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Base Metals Energy Junior Mining Precious Metals Silver Hammer

Silver Hammer Announces Closing of Oversubscribed Private Placement for Gross Proceeds of Approximately $3,000,000

VANCOUVER, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — (CSE: HAMR/OTCQB: HAMRF) Silver Hammer Mining Corp. (the “Company” or “Silver Hammer”) is pleased to announce that it has closed its previously announced brokered and a concurrent non-brokered private placement (collectively, the “Offering”) for gross proceeds of $3,007,048.68. The brokered portion of the Offering (the “Brokered Offering”) was led by Echelon Wealth Partners Inc. (the “Agent”) and consisted of the sale of 7,325,286 units (the “Units”) for aggregate gross proceeds of $2,783,608.68 at a price of $0.38 per Unit (the “Offering Price”). Each Unit consisted of one Common Share (each, a “Common Share”, and collectively the “Common Shares”) and one-half of one Common Share purchase warrant, (each whole warrant, a “Warrant” and collectively, the “Warrants”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.

Under the non-brokered portion of the Offering the Company raised gross proceeds of $223,440.00, through the sale of 588,000 Units at the Offering Price. The Offering was announced on May 16, 2022.

The Warrants were issued pursuant to a warrant indenture dated June 2, 2022 entered into between the Company and Endeavor Trust Corporation, as warrant agent.

As consideration for Agent’s services in connection with the Brokered Offering, the Agent received a cash commission of $182,145.95, a cash advisory fee of $8,900.00, and 502,831 broker warrants, each exercisable to acquire one Common Share at the Offering Price for a period of 24 months from the closing date of the Offering.

All securities issued pursuant to the Offering, including any underlying securities, are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.

The net proceeds of the Offering will be used for the exploration of the Silver Strand Project in Idaho, the Eliza Silver Project in Nevada, the Silverton Silver-Gold Project in Nevada, and for general and working capital purposes.

Directors and officers of the Company purchased an aggregate of 77,600 Units in the Offering. The participation by such insiders in the Offering constituted a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.

Forward-Looking Information

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Offering and the use of proceeds therefrom. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions. Although the Company 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 may differ materially from those in forward looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For further information contact:
Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact:
Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

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Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Operations Update

YERINGTON, Nev., Sept. 21, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) today provided an update on management team additions and execution of its productivity improvement plan.

Highlights

  • Accelerated stope turnover rates: The pace of stope mining continues to accelerate at the Company’s underground mine at its Pumpkin Hollow Project (the “Underground Mine”), with mining from the second stope already complete, and blasting of the third stope commenced. Further improved visibility on stoping inventory and additional stopes is planned in the coming weeks.
  • Team strengthened in key positions: Following Mike Brown assuming the role of Interim President and Chief Executive Officer, a number of key positions have been swiftly filled, adding key mining skills and building out the execution team. Key positions include GM Underground Projects, Interim Chief Operating Officer, Underground Production Manager, Process Manager, Senior Electrical Engineer, and Director of Financial Reporting.
  • Productivity improvement plan generating positive results: Management, including new team additions, have initiated a productivity improvement plan aimed at addressing the operational challenges at the Underground Mine encountered during Q2 2021, including improved planning, monitoring and contractor management systems. In the weeks since initiated, substantial improvements in productivity have been demonstrated in development rates.
  • Processing: Ore from stope mining averaging approximately 1.5% Cu is being delivered to the mill with recoveries as planned and production of concentrate meeting offtake specifications while batch processing ore.

Mike Brown, Interim President and Chief Executive Officer, commented: “I am very pleased to welcome the new additions to our team. Along with strengthened leadership and the addition of key skills, we are already seeing improvements in operational execution and productivity, resulting in increased stope turnover rates. These results are encouraging as we embed operational improvements and continue with the ramp-up of copper production”.

Further Details

Team Strengthening
During August and September, a number of key additions to the Pumpkin Hollow operating team have been made. These additions address prior limitations in availability of mining and geotechnical technical skills within the management team. Key among these additions are:

  • GM Underground Projects: Robert Booth will oversee all underground mining activities, including contractor management and infrastructure. Mr. Booth has substantial underground mining and contractor management experience in the Americas, including as Project Director for Hudbay Minerals since 2018, as Project Director and Mine Manager across Vale’s Canadian operations between 1990 and 2017, and prior to that at Inco Limited.
  • Interim Chief Operating Officer
  • Underground Production Manager
  • Process Manager
  • Senior electrical engineer
  • Director, financial reporting

Productivity Improvement Plan
Over recent weeks, management has undertaken a detailed review of the constraints encountered during Q2 2021 at the Underground Mine and reviewed planning for the remaining ramp-up and steady-state operations. As a result, a number of measures have been implemented to address operational constraints encountered in Q2, including:

  • Stronger contractor management procedures combined with revised contractor key performance indicators and aligned incentive systems to drive improved mining productivity.
  • Planning focus on accelerated stope delivery and prioritization of certain underground infrastructure items key to delivering higher production volumes.
  • Implementation of enhanced inventory management systems and supply chain optimization to ensure critical consumables and spares are available to service mining activities.
  • Optimization of equipment utilization, including revisions to the mobile equipment maintenance program.

The above measures are delivering operational improvements and providing greater visibility on stoping inventory. An increased rate of stope mining is underway with the second stopes mined, the blasting of the third stope having commenced and further stopes planned in the coming weeks.

The surface ventilation fans for the Underground Mine remain on schedule for commissioning in Q4 2021. The Company will provide further updates on operating performance metrics in due course.

Credit Facility Amendments
Discussions are progressing positively with KfW-IPEX Bank (“KfW”), in-line with the expectations previously reported in the Company’s August 31, 2021 news release. The Company expects to finalize amendments to its senior facility with KfW in the coming weeks in order to, among other things, extend the project completion longstop date under the facility. However, there can be no assurance that such amendments and extensions will be obtained.

Completion of Share Consolidation
The Company has completed the previously announced consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the “Share Consolidation”). The common shares will begin trading on a post-consolidation basis at the market open on September 21, 2021. See the Company’s September 3, 2021 press release for additional details on the Share Consolidation.

Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., and Norm Bisson, P.Eng., for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com
Mike Brown, Interim President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development plans, production and ramp-up plans and the expected timing and results thereof, equipment installation, and amendments to the Company’s amended and restated senior credit facility with KfW.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Company’s amended and restated senior credit facility with KfW; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking information and statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.

Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

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Base Metals Energy Junior Mining

Cortadera North Flank Delivers High Grade Extensions – 82m at 1.0% CuEq & 168m at 1.0% CuEq

Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) is pleased to announce that recent drill results from its Cortadera copper-gold discovery in Chile continue to add significant resource growth from extensional drilling, as the Company’s Costa Fuego coastal copper development draws ever-closer toward Tier-1 status.
Highlights

  • Hot Chili has recorded further strong extensional results from the Cortadera, demonstrating continued expansion of high grade resources (+1% CuEq) across the northern flank (North Flank) of the main porphyry (Cuerpo 3)
  • CRP0124D returned a broad intersection of 362m grading 0.6% CuEq (0.5% copper (Cu), 0.2g/t gold (Au)) from 480m depth down-hole, including 82m grading 1.0% CuEq (0.7% Cu, 0.3g/t Au) from 634m depth
  • Final assays from CRP0088D have significantly upgraded the initial result (reported to ASX 16th June, 2021) to 486m grading 0.6% CuEq (0.5% Cu, 0.2g/t Au) from 426m depth down-hole, including 168m grading 1.0% CuEq (0.8% Cu, 0.3g/t Au) from 682m depth
  • High Grade (+1% CuEq) mineralisation shows strong continuity across the North Flank over 400m of strike length with further extensions expected (assay results for CRP0134D pending)
  • Successful drill testing of additional open flanks at Cuerpo 2, results pending for five drill holes which have visually recorded wide intersections of strong porphyry mineralisation from surface
  • Three drill rigs in operation, 6,302m of assay results pending from 27 drill holes, assay turnaround currently 44 days

To access the announcement please click on the link below.

Download full announcement here

CRP00124D (702m depth down-hole) – 1.0% copper, 0.5g/t gold, 2.2g/t silver and 49 ppm molybdenum.  Early-stage porphyry, sericite-chlorite-albite alteration with 11% A-B vein abundance

Cortadera Copper Project

Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company. 

The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.

View the Cortadera Project


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Hot Chili Limited
Head Office (Perth)
First Floor, 768 Canning Highway,
Applecross, Western Australia 6153

P: 08 9315 9009
Categories
Base Metals Breaking Energy Junior Mining Nevada Copper

Nevada Copper Announces Effective Date of Share Consolidation

YERINGTON, Nev., Sept. 03, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) announces implementation of the 10:1 consolidation (the “Share Consolidation”) of the Company’s common shares (“Common Shares”), which was previously approved by the Company’s shareholders at the Company’s annual and special meeting of shareholders held on June 30, 2021 (the “Meeting”). The Toronto Stock Exchange (the “TSX”) has conditionally approved the Share Consolidation, subject to the filing of certain customary documents. The Share Consolidation will become effective on September 17, 2021 and the Common Shares are expected to commence trading on the TSX on a post-consolidation basis on or about September 21, 2021.

Following the Share Consolidation, the number of outstanding Common Shares will be reduced from approximately 1,850,635,602 outstanding Common Shares to approximately 185,063,560 outstanding Common Shares. The Common Shares will continue to be listed on the TSX under the symbol “NCU”. Following the Share Consolidation, the new CUSIP number for the Common Shares will be 64128F703 and the new ISIN for the Common Shares will be CA64128F7039.

No fractional Common Shares will be issued as a result of the Share Consolidation. Any fractional interest in Common Shares that would otherwise result from the Share Consolidation will be rounded up to the next whole Common Share, if the fractional interest is equal to or greater than one-half of a Common Share, and rounded down to the next whole Common Share if the fractional interest is less than one-half of a Common Share. In all other respects, the post-consolidation Common Shares will have the same attributes as the pre-consolidation Common Shares.

Common Share purchase warrants issued by the Company in connection with the Company’s July 2020 public offering of units (the “July Warrants”) and the Company’s January 2021 public offering of units (the “January Warrants”), respectively, are listed for trading on the TSX. As a result of the Share Consolidation (i) the July Warrants will be adjusted in accordance with the terms of the warrant indenture dated July 28, 2020 such that ten July Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of C$2.00, and (ii) the January Warrants will be adjusted in accordance with the terms of the warrant indenture dated January 29, 2021 such that ten January Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of C$2.20.

The Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”), will act as the exchange agent for the Share Consolidation. Letters of transmittal were mailed to registered shareholders in connection with the Meeting and a copy is available on www.sedar.com. Registered shareholders are requested to submit their share certificates, or DRS advices, as applicable, together with their completed letters of transmittal, to Computershare. Until surrendered, each share certificate (or DRS advice) representing pre-consolidation Common Shares will be deemed to represent the number of whole post-consolidation Common Shares to which the shareholder is entitled as a result of the Share Consolidation.

Beneficial shareholders who hold their Common Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) and who have questions regarding how the Share Consolidation will be processed should contact their intermediaries.

About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com
Mike Brown, Interim President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the timing and completion of the Share Consolidation.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of its underground mine (the “Underground Mine”) within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Company’s amended and restated senior credit facility with KfW IPEX-Bank; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking information and statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.

Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Operations and Financing Updates

YERINGTON, Nev., Aug. 31, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) today provided an update regarding operations at the underground mine at its Pumpkin Hollow project (the “Underground Mine”), as well as an update on financing matters. All amounts below are stated in US dollars.

Operations Update

  • Stoping and Lateral Development: Development and penetration through the water bearing dike has now been completed on the first crossing. Lateral development beyond this crossing is now into solid ground at a pace consistent with mine plan rates focused on establishing production from the East-North deposit. In addition, with steel support beams recently installed, a second crossing is expected in the coming weeks, further enhancing development rates.
  • Stoping: The Company has mined the second stope in the Alphabet Zone at a CuEq grade of 1.45% with backfilling scheduled to start in the coming week.
  • Surface Ventilation Fans: Delivery of the surface fans remains on schedule with installation and commissioning expected to be completed in Q4 2021 with sustainable hoisting rates of 3,000 tpd expected to follow.

“We are pleased to have completed our first crossing of the water dike enabling our development rates to increase in line with our mine plan expectations,” stated Mike Brown, Interim Chief Executive Officer of Nevada Copper. “We look forward to continued production rate increases in Q3 and Q4 of this year.”

Financing Update

  • KfW Credit Facility Amendment Discussions: On August 31, 2021, the Company received an extension of the waiver from KfW IPEX-Bank (“KfW”), the Company’s senior project lender, to September 30, 2021 to complete the project completion test (the “Project Longstop Date”) under the amended and restated credit agreement (“Amended KfW Facility”). The Company is in discussions with KfW regarding a longer-term extension of the Project Longstop Date into 2023; deferral of debt servicing by up to twenty-four months; and the deferral of certain financial covenants under the Amended KfW Facility to further support the ramp-up of the Underground Mine. The Company expects to have the proposed extension and amendments finalized in the next month. However, there can be no assurance that such extension and amendments will be finalized by such times or at all. Failure to finalize the extension would result in the Company being in default under the Amended KfW Facility.
  • Additional $13M of liquidity: The existing Promissory Note provided by Pala Investments Limited, the Company’s largest shareholder (“2021 Promissory Note”) has been amended (subject to regulatory approval) to allow total borrowings of up to $55 million, providing an additional $13 million of liquidity to the Company. Further draws by the Company are subject to agreed use of proceeds. The 2021 Promissory Note has a maturity date of June 30, 2022, and bears interest at 8% per annum on amounts drawn. Pursuant to the amendment, the 2021 Promissory Note now provides for an arrangement fee of 6% on the full commitment amount of $55 million, which will be capitalized. The proceeds will be used to fund the development and ramp-up of the Underground Mine and related working capital needs. The amendment was reviewed and approved by a committee of independent directors of the Company.

Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., and Norm Bisson, P.Eng., for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com
Mike Brown, Interim President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development plans, production and ramp-up plans, equipment installation, requested amendments to the Amended KfW Credit Facility, and regulatory approval of the 2021 Promissory Note.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Amended KfW Facility; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking statements and information contained herein are based upon assumptions management believes to be reasonable, including, without limitation: no adverse development in respect of the property at the Pumpkin Hollow project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of the COVID-19 pandemic in the medium-term and long-term; no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information and statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.

Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Breaking Energy Junior Mining Uncategorized

Successful $5 Million SPP to Close Early

Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) advises due to overwhelming support of the Company’s Share Purchase Plan (SPP) it has decided to close the SPP at 5.00pm today Thursday, 26 August 2021.  The Company will apply the scale-back conditions accordingly as per the terms set out in the SPP prospectus dated 13 August 2021.

Applications for over $5 million have been received from eligible shareholders under the SPP.

Mr Christian Easterday, Managing Director of Hot Chili, said 

“The Board of Hot Chili would like to thank all shareholders for participating in the SPP, which was oversubscribed in five days.

We look forward to delivering on our copper-gold resource growth pipeline in Chile to build long term shareholder value as we transition Hot Chili into a premier global copper developer”.

To access the announcement please click on the link below.


Download full announcement here

Cortadera Copper Project

Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company. 

The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.

View the Cortadera Project


Hot Chili Limited
Head Office (Perth)
First Floor, 768 Canning Highway,
Applecross, Western Australia 6153

P: 08 9315 9009
Categories
Base Metals Breaking Energy Granite Creek Copper

Granite Creek Copper Intercepts 105 Meters of 1.18% Copper Equivalent Including 21.22 Meters of 2.55% CuEq at the Carmacks Copper-Gold-Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / August 24, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from diamond drill hole CRM21-011 which intersected copper sulfide mineralization grading 1.18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au, and 4.06 g/t Ag) over a 105.52-meter interval. The long interval included a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 meters (See table 1 below). Also, within the 105m interval, grades reached an impressive 19.72 CuEq (18.97% Cu, 0.46 g/t Au and 38.3 g/t Ag) in 0.5 meters of semi-massive chalcopyrite (see Photo 1 below).

Drill hole CRM21-011, along with four other drillholes from the 2021 Phase 1 program (see release dated July 22, 2021) have extended known mineralization in Zone 2000S from 30m to 100m below the current block model. The Company believes these results will add significant additional tonnage to an updated NI 43-101 mineral resource estimate currently being developed. The entire mineralized section encountered in CRM21-011 is outside the current block model, providing a greater than 100-meter potential expansion below the current resource area (see Figures 1 and 2 below).

Table 1 – Highlights from Diamond Drill hole CRM 21-011 and previous results from Zone 2000S

Drillhole 

 		From(m)To(m)Length*(m)Cu(%)Mo(%)Au(g/t)Ag(g/t)CuEq** (%)
Results from this release
CRM21-011223.98329.50105.520.960.010.184.061.18
Including223.98245.2021.222.170.010.369.132.55
and including260.32260.820.518.970.010.4638.319.72
Previously released results
CRM21-003146.35†214.5068.150.590.030.143.690.83
Including161.40179.8018.040.810.030.214.801.13
CRM21-005137.05179.8043.240.740.050.163.821.06
Including142.05158.4016.351.200.030.266.111.58
CRM21-006194.40278.2083.800.640.010.133.230.81
Including229.20278.20490.870.020.173.881.10
Including248.76266.2017.441.210.030.225.111.53
CRM21-008195.80228.4032.60.800.020.173.881.02
Including201.55215.55141.100.020.244.861.40
CRM21-009190.50243.8553.350.590.010.142.710.75
Including191.30201.7010.40.87BDL0.253.701.09
and including209.00225.9516.950.620.010.132.760.77
and Including229.90235.255.351.210.060.284.881.68

** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-section, are estimated to be 50-70% of the intersected width. † Zone has poor recovery

President & CEO, Tim Johnson, commented, “The extent of high-grade mineralization in this drill hole, coupled with the clear potential for further expansion of the zone, indicates that, despite over 50,000 meters of historical drilling completed to date, tremendous exploration potential remains on the Carmacks project. All core samples from the remaining nine holes of the Phase 1 diamond drill program are currently at the lab for assay. The Company looks forward to releasing these results over the coming weeks as well as those from the Phase 2 reverse circulation program currently underway, and also the upcoming Phase 3 diamond drill program, as they become available.”

Zone 2000S

Zone 2000S, originally discovered in 2006 following an IP geophysical survey, has the potential to add resource tonnage in the sulfide domain. Located approximately 300 meters south of zones 1,4 & 7 the zone is cut off by a fault on the southern end. The north end of the 2000S zone may be the fault offset continuation of zone 4 or zone 7 and this theory will be drill tested in phase 3 of the company’s drill campaign. The mineral resource on this zone (shown in table 2)is based on a 0.25% sulphide copper grade cut-off for the sulphide resource and 0.15% acid soluble Cu cut-off in the oxide resource. Using the same copper equivalent calculation that the company used to report CuEq in this news release the sulfide resources in Zone 2000S would be 0.85% CuEq in the measured and indicated category and 0.89% in the inferred. With a significant portion of the 2021 drill intercepts grading higher than the current resource an updated resource estimate not only has the potential to add tonnage in this zone but also in increase in grade. 1Six diamond drillholes were completed on this zone in the first phase of drilling with the intent of evaluating the continuation of bornite-chalcopyrite mineralization down dip. Results from five of the six holes have been released (July 22, 2021 news release) with all five holes intercepting mineralization below the current resource model.

Table 2 – Zone 2000S current mineral resources1

CategoryTonnesCu (%)Acid soluble Cu (%)Sulphide Cu (%)Au (g/t)Ag (g/t)
Measure & IndicatedOxide899,0000.550.400.150.182.67
Inferred Oxide23,0000.560.370.180.172.80
Measure & IndicatedSulfide740,0000.700.070.630.173.28
Inferred Sulfide636,0000.730.050.680.183.50

1Mineral resource prepared by Dr. Gilles Arseneau, P.Geo., reported in JDS Energy and Mining Inc 2017 Ni 43-101 [1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada., with updated resource for Zones 2000S, 12 and 13 as reported in April 9, 2018 by Copper North Mining.

Photo 1: CRM 21-011 260.32m to 260.82m over 18.97% Cu

Figure 1: Cross Section of CRM21-011

Figure 2: Long section of Zone 2000S

Photo 2: CRM 21-011 231.35 to 233.35

Upcoming Events

Granite Creek Copper will be participating in the 2021 Yukon Exploration Investment Summit on Tuesday, August 31, at 10am PT, a live panel session with Q&A, hosted by Invest Yukon and moderated by Trevor Hall. Click here to register.

COVID-19 Protocols

Granite Creek has worked closely with the Yukon government to develop a COVID-19 safety plan that enables the Company to implement an effective work plan while maintaining the highest degree of safety of our workers and surrounding communities. The Company strictly adheres to mandates put in place by health authorities at the Federal and Territorial government level and hold the health and safety of our workers, and the citizens of the communities in which work in the highest regard.

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Explorations Ltd, to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

Quality Control and Quality Assurance

Quality assurance and quality control procedures include the systematic insertion of duplicate, blank and standard samples, making up 12% of the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and shipped directly to the Bureau Veritas preparation laboratory in Whitehorse. All geochemical analyses were performed by Bureau Veritas in Vancouver. Copper and silver analysis was performed by four-acid digestion with an ICP-ES finish. Non-sulphide copper was determined through a sulphuric acid leach with an AAS finish. Gold was analyzed by igniting a 15 g sample followed by an aqua regia digestion with an ICP-MS finish.

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 Granite Creek Copper 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 Granite Creek Copper 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: Granite Creek Copper Ltd.

Categories
Base Metals Energy Exclusive Interviews Junior Mining

Hot Chili Limited – Developing a Tier 1 Asset- Attracting a Tier 1 Investor

Maurice Jackson

Joining us for a conversation is Christian Easterday, the CEO of Hot Chili Limited (ASX: HCH | OTCQB: HHLKF).  It’s a pleasure to be speaking with you sir, Hot Chili Limited is having, simply put, a banner year, as throughout the year it’s been one success after another as Hot Chili has released a string of successful press releases to advance the massive Cortadera Copper-Gold Project. Before we delve into the exciting news you have for current and prospective shareholders, Mr. Easterday, please introduce us to Hot Chili Limited and the opportunity the company presents to the market.

Christian Easterday:

Well, it’s been a very exciting time, not just in the copper space, but for Hot Chili, as we really transform ourselves from a corporate exploration company on the coastline of Chile to a full-fledged very significant copper developer and now very pleased to be welcoming Glencore as our largest shareholder through their participation in our recent $40 million capital raising, which was just announced during the week.

Christian Easterday:

None of this has been possible without the string of successes that we’ve had at a world-class Cortadera porphyry discovery on the coastline, which has allowed us to consolidate a major copper development hub sitting on the Pan-American highway right next to a port 600 kilometers north of Santiago in Chile. We are certainly hitting our straps after announcing our maiden resource last year, where I did my last interview with you Maurice, we now have some three-quarters of a billion tonnes at about half a percent copper equivalent in open-pit and underground resource space.

Christian Easterday:

And that Cortadera discovery, which is one of only two major copper discoveries that the world has seen since 2014 is seeing some significant growth in our drilling. And we’ve been able to put out some further world-class intercepts as we expand that resource base, and look to take our combined asset to over a billion tons. And hopefully, we’ll be looking to put that out later in the year.

Maurice Jackson:

Sounds exciting, sir. You referenced the $40 million funding. Can you go through the details for us on this landmark transaction, along with your new strategic partner Glencore Resources?

Christian Easterday:

We have been very busy in staging the next steps for Hot Chili, as we seek to align ourselves with the rest of the copper porphyry developers in the America’s. Currently, we’re the only major copper porphyry player that is not listed on the TSX and TSX.V and we’re looking to, dual list, the company in the coming months over on the TSX.V in Canada. So, a very exciting time as we transform the company and look to align to a set of copper developers, which are seeing market capitalizations in the range of $500 million to $1.4 billion with some of the leaders over there in Canada being Filo Mining, Solaris, SolGold and several resources that they control, obviously Hot Chili’s resource bases is comparing extremely favorably.

Christian Easterday:

We see a real value gap that exists with the only non-TSX/TSX.V player in our peer space.  The $40 million capital raising that we’ve just completed was well supported out of Australia and also overseas with significant support seen from North America. But most importantly, when we put that capital raising together, that was all about taking our last real key milestone, which is the purchase of Cortadera itself. We had one remaining payment that was due in one year of $15 million U.S. or roughly $20 million Australian. And the asset has grown so rapidly and was really sitting on a world-class discovery here that there was significant interest in taking out that final ownership payment, which we’ll be making immediately, and once we close this raising in the coming week or two. So that’s some color on the reason for the raising outside of the purchase of Cortadera, the rest of the money is going in to continue our aggressive resource growth drilling program.

Christian Easterday:

And also now to start stepping out and start testing some very exciting growth potential in what looks like an opportunity to unlock a cluster of high-grade porphyry targets in and around our two key assets at Productora and Cortadera.  Part of this raising as you well said, we’ve now attracted the support of one of the largest mining companies in the world in Glencore. And they’re, as is being announced, they’re coming in now as a 9.99% shareholder in Hot Chili, which will make them the largest shareholder in Hot Chili. And we’ll be shortly welcoming their support with a board member coming on to Hot Chili’s board technical steering committee. This will allow us to tap in and utilize that strong capability and experience of Glencore in developing large-scale copper assets in jurisdictions, such as Chile.

Christian Easterday:

And I’m looking forward to the new relationship and our new large shareholder in Glencore. They’ve certainly given the company a significant endorsement of our assets. Effectively, the due diligence by the world has just been completed by one of the largest copper producers in the world, one of the largest mining companies in the world, and a really key aspect of that is where we’re looking forward to negotiating over the coming months, which is an off-take arrangement for the first eight years of our targeted 25 to 30-year mine life that we’re trying to build out on the coastline. That will be for about 60% of the off-take out of our combined Costa Fuego project. And we really look at that as a significant de-risker for the company in terms of actually having a partner there to take a benchmark component on the pricing of our offtake. We view this a strong hedging position. The company is putting in place with the largest global trader of copper concentrates. And now our largest shareholder.

Maurice Jackson:

Having Glencore as a strategic partner is a big, big feather in your cap and puts Hot Chili in the driver’s seat. I would say on the Autobahn, you’ve really, you’ve done several things here for shareholders. That, and again, just this off-take, it’s something that may be minor when you look at all the successes here, but that off-take agreement as well is just another strategic step. And it just demonstrates the business acumen and the leadership here. And I have to just give you a big kudos, sir. Switching gears, let’s look at some numbers. Please provide us the capital structure for Hot Chili Limited.

Christian Easterday:

Look at the moment. Our pre-capital structure was about 3.1 billion shares. We’ll come over the 4 billion mark after this raise, where we have about 1.1 billion shares that we’ll be issuing to Glencore and to other institutional investors. We’ve also been able to give the shareholders a Hot Chili, a slice of the capital rising at 3.2 cents. And I suppose that’s sort of something really important from the board that we wanted all of the shareholders to be able to participate at the same level of investment that Glencore and the institutional investors are coming in at. And that’s certainly seen a very good response day one, day two, day three in the market over here in Australia. We’ve not just a raising that an 11% discount to our closing price pre capital rising, but we’ve been able to get the stock to have a very positive lift after that announcement.

Christian Easterday:

We’re trading at around 40% or 50% higher than the issue price for the rising. We are very pleased to be able to allow all of our shareholders to participate in a share purchase plan. We now have a firm opportunity to rewrite Hot Chili into the billion-dollar-plus market capitalization space. And we believe that we can do that in short order, particularly with our realignment now, and being able to take Hot Chili into the North American market with a dual listing on the TSX/TSX.V and to be able to compare ourselves very favorably with some of the names I’ve mentioned, the Oracles, the Filos, the Solaris’, which have seen spectacular increases in their share prices in association with the lifting copper price environment.

Christian Easterday:

When you have a copper price environment over $4 per pound, and you have an upper-tier copper asset that is rapidly approaching a tier-one asset, and there’s very few of those available in the world to be able to leverage that value and to be able to come into a dual listing and now with Glencore on our register. We believe that we have a significant rewrite ahead of the company. And now the ability in the market’s eyes to be able to execute and transition Hot Chili into a large scale or major copper producer.

Maurice Jackson:

In closing, sir, what would you like to say to shareholders?

Christian Easterday:

I’d like to thank all of our shareholders for ensuring that Hot Chili was one of the survivors of the last downturn in copper, to support our vision, to build out a new copper player of substance globally with the project that we’re positioning in the plus 100,000 tonne per annum, copper production space. Very few of those available in a world where there’s very few major copper discoveries being made.

Christian Easterday:

Now our shareholders, undoubtedly, will start to reap the rewards of what has been a 13 year vision by myself and our founders to build out something that you don’t see very often. And the last time the Australian stock market had anything in this space was, of course, Equinox resources. And we all know knew that a real key element in the rewrite of that company from a $400 million company to a $7.2 billion takeover was their ability to be able to transition into production. And most importantly was to be able to position Equinox into the north American markets at the right time.

Christian Easterday:

They did that in the last copper cycle, and they were able to extract that significant rewrite in valuation. And we were simply following a very well-worn path that has already been done before.

Maurice Jackson:

Last question, sir, what did I forget to ask?

Christian Easterday:

I’m sure we’ll have plenty of time for further questions down the road, Maurice. We’ve got some pretty exciting drilling results coming out of our expansion program that we’ll now be able to start getting out to market now that I’m out of a blackout period following about four or five weeks of no sleep completing the transaction that we’ve just announced.

Christian Easterday:

But most importantly, we’ve got a lot of very exciting news flow in the lead up to our dual listing in the TSX.V, which is scheduled for around late October, and then shortly to follow that hopefully a significant upgrade at our Cortadera porphyry discovery and Chili.

Maurice Jackson:

Mr. Easterday, it’s been an absolute delight to speak with you today, wishing you and Hot Chili Limited the absolute best, sir.

And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com.  Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.

Categories
Base Metals Energy Junior Mining Project Generators

Skyharbour’s Partner Company Valor Announces Airborne Survey Highlights Targets at Hook Lake Project, Athabasca Basin, Canada

Thu, July 22, 2021, 5:00 PM In this article:

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VANCOUVER, British Columbia, July 22, 2021 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V: SYH) (OTCQB: SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has received the results and interpretation from the airborne magnetic and very low frequency electromagnetic (VLF-EM) geophysical survey completed over the Hook Lake Project in April. The purpose of the survey was to gather data that would help identify areas of shallow structural complexity, known to be favorable for the deposition of uranium in basement lithologies, and determine the geophysical signature of known occurrences.

Hook Lake (Formally North Falcon) Project
https://skyharbourltd.com/_resources/projects/Falcon-Point-Project.jpg

The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.

Highlights:

  • Airborne geophysical survey reinforces size potential of historic uranium occurrences and highlights additional targets across the Hook Lake Project:
    • Both the VLF-EM and Magnetic data confirm extensive NE-SW trending structural features as well as N-S trending structures
    • Data confirms known uranium showings are situated where these structural trends intersect and in close association with shallow VLF-EM conductors
    • The N-S structural features may represent the influence of the Tabbernor Fault System, a major structural feature associated with known uranium deposits in the eastern Athabasca Basin
    • “Heat maps” illustrating structural complexity highlighted additional areas for follow-up work
  • Field work set to commence very shortly at the Hook Lake Project to follow up new targets and historic uranium occurrences
  • Work approvals received including approval for drilling
  • Radiometric survey has commenced with coverage of the northeastern third of the Hook Lake Project and will be completed by the end of July

Figure 1: Hook Lake Project – VLF-EM image showing priority target areas
https://www.skyharbourltd.com/_resources/maps/Hook-Lake-VLF-EM.jpg

Valor Executive Chairman, Mr. George Bauk commented: “The survey has confirmed the key targets for immediate follow up and has provided data to verify additional targets for drilling. Significant new geological information has come out of the survey including the N-S structural features, possibly representing the Tabbernor Fault System. These results have exceeded our expectations with the number of target areas to follow up. We have secured all permits that allow us to follow up on the ground, including drilling, which we are targeting for the December quarter. The field crew will be mobilising to site July 23rd, 2021. The company is excited to be commencing field work in Saskatchewan and looks forward to the results of the exploration effort at Hook Lake.”

Airborne Magnetic and VLF-EM Survey:

A project-wide, high-resolution, magnetic and VLF-EM survey was completed in April. The 5,172-line km survey was completed by Precision Geosurveys of Langley, British Columbia, using a fixed wing aircraft at a line spacing of 75m. The purpose of the survey was to gather data that would help identify areas of shallow structural complexity, known to be favorable for the deposition of uranium in basement lithologies, and determine the geophysical signature of known occurrences.

Geophysical Data Interpretation:

The geophysical data confirms extensive and complex structural trends across the property that could indicate structural and/or lithological traps for uranium mineralisation. Both the magnetic and VLF-EM data show a strong NE-SW structural trend similar to that present in other basement-hosted uranium deposits in the eastern Athabasca Basin area. A significant N-S structural trend is also present that has features similar to those associated with the Tabbernor Fault System.

Several of the known in-situ uranium occurrences on the property (Hook Lake, Nob Hill and West Way – see news release dated October 22nd, 2020) are coincident with the intersection of these structural trends. The most significant uranium occurrences within the property also appear to have a close association with shallow VLF-EM conductors (see Figure 1 above). Several other conductors, that have previously seen little exploration and have no known nearby occurrences, also represent excellent prospects for follow-up exploration.

The magnetic data shows the Hook Lake mineralisation, with high grade surface outcrop with reported grades in grab samples up to 68% U3O8, may be part of a larger and broader anomalous zone than originally thought. 3D Inversion of the magnetic data indicates a potential feeder system coming up through the stratigraphy.

Tabbernor Fault System:

The presence of a N-S structural influence similar to that recognised in the Tabbernor Fault System could be an important feature on the Hook Lake property. The Tabbernor Fault System is a wide structural feature that runs N-S for over 1,500 km along Saskatchewan’s eastern provincial border. While there is no direct link between the Tabbernor system and current known uranium deposits, several deposits are associated with a N-S structural component within the sphere of influence of the Tabbernor system. It has been proposed that reactivation of the Tabbernor Fault System coincided with the formation of large uranium deposits in the Athabasca Basin and the Tabbernor system may have controlled deposit location. Deposits exhibiting N-S structural control, with features consistent with the Tabbernor system include Rabbit Lake (Collins Bay B Zone and Eagle Point), Dawn Lake, Midwest and the Sue deposit (reference Davies, J.R. (1998): The origin, structural style, and reactivation history of the Tabbernor fault zone, Saskatchewan, Canada; Masters thesis, McGill University, Montreal, Quebec, 105p.).

Airborne Radiometric Survey:

A high-resolution airborne radiometric survey is being flown over the northeastern third of the Hook Lake Project, which will include the Hook Lake historical high grade uranium occurrence. The survey is being flown by Special Projects Inc. (“SPI”) from Calgary, Alberta. SPI is considered an industry-leading provider of high-resolution airborne radiometric surveying. SPI flew the radiometric survey that delineated Fission Uranium’s PLS boulder field which eventually led to the discovery of the high-grade Triple R uranium deposit.

Any significant new radiometric anomalies generated from this survey will be followed up on ground during the upcoming field program.

Ground Field Work Program:

Valor has received the required work permits to carry out its follow-up ground exploration program on the Hook Lake project. The permits, issued by Saskatchewan Ministry of Environment include Crown Land Work Authorization and Forest Product Permit, Aquatic Habitat Protection Permit, and Temporary Work Camp Permit. They allow Valor to conduct ground exploration, including drilling, until the end of 2022.

Field work is set to commence in the next few days at the Hook Lake Project to follow-up on the historic uranium occurrences and new targets generated from the recently completed magnetic/VLF-EM survey. A field crew supported by a helicopter is being mobilised to the area to carry out a field program which will take 2-3 weeks.

The initial field work program will be conducted by Dahrouge Geological Consulting Ltd. Dahrouge Geological is a North American mineral exploration, consulting, and project management group with offices in Canada and the United States. They provide professional geological, logistical, and project management services to the world’s mining and mineral resource industry including project generation, program design, geophysics, project evaluation, geology & resources, as well as mine engineering and geotechnics. Dahrouge Geological has extensive exploration experience in Saskatchewan’s Athabasca Basin, with a consistent presence in the area since the early 2000’s; this experience and network of contacts makes Dahrouge Geological an ideal team to lead the exploration program on the Hook Lake Project.

About Hook Lake (previously North Falcon Point) Project:

Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralisation including:

  • Hook Lake / Zone S – High grade surface outcrop with reported grades in grab samples up to 68% U3O8; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
  • Nob Hill – Fracture-controlled vein-type uranium mineralisation on surface outcrop with up to 0.130% – 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
  • West Way – Vein type U mineralisation within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U3O8 and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
  • Grid T – Fracture-hosted secondary uranium mineralisation in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
  • Alexander Lake Boulder Field – 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
  • Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
  • NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni

The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.

About Valor Resources Ltd:

Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects covering over 240,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through drill programs.

Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit.

The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has signed a Definitive Agreement with ASX-listed Valor Resources on the Hooke Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:
http://skyharbourltd.com/_resources/maps/SYH-Athabasca-Map.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.

SKYHARBOUR RESOURCES LTD.

“Jordan Trimble”

Jordan Trimble
President and CEO

For further information contact myself or:
Riley Trimble
Corporate Development and Communications
Skyharbour Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Categories
Base Metals Emx Royalty Energy Junior Mining Project Generators

EMX Executes Agreement to Sell its Svärdsjö Project in Sweden to District Metals


July 22, 2021

Related Document

Vancouver, British Columbia, July 22, 2021 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce the the execution of an agreement for the sale of its Svärdsjö polymetallic project (the “Project”) in Sweden to District Metals Corp. (TSX-V: DMX) (“District”). The agreement provides the Company with additional share equity in DMX that brings EMX’s ownership of District to 9.9%, annual advance royalty payments, a 2.5% Net Smelter Returns (“NSR”) royalty interest in the Project, and other consideration.

The Svärdsjö Project is located in the prolific Bergslagen mining region of southern Sweden, nearby District’s Tomtebo and Trollberget polymetallic VMS projects, which are also EMX royalty properties (see Figure 1). The Svärdsjö Project hosts multiple zones of polymetallic (copper-zinc-lead-silver-gold) volcanogenic massive sulfide (“VMS”) and carbonate replacement (“CRD”) style mineralization and is located in the vicinity of the historic Falun VMS mine and Boliden AB’s active Garpenberg mine, one of the largest and most efficient underground polymetallic mines in the world.

Svärdsjö has been the site of historical mining activity for over 500 years, with production continuing through to 1989. Most recently, Boliden AB explored and drilled extensively in the area from 2009 until 2019. Historical production records indicate that much of the production came prior to 1972 and focussed on silver rich copper-zinc-lead mineralization developed as zones of replacement in carbonate host rocks. These styles of mineralization are similar to that seen in the nearby Garpenberg mine. See www.EMXroyalty.com for further information on the Project.

The agreement with District represents another example of EMX’s execution of the royalty generation aspect of its business model. Although not available when first recognized during regional assessments, Svärdsjö remained on an EMX “watch list” for several years until coming available in 2020, when EMX quickly moved to secure the opportunity. EMX looks forward to working closely with District to further advance the Project.

Commercial Terms Overview. In accordance with the agreement, District will acquire a 100% interest in the Project subject to the following terms (all dollar amounts in CAD):

  • Upon closing, EMX will transfer the Svärdsjö exploration license to District.
  • Upon closing, EMX will receive $35,000 in cash and 1,400,000 common shares of DMX that increases EMX’s equity ownership in DMX to 9.9% (on a non-diluted basis).
  • EMX will receive a 2.5% NSR royalty interest in the Project. On or before the sixth anniversary after closing, DMX has the option to purchase 0.5% of the NSR on the Project by paying EMX $2,000,000.
  • EMX will receive annual advance royalty (“AAR”) payments of $25,000 for the Project commencing on the third anniversary of the closing, with the AAR payment increasing by $10,000 per year until reaching $75,000.
  • Payments of $275,000, payable in cash or shares of DMX, will be made to EMX upon the achievement of certain milestones, and District will be responsible for fulfilling work commitments on the Project.
  • To maintain its interest in the Project, within five years of the closing of the transaction, DMX will also: (i) spend a minimum of $1,000,000 on Project work expenditures with a minimum of $150,000 spent each year, and (ii) complete a minimum of 3,500 m of drilling.
  • Closing is subject to approval by the TSX Venture Exchange.

Overview of the Svärdsjö Project. The Project comprises 1,037 hectares within the prolific Bergslagen mining region in southern Sweden. In the Project area, copper-zinc-lead-silver-gold VMS and carbonate replacement style mineralization are associated with mid-Proterozoic age volcanic belts (refer to Figure 1). The Project is situated within a three-hour drive of Stockholm-Arlanda airport and has excellent year-round access, as well as nearby rail and power lines.

Mineralization at Svärdsjö is primarily developed as polymetallic sulfide replacements in dolomitic carbonate units accompanied by skarn minerals. Bodies of mineralization are enveloped within broader alteration zones typical of VMS systems, which in the case of Svärdsjö, provide well documented vectors that can be used to guide further exploration.

Historical production primarily came from three mining areas, which includes Kompanimalmen (“Company Ore”), Mellangruvan (“Middle Mine”), and Norramalmen (“Northern Ore”), with several of the historical zones remaining open and poorly explored at depth. Most recently, exploration between 2009-2019 delineated new lenses of mineralization to the west and southwest of the historical mining areas1. These, and other underexplored areas of the project will be targets for further exploration.

In addition, several additional exploration targets exist on the project, either defined by untested geophysical anomalies, or based upon trends of historical prospects and occurrences.

Notes on nearby mines and deposits. The nearby mines and deposits discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Project hosts similar mineralization.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com

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

Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein.  Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended March 31, 2021 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations.  More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

1  A. Fahlvik, 2018: Hydrothermal alteration and lithogeochemical marker units at the Svärdsjö Zn-Pb-Cu deposit, Bergslagen, Sweden, and their implication for exploration.

Figure 1. Location map, major geologic features and mineral occurrences in the Svärdsjö area.