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Rover Metals Announces Increase to Previously Reported Intervals at Andrew Zone, Cabin Gold Project, NT, Canada

Rover Metals Corp.
Rover Metals Corp.

VANCOUVER, British Columbia, Feb. 23, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to report, that further to its release on January 13, 2022, the gold mineralization at the Andrew Zone does extend past the primary sulfide intervals in the drill core. The Company has received its new December 2021 samples back from the lab and is pleased to be reporting longer mineralized intervals at the Andrew Zone South, and Andrew Zone North.

Andrew Zone South
The Company is now reporting significant intervals of:

  • 7.4m of 1.64 g/t Au (from 63.1m to 70.5m) at hole CL-21-25, or an increase of approximately 5m to the previously reported interval;
  • 2.3m of 1.21 g/t Au (from 53.0m to 55.3m) closer to surface in hole CL-21-25;
  • 4.5m of 2.62 g/t Au (from 50.4m to 55.1m) at hole CL-21-24 (which previously reported 3.9m of 2.91 g/t Au);

The updated cross-sections for holes CL-21-24 and CL-21-25 will be available on Rover’s website in the coming days.

Andrew Zone North
The Company is now reporting a significant interval of:

  • 6.4m of 1.88 g/t Au (from 37.6m to 44.0m) at hole CL-21-29, or an increase of approximately 3m to the previously reported interval

Judson Culter, CEO at Rover Metals, states, “the Andrew Zone has a surface strike length of approximately 800m from south to north, and is open at depth. Follow-up drilling is needed to further delineate this zone at depth.”

Updated Tables of Significant Drill Results

HoleSample IDFromToIntervalAu g/tZone
CL-21-24Y03157950.3751.000.630.78Andrew South
CL-21-24V74810251.0051.500.502.77Andrew South
CL-21-24V74810351.5052.010.510.15Andrew South
CL-21-24V74810452.0152.760.751.57Andrew South
CL-21-24V74810552.7653.100.343.63Andrew South
CL-21-24V74810653.1053.410.315.16Andrew South
CL-21-24V74810753.4153.800.391.79Andrew South
CL-21-24V74810853.8054.200.403.57Andrew South
CL-21-24V74810954.4554.770.326.11Andrew South
CL-21-24V74811054.7755.120.354.93Andrew South
HoleSample IDFromToIntervalAu g/tZone
CL-21-25V74812553.0053.450.451.64Andrew South
CL-21-25Y03156853.4553.960.510.22Andrew South
CL-21-25Y03156953.9654.720.761.95Andrew South
CL-21-25Y03157054.7255.260.540.75Andrew South
CL-21-25Y03157163.0763.510.440.06Andrew South
CL-21-25Y03157263.5163.950.443.39Andrew South
CL-21-25V74812663.9564.250.300.73Andrew South
CL-21-25Y03157764.2564.800.580.30Andrew South
CL-21-25Y03157364.8065.420.621.17Andrew South
CL-21-25V74812765.4265.880.461.72Andrew South
CL-21-25V74812865.8866.180.300.22Andrew South
CL-21-25V74812966.1866.580.402.16Andrew South
CL-21-25Y03157466.5867.090.510.18Andrew South
CL-21-25V74813067.0967.390.304.01Andrew South
CL-21-25V74813167.3967.760.370.41Andrew South
CL-21-25Y03157567.7668.000.240.12Andrew South
CL-21-25V74813268.0068.350.350.50Andrew South
CL-21-25V74813368.3568.680.330.64Andrew South
CL-21-25V74813468.6868.980.301.59Andrew South
CL-21-25V74813568.9869.680.704.27Andrew South
CL-21-25V74813669.8270.120.301.07Andrew South
CL-21-25V74813770.1270.460.345.55Andrew South
HoleSample IDFromToIntervalAu g/tZone
CL-21-29V74815337.6038.000.402.72Andrew North
CL-21-29V74815438.0038.400.404.75Andrew North
CL-21-29V74815538.438.700.301.18Andrew North
CL-21-29V74815638.7039.100.404.83Andrew North
CL-21-29Y03158339.1039.370.270.39Andrew North
CL-21-29V74815839.3739.710.341.31Andrew North
CL-21-29V74815939.7140.090.385.61Andrew North
CL-21-29V74816040.0940.390.304.43Andrew North
CL-21-29V74816140.3940.820.430.60Andrew North
CL-21-29Y03158940.8241.700.881.06Andrew North
CL-21-29V74816241.7042.010.311.48Andrew North
CL-21-29Y03158942.0142.250.241.06Andrew North
CL-21-29V74816542.9743.370.400.92Andrew North
CL-21-29Y03158543.3744.000.630.47Andrew North


Drill core is cut with half sent to ALS Global Laboratories (ALS) for crushing to <2 mm with 250 g split pulverized to -75 µm (200#). ALS is an ISO 17025 accredited laboratory. A 30g change is fire assayed and analysed using AAS finish for Gold.

True thickness of the intervals reported herein have not been calculated, therefore, all intervals are reported as drill core intervals and should be considered apparent thicknesses. Program gold averages are reported at weighed averages.

Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.

About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company completed Phase 2 Exploration at its 100% owned Cabin Gold Project (“Cabin”) in 2021. The Company’s secondary asset, the Up Town Gold Project (for which it retains a 25% ownership interest), also saw the completion of Phase 2 Exploration Drilling in Q4-2021, and the results are expected in Q1-2022. The Company anticipates commencing its Phase 3 Exploration Program at Cabin in March of this year.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

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Junior Mining Silver Bullet Mines Uncategorized

Silver Bullet Mines Corp. Commences Extraction of Mineralized Material at Its Buckeye Silver Mine in Arizona

Burlington, Ontario–(Newsfile Corp. – January 27, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announces it has begun extracting mineralized material from its Buckeye Silver Mine in Arizona after taking delivery of its first shipment of blasting powder. SBMI’s intention is to produce an initial total of 10,000 tonnes of mineralized material at a rate of 125 tonnes per day.

SBMI also announces it has been invited by the TMX Group to ring the bell at market open on Monday, January 31st at 9:30 am Eastern Standard Time, a rare honour for a new junior mining company.



Blasting underground in January, 2022 at the Buckeye Silver Mine

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/111869_d638448104562997_001full.jpg

SBMI’s initial target is the high-grade silver zone identified in 1976 by K.C. Delise, a Registered Geologist, in a report titled Surface/Underground Mapping and Sampling. Accompanying the report was a Mine Shaft Survey dated October 23, 1976 prepared by him for International Resources and Minerals Development Company. In his report he mapped and identified this zone as extending approximately 500 feet along strike.

The Company has found a summary of assay results from 1976 and 1977 from Clarkson Labs of San Diego, CA. SBMI believes these resulted from samples taken by Delise in his 1976 field work at the Buckeye. These assays returned spectacularly high values for gold, silver and copper. The highest value for gold was 4.8 opt, for silver was 8,970 opt, and for copper was 30.7%.

This information is historical in nature and pre-dates NI43-101. SBMI does not know the methods by which such work was carried out, or whether all or part of it was under the supervision of a Qualified Person, as that term is defined in NI43-101. SBMI refers to such data and observations to inform its knowledge of the area.

Nick Barr, one of SBMI’s consulting geologists, carried out his own analysis of Delise’s work in 2015, as part of which he produced notes, sections and longitudinals. He also plotted the 1976 Clarkson Labs assay results noted above onto Mr. Delise’s original Mining Shaft Survey. In addition to Delise’s and other historical records, SBMI is also relying upon these documents created by Mr. Barr as well as his current first-hand experience at the Buckeye.

“This is a significant accomplishment”, said SBMI’s VP Mining, Mr. Ron Murphy. “We have completed the rehabilitation of the underground and have commenced mining as we blast into what we believe to be Delise’s documented high-grade zone. The training, experience and talent of our seasoned mining crew has allowed us to achieve these goals in a short period of time.”

The mineralized material blasted and extracted from the Buckeye will be stockpiled at SBMI’s proximate millsite for eventual processing at SBMI’s gravity pilot plant, which is nearing completion. The Company also plans to run assays in its own assay facility on-site on multiple samples from the mineralized material to determine grades.

As previously disclosed, SBMI’s assay lab on-site in Arizona is managed by Robert Budd, a Metallurgical Process Engineer who began his career in metallurgical engineering in 1972. He has held various positions with various employers including Senior Engineer, Superintendent, Engineer, Technical Assistant, Technician, and Lab Assistant. Most recently, prior to joining SBMI he was involved in designing and creating an internal assay facility in Arizona for Freeport McMorran Inc. Working with Mr. Budd in SBMI’s assay facility is Vic Power, a Registered Professional Assayer for the state of Arizona. Mr. Budd and Mr. Power will ensure all QA/QC practices will be adhered to, including sending samples from each run to an independent accredited lab for corroboration.

It is intended the state-of-the-art gravity pilot plant should be ready to commence the processing of mineralized material in approximately sixty days, depending on the timing of delivery of certain mill items. Such deliveries are beyond SBMI’s control. The progress of both the mine and mill can be followed at www.silverbulletmines.com or on Twitter @bulletmines.

“Having our own assay lab and mill should make us incredibly efficient,” said Mr. John Carter, SBMI’s CEO who also designed the gravity pilot plant. “We will be able to have assay results back in less than a day, which will empower us to select mineralization within our target ranges to process.”

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111869

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Uncategorized

Group Ten Delivers More High Grade Platinum Group Metals

Bob Moriarty
Archives
Dec 22, 2021

Every once in awhile I get something right. I did a story on Group Ten (PGE-V) in May of this year. Rhodium was about $27,000 an ounce. That seemed pretty steep to me given the far lower prices of gold, palladium and platinum. I said,

“I’ll be really candid here. I was telling people to buy rhodium when it was $600 an ounce because it was cheap. It is not cheap at $27,000. Either platinum, palladium and gold go way up from here or rhodium drops a lot. The prices for each of the metals don’t align logically at present. But when an NFT of a fart is worth $85, who knows what anything is worth?”

At the time of the article rhodium was worth $868 a gram. Today it is worth $414 for the same size gram. If you will buy things when they are cheap and sell them when they are expensive, you can make a lot of money. Gold, palladium and platinum are all about the same price as they were then. You can stay invested in physical metals all of the time with little risk if you will buy the cheap metals and sell the expensive. Right now silver and platinum seem cheap to me while rhodium and palladium seem expensive.

In December of 2015 I wrote a piece talking about the massive crash in the metals that took place between 2011 and the end of 2015. I happen to believe that we are in exactly the same position as we were in late December of 2015. Investors should keep in mind that the gold stocks finally hit bottom around January 17th of 2016 before rocketing higher with the XAU and HUI up almost three fold in the next seven months with a lot of juniors up 500-1,000% at the same time. Here is what I said,

“Slowly but surely the stars have come into alignment for the battered metals sector. The bear market in silver started at the end of April of 2011. Gold topped in September of the same year. The bear has been more brutal and lasted longer than any since 1970. But bear markets breed bull markets and the upcoming market is going to be interesting to say the least. When gold and silver bottomed in 2001 the financial horizon was still reasonably stable. Today the banking system and financial systems of most countries are on the edge of an abyss waiting to fall into the bottomless pit.

We are at the end of tax loss silly season. For the past couple of weeks shares have been dumped on the sales table just because they are down for the year. Many shares are going to recover in the next two months simply because they sold off during tax loss silly season.”

I see exactly the same thing happening this year into January as happened five years ago. Stocks rocketed higher for the next seven months. This is the season to be picking the low hanging fruit.

Certainly Group Ten Metals (PGE-V) would qualify as low hanging fruit. The company has a 25 km strike package located adjacent to the $2.8 billion dollar Sibanye-Stillwater platinum/palladium mines in Montana. Sibanye-Stillwater has produced over 14 million ounces of pd+pt. They report 26.9 million pd+pt ounces in P+P reserves.

Group Ten has been busy drilling and expanding their resources and moving the company forward without a lot of respect from the market. In October of this year they released a 43-101 showing 157 million tonnes in inferred resources at an average of 0.45 total nickel equivalent. That’s $89 rock at today’s prices.

(Click on image to enlarge)

If you work out the numbers, they have reported right at $14 billion dollars worth of rock in the ground. If someone bought them and paid 1% of the gross metal in the ground value, that would be $140 million. Meanwhile the company is selling for $64 million. That seems absurd to me.

On December 20th the company reported partial results from the first two holes of a fourteen-hole drill program to expand the resource. The results were barn burning and included 63.7 meters of 0.92% NiEq within a 367 meter continuous mineralization at 0.31% NiEq. The hole returned the longest intercept ever recorded in the Stillwater district with 728 meters of solid sulfide mineralization.

If Group Ten Metals is not cheap today, I don’t think it ever will be.

I have participated in a placement with Group Ten and they are an advertiser. Pease do your own due diligence.

Group Ten Metals
PGE-V $.38 (Dec 21, 2021)
PGEZF OTCBB 167.6 million shares
Group Ten website

#

Bob Moriarty
President: 321gold
Archives

321gold Ltd

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Uncategorized

Irving Resources Provides Update on its Yamagano and Satsuma Projects, Kagoshima Prefecture, Kyushu Island, Japan

Vancouver, British Columbia, December 20, 2021 (Globe Newswire) – Irving Resources Inc. (CSE:IRV; OTCQX: IRVRF) (“Irving” or the “Company”) is pleased to provide an update and announce plans of work on its Yamagano and Satsuma Au-Ag Vein Projects under the Newmont Alliance, Kagoshima Prefecture, Kyushu Island, Japan.

Summary:

  • Irving Resources recently secured an office near Kagoshima airport from which the Company will oversee operations at all of its Kagoshima exploration projects (Figure 1).
  • To oversee regional operations, Irving welcomes Mr. Masafumi Torimaru, its newly appointed Kagoshima Mine Manager. Mr. Torimaru served as Director and Production Manager of Kasuga Mines Co., Ltd., a subsidiary of JX Nippon Mining & Metals Corporation and holds all prerequisite licenses and certificates necessary to operate all aspects of exploration and mining.
  • Over recent months, in preparation for gearing up its exploration activities, Irving has engaged in consultations with local government offices, local communities and universities in Kyushu Island. Irving sees such close relationships as key to its success.
  • In response to receipt of positive stream sediment analyses, Irving has expanded its Satusma B block of tenements bringing its total Kagoshima land holdings (Figure 2) to 11,333 hectares (113.33km2). Each of Irving’s claim blocks, Yamagano, Satsuma A, Satsuma B, Satsuma C and Satsuma D, is centered over an anomalously high gravity anomaly considered highly prospective for blind epithermal vein mineralization.
  • Irving recently contracted local geotechnical firm, Nagasaki Chiken Co., Ltd., to undertake geologic mapping over the entirety of the Yamagano claim holdings. This work is of high priority as the Company develops upcoming drill targets. Because the core Yamagano mining right tenement has been held privately for several hundred years, this will be the first integrated mapping exercise across the district.
  • Detailed gravity and drone magnetics surveys have recently been conducted across the Company’s Yamagano claims. (Figure 3 – video) The Company will discuss this data upon final processing.
  • Irving is targeting February 2022 to undertake a controlled source audio-magnetotelluric survey over Yamagano, the final dataset necessary to define drill targets, subject to the Covid entry restrictions imposed by the Japanese government at that time.
  • Once drill targeting is complete, Irving plans to file all necessary applications for Phase One drilling at Yamagano.

The Yamagano mining district, situated approximately 11 km southwest of the large, high-grade Hishikari gold mine, is host to innumerable historic gold mine workings, some dating back to 1640AD during the early Edo Period in Japan. Mining was focused on a multitude of high-grade epithermal gold veins hosted by volcanic rocks blanketing this region. Importantly, the mining right tenement has seen no modern exploration, including drilling.

Gold veins at Yamagano appear associated with a particular geophysical feature, an area of anomalously high gravity, thought to represent a buried uplift, or dome, in underlying denser basement sedimentary rocks. Such a geologic feature is believed to have focused gold-depositing hydrothermal fluids to ascend into overlying faults and fissures where they formed extensive high-grade vein networks.

A gravity high was recognized very early as an important ore control at the Kushikino gold mine (56 tonnes or 1.80 Moz Au produced) situated approximately 39 km southwest of Yamagano. In fact, based upon this geologic model, initial targeting of the famous Hishikari deposits (248.2 tonnes or 7.98 Moz Au produced) was driven largely by recognition of an anomalous gravity high underlying that area. Irving believes the gravity high at Yamagano reflects a buried dome of basement rock, and that given the large footprint of this feature, there is considerable prospectivity for veins elsewhere across the property.

Information published by Mitsui Kushikino Mines Co., Ltd. concerning the Kushikino mine, and information published by Sumitomo Metal Mining concerning the Hishikari mine, may be obtained at the links below.

(https://mitsuikushikino-mine.co.jp/en/corporate-information/introduction)

(https://www.smm.co.jp/en/corp_info/location/domestic/hishikari/)

“We are delighted to establish our operational base in Kagoshima,” commented Akiko Levinson, President and director of Irving. “We are also delighted to welcome Mr. Torimaru, our new Mine Manager. Mr. Torimaru has an impressive track record as Production Manager of Kasuga Mines Co., Ltd., a Kagoshima based gold mining company. We are now focused on advancing all of our Kagoshima assets, especially our Yamagano claim holdings covering one of the most prospective unexplored high-grade vein districts in Japan. In addition to our plans to soon follow up recent exploration success at Omu in Hokkaido, we have aggressive plans to explore in Kagoshima in 2022.”

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and director of Irving Resources Inc.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.

Additional information can be found on the Company’s website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234Toll free: 1 (888) 242-3234Fax: (604) 971-0209

info@IRVresources.com

Forward-looking information

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to planned exploration activities. Forward-looking 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. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the availability to Irving of sufficient cash to fund any planned drilling and other exploration activities, the performance of services by third parties, and the other risk factors identified in Irving‘s management’s discussion and analysis for the six-month period ended August 31, 2021, which is available under Irving‘s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Irving assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Irving updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

(Figure 1: Irving Resources’ new Kagoshima office.)

(Figure 2: Map showing Irving Resources’ Kyushu land holdings. Claims now cover 11,333 hectares, 113.33km2.)

Categories
Junior Mining Uncategorized

Mining Review Delivers Optimized Five-Year Plan

NOVO Resources Corp. Logo

HIGHLIGHTS

  • Implementation of revised mining approach at Beatons Creek Oxide resource has delivered, as expected, higher processing grades in November 2021 of 1.58 g/t Au over 117 kt processed, for total monthly production of 5,498 ounces
  • Completion of Beatons Creek Gold Project (“ Beatons Creek ”) mining review outlines optimized five-year plan through to 2026
  • A three-phase approach for the plan has been adopted for development and mining activities
    • Mining of the Beatons Creek Oxide resource to continue through Q2 2022, with low-grade stockpiles to be processed through Q3 2022
    • Transition to mining of higher-grade free-milling Beatons Creek Fresh resource, which provides production through 2026
    • Mining of the Golden Eagle deposit (“ Golden Eagle ”) may commence and continue through the transition from Beatons Creek Oxide to Fresh material, depending on timing of Beatons Creek Fresh mining approvals
  • Beatons Creek Fresh resource drill out to 20 m by 20 m drill spacing for completion of a Feasibility Study in Q2 2022 has commenced
  • Ongoing brownfields and regional exploration underway to further optimize and extend mine life beyond 2026, e.g. current drilling of the Parnell deposit
  • Five-year plan supported by a strong balance sheet with cash balance of C$39.1 million and an investment portfolio with a fair value of approximately C$119 million 2


VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce completion of the Beatons Creek mining review, which has delivered an optimized five-year plan through to 2026 for its Beatons Creek conglomerate gold project Figure 1 ).

Novo commenced a detailed review of Beatons Creek and nearby projects in October 2021, with a primary focus on developing a detailed plan to ensure optimized production and profitability from the Beatons Creek Oxide resource, given the nature of the deposit and incorporating the learnings to date.

Mining and processing target rates at Beatons Creek have been achieved during the ramp-up since February 2021, however gold production has been below expectations due to predominantly wide-spaced grade control drilling at the high-nugget oxide mineralization and higher mining dilution from more complex mining areas.

https://www.globenewswire.com/NewsRoom/AttachmentNg/b2d656db-28a9-45b7-885c-81569f0bedbc

Figure 1 : Beatons Creek; Grant’s Hill in the foreground, with (from left to right) Edwards, Central, Golden Crown, and South Hill mining areas in the background.)

A program of closer-spaced grade control drilling at Beatons Creek has provided more certainty for mine forecasting. These results, along with additional data and analysis, have been incorporated into the mining review to develop the optimized production profile for Beatons Creek. As expected, implementation of the revised mining approach has delivered higher grades to the Company’s Golden Eagle processing facility (the “ Golden Eagle Mill ”). The Company processed 240,731 tonnes of mineralized material during October and November 2021 at an average head grade of 1.30 g/t Au and average recovery of approximately 93% to produce 9,223 oz Au.

The Company expects to produce between 5,000 – 5,500 oz Au in December, for an anticipated total of between 14,200 – 14,700 oz Au for Q4 2021.

The revised mining approach is expected to be implemented for the life of the Beatons Creek Oxide resource with continued closer-spaced grade control drilling.

Following completion of the detailed review, Novo has developed a five-year, three-phase plan through to 2026:

  1. Mining of the Beatons Creek Oxide resource to continue through Q2 2022. Between Q2 and Q3 2022, lower-grade oxide stockpiles will supplement transitional mill feed.
  2. Mining of the Beatons Creek free-milling Fresh Resource targeted to commence in Q3 2022 and continue through 2026.
  3. The Golden Eagle deposit, which is adjacent to the Golden Eagle Mill, will be used for a transition period of production as preparations are completed for the Beatons Creek Fresh resource, depending on timing of Beatons Creek Fresh mining approvals.

Novo expects to produce 27 koz – 33 koz Au in H1 2022.

Through the Company’s robust balance sheet, which is comprised of cash holdings of C$39.1 million and an investment portfolio with a fair value of approximately C$119 million , Novo remains in a strong financial position to ensure effective execution of the five-year plan.

Commenting on the outcomes and delivery of the optimized five-year plan, Executive Co-Chairman Mike Spreadborough said, “We are pleased with the results from our detailed mining review at Beatons Creek. Key objectives of the review were to ensure we optimize our production profile and profitability as we transition between mining the Beatons Creek Oxide and Fresh resources and we now have an optimized plan for the future. Our team now has a year of experience mining the Beatons Creek conglomerate gold resource and the learnings have been incorporated into our plan.”

“We are in a strong position with solid mining and development assets, a healthy balance sheet and an enviable exploration program to continue to deliver value to our shareholders.”

PHASE ONE – BEATONS CREEK OXIDE RESOURCE

Mining of the Beatons Creek Oxide resource continues and assuming receipt of approvals, is expected to continue through completion of the Beatons Creek Oxide resource using the revised mining approach through Q2 2022.

The optimized mine plan includes mining further Beatons Creek Oxide resource, beyond the area that was approved for mining in 2020. Receipt of approvals from the Western Australian Department of Mines, Industry Regulation and Safety (“ DMIRS ”) and the Western Australian Department of Water and Environmental Regulation (“ DWER ”) for the mining of this extended Beatons Creek Oxide resource is anticipated in Q1 2022.

Upon completion of the Beatons Creek Oxide resource mining fleets are expected to begin pre-stripping for the Beatons Creek Fresh resource or, if required, and dependent on timing of approvals for the mining of the Beatons Creek Fresh resource, shift to Golden Eagle.

Mining and haulage are expected to generate stockpiles at the Golden Eagle ROM pad which will provide mill feed through Q3 2022, allowing for a transition to the Beatons Creek Fresh resource upon completion of requisite pre-stripping.

PHASE TWO – BEATONS CREEK FRESH RESOURCE

Mining of the Beatons Creek Fresh resource is targeted to commence Q3 2022.

The most recently announced Beatons Creek mineral resource estimate includes a fresh component comprising approximately 65% of the global estimate, including an indicated mineral resource component of 2,145,000 tonnes at 2.7g/t Au for 185,000 oz Au and an additional inferred mineral resource component of 2,645,000 tonnes at 2.9g/t Au for 250,000 oz Au Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Beatons Creek Fresh resource drill out to 20 m by 20 m drill spacing required for completion of a Feasibility Study in Q2 2022 has commenced. The Feasibility Study is expected to deliver an updated mineral resource and will focus on optimizing haulage, power, water and tailings storage facility life-of-mine costs.

Mining is expected to commence on the higher-grade free-milling Beatons Creek Fresh resource, with a targeted start date of Q3 2022, assuming the timely receipt of approvals from DMIRS, DWER, and (if required) the Western Australian Environmental Protection Authority (“ EPA ”). Approximately two months of mining pre-strip will likely be required prior to accessing mineralized material.

Milling is expected to continue at a rate of approximately 1.8 million tonnes per annum through the Golden Eagle Mill, being higher that the 1.5 million tonnes per annum rates assumed in the PEA.

In July 2021, a test package of approximately 43 kt of Beatons Creek Fresh mineralized material was processed at an average head grade of 1.83 g/t Au, confirming free-milling properties, processing throughputs and recovery with good grade predictability . This data will be used to optimize the Beatons Creek Fresh mining plan as part of the Feasibility Study.

Mining of the Beatons Creek Fresh resource is expected to continue through to 2026.

PHASE THREE – GOLDEN EAGLE

If approvals for the Beatons Creek Fresh resource are not received from DMIRS, DWER, or the EPA (as applicable) by the end of Q2 2022, the Company is expected to transition its mining fleet to Golden Eagle, which is located adjacent to the Golden Eagle Plant ( Figure 2 ). Mining at Golden Eagle is expected to continue until approvals are received to mine the Beatons Creek Fresh resource. Studies related to the mining and processing of Golden Eagle are underway. Golden Eagle was mined by Millennium Minerals Limited (“ Millennium ”) prior to Novo’s acquisition of Millennium in September 2020 . There is no current technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 edition (“ JORC 2012 ”) in respect of Golden Eagle.

https://www.globenewswire.com/NewsRoom/AttachmentNg/23330bbb-2a72-4832-8b4d-8fa174068673

Figure 2 : Golden Eagle location relative to the Golden Eagle Plant.)

STRONG FINANCIAL POSITION

Novo’s cash and working capital positions remain strong, with cash reserves of C$39.1 million as at December 13, 2021.

In addition to its cash reserves, the Company’s strategic portfolio of investments held a fair value of approximately C$119 million as at December 13, 2021, including its 9.2% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$108 million .

CAUTIONARY STATEMENT

The decision by the Company to produce at Beatons Creek and the Nullagine Gold Project, and potentially at Golden Eagle, was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. In addition, there is no current technical report prepared in accordance with NI 43-101 or JORC 2012 in respect of Golden Eagle. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability. The Company cautions that the declaration of commercial production effective October 1, 2021 only indicates that Beatons Creek and the Nullagine Gold Project are operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects , responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com .

On Behalf of the Board of Directors,

Novo Resources Corp.

“ Michael Spreadborough 

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, Novo’s five-year production plan. 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. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the nine-month period ended September 30, 2021, including but not limited to those under headings Construction, Development, and Operation of Mines, No Prefeasibility or Feasibility Study for the Beatons Creek Project, Permitting and License Risks, and Uncertainty in the Estimation of Mineral Resources and Mineral Reserves , which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

_______________________________________

Refer to the Company’s news release dated October 12, 2021 .

This value excludes the fair value of warrants held in GBM Resources Ltd. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management discussion and analysis for the 9-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com . Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (“ E3D ”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rate as at December 10, 2021.

Refer to the Company’s news release dated April 30, 2021 and the report titled “Preliminary Economic Assessment on the Beatons Creek Gold Project, Western Australia” (the “ PEA ”) with an effective date of February 5, 2021 and an issue date of April 30, 2021. The mineral resource estimate in the PEA has not been adjusted for depletion. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

These figures do not include the underground component of the Fresh mineral resource estimate; refer to the Company’s news release dated April 30, 2021 and the PEA which is available under Novo’s profile on SEDAR.

Refer to the Company’s news release dated October 12, 2021 .

Refer to the Company’s news releases dated August 4, 2020 , and September 8, 2020 .

Refer to the Company’s news release dated October 12, 2021 .

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Junior Mining Uncategorized

Irving Resources Discovers New, Buried Hot Spring System at Omui Mine Site, Omu Au-Ag Vein Project, Hokkaido, Japan

Figure 1

Laminated gray and white hot spring silica sinter overlain by dark gray silty mudstone in core. Dark coloration partially originates from fine sulfide mineralization. Down hole depth is 303.8 m.
Laminated gray and white hot spring silica sinter overlain by dark gray silty mudstone in core. Dark coloration partially originates from fine sulfide mineralization. Down hole depth is 303.8 m.
Laminated gray and white hot spring silica sinter overlain by dark gray silty mudstone in core. Dark coloration partially originates from fine sulfide mineralization. Down hole depth is 303.8 m.

Figure 2

Fibrous columnar algal remains, now silicified, occurring within a bed of sinter in core. Down hole depth is 314 m.
Fibrous columnar algal remains, now silicified, occurring within a bed of sinter in core. Down hole depth is 314 m.
Fibrous columnar algal remains, now silicified, occurring within a bed of sinter in core. Down hole depth is 314 m.

Figure 3

Examples of sulfide rich sinter from various intervals in hole 21OMI-002. Brassy and gray material is pyrite. Light gray, white and tan areas are silica.
Examples of sulfide rich sinter from various intervals in hole 21OMI-002. Brassy and gray material is pyrite. Light gray, white and tan areas are silica.
Examples of sulfide rich sinter from various intervals in hole 21OMI-002. Brassy and gray material is pyrite. Light gray, white and tan areas are silica.

Figure 4

Model illustrating the geologic evolution of Honpi looking ESE. Top shows the initial epithermal system with a feeder and sinter. Second shows this system buried by the Omu Sequence and re-establishment of the epithermal system. It was this phase that produced the veins that come to surface around Honpi. Bottom shows Honpi in its current state, somewhat tilted and eroded. Irving drilled shallow holes to test for near-surface veins. Hole 21OMI-002 tested these same veins but encountered a sinter-rich sequence from approximately 240-340m down hole ending in volcanic and sedimentary rocks, the Kamiomu Formation. Sinter was found down slope from Honpi where it comes to surface. Irving believes the feeder for the sinter to be below the main vein, Honpi. Deep Au-Ag-rich veins encountered in hole 19OMI-010, a deep hole drilled off section from this image, may be part of this lower feeder. Irving rates this target with highest priority for follow up drilling in early 2022.
Model illustrating the geologic evolution of Honpi looking ESE. Top shows the initial epithermal system with a feeder and sinter. Second shows this system buried by the Omu Sequence and re-establishment of the epithermal system. It was this phase that produced the veins that come to surface around Honpi. Bottom shows Honpi in its current state, somewhat tilted and eroded. Irving drilled shallow holes to test for near-surface veins. Hole 21OMI-002 tested these same veins but encountered a sinter-rich sequence from approximately 240-340m down hole ending in volcanic and sedimentary rocks, the Kamiomu Formation. Sinter was found down slope from Honpi where it comes to surface. Irving believes the feeder for the sinter to be below the main vein, Honpi. Deep Au-Ag-rich veins encountered in hole 19OMI-010, a deep hole drilled off section from this image, may be part of this lower feeder. Irving rates this target with highest priority for follow up drilling in early 2022.
Model illustrating the geologic evolution of Honpi looking ESE. Top shows the initial epithermal system with a feeder and sinter. Second shows this system buried by the Omu Sequence and re-establishment of the epithermal system. It was this phase that produced the veins that come to surface around Honpi. Bottom shows Honpi in its current state, somewhat tilted and eroded. Irving drilled shallow holes to test for near-surface veins. Hole 21OMI-002 tested these same veins but encountered a sinter-rich sequence from approximately 240-340m down hole ending in volcanic and sedimentary rocks, the Kamiomu Formation. Sinter was found down slope from Honpi where it comes to surface. Irving believes the feeder for the sinter to be below the main vein, Honpi. Deep Au-Ag-rich veins encountered in hole 19OMI-010, a deep hole drilled off section from this image, may be part of this lower feeder. Irving rates this target with highest priority for follow up drilling in early 2022.

VANCOUVER, British Columbia, Dec. 13, 2021 (GLOBE NEWSWIRE) — Irving Resources Inc. (CSE:IRV; OTCQX: IRVRF) (“Irving” or the “Company”) is pleased to announce it has discovered a new, buried hot spring system immediately beneath areas previously targeted with shallow drilling at the Omui Mine Site, part of Irving’s 100% controlled Omu Au-Ag Vein Project, Hokkaido, Japan. Also, the Company completed one diamond drill hole at Hokuryu, also part of the Omu Au-Ag Vein Project with at least one notable vein intercept.

Summary of New Discovery at Omui Mine Site and Implications for Exploration Potential

  • Hole 21OMI-002, the second diamond drill hole of a two-hole follow up drill program recently completed by Irving has encountered an approximately 100 m long intercept of beds of siliceous hot spring sinter interbedded with various clastic rocks (Figure 1) at a depth of approximately 200 vertical meters beneath the historic Honpi mine area.
  • Textures of silica sinter include fossil algae, a common occurrence in terrestrial hot spring sinter deposits (Figure 2). Sulfide mineralization is abundant in select bands of sinter (Figure 3) suggesting this older system has potential to be associated with precious metal mineralization.
  • The presence of this new sinter horizon suggests the presence of an older, extensive hot spring system buried underneath Honpi (Figure 4). This raises the exciting possibility that the feeder for this sinter may lie at deeper levels below Honpi. Hole 19OMI-010, a deep hole drilled by Irving in 2019, encountered numerous deep high-grade vein intercepts that might be part of the feeder system for this lower hot spring deposit.
  • Further evidence for potential high-grade mineralization at depth comes from fragments of dark banded silica found in some Honpi vein samples. Such dark silica fragments sometimes bear abundant fine particles of electrum, a natural Au-Ag alloy, and silver sulfosalt minerals. The source of these fragments is believed to be somewhere below Honpi, but until now, a viable source could not be rationalized. It is possible that these fragments were ripped up from the lower hot spring system by hydrothermal activity and carried upward into Honpi vein where they were incorporated into later quartz veining.
  • Other notable epithermal deposits are buried, or “blind,” including the Fruta del Norte (“FDN”) deposit in Ecuador. The sinter cap of the FDN system was discovered under approximately 200m of post mineral cover and the deposit occurs immediately beneath the sinter.

Because of the very important nature of this discovery, Irving is currently working on plans to conduct follow up drilling around Honpi at Omui beginning in February 2022.

“The discovery of a new, older hot spring system beneath Honpi raises exciting possibilities,” commented Quinton Hennigh, technical advisor and director of Irving. “We appear to have an entirely new level to test. Hole 19OMI-010 encountered multiple high-grade veins at depth, ones that are somewhat distinct from those encountered at shallow levels around Honpi. Until now, we have been challenged to understand this dichotomy. We have also been challenged to point to the source of Au- and Ag-rich fragments of silica found trapped in Honpi vein material. It could be the answer is right below our feet. Because this is an exceptionally important target, we are making plans for follow up drilling at Omui beginning in February of next year. We are very excited what might be discovered.”

Summary of Diamond Drilling at Hokuryu

  • One diamond drill hole, 21HKR-001, was completed to a depth of 294.7m at Irving’s Hokuryu vein target during October. Drilling of additional holes was postponed due to inclement weather.
  • In a position approximately 50m west of historic Hokuryu mine workings, hole 21HKR-001 encountered a narrow intercept of banded epithermal vein displaying giguro bands. Veins mined at Hokuryu were reportedly narrow, but very high-grade. Assays from 21HKR-001 will be announced upon receipt.
  • Depending on results, Irving may elect to extend hole 21HKR-001. The remaining two holes of the Hokuryu Phase One drill program will be completed in 2022.

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and director of Irving Resources Inc.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving also holds, through a subsidiary, a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). JOGMEC is a government organization established under the law of Japan, administrated by the Ministry of Economy, Trade and Industry of Japan, and is responsible for stable supply of various resources to Japan through the discovery of sizable economic deposits of base, precious and rare metals.

Additional information can be found on the Company’s website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

Forward-looking information
Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to the potential for high-grade mineralization at the Omui Mine site and as to planned exploration activities. Forward-looking 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. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the availability to Irving of sufficient cash to fund any planned drilling and other exploration activities, as well as the performance of services by third parties.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/4cb5336f-55df-4f23-af8f-67aa73906be2
https://www.globenewswire.com/NewsRoom/AttachmentNg/25204b6c-a086-49dd-b72d-53033621c0c9
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c1ed36c-91c5-4d67-976a-92f7279c2678
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf0432ed-a39d-4a08-a5cc-f649876c837c
CONTACT: For further information, please contact: Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209 info@IRVresources.com
Categories
Uncategorized

Jayant Bhandari | Wokeness or Honor

Wokeness or Honor

Aztec Minerals

I have often wondered what honorable people feel when offered advantages based on their sex or skin color. I indeed find such offers condescending and degrading, the exact opposite of what they claim to achieve. Here is a conversation with David Forsyth:

https://freedomadventure.libsyn.com/306-wokeness-or-honor-with-jayant-bhandari?tdest_id=2096933

On Investments

Aztec Minerals (AZT; C$0.26) has released some excellent results from its Tombstone project in Arizona. AZT is well-financed and is expected to start soon drilling at its Cervantes project in Mexico. I consider it an excellent buy at the current price.

Also, Cory, Shad and I talked about two companies that are suffering likely because of the tax-loss selling. Linked is the discussion.

Jayant Bhandari

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.

Categories
Junior Mining Precious Metals Uncategorized

Dolly Varden Silver and Fury to Consolidate Emerging Canadian Silver-Gold District in the Golden Triangle

VANCOUVER, BC / ACCESSWIRE / December 6, 2021 /Dolly Varden Silver Corporation (“Dolly Varden“) (TSXV:DV) (OTCQX:DOLLF) and Fury Gold Mines Ltd (“Fury“) (TSX:FURY) (NYSE American:FURY) are pleased to announce that the companies have entered into a definitive agreement dated December 6, 2021 (the “Purchase Agreement“) pursuant to which Dolly Varden will acquire from Fury, through the acquisition of Fury’s wholly-owned subsidiary, a 100% interest in the Homestake Ridge gold-silver project (“Homestake Project“), located adjacent to the Dolly Varden Project (“DV Project” and together with the Homestake Project, the “Kitsault Valley Project“) in the Golden Triangle, British Columbia (the “Transaction“).

The Homestake Project hosts a resource estimated to contain 165,993 ounces of gold and 1.8 million ounces of silver in the Indicated category and 816,719 ounces of gold and 17.8 million ounces of silver in the Inferred category (refer to further resource disclosure at the end of this release) within a 7,500 hectare land package located contiguous to and northwest of the DV Project. The close proximity of the deposits that make up the current mineral resource estimates, combined with common infrastructure in the region, is expected to generate substantial co-development synergies as these deposits are advanced in combination. The Transaction values the Homestake Project at CAD$50 million for which Dolly Varden will pay $5 million in cash and issue 76,504,590 Dolly Varden common shares to Fury, as further described below.

Transaction Highlights

  • Combined mineral resource base of 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category, solidifying the Kitsault Valley Project as among the largest high-grade, undeveloped precious metal assets in Western Canada.
  • Consolidation of two adjacent projects, allowing for numerous potential co-development opportunities with capital and operating synergies.
  • Exposure to a large and highly prospective land package, with potential to further expand resources through additional exploration along a combined 15 km strike-length within a 163 kmconsolidated land package.
  • Transformative scale to enhance investor visibility and peer group positioning.
  • Previous stand-alone Homestake Project preliminary economic assessment produced an after-tax net present value of USD$173 million and an internal rate of return of 32% at US$1,620 per ounce gold price and US$14.40 per ounce silver price. The study estimated a total of 590,040 ounces of gold equivalent production over a 13 years initial mine life at an all-in sustaining costs per ounce gold of US$670.
  • Fury to have board representation in Dolly Varden and agrees to voluntary share sale restrictions.

Shawn Khunkhun, CEO & Director of Dolly Varden, commented “We are excited to combine two adjacent precious metals projects located in one of the world’s top mining jurisdictions. We expect that this combination will result in significant synergies in the areas of exploration, development, permitting and production. Upon completion of the Transaction, we look forward to continued engagement with Indigenous and community partners to ensure the responsible development of this compelling new project.”

Tim Clark, CEO & Director of Fury, further added “The commercial logic behind the combination of these two adjacent assets is very strong. We are delighted to cooperate with the Dolly Varden team and are very excited to be part of this regional consolidation in British Columbia. Combining our Homestake Project with the DV Project creates an attractive opportunity to immediately establish shareholder value through the potential synergies that result from their regional proximity. We look forward to having our shareholders benefit from the exciting growth and development of the Kitsault Valley Project, and to Fury becoming a partner and significant shareholder of Dolly Varden.”

Ivan Bebek, Chair and Director of Fury commented “The decision to vend Homestake is a difficult one given the exploration upside and our positive outlook for the commodity markets. However, we feel that bringing the two projects together is clearly the best path forward and are very excited to be partnering with the team at Dolly Varden. This transaction also simplifies Fury’s portfolio which coincides with recent positive drill results from both of Fury’s Quebec and Nunavut assets.”

Transaction Details

Under to the Purchase Agreement, Dolly Varden has agreed to acquire Fury’s wholly-owned subsidiary, Homestake Resource Corporation, which owns a 100% interest in the Homestake Project in exchange for a $5 million cash payment and the issuance of 76,504,590 common shares of Dolly Varden. Upon completion of the Transaction, Fury will own approximately 36.9% of Dolly Varden on an outstanding basis. The Transaction is subject to a number of closing conditions, including the receipt of TSX Venture Exchange (“TSXV“) approval and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction is also subject to approval by a simple majority of the votes cast by Dolly Varden shareholders at a Dolly Varden shareholders meeting. Dolly Varden expects to hold a special meeting of shareholders in February 2022 to consider the Transaction. The Transaction is an arm’s-length transaction under the rules of the TSXV.

Dolly Varden and Fury will enter into an investor rights agreement (the “Investor Rights Agreement“) on completion of the Transaction pursuant to which Fury shall have the right to appoint two nominees to the Dolly Varden board so long as Fury owns greater than 20% of the Dolly Varden shares outstanding. Should Fury own greater than 10% of the Dolly Varden shares outstanding, Fury shall have the right to appoint one nominee to the Dolly Varden board. Additionally, the shares issued to Fury shall be subject to a one-year hold period. The Investor Rights Agreement shall also contain certain customary re-sale restrictions, voting and standstill conditions, and participation rights as agreed between Dolly Varden and Fury.

The Purchase Agreement also includes certain representations, warranties, covenants, indemnities and conditions that are customary for a transaction of this nature. A termination fee of $2 million may be payable by Dolly Varden to Fury if the Transaction is not approved by Dolly Varden shareholders due to a competing proposal being made or announced before the Dolly Varden shareholder meeting and Dolly Varden is subsequently acquired by the third party under such competing proposal.

Further information regarding the Transaction will be contained in a management information circular to be prepared by Dolly Varden and mailed to shareholders of Dolly Varden in connection with the special meeting of shareholders to be held by Dolly Varden to consider the Transaction and related matters. All shareholders of Dolly Varden are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.

Dolly Varden Board Recommendations and Voting Support

The Purchase Agreement has been unanimously approved by the board of directors of both Dolly Varden and Fury. The Dolly Varden board of directors recommend that Dolly Varden shareholders vote in favour of the Transaction.

All of the directors and officers of Dolly Varden and certain shareholders of Dolly Varden, including Eric Sprott, holding in aggregate 18.2% of the issued and outstanding common shares of Dolly Varden, have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

Haywood Securities Inc. has provided a fairness opinion to the board of directors of Dolly Varden that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be paid by Dolly Varden to Fury under the Agreement is fair, from a financial point of view, to Dolly Varden.

Conference Call and Webcast

A joint webcast will be held by management of both Dolly Varden and Fury to discuss the Transaction on Monday, December 6th, 2021 at 10 a.m. Pacific time / 1 p.m. Eastern time. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: http://services.choruscall.ca/links/dollyvardensilver20211206.html

A presentation to accompany the conference call and webcast can be accessed via either the Dolly Varden or Fury websites at www.dollyvardensilver.com or www.furygoldmines.com. A replay of the joint webcast will be available on both websites following the conclusion of the call.

Advisors and Counsel

Haywood Securities Inc. is acting as financial advisor to Dolly Varden. Stikeman Elliott LLP is acting as legal counsel to Dolly Varden.

Minvisory Corp. is acting as financial advisor to Fury. McMillan LLP is acting as legal counsel to Fury.

Qualified Persons

The technical information contained in this news release relating to Dolly Varden has been approved by [Rob van Egmond, P. Geo, Chief Geologist for Dolly Varden], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The technical information contained in this news release relating to Fury has been approved by [Michael Henrichsen, P. Geo, SVP of Exploration at Fury], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Technical Disclosure

Homestake Resource Estimate:

The Homestake resource estimate is based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, “Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia” which was filed and is available on Fury’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

Mineral resources are estimated at a cut-off grade of 2.0 g/t gold equivalent.

Gold equivalent values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The gold equivalent calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.

Dolly Varden Resource Estimate:

The Dolly Varden resource estimate is based on the technical report with an effective date of May 8, 2019, and titled, “Technical Report and Mineral Resource Update for the Dolly Varden Property, British Columbia, Canada” which was filed and is available on Dolly Varden’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

A 150 g/t silver cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.

Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a Canadian-focused exploration and development company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing and developing mining assets, Fury will aggressively grow and advance its multi-million-ounce gold platform through careful project assessment and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

Dolly Varden Contact Information

Shawn Khunkhun, CEO & Director
1-604-602-1440
www.dollyvardensilver.com

Fury Contact Information

Salisha Ilyas, Vice President, Investor Relations
1-437-500-2529
www.furygoldmines.com

Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of Dolly Varden and Fury expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Dolly Varden and Fury disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

These statements in this release include: the anticipated benefits of the Transaction to Dolly Varden, Fury and their shareholders; the timing and anticipated receipt of required regulatory and shareholder approvals for the Transaction; the ability of Dolly Varden and Fury to satisfy the conditions to, and to complete, the Transaction as proposed;the holding of the Dolly Varden shareholder meeting; the anticipated timing of the mailing of the information circular regarding the Transaction and of the closing of the Transaction; the ability to achieve synergies, the quantity and grade of the gold and silver resources and the ability to expand resources through the exploration of a combined projects.

In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Dolly Varden and Fury have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the ability of the parties to receive, in a timely manner, the necessary regulatory and shareholder approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory or other approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Purchase Agreement; the failure to obtain the necessary shareholder and regulatory approvals required in order to proceed with the Transaction; the synergies expected from the Transaction not being realized; business integration risks; operational risks in development, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward looking information.

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

SOURCE: Fury Gold Mines



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Categories
Junior Mining Uncategorized

West Wits Mining – WBP’s Global JORC Mineral Resource Expands by 724,000oz to 4.28Moz at 4.58 g/t Gold

Click to Open Press Release

https://wcsecure.weblink.com.au/pdf/WWI/02461931.pdf

ABOUT WEST WITS MINING LIMITED
West Wits Mining Limited (ASX: WWI) is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield of South Africa, boasts a 4.28Moz gold project at 4.58 g/t Au. The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. It holds the world’s largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface7. In Western Australia, WWI is exploring for gold and copper at the Mt Cecilia Project in a district that supports several world-class projects such as Woodie Woodie manganese mine, Nifty copper and Telfer
gold/copper/silver mines.

For further information contact:
Australia
Victoria Humphries / Peter Taylor
Investor Relations
victoria@nwrcommunciations.com.au /
peter@nwrcommunications.com.au


North America, Canada and UK
Jody Kane / Jonathan Paterson
jody.kane@harboraccessllc.com /
jonathan.paterson@harboraccessllc.com
General info@westwitsmining.com
www.westwitsmining.com