Vancouver, British Columbia, June 22, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 2nd tranche of the non-brokered private placement financing (the “Offering”) of units (the ”Units”) and recommences drilling of the 1.2 km wide Brezani porphyry target at its flagship Viogor-Zanik project in Bosnia and Herzegovina.
Second Tranche Private Placement Financing Closed The Company issued an aggregate of 3,620,564 Units at a price of $0.085 per Unit for gross proceeds of $307,748 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until June 22nd, 2026.
The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase II drilling across its portfolio of properties. Finders’ fees in the amount of $10,465 were paid.
Aleksandar Mišković, President, CEO and a director (the “Insider”), purchased 147,059 Units as part of the Offering. The issuance of the Units to the Insiders constitutes a “related party transaction” as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The participation by an Insider in the Offering was approved by directors of the Company who are independent in connection with such transactions.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending October 22nd, 2023.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act. Shares for Debt The Company has agreed to settle outstanding debt in the amount of CDN$50,000 (the “Debt”) owing to a creditor (the “Creditor”) by issuing an aggregate of 588,236 common shares in the capital of the Company (the “Common Shares”) at a price of $0.085 per Common Share (the “Shares for Debt Transaction”). The Creditor is a private company 100% owned by Aleksandar Ilic, a director and shareholder of the Company. The Board of Directors has determined it is in the best interests of the Company to settle the outstanding Debt through the issuance of the Common Shares in order to preserve the Company’s cash for ongoing operations.
The issuance of the Common Shares to the Creditor constitutes a “related party transaction” as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.
Closing of the Shares for Debt Transaction is subject to customary closing conditions and intended to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.
Shares for Services The Company entered into an arm’s length shares for services agreement dated April 18th, 2023 (the “Agreement“) with a company providing drilling services at Terra’s Viogor-Zanik property (the “Service Provider”). For completion of services rendered under the Agreement between April 18th, 2023 and June 19th, 2023 the Company intends to issue (i) 984,378 units of the Company (“Consideration Units”) to the Service Provider, with each Consideration Unit consisting of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Share for a period of 36 months from the date of issuance at an exercise of $0.13. Each Consideration Unit will be issued at a deemed price of $0.085.
Closing of the distribution of Consideration Units pursuant to the Agreement is subject to customary closing conditions and intends to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.
Phase II Drilling Starts at Brezani Target The Company is recommencing diamond core drilling of the Brezani porphyry system to test a > 600 m wide conductivity anomaly at the centre of a 1.2 km wide anomalously magnetic volume of rock overprinted by potassic alteration under a gold-bearing skarn discovered in 2022 (Figure 1). Drilling within this electrically resistive unit returned 88.0 m of 0.61 g/t AuEq from surface (see company news release dated 24th of January 2023).
Concurrently with the Phase 2 Cumavici drilling program at Viogor-Zanik Terra’s geology team has expanded the strike length of calc-silicate hornfels at Brezani to over 800 m NW-SE and 275 m NE-SW thus expanding the volume of gold-bearing rock to drill test. Sulphide content and grain size increases to the south of the trend, indicating a possible proximity indicator to intrusive contact. The package of calc silicates is interpreted as a mineralized shoulder to the porphyry intrusion.
Figure 1.Conductivity profile of the Brezani target with >95th percentile magnetic anomaly. BREDD002 tested the resistive volume abovean abrupt change into coincident high magnetic and elevated electrical conductivity response below 300 m depth which culminates at >60 mS/m at 450 m of depth. Dashed line represents distance from the end of BREDD002 to the top of conductor. (Click here to view image)
Moving 700 m NE from the centre of the calc-silicates, pervasive argillic alteration of a granodioritic unit crops out over 600 m strike length representing the shallowest part of the porphyry system. Within this argillic alteration newly recognized massive specular hematite veining is present, indicative of oxidized hydrothermal fluids, adjacent to gold-bearing hydrothermal breccias. The alteration consists of a silicified groundmass and clay or vugs present after plagioclase feldspar destruction. Secondary, euhedral quartz and arsenopyrite-pyrite-galena-sphalerite can be seen infilling these vugs, offering yet another style of mineralization at the Brezani target.
Qualified Person Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp. “Aleksandar Mišković”
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words“will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Burlington, Ontario–(Newsfile Corp. – June 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) provides an operational update on its Arizona activities.
The mill in Globe, Arizona has been operating on a single shift of ten hours per day at its rated capacity with no major issues. It is running at optimal efficiency processing mineralized material from the lower grade stockpiles of vein material. Higher grade material from the mine should be introduced as it arrives at the mill. Videos of the mill can be seen at SBMI’s website www.silverbulletmines.com.
SBMI intends to increase the operating hours by adding another shift, which should happen as the mill crew becomes more familiar with the running of the mill and is able to onboard a second shift.
The mill has processed approximately 350 tons of vein material over the last seven days. The 350 tons of feed produced 418 pounds of both magnetic and non-magnetic concentrates from the concentrating table. As can be seen in the photograph below, there was a line of goldish coloured material on the right end of the shaker table when recent material was processed. Management believes this material could be gold, given its location on the table, gold’s specific gravity being higher than silver’s and copper’s, the history of the mineralized material from the Buckeye Mine, and management’s experience with processing. This material was not assayed for gold and readers are warned this material might not contain gold or such material may not be representative of other material from the Buckeye Mine.
From the 418 pounds of concentrate roughly 226 pounds of iron alloy were removed using a magnetic separation circuit, to remove the material which may host some silver, gold, and platinum group elements. This removed material is retained for future processing to recover any potential precious metals.
The 192 pounds of non-magnetic material was moved to the Company’s refinery where dore bars are poured. These dore bars contain silver and minor amounts of gold, copper, nickel and other metals. Based upon the report from SBMI’s customer, none of the material is deleterious in nature so it should not negatively impact the value of the bar. Slag material removed in the upgrading process will be retained for further processing and possible future sale.
The poured dore bars have been prepared for transportation.
Transportation of dore bars is handled by a specialized carrier permitted to transport precious metals to Europe requiring importation documentation. Working closely with the purchaser SBMI intends to make a smaller test run of product (proof of concept) to ensure the shipping process functions as expected. That proof of concept shipment should take place soon. The total number of paid ounces for silver and gold will be determined by assay after the bars’ arrival at the refinery.
At the Buckeye Silver Mine the mine team is carrying out screening and rock bolting as the team drifts along the vein. As noted in previous press releases, the goal of drifting along the vein is to intercept the historical higher mineralized zone behind the Treasure Room, which management believes should happen in the near future.
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 mineralized material; the presence or absence of mineable economic mineralized material; 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 pathogens create risks that at this time are immeasurable and impossible to define.
Vancouver, British Columbia–(Newsfile Corp. – June 15, 2023) – Stillwater Critical Minerals (TSXV: PGE), focused on critical minerals in the iconic Stillwater District of Montana, USA, is pleased to announce that it will be participating in THE Mining Investment Event of the North, June 19-21, 2023, (“THE Event”) at the Fairmont Chateau Frontenac and Voltigeurs de Quebec Armoury in Quebec City, Canada.
Michael Rowley, President & CEO, will be presenting at 8:50am ET on June 21st. Management from Stillwater Critical Minerals will also be holding one-on-one investor meetings throughout the three-day conference. Interested parties should contact Jennifer Choi at jchoi@vidconferences.com to inquire about registering to attend.
Stillwater Critical Minerals is focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remain open for expansion along trend and at depth.Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
THE Mining Investment Event of the North is Canada’s only tier 1 Global Mining Investment Conference and hosted annually in Quebec City, Canada. THE Event is invitation only and is independently sponsored by the Government of Quebec, and financial and mining communities at large. THE Event is designed to specifically facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities. THE Event is committed to promoting sustainability in the mining industry through education and innovation through unique Student Sponsorships, She-Co Initiatives, highlighting ESG and equality issues and by providing a platform for some of most influential thought leaders in the sector. The agenda, brochure, participating companies, speakers & panelists, initiatives and registration applications for issuers and investors may be found here: https://vidconferences.com/conferences-events/tier-1-mining-conference/
Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au
North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.
Highlights of new grade control drilling:
7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)
Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.
Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.
URW1 Grade Control Drilling The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.
Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.
Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.
Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.
Zone 5 Grade Control Drilling The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.
A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.
Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.
Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.
Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.
Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
101.7
102.9
1.2
7.18
including
102.3
102.6
0.3
15.64
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
51.3
53.1
1.8
12.63
including
51.9
52.5
0.6
27.05
TGC-0040
65.4
69
3.6
23.1
including
66
66.3
0.3
85.87
and
67.2
67.5
0.3
125.31
and
68.4
68.7
0.3
13.93
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0041
16.8
19.8
3
1.52
TGC-0042
47.4
51
3.6
3.96
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
including
53.7
54
0.3
64.24
TGC-0042
60
63
3
5.52
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
including
76.3
78.1
1.8
7.47
and
82
92.5
10.5
12.06
which includes
83.2
83.5
0.3
19.99
and
85.9
86.2
0.3
11.88
and
88.6
88.9
0.3
19.92
and
89.5
90.1
0.6
15.26
and
90.4
91.9
1.5
42.05
which includes
90.4
91
0.6
19.98
and
91
91.3
0.3
24.93
and
91.3
91.9
0.6
72.68
TGC-0042
118
120.1
2.1
52.05
including
118.6
119.2
0.6
177.66
which includes
118.9
119.2
0.3
345.34
TGC-0043
33.3
34.5
1.2
5.72
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
including
66.3
68.1
1.8
19.74
which includes
66.3
66.9
0.6
38.58
and
66.9
67.5
0.6
12.69
TGC-0044
36.6
39
2.4
8.87
including
36.6
37.5
0.9
16.81
TGC-0045
62.1
63
0.9
33.99
including
62.7
63
0.3
100.89
TGC-0045
75
75.6
0.6
5.94
including
75
75.3
0.3
9.3
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
123.3
126
2.7
21.14
including
124.5
126
1.5
37.08
which includes
124.5
124.8
0.3
45.88
and
124.8
125.4
0.6
67.59
TGC-0051
16.2
19.2
3
10.15
including
16.8
17.4
0.6
19.15
and
18
18.6
0.6
16.29
and
18.6
19.2
0.6
9.57
TGC-0051
49.5
52.8
3.3
19.43
including
49.5
50.1
0.6
8.35
and
50.1
50.7
0.6
80.87
and
51.9
52.8
0.9
8.69
Table 2. Highlights of composited drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0049
29.4
35.1
5.7
4.07
including
30
32.1
2.1
9.15
which includes
30.3
30.9
0.6
16.71
and
31.2
31.8
0.6
8.88
TGC-0049
43.3
45.1
1.8
7.59
including
43.9
44.5
0.6
16.87
TGC-0050
26.7
30.9
4.2
9.39
including
27.6
30.6
3
12.78
which includes
27.9
29.7
1.8
18
which includes
29.4
29.7
0.3
67.3
TGC-0052
40.2
40.5
0.3
78.03
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
86.1
87
0.9
1.1
TGC-0039
101.7
102.9
1.2
7.18
TGC-0039
including
102.3
102.6
0.3
15.64
TGC-0039
106.5
107.1
0.6
0.99
TGC-0039
112.5
113.1
0.6
1.09
TGC-0039
117.3
117.6
0.3
5.86
TGC-0040
10.8
12.3
1.5
2.05
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
49.8
50.1
0.3
0.85
TGC-0040
51.3
53.1
1.8
12.63
TGC-0040
including
51.9
52.5
0.6
27.05
TGC-0040
56.1
56.7
0.6
1.44
TGC-0040
65.4
69
3.6
23.1
TGC-0040
including
66
66.3
0.3
85.87
TGC-0040
and
67.2
67.5
0.3
125.31
TGC-0040
and
68.4
68.7
0.3
13.93
TGC-0040
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0040
85.5
87
1.5
2.47
TGC-0040
90.9
91.2
0.3
4.66
TGC-0041
16.8
19.8
3
1.52
TGC-0041
51.9
52.8
0.9
0.82
TGC-0042
24
25.2
1.2
0.92
TGC-0042
39
39.6
0.6
1.94
TGC-0042
47.4
51
3.6
3.96
TGC-0042
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
TGC-0042
including
53.7
54
0.3
64.24
TGC-0042
56.1
57.3
1.2
2.32
TGC-0042
60
63
3
5.52
TGC-0042
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
TGC-0042
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
TGC-0042
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
TGC-0042
including
76.3
78.1
1.8
7.47
TGC-0042
and
82
92.5
10.5
12.06
TGC-0042
which includes
83.2
83.5
0.3
19.99
TGC-0042
and
85.9
86.2
0.3
11.88
TGC-0042
and
88.6
88.9
0.3
19.92
TGC-0042
and
89.5
90.1
0.6
15.26
TGC-0042
and
90.4
91.9
1.5
42.05
TGC-0042
which includes
90.4
91
0.6
19.98
TGC-0042
and
91
91.3
0.3
24.93
TGC-0042
and
91.3
91.9
0.6
72.68
TGC-0042
97.6
99.7
2.1
0.96
TGC-0042
110.8
112.3
1.5
2.49
TGC-0042
118
120.1
2.1
52.05
TGC-0042
including
118.6
119.2
0.6
177.66
TGC-0042
which includes
118.9
119.2
0.3
345.34
TGC-0042
122.5
122.8
0.3
0.61
TGC-0042
124
124.6
0.6
2.88
TGC-0043
33.3
34.5
1.2
5.72
TGC-0043
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
TGC-0043
including
66.3
68.1
1.8
19.74
TGC-0043
which includes
66.3
66.9
0.6
38.58
TGC-0043
and
66.9
67.5
0.6
12.69
TGC-0043
84
85.5
1.5
1.02
TGC-0044
1.8
2.7
0.9
2.37
TGC-0044
36.6
39
2.4
8.87
TGC-0044
including
36.6
37.5
0.9
16.81
TGC-0044
40
40.3
0.3
1.19
TGC-0044
47.6
47.9
0.3
0.57
TGC-0044
64.4
65.3
0.9
1.3
TGC-0044
74
74.6
0.6
1.02
TGC-0044
76.1
76.4
0.3
0.94
TGC-0044
80
80.3
0.3
0.66
TGC-0045
3.3
4.5
1.2
1.48
TGC-0045
39.3
39.6
0.3
1.2
TGC-0045
44.1
44.7
0.6
1.78
TGC-0045
57.9
58.8
0.9
2.74
TGC-0045
62.1
63
0.9
33.99
TGC-0045
including
62.7
63
0.3
100.89
TGC-0045
67.8
68.7
0.9
2.47
TGC-0045
75
75.6
0.6
5.94
TGC-0045
including
75
75.3
0.3
9.3
TGC-0045
82.5
83.1
0.6
1.09
TGC-0045
86.1
88.5
2.4
1.33
TGC-0045
93.3
94.2
0.9
2.29
TGC-0045
105.6
105.9
0.3
0.87
TGC-0047
4.8
5.4
0.6
2.55
TGC-0047
41.7
44.4
2.7
1.41
TGC-0047
48.6
49.2
0.6
1.12
TGC-0047
53.1
54
0.9
1.83
TGC-0047
61.5
61.8
0.3
0.67
TGC-0047
69.9
70.2
0.3
2.68
TGC-0047
72.3
73.8
1.5
0.94
TGC-0047
77.7
78.6
0.9
2.71
TGC-0047
81
81.9
0.9
1.44
TGC-0047
84.3
84.9
0.6
0.89
TGC-0047
91.5
91.8
0.3
0.56
TGC-0047
96
96.6
0.6
2.8
TGC-0047
98.4
98.7
0.3
0.61
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
110.4
111
0.6
1.08
TGC-0047
113.1
114.9
1.8
0.94
TGC-0047
123.3
126
2.7
21.14
TGC-0047
including
124.5
126
1.5
37.08
TGC-0047
which includes
124.5
124.8
0.3
45.88
TGC-0047
and
124.8
125.4
0.6
67.59
TGC-0047
127.2
128.4
1.2
0.99
TGC-0047
131.7
132.3
0.6
0.54
TGC-0047
134.7
138.3
3.6
1.39
TGC-0047
143.7
144.3
0.6
2.44
TGC-0051
16.2
19.2
3
10.15
TGC-0051
including
16.8
17.4
0.6
19.15
TGC-0051
and
18
18.6
0.6
16.29
TGC-0051
and
18.6
19.2
0.6
9.57
TGC-0051
23.7
24.3
0.6
1.77
TGC-0051
49.5
52.8
3.3
19.43
TGC-0051
including
49.5
50.1
0.6
8.35
TGC-0051
and
50.1
50.7
0.6
80.87
TGC-0051
and
51.9
52.8
0.9
8.69
Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0037
24.8
27.2
2.4
0.95
TGC-0037
29.6
29.9
0.3
0.57
TGC-0037
30.5
30.8
0.3
0.56
TGC-0038
27.5
27.8
0.3
0.53
TGC-0038
30.5
30.8
0.3
0.61
TGC-0046
21.2
21.5
0.3
3.33
TGC-0049
29.4
35.1
5.7
4.07
TGC-0049
including
30
32.1
2.1
9.15
TGC-0049
which includes
30.3
30.9
0.6
16.71
TGC-0049
and
31.2
31.8
0.6
8.88
TGC-0049
41.5
42.1
0.6
1.77
TGC-0049
43.3
45.1
1.8
7.59
TGC-0049
including
43.9
44.5
0.6
16.87
TGC-0049
47.2
47.8
0.6
0.87
TGC-0050
26.7
30.9
4.2
9.39
TGC-0050
including
27.6
30.6
3
12.78
TGC-0050
which includes
27.9
29.7
1.8
18
TGC-0050
which includes
27.9
28.2
0.3
10.04
TGC-0050
and
28.8
29.1
0.3
12.83
TGC-0050
and
29.4
29.7
0.3
67.3
TGC-0050
34.5
35.7
1.2
0.83
TGC-0052
27.3
28.8
1.5
0.77
TGC-0052
34.5
34.8
0.3
0.67
TGC-0052
40.2
40.5
0.3
78.03
TGC-0052
50.1
50.4
0.3
1.62
Table 5. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
Ottawa, Ontario–(Newsfile Corp. – June 9, 2023) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce the closing of a first tranche of its non-brokered private placement financing, raising gross proceeds of $210,000 through the issuance of 7,000,000 units at $0.03 per unit. Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 7,000,000 warrants were issued, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.05 per share until June 8, 2025. The warrants are callable after the statutory hold period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company’s common share meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.
Derek Macpherson, President, CEO & Director stated, “We are thankful for the ongoing support of our existing shareholders and Company management and directors who have demonstrated their continuing commitment to the Company by subscribing for a component of the financing. We anticipate a final closing of the placement in a few weeks’ time.”
No finder fees or commissions are payable in connection with this first tranche closing. This private placement is subject to the final approval of the TSX Venture Exchange. All securities issued in the first tranche of the placement are subject to a statutory hold period until October 9, 2023.
Officers and directors of the Company including Derek Macpherson, Gary Thompson and John McNeice participated in the private placement and acquired 4,700,000 units for $141,000. The participation of these insiders in the private placement constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The board of directors of the Company, with Messrs. Macpherson and Thompson abstaining, determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 for the related party transaction, as neither the fair market value of securities issued to the insiders nor the consideration paid by the insiders exceeded 25 percent of the Company’s market capitalization. The Company did not file a material change report in respect of the transaction 21 days in advance of the closing of the private placement because insider participation had not been confirmed. The shorter period was necessary in order to permit the Company to close the private placement in a timeframe consistent with usual market practice for transactions of this nature.
It is anticipated that approximately 35 percent of the aggregate proceeds raised under the offering will be used for exploration expenditures related to the Gold Chain, Arizona, project; approximately 30 percent will be used for land management costs and property payments; approximately 15 percent will be used to pay management fees to Company officers; and, approximately 20 percent will be used for working capital and general corporate purposes
The securities issued in the private placement will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Company in the United States.
Early Warning Report
Derek Macpherson of Toronto, Ontario acquired 3,000,000 units through Kanaga Capital Corp. (“Kanaga”) and joint actor Olive Resource Capital Inc. (“Olive”) acquired 2,000,000 units in the private placement. In total, 5,000,000 units at a price of $0.03 per unit were acquired for an aggregate purchase price of $150,000. Each unit consists of one common share and one common share purchase warrant of the Company. Each warrant is exercisable for $0.05 per share until their expiry on June 8, 2025. As noted above, all securities issued to Kanaga and Olive pursuant to the placement are subject to a statutory hold period which expires October 9, 2023.
Immediately prior to the private placement, Mr. Macpherson and joint actors Kanaga and Olive owned 9,854,000 common shares of the Company, representing 5.7% of the then issued and outstanding common shares of the Company. As a result of the private placement, Mr. Macpherson’s and joint actors’ ownership of the issued and outstanding common shares of the Company increased from 5.7% to 8.2% on an undiluted basis. In addition, if Mr. Macpherson and joint actors were to exercise all of their warrants and stock options of the Company, they would own 26,541,500 common shares of the Company, representing 13.8% of the issued and outstanding common shares of the Company on a partially-diluted basis, assuming no further common shares of the Company have been issued.
Mr. Macpherson acquired the securities for investment purposes. Mr. Macpherson may, depending on market and other conditions, increase or decrease his beneficial ownership of the Company’s securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
The disclosure respecting Mr. Macpherson’s shareholdings contained in this press release is made pursuant to National Instrument 62-103 and a copy of the report in respect of the above acquisition will be filed with applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available on Gold79’s SEDAR profile (www.sedar.com). A copy may be obtained by contacting Gold79 as noted under “Contact” below.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact: Derek Macpherson, President & CEO Phone: 416-294-6713 Email: dm@gold79mines.com Website: www.gold79mines.com.
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including any future tranches or future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S NEWS WIRE SERVICES
Vancouver, British Columbia, June 08, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) has agreed to settle outstanding debt in the amount of CDN$77,923 (the “Debt”) owing to an arm’s length creditor by issuing an aggregate of 916,749 common shares in the capital of the Company (the “Common Shares”) at a price of $0.085 per Common Share (the “Shares for Debt Transaction”). The Board of Directors has determined it is in the best interests of the Company to settle the outstanding Debt by the issuance of the Common Shares in order to preserve the Company’s cash for ongoing operations.
Closing of the Shares for Debt Transaction is subject to customary closing conditions and intends to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
VANCOUVER, BC / ACCESSWIRE / June 6, 2023 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF) (“Irving” or the “Company“) is pleased to announce high-grade assays from three drilled diamond drill holes recently completed at Omui, part of its 100% controlled Omu Au-Ag Vein Project, Hokkaido, Japan.
New High-Grade Veins Encountered at Nanko:
Hole 22OMI-003, drilled from north to south at an inclination of -60 degrees to test a deep-rooted vertical resistivity anomaly, encountered two high-grade veins. The first, 13.87 gpt Au and 121.74 gpt Ag (15.43 gpt Au Eq) over 1.67m, started at a downhole depth of 378.91m, and the second, 8.49 gpt Au and 270.00 gpt Ag (11.95 gpt Au Eq) over 0.57m started at 490.20m (see table below for a complete summary of significant assays from the Winter 2022/2023 diamond drill campaign). These intercepts, the two deepest yet encountered at the Nanko target, clearly demonstrate that high-grade veins extend in excess of 400m providing very encouraging confirmation that Omui is a deep-rooted vein system. Estimated true width of these veins is estimated at 50-70% of down-hole width.
Both veins display banded quartz with traces of ginguro, or silver sulphosalts. In 2020, similar banded veins were encountered much closer to surface in hole 20OMI-003 positioned above hole 22OMI-003. This included a 14.24m wide intercept grading 4.47 gpt Au Eq. The two new veins in 22OMI-003 do not appear to be connected to the much shallower vein in hole 20OMI-003, but may represent hanging wall splays off of this very large vein. More drilling is needed to evaluate this possibility.
Deep Test at Honpi
As a follow up test of the deep hydrothermal system discovered by drill hole 21OMI-002 completed in late 2021 at Honpi (please refer to the Company’s press release dated March 2, 2022), Irving drilled 23OMI-001, a south-oriented hole inclined at -75 degrees, to crosscut this older hole (Figure 1). As described in the Company’s news release dated March 6, 2023, hole 23OMI-001 encountered silica sinter at about 120m followed by an extensive interval of quartz stockwork veining. The silica sinter interval persisted for 14.40m and grades 0.58 gpt Au and 15.85 gpt Ag (0.79 gpt Au Eq), very strong values for this type of material. Underneath the sinter, nearly 57m of stockwork quartz veining grading 0.65 gpt Au and 7.09 gpt Ag (0.74 gpt Au Eq) was encountered. Based on these results, the Company believes the position of 23OMI-001 is peripheral to the main feeder zone at Honpi.
West Honpi Extension
In order to test the depth extension of West Honpi, Irving drilled hole 23OMI-002, a north-oriented hole inclined at -50 degrees. West Honpi Extension was encountered at the top of hole 21OMI-002 which encountered 9.88 gpt Au Eq over 9.90m (please refer to the Company’s press release dated March 2, 2022). Hole 23OMI-002 encountered West Honpi Extension approximately 70m vertically beneath surface. This intercept includes 5.80 gpt Au and 13.80 gpt Ag (5.98 gpt Au Eq) over 2.00m within 1.91 gpt Au and 13.89 gpt Ag (2.08 gpt Au Eq) over 10.00m. Given the high quartz content of this interval, it is believed to be suitable for smelter flux material. True width is estimated at about 60% of down hole width.
Omu Sinter Drilling
In March and April, 2023, Irving completed a series of nine diamond drill holes at Omu Sinter to evaluate the potential for a shallow, gold- and silver-bearing silica body suitable for smelter flux material. The target area is capable of hosting several million tonnes of such material. Assays from these holes are currently awaited.
Hokuryu Drilling Resumes
In mid-May, 2023, Irving commenced diamond drilling at the Hokuryu historic mine site. Two holes are planned for completion here over the coming few weeks. Both holes are designed to test deep-rooted vertical resistive features observed in CSAMT data. Previous drilling of such features has yielded discovery of multiple new veins at Hokuryu (please refer to the Company’s press release dated March 6, 2023).
“We are happy to be back drilling steady at Omu,” commented Dr. Quinton Hennigh, technical advisor and a director of Irving. “We are now on our 13th hole of 2023 and have many more planned through the end of the year. Our most recent assays from Nanko confirm the presence of deep-rooted high-grade veins here. While we have not yet hit the high-grade feeder underlying the Honpi area, we think we are vectoring in on it and have plans for further follow up drilling for later this year.”
All samples discussed in this news release are ½ split sawn diamond core samples. Irving submitted samples to ALS Global, Vancouver, Canada, for analysis. Au and Ag were analyzed by fire assay with AA finish. Overlimit samples were assayed by fire assay with gravimetric finish. Multielements were analyzed by mass spectrometry following four acid digestion. Irving routinely inserts standard and blank samples in assay batches submitted to the laboratory. Company staff are responsible for geologic logging and sampling of core. Au equivalent is calculated by adding Au (gpt) to Ag (gpt)/78. Results referred to in this news release are not necessarily representative of mineralization throughout Hokuryu.
Significant Assays from Winter 2023 Diamond Drill Holes:
Hole ID
From (m)
To (m)
Length (m)
Au (gpt)
Ag (gpt)
Au Eq (gpt)
Ag Eq (gpt)
Comments
22OMI-003
24.50
25.57
1.07
0.74
5.41
0.81
63.47
33.65
34.65
1.00
0.99
8.50
1.10
85.64
41.18
41.68
0.50
2.14
41.90
2.68
208.82
153.70
155.45
1.75
1.32
11.91
1.47
114.48
163.50
165.50
2.00
0.92
17.83
1.14
89.23
184.35
186.30
1.95
0.58
76.71
1.56
122.00
378.91
380.58
1.67
13.87
121.74
15.43
1203.82
New Vein
including
378.91
380.00
1.09
19.99
176.94
22.26
1736.44
New Vein
490.20
490.77
0.57
8.49
270.00
11.95
932.22
New Vein
815.10
816.00
0.90
0.00
93.20
1.20
93.51
833.00
834.00
1.00
2.59
0.43
2.60
202.45
23OMI-001
85.35
89.00
3.65
1.08
107.13
2.45
191.08
102.85
104.30
1.45
0.55
7.61
0.64
50.16
119.50
133.90
14.40
0.58
15.85
0.79
61.42
Sinter
including
124.50
132.40
7.90
0.84
17.56
1.06
82.91
Sinter
144.55
201.50
56.95
0.65
7.09
0.74
58.09
Stockwork
including
146.40
152.00
5.60
0.87
8.67
0.98
76.46
Stockwork
and
162.90
168.72
5.82
1.14
9.96
1.27
98.99
Stockwork
and
194.70
200.37
5.67
1.11
8.83
1.22
95.31
Stockwork
239.56
243.50
3.94
0.25
38.03
0.73
57.14
261.00
263.90
2.90
1.60
32.69
2.02
157.87
23OMI-002
30.00
36.39
6.39
0.59
7.05
0.68
52.78
86.00
96.00
10.00
1.91
13.89
2.08
162.62
W Honpi Ext
including
88.00
90.00
2.00
5.80
13.80
5.98
466.20
W Honpi Ext
98.00
99.00
1.00
0.31
60.70
1.09
84.80
109.00
112.15
3.15
1.06
10.66
1.20
93.70
147.00
150.00
3.00
0.26
39.03
0.76
59.57
Au eq = Au + (Ag/78); Ag eq = Ag + (Au x 78); recovery of both Au and Ag is expected to be +95% as smelter flux
Drill Collar Data:
Hole No.
Type
Grid
Collar Easting
Collar Northing
Elevation
Depth
Azimuth
Angle
22OMI-003
Core
WGS84-54N
651762.12
4932907.171
180.898
936.2
190°
-53°
23OMI-001
Core
WGS84-54N
651530.7
4933262.647
170.375
400.03
165.1°
-75°
23OMI-002
Core
WGS84-54N
651518.1
4933122.799
176.734
150
309.9°
-50°
Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to 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 a technical advisor and a director of Irving Resources Inc. and has verified the data disclosed including sampling, through review of photographs of core prior to and after sawing and sampling, and analytical, through review of standard and blank analyses.
About Irving Resources Inc.:
Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp.
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) 682-3234 Toll free: 1 (888) 242-3234 Fax: (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, the possibility of a delay in delivery of Irving’s newly purchased Zinex A-5 drill to the Omu project, 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.
Vancouver, British Columbia–(Newsfile Corp. – June 5, 2023) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) announces that diamond drilling with four rigs has commenced at the Kitsault Valley Project, which includes the Dolly Varden Silver property and Homestake Ridge Gold-Silver property. Two drills are targeting the Wolf Vein and two at the Kitsol Vein. A fifth drill rig is available as the program progresses.
“We have hit the ground running with four drills on our fully funded 2023 exploration drilling program. We have already completed several drill holes at Wolf and Kitsol, where aggressive step-outs in 2022 significantly expanded silver mineralization along strike to the north and south as well as down-dip. The Team is excited to test numerous new target areas beneath the sediment cap with the objective of connecting these two wide and high silver grade areas,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
In addition to step-out holes and exploration drilling at the Wolf and Kitsol veins, several new targets will be tested, including the projection of the Moose Vein under the sediment cap (see news release April 24, 2023).
Figure 1. Kitsault Valley trend with 2023 exploration drilling targets
In several weeks, the drills will be moved up the valley to the Homestake Ridge area. Further drilling will test the plunge of wide, high-grade gold-silver mineralization that was defined by recent oriented core and structural interpretations.
Geology crews have been on site since early May, completing a program of additional sampling of core from 2022 Homestake Main drilling where assay results revealed an extensive low-grade gold (>0.1 g/t Au) envelope to high-grade mineralization.
Qualified Person
Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
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.
India is demonetizing again. This time it is the INR 2,000 bills that were issued when the last demonization of 2016 happened. Here are my thoughts:
I will soon have another article about Argentinian-style dual rates emerging in India.
On Investments
Many people who invest in mining have a very bullish expectation of a specific commodity and use mining companies as a proxy for that commodity. In the following discussion with Brian Leni, I explain why this is erroneous.
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