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Stillwater Critical Minerals Engages SGS Geological Services for an Updated NI 43–101 Mineral Resource Estimate at the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA

VANCOUVER, BC / ACCESSWIRE / October 25, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) announces that it has engaged SGS Geological Services (“SGS”) for an updated independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA.

The Company also provides updates on recently completed field campaigns, the integration of Platreef geologic models, carbon sequestration studies, and other priority objectives.

Highlights

  • SGS has completed their site visit and is working on an updated NI 43-101-compliant mineral resource estimate at the most advanced target areas at Stillwater West as a priority objective for 2022.
  • Modelling of the updated resource estimate will be based on results of the 14-hole expansion drilling campaign which were not included in the initial resource in October 2021. Results from the expansion drill campaign demonstrated the impressive scale and grade of mineralization at Stillwater West with multiple drill intercepts of percent level nickel sulphide plus strong copper, cobalt, gold, and Platinum Group Element (“PGE”) values across nine kilometers in wide step-outs from known mineralization at three of the five deposit areas.
  • The updated resource estimate will be the first to integrate detailed geological insights from similar geology in South Africa’s Platreef district under the direction of Dr. Danie Grobler, who recently joined the team as Vice-President Exploration.
  • Additional rhodium assay results are pending for inclusion in the updated resource models.
  • A ground-based gravity geophysical survey covering approximately 15.5 line-km was completed in September 2022 in the Chrome Mountain target area. The survey is a test based on the success of this technique in targeting mineralization in South Africa’s Bushveld complex.
  • A comprehensive review of the project’s substantial database with targeted core re-logging has been completed to update the Company’s geologic model and integrate the understanding of important controls to mineralization developed in similar geology in the Bushveld. This work, along with channel sampling campaigns also completed in 2022, is expected to drive finalization of the updated resource models and direct future expansion drill campaigns.
  • The Company is expanding its engagement with the US Geological Service (“USGS”) to include new technical programs in addition to ongoing consultation and data sharing following onsite meetings.
  • Carbon sequestration studies are ongoing with the University of British Columbia and Carbin Minerals Inc to investigate the potential for carbon capture as part of a potential mining operation at Stillwater West. The Company is also engaging with other US-based research facilities to further explore this potential.

Dr Danie Grobler, Vice-President Exploration, commented, “There is an impressive amount of battery and platinum group metal in the Stillwater system, which is one of the largest in the world. Our collaborative work with the US Geological Survey and other recent academic studies have confirmed that the Stillwater Igneous Complex, including both Stillwater West and Sibanye-Stillwater’s J-M Reef deposit, was deposited as part of the same broad magmatic system. Similar geologic events created South Africa’s Bushveld Igneous Complex, and our recent work in the field has confirmed a number of parallels between Stillwater West and the Platreef district of the Bushveld in particular. This is significant because the Platreef hosts some of the very largest and most profitable critical minerals deposits in the world, including Anglo American’s Mogalakwena mine and Ivanhoe’s Platreef mine. Presently we are focused on fully integrating our understanding of Platreef geology into the Company’s geological model with a view to expanded exploration programs, and this work is well underway. Our summer field programs are now completed and included core relogging, geological mapping, channel sampling, and a focused gravity geophysical survey based on the success of this method in targeting high-grade nickel and copper sulphide mineralization, as well as PGE reef targets, in a similar setting as the Platreef. We look forward to providing further updates in the coming weeks.”

Michael Rowley, President and CEO states, “Stillwater West is a very rare asset, being a district-scale critical minerals project in the western US. The project has percent-level nickel sulphide – plus copper, cobalt, palladium, platinum, rhodium, gold and chromium values – in five deposits across the 12-kilometer-long resource area, which remains open for expansion across a broader 32-kilometer package that is continuously mineralized. In addition, the project is located in a truly world-class district with a long history of critical mineral production, adjacent to mines that are actively producing critical minerals. We continue to see confirmation of a large mineralized system with extraordinary potential to become a strategically significant US-based source of battery metals to meet growing electrification needs while also supplying PGEs for catalytic convertors and increasing fuel cell demand. For the near term, we see significant potential for expansion and are pleased to re-engage SGS for the priority resource modelling work.”

Resource Model Update

The inaugural October 2021 inferred Mineral Resource Estimate (the “2021 Resource”) was prepared by SGS and advanced the Stillwater West project significantly towards its potential to become a world-class source of low-carbon battery, catalytic and precious metals, in the USA.

The potential for resource expansion is driven by the highly successful most recent 14-hole drill campaign, which returned multiple wide and high-grade intercepts in wide step-outs from known mineralization at the three most advanced deposit areas. These 14 holes, which were not included in the 2021 Resource, include:

  • DR/Hybrid deposit area, Chrome Mountain – Drill hole CM2021-05 returned 13.2 meters of 2.31% Ni, plus 1.51 g/t Pd+Pt+Au+Rh (“4E”), 0.35% Cu, and 0.115% Co, starting at 37.6 meters and within 400.8 meters of continuous battery and precious metal mineralization. High-grade mineralization in this hole is of a type not previously identified in the Stillwater district and appears to be related to 8.5 meters of similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04 approximately 125 meters downdip to the west. See news releases from May 3, 2022, and March 3, 2021.
  • CZ deposit area, Iron Mountain – Drill hole CZ2021-01 returned 63.7 meters of 0.47% Ni, 0.42 g/t Pd, 0.27% Cu, and 0.04% Co as well as significant Pt and Au values, within 367.6 meters of continuous mineralization. Hole CZ2021-01 was a step-out from hole CZ2019-01 which returned 3.54 meters of 1.53% Ni, 0.49% Cu, 0.099% Co, and 3.45 g/t 4E within 399 meters of continuous mineralization, starting at surface. The CZ deposit benefits from a historic resource and positive preliminary metallurgical work completed by AMAX in the 1970s. The Company is expanding nickel-copper mineralization at CZ by the application of Platreef geologic models. See news releases from December 20, 2021, and January 21, 2020.
  • HGR deposit, Iron Mountain – Drill hole IM2021-05 returned 7.3 meters of 0.45% Ni, 0.51 g/t 4E, 0.17% Cu and 0.026% Co, including 2.4 meters of 1.55% Ni, 0.85 g/t 4E, 0.17% Cu, and 0.087% Co, within 379.2 meters of continuous battery and precious metal mineralization starting at surface. IM2021-05 was a step-out from hole IM2019-03 which returned 26.8 meters of 0.34% Ni, 0.15% Cu, 0.019% Co, and 1.24 g/t 4E within 272.5 meters of continuous mineralization. See news releases from July 7, 2022, and December 18, 2019.

About SGS Geological Services

SGS Geological Services is known globally as an expert in ore body modelling, and resource and reserve evaluation with over 40 years and 1500 consulting projects of experience providing the mining industry with computer-assisted mineral resource estimation services using cutting edge geostatistical techniques. SGS brings the disciplines of geology, geostatistics and mining engineering together to provide accurate and timely mineral project evaluation solutions. As part of the larger SGS Natural Resources group, they draw upon their massive network of laboratories, metallurgists, process engineers and other professionals to help bring mineral projects to the next level.

Option Grant

The Company announces it has granted 1,540,000 incentive stock options (the “Options”) to Directors and Officers of the Company. The Options are exercisable for up to five years, expiring on October 25, 2027, and each Option will allow the holder to purchase one common share of the Company at a price of $0.175 per share. Options are subject to certain vesting requirements in accordance with the Company’s Long-Term Performance Incentive Plan.

About Stillwater West

Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSXV: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the ongoing production of platinum group and other metals by neighboring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@criticalminerals.comPhone: (604) 357 4790
Web: http://criticalminerals.comToll Free: (888) 432 0075

Forward-Looking Statements

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, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical 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: Stillwater Critical Minerals



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Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals to Present at the Emerging Growth Conference October 12th

VANCOUVER, BC / ACCESSWIRE / October 10, 2022 / Metallic Minerals Corp. (TSX.V:MMG; OTCQB:MMNGF) (“Metallic” or the “Company”) is pleased to announce the Company will be presenting at the Emerging Growth Conference on October 12th, 2022 at 9:00am PT (12:00pm ET).

Metallic Minerals Corp., Monday, October 10, 2022, Press release picture
Metallic Minerals Corp., Monday, October 10, 2022, Press release picture

This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with CEO, Greg Johnson, who will discuss global and domestic metals markets, provide an overview of our key projects and upcoming catalysts and participate in a live Q&A session.

To register, click here or the adjacent logo. To learn more about Emerging Growth Conferences, visit www.emerginggrowth.com.

Metallic Minerals CEO, Greg Johnson, commented, “We are very pleased to be participating in our first Emerging Growth event and, against the backdrop of recently rebounding metals strength, feel this is excellent timing to introduce investors to the mining sector, the opportunities that abound and the value potential of Metallic Minerals as a precious and base metals explorer with exceptional assets. In 2022, we conducted exploration and drill campaigns at both our high-grade Keno Silver project adjacent to Hecla Mining in Yukon, Canada and our La Plata copper-silver-gold project in Colorado, USA. Results from both are pending receipt of assays and we anticipate news flow in that regard to commence soon.”

About the Emerging Growth Conference

The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner. Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Hecla_Mining%253BLa_Plata%253BCompany%253BMineral%253BKeno_City%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25227cad23d4-6755-3b0f-9a16-c008e5359400%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. 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 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 in September 2022. In April 2022, Metallic announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

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.



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Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Acquisition of Additional High-Grade Claims in the Keno Hill Silver District

VANCOUVER, BC / ACCESSWIRE / September 7, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce that it has acquired 100% interest in 5 square kilometres (“km2“) of new mineral properties in the Keno Hill silver district of Canada’s Yukon Territory, bringing the Company’s total district hard-rock land position to 171 km2. Each of these newly acquired properties have demonstrated the presence of high-grade Keno-style silver-lead-zinc mineralization and are adjacent to, or contiguous with, Metallic Minerals’ Keno Silver property and the Keno Hill properties now owned by Hecla Mining following the completion of the acquisition of Alexco Resources (see Figure 1).

Acquisition Highlights

  • Nabob and Faro Claims – In the Keno Summit area, the Nabob claim hosts the Keno Hill “Main” vein and its numerous offshoots where drilling in 2012 returned impressive results (NA-12-02, 0.4 meters (m) of 4,090.6 grams per ton (g/t) Silver Equivalent (Ag Eq) (3,140 g/t Ag, 0.86 g/t Au, 22.37% Pb and 0.25% Cu), that led to high-grade surface mining of 65 tons of ore material over 4,200 g/t Ag (see Table 1)1. The Nabob Main vein was successfully targeted by two Metallic Minerals drill holes in its 2022 field program and assay results are pending.
  • Rage 1-3 Claims – The Rage claims cover the Rain and Shine target area where a typical Keno-style Ag-Pb-Zn vein has been sampled at surface and returned grades to 889.1 g/t Ag Eq in grab samples from the vein. The Rain and Shine mineralization appears to occur at the intersection of the Flame & Moth and Onek trends, which host 41.5 million ounces of silver (“Moz Ag”) and 4.3 Moz Ag respectively, in mineral reserves and M&I resources2. Well located regarding infrastructure, the Rage claims are crossed by the Bellekeno mine-to-mill haul road, only 600 meters from the Hecla Mill.
  • The Tveter-Pavlovich claims on the south side of Sourdough Hill, 500 meters from Hecla’s Bellekeno mine, is associated with extension of structures from the Bellekeno deposit which has produced 7.9 Moz Ag5 and hosts 4.75 Moz Ag in current reserves and M&I resources2. These potential extensions were tested by drilling at the Tveter-Pavlovich claim boundary in 2018 returning 3.3 m of 469.3 g/t Ag Eq (63.1 g/t Ag, 0.93% Pb, 0.92% Zn) including 0.2 m of 1,120.5 g/t Ag Eq (832.0 g/t Ag, 3.34%1)4. In addition to the Bellekeno vein extensions, historic exploration identified and exposed two additional vein occurrences with high-grade Ag-Pb-Zn and gold potential called the Mo vein showings on the property3.

Metallic Minerals President, Scott Petsel, stated, “We are very pleased to have been able to add these significant and very prospective properties in the high-grade Keno Hill silver district, and to immediately initiate drill testing of the Nabob vein as a historically drilled, potentially ‘resource-ready’ target.”

“Additionally, Metallic’s 171 km2 land position is the second largest in the prolific Keno Hill camp and now contains five ‘resource-ready’ advanced-stage targets, 11 ‘growth-stage’ targets with initial positive drilling and over 20 early-stage drill-ready targets with numerous additional untested soil anomalies of greater than 6.0 g/t Ag Eq., all in a district with over 100 years of mining history and over 300 million ounces of past silver production and current resources5. We are currently wrapping up our exploration program at the Keno Silver Project and we anticipate receiving initial results over the coming months from our core drilling and surface sampling programs including results from the Nabob target drilling.”

Keno District Alluvial Claims

In addition to the recently acquired hard-rock properties mentioned above, Metallic Minerals has been assembling, through acquisition and staking, a significant package of alluvial claims and leases in prospective areas in the Keno District. These claim groupings, including the Granite Creek East claims, the Allen/Faith Creek Claims and the Badger and Honey claims total over 20 miles of prospective alluvial deposits to explore and develop. Claims in the Granite Creek area have produced over 16,000 ounces of gold between 2015 and 2020 and gold production continues in multiple operations6. Metallic intends to pursue royalty agreements with known operators interested in alluvial claim development and production. A further update on Metallic’s alluvial claim and activities at both Keno and in the Klondike is expected in the coming weeks.

Upcoming Events

Metals Investor Forum – Metallic Minerals will be participating in the upcoming Metals Investor Forum in Vancouver on September 9-10, during which the Company will provide a live presentation with Q&A. For more information and to register click here.

Precious Metals Summit – Metallic Minerals will be attending the 2022 Precious Metals Summit in Beaver Creek, Colorado, where the Company will participate in 1-on-1 meetings with institutional investors and deliver a live presentation update. For more information and to register, click here.

Figure 1 – Keno Silver District Map Highlighting Metallic Minerals Property and New Acquisitions

Metallic Minerals Corp., Wednesday, September 7, 2022, Press release picture
Metallic Minerals Corp., Wednesday, September 7, 2022, Press release picture

Table 1 – Highlight Assay Results from Historic Drilling and Sampling at Recent Acquisition Targets

Target AreaDDH or Sample IDSample TypeFrom (m)To (m)Width (m)Ag Eq (g/t)1Ag (g/t)Au (g/t)Pb (%)Zn (%)Cu (%)
Rage113362Grab565.356.80.030.2210.540.03
Rage113363Grab193.026.00.310.072.800.03
Rage113364Grab660.4198.04.510.400.100.14
Rage10-06-LBGrab889.136.01.410.0514.420.38
Rage11-06-LBGrab301.5263.00.220.380.07Nil
RageRS-01-06Grab326.7275.00.250.590.12Nil
RageRS-02-06Chip259.328.00.010.054.87Nil
Nabob2NA-12-02Core21.2424.643.4637.5466.50.124.060.080.01
Nabob2Incl.Core21.2421.640.44090.63140.00.8622.370.250.09
Nabob2NA-12-03Core22.523.71.2292.5169.70.132.690.150.01
Nabob2NA-12-04Core16.7617.761236.7122.00.072.330.400.01
Nabob2NA-12-06Core2020.750.75240.4200.00.130.600.090.01
Nabob2NA-12-11Core4.755.550.81202.01019.00.293.600.280.05
Nabob2NA-12-11Core16.116.70.6251.6172.00.051.560.270.03
Nabob2NA-12-12Core7.058.251.21125.4798.70.417.100.360.02
Nabob2Incl.Core7.057.450.42951.92142.00.7118.630.670.04
Nabob2NA-12-13Core8.610.11.5211.5119.20.440.580.600.01
Nabob2NA-12-14Core5.26.10.9779.8655.00.441.560.340.08
Nabob2NA-12-15Core11.3513.001.65455.3394.00.150.400.650.01
Tveter -Pavlovich3K-18-0695Core285.3289.54.1583.833.90.010.820.38
incl.Core287.652880.35724.2354.00.018.990.61
Tveter -Pavlovich3K-18-0697Core230.5233.83.3469.363.10.010.930.92
Incl.Core230.5230.70.21120.5832.00.143.343.17

Table Notes: 1 – Silver equivalent (Ag Eq) values assume Ag $19/oz, Pb $1.05/lb, Zn $1.30/lb, Au $1,800/oz, Cu $3.00/lb and 100% metallurgical recovery. Sample intervals are based on measured drill intercept lengths. 2 – Historic Nabob drill samples were subject to highly selective sampling procedures for the purpose of evaluating high-grade mining opportunities and may not be representative of the entire mineralized widths of the Nabob vein system. 3 – Drilled by Alexco Resources at the Tveter-Pavlovich property boundary while the property was under option to Alexco Resources.

Nabob Target Area

The Nabob target, located in the Keno Summit target area, directly adjoins other holdings for Metallic. It was one of the original four claims filed on the Keno Summit discovery in 1919. The fact that it still has exposed high-grade Ag-Pb-Zn vein material, and in the 2010s saw 65 tons of very-high-grade silver production, emphasizes the overall prospectivity of this under-explored part of the district.

Hosted by the Nabob claim the “Main” vein and its transverse offshoots are exposed for 250 m on strike. Work completed in 2012 included rock sampling, trenching, geophysics and the drilling of 17 holes (490.7 m). As reported from the 2012 work, a bulk sample ran 1,618 g/t Ag, 18.5% Pb and 0.51 g/t Au underscoring the high-grade nature of the Nabob target1. After review of the available drill data and surface exposures, Metallic Minerals chose to drill two holes at the Nabob target in 2022 which have successfully encountered the vein structure and assay results are pending. The Nabob claim acquisition is accompanied by the equally prospective but undrilled Faro claim, also in the Keno Summit area. Together the claims enhance and expand Metallic’s holdings at the Keno Summit and add to the potential to rapidly develop a resource for the target area.

Metallic Minerals Corp., Wednesday, September 7, 2022, Press release picture
2022 Drill set up at the Nabob target

Rain and Shine (Rage 1-3) Target Area

The Rage claims, vended with the Nabob and Faro claims, host the Rain and Shine Ag-Pb-Zn-Au vein target. Mineralization at Rain and Shine is exposed at surface and has been sampled by Metallic Minerals returning substantial grades in grab sampling (see Table 1). The proximity of the Rain and Shine target to existing infrastructure, including Hecla’s operating mill and the Bellekeno haul road as well as being 750 m from underground developments at Hecla’s Flame & Moth mine (41.5 million silver ounces of combined reserves and M&I resources2), bode well for its exploration and development prospects. Mineralization at Rain and Shine is known to have occasional high grade gold numbers associated with the typical Ag-Pb-Zn mineralization and the exposed vein system is parallel to, and similar in style and mineralogy to the vein system being mined at the Flame & Moth. The Rain and Shine is a drill-ready target that Metallic will evaluate for drilling in 2023.

Tveter-Pavlovich Target Area

Consisting of 23 quartz mineral claims (Mo 1-8, Caroline 1-2, Rex 1-2, Boso 1-5, Casy 1-3, Bonny, Chrissie G and the Windy 1), the Tveter-Pavlovich claim block was optioned by Alexco Resources in 2017 with four holes drilled to test the extension of veins in the hanging wall of the Bellekeno 48 vein in the Bellekeno mine. Two of these drill holes encountered significant mineralization up to 1,120.5 g/t Ag Eq (see Table 1) with mineralization open to expansion with follow-up drilling.

Mineralization also outcrops on the Tveter-Pavlovich claims at the Mo target where historic trenching, dozing, shafting and the driving of an adit have exposed two parallel veins with select high-grade sample assays up to 9,771 g/t Ag, 80.5% Pb and 1.7 g/t Au3. Additionally, trenching in 1980 is reported to have exposed a segment of the Mo vein which ran up to 13,719 g/t Ag.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. 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 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 in September 2022. Metallic recently announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGE-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.

Footnotes

  1. Blackburn, L. R., Assessment Report, Nabob Project, Keno Hill Yukon Territory, Canada, Keno Hill Exploration Corp., Yukon, 2014
  2. Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021 and issue date of May 26, 2021.
  3. Yukon MINFILE – Mineral Occurrence 105M 013 – Version 2004-1. Yukon Geological Survey, Energy, Mines and Resources, Yukon Government, 2004.
  4. Stammers, et al., Assessment Report, 2018 Pavlovich Option Sourdough Hill, Alexco Resources, Yukon, 2019.
  5. 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.
  6. Steinke, et al., Public Presentation, Placer Gold Settings in an Alpine Glaciated Environment, Granite Creek, Yukon, Placer Forum 2022.

References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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 Scott Petsel, P.Geo., President, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

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, 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten 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.



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Categories
Base Metals Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Congratulates Heritage Mining on their Initial Public Offering

VANCOUVER, BC / ACCESSWIRE / August 30, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) congratulates Heritage Mining Ltd. (“Heritage”) for completion of their Initial Public Offering (“IPO”) and commencement of trading on the Canadian Securities Exchange under the symbol HML.

Under an earn-in agreement with SWCM announced November 29, 2021 (“the Agreement”), Heritage can acquire up to a 90% interest in the Drayton-Black Lake gold project in Ontario by completing cash and share payments totaling $320,000 and 7,200,000, respectively, and completing exploration and development work totaling $5,000,000 by the fourth anniversary of the Agreement.

The Agreement also provides SWCM with a 10% carried interest through completion of a feasibility study and includes potential success-based discovery payments of $1.00 per ounce of gold or gold equivalent on mineral resource estimates as filed from time-to-time on Drayton-Black Lake. Success-based payments are capped at a maximum of $10,000,000 and may be paid in cash or shares at Heritage’s discretion. At SWCM’s discretion, Heritage may own 100% of the project, with SWCM retaining an NSR royalty interest. Heritage has confirmed that issuance of 2,800,000 shares, required as a first tranche per the Agreement, is in progress and acknowledges the requirement for a cash payment of $150,000 within 10 days of the one-year anniversary of the Agreement.

Michael Rowley, SWCM’s President and CEO, commented, “Our heartiest congratulations to Heritage Mining for completing their IPO. This achievement is not only an important milestone in our agreement with them but is also one that sets the stage for our mutual success as they advance the Drayton-Black Lake project as their flagship asset. Heritage is off to a great start with a large and highly prospective land package in a producing yet underexplored high-grade district and a team with strong local expertise. gold belt. We expect our agreement with Heritage to be the first in a series of deals whereby we realize significant value for our non-core assets as part of our focus on battery and precious metals at Stillwater West, in Montana’s Stillwater Igneous Complex.”

Heritage Mining’s CEO, Peter Schloo stated, “Completing the IPO is a pivotal moment for Heritage. District-scale exploration assets are very rare, and the project’s location in Ontario’s producing Rainy River district adjacent to Treasury Metals’ Goliath Gold Complex makes it even more compelling. We are well-capitalized and excited about the potential of the Drayton-Black Lake project, and we look forward to reporting on our progress and the targets we have developed there.”

About the Drayton-Black Lake Gold Project

The Drayton-Black Lake project consists of over 142 square kilometers in the Abrams‐Minnitaki Lake Archean greenstone belt, along the northern margin of the Wabigoon sub-province in Ontario, Canada. This emerging gold belt has already produced over one million ounces gold1 and currently hosts 6.6 million ounces of gold in Reserves and Measured and Indicated resources in total among New Gold’s Rainy River Mine, Treasury Metals’ Goliath Gold Complex, and First Mining’s Cameron gold project2. Drayton-Black Lake has significant exploration potential with demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals’ development-stage Goliath Gold Complex project. Access and infrastructure are excellent on the project, which features direct road access and proximity to rail and power. The project features well-defined, near-term drill targets over four zones, based on over 100 years of exploration data from 176 diamond drill holes totaling approximately 20km that had never been compiled until 2022.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Mining_engineering%253BCanadian_Securities_Exchange%253BNatural_resource%253BExploration%253BInitial_public_offering%253BPrecious_metal%253BMineral%253BNew_Gold%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522f7bb1360-0dab-3a4d-8e1e-8e30f01e3037%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well-positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.

Stillwater Critical Minerals also holds the high-grade Drayton-Black Lake gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company’s district-scale Kluane PGE-Ni-Cu-Co project is on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s high-grade Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director

Email: info@criticalminerals.com
Phone: (604) 357 4790
Toll Free: (888) 432 0075
Web: http://criticalminerals.com

Footnotes: 1 – New Gold company reports; 2 – Totals include Rainy River Mineral Reserves and Mineral Resources https://newgold.com/assets/reserves-and-resources/default.aspx, Goliath Gold Complex Mineral Resources Treasury Metals https://treasurymetals.com/site/assets/files/4272/goliath_gold_complex_ni_43-101_resource_estimate_f.pdf and First Mining’s Cameron project Mineral Resources https://www.firstmininggold.com/assets/other-wholly-owned/cameron-project/

References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the projects. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is currently insufficient exploration to define these Inferred mineral resources as Indicated or Measured mineral resources and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

Forward-Looking Statements

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, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical 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: Stillwater Critical Minerals



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

Metallic Minerals Announces Start of Drilling at La Plata Silver-Gold-Copper Project in Southwest Colorado, USA, and Extends Warrant Expiry

VANCOUVER, BC / ACCESSWIRE / July 27, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the start of its 2022 exploration and drill campaign at the La Plata silver-gold-copper project, located in southwest Colorado. This is the Company’s second diamond core drill program at La Plata and follows the establishment of a new NI 43-101 compliant mineral resource estimate announced earlier this year (see news release dated April 26, 2022).

The initial focus of the 2022 drill program is to extend the limits of previously drill-identified mineralization in the Allard resource area, which is expected to form the basis for updated and expanded resource estimate in 2023. The Company is in the process of completing a follow-up ground-based induced polarization geophysical survey designed to support resource expansion drilling, as well as to help refine and prioritize additional copper-silver-gold porphyry targets developed from the Company’s systematic exploration and the application of new technologies on the project.

La Plata Project Highlights

  • Inaugural National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource issued April 2022 for the Allard deposit totals 889 million pounds of copper and 15 million ounces of silver in a constrained model, with 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade1.
  • Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization.
  • Exploration drilling in 2022 is designed to expand limits of known mineralization in the Allard resource area and to test newly developed targets representing potential new copper-silver-gold porphyry mineralization.

Project History

The road accessible La Plata project covers 33 km2 approximately 20 km northeast of Mancos, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BColorado%253BPorphyry_copper_deposit%253BCompany%253BMancos%252C_Colorado%253BNatural_resource%253BMineral%253BExploration%253BNational_Instrument_43-101%253BBorehole%253BPhelps_Dodge%253BGold_and_Copper%253BCopper%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25226fd0f08e-c132-3ea8-ac39-5f9770e1768b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects3. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m have been drilled on the property since the 1950s which confirm the presence of large multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold2.

In addition to the development of the inaugural resource estimate, exploration completed by Metallic Minerals at La Plata to date has included confirmation drilling, resampling of historic drill core and underground sampling, surface mapping, and soil sampling. The Company has also completed comprehensive geophysical surveys over the project including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified 16 untested potential porphyry centers outside of the main Allard resource area, as well as developed targets with potential for significant high-grade epithermal silver and gold.

Warrant Extension

Metallic further announces that the Company has applied to the TSX Venture Exchange for approval to extend the expiry date on 9,587,500 warrants that were due to expire August 13, 2022 (the “Warrants”) to February 13, 2023. The Warrants were originally issued as part of a financing completed in August 2020 (see news release dated August 13, 2020) led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters including Red Cloud Securities Inc. and Mackie Research Capital Corporation. The warrants entitle the holder to acquire one common share at an exercise price of $0.60.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. 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 Alexco Resource Corp’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 fourth largest in the world, announced the acquisition of Alexco in July 2022. Metallic recently announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGE-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Footnotes

1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) Cu Eq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949;

3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.

Qualified Persons

The La Plata copper-silver project 2022 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.

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, 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten 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.



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

Metallic Minerals Intersects 3.05 meters of 1,151 g/t Silver Equivalent within Newly Identified Bulk Tonnage Intercepts at Central Keno Area of Keno Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / February 17, 2022 / Metallic Minerals (TSX.V:MMG | US OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce drill results from the Central Keno target area, which intercepted high-grade silver mineralization within broad, bulk tonnage intervals akin to those recently discovered at East Keno but previously unknown in this part of Keno Hill. The Caribou target, in particular, is a top priority for resource definition and the Company is currently updating its 3D model based on drilling to date in anticipation of a robust 2022 campaign.

A total of 2,965 meters in 37 reverse circulation (“RC”) holes were completed throughout the Central Keno target areas out of 53 holes in the 6,200 meter (“m”) total 2021 Keno Silver program, along with 20.3 line-kilometers of deep-penetrating IP geophysical surveys. Results from the 26 holes from East and West Keno drilling remain pending.

Central Keno Highlights

  • 32 of the 37 Central Keno RC holes intersected intervals of silver mineralization, with two holes lost short of target depth due to challenging ground conditions.
  • Multiple high-grade silver intervals were intersected, often within broader, silver-bearing, bulk-tonnage mineralized intervals representing a new target style not previously identified in Central Keno.
  • In addition to high-grade, vein-hosted silver typical of the Keno Hill district, significant, stacked regional scale thrust faults and associated high-grade epithermal systems have been identified as an additional host for silver mineralization, providing a major expansion of the district’s overall scale potential.

Caribou Target Highlights

  • Drilling at the advanced-stage Caribou target successfully extended high-grade silver mineralization to the north and 400 meters along strike to the south of the previously known extent of the Caribou structure.
  • A down-dip intersection, along the northern extent of the Caribou vein, returned some of the highest grades to date and validated the continuity of the high-grade structure at depth, with a 50-meter step out from previously confirmed mineralization.
  • Hole KS21-47 intersected 27.4 meters of 146.0 g/t silver equivalent1 (“AgEq”), including a high-grade interval of 3.05 meters (“m”) at 1150.8 g/t AgEq (562.06 g/t Ag, 1.48 g/t Au, 3.0% Pb, 6.96%Zn).
  • Hole KS21-55 intersected 19.8 m grading 119.1 g/t AgEq, including a high-grade interval of 1.52 m at 1009.8 g/t AgEq. (147 g/t Ag, 3.24% Au, 0.99% Pb, 10.90% Zn).
  • KS21-57 intersected 21.3 m of 147.3 g/t AgEq, including a high-grade interval of 3.05m at 694.9 g/t AgEq (476.35 g/t Ag, 0.40 g/t Au, 4.23% Pb, 0.37% Zn)
  • Hole KS21-63 intersected 15.2 m grading 97.2 g/t AgEq, including a high-grade interval of 1.52 m at 627 g/t AgEq (500 g/t Ag, 0.13 g/t Au, 2.35% Pb, 0.45% Zn).

Metallic Minerals Chairman & CEO, Greg Johnson, stated, “We are very encouraged by the results from our work in 2021 which has brought major new insights into the mineralizing controls across the Keno District, particularly at Central and East Keno. Our team has identified significant structural features indicative of regional scale thrust faults that appear to form important permeable zones for hosting high-tenor epithermal-style silver mineralization throughout the central and eastern parts of the Keno District. Work planned for 2022 will follow up on the confluence of these newly identified zones of thrust-associated high-grade epithermal-style silver mineralization with the main phase of Keno-style mineralization and its potential to host high-grade and bulk-tonnage resources.”

“Central Keno continues to show exceptional resource potential through the continued expansion of areas of known high-grade Keno-style silver mineralization, along with this newly recognized epithermal silver mineralization. Drilling in 2021 extended the Caribou target a further 400 meters along strike to the south as well as to the north and down dip, making it, along with the Formo target, a top priority for resource definition of significant scale. Drilling and surface sampling has similarly extended the Homestake target by more than a kilometer along strike, making this historic producer another focus for the 2022 program. Both the advanced-stage, historically productive Caribou and Homestake targets are host to well-defined areas with bonanza grades. Additional results from targets at East and West Keno are anticipated to be reported in the coming weeks, preceded by key updates with respect to our La Plata project in Colorado.”

Figure 1 – Keno Silver District Geology and Deposits

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 8 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 more extensively explored western part of the district.

Caribou Target Area

The Caribou target in the central part of the district is one of the most advanced individual targets at the Keno Silver Project. 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 AgEq that extends over 2.5 km long by 1.5 km in width and that remains open to expansion.

As part of the exploration program in 2021, Metallic Minerals completed the first-ever application of deep-sensing IP geophysics on the Keno Silver project using Simcoe Geoscience’s Alpha IPTM system. Two deep-looking IP lines were completed across the Central Keno area, which identified significant conductive features that spatially correspond with the newly mapped regional scale thrust fault structures and associated epithermal style silver mineralization. This IP survey in combination with the drilling and detailed mapping has allowed the Metallic Minerals technical team to identify major conductive features that are spatially associated with kilometer-scale soil and magnetic anomalies and significant silver mineralization. This combination of utilizing drilling, geophysics and soil sampling is a highly effective tool set for targeting mineralization across the Keno Hill silver district.

Figure 2 – Caribou Vein Long Section

Drilling in 2021 returned significant step out extensions of mineralization from the main Caribou deposit to the north, south and down dip. Eight of these holes intersected continuous mineralized zones from 15 to 64 m width including a 400-meter step out that encountered 15.2 m grading 97.2 g/t AgEq with 1.5 m grading 628 g/t AgEq (500 g/t Ag, 0.13 g/t Au, 2.35% Pb, 0.45% Zn). This zone appears to be spatially associated with the location of one of the newly mapped regional thrust faults that can host high-grade epithermal silver mineralization. The high-level silver-in-soil anomaly continues for another 1.5 km to the south along strike from this southernmost drill hole at Caribou.

In addition, holes KS21-46 and -47 tested extension of the Caribou deposit to the north and downdip. These holes both confirmed the continuation of strong silver tenor both on strike to the north and at depth with KS21-47 returning one of the highest-grade down dip holes drilled to date intersecting 1597 g/t AgEq over 1.5 meters within a mineralized zone of 27.4 m width grading 146 g/t AgEq.

Table 1- Highlight 2021 Drill Results from the Caribou Target

HoleFrom (m)To (m)Width (m)AgEq (g/t)Ag (g/t)Au (g/t)Pb (%)Zn (%)
KS21-4642.6744.21.5371.61.50.730.010.00
79.2594.4915.2481.918.70.040.171.11
incl79.2588.399.1485.624.00.030.231.05
incl80.7782.31.53448.7125.00.131.295.51
incl92.9694.491.53260.431.00.200.224.29
KS21-4792.96120.427.44146.070.60.180.400.88
incl109.73112.783.051150.8562.11.483.006.96
incl109.73111.251.521597.1850.01.052.5711.46
KS21-52062.4862.4835.321.90.010.230.07
incl1.5225.9124.3979.751.90.020.550.09
incl7.6212.194.57297.0191.30.092.160.26
incl9.1410.671.53500.6340.00.222.940.49
KS21-5416.7642.6725.9153.435.20.010.300.11
incl21.3436.5815.2483.857.40.010.500.12
incl22.8624.381.52517.0387.00.072.740.30
KS21-5544.276.23275.614.80.190.090.82
incl44.264.0119.81119.122.70.300.151.30
incl50.2960.9610.67210.837.10.550.262.34
incl50.2954.864.57467.275.81.290.585.21
incl51.8253.341.521009.8147.03.240.9910.90
KS21-5733.5354.8621.33147.3100.40.070.930.09
incl33.5342.679.14332.4227.70.162.150.15
incl35.0541.156.1486.9335.20.233.120.20
incl35.0538.13.05694. 9476.40.404.230.37
KS21-6133.5377.7244.1924.911.00.010.040.23
incl50.2959.449.15102.647.70.050.160.92
incl51.8253.341.52337.1170.00.210.302.83
KS21-6330.4845.7215.2497.275.20.020.400.08
incl30.4838.17.62160.1125.20.030.650.12
incl33.5335.051.52627.8500.00.132.350.45

1Silver equivalent (Ag Eq) values assume Ag $19/oz, Pb $1.05/lb, Zn $1.30/lb, Au $1,800/oz and 100% metallurgical recovery. Sample intervals are based on measured drill intercept lengths.

Exploration to date has hit more than 70 mineralized intersections on the Caribou system over a strike distance of 700 m and down to 100 m depth. The Caribou deposit remains open to expansion to the south, north and down dip making it a top priority for resource focused drilling efforts in 2022. The highlighted results in Table 1 above build upon prior diamond drilling on the Caribou target by Metallic Minerals, results of which can be found here.

Metallic will look to follow up the 2021 success with diamond drilling in 2022 with intent to establish an initial resource at Caribou. Additional diamond drilling will be planned to test the newly extended southern strike and provide context for its association with the thrust structure. Importantly, 2021 drilling encountered ultra-high-grade, Keno-style vein intersects within much broader, bulk tonnage intervals similar to those discovered previously at East Keno in 2020.

Homestake

The historically productive Homestake target is located south of the Keno Summit target area along a parallel structural corridor. The style of the Homestake structure is comparable to those seen at the Keno Summit and in the more developed Western Keno areas. Homestake is comprised of two parallel vein structures within a broad structural corridor over 200 meters wide that has a demonstrated strike length of over 1 km in the host Keno Hill quartzite. Homestake #1 vein shows classic Keno-style, high-grade silver-lead-zinc mineralization, while the #2 vein can also show high gold grades with silver, which is characteristic of some structures in the larger deposits within the Keno Hill Silver District. The highest grades to date include assays of 4,027 g/t silver from drilling and 4,717 g/t silver from trenching on the Homestake #1 vein, and 22.1 g/t gold with 332 g/t silver from trenching on the Homestake #2 vein Prior drill results from Homestake can be found here.

To date there are 21 drilled vein intersections grading more than 600 g/t silver equivalent on the Homestake structures, including five that exceed 10 g/t gold on the Homestake #2 structure. Work in 2021 at Homestake focused on wide-spaced reconnaissance drilling along the main trends as well as extension of the open-ended soil anomalies. The soil sampling work expanded the high-level silver-in-soil anomaly associated with the Homestake mineralized system to 3 km in length by 1.5 km in width with the anomalies still open to further expansion. Intersections of anomalous silver over significant widths indicate a strike length of 1.5 km for the Homestake system. The next phase of systematic testing of these structures will be designed to delineate areas of the high-grade and bulk-tonnage toward development of an initial resource at Homestake.

About the Keno Silver Project

Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets towards an initial resource estimate along with identifying 12 priority multi-kilometer-scale early-stage targets in the under-explored eastern and southern parts of the district where initial drilling has returned significant high-grade Keno-style mineralization as well as bulk-tonnage style silver mineralization.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to 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 Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Forward-Looking Statements

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, 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten 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.

Categories
Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at La Plata Silver-Gold-Copper Project

VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of 2021 exploration activities at the La Plata silver-gold-copper project in the prolific Colorado Mineral Belt of southwest Colorado. The multi-faceted program included 1,980 meters of diamond drilling, resampling of historical drill core, and underground sampling from the Allard Tunnel, along with surface mapping and sampling across the broader property.

In addition, the Company engaged the team at Goldspot Discoveries (“GoldSpot”) to apply their proprietary Artificial Intelligence (“AI”), machine learning technology and specialized geoscience expertise in porphyry and epithermal systems to the La Plata project. GoldSpot completed their first phase analysis work on geological, geochemical, geophysical, and remote sensing data developing 16 new porphyry and high-grade epithermal priority targets for follow up work and future drilling.

2021 La Plata Exploration Program

The 2021 La Plata project work program was designed to achieve a number of important objectives:

  • Completion of confirmatory drilling and underground sampling within the main Allard porphyry target to confirm historical drill results from Rio Tinto, Freeport and others totaling 14,400 meters (“m”) in 54 drill holes drilled from the 1950s to the 1970s. This confirmatory drilling is an important step towards upgrading of the historical resource to a NI 43-101 compliant mineral resource estimate for the project;
  • Conduct surface exploration and follow-up sampling to further define the scale of mineralization along multiple identified trends that comprise multi-kilometer-scale soil and geophysical targets;
  • Undertake field confirmation of deep-penetrating Induced Polarization (“IP”) and airborne electromagnetic (“EM”) geophysical targets developed in the 2020 surveys; and
  • Initiate work with GoldSpot Discoveries to apply AI technology towards definition of priority targets to potentially accelerate the discovery process on the project.

Drilling and resampling of core in the main Allard porphyry system, along with underground sampling from the Allard Tunnel, has confirmed the tenor of copper, silver and gold mineralization from previous exploration on the property. The 3 kilometer (“km”) by 1 km mineralized system remains open to expansion at depth and along trend. This year’s work has also shown significant potential for palladium, platinum and gold associated with the porphyry system. Highlight historical drill intercepts include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) in drill hole LP-03 starting from surface. Final assay results for drill samples are pending.

Surface sampling has also expanded the main mineralized zone to 6 km in length and up to 1.5 km in width with anomalous copper, silver and gold in soils and rock samples. In addition, a second 4 km by 1 km target, which may represent a new porphyry and epithermal center, has been identified based on geophysics, remote sensing, and surface sampling with rock sample values in porphyry related mineralization up to 1.1% copper with 0.9 g/t gold and multi-gram silver. Rock samples of epithermal related mineralization included values up to 95 g/t silver and 10 g/t Au.

Metallic Minerals’ CEO and Chairman, Greg Johnson, stated, “We are pleased to have completed our first drill campaign at La Plata, and the first on the project in nearly 50 years, as we apply new thinking to this historic American high-grade silver, gold and copper district. Our work is confirming the potential for a multi-kilometer-scale mineralized porphyry and epithermal system – a much larger system than previously recognized – with excellent potential to expand known mineralization and to make new discoveries. Drilling, underground and surface sampling, geophysics, and satellite based remote sensing data for La Plata demonstrate real potential to become a strategic, US-based sourced of both precious and base metals, including silver necessary for solar power, and copper necessary for carbon-free energy and broader electrification of the global economy. Our 2021 work program has successfully advanced our understanding of the projects potential and is a major step towards the delineation of an inaugural mineral resource estimate. We look forward to providing additional updates including drill results from both our La Plata and Keno projects, as well as updates from our on-going work on the high-grade alluvial projects in the Klondike Gold district.”

About La Plata Silver-Gold-Copper Project

The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold1.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m has been drilled on the property since the 1950s which confirm the presence of large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration.

Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years, applying modern technologies and deposit modeling techniques. The Company sees the potential to rapidly extend the size of the known mineralized system and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones.

Foot notes: 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard deposit, La Plata Mining District, Durango, Colorado, 2005.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to 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 Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past-production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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 Jeff Cary, P.Geo., who is Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Forward-Looking Statements

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, 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, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines 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.



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Categories
Base Metals Energy Junior Mining Precious Metals Stillwater Critical Minerals

Group Ten Metals Signs Definitive Agreement with Heritage Mining on the Black Lake-Drayton Gold Project in Ontario, Canada

November 29, 2021 – Vancouver, BC – Group Ten Metals Inc. (TSX.V: PGE | OTCQB: PGEZF; FSE: 5D32) (the “Company” or “>Group Ten”) is pleased to announce that it has signed a Definitive Agreement (the “Agreement”) with Heritage Mining Ltd. (“Heritage”) per the binding Letter of Intent (the “LOI”) announced August 26, 2021. By the terms of the Agreement, and subject to the earn-in requirements specified therein, Heritage can acquire up to a 90% interest in Group Ten’s Black Lake-Drayton gold project (the “Property”) in Ontario, Canada.

Group Ten also announces that it has initiated the exploration program required by the Agreement, with a focus on advancing and refining existing targets identified in past campaigns, as well as advancing new targets. To this end, the 2021 program includes re-sampling of core from 1996-2002 drill campaigns programs at the Moretti, Dragfold, and Bonanza targets, focused prospecting in areas of interest identified by the 2017 geophysical modelling and interpretation report, and a basal till sampling program intended to expand upon successful 2018 and 2020 programs.

Group Ten President and CEO, Michael Rowley stated, “We are pleased to announce the successful conclusion of the first in what we expect will ultimately become a series of deals whereby Group Ten begins to realize value for our non-core assets. Black Lake-Drayton, like our Kluane Ni-Cu-PGE project, is a high-quality brownfields project that is district-scale in size and 100%-owned by the Company. The Agreement with Heritage Mining provides Group Ten with significant exposure to the gold market while allowing us to focus on our 100%-owned Stillwater West project in Montana, where we see terrific potential to expand our recent inaugural resource estimates of first-world nickel, copper, palladium, platinum, rhodium, gold and cobalt. Core from 2021 resource expansion drilling at Stillwater West is progressing through the assay lab and we look forward to a series of news releases announcing results starting in the coming weeks, as well as updates on other initiatives including our work in carbon sequestration.”

Heritage Mining’s CEO, Peter Schloo stated, “It is rare that a project of this size and quality becomes available, and we appreciate Group Ten’s faith in our ability to add significant shareholder value in a timely manner. We are very excited about the Black Lake-Drayton project and look forward to developing the property in a systematic manner. This is a pivotal point in Heritage Mining’s path, and we look forward to the future. We anticipate a go-public listing shortly, pending market conditions.”

Upcoming Events

Live Webinar – Amvest Capital

Group Ten Metals President and CEO, Michael Rowley, will provide an overview and update on the Company and our flagship Stillwater West battery metals and platinum group elements project during a live webinar event hosted by Amvest Capital on Monday, November 29th at 13:05 PT / 16:05 ET. To register, click here.

Virtual Investor Conference – OTC Markets Group

Group Ten has been invited to present at the upcoming Mining & Metals Virtual Investor Conference hosted by OTC Markets Group on Wednesday, December 8th at 12:00 PM PT / 3:00 PM ET. Topics of discussion will include the Company’s recently announced NI 43-101 mineral resource estimate, the 2021 expansion drill campaign, and upcoming, near-term catalysts. To register, click here.

Terms of the Heritage Mining Definitive Agreement

Under the terms of the Agreement, Heritage may acquire a 90% undivided interest in the Property by making payments totaling 7.2 million shares and CAD $300,000 in cash to Group Ten, completing exploration and development work totaling CAD $5 million on the Property, granting Group Ten a 10% carried interest in the Property through completion of a feasibility study, and completing other requirements including potential success-based discovery payments, as detailed below:

  • Heritage shall issue 2,800,000 shares to Group Ten within ten (10) business days of obtaining a public listing on a specified exchange.
  • Heritage may earn a 51% interest (the “First Option”) in the Property by completing the following on or before the third anniversary of the “Agreement:
    • Issuing an additional 3.3 million shares to Group Ten;
    • Completing cash payments totaling CAD $300,000; and
    • Completing exploration work totaling CAD $2.5 million.
  • Upon completion of the First Option, Heritage may earn an additional 39% ownership interest in the Property (the “Second Option”) for a cumulative 90% interest by completion of the following on or before the fourth anniversary of the Agreement:
    • Issuing an additional 1.1 million shares to Group Ten; and
    • Completing additional exploration work totaling CAD $2.5 million.

In addition, the LOI provides the following:

  • A discovery payment of $1.00 per ounce of gold or gold equivalent shall be made on mineral resource estimates as filed from time-to-time on the Property and shall, in Heritage’s discretion, be paid in cash or shares (or a combination thereof), capped at a maximum of $10 million.
  • Upon completion of the Second Option, Group Ten will retain a 10% free carried interest in the Project, with Heritage being responsible for all Property costs until completion by Heritage of a positive feasibility study supported by a technical report prepared in accordance with NI 43-101 on the Property (the “FS”).
  • The Agreement provides for the formation of a Joint Venture (“JV”) based on the then legal and beneficial ownership levels in the Property following completion of the FS. A JV may also be formed in the event Heritage does not complete the requirements of the Second Option.
  • Heritage will be required to maintain minimum exploration and development expenditures of CAD $500,000 per annum until the completion of the FS in order to maintain status as operator of the JV. Group Ten maintains certain back-in rights in the event Heritage does not meet minimum expenditure requirements.
  • Group Ten is required to complete CAD $300,000 of exploration work on the Property within the first year of the Agreement.

Black Lake – Drayton Gold Project Overview

The 100%-owned Black Lake–Drayton project consists of 137 square kilometers in the Abrams‐Minnitaki Lake Archean greenstone belt, along the northern margin of the Wabigoon sub-province in Ontario, Canada. The Property has significant exploration potential with demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals’ development-stage Goliath Gold Complex project in a highly active gold belt that also hosts Rainy River’s New Gold mine and other deposits. The geological models and exploration methods that have successfully proven up over 14 million ounces of gold at Treasury, New Gold, and other projects in the region since the 1990s have yet to be systematically applied at Black Lake – Drayton. Access and infrastructure are excellent on the Property, which features direct road access, and proximity to rail and power.

About Heritage Mining

Heritage Mining Ltd. is a private, well-capitalized company focused on acquiring Tier-1, advanced stage precious and base metal exploration projects and/or the junior/micro-producer project stage. Heritage’s board and management Team have a proven track record of shareholder value creation with over 100 years of combined experience in the mining and exploration sector. For more information, visit the Heritage Mining website.

About Group Ten Metals Inc.

Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company is focused on its 100%-owned, flagship Stillwater West battery metals and platinum group elements project in Montana, USA, adjacent to the high-grade PGE mines operated by Sibanye-Stillwater. In October 2021, the Company announced its inaugural NI 43-101 mineral resource estimate, with an update expected in Q1 2022 subject to results from an expansion drill campaign in 2021 from which assays are pending.

Group Ten also holds two additional district-scale brownfields assets including the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario (now subject to an earn-in by Heritage Mining), and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@grouptenmetals.com             Phone: (604) 357 4790
Web: http://grouptenmetals.com             Toll Free: (888) 432 0075

Forward-Looking Statements

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 the execution of a definitive agreement, the completion of the proposed transaction and the receipt of any cash or share payments therefrom, future exploration and development expenditures, the sale of non-core assets, potential mineralization, the realization of mineral resource estimates, the timing and success of exploration activities generally or the completion of a feasibility study, the timing and results of future resource estimates, future driling activities, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Group Ten 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 (including board and stock exchange approvals), the failure to negotiate and execute the Agreement on the terms currently contemplated or at all, unsuccessful exploration results, 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 companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten 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.

Categories
Base Metals Energy Exclusive Interviews Junior Mining Metallic Group Metallic Minerals

Metallic Minerals – Advancing the Ultra High-Grade Keno Silver Project in Canada

Maurice:

Joining us for a conversation is Greg Johnson, the CEO of Metallic Minerals. It’s a great time to be speaking with you as Metallic Minerals has some exciting news for shareholders. Before we begin, Mr. Johnson, please introduce us to Metallic Minerals and the opportunity the company presents to shareholders.

Greg Johnson:

Metallic Minerals is a silver-focused, exploration development stage company. The flagship asset is in the Keno silver district, one of the world’s highest-grade producing silver districts. A second asset in the high-grade silver-gold La Plata district, and our last asset, which is our Klondike alluvial gold project. We are headed up by a group of experienced explorer developers with a track record of successful discovery and project advancement.

Maurice:

Mr. Johnson, Metallic Minerals has some great news to provide shareholders on three fronts. First on the flagship Keno silver project, as well as updates from the La Plata and the Klondike alluvial projects. Beginning in the Yukon, sir, take us onsite to the high-grade Keno silver project, which has just announced the completion of what was the most expansive exploration program to date. First off, congratulations, sir.

Greg Johnson:

The Keno silver project is our flagship. We’re a couple of years into the acquisitions and initial development of the targets, and this was one of our biggest programs to date in 2021.

Maurice:

Mr. Johnson, the Keno silver project has three main areas within the west, central, and eastern parts of the high-grade silver producing district. Beginning at the central Keno, Mr. Johnson, walk us through the 2021 exploration program, which is a multiphase program of RC and diamond core drilling. What is Metallic Minerals looking for and what are you seeing?

Greg Johnson:

Allow me to me set the stage here. The district itself is about 35 kilometers wide, and we break it into three sectors or target areas, as you said, the west, central, and eastern parts. And each one of them is about 10 to 12 kilometers long. It’s a really big area, and we see the continuity of similar styles of mineralization from one side of the district to the other. Most of the production historically has been on that western half of the district where we’ve seen over 300 million ounces of past production plus current resources. And it’s one of the world’s highest grade 43-101 resources.

Greg Johnson:

Starting in the central part of the district this year, we kicked off a program looking at our advanced target areas. This is specifically in the Caribou and Homestake areas where we targeted stepping out along the already defined structures there, where we’ve hit ore grades over minable widths. We’re stepping out, we’re building tonnage. The drilling indicates that we’ve had some really good successful hits there, some big step by outs that we’re waiting to see results come back from the assay lab, but we’re quite pleased with the ability to be able to extend those advanced stage targets in the central part district.

Maurice:

Moving on to the west Keno, what can you share with us?

Greg Johnson:

So west Keno is focused in that area of significant historic production. This is nearby Alexco, who’s going back, has just recently gone back into production, and where they’ve got several major discoveries. So our targets there, west Keno, are right on these known very high-production areas. The Formo, Silver Queen are the two main targets here. Core drilling, to again step out along areas of known mineralization that have already been intercepted and being able to continue to build on those towards a first mineral resource, both central and the western parts of the district for Metallic Minerals.

Maurice:

Let’s move on to the emerging heavyweight, which is the east Keno, where it appears to have both the Keno style mineralization of ultra high-grade veins and bulk tonnage silver mineralization, which is now new in the district. To set the stage on this unique value proposition, in 2020 Metallic Minerals previously released significant bulk tonnage style intercepts on the east Keno. Do you mind sharing those numbers with us and how it fits in with your neighbor, Alexco, which has recently gone into full production?

Greg Johnson:

Yeah, this is pretty exciting. Metallic Minerals came into the district recognizing that you’ve got all this production on the western half of the district. The geology doesn’t stop at the claim boundary. It continues onto our ground, the same geologic setting. We started to collect samples, geophysics, and soils, and rocks, and mapping and started putting this together. Last year we’d identified 12 separate multi-kilometer-scale targets. These are big targets, both soil anomalies, and geophysical anomalies. And we put the first reconnaissance holes in 2020. We hit in 26 out of 30 holes. That’s an amazing track record for a first-phase reconnaissance drill program.  A big part of this year’s program was coming back in and starting to step off from those hits last year, moving laterally, moving down dip, and we’re starting to put together an understanding of the scale of mineralization in this area.

Greg Johnson:

We also drilled the first core holes in this area this year. Deeper holes targeted at both geophysics and offsetting the reverse circulation drilling. So we’re pretty excited about what’s coming together here. The significance of what we’re seeing in the east is that not only are we seeing classic high-grade Keno style veins, which is what Alexco and most of the historic production has been based on, but we’re seeing zones up to a hundred meters or more of continuous disseminated silver mineralization. And this holds out the potential for bulk tonnage for something that could be much larger than anything that’s been seen in the district before.

Maurice:

Now along with the drilling, Metallic Minerals also completed an extensive Induced Polarization survey, and I noticed in the latest press release that Metallic Minerals made the following reference about six times: “Regional thrust vaults and associated epithermal style mineralization”. Now, as a shareholder, I’m keen to find out more. Any nuggets that you can share with us regarding the IP survey?

Greg Johnson:

Yeah, so this is an example of our effort to try to take a known productive district to extrapolate into the areas that have been less explored, and then to bring in new exploration targets, target types, models, and new modern exploration techniques. This is the first time we’ve ever applied what’s called induced polarization geophysics. This is where you put a charge in the ground, these were multi-kilometer-long lines, they allow you to sense as deep as 800 or a 1,000 meters from the surface, and this allows us to be able to start to map the subsurface even before we start drilling.

Greg Johnson:

And what’s exciting about this, is that that work over the east Keno targets was demonstrating that we’re getting conductors in the subsurface rocks that are correlating spatially with these big soil and magnetic features. The significant reason is if we’re hitting silver mineralization in the shallow drilling, and we’ve got a geophysical target that continues to 800 meters or more, and we’ve got multiple targets in the kilometric scale, it’s starting to suggest we’ve got a very strong plumbing system and that this could be a target that could really have the scale to it and potentially build this out to something significant.

Maurice:

Now that the exploration is complete this year at the Keno silver project, when can we expect to see results, and what determines success?

Greg Johnson:

We started in the central part of the district, that’ll be the first area that we’ll start to see numbers. Then on the Eastern side of the district with both RC and Diamon Core. And then last we wrapped up with the western part of the district with core drilling. We’re right now finalizing our interpretation on the IPE geophysics, so that’ll be integrated, and I could see us seeing numbers starting here really any time and continuing early into the new year. It’s going to be an exciting period. We’re starting to see a turnaround in the market and the interest over in gold, again, after more than a year of corrupt consolidation and correction. So this will be a great time in terms of catalyst from the news coming from the Keno silver project.

Maurice:

Let’s move south to Colorado, to the La Plata silver gold-copper project, where the season is just about wrapped up, and this is an emerging asset for Metallic Minerals. It has all the merits and hallmarks of a flagship project in its own right. Now Metallic Minerals just completed its first drilling in decades on the La Plata to bring up the La Plata up to NI 43-101 standards. It’s a project that was recognized and worked on by some of the majors in the past. Please tell us a bit about the project and the 2021 program and when we might expect to see results.

Greg Johnson:

I’m excited about the La Plata Project. This was an opportunity that came in through our network. It’s a project area that, very similar to Keno Hill, had a history of high-grade silver and gold production from these high-grade veins, much like Keno. Located in the Southwestern part of the US, in Southwestern Colorado. That mining on the high-grade veins occurred from the 1800s to the 1940s. Then after World War II, we didn’t see the small miners come back, but we saw first Rio Tinto’s exploration group come into the district, recognizing that not only was there this high-grade production and occurrences, but that there was potential for bulk tonnage silver, gold, and copper. And they drilled several holes that really started to define that there was a porphyry system that sent in the center of this epithermal vein district.

Greg Johnson:

Following on that work, we had Phelps Dodge, which is now Freeport McMoRan coming to the district, and they continued to drill through the early 70s. And then Phelps Dodge sat on the project until 2002. The low in the last commodity price cycle, the group that we opted it from has held it for over 20 years. We’re the first to have an opportunity to take a look at this exciting project. We’re taking a very holistic approach. We’re going to be focused on both the bulk tonnage part of the system that’s related to these porphyries, as well as the high-grade silver and gold component. We’re bringing all the layers of modern geology and techniques for exploration to the table.

Greg Johnson:

This year’s program was focused on continuing to collect geophysics and soils and a very first confirmatory drilling and sampling that’s been done on the project in decades. We are just wrapping up that program now. I would expect to see results starting to come out fairly soon to move this quite rapidly to take the historic resource on the project and advance it with sufficient work to a modern 43-101. Again, this is going to be a project that’s going to have a series of news events in the relatively near future that are quite significant in advancing that into 2022.

Maurice:

Finally, let’s discuss the big year that Metallic Minerals has had on the Klondike alluvial gold royalty portfolio.

Greg Johnson:

This is an interesting one. It’s not the main focus of the company, but we had an opportunity a couple of years ago to pick up a portfolio of unmined Klondike alluvial ground. This is upstream from some of the biggest open-pit operations in the Klondike, in the Yukon, that produce over 50% of the Yukon’s gold from those mines each year. We’ve invited experienced operators on the ground. We’ve got three license areas currently that is fully permitted for production, two operators that have done significant work drilling, bulk sample testing. They are rapidly advancing this towards first production, and Metallic Minerals would take a production royalty. Anywhere from a 10% to a 15% royalty, depending on the stage of those license areas. We’re excited to see this advancement over this year’s work, and we’re anticipating very high potential that we’ll see these move into first production in 2022 for next season, and that’ll move to cash flow for Metallic Minerals on those properties.

Maurice:

Leaving the property bank, let’s look at some numbers. Sir, please provide the capital structure for Metallic Minerals.

Greg Johnson:

Metallic Minerals has about 136 million shares out, roughly a $65 million market cap. So we’re now out of that micro-cap area where we’re starting to get attention from some of the big investors. We’re well funded well into 2022 with the current treasury. We have no debt, so we’re in great shape to have been able to have an aggressive program on all three projects this year and moving into next year to continue our business model, which is one to define resources, grow resources, and advance those and de-risk them, creating value along the way. Very similar to what the team did with Novagold in the last metal price cycle.

Maurice:

Speaking of big investors, you have a great shareholder list. Could you comment on that, and the recent ownership by Eric Sprott?

Greg Johnson:

Yeah, we’re in this period now where the company is moving from a very early stage, exploration stage, to resource stage. And with that, we’re seeing interest from some of the bigger investors. We’ve got US Global, we’ve got Crescat, we’ve got OTP Funds. These are all specialist funds that understand this part of the business for mining exploration and have taken significant stakes. In addition, Eric Sprott is our largest individual shareholder. He’s one of the largest holders in Novagold as well, so we’re really happy to have him in as an investor. And he just increased his ownership by exercising all of his warrants in the company, bringing in over CAD $1.5 million dollars.  We’re pleased with that continued support from Eric. He is very bullish long-term on silver, and his investment in the company was focused on our exposure to silver in the Keno silver district, and a potential upside from our other assets.

Maurice:

Now I’m no Eric Sprott, but I am proud to share that I did exercise my warrants as well.

Greg Johnson:

I believe all those that participated in the financing exercised their warrants as well. Metallic Minerals is pleased to see that continued support from shareholders, and I’m pleased to see the market starting to come back alive for silver and gold. It’s been a bit of a painful 14 month plus period here with the market last peaking back in August of 2020. But I think we’ve turned the corner, and I’m quite bullish that we’ve put this consolidation behind us. It’s a great time for investors to be looking at high-quality names and silver in particular. And I think we’ve got real promise with a strong fundamental backing for Metallic Minerals in terms of the work we’re going to be undertaking to create value, and I think with our leverage to silver, gold, and potentially to copper as well here shortly.

Maurice:

I was going to ask you if you have any comments for shareholders, but I think that may just suffice. How about this, sir, any question that I forgot to ask you today, sir?

Greg Johnson:

No, I think we covered the gamut here, Maurice. It was great to be able to speak with you. I think that it’s an exciting time for investors and for those who are new to Metallic Minerals, we would invite people to contact us through our website.

Maurice:

Please share that website for Metallic Minerals.

Greg Johnson:

The website is MMGsilver.com.  

Maurice:

sir. Mr. Johnson, it’s been a pleasure speaking with you. Wishing you and Metallic Minerals the absolute best, sir.

Before you make your next bullion purchase, contact me at 855.505.1900 or email maurice@milesfranklin.com. I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide a number of options to expand your precious metals portfolio from physical delivery to offshore depositories and precious metal IRAs. Finally, we invite you to subscribe to www.ProvenandProbable.com, where we provide Mining Insights and Bullion Sales.

The information presented on Proven and Probable is provided for educational and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The information is not intended to be and does not constitute financial investment or trading advice, or any other advice. You should not make any financial investment or trading decision based on any of the information presented without first undertaking independent due diligence and consultation with a professional broker or competent financial advisor.

Categories
Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at Keno Silver Project and $1.56 Million Warrant Exercise by Resource Investor Eric Sprott

VANCOUVER, BC / ACCESSWIRE / November 22, 2021 / Metallic Minerals (TSX.V:MMG | OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of its 2021 exploration programs at the Company’s 100%-owned Keno Silver project, adjoining Alexco Resource’s high-grade silver mines in the Keno Hill silver district of Yukon, Canada. The multi-phase program consisted of Reverse Circulation (“RC”) and diamond core drilling, Induced Polarization (“IP”) geophysics, surface sampling, and district-wide stratigraphic and structural mapping across the 35-kilometer-wide district. The program, which began in June, was the Company’s most extensive exploration campaign on the project to date, with 53 holes totalling nearly 6,200 meters (“m”) along with 20.3 line-kilometers of deep-penetrating IP geophysical surveys.

The 2021 Keno Silver work program was designed to achieve a number of important objectives:

  • Expand the extent of drill-defined mineralization at the advanced target areas in the central and western parts of the Keno Hill silver district, namely Caribou, Homestake, and Formo towards initial resource estimates;
  • Conduct follow-up drilling at the new discovery areas identified at East Keno in 2020 in order to begin to define the scale of mineralization along trend and to depth within these multi-kilometer-scale soil and geophysical targets;
  • Complete first-pass reconnaissance drilling on additional untested multi-kilometer-scale targets in the eastern and central parts of the district; and
  • Use new deep-penetrating IP geophysics, in conjunction with detailed surface mapping, to more accurately determine the potential scale of these newly identified mineralized systems.

Metallic Minerals’ 166 square kilometer Keno Silver project is the second-largest land position in one of the world’s highest-grade silver districts, directly adjoining the operations of Alexco Resource Corp. The Keno Hill silver district has nearly 300 million ounces of silver in past production1 and current M&I resources2, with excellent existing infrastructure, including grid power, road access and nearby community services. The restart of mining operations at Keno Hill was the third mining operation to start producing in the Yukon Territory over the past two years.https://s.yimg.com/rq/darla/4-10-0/html/r-sf-flx.html

Greg Johnson, Chairman and CEO, stated: “We are very pleased with what we were able to achieve from the largest program to date at our flagship Keno Silver project. Our team made significant progress at the advanced-stage target areas in Central and West Keno and completed ground-breaking work that significantly enhanced our understanding of the geologic controls related to the new discovery areas at East Keno. The combination of the new insight that has come from the recognition of the much greater importance of regional-scale thrust faults with epithermal style silver mineralization and the very compelling data from the deep-sensing IP survey demonstrates that we have a highly effective tool kit for exploration in the under-explored parts of this prolific, high-grade silver district.”

“After an extraordinarily active period for the Company, the 2021 field season, which included significant campaigns on three separate projects, has concluded at our flagship Keno Silver Project, and will soon be wrapping up at our La Plata silver-gold-copper and Klondike alluvial gold projects. Significant and substantive news flow is expected to follow, including IP and drill results from Keno Silver, drill results from La Plata and updates with respect to activity on our holdings in the Klondike goldfields. In addition, we are seeing a recognition in the marketplace of the importance of our metals of focus as important for the transition towards non-carbon-based energy and as hard-asset stores of value and natural inflation hedges.”

“We would also like to acknowledge that Mr. Eric Sprott has exercised all of his Metallic Minerals common share purchase warrants from the Company’s October 2019 private placement financing for total proceeds to the Company of $1,562,500 CDN. Following the completion of the warrants exercise, Mr. Sprott (through 2176423 Ontario Ltd., a corporation which is beneficially owned by him) holds and controls 21.5 million shares, representing over 16% of the issued and outstanding shares on a non-diluted basis. We appreciate the continued support of Mr. Sprott, our largest shareholder, and this recent warrant exercise will aid the continued advancement of our exciting projects.”

2021 Exploration Program Overview

The 2021 Keno Silver drill program was designed to follow up on the successes of the 2020 program by building on the discoveries at East Keno and continuing to expand drill-defined mineralization at advanced-stage targets in the central and western parts of the Keno Hill silver district. In 2020, RC drilling intercepted significant silver mineralization in 26 of 30 reconnaissance holes, which effectively expanded the known extent of drill-defined mineralization by 10 kilometers to the east and demonstrated the potential for major new discoveries in this underexplored part of the district.

Drilling in 2021 was comprised of a two-phase program, beginning with a first phase of RC drilling focused on reconnaissance drilling of untested soil and geophysical targets, along with follow-up drilling along strike and down dip on the new East Keno discoveries. The phase one program included 4,300 m of RC drilling in 45 holes focused on the East Keno and Central Keno target areas. This was followed by a second phase of deeper diamond core drilling program totalling 1,900 m in 8 holes in the East Keno and West Keno target areas.

In addition to the focused drill program, Metallic Minerals undertook a comprehensive effort to expand the coverage of its detailed geologic and geophysical data coverage, particularly over the less-explored eastern half of the Keno Hill silver district where the Company has identified 12 separate multi-kilometer-long high-level soil and magnetic anomalies. This effort included district-wide stratigraphic and structural mapping focused in these important target areas for exploration and led to the identification of previously unrecognized regional scale thrust fault structures and associated styles of epithermal mineralization which have major implications for bulk tonnage potential that has not been previously investigated in the Keno Hill silver district.

In conjunction with the detailed geologic mapping program, Metallic Minerals completed the first-ever application of deep-sensing IP geophysics using Simcoe Geoscience’s Alpha IPTM system. This system has been used with great success on other Metallic Group projects and has the capability to image down to more than 800 meters depth from surface. Five separate multi-kilometer IP profiles were collected over the discovery areas at East Keno, as well as other targets in the central part of the Keno district, covering significant soil and magnetic anomalies. The 2021 survey was successful in identifying major conductive features that are spatially associated with areas with kilometer-scale soil and magnetic anomalies and with newly mapped regional thrust faults. The surveys yielded 35 high-priority targets that will be investigated in the upcoming 2022 program. Additional review and interpretation of this data is underway and a detailed discussion of the IP survey results, including relevant structure images, is expected in a subsequent news release.

The following provides a snapshot of the activities completed at each of the major target areas on the Keno Silver project and are presented in the order that assay results are anticipated to be received and reported:

Central Keno

Drilling activity in 2021 began in the Central Keno target area, which covers the central 12 km of the 35 km wide Keno Hill silver district and includes 90 million ounces of past production1 and current M&I resources2 from 8 separate deposits, including the namesake Keno Hill mine. A total of 37 RC holes were completed in the Central Keno target area which focused on expansion of drill defined mineralization at the advanced stage Caribou and Homestake targets, along with step-out drilling along trend and within several newly identified soil anomalies that remain open along trend from historically drilled areas. Two deep IP lines were also completed across the area which identified significant conductive features that spatially correspond with regional scale thrust fault structures and associated epithermal style silver mineralization.

Assay results remain pending, and additional drilling is already planned at Caribou and Homestake in 2022 to advance both areas towards an initial resource estimate.

East Keno

Drilling in the East Keno target area included 12 RC and diamond core holes and focused on step-out drilling along trend and down-dip of the discovery zones intersected in 2020 at Fox, Zone 2 and UKHM, in addition to reconnaissance drilling at the previously untested North Fox and West Cobalt targets. Metallic Minerals’ drilling at East Keno has confirmed the presence of significant high-grade and bulk tonnage silver mineralization in this underexplored part of the Keno Hill silver district.

Two 6-kilometer-long IP lines were completed over East Keno with one survey over the greater Fox target area (Fox to UKHM) and a second over the West Cobalt to Cobalt target area. The IP lines identify a number of major conductive anomalies that are open to depth and that spatially overlap with multi-kilometer soil anomalies, mapped regional scale thrust structures and epithermal style mineralization.

Drilling at East Keno in 2021 has confirmed the presence of significant structural zones with epithermal style mineralization with continuous structural zones exceeding 100 meters in thickness that correspond spatially with conductive anomalies in the IP geophysics. Follow-up 3D modelling will be completed on the 2020 and 2021 drilling at East Keno to better determine the geometries of this major new discovery area and to vector towards areas with the highest silver grades and thickness. Assay results remain pending.

West Keno

In April, the Company announced the first results from modern drilling at the advanced-stage Formo target, where diamond drill holes intercepted very high-grade Keno-style silver mineralization, which remains open to expansion in all directions. Formo is the site of an historical high-grade open-pit mine that saw production from the 1920s and 30s. Metallic Minerals drilled four additional diamond core drill holes this fall at Formo to test the extension of drill-defined high-grade mineralization along strike and down dip. Two new targets have been also identified along the same structural corridor within parallel greenstone sills and will be the target of drilling in 2022. Assay results remain pending, and additional drilling is planned at Formo in 2022 to advance this area towards an initial resource estimate.

Detailed mapping at the Silver Queen target has demonstrated a close relationship between regional thrust faults and epithermal-style silver mineralization at West Keno. The adjacent Silver King deposit, which was one of the highest-grade mines in the Keno Hill silver district, is also dominantly epithermal-style mineralization. These findings will be incorporated into new modelling and drill targets for West Keno in 2022.

About the Keno Silver Project

Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets to step-out drilling stage and several additional targets to drill-ready status. In addition, recent exploration has defined 12 new priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored eastern and southern parts of the district where initial drilling has returned significant high-grade Keno-style mineralization as well as identified the potential for bulk-tonnage style silver mineralization.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to 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 Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts 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, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Footnotes

1) 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. 2) Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021 and issue date of May 26, 2021.

References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

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 Scott Petsel, P.Geo., Vice President, Exploration, who is Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

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 timelines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, 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, 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 companies with securities regulators. Mineral exploration and development of mines 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.