India is demonetizing again. This time it is the INR 2,000 bills that were issued when the last demonization of 2016 happened. Here are my thoughts:
I will soon have another article about Argentinian-style dual rates emerging in India.
On Investments
Many people who invest in mining have a very bullish expectation of a specific commodity and use mining companies as a proxy for that commodity. In the following discussion with Brian Leni, I explain why this is erroneous.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Platinum prices have shot up as speculators bet that power outages at South African mines and rising demand from auto makers and the hydrogen industry will create supply shortages.
Platinum is used to neutralize harmful engine emissions, as well as in other industries and jewellery. Prices leaped from just above $900 an ounce in late February to $1,132.17 on April 21 — the highest in more than a year — before easing to around $1,050 by Tuesday.
Speculative investors have expanded their net long position in NYMEX platinum futures to 1.5 million ounces from 145,000 ounces in late February, exchange data show.
Exchange traded funds (ETFs) storing platinum for their shareholders meanwhile bought around 120,000 ounces in just a few days in late April, according to the World Platinum Investment Council (WPIC), which tracks funds.
Charting platinum prices and the net speculative position in NYMEX platinumExchange traded funds have increased their holdings of platinum
“We think this is the first year of serial deficits in the platinum market,” said Standard Chartered analyst Suki Cooper.
However, Cooper said prices could weaken in the short term before supply risks worsen later in the year.
South Africa produces 70-75% of mined platinum supply. Miners there have said rolling power cuts could cut their output by 5-15% this year, Cooper said, adding that Russian production may also disappoint.
“We’re now entering the winter period in South Africa and getting more frequent alerts on power outages,” she said. “The market is concerned.”
Demand from the auto industry — the biggest consumer of platinum — should rise by 8% this year as vehicle production increases, said StoneX analyst Rhona O’Connell.
O’Connell forecasts a 900,000 ounce deficit in the roughly 8 million ounce a year platinum market this year. The WPIC predicts a shortfall of around 500,000 ounces.
Investors also hope that large amounts of platinum will be used in the production and use of hydrogen.
But analysts at Macquarie said this could take years. “In our base case, the sector (across fuel cells and PEM electrolysers) would account for around 220,000 of demand in 2030 but be approaching 2 million ounces by 2040,” they wrote in a note.
Analysts at Macquarie expect the auto industry to use more than 3 million ounces of platinum a year in the coming years.
TORONTO, May 1, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) will be presenting at the OTC Markets Group Inc. Battery and Precious Metals Virtual Investor Conference on Wednesday, May 3, 2023, at 10:00am ET.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
Using the link below, investors can register and listen to the presentation, and take part in a question and answer session at the end. The presentation is expected to last 30 minutes.
An archived webcast will also be made available after the event.
Ari Sussman, Executive Chairman of Collective Mining will be presenting on the Apollo discovery at the Guayabales project in Colombia and will be focusing on the most recent drill results and outlining plans for the balance of 2023. The Apollo system is an outcropping, high-grade and bulk tonnage copper-silver-gold porphyry system. On April 25, 2023, the Company announced the discovery of a new subzone of high-grade mineralization beginning at surface with assay results yielding 104.8 metres @ 5.56 g/t gold equivalent including a 44.6 zone of oxide mineralization averaging 6.99 g/t gold equivalent. (see press release dated April 25, 2023 for AuEq calculation)
The Company’s Guayabales project is located in the mining-friendly department of Caldas, Colombia, in the heart of a long-established mining camp with ten fully permitted and operating mines located within three kilometres of the project. As a result, the Guayabales project is blessed with excellent infrastructure with roads and hydroelectric powerlines traversing the project and an abundant labour force located nearby in the townships of Supia and Marmato.
Three rigs continue to drill at Apollo with a fourth one expecting to be added by the end of Q2, 2023. Additional assay results are anticipated in the near term.
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in most directions and test newly generated targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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 news release.
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.
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.
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.
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.
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
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.
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, coppercobalt, 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.
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.
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% pyritechalcopyrite 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.
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.
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.
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
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
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.
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.
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
Figure 2: insert close up of Southwest Zone with significant intercepts relative to the November 2022 resource model and $1500 open pit shell constraint
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
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.
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
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-22-105
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
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.
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.
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.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, 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.
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 28th, 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 12th. 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
Metallic Minerals Corp., Monday, April 10, 2023, Press release picture
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
Metallic Minerals Corp., Monday, April 10, 2023, Press release picture
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.
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.
