Category: Uncategorized

Lion One Reports New High-grade Gold Results at Tuvatu

Post author By admin
Post date April 25, 2023

North Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) reports significant new high-grade results from grade control drilling at the Company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.

Following on the initial mining and extraction of the URA1 lode, the Company is here reporting new high-grade results from grade control drilling on the URW1 lode system, approximately 120m further east. Mining of URW1 is expected to begin over the next 2-4 weeks. Strike drive development on URW1 has commenced.

Highlights of new high-grade gold mineralization intersected by grade control drilling:

Multiple bonanza grade zones have been intersected including:
- 88.07g/t Au over 5.7m (including 1,396g/t Au over 0.3m) (TGC-0034)
- 27.52g/t Au over 5.55m (TUG-056)
- 20.93g/t Au over 7.2m (TGC-0003)
- 16.12g/t Au over 9.3m (TGC-0014)
- 16.48g/t Au over 9.6m (TGC-0002)
- 14.6g/t Au over 6.6m (TGC-0032)
- 14.97g/t Au over 5.4m (TGC-0018)
- 10.85g/t Au over 6.9m (TGC-0013)
Visible was gold observed in several drill holes.

Figure 1. Plan map showing the locations of the URA1 and URW1 lodes (in red) relative to the main Tuvatu decline. The gray outlines indicate planned development to reach the URW1 lodes.

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Close spaced grade control drilling has resulted in much higher resolution of the lode arrays as compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.

The tightened drill pattern will facilitate optimised development and extraction of high-grade gold mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting the initial feed for the Company’s plant and processing facility, on schedule for start-up in Q4 2023.

Mineralization
Mineralization consists of abundant free gold, typically in association with light to dark gray chalcedonic quartz and roscoelite, locally accompanied by minor amounts of pyrite, sphalerite, galena and lesser chalcopyrite (Figure 3).

Figure 2. Long section view west of grade control drilling at URW1. Intersections >5m and 10g/t Au highlighted in red.

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Figure 3. A) Coarse disseminated gold in a quartz-roscoelite veinlet, TGC-0034 67.5m. Sample returned 1396.3 g/t Au over 0.3m. B) Coarse gold in gray quartz veinlet, TGC-0034 81.6m. Sample returned 166.2 g/t Au over 0.9m. C) Coarse honey sphalerite rimmed by dark pyrite in variable light to dark gray quartz vein, TGC-0032 71.0m. Sample returned 112.9 g/t Au over 0.3m. D) Banded chalcedonic quartz-roscoelite-pyrite-fine native gold, TGC-0002 77.4m. Sample returned 44.3 g/t Au over 0.3m.

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URW1 Lode System
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 and is located approximately 120m east of the URA1 lode (Figure 1, 2, 4).

As currently modelled based on earlier drilling, the URW1 lode measures approximately 300m in the NS-direction by approximately 300m of vertical extent, thus forming one of the major N-S trending lodes that have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-lying to moderately south-dipping EW veins referred to as the Murau lode system (Figure 4).

Grade control drilling has been conducted from both the new decline and the historic exploration adit (Figures 1 & 2). This drilling is targeting a 60m strike section of the URW1 system, within the >300m strike of the overall URW1 system. Detailed drilling of this nature is the first conducted at the project and has served to confirm both the location of structures and the extent of some of the higher-grade zones within the overall mineralized envelope. These bonanza zones (>50g/t Au * true width) have been intersected that show a considerably higher-grade than the previous wide-spaced resource drilling in the area. The high-grade zones are interpreted to relate to the intersection of the N-S URW1 lode with E-W striking structures such as the Murau lodes.

Figure 4. Plan view of 3D models illustrating the earlier interpretation of the URA1 and URW1 lodes (blue). The lighter pink shapes are the flat-lying stacked Murau lodes (left) and SKL lodes (right). Underground development is shown in red.

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The URW1 lode system is interpreted as a series of parallel vein arrays.

This interpretation has come by way of a series of closely spaced grade control drill holes, drilled from two separate locations, east-directed drilling from the main decline, as well as west-directed drilling from the exploration decline (Figure 1). To date, a total of 34 diamond drill holes totalling approximately 3538m have been completed resulting in 5m to 10m spacing between adjacent holes covering a limited extent of the URW1 lode system. Despite the relatively limited size of the area drilled thus far, the grade control program has significantly increased the level of confidence in the geometry, widths, and grade distribution of the URW1 lodes, thereby allowing for detailed development planning.

Composited assay results for mineralized intervals interpreted as URW1 lodes in holes completed to date are presented in Table 1, with Tables 2 and 3 in the appendix containing full drill hole details. The URW1 lode system represents the next main area of mining and extraction of high-grade mineralization at Tuvatu. Development has commenced with first grade control and mapping expected shortly.

Table 1. Summary of composited drill results intersecting mineralization from the area of URW1 in this release. (TGC = new grade control drilling ordered by strongest intersections; TUDDH and TUG indicates previous exploration drilling (surface and underground) targeting this zone). For full results refer Table 2 in the appendix.

Hole ID	Grade (g/t Au)	Drill intersection width (m)	True Width (m)
TGC-0034	88.07	5.7	5.1
TUG-056	27.52	5.55	5.5
TGC-0003	20.93	7.2	6.5
TGC-0014	16.12	9.3	8.4
TGC-0002	16.48	9.6	8.2
TUG-058	100.21	0.85	0.85
TGC-0032	14.6	6.6	5.3
TGC-0018	14.97	5.4	4.9
TGC-0013	10.85	6.9	6.2
TGC-0011	11.04	5.4	4.6
TGC-0035	6.6	6.55	6.2
TGC-0019	11.57	3.6	3.4
TGC-0028	11.52	4.8	3.4
TGC-0031	8.86	5.1	4.1
TUDDH-350	21.11	2.7	1.7
TUDDH-349	14.37	9.73	2.4
TGC-0016	4.35	8.1	7.7
TUDDH-409	7.83	6.77	4.1
TGC-0005	10.14	3	2.4
TUDDH-219	8.33	14.15	2.9
TGC-0008	10.29	3	2.3
TUG-057	17.7	1.2	1.1
TURC-167	8.88	3	1.8
TGC-0009	4.58	3.6	3.2
TGC-0017	2.22	6.9	6.2
TGC-0036	5.16	3	2.3
TGC-0025	5.04	3	2.3
TGC-0029	1.6	3.3	2.6
TGC-0030	3.22	1.5	1.2
TGC-0015	2.39	1.8	1.4
TUDDH-225	0.73	0.9	0.9
TUG-123	0.32	0.95	0.8
TUDDH-075	0.84	0.35	0.25
TUG-125	0.2	0.54	0.3

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

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

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 drill details

Table 2. Composited results from grade control drillholes targeting the URW1 lodes

Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)
TGC-0001		33.0	33.9	0.9	0.64
TGC-0002		77.1	77.4	0.3	44.25
TGC-0002		80.1	84.9	4.8	8.03
TGC-0002	including	80.1	82.2	2.1	11.60
TGC-0002	which includes	81.6	81.9	0.3	72.20
TGC-0002	and including	83.1	84.9	1.8	7.86
TGC-0002		89.4	97.5	8.1	13.07
TGC-0002	including	89.4	91.2	1.8	4.68
TGC-0002	including	92.1	97.5	5.4	17.97
TGC-0002	which includes	93.6	93.9	0.3	41.54
TGC-0002	and	93.9	94.2	0.3	45.40
TGC-0002	and	94.2	94.5	0.3	74.38
TGC-0002	and	94.5	94.8	0.3	38.43
TGC-0002	and	94.8	95.1	0.3	56.89
TGC-0002		100.2	103.8	3.6	7.93
TGC-0002		108.3	111.9	3.6	10.09
TGC-0002	including	108.3	109.2	0.9	4.05
TGC-0002	including	110.1	111.9	1.8	18.15
TGC-0002	which includes	111.0	111.3	0.3	77.72
TGC-0002		113.7	114.6	0.9	17.11
TGC-0003		52.5	53.4	0.9	2.79
TGC-0003		77.4	80.4	3.0	3.84
TGC-0003	including	77.4	77.7	0.3	5.34
TGC-0003	and	78.6	78.9	0.3	4.40
TGC-0003	and	79.2	79.5	0.3	27.18
TGC-0003		89.7	95.7	6.0	9.57
TGC-0003	including	89.7	93.3	3.6	14.63
TGC-0003	which includes	90.6	91.2	0.6	81.18
TGC-0003		98.0	99.2	1.2	0.95
TGC-0003		102.2	110.6	8.4	5.73
TGC-0003	including	102.2	107.0	4.8	7.97
TGC-0003	which includes	105.8	106.1	0.3	35.58
TGC-0003	and includes	107.3	108.5	1.2	6.84
TGC-0003		112.4	112.7	0.3	1.15
TGC-0003		115.1	116.0	0.9	59.85
TGC-0004		3.4	4.3	0.9	2.93
TGC-0005		75.3	75.9	0.6	2.11
TGC-0005		91.5	99.0	7.5	2.77
TGC-0005	including	93.3	94.2	0.9	10.67
TGC-0005		102.6	102.9	0.3	2.10
TGC-0005		104.1	104.7	0.6	21.01
TGC-0005		107.1	108.0	0.9	1.65
TGC-0005		109.8	110.4	0.6	0.78
TGC-0005		120.0	122.1	2.1	2.51
TGC-0005	including	121.8	122.1	0.3	14.83
TGC-0007		28.2	28.5	0.3	1.31
TGC-0008		74.8	76.9	2.1	10.51
TGC-0008		82.3	82.9	0.6	25.57
TGC-0008		94.0	94.3	0.3	4.20
TGC-0008		96.4	101.2	4.8	3.77
TGC-0008	including	96.4	98.5	2.1	3.73
TGC-0008	and	99.1	101.2	2.1	4.78
TGC-0008		105.1	105.7	0.6	2.78
TGC-0008		108.7	109.3	0.6	1.05
TGC-0008		110.8	111.4	0.6	2.16
TGC-0008		122.5	123.1	0.6	61.39
TGC-0009		18.6	21.3	2.7	0.91
TGC-0009		28.5	29.1	0.6	1.61
TGC-0009		30.9	31.5	0.6	8.33
TGC-0009		32.7	34.2	1.5	33.38
TGC-0009		49.5	49.8	0.3	10.54
TGC-0009		53.4	56.4	3.0	1.07
TGC-0009		61.2	61.5	0.3	1.97
TGC-0009		65.4	65.7	0.3	3.06
TGC-0009		66.9	67.8	0.9	6.10
TGC-0009		69.0	75.0	6.0	5.01
TGC-0009	including	69.6	70.2	0.6	4.66
TGC-0009	and	70.5	72.3	1.8	6.62
TGC-0009	and	72.9	73.5	0.6	6.80
TGC-0009	and	73.8	75.0	1.2	8.78
TGC-0009		76.5	78.0	1.5	0.97
TGC-0010		17.1	18.9	1.8	6.52
TGC-0010	including	17.1	17.4	0.3	37.04
TGC-0010		20.1	21.0	0.9	2.54
TGC-0010		23.4	30.3	6.9	2.67
TGC-0010	including	24.9	27.6	2.7	4.71
TGC-0010		36.0	36.9	0.9	8.92
TGC-0011		19.0	19.3	0.3	0.89
TGC-0011		22.3	23.8	1.5	7.56
TGC-0011		27.1	29.3	2.2	2.49
TGC-0011	including	27.1	28.0	0.9	5.34
TGC-0011		31.1	31.4	0.3	1.26
TGC-0011		32.6	35.3	2.7	7.64
TGC-0011	including	32.6	34.1	1.5	11.33
TGC-0011	and	34.4	35.3	0.9	4.04
TGC-0011		40.4	40.7	0.3	1.22
TGC-0011		52.7	53.3	0.6	1.91
TGC-0011		54.8	56.9	2.1	2.18
TGC-0011		58.7	59.9	1.2	2.62
TGC-0011	including	59.3	59.9	0.6	4.09
TGC-0011		63.2	66.5	3.3	2.68
TGC-0011	including	64.1	66.5	2.4	3.58
TGC-0011		68.6	75.8	7.2	6.72
TGC-0011	including	68.6	69.2	0.6	19.95
TGC-0011	which includes	68.9	69.2	0.3	37.28
TGC-0011	and	69.5	73.4	3.9	8.84
TGC-0011	which includes	71.0	71.3	0.3	59.70
TGC-0012		79.5	81.9	2.4	7.86
TGC-0012	including	79.5	79.8	0.3	59.46
TGC-0012		85.2	85.5	0.3	2.79
TGC-0012		87.3	88.5	1.2	5.11
TGC-0012		92.1	92.4	0.3	2.47
TGC-0012		98.4	99.6	1.2	1.32
TGC-0012		102.3	104.1	1.8	0.63
TGC-0012		105.9	106.2	0.3	4.67
TGC-0013		19.2	19.5	0.3	1.55
TGC-0013		23.1	23.7	0.6	1.28
TGC-0013		32.4	34.5	2.1	3.36
TGC-0013	including	32.4	33.0	0.6	6.97
TGC-0013	and	33.9	34.5	0.6	4.67
TGC-0013		42.9	43.5	0.6	1.16
TGC-0013		47.1	47.7	0.6	0.80
TGC-0013		50.4	51.3	0.9	13.58
TGC-0013		55.6	56.2	0.6	1.37
TGC-0013		67.6	70.3	2.7	5.70
TGC-0013		72.7	73.6	0.9	4.09
TGC-0013		75.1	79.3	4.2	11.03
TGC-0013	including	75.1	76.6	1.5	4.86
TGC-0013	and	77.2	78.1	0.9	8.51
TGC-0013	and	78.4	79.3	0.9	34.87
TGC-0013	which includes	78.7	79.3	0.6	49.52
TGC-0013		81.1	83.8	2.7	5.97
TGC-0013		94.3	97.6	3.3	1.21
TGC-0014		10.8	11.1	0.3	1.21
TGC-0014		19.2	19.5	0.3	1.03
TGC-0014		34.5	36.3	1.8	2.47
TGC-0014	including	34.5	35.4	0.9	3.38
TGC-0014	and	36.0	36.3	0.3	4.72
TGC-0014		42.6	42.9	0.3	3.21
TGC-0014		52.2	53.1	0.9	0.57
TGC-0014		56.1	56.4	0.3	1.69
TGC-0014		66.0	75.6	9.6	13.28
TGC-0014	including	66.0	66.9	0.9	54.81
TGC-0014	which includes	66.3	66.6	0.3	95.47
TGC-0014	and	66.6	66.9	0.3	67.96
TGC-0014	and	67.5	69.0	1.5	7.83
TGC-0014	and	69.3	72.6	3.3	9.89
TGC-0014	and	72.9	73.2	0.3	3.32
TGC-0014	and	74.1	75.0	0.9	32.29
TGC-0014	which includes	74.4	74.7	0.3	57.95
TGC-0014	and	74.7	75.0	0.3	38.34
TGC-0014	and	75.3	75.6	0.3	9.41
TGC-0014		80.7	84.6	3.9	7.69
TGC-0014		85.8	88.8	3.0	1.86
TGC-0014		92.4	95.1	2.7	1.10
TGC-0015		71.1	71.4	0.3	0.54
TGC-0015		87.3	87.9	0.6	2.17
TGC-0015		105.6	106.2	0.6	2.50
TGC-0016		38.7	43.5	4.8	6.22
TGC-0016	including	38.7	41.4	2.7	9.67
TGC-0016	which includes	40.8	41.1	0.3	45.75
TGC-0016		68.1	68.7	0.6	2.16
TGC-0016		70.8	71.4	0.6	2.55
TGC-0016		72.6	73.5	0.9	6.50
TGC-0016		81.0	83.4	2.4	14.23
TGC-0016	including	81.0	81.6	0.6	19.42
TGC-0016	and	81.9	83.4	1.5	14.99
TGC-0016	which includes	83.1	83.4	0.3	45.51
TGC-0016		84.6	85.5	0.9	1.86
TGC-0016		92.4	94.5	2.1	4.83
TGC-0016		95.7	97.8	2.1	3.58
TGC-0017		5.1	5.7	0.6	1.28
TGC-0017		17.4	17.7	0.3	4.32
TGC-0017		36.0	36.6	0.6	1.26
TGC-0017		38.7	44.1	5.4	9.39
TGC-0017		69.3	69.9	0.6	9.60
TGC-0017		72.3	73.8	1.5	3.03
TGC-0017	including	73.2	73.8	0.6	7.01
TGC-0017		76.8	77.4	0.6	65.63
TGC-0017		82.5	84.0	1.5	3.08
TGC-0018		78.9	79.5	0.6	0.92
TGC-0018		85.8	86.1	0.3	11.42
TGC-0018		88.5	90.6	2.1	5.67
TGC-0018		94.2	95.1	0.9	0.54
TGC-0018		96.3	97.2	0.9	0.63
TGC-0018		102.0	105.9	3.9	15.62
TGC-0018		109.2	111.0	1.8	2.74
TGC-0019		10.8	12.0	1.2	0.86
TGC-0019		13.8	16.5	2.7	2.31
TGC-0019		31.2	32.7	1.5	3.21
TGC-0019		40.2	45.0	4.8	16.05
TGC-0019	including	41.4	45.0	3.6	21.18
TGC-0019	which includes	42.6	42.9	0.3	49.70
TGC-0019	and	43.2	43.5	0.3	166.81
TGC-0019		51.0	52.2	1.2	2.60
TGC-0019		65.1	66.3	1.2	0.85
TGC-0019		70.5	79.8	9.3	4.92
TGC-0019	including	70.5	75.0	4.5	6.70
TGC-0019	and	75.3	76.5	1.2	7.69
TGC-0019		83.7	84.0	0.3	15.22
TGC-0019		95.7	96.9	1.2	9.13
TGC-0020		16.8	18.3	1.5	3.09
TGC-0020		24.3	26.4	2.1	0.92
TGC-0020		28.2	29.7	1.5	4.10
TGC-0021		4.4	5.0	0.6	1.40
TGC-0021		24.5	26.9	2.4	2.86
TGC-0021	including	24.5	25.4	0.9	6.34
TGC-0021		44.3	44.9	0.6	1.36
TGC-0021		74.0	74.3	0.3	0.65
TGC-0022		28.2	29.4	1.2	1.36
TGC-0022		54.6	54.9	0.3	1.04
TGC-0022		57.9	58.8	0.9	1.22
TGC-0022		66.9	70.5	3.6	2.31
TGC-0022		75.0	75.6	0.6	2.23
TGC-0023		90.2	90.8	0.6	1.71
TGC-0023		100.7	101.3	0.6	0.63
TGC-0024		13.8	14.4	0.6	0.50
TGC-0024		58.8	59.7	0.9	1.30
TGC-0024		65.4	65.7	0.3	0.54
TGC-0025		7.5	9.3	1.8	2.79
TGC-0025	including	7.5	8.4	0.9	5.22
TGC-0025		13.5	14.1	0.6	4.33
TGC-0025		15.6	16.5	0.9	0.68
TGC-0025		78.6	83.1	4.5	3.76
TGC-0025	including	78.6	79.2	0.6	4.69
TGC-0025	and	79.5	80.7	1.2	3.07
TGC-0025	and	81.0	83.1	2.1	4.91
TGC-0025		84.6	84.9	0.3	1.77
TGC-0025		87.0	87.3	0.3	6.55
TGC-0026		14.7	15.3	0.6	0.58
TGC-0026		28.8	29.7	0.9	2.28
TGC-0026		33.9	34.8	0.9	5.94
TGC-0026		39.9	40.8	0.9	10.20
TGC-0026		42.3	42.9	0.6	3.72
TGC-0026		71.7	72.0	0.3	0.65
TGC-0027		70.2	70.8	0.6	2.41
TGC-0027		80.7	82.2	1.5	3.75
TGC-0027		87.9	88.5	0.6	1.72
TGC-0027		93.6	94.2	0.6	2.46
TGC-0027		96.6	99.0	2.4	0.79
TGC-0027		104.4	105.9	1.5	4.98
TGC-0027		107.7	109.8	2.1	1.99
TGC-0027	including	109.5	109.8	0.3	11.28
TGC-0027		112.8	114.0	1.2	0.63
TGC-0028		8.7	9.6	0.9	1.02
TGC-0028		13.2	16.2	3.0	11.27
TGC-0028		78.0	78.9	0.9	0.63
TGC-0028		83.4	83.7	0.3	1.17
TGC-0028		85.2	85.8	0.6	0.55
TGC-0028		92.1	97.5	5.4	10.86
TGC-0028	including	92.1	93.6	1.5	26.67
TGC-0028	which includes	92.1	92.4	0.3	45.29
TGC-0028	and	92.4	92.7	0.3	72.80
TGC-0028	and	94.5	95.7	1.2	12.97
TGC-0028	and	96.6	97.5	0.9	3.44
TGC-0028		101.1	102.6	1.5	9.53
TGC-0029		14.7	16.2	1.5	10.82
TGC-0029		74.4	75.0	0.6	4.93
TGC-0029		83.7	86.7	3.0	1.00
TGC-0029		95.7	96.9	1.2	3.14
TGC-0030		18.0	19.2	1.2	56.88
TGC-0030		22.8	25.2	2.4	4.87
TGC-0030	including	24.0	25.2	1.2	9.62
TGC-0030		51.9	52.2	0.3	1.47
TGC-0030		54.6	54.9	0.3	3.60
TGC-0030		61.2	61.5	0.3	3.75
TGC-0030		71.4	72.0	0.6	20.01
TGC-0030		83.1	84.6	1.5	3.65
TGC-0030		88.8	92.4	3.6	0.97
TGC-0030		94.2	95.4	1.2	1.40
TGC-0031		13.5	20.4	6.9	6.60
TGC-0031	including	13.5	15.3	1.8	17.28
TGC-0031	which includes	14.1	14.7	0.6	34.62
TGC-0031	and	15.6	18.3	2.7	4.76
TGC-0031	and	19.2	19.5	0.3	3.25
TGC-0031		62.0	63.8	1.8	3.21
TGC-0031	including	62.9	63.8	0.9	5.88
TGC-0031		72.5	73.4	0.9	1.27
TGC-0031		74.9	75.8	0.9	6.93
TGC-0031		77.0	77.6	0.6	3.30
TGC-0031		82.4	85.1	2.7	3.12
TGC-0031		86.9	95.6	8.7	13.73
TGC-0031	including	86.9	89.9	3.0	10.80
TGC-0031	which includes	87.2	87.5	0.3	39.53
TGC-0031	and	87.5	87.8	0.3	36.62
TGC-0031	and including	90.5	91.1	0.6	28.85
TGC-0031	and	92.0	94.7	2.7	24.94
TGC-0031	which includes	92.6	92.9	0.3	116.56
TGC-0031	and	93.8	94.1	0.3	64.28
TGC-0031	and	95.3	95.6	0.3	6.90
TGC-0032		10.2	10.8	0.6	0.68
TGC-0032		18.0	18.3	0.3	32.02
TGC-0032		22.8	23.7	0.9	20.11
TGC-0032		52.2	52.8	0.6	2.66
TGC-0032		58.2	58.5	0.3	9.18
TGC-0032		69.6	72.0	2.4	19.46
TGC-0032		76.5	80.1	3.6	4.58
TGC-0032		85.2	87.3	2.1	14.59
TGC-0032		88.5	91.5	3.0	2.80
TGC-0032	including	88.5	89.7	1.2	5.59
TGC-0032		98.4	98.7	0.3	16.30
TGC-0032		106.2	107.1	0.9	41.62
TGC-0032		108.9	109.5	0.6	4.20
TGC-0034		21.6	23.7	2.1	24.84
TGC-0034		24.0	32.1	8.1	25.96
TGC-0034	including	24.0	24.9	0.9	14.30
TGC-0034	which includes	24.0	24.3	0.3	33.61
TGC-0034	and	25.2	32.1	6.9	28.61
TGC-0034	which includes	25.2	25.8	0.6	47.66
TGC-0034	and	30.3	30.6	0.3	59.31
TGC-0034	and	30.6	31.5	0.9	118.95
TGC-0034		56.1	56.4	0.3	0.90
TGC-0034		60.3	61.2	0.9	4.33
TGC-0034		66.3	69.9	3.6	120.76
TGC-0034	including	66.3	68.1	1.8	237.52
TGC-0034	which includes	67.5	67.8	0.3	1396.31
TGC-0034	and	69.0	69.9	0.9	7.92
TGC-0034		72.6	73.2	0.6	0.61
TGC-0034		74.7	75.6	0.9	5.70
TGC-0034		80.7	83.1	2.4	22.46
TGC-0034	including	81.6	82.5	0.9	57.46
TGC-0034	which includes	81.6	81.9	0.3	166.16
TGC-0034	and	82.8	83.1	0.3	4.25
TGC-0034		86.1	90.3	4.2	3.06
TGC-0034	including	88.8	90.3	1.5	7.06
TGC-0034		91.5	91.8	0.3	1.42
TGC-0034		93.0	94.2	1.2	1.06
TGC-0034		95.4	99.9	4.5	3.10
TGC-0034	including	98.7	99.9	1.2	9.10
TGC-0035		33.0	33.6	0.6	8.28
TGC-0035		36.0	37.5	1.5	6.21
TGC-0035		39.3	40.5	1.2	10.55
TGC-0035		48.0	51.9	3.9	4.33
TGC-0035	including	50.1	51.9	1.8	8.72
TGC-0035	which includes	51.0	51.3	0.3	46.28
TGC-0035		53.7	54.3	0.6	1.71
TGC-0035		56.1	65.1	9.0	3.70
TGC-0035	including	61.5	62.1	0.6	7.65
TGC-0035	and	62.7	63.9	1.2	11.80
TGC-0035	which includes	63.0	63.3	0.3	31.89
TGC-0035	and including	64.2	65.1	0.9	11.36
TGC-0035		67.5	72.9	5.4	3.44
TGC-0035	including	69.0	72.9	3.9	4.03
TGC-0035		74.7	77.7	3.0	4.38
TGC-0035		78.9	82.5	3.6	2.54
TGC-0035	including	80.1	82.5	2.4	3.24
TGC-0035		91.5	92.7	1.2	1.16
TGC-0036		11.4	12.0	0.6	2.50
TGC-0036		18.0	19.2	1.2	4.08
TGC-0036		52.5	53.4	0.9	0.74
TGC-0036		57.3	59.7	2.4	51.58
TGC-0036		70.5	71.4	0.9	11.52
TGC-0036		86.1	88.2	2.1	2.43
TGC-0036	including	87.0	88.2	1.2	3.84
TGC-0036		95.1	98.4	3.3	0.83

Table 3. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Date	Easting	Northing	Elevation	Azimuth	Dip	Depth
	Completed						(m)
TGC-0001	24.10.22	1876437	3920744	140	290	27.4	34.0
TGC-0002	10.11.22	1876437	3920744	139	286	3.4	118.7
TGC-0003	25.11.22	1876437	3920744	139	288	4.0	116.8
TGC-0004	29.11.22	1876269	3920755	154	115	12.0	101.4
TGC-0005	13.12.22	1876437	3920744	137	115	12.0	128.5
TGC-0007	12.01.23	1876269	3920756	154	105	12.0	131.2
TGC-0008	21.01.23	1876437	3920744	139	293	4.0	124.2
TGC-0009	16.01.23	1876269	3920756	153	106	-10.0	80.3
TGC-0010	18.01.23	1876269	3920755	153	114	-11.0	83.3
TGC-0011	23.01.23	1876269	3920755	153	102	-10.0	95.2
TGC-0012	27.01.23	1876437	3920745	139	300	5.0	106.6
TGC-0013	27.01.23	1876269	3920757	153	97	-8.0	102.6
TGC-0014	2.02.22	1876269	3920757	153	93	-9.0	95.1
TGC-0015	10.02.22	1876437	3920744	139	289	-11.0	122.5
TGC-0016	7.02.22	1876269	3920757	153	85	-7.0	101.4
TGC-0017	10.02.22	1876269	3920757	153	82	-8.0	99.4
TGC-0018	22.02.23	1876437	3920744	139	285	-8.0	111.3
TGC-0019	15.02.23	1876269	3920758	153	79	-8.0	110.4
TGC-0020	20.02.23	1876269	3920755	153	119	-12.0	94.9
TGC-0021	23.02.23	1876269	3920755	153	115	-4.0	92.3
TGC-0022	27.02.23	1876269	3920755	153	113	-19.0	103.7
TGC-0023	4.03.23	1876437	3920744	139	293	-8.0	105.4
TGC-0024	1.03.23	1876269	3920755	152	113	-22.0	98.4
TGC-0025	4.03.23	1876269	3920756	152	108	-29.0	140.8
TGC-0026	8.03.23	1876269	3920756	153	106	-4.0	84.1
TGC-0027	3.04.23	1876437	3920744	139	299	10.0	120.5
TGC-0028	10.03.23	1876269	3920756	152	106	-27.0	116.7
TGC-0029	14.03.23	1876269	3920756	152	106	-23.0	95.2
TGC-0030	20.03.23	1876269	3920756	153	103	-16.0	98.6
TGC-0031	22.03.23	1876269	3920756	152	103	-25.0	95.6
TGC-0032	24.03.23	1876269	3920756	153	97	-16.0	110.6
TGC-0034	28.03.23	1876269	3920756	153	97	-12.0	101.4
TGC-0035	31.03.23	1876269	3920756	153	98	0.0	113.0
TGC-0036	4.04.23	1876269	3920756	153	94	-16.0	104.4

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163583

Base Metals Energy Gold Shore Resources Junior Mining Uncategorized

Goldshore Adds More High-Grade Shears at the Southwest Zone; Intersects 3.25 g/t Au over 13.05m and 3.88 g/t over 5.6m

Post author By admin
Post date April 25, 2023

Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its 100,000-meter drill program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or “Moss Gold Deposit“).

Highlights:

Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have delineated multiple high-grade structures within the broader mineralized envelope with best intercepts of:
Drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. Mapping and geophysical data, together with historical scout drilling, show that mineralization continues intermittently for another 3 kilometers to the southwest and that many of the better targets are yet to be drilled.

With drilling recently completed, the Company is preparing an updated mineral resource expected in May (“May 2023 MRE“). The May 2023 MRE will use data from an additional 72 holes compared to the November 2022 mineral resource estimate (“November 2022 MRE“). Mineralization in the resource area remains open in multiple directions.

President and CEO Brett Richards stated: “These results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in early May 2023.

“These additional results highlighting the mineralization in the south-west zone augment the press release of April 20, 2023, and continue to expand the zone well outside the historical resource, still open in several directions and at depth. In addition to the May 2023 MRE, we still have 30 quality drill targets to be tested. These include gold, coppercobalt, and polymetallic prospects. We have drilled less than 10% of the identified targets on our land package and are currently building a plan to drill test the better targets. It will be an exciting period when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package.

“We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth and through several yet-to-be drilled parallel structures; and it is part of an overall 8-kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project is part of a much larger total project.”

Technical Overview

Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-23-116, -118A. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Location of drill holes in this release relative to the November 2022 MRE and $1,500 open pit shell constraint.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_002full.jpg

Figure 2: Close up of Southwest Zone with significant intercepts relative to the November 2022 MRE and $1,500 open pit shell constraint.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_003full.jpg

Figure 3: Drill section through holes MMD-23-116 and -118A showing the significant expansion of the mineralized model beneath the November 2022 MRE and $1,500 open pit shell constraint, which should add to mineral resources in the May 2023 MRE.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_004full.jpg

The Southwest Zone was previously considered to be a small fault-offset extension of the Main Zone. As a result, it was poorly drilled, which led to the definition of only a small open pit-constrained Mineral Resource (Figure 1 and 2).

Oriented core measurements from earlier drilling showed a significant change in strike of the Southwest Zone, revealing it to be 035º rather than the assumed 065º strike based on the known orientation of the Main and QES Zones. The nine holes reported herein were drilled perpendicular to the new strike to infill a poorly drilled volume in the center of the Southwest Zone at a closer spacing (30 meters) along each section to confirm the continuity of high-grade shears. This should enable greater confidence in the resource and an expansion of the open pit constraints at depth.

Holes MMD-22-111, MMD-23-116, -118A, and -119 intersected several high-grade shears (e.g., 0.65m @ 36.8 g/t Au in MMD-23-116) hosting quartz-carbonate veinlets with up to 3-5% pyritechalcopyrite within a strongly albite-hematite and silica-sericite-pyrite and carbonate altered diorite intrusion complex (Figure 4). The shears anastomose along the same orientation of the zone and trend beyond the area explored by historical drilling.

Holes MMD-22-107, -110, MMD-23-115, -117, -120 intersected wide intervals of low-grade mineralization within the altered intrusion containing localized narrow higher-grade shears. The results are similar to those encountered in the historic drilling and include:

0.58 g/t Au over 37.7m from 11.3m depth in MMD-22-107
0.41 g/t Au over 50.95m from 7.0m depth in MMD-22-110
0.38 g/t Au over 55.1m from 231.9m depth in MMD-23-116
0.43 g/t Au over 122.3 from 24.7m depth in MMD-23-117
0.58 g/t Au over 81.8 from 369.2m depth in MMD-23-118A
0.51 g/t Au over 122.8m from 116.0m depth in MMD-23-119 and
0.61 g/t Au over 33.2m from 447.85m depth

Hole MMD-22-107, -110, and -111 represent the most western holes drilled to date in the Southwest Zone, including historical drilling. They illustrate the continued potential to expand the Moss Gold Deposit beyond the original footprint with the newly understood orientation of the shear structures trending southwest of the historical exploration drilling. Gold has been intersected in scout drill holes over a further three kilometers along strike. Our airborne VTEM/magnetics data show that more favourable targets exist along this corridor in areas that have yet to be drilled.

Figure 4: Drill core from 416.4 – 417.05m (0.65 m @ 36.8 g/t Au) in MMD-23-116 highlighting a pyrite + chalcopyrite mineralized quartz-carbonate vein within the sheared, altered intrusion.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_005full.jpg

Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much better mineralized than historical drillholes suggested. They also show that the Moss Gold Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated.”

Table 1: Significant downhole gold intercepts

HOLE ID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MMD-22-107	11.30	49.00	37.70	24.4	0.58	0.58
including	25.30	30.70	5.40	3.5	2.93	2.93
	97.10	101.80	4.70	3.2	0.40	0.40
	113.20	122.45	9.25	6.3	0.35	0.35
	175.20	177.50	2.30	1.6	0.95	0.95
	193.60	201.50	7.90	5.5	0.33	0.33
	210.10	217.00	6.90	4.9	0.30	0.30
	222.05	225.50	3.45	2.4	0.43	0.43
	236.00	251.00	15.00	10.7	0.32	0.32
	334.00	344.00	10.00	7.5	0.65	0.65
including	334.00	336.00	2.00	1.5	1.77	1.77

MMD-22-110	7.00	57.95	50.95	33.3	0.41	0.41
	73.05	83.55	10.50	7.0	0.35	0.35
	88.15	97.00	8.85	6.0	0.38	0.38
	104.45	112.00	7.55	5.2	0.53	0.53
	127.00	132.90	5.90	4.1	0.49	0.49
	166.00	169.00	3.00	2.1	0.39	0.39
	174.00	182.00	8.00	5.7	0.68	0.68
	202.95	208.00	5.05	3.6	0.35	0.35
	241.80	255.00	13.20	9.8	0.31	0.31
	273.60	277.00	3.40	2.5	0.82	0.82
	301.00	319.00	18.00	13.6	0.57	0.57
including	315.05	319.00	3.95	3.0	1.83	1.83
	336.00	342.00	6.00	4.6	0.34	0.34
	379.00	388.00	9.00	7.1	1.37	1.37
including	379.00	381.00	2.00	1.6	4.02	4.02

MMD-22-111	83.00	101.15	18.15	12.6	0.30	0.30
	102.80	109.60	6.80	4.8	0.31	0.31
	115.40	122.90	7.50	5.3	0.60	0.60
	133.00	148.90	15.90	11.5	0.51	0.51
	161.70	166.00	4.30	3.1	0.32	0.32
	180.00	184.10	4.10	3.0	0.42	0.42
	231.00	240.85	9.85	7.4	0.30	0.30
	290.00	293.00	3.00	2.3	0.50	0.50
	375.30	392.20	16.90	13.5	1.47	1.47
including	386.00	391.60	5.60	4.5	3.88	3.88
including	391.00	391.60	0.60	0.5	16.1	16.1
	456.00	458.05	2.05	1.7	0.32	0.32
	487.90	490.00	2.10	1.7	0.36	0.36

MMD-23-115	56.00	77.60	21.60	15.2	0.48	0.48
	88.40	97.35	8.95	6.3	0.69	0.69
including	93.40	96.00	2.60	1.8	1.50	1.50
	111.00	113.25	2.25	1.6	0.50	0.50
	120.30	132.60	12.30	8.7	0.53	0.53
	207.00	210.00	3.00	2.2	0.42	0.42
	215.00	219.00	4.00	2.9	0.66	0.66
	241.60	251.00	9.40	7.0	0.32	0.32
	257.00	259.55	2.55	1.9	0.33	0.33
	280.20	282.50	2.30	1.7	0.44	0.44

MMD-23-116	65.00	67.00	2.00	1.4	0.55	0.55
	176.00	178.00	2.00	1.5	0.32	0.32
	221.15	226.70	5.55	4.2	0.33	0.33
	231.90	287.00	55.10	42.8	0.38	0.38
	297.30	307.00	9.70	7.6	0.44	0.44
	316.60	348.40	31.80	25.3	0.47	0.47
	359.00	377.00	18.00	14.4	0.58	0.58
including	374.00	377.00	3.00	2.4	1.61	1.61
	400.85	437.85	37.00	30.1	1.34	1.46
including	405.55	418.60	13.05	10.6	3.25	3.59
including	416.40	417.05	0.65	0.5	30.0	36.8

MMD-23-117	24.70	147.00	122.30	82.7	0.43	0.43
including	45.00	47.00	2.00	1.3	2.22	2.22
and	67.05	71.00	3.95	2.7	1.30	1.30
and	106.00	114.00	8.00	5.5	1.79	1.79
	165.65	182.75	17.10	11.8	0.41	0.41
	217.35	258.00	40.65	28.5	0.35	0.35
including	217.35	219.40	2.05	1.4	1.86	1.86
	307.00	310.00	3.00	2.1	0.45	0.45
	353.00	388.00	35.00	25.3	0.31	0.31
	404.65	414.10	9.45	6.9	0.99	0.99
including	404.65	412.90	8.25	6.0	1.03	1.03
	446.00	448.00	2.00	1.5	0.62	0.62

MMD-23-118A	35.85	45.00	9.15	5.5	0.88	0.88
	101.00	109.00	8.00	5.1	0.96	0.96
	202.00	220.00	18.00	12.3	0.31	0.31
	241.30	249.10	7.80	5.4	0.30	0.30
	261.05	279.00	17.95	12.6	0.68	0.68
including	271.55	274.10	2.55	1.8	3.66	3.66
	290.20	310.00	19.80	14.1	0.67	0.67
including	306.90	309.00	2.10	1.5	1.79	1.79
	369.20	451.00	81.80	60.7	0.58	0.58
including	374.80	379.00	4.20	3.1	1.03	1.03
and	389.45	391.90	2.45	1.8	1.45	1.45
and	409.00	423.00	14.00	10.4	1.63	1.63
	461.95	467.10	5.15	3.9	0.59	0.59
	483.00	485.00	2.00	1.5	2.44	2.44
	495.05	516.55	21.50	16.4	0.37	0.37

MMD-23-119	84.75	96.00	11.25	7.8	0.30	0.30
	116.00	238.80	122.80	87.8	0.51	0.51
including	157.00	167.95	10.95	7.8	1.97	1.97
including	165.20	165.90	0.70	0.5	19.4	19.4
and	189.80	192.95	3.15	2.3	1.48	1.48
	305.00	329.50	24.50	18.2	0.41	0.41
	362.00	365.05	3.05	2.3	0.51	0.51
	414.00	417.00	3.00	2.3	0.43	0.43
	431.20	437.20	6.00	4.6	0.31	0.31
	439.00	441.05	2.05	1.6	0.32	0.32
	447.85	481.05	33.20	25.6	0.61	0.61
including	479.00	481.05	2.05	1.6	3.45	3.45
	508.00	514.40	6.40	5.0	0.58	0.58

MMD-23-120	12.90	31.95	19.05	12.4	0.59	0.59
	43.65	61.10	17.45	11.4	0.30	0.30
	63.00	125.00	62.00	40.9	0.32	0.32
	137.85	154.30	16.45	11.0	0.33	0.33
	165.90	170.00	4.10	2.7	0.37	0.37
	175.00	178.85	3.85	2.6	0.80	0.80
	208.20	211.55	3.35	2.3	0.43	0.43
	241.15	263.20	22.05	15.2	0.30	0.30
	276.00	282.10	6.10	4.2	0.61	0.61
	352.00	377.00	25.00	17.7	0.47	0.47
including	368.00	370.05	2.05	1.5	1.15	1.15

Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MMD-22-107	668,208	5,378,030	442	127°	-50°	450
MMD-22-110	668,166	5,378,056	448	126°	-50°	402
MMD-22-111	668,147	5,378,114	445	143°	-50°	552
MMD-23-115	668,388	5,378,145	429	125°	-45°	324
MMD-23-116	668,387	5,378,392	446	124°	-49°	525
MMD-23-117	668,334	5,378,203	435	124°	-49°	450
MMD-23-118a	668,375	5,378,401	444	126°	-54°	552
MMD-23-119	668,277	5,378,239	447	126°	-50°	525
MMD-23-120	668,255	5,378,123	436	125°	-49°	450

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

Grant of Stock Options and RSUs

In addition, the Company announces that it has granted a total of 4,100,000 stock options (“Options“) to purchase common shares of the Company to certain directors, officers, employees and consultants. Such Options are exercisable into common shares of the Company at an exercise price of $0.25 per common share for a period of five years from the date of grant. Of the Options, 3,900,000 will vest 1/3 on October 24, 2023, 1/3 on October 24, 2024, and 1/3 on October 24, 2025; and 200,000 will vest 1/3 immediately and 1/3 annually thereafter. All Options expire on April 24, 2028.

The Company has also issued a total of 1,673,968 restricted share units (“RSUs“) to certain directors and officers of the Company. The RSUs will fully vest on the date that is one year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The grant of Options and issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders of the Company at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan will also be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the Company.

In addition, certain directors and officers of the Company have agreed to forgive an aggregate of $168,833 of debt, representing accrued consulting fees incurred during the period from January 2023 to March 2023 and directors’ fees incurred during the period from July 2022 to March 2023.

About Goldshore

Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario, with Wesdome Gold Mines Ltd. being a large shareholder. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163605

Dolly Varden Silver Energy Junior Mining Precious Metals Uncategorized

Dolly Varden Silver Mobilizes Five Drill Rigs and Outlines Discovery-Oriented 45,000 Meter Drill Program

Post author By admin
Post date April 24, 2023

Vancouver, British Columbia–(Newsfile Corp. – April 24, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) announces the 2023 Exploration Plans for the Kitsault Valley Project, which includes the Dolly Varden Silver property and Homestake Ridge Gold Silver property. A total of 40,000 to 45,000m of drilling is planned to build upon last year’s successes through further step outs following high grade silver and gold mineralization at the Wolf and Homestake Ridge deposits, as well as appropriately spaced exploration holes to allow the inclusion of new mineralization drilled over the past three drilling programs to be include in an updated Mineral Resource Estimate.

“2022 was a breakthrough exploration season at Dolly Varden Silver’s Kitsault Valley project. It hosts one of the largest, undeveloped high grade precious metals project in Western Canada. With the wide, high-grade silver intercepts in significant step-out holes from the Wolf and Homestake Silver deposits, coupled with the highest grade gold intercepts drilled in all of the Golden Triangle in 2022 from the Homestake Main deposit, we eagerly await the start of this season’s drilling. We are continuing our successful strategy of expanding current Resources, while also testing new exploration targets for discovery. The company has over $26 million in the treasury, positioning our exploration team with a tremendous opportunity to create value with the drill bit,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Figure 1. Kitsault Valley trend with 2023 exploration drilling targets

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Dolly Varden: Wolf and Kitsol Veins

Drilling allocated to the Wolf Deposit expansion will focus on both infill drilling of the wide-spaced intercepts from 2022 to be included in an upcoming resource estimate, as well as further step out holes in both the southwest, north and east directions where high grade silver mineralization remains open. Two intercepts from the Wolf Vein drilled in 2022 at the furthest strike extents of the vein, are approximately 825 meters apart. The deposit is wide open for expansion along strike and to depth.

Wolf Vein furthest Northeast: DV22-329: 1,499 g/t Ag, 1.89 %Pb, 0.46% Zn over 15.94 meters (8.77 meters estimated true width), including 23,997 g/t Ag, 1.24% Pb, 0.34% Zn over 0.35 meters (0.19m estimated true width).
Wolf Vein furthest Southwest: DV22-320: 321g/t Ag, 0.84 %Pb, 0.84% Zn over 12.85 meters (6.81 meters estimated true width) including 664 g/t Ag, 1.24% Pb, 3.54% Zn over 1.63 meters (0.86 meters estimated true width).

Figure 2. Wolf Vein Long Section outlining 2023 exploration drill targets

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Similar step out drilling will follow up on high grade silver mineralization at the Kitsol Vein, where drill hole DV22-323 demonstrated the continuity of steeply plunging, high-grade silver mineralization with results of 301g/t Ag, 0.23 %Pb, 0.56% Zn over 15.00 meters (9.60 meters estimated true width) including 434 g/t Ag, 0.41% Pb, 0.69% Zn over 5.90 meters (3.78 meters estimated true width).

Homestake Ridge: Main and Silver

The 2023 exploration drilling at the Homestake deposits are influenced by the structural information gained from the infill drilling at Main where two main plunge directions have been identified; a shallow, northerly plunge and a steep southerly plunge, where NE-SW structures crosscut the main Homestake trend. The planned drilling will target the down plunge extensions of higher grade and wider zones of gold mineralization such as 2022 drill hole HR22-333 which intersected 46.31 g/t Au, 70 g/t Ag and 0.19% Cu over 25.00 meters including 1,145 g/t Au, 826 g/t Ag and 0.51% Cu over 0.48 meters core length.

Figure 3. Homestake Ridge Long Section outlining 2023 exploration drill target

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Drilling at Homestake Silver will prioritize step out holes where 2022 expansion drilling had success at the southern extent, with HR22-362, a 200 meter step out that intersected 1,252 g/t Ag, 0.81 g/t Au and 0.14% Cu over 2.50 meters, including 3,330 g/t Ag, 0.75 g/t Au and 0.38% Cu over 0.75m.

Discovery Focused Exploration

The Moose Vein is a 2023 exploration drill target, testing an historic prospect with small exploration adit from the 1920s. It is located 1,500 meters north of the Wolf Deposit within the Potassic alteration halo associated with the Torbrit, Dolly Varden and Wolf silver deposits to the south. The Moose vein strikes east-west, similar to the Dolly Varden Vein, hosting silver grades and mineralization styles similar to areas of the Wolf vein, proximal to the high-grade plunge zone. The depth extent and projected extension of the Mooise Vein under the mid-valley sediment cap will be tested in the 2023 program.

Several blind drill targets under the 5.4 kilometer long mid-valley sediment cover will be better defined for later summer drill testing, after a planned ground IP survey is completed

Additional exploration targets will include parallel structural zones to the west of Homestake Main trend, coincident with a broad gold in soils anomalous zone overlying a quartz-sericite-pyrite alteration zone.

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.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163488

Energy Gold Shore Resources Junior Mining Precious Metals Uncategorized

Goldshore Expands Gold Mineralization Along Strike and at Depth at the Southwest Zone; Includes Intersects 2.17 g/t Au over 50.35m and 6.96 g/t Au over 15.05m

Post author By admin
Post date April 20, 2023

Vancouver, British Columbia–(Newsfile Corp. – April 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its recently completed drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Gold Project“).

Highlights:

Results from seven holes testing the extension of the Southwest Zone toward the Main Zone have delineated a new high-grade lens, including visible gold, northeast of the Southwest Zone resource that extends from surface to at least 250 meters depth with best intercepts of:
6.96 g/t Au over 15.05m from 189.4m depth in MMD-22-105, including
- 54.4 g/t Au over 1.6m from 189.4m
2.17 g/t Au over 50.35m from 103.55m depth in MMD-23-114, including
- 3.47 g/t Au over 26.05m from 120.35m

1.30 g/t Au over 21.35m from 214m depth in MMD-22-108, including
- 2.60 g/t Au over 7.35 from 228.0m
These drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. They also show that the Southwest Zone extends to depth and is potentially as large as the Main Zone.
With drilling recently completed, the Company is preparing an updated mineral resource expected in May. The updated resource will use data from an additional 72 holes compared to the November 2022 resource. Mineralization in the resource area remains open in multiple directions.

President and CEO Brett Richards stated: “These results continue to support our belief that the size and scale of the Moss Gold Project is much larger and continues to be open at all directions, along strike both to the northeast and southwest, as well as our understanding of lateral mineralized targets to the south-east of the Southwest Zone and the Main Zone. For now, we have halted the program to step back; understand the quantum of this resource, and prepare for a mineral resource update in early May, we can now see a viable path to a meaningful project PEA (preliminary economic analysis). We look forward to those results in the coming months, as we start to plan for an infill drilling program working towards a pre-feasibility study in the future.”

Technical Overview

Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-22-105, -108 and -109. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Location of drill holes in this release relative to the November 2022 resource model and $1500 open pit shell constraint

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Figure 2: insert close up of Southwest Zone with significant intercepts relative to the November 2022 resource model and $1500 open pit shell constraint

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Figure 3: Drill section through holes MMD-22-105, -108 and -109 showing the significant expansion of the mineralized model beneath the November 2022 resource model and $1500 open pit shell constraint, which should add to mineral resources in the upcoming update

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Continued infill of the Southwest Zone has delineated a new continuous high-grade structure over a 250m strike length from near surface to 200m depth immediately northeast of the historical Southwest Zone. Holes MMD-22-105, -108, -109 and MMD-23-113, and -114 intersected this structure along with previously released holes MMD-22-031, -042, -063, and -064. The newly understood zone orientation was tested against the phase 1 drill results and confirmed the continuity of the high-grade structures controlling the mineralization.

The mineralized zone occurs within an albitite+hematite altered diorite intrusion complex cut by closely spaced, texturally destructive sericite+chlorite+carbonate altered shears. Additional shearing, and subsequent alteration, is seen extending into the neighboring intermediate volcanics but is poorly mineralized.

The gold mineralization appears more nuggety than elsewhere in the deposit with a greater portion of the mineralization attributed to pyrite±chalcopyrite bearing quartz-carbonate veins within the sheared intervals. Mineralization includes visible gold (Figure 4). Several very high-grade intercepts include:

54.4 g/t Au over 1.6m from 189.4m depth in MMD-22-105

11.3 g/t Au over 0.5m from 147.7m depth in MMD-22-108 and
11.5 g/t Au over 0.7m from 232.35m
10.6 g/t Au over 0.95m from 323.3m depth in MMD-23-112

19.0 g/t Au over 0.65m from 54m depth in MMD-23-114 and
22.9 g/t Au over 1m from 128m depth and
14.4 g/t Au over 1m from 137m depth

Holes MMD-22-109 and MMD-23-113 intersected the high-grade structure but encountered lesser vein mineralization resulting in more modest grade intercepts including:

0.44 g/t Au over 81.2m from 298.8m depth in MMD-22-109, including
- 1.08 g/t Au over 8.60m from 335.35m

0.63 g/t Au over 29.5m from 129.55m depth in MMD-23-113, including
- 4.76 g/t Au over 2.0m from 140.0m and
0.51 g/t Au over 58m from 204.0m depth, including
- 1.92 g/t Au over 4.0m from 205.0m and
- 1.84 g/t Au over 3.0m from 229.0m

Holes MMD-22-106, and MMD-23-112 were focused on infilling the drill spacing of the existing Southwest Zone. All three holes intercepted broad zones of mineralization hosted primarily within altered granodiorite containing narrow higher grade shear zones. Best intercepts include:

0.47 g/t Au over 63m from 277m depth in MMD-22-106
0.61 g/t Au over 41.25m from 232m depth in MMD-23-112
0.39 g/t Au over 53.5m from 301m depth in MMD-23-112

Figure 1: Visible gold flake within a quartz-carbonate-pyrite vein at 190.42m (1.6m @ 54.4 g/t Au) in MMD-22-105 within the sheared, altered intrusion of the Southwest zone. Note that this photo is not intended to be representative of broader mineralization on the Moss Lake Gold Project.

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Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much larger and better mineralized than historical drillholes suggested; and is potentially as large as the Main Zone. We await the results from the final batch of assays that are expected to provide critical infill beneath the heart of the Southwest Zone.”

Table 1: Significant downhole gold intercepts

HOLEID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MMD-22-105	45.00	48.00	3.00	2.3	0.33	0.33
	62.00	66.45	4.45	3.5	0.34	0.34
	117.55	125.00	7.45	6.0	0.38	0.38
	189.40	204.45	15.05	12.5	3.64	6.96
including	189.40	191.00	1.60	1.3	30.0	54.4
MMD-22-106	165.00	187.00	22.00	15.7	0.33	0.33
	204.20	229.00	24.80	18.0	0.50	0.50
	256.00	263.00	7.00	5.2	0.34	0.34
	277.00	292.40	15.40	11.5	0.37	0.37
	299.20	340.00	40.80	30.9	0.59	0.59
including	325.00	335.00	10.00	7.6	1.17	1.17
	353.15	384.00	30.85	23.9	0.61	0.61
including	359.00	368.70	9.70	7.5	1.08	1.08
MMD-22-108	126.55	133.15	6.60	4.7	0.36	0.36
	143.55	168.00	24.45	17.6	0.62	0.62
including	143.55	148.20	4.65	3.3	1.99	1.99
including	147.70	148.20	0.50	0.4	11.3	11.3
	190.80	196.25	5.45	4.0	0.31	0.31
	214.00	235.35	21.35	15.9	1.30	1.30
including	215.40	218.00	2.60	1.9	1.10	1.10
and	228.00	235.35	7.35	5.5	2.60	2.60
including	232.35	233.05	0.70	0.5	11.5	11.5
	319.00	322.15	3.15	2.5	0.37	0.37
MMD-22-109	238.35	244.00	5.65	4.1	0.52	0.52
	271.00	274.00	3.00	2.2	0.37	0.37
	298.80	380.00	81.20	61.2	0.44	0.44
including	335.35	343.95	8.60	6.5	1.08	1.08
	395.10	404.65	9.55	7.4	0.39	0.39
MMD-23-112	103.35	106.85	3.50	2.5	0.38	0.38
	118.00	138.00	20.00	14.3	0.39	0.39
	179.00	182.00	3.00	2.2	0.57	0.57
	207.00	218.90	11.90	8.9	1.17	1.17
including	207.00	215.00	8.00	6.0	1.63	1.63
	232.00	273.25	41.25	31.5	0.61	0.61
	287.10	290.10	3.00	2.3	0.33	0.33
	301.00	309.00	8.00	6.3	0.32	0.32
	313.00	354.05	41.05	32.8	0.42	0.42
including	323.00	325.60	2.60	2.1	4.41	4.41
including	323.30	324.25	0.95	0.8	10.6	10.6
	368.00	370.00	2.00	1.6	0.71	0.71
	423.85	428.50	4.65	3.8	0.33	0.33
	462.00	472.75	10.75	9.0	0.56	0.56
	526.80	532.00	5.20	4.4	0.37	0.37
MMD-23-113	18.00	42.00	24.00	16.2	0.42	0.42
including	31.00	34.00	3.00	2.0	1.55	1.55
	129.55	132.00	2.45	1.8	0.41	0.41
	136.00	165.50	29.50	21.6	0.63	0.63
including	140.00	142.00	2.00	1.5	4.76	4.76
	204.00	262.00	58.00	44.5	0.51	0.51
including	205.00	209.00	4.00	3.0	1.92	1.92
and	229.00	232.00	3.00	2.3	1.84	1.84
	274.00	276.00	2.00	1.6	0.33	0.33
	289.00	291.00	2.00	1.6	0.31	0.31
	332.00	334.30	2.30	1.8	0.82	0.82
MMD-23-114	30.00	32.25	2.25	1.7	0.33	0.33
	40.65	62.65	22.00	16.3	0.78	0.78
including	54.00	54.65	0.65	0.5	19.0	19.0
	103.55	153.90	50.35	38.8	2.17	2.17
including	120.35	146.40	42.85	20.0	3.47	3.47
including	128.00	129.00	1.00	0.8	22.9	22.9
and	137.00	138.00	1.00	0.8	14.4	14.4
	183.00	189.85	6.85	5.4	0.36	0.36

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MMD-22-105	668,498	5,378,484	438	110°	-41°	249
MMD-22-106	668,438	5,378,379	440	126°	-50°	450
MMD-22-108	668,524	5,378,519	437	125°	-50°	450
MMD-22-109	668,466	5,378,591	427	125°	-51°	501
MMD-23-112	668,172	5,378,186	443	125°	-50°	600
MMD-23-113	668,494	5,378,469	438	126°	-50°	450
MMD-23-114	668,533	5,378,424	428	123°	-44°	402

Analytical and QA/QC Procedures

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163107

Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals Uncategorized

Metallic Minerals Drills 1,310 g/t Ag Eq within 6.7 Meters of 196 g/t Ag Eq at Caribou Target at the Keno Silver Project in Yukon, Canada and Retains SGS for Inaugural Resource Estimates

Post author By admin
Post date April 10, 2023

VANCOUVER, BC / ACCESSWIRE / April 10, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce final results from the 2022 exploration program at its 100% owned high-grade Keno Silver project in the historic Keno Silver District of Yukon, Canada. A total of 642 meters (m) were drilled in six (6) holes at the Caribou target in the Central Keno area to test extensions of known high-grade and bulk-tonnage mineralization. This work was completed as part of a larger 3,265 m drill program focused on target extension drilling at our advanced-stage “resource-ready” targets (Caribou, Formo and Fox) in anticipation of an inaugural NI 43-101 mineral resource estimate for the Keno Silver project in 2023.

Highlights

Drilling at the Caribou target continues to successfully extend high-grade silver mineralization both down-dip and south along strike of the known extents of the Caribou structure with a total of 71 intercepts in 5,980 meters of drilling to date.
Hole CH22-01 intersected two separate higher grade vein intervals within a broad zone of bulk tonnage mineralization. From 91.5 to 92.0 meters a 0.5 m interval contained 348 (g/t) silver equivalent (“AgEq”) (see Table 1, Footnote 1) and 125.2 to 125.7 m the hole intercepted 0.5 m of 1,201 g/t Ag Eq bounding a zone of 34.2 m grading 38 g/t Ag Eq.
The southernmost drilling at the Caribou target, first drilled in 2021, continues to demonstrate strong potential for further extension with 1,310 g/t Ag Eq encountered over 0.5 m at a near-surface depth of 44 m in hole CH22-05.
The Company has retained SGS Geological Services to complete the inaugural resource estimate and modelling work is underway.

Metallic Minerals President, Scott Petsel, stated, “The Caribou vein target in the Central Keno Area is a classic example of “Keno-style” high-grade Ag-Pb-Zn vein mineralization and shows excellent potential for resources of significant scale. As one of five near-term resource targets on the property, Caribou has consistently returned grades over 1,000 g/t Ag Eq and, more recently, has been recognized as a potential bulk tonnage target returning widths of mineralization up to 34.2 meters of potentially economic grades in a shallowly dipping configuration.”

Metallic Minerals Corp., Monday, April 10, 2023, Press release picture

“With high-grade results at the Caribou, Formo and Fox area targets, along with the continued delineation of broad bulk tonnage mineralization near surface, we are continuing to demonstrate the extensive exploration potential of the district. We look forward to completing a first resource for the Keno Silver project in the second half of 2023 and are also expecting to announce a resource update on our La Plata Project in Colorado in Q2, following the exceptional drill results announced on February 28^th, 2023.”

John Tumazos Virtual Conference

Metallic Minerals will join fellow Metallic Group company, Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF), during John Tumazos’ Very Independent Research virtual conference, with a joint presentation followed by Q&A from 2:15pm – 3:15pm Pacific Time on April 12^th. To register, click here.

Central Keno Hill Silver District

The central part of the Keno Hill Silver District is host to over 100 million ounces of past production and current Indicated resources in shallow deposits that, to date, have not previously seen systematic exploration to depth or along strike. Central Keno was one of the original discovery areas in the region and hosted the historic producing Keno Hill mine, along with eight other high-grade deposits including those on Metallic Minerals land holdings. Metallic Minerals’ work to date in this area shows the presence of a major structural corridor that is comparable in surface expression and structural setting to the +150 million-ounce Bermingham-Calumet system in the extensively explored western part of the district.

Caribou Target Area

The road accessible Caribou target in the central part of the district is one of the most advanced individual targets at the Keno Silver project. Eighty-three (83) drill holes totalling 5,980 m (a 72 m average hole depth), have been drilled since 2008 at Caribou making it the Keno Silver project’s most drilled target area. The Caribou deposit historically produced very high-grade material grading more than 1,000 g/t silver from near surface and is interpreted to be a significant connecting structure between the main shear structures in the Keno Summit structural corridor. The Caribou deposit spatially occurs within a high-level silver-in-soil anomaly of over 10 g/t Ag Eq that extends over 2.5 km long by 1.5 km in width and that remains open to expansion.

Figure 1 – Keno Silver District Geology and Deposits

Mineralization at the Caribou target consists of high-grade, north-striking Ag-Pb-Zn structures with a shallow 34-degree dip. Exploration on the high-grade vein structure has also defined a surrounding envelope of broader bulk tonnage mineralization. These broader zones of mineralization not only include wide veins but also parallel veinlets, stringers and breccia zones. In the 2021 and 2022 drilling of the broader Caribou zone returned intervals up to 34.2 m wide (averaging 18.2 m), with grades between 35.2 g/t Ag Eq and 134 g/t Ag Eq. These wide widths combined with a shallow dip and a near surface environment (deepest intercept is only 120 m from surface), make this bulk tonnage and high-grade mineralization potentially amendable to low cost, bulk tonnage mining methods.

Similarly, the Fox and Formo targets also show broader zones of mineralization that may be amenable to lower cost mining methods, as was successfully demonstrated in the Keno District at the Hector Calumet and Onek deposits by United Keno Hill Mines in the 1980s¹.

Table 1 – Highlights of 2022 Drilling from the Caribou Target Area

Hole	From(m)	To(m)	Length (m)	Ag Eq (g/t)	Ag(g/t)	Au(g/t)	Pb(%)	Zn(%)

CH22-01	91.5	125.7	34.2	38.0	16.0	0.11	0.11	0.24
incl	91.5	92	0.5	347.7	205.0	0.04	2.51	1.68
and	104.6	105.1	0.5	170.4	65.0	0.21	1.45	1.07
and	124	125.7	1.7	470.9	183.9	1.70	0.71	2.99
and	125.2	125.7	0.5	1201.1	548.0	2.90	1.77	8.75
CH22-02	94.5	126.6	32.1	35.2	18.9	0.06	0.10	0.21
and	112	112.5	0.5	459.0	176.0	0.55	1.92	4.30
and	126.1	126.6	0.5	849.8	529.0	1.07	3.03	3.76
CH22-03	9.9	10.43	0.53	134.5	58.0	0.09	1.97	0.26
CH22-04	12.4	12.9	0.5	179.1	74.0	0.09	2.75	0.37
CH22-05	37.5	44.2	6.7	195.8	99.0	0.07	0.14	2.12
incl	38.64	39.5	0.86	421.3	361.0	0.19	0.41	1.14
and	43.67	44.2	0.53	1310.0	356.0	0.01	0.04	22.44
CH22-06	50	59	9.0	26.3	15.5	0.02	0.05	0.20

Notes to reported values:

Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20.0/oz silver (Ag), $1,800/oz gold (Au), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % / 10,000 x recovery x Pb price / Ag price] + [Zn% / 10,000 x recovery x Zn price / Ag price].
In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as measured drill intersect lengths and may not represent true width.

Figure 2 – Caribou Area Plan Map

Recap of 2022 Exploration at the Keno Silver Project

Metallic Minerals completed 3,265 m meters of diamond drilling in 23 holes at the Keno Silver Project during 2022 with the aim of extending advanced-stage “resource-ready” targets in anticipation of an inaugural resource estimate for the project in 2023. Additionally, LiDAR data collection and ground based geophysics were completed to further support project advancement and target generation.

These final Caribou results from drilling during the 2022 field exploration program caps-off what was an exceptional year at the Keno Silver Project with 138 significant intervals of greater than 100 g/t Ag Eq and 22 intervals over 500 g/t Ag Eq drilled within 23 holes. A robust drill program focused on continued resource expansion and to test new targets is being planned for 2023.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company, The Company is focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and other critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023.

At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource. Results from 2022 expansion drilling intercepted the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. An updated NI 43-101 resource estimate incorporating the latest drilling for La Plata is currently in progress.

Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show Gold Rush on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Footnotes:

Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Taylor Haid, P. Geo, Project Manager for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control

All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessrul operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Metallic Minerals Corp.

View source version on accesswire.com:
https://www.accesswire.com/748250/Metallic-Minerals-Drills-1310-gt-Ag-Eq-within-67-Meters-of-196-gt-Ag-Eq-at-Caribou-Target-at-the-Keno-Silver-Project-in-Yukon-Canada-and-Retains-SGS-for-Inaugural-Resource-Estimates

Uncategorized

Buenos Aires locals bemoan homeless encampments overrunning major airport

Post author By admin
Post date April 7, 2023

At the start of the long Easter weekend, the airport in Argentina’s capital is eerily quiet before dawn, hours before it will fill with travelers. About 100 people who sleep inside the facility are getting ready to start their day.

One of them is Ángel Gómez, who has been living in the Jorge Newbery International Airport for two years and has seen how the number of people joining him has soared.

“After the pandemic, this became a total invasion,” Gómez said early Thursday as he sat next to a sign that advertised the Perito Moreno glacier, an iconic tourist attraction in Argentine Patagonia.

UN AGREES TO HEAR CENTURY-OLD VENEZUELA-GUYANA BORDER DISPUTE CASE

The airport, known colloquially as Aeroparque, has practically become a homeless shelter at night. It’s a stark reflection of the rising poverty in a country where some of the world’s highest inflation rates are making it difficult for many to make ends meet.

“If I pay rent I don’t eat, and if I pay for food I’m on the street,” said Roxana Silva, who has been living at the airport with her husband, Gustavo Andrés Corrales, for two years.

Silva gets a government pension of around 45,000 pesos, which is equivalent to $213 at the official exchange rate and about half of that in the black market.

“I don’t have enough to live on,” Silva laments, explaining that she and her husband take turns sleeping so that someone is always watching their stuff.

More and more Argentines are finding themselves in Silva’s situation, as the country’s inflation clocked in at an annual rate of 102.5% in February. Although Argentina has been used to double-digit inflation for years, this marked the first time the annual rise in consumer prices reached triple digits since 1991.

Buenos Aires’ Jorge Newbery International Airport has become an unofficial homeless encampment as Argentina faces a significant economic crisis. (AP Photo/Natacha Pisarenko)

The high inflation, which has been especially pronounced in basic food items, has hit the poor the hardest and pushed the poverty rate to 39.2% of the population in the second half of 2022, an increase of three percentage points from the first six months of the year, according to Argentina’s national statistics agency, INDEC. Among children under age 15, the poverty rate increased more than three percentage points to 54.2%.

Horacio Ávila, who runs an organization devoted to helping homeless people, estimates the number of people without a roof in Argentina’s capital has soared 30 percent since 2019, when he and others carried out an unofficial count of 7,251 people in this city of around 3.1 million.

Amid the increased cost of living and diminishing purchasing power, more people started to look to the airport as a possible refuge.

Laura Cardoso has seen this increase firsthand in the year she has been living in the airport “sleeping sitting up” on her wheelchair.

“More people just came in,” Cardoso said while accompanied by her two dogs that she says make it difficult for her to find a place to live because no one wants to rent to her. “It’s packed with people.”

EL SALVADOR’S GANG CRACKDOWN STRETCHES TO ONE-YEAR MARK WITH NO SIGN OF SLOWING

Mirta Lanuara is a new arrival, living in the airport only about a week. She chose the airport because it’s clean.

Teresa Malbernat, 68, has been living in the airport for two months and says it’s safer than being in one of the city’s shelters, where she says she was robbed twice.

The Argentine company that operates the airport, AA2000, says it “lacks police power” and “the authority to evict these people” while also saying it has the obligation to ensure “non-discrimination in the use of airport facilities.”

For Elizabet Barraza, 58, the sheer number of homeless people living in the airport illustrates why she’s choosing to emigrate to France, where one of her daughters has been living for five years.

CLICK HERE TO GET THE FOX NEWS APP

“I’m going there because the situation here is difficult,” Barraza said as she waited to board her flight. “My salary isn’t enough to rent. Even if they increase the salaries, inflation is too high so it isn’t enough sometimes to rent and survive.”

“I don’t want to come back,” Barraza said.

Original Source: https://www.foxnews.com/world/buenos-aires-locals-bemoan-homeless-encampments-overrunning-major-airport

Energy Junior Mining Precious Metals Silver Bullet Mines Uncategorized

Silver Bullet Mines Corp. Provides Update on The Buckeye Mine High Grade Gold, Platinum, and Palladium and Provides First Stage Check of Initial Assays Results

Post author By admin
Post date March 2, 2023

Burlington, Ontario–(Newsfile Corp. – March 2, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’). Based on a review of the Company’s technical disclosure by staff of the Ontario Securities Commission the Company is issuing the following update.

On September 26, 2022 and October 18, 2022 the Company disclosed high-grade gold, platinum, palladium, rhodium, and osmium (the “Bonus Materials”) results from the Buckeye Mine from the in initial lab.

The Company has subsequently received results on or about January 17, 2023 from six referee/check samples submitted to another independent third-party lab (Activation Laboratories Inc. (Actlabs)) which puts these previously released assay results into question. These new results indicate an absence of gold, palladium, and platinum. Please see the table below.

			Assay Results
Actlabs	Certificate No.	Initial Lab (ppb)	Actlabs (ppb)
Sample No.	Initial Lab	Actlabs	Au	Pd	Pt	Au	Pd	Pt
I342175	2210001-11	A22-18646	22900	10400	61	2	< 5	< 5
I342176	2210001-10	A22-18646	30600	13600	70	3	< 5	< 5
I342177	2210001-1	A22-18646	14600	18900	50	4	< 5	5
I342178	2210001-12	A22-18646	81700	15900	93	< 2	< 5	< 5
I342179	2210001-8	A22-18646	31800	16009	93	5	< 5	< 5
I342180 (Duplicate)	2210001-1	A22-18646	14600	18900	172	< 2	< 5	< 5
I342181 (Standard)		A22-18646				88	683	581
I342182 (blank)		A22-18646				< 2	< 5	< 5

Notes:

1) Standard used for sample I342181 was CDN-PGMS-29 a certified reference material with expected values of Au (88 ppb), Pd (677 ppb), and Pt (550 ppb)
2) Blank used for sample I342182 was barren silica material.

Investors should not rely on the assay results previously reported by the Company on September 26, 2022 and October 18, 2022.

In addition, the Company’s November 3, 2022 news release indicated that assay results from samples of diabase at several locations near and in the Buckeye Silver Mine were received and were being considered and would be disclosed to the public as soon as possible. Based on six referee/check samples noted above, the Company does not intend to disclose these results as they are considered unreliable at this time.

The Company has engaged and sent samples to another independent certified lab (Third Lab). The Third Lab is performing check assay results using the same analytical method as the initial lab. Such results will be disclosed immediately upon receipt.

The QAQC set out below is important as Actlabs that completed the check assays followed an analytical process different from the initial lab that produced the data reported by the Company on September 26, 2022 and October 18, 2022.

QAQC

The Company had retained representative material from which each of the initial lab samples were obtained. A total of 6 samples inclusive of one duplicate were selected by the Company’s QP, Robert G. Komarechka P.Geo., from this material and secured in sealed and labeled sample bags and delivered to a local courier in Globe, Arizona who then forwarded the samples on to Actlabs in Thunder Bay. The shipment also included duplicates, standards and blanks. In addition, Actlabs also used its own standards, blanks and duplicates. Actlabs undertook assaying of these 6 samples using ICP (induced coupled plasma) followed by OES (optical emission spectroscopy) analysis. This is a different analytical analysis used by the initial lab which was by MS (mass spectroscopy). SBMI is investigating whether the difference in process could explain the discrepancy in results.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

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 mineralized material; the presence 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156969

Uncategorized

ROVER METALS CLOSES $880,000 UNDER ITS $0.08 UNIT FINANCING

Post author By admin
Post date February 27, 2023

VANCOUVER, British Columbia, Feb. 27, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of December 21, 2022, February 14, 2023, and February 21, 2023 the Company has now closed its $0.08 Unit Financing. The Company has raised a total of $880,000 under three closings: $376,000 on November 16, 2022; $202,000 on December 21, 2022; and $302,000 on February 24, 2023. As a result of this financing, the Company has issued 11,000,000 common shares, and 11,000,000 common share purchase warrants (the “Warrants”) across the three closings. The Warrants have a useful life of 30 months and an exercise price of $0.12 per warrant share. Finder’s cash commissions of $37,910.56 were paid, and 473,882 finder’s warrants were issued in connection with this financing. The finder’s warrants bear the same terms as the warrants issued under the financing. Common shares and Warrants issued in connection with the financing will bear the standard four-month regulatory hold period required by the Toronto Venture Exchange.

Use of Proceeds

The proceeds from the financing are being used for:

Permitting costs for the Let’s Go Lithium (“LGL”) project, NV, USA
Acquisition option payment costs for the LGL project
Lithium exploration costs at the LGL project
Annual holding costs for the Company’s other natural resource projects
General and Administrative expenses
Marketing and Investor Relations costs

Judson Culter, CEO at Rover Metals, states “The closing of this financing keeps us on track with our permitting work at the LGL project. In Q1 of this year, management began working with the Bureau of Land Management (the “BLM”) to obtain an exploration drill permit for the project. Management has secured water rights for its exploration permit, and has submitted its application to the BLM. An updating release will be provided once we receive our exploration permit from the BLM.”

About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA, near to the city of Las Vegas. Plans for 2023 include a maiden reverse circulation drill program at the Let’s Go Lithium project.

The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Subscribe to our Newsletter on our Website: https://www.rovermetals.com/

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

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.

CONTACT: For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2855

Base Metals Energy Junior Mining MillRock Resources Precious Metals Uncategorized

Millrock Provides Update On
64North Gold Project, Alaska

Post author By admin
Post date February 24, 2023

Figure 1

Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.

Highlights:

Millrock received payment of US$100,000 and 10 million Resolution Minerals shares. Having spent more than US$9 million and met all other necessary conditions, Resolution has earned a 51% interest in the project. A joint venture is to be formed.
Excellent drill targets have been identified at East Pogo.

VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) has been earning a joint venture interest from Millrock.

Earned Interest:
Resolution has completed the requirements to earn a 51% interest in the project, and this interest has been recorded. Resolution has exceeded the Year 3 exploration expenditure requirement of US$2.5 million and has spent a total exceeding US$9.0 million on exploration. Resolution has recently paid Millrock US$100,000, and issued a further share payment of 10 million RML shares to Millrock. Millrock now owns 33 million Resolution shares. Resolution has indicated it does not intend to exercise its option to continue sole-funding exploration on the project to further increase its ownership interest. A 51% Resolution – 49% Millrock joint venture is to be formed. The terms of the December 2019 agreement can be viewed at this link: Definitive Exploration Agreement.

New East Pogo Drill Targets Identified:
As a result of the 2022 regional work, new compelling drill targets have been identified at the Miranda and Boundary prospects in the East Pogo block of the project area. Four ELF (Extremely Low Frequency) electromagnetic geophysical survey lines and a surface soil geochemical grid were completed during the 2022 season in order to refine the model for the mineralized system in the area. The updated model suggests the source of mineralizing fluid is related to discrete magnetic intrusions at depth. Multiple intrusions occur within the dilatational zone associated with the previously identified shear package. The new model indicates previous drilling in the area did not achieve depths needed to test the prospective shear. Deeper drilling will be required to test the full thickness of the shear rock package. However, a shallower, undrilled target has also been outlined. Resolution has reported further details in their February 23, 2023 press release.

Figure 1. Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.

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

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation formation of a joint venture between Millrock and Resolution and the possibility of further drilling at the East Pogo prospect. 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.

Energy Junior Mining Precious Metals Uncategorized

Franco-Nevada Update on the Suspension of Ore Processing at Cobre Panama

Post author By admin
Post date February 23, 2023

TORONTO, Feb. 23, 2023 /CNW/ – Franco-Nevada Corporation (“Franco-Nevada” or the “Company“) (TSX: FNV) (NYSE: FNV) has been advised by its partner First Quantum Minerals Ltd. (“First Quantum“) that First Quantum’s subsidiary, Minera Panama, S.A. (“MPSA“), has suspended ore processing operations at the Cobre Panama mine. As previously announced, the Panama Maritime Authority (“AMP“) issued a resolution on January 26, 2023 requiring the suspension of concentrate loading operations at the Cobre Panama Port, Punta Rincón, until certification of the calibration of the scales by an accredited company had been initiated. Key updates as reported by First Quantum include:

MPSA believes it has complied with all requirements of the AMP resolution but copper concentrate loading operations are still not being permitted by the AMP
MPSA will begin a partial demobilization of its workforce and will take a systematic approach to reducing operations to ensure the safety of its workforce, prevent damage and degradation of equipment and preserve the integrity of the mine
If the AMP is to permit the recommencement of concentrate loading operations, MPSA could begin shipping concentrate and resuming operations at the mine within hours
Negotiations with the Government of Panama on a refreshed contract are continuing and First Quantum remains committed to achieving an outcome that will be to the benefit of all stakeholders and support the long-term operations of the Cobre Panama mine.

Please refer to First Quantum’s press release dated February 23, 2023 for further details.

Impact on Franco-Nevada

Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, holds two precious metal streams indexed to the copper-in-concentrate shipped by Cobre Panama. First Quantum’s 2023 guidance for uninterrupted production from Cobre Panama provided on January 16, 2023 was for 350kt to 380kt of copper production. This would translate into 131koz to 142koz of attributable GEO production to Franco-Nevada (calculating gold equivalence using $1,800/oz Au and $21.00/oz Ag prices).

Provided operations resume at Cobre Panama, the impact to Franco-Nevada of the suspension of operations should be limited to a deferral of revenue as the streams do not bear any associated carrying costs while operations are suspended.

Despite operations at the mine being suspended, Franco-Nevada remains highly profitable, continues to generate substantial cash flow, is debt-free, and has cash and working capital in excess of US$1 billion, an undrawn US$1 billion credit facility and limited financial commitments. Franco-Nevada remains in communication with First Quantum and will provide further updates as they are available.

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the CRA, the expected exposure for current and future assessments and available remedies, the outcome of any discussions between the Government of Panama and the operator of the Cobre Panama mine and the remedies relating to and consequence of any actions taken by the Government of Panama or the operator of the Cobre Panama mine. In addition, statements relating to reserves and resources, gold equivalent ounces (“GEOs”) and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Tags #JuniorMining, #MauriceJackson, #MilesFranklin, #PreciousMetals, #ProvenAndProbable

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Category: Uncategorized

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ROVER METALS CLOSES $880,000 UNDER ITS $0.08 UNIT FINANCING

Millrock Provides Update On
64North Gold Project, Alaska

Franco-Nevada Update on the Suspension of Ore Processing at Cobre Panama

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