I wrote an important piece last week. Here is a response from one of the trucker supporters married to a banker.
“If the best run and most financed bank in the world has a bank run, they close the doors. Well, the entire banking system in Canada froze and the real reason Trudeau and Freeland did a 180 degree turn overnight was because they were told by the banks that unless Trudeau wanted to kill the entire economy of Canada, they had to cut out the stupid shit.”
Yup. I was there in the trenchs and my sweet Beryl, teller at the CIBC, was shell shocked. She’d never seen that much money go out the door. I live in a very upper middle class/rich neighbourhood and people were walking in and demanding 20K or 50K and their USD. It was awesome and it scared the shit out of the banks. Accounts were being closed, investment accounts moved, RSPs transferred.
The truckers lit the fire, the bank run turned it into an inferno.
I wrote Bill back and asked if I could repost what he said.
Absolutely.
To add a bit of flavour. I wanted to pull USD from my USD account. The branch had to order the cash. Fair ball. But poor Beryl had to go four days with “Well, things are slow at the cash place.” “Covid, they are short staffed.”
I love Beryl. I had to tell her I would be “annoyed” if the cash did not get in next business day. It did. So I was able to tell Beryl I was delighted and would not have to parade in front of the bank with my sign, “Where’s my money?”
She was relieved.
A lot of Canadians drained their accounts or closed them altogether. It was quiet but it was very, very, effective.
You can think you have all the power in the world but when you are wrong it can get expensive. Trudeau and Freeland didn’t have the power they thought they had.
Wait until the world wakes up to the stupidity of the US and EU loading Russia up with sanctions. They just blew up the entire paper money system. It will destroy the Euro first, then the bond market and then the dollar. When you fire any weapon there is always blowback.
February 24, 2022 – Vancouver, BC: Riverside Resources Inc.(“Riverside” or the “Company”) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: 5YY), is pleased to report it has signed an agreement with Agnico Eagle Mines Limited (TSX:AEM) for the sale of the Pima Property located in Sonora, Mexico, where Riverside will receive cash and completes the pass through royalty transfer with Millrock Resources Inc (TSV:MRO). The Pima Project is part of the Santa Teresa Gold Mining District which includes the Santa Gertrudis Gold Mine owned by Agnico Eagle. The Pima mineral concession is located inside Agnico’s property tenure and south of the known mine operation. Acquiring the Pima project allows Agnico to consolidate another part of its property concession and provides cash to Riverside. As a reminder, this project was originally added to Riverside’s portfolio as part of the 2019 purchase of the Millrock’s set of 5 (five) assets that included the Cuarentas and La Union projects (see press release September 11, 2019). This current transaction with Agnico allows Riverside to recover the amount of the Millrock transaction with profit and pass on the royalty to Millrock who has been a positive partner with the Company in Mexico.Riverside is now focusing on its 100% owned projects within its portfolio, including the Cuarentas Gold Project, which is located southeast of Agnico’s property and where drilling in 2021 discovered gold in intermediate sulfidation veins. Riverside plans to progress further work at the Cuarentas project in 2022. About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4.5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.comRaffi Elmajian Corporate Communications Riverside Resources Inc. relmajian@rivres.com Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.comCertain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.The Communications Team Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 x 312 Toll Free: 1-877-RIV-RES1 (748-7371) Web: www.rivres.com
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
Hole
Sample ID
From
To
Interval
Au g/t
Zone
CL-21-24
Y031579
50.37
51.00
0.63
0.78
Andrew South
CL-21-24
V748102
51.00
51.50
0.50
2.77
Andrew South
CL-21-24
V748103
51.50
52.01
0.51
0.15
Andrew South
CL-21-24
V748104
52.01
52.76
0.75
1.57
Andrew South
CL-21-24
V748105
52.76
53.10
0.34
3.63
Andrew South
CL-21-24
V748106
53.10
53.41
0.31
5.16
Andrew South
CL-21-24
V748107
53.41
53.80
0.39
1.79
Andrew South
CL-21-24
V748108
53.80
54.20
0.40
3.57
Andrew South
CL-21-24
V748109
54.45
54.77
0.32
6.11
Andrew South
CL-21-24
V748110
54.77
55.12
0.35
4.93
Andrew South
Hole
Sample ID
From
To
Interval
Au g/t
Zone
CL-21-25
V748125
53.00
53.45
0.45
1.64
Andrew South
CL-21-25
Y031568
53.45
53.96
0.51
0.22
Andrew South
CL-21-25
Y031569
53.96
54.72
0.76
1.95
Andrew South
CL-21-25
Y031570
54.72
55.26
0.54
0.75
Andrew South
CL-21-25
Y031571
63.07
63.51
0.44
0.06
Andrew South
CL-21-25
Y031572
63.51
63.95
0.44
3.39
Andrew South
CL-21-25
V748126
63.95
64.25
0.30
0.73
Andrew South
CL-21-25
Y031577
64.25
64.80
0.58
0.30
Andrew South
CL-21-25
Y031573
64.80
65.42
0.62
1.17
Andrew South
CL-21-25
V748127
65.42
65.88
0.46
1.72
Andrew South
CL-21-25
V748128
65.88
66.18
0.30
0.22
Andrew South
CL-21-25
V748129
66.18
66.58
0.40
2.16
Andrew South
CL-21-25
Y031574
66.58
67.09
0.51
0.18
Andrew South
CL-21-25
V748130
67.09
67.39
0.30
4.01
Andrew South
CL-21-25
V748131
67.39
67.76
0.37
0.41
Andrew South
CL-21-25
Y031575
67.76
68.00
0.24
0.12
Andrew South
CL-21-25
V748132
68.00
68.35
0.35
0.50
Andrew South
CL-21-25
V748133
68.35
68.68
0.33
0.64
Andrew South
CL-21-25
V748134
68.68
68.98
0.30
1.59
Andrew South
CL-21-25
V748135
68.98
69.68
0.70
4.27
Andrew South
CL-21-25
V748136
69.82
70.12
0.30
1.07
Andrew South
CL-21-25
V748137
70.12
70.46
0.34
5.55
Andrew South
Hole
Sample ID
From
To
Interval
Au g/t
Zone
CL-21-29
V748153
37.60
38.00
0.40
2.72
Andrew North
CL-21-29
V748154
38.00
38.40
0.40
4.75
Andrew North
CL-21-29
V748155
38.4
38.70
0.30
1.18
Andrew North
CL-21-29
V748156
38.70
39.10
0.40
4.83
Andrew North
CL-21-29
Y031583
39.10
39.37
0.27
0.39
Andrew North
CL-21-29
V748158
39.37
39.71
0.34
1.31
Andrew North
CL-21-29
V748159
39.71
40.09
0.38
5.61
Andrew North
CL-21-29
V748160
40.09
40.39
0.30
4.43
Andrew North
CL-21-29
V748161
40.39
40.82
0.43
0.60
Andrew North
CL-21-29
Y031589
40.82
41.70
0.88
1.06
Andrew North
CL-21-29
V748162
41.70
42.01
0.31
1.48
Andrew North
CL-21-29
Y031589
42.01
42.25
0.24
1.06
Andrew North
CL-21-29
V748165
42.97
43.37
0.40
0.92
Andrew North
CL-21-29
Y031585
43.37
44.00
0.63
0.47
Andrew 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.
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.
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
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.
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
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.
“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.
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.
Implementation of revised mining approach 1 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 3 ( 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.
( 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:
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.
Mining of the Beatons Creek free-milling Fresh Resource targeted to commence in Q3 2022 and continue through 2026.
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 2 , 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 4 . 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 5 . 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 6 . 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.
( 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 2 as at December 13, 2021, including its 9.2% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$108 million 2 .
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 7 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.
2 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.
3 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.
4 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.
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.
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.
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.
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
The Communications Team
