvements.”

****

About Mountain Province Diamonds Inc.

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

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.

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-first-quarter-2022-production-and-sales-results-301526253.html

SOURCE Mountain Province Diamonds Inc.

View original content: http://www.newswire.ca/en/releases/archive/April2022/14/c0700.html

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