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Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
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Significant Mineralization Outlined 13km Northeast of the Moss Lake Deposit
Vancouver, British Columbia–(Newsfile Corp. – February 27, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results from the second half of the East Coldstream Phase One drill program have confirmed the potential for significant high-grade shears within East Coldstream, approximately 13 kilometers northeast of the Moss Lake Deposit. Best intercepts include:
3.49 g/t Au over 26.35m from 76.85m depth in CED-22-010, including
5.64 g/t over 15.65m from 87.55m
1.12 g/t Au over 21.9m from 206.5m
1.07 g/t Au over 31.0m from 288.0m depth in CED-22-011 and
1.48 g/t Au over 18.45m from 357.0m, including
4.68 g/t Au over 4.85m from 370.6m
0.94 g/t Au over 25.05m from 218.95m depth in CED-22-014, including
1.10 g/t Au over 16.0m from 226.0m
1.23 g/t Au over 35.15m from 338.45m depth in CED-22-017, including
2.19 g/t Au over 11.55m from 338.45m
In addition to the Moss Lake Deposit, the upcoming mineral resource estimate update will include the East Coldstream deposit. In support of this, a 3D wireframe of the mineralization constraining alteration domain has been developed utilizing both current and historical drilling data.
President and CEO Brett Richards stated: “These results at East Coldstream continue to support our thesis that the size and scale of the entire Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate in April 2023, with East Coldstream sequencing into the mine plan in a preliminary economic assessment as a satellite pit. We look forward to the continuing catalysts to the Moss Lake Gold Project in an effort to demonstrate the true value of the assets.”
Technical Overview
Figure 1 shows the location of East Coldstream relative to Moss Lake in addition to the now formally identified gold and copper prospects controlled by Goldshore Resources. Figure 2 shows the better intercepts in plan view, and Figure 3 is a typical section through holes CED-22-013 to -015 and -017. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Plan showing location of Moss Lake and East Coldstream deposits relative to the prospective Central Domain (from geophysics survey) and field-developed prospects.
Results have been received for the eight remaining holes from the Phase One East Coldstream drill program completed in the Summer of 2022.
All holes intersected visually distinct silica, carbonate, and hematite alteration zones hosted in basalt flows – historically been referred to as the “Coldstream Basalt” – that host much of the gold mineralization (Figure 4). This alteration also overprints and locally mineralizes quartz feldspar porphyry sills and gabbro intrusions where they are intersected by shear zones. The altered intrusions are significantly less “visual” than the Coldstream Basalt, which resulted in inconsistent sampling of historical drill core. Infill sampling of intervals within the modelled alteration domain represents an opportunity to expand mineralization. This is planned for the summer.
Goldshore has wireframed shear zone-hosted alteration domains (Figure 5) ahead of a mineral resource update planned for the second quarter. This consists of two major altered shear zones – Main Lens and North Lens – and four minor altered shear zone splays. The Main Lens has been historically split into the Main Lens and Sanders Lens however these two lenses are now understood to be the same zone split by a late Proterozoic diabase dyke.
To evaluate the historical drilling, hole CED-22-010 was drilled as a twin of hole C-10-23 in the core of the East Coldstream deposit where both holes intersected two shear-controlled Lenses. In the North Lens, CED-22-010 and C-10-23 intersected 1.81 g/t Au over 54.6m from 76.85m versus 1.35 g/t Au over 54.2m from 80.4m, respectively. In the South Lens, CED-22-010 intersected 0.56 g/t Au over 51.5m from 206.5m versus 0.55 g/t Au over 34.7m from 196.6m, respectively. This represents a 34% higher grade over similar widths in the North Lens and a 48% increase in width with similar grades in the South Lens in the current drill hole.
The East Coldstream deposit also contains a broad, low-grade mineralized envelope within the alteration domain. Examples include 0.54 g/t Au over 27.5.0m from 562.5m in CED-22-009; 0.56 g/t Au over 51.5m from 206.5m depth in CED-22-010; 0.33 g/t Au over 32.0m from 315m in CED-22-012; 0.72 g/t Au over 18.1m from 182.05m in CED-22-013; 0.69 g/t Au over 25.05m from 254.95m in CED-22-014; and 0.85 g/t Au over 17.4m from 190.6m in CED-22-015.
Figure 4: Core box photos of CED-22-010 intercept in the North Lens – 3.49 g/t Au over 26.35m from 76.85m depth (yellow box) including 5.64 g/t over 15.65m from 87.55m.
Note that these photos are not intended to be representative of broader mineralization on the Moss Lake Gold Project.
Pete Flindell, VP Exploration for Goldshore, said “These drill results show that East Coldstream, which is well constrained by altered and mineralized shears, may be significantly larger than previously understood. Our focus will now be on developing a mineral resource based around the high-grade shears and their low-grade envelopes, which will form an important satellite to the Moss Lake Gold Project approximately 13 kilometers to the southwest.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
CED-22-009
497.00
511.65
14.65
11.5
0.58
0.58
including
497.00
501.00
4.00
3.1
1.20
1.20
562.50
590.00
27.50
22.5
0.54
0.54
including
572.50
581.00
8.50
7.0
1.44
1.44
CED-22-010
76.85
103.20
26.35
16.6
3.49
3.49
including
87.55
103.20
15.65
9.9
5.64
5.64
123.30
131.45
8.15
5.2
0.81
0.81
including
123.30
125.45
2.15
1.4
1.58
1.58
166.00
176.50
10.50
6.8
0.59
0.59
187.00
191.00
4.00
2.6
0.56
0.56
206.50
258.00
51.50
34.5
0.56
0.56
including
206.50
228.40
21.90
14.5
1.12
1.12
CED-22-011
248.40
251.75
3.35
2.0
1.49
1.49
including
248.40
251.00
2.60
1.6
1.73
1.73
284.50
324.60
40.10
24.8
0.91
0.91
including
288.00
319.00
31.00
19.1
1.07
1.07
339.00
344.50
5.50
3.5
0.70
0.70
357.00
375.45
18.45
11.8
1.48
1.48
including
370.60
375.45
4.85
3.1
4.68
4.68
400.40
413.90
13.50
8.8
0.54
0.54
including
400.40
404.45
4.05
2.6
1.25
1.25
CED-22-012
315.00
347.00
32.00
20.7
0.33
0.33
362.80
367.00
4.20
2.8
0.57
0.57
376.80
381.05
4.25
2.8
0.52
0.52
CED-22-013
119.00
121.00
2.00
1.5
1.14
1.14
137.65
149.85
12.20
9.1
0.41
0.41
182.05
200.10
18.05
13.9
0.72
0.72
including
182.05
194.40
12.35
9.5
1.02
1.02
CED-22-014
31.00
33.00
2.00
0.9
0.96
0.96
119.00
133.00
14.00
6.5
0.39
0.39
218.95
244.00
25.05
12.5
0.94
0.94
including
226.00
242.00
16.00
8.0
1.10
1.10
254.95
259.00
4.05
2.0
0.36
0.36
264.00
280.00
16.00
8.1
0.95
0.95
including
271.00
277.00
6.00
3.1
1.68
1.68
CED-22-015
9.00
11.00
2.00
1.3
0.70
0.70
21.00
23.00
2.00
1.3
0.42
0.42
31.00
33.00
2.00
1.3
0.33
0.33
118.00
120.00
2.00
1.4
0.31
0.31
190.60
208.00
17.40
12.6
0.85
0.85
including
190.60
195.80
5.20
3.7
1.20
1.20
and
206.00
208.00
2.00
1.4
1.95
1.95
CED-22-017
212.80
221.00
8.20
6.3
0.53
0.53
284.00
286.00
2.00
1.6
0.68
0.68
298.00
305.00
7.00
5.7
0.69
0.69
338.45
373.60
35.15
29.6
1.23
1.23
including
338.45
350.00
11.55
9.7
2.19
2.19
and
362.90
373.60
10.70
9.1
1.28
1.28
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
CED-22-009
680,767
5,386,281
484
341°
-50°
599.95
CED-22-010
679,898
5,386,424
475
161°
-53°
315.00
CED-22-011
679,945
5,386,526
480
155°
-57°
642.00
CED-22-012
679,945
5,386,526
480
180°
-54°
600.00
CED-22-013
680,560
5,386,569
485
340°
-50°
300.00
CED-22-014
680,561
5,386,569
485
341°
-65°
450.00
CED-22-015
680,598
5,386,576
486
340°
-50°
300.00
CED-22-017
680,641
5,386,434
478
341°
-49°
456.00
Approximate collar coordinates in NAD 83, Zone 15N
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Director Resignation
Doug Ramshaw has announced he will step down from the Board of Directors of the Company at the end of February 2023. Doug was instrumental in the formation of Goldshore and the preliminary launch of the initial public offering in June 2021, and is stepping down to dedicate greater time to Minera Alamos and other ventures he is involved in.
President and CEO Brett Richards stated: “Doug’s exceptional contribution to the Goldshore Board has been a testament to the broad investor awareness created around the Company’s launch and on-going development. I personally have thoroughly enjoyed working with Doug over the last two years, as he has been sound counsel to myself and the Board, and on behalf of all of us on the Board, we wish Doug the very best in his future endeavors.”
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the release and timing of an updated mineral resource estimate, the release of a preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Assay results for drill hole APC-31, which is the first hole to test the mineralized outcrop of the Apollo porphyry system (*formerly known as the Main Breccia discovery), has intersected significant continuous high-grade copper-silver-gold mineralization from surface as follows:
High-grade oxide mineralization was encountered over the initial 42.35 metres of the drill hole averaging 5.08 g/t gold equivalent.
Five additional drill holes have been completed in 2023 to date from drill Pads 6 and 7. All five holes appear to have cut significant mineralization beginning at bedrock with the three completed holes from Pad 6 intersecting more than 350 metres of continuous mineralization and the two outstanding holes from Pad 7 intersecting more than 100 metres and 170 metres of continuous mineralization, respectively. Assay results for these holes are expected in the near term.
Outcrop mapping and sampling in the south and central portions of the Apollo porphyry system has outlined a 130 metres X 130 metres area of known surface mineralization which is open in all directions. Two new pads (9 and 10) are under construction and once operational will provide more drilling options to test this expanding area of surface and shallow mineralization.
Ari Sussman, Executive Chairman commented: “2023 is off to an excellent start to say the least. Not only did drill hole APC-31 confirm for the first time that the high-grade copper-silver-gold mineralization in the Apollo porphyry system comes right to surface, but also that there is a significant zone of high-grade oxide mineralization. We have truly discovered a remarkable porphyry system at Apollo characterized by unusually high-grades of combined gold, silver and copper. We are equally fortunate that our Guayabales project is located in a mining camp contiguous to the multi-million-ounce Marmato mine and are confident that our Apollo porphyry system will play a key role in Colombia’s decarbonization strategy. Our plan in 2023 is to remain aggressive with both drilling and ESG so that our “Collective” model for mining yields dividends for stakeholders and shareholders alike.”
TORONTO, Feb. 23, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from the first drill hole of 2023 as part of the Company’s phase II drill program at the Guayabales project located in Caldas, Colombia. The aim of the phase II program is to test and define through drilling the shallow portion of the Apollo porphyry system (*formerly known as the Main Breccia discovery) as well as continue expanding the system through step-out drilling. The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older porphyry copper-silver and gold mineralization being overprinted by younger precious metal rich, carbonate base metal vein systems (low and intermediate sulphidation) within a magmatic, hydrothermal intermineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-3)
Assay results for the first drill hole (APC-31) from the 2023 phase II program is announced in this press release. The Phase II drilling program of 2023 is advancing on schedule with six holes completed and a further three in progress. The aim of this program is to define the high-grade mineralization and dimensions of the Apollo porphyry near surface while continuing to expand the size of the system through step-out drilling.
To date, a total of 32 drill holes (approximately 15,400 metres) have been completed and assayed at the Apollo target with the majority of the holes testing the Apollo porphyry system.
Assay results and geological observations of APC-31 are summarized below.
APC-31 was a shallow hole, drilled steeply to the northwest from Pad 6 to a maximum depth of 389.6 metres (370 metres vertical). The hole was designed to exclusively test the upper portion of the porphyry system from a location where the system outcrops at surface. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization. APC-31 is the highest-grade accumulation of mineralization reported from drilling to date and averaged:
384.7 metres @ 2.46 g/t gold equivalent (consisting of 1.17 g/t gold, 43 g/t silver and 0.37% copper) and including;
The mineralized interval starts from surface to 30 metres depth within saprolite material followed by an additional 17.5 metres of saprock with iron oxides and sulphides to 47.25 metres before transitioning into fresh rock consisting of chalcopyrite (0.5% to 1.5%), pyrite (1% to 2.5%) and some pyrrhotite (~1%). The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena and high grades of gold. Gold grades are significantly higher in the oxidized portion of the intercept down to 47.25 metres, while copper and silver grades are reduced within the same interval presumably due to weathering.
Outcrop mapping and sampling in the south and central portions of the system has outlined a 130 metre-by-130 metre area of known surface mineralization, which is open in all directions. 2023 drill Pads 6 and 7 have been designed to achieve the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres. Visual observations from five completed holes that are awaiting assay results in the near term indicate continuous intercepts from surface over core lengths ranging from more than 100 metres to more than 350 metres. The Company presently has three diamond drill rigs operating at the project.
Two new drill pads, numbered 9 and 10, are under construction to provide further drilling options to test and expand upon the area which the Apollo porphyry system outcrops at surface.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Au-Cu-Ag porphyry system. Mineralization styles include early-stage porphyry veining, inter-mineral breccia mineralization and multiple zones of late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists find more outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-31
Hole ID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
APC-31
4.90
389.60
384.70
1.17
43
0.37
0.02
2.46
Including
4.90
325.70
320.80
1.34
49
0.44
0.02
2.84
4.90
114.70
109.80
3.15
45
0.25
0.01
4.14
**
4.90
47.25
42.35
4.81
23
0.09
0.001
5.08
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut **Zone of Oxidation
Figure 1: Plan View of the Apollo Porphyry System (formerly known as the Main Breccia Discovery) Highlighting Drill Hole APC-31 (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.
Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Lithium is often dubbed as “white gold” for electric vehicles.
The lightweight metal plays a key role in the cathodes of all types of lithium-ion batteries that power EVs. Accordingly, the recent rise in EV adoption has sent lithium production to new highs.
The above infographic charts more than 25 years of lithium production by country from 1995 to 2021, based on data from BP’s Statistical Review of World Energy.
The Largest Lithium Producers Over Time
In the 1990s, the U.S. was the largest producer of lithium, in stark contrast to the present.
In fact, the U.S. accounted for over one-third of global lithium production in 1995. From then onwards until 2010, Chile took over as the biggest producer with a production boom in the Salar de Atacama, one of the world’s richest lithium brine deposits.
Global lithium production surpassed 100,000 tonnes for the first time in 2021, quadrupling from 2010. What’s more, roughly 90% of it came from just three countries.
Rank
Country
2021 Production (tonnes)
% of Total
#1
Australia
55,416
52%
#2
Chile
26,000
25%
#3
China
14,000
13%
#4
Argentina
5,967
6%
#5
Brazil
1,500
1%
#6
Zimbabwe
1,200
1%
#7
Portugal
900
1%
#8
United States
900
1%
Rest of World 🌍
102
0.1%
Total
105,984
100%
Australia alone produces 52% of the world’s lithium. Unlike Chile, where lithium is extracted from brines, Australian lithium comes from hard-rock mines for the mineral spodumene.
China, the third-largest producer, has a strong foothold in the lithium supply chain. Alongside developing domestic mines, Chinese companies have acquired around $5.6 billion worth of lithium assets in countries like Chile, Canada, and Australia over the last decade. It also hosts 60% of the world’s lithium refining capacity for batteries.
Batteries have been one of the primary drivers of the exponential increase in lithium production. But how much lithium do batteries use, and how much goes into other uses?
What is Lithium Used For?
While lithium is best known for its role in rechargeable batteries—and rightly so—it has many other important uses.
Before EVs and lithium-ion batteries transformed the demand for lithium, the metal’s end-uses looked completely different as compared to today.
End-use
Lithium Consumption 2010 (%)
Lithium Consumption 2021 (%)
Batteries
23%
74%
Ceramics and glass
31%
14%
Lubricating greases
10%
3%
Air treatment
5%
1%
Continuous casting
4%
2%
Other
27%
6%
Total
100%
100%
In 2010, ceramics and glass accounted for the largest share of lithium consumption at 31%. In ceramics and glassware, lithium carbonate increases strength and reduces thermal expansion, which is often essential for modern glass-ceramic cooktops.
Lithium is also used to make lubricant greases for the transport, steel, and aviation industries, along with other lesser-known uses.
The Future of Lithium Production
As the world produces more batteries and EVs, the demand for lithium is projected to reach 1.5 million tonnes of lithium carbonate equivalent (LCE) by 2025 and over 3 million tonnes by 2030.
For context, the world produced 540,000 tonnes of LCE in 2021. Based on the above demand projections, production needs to triple by 2025 and increase nearly six-fold by 2030.
Although supply has been on an exponential growth trajectory, it can take anywhere from six to more than 15 years for new lithium projects to come online. As a result, the lithium market is projected to be in a deficit for the next few years.
VANCOUVER, BC / ACCESSWIRE / February 21, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce it will be participating in the inaugural Yukon Mining Alliance (“YMA”) Invest Yukon Core Shack to be held in the main Investors Exchange exhibit hall at the Prospectors and Developers Annual Convention (“PDAC”) in Toronto. The Invest Yukon Core Shack will be located at Booth #3314, adjacent to the main PDAC Core Shack and Metallic will be presenting core on March 5 and 6th from both of its key projects, the Keno Silver project in Yukon and the La Plata Copper-Silver project in Colorado. The Company will also have a presence in the main Investors Exchange from March 5-8 and investors are invited to visit booth # IE3024 to meet the team in person.
Metallic Minerals Corporate Presentation
In addition, President Scott Petsel will be providing a corporate presentation at a Forum for Investors on March 6th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.
Invest Canada North Reception
The Metallic Group of Companies is proud to be a sponsor of the 2023 Invest Canada North reception to be held March 6 in MTCC North Room 106 from 4pm – 7pm EST. Leaders from its members, Metallic Minerals, Granite Creek Copper and Stillwater Critical Minerals will be in attendance and the Group will have a display table where guests are invited to meet the team. For more information, visit here.
About Yukon Mining Alliance
Yukon Mining Alliance – the globally recognized Invest Yukon brand – is a strategic alliance of Yukon’s leaders in exploration and mining who, in partnership with the Government of Yukon, connect investors with Yukon’s competitive advantages through innovative capital attraction initiatives. For more information visit InvestYukon.ca.
Invest Canada North connects global investors with the competitive advantages and opportunities in Canada’s North, Yukon, Northwest Territories and Nunavut, at one of the world’s biggest annual mining conferences, the PDAC Convention. Our unique initiatives showcase each region, through keynote presentations, panels and special sessions, highlighting the leaders in exploration, development and production, as well as the mining ecosystem that is supported by significant geological potential, strong geopolitical stability and progressive Indigenous and community partnerships. Through our Invest Canada North mining portal catch up on the latest news in the north or dive into each region to discover your next great opportunity. To learn more visit https://investcanadanorth.ca.
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company, The Company is focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and other critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022.
Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show Gold Rush on the Discovery Channel. At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 outlined a significant porphyry copper-silver resource with results from the 2022 expansion drill program pending.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.
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.
Burlington, Ontario–(Newsfile Corp. – February 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces strong initial assay results from the interception of the upper main vein at the Buckeye Mine near Globe, Arizona.
The vein was intercepted approximately 380 feet from the entrance to the adit. Immediately on contact with the vein, the first significant assays from the vein were 43, 178.6, and 270.6 ounces silver per ton. The samples yielding these results did not include material from the footwall. The samples were selected at random from the mineralized material removed from the vein and then were sent to SBMI’s assay lab for processing.
The Company is now mining along the exposed vein with assay results pending from the face. SBMI has extended the workings to 420 feet from the entrance to the adit, the vein is ten feet wide and eleven feet high, and the footwall is estimated by the field team to be four feet wide.
SBMI has stockpiled in excess of 450 tons of vein material at surface at the Buckeye Mine site, for shipment to the mill. The Company is mining 150 to 200 tons of mineralized material per day, although this rate will vary. The Company believes it has achieved the targetted grade necessary to support processing this material at the Company’s mill and to then pour dore bars or create concentrate. Both the dore bars and the concentrate will saleable product, and the Company does not expect to encounter any significant difficulties in finding buyers for those products.
SBMI is also pleased to announce it has begun to resolve the issues with pouring dore bars from this material. The picture below shows a malformed dore bar from September, 2022.
The Company thanks Dr. Andrew Macdonald, a mineralogist with Harquail School of Earth Sciences at Laurentian University, for his assistance. Initial results from his work indicate the presence of a highly magnetic iron alloy in the mineralized material. The iron alloy smelts at temperatures of over 3000 degrees F, which is above the silver smelting temperature of roughly 1800 degrees F, and therefore it interferes with the silver smelting process. SBMI has confirmed this thesis by using a high intensity magnet to pull the iron alloy from the concentrate prior to smelting. The dore bar below, poured in February, 2023, resulted from concentrate after the iron alloy was removed.
Dore bar poured after the iron alloy was removed; Feb 2023
As a result, the Company intends to permanently install a high intensity magnetic separator in the milling operation to improve the likelihood the Company can smelt silver dore bars. The Company intends to store the magnetic concentrates for future research. Continued research will be needed.
The Company is still awaiting the check assay results from American Assay Labs and Actlabs.
SBMI’s near term goal is to process the higher grade material at the Company’s mill to produce saleable product.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Step-out drill hole APC-28, which was drilled to the west from the eastern side of the Main Breccia system at Apollo cut the longest intercept to date as follows:
As a result of APC-28, the maximum width and vertical dimensions of the Main Breccia system have increased to 395 metres (previously 350 metres) and 915 metres (previously 825 metres), respectively.
Drill hole APC-28 bottomed while still in mineralization indicating that the Main Breccia system remains open for expansion to the west and at depth (as well as to the east and north based on previously announced assay results).
Hole APC-30 was drilled southwards on the western side of the deposit and intercepted the Main Breccia system over a broad interval as follows:
Four holes have now been completed into the Main Breccia system as part of the 2023 Phase II drill program at the Guayabales project. All four holes appear to have intercepted the Main Breccia system with mineralization beginning from surface. Assay results for these holes are expected in the near term.
Ari Sussman, Executive Chairman commented: “The Main Breccia system at Apollo continues to yield positive surprises. The Company drilled three long holes in 2022, APC-17, APC-22 and APC-28, with each hole expanding the size of the deposit and bottoming while still in mineralization. In addition, 2023 drilling is off to an excellent start with the initial four holes testing the Main Breccia system all intersecting mineralization beginning at surface. Our aim for 2023 is to define the newly discovered high-grade and near surface mineralization while continuing to be aggressive with expansion drilling. Without question, we have discovered a large copper-silver-gold deposit in a mining friendly jurisdiction of Colombia which will play a vital role in the country’s aggressive decarbonization goals.”
TORONTO, Feb. 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia system at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, low and intermediate sulphidation, precious metal rich sheeted carbonate base metal vein systems.
Details (See Table 1 and Figures 1–5)
Assay results for all thirty-one diamond drill holes from the Phase I drilling program for 2022 have now been announced at Apollo. The Phase II drilling program for 2023 is advancing on schedule with assay results for the first holes expected in the near term. This press release summarizes assay results of the final three diamond drill holes from the Phase I program with results summarized below.
APC-28 was a step-out hole drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres (915 metres vertical) and was designed to test western and depth extensions to the Main Breccia system. The hole intersected the longest interval drilled to date within the system, commencing at 354.70 metres down hole (335 vertical) and averaging:
601.65 metres @ 1.4 g/t gold equivalent and including internal intervals of:
The mineralized angular breccia of this intercept represents the largest accumulation of metal returned to date within the Main Breccia system and contains a sulphide matrix which includes 0.5% up to 2.5% chalcopyrite and between 1% and 3% pyrite plus some pyrrhotite. The breccia has been overprinted by zones of carbonate and base metal (sphalerite and galena) veins, which yield the higher gold equivalent intervals. APC-28 stopped in mineralized breccia due to rig constraints. This hole has extended the main breccia westwards by 115 metres and is the deepest intercept drilled to date outlining continuity of mineralized breccia to a vertical depth of approximately 915 metres below surface. APC-28 also represents the westernmost hole drilled into the Main Breccia system and demonstrates that the mineralization is thickening with depth and has an inverted funnel morphology as outlined in Figure 2 below. This western area of the deposit remains open for expansion as the hole stopped in strong mineralization.
As a result of drill hole APC-28, the overall volume of rock in which the Main Breccia system is located has grown in width to 395 metres (from 350 metres) and a vertical dimension of 915 metres (from 825 metres). The strike of the system remains the same at 385 metres.
APC-30 was drilled southwards from Pad 4 to a total length of 589 metres downhole and intersected mineralized breccia from 267.60 metres downhole (240 metres vertical), averaging:
318.85 metres @ 1.10 g/t gold equivalent and including internal intervals of:
Gold, silver and copper mineralization relates to sulphides hosted within the angular breccia matrix with average concentrations of pyrite (2%) and chalcopyrite (0.5%). An upper zone of 60.8 metres bearing 2% to 3% chalcopyrite was intercepted at the beginning of the mineralized interval and a sheeted and overprinting sphalerite rich CBM vein zone of 81.4 metres was encountered from 472.3 metres downhole.
Reconnaissance hole APC-27 was drilled due east away from the Main Breccia system to test outcropping mineralization at surface. From 300.40 metres downhole (210 metres vertical depth) the Company intersected a new zone of continuous low-grade mineralization with assay results as follows:
Core logging of the breccia system at Apollo by the Company’s geologists has identified that the crackle breccia as seen in this newly discovered zone, is typically found both above and on the periphery of the more intensely mineralized angular breccia phase. As a result of this assessment, the Company may have drilled over top of an angular breccia zone with stronger mineralization than was intercepted in APC-27. Further exploratory drilling will be undertaken in this area.
The Company’s Phase II 2023 program is well underway with three rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system from newly constructed pads 6 and 7. To date, four shallow holes have been completed and confirm continuous mineralized angular breccia from surface. Three of these holes were drilled from Pad 6 and were terminated while still in strong mineralization. The fourth hole from Pad 7 appears to have drilled out the east side of the system indicating a more vertical orientation to the system that was previously modelled. Assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia system and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-27, APC-28, and APC-30
Hole ID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t) *
APC-27
299.50
372.40
72.90
0.30
6
0.02
0.002
0.44
APC-28
286.60
305.55
18.95
1.11
12
0.04
0.001
1.30
And
354.70
956.35
601.65
0.89
24
0.10
0.001
1.40
Incl
354.70
614.65
259.95
1.21
43
0.20
0.001
2.15
713.10
772.80
59.70
2.04
15
0.14
0.04
2.23
863.15
868.80
5.65
2.00
13
0.04
0.001
2.17
APC-30
267.60
586.25
318.65
0.61
19
0.12
0.002
1.10
Incl
267.60
328.40
60.80
0.17
48
0.40
0.002
1.64
472.30
553.70
81.40
1.95
18
0.04
0.002
2.22
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-27, APC-28, APC-30 and Visual Results for APC-31, APC-33, APC-35 and APC-36 (CNW Group/Collective Mining Ltd.)
Figure 2: East-West Cross Section Highlighting APC-28, ACP-30, and Visual Results for APC-31 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver, and gold Main Breccia system. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia system while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Capital Projects Construction Contract Awarded to Dumas Mining
YERINGTON, Nev., Feb. 13, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart and operational activities for its Pumpkin Hollow underground copper mine (the “Underground Mine”).
Randy Buffington, President & CEO of Nevada Copper, stated, “Our Pumpkin Hollow team is focused on advancing the restart project quickly and safely. We are building on the momentum of the recent achievements by the underground crews as they have progressed through the dike structure and are advancing into the EN Zone in anticipation of the underground development contractor arriving on site and commencing development. The technical and leadership teams are in place and committed to executing this restart plan. We are targeting a mill restart in the third quarter with a quick ramp up to nameplate capacity by the end of 2023.”
Production Restart Highlights
Clear line of site to full-scale production
Simple and low-risk pathway to full-scale production established, comprising:
Phase 1 Q4 2022 to Q1 2023: Finalize dike crossings to access EN Zone initial stoping area (complete), confirm all key technical hires for restart (complete), and award capital projects contract (complete).
Phase 2 Q2 2023: Prioritized development of higher-grade EN Zone stope area.
Phase 3 Q3 to Q4 2023: Restart of proven mill, with surface and underground ore feed developed and short ramp-up to nameplate capacity.
Phase 1 Restart Milestones Achieved
Development into the EN Zone has demonstrated that rock quality is consistent with our geotechnical model, which predicted competent ground within the EN Zone, and development is progressing at full round lengths and standard ground support.
Definition drilling and assaying of all initial EN Zone stopes planned for extraction in 2023 is complete representing approximately 210K tons of stope ore, providing significant visibility on quality and grade of ore feed.
Contract awarded for completion of capital projects to debottleneck restart of development and underground operations.
Development mining contract award well progressed.
All key technical positions in place, with substantially strengthened operational leadership team on-site.
Operations significantly de-risked
Completion of both critical dike headings, securing the Underground Mine with full access to the primary EN Zone stope area. The third dike crossing is progressing well and, while it is not required to meet 2023 operating objectives, is expected to be completed in the first half of 2023.
Building planned surface stockpile of approximately 150K tons of run-of-mine ore ahead of mill start-up provides substantial operating buffer for milling operations.
Debottlenecking capital projects front-ended to provide additional operating flexibility.
Further Details on Production Restart
Underground Development Proceeding as Planned
The Nevada Copper operations team continues to make rapid progress on all underground activities including mine development, hoisting, stope preparation, and underground projects.
The historically reported dike crossings that provide initial stope top and bottom access into the EN Zone were fully established and completed in December 2022, and development is progressing toward stoping areas. Both key development drives that have crossed the dike have encountered ground conditions at or better than expectation, confirming the geotechnical model that predicted higher quality rock. Definition drilling of the initial stopes to feed the restart of milling operations in Q3 2023 have been completed and assayed, and confirm rock quality, grade and geometry represented by the geologic and reserve models.
Underground Development Contractor Update
The Company has completed the bid process for the development mining contractor and is in the final stages of negotiations for a unit rate contract with an internationally recognized major mining services contractor.
Key components of the development contract include:
72,000 feet of lateral capital development over a 24-month contract period;
Delivery of full development stopes by Q3 2023 to provide sufficient faces and stopes to restart and maintain nameplate milling operations (approximately 5,000 tpd); and
Nevada Copper’s operating team will perform all stope mining starting in Q3 2023.
Critical Construction Projects Progressing
The Company awarded Dumas Contracting USA, Inc. (“Dumas”) a $12 million construction contract to complete critical capital projects including the coarse ore bin and installation of an underground jaw crusher, permanent dewatering system, vent shaft stripping and surface fans. Dumas is a leading full-service underground mining contractor providing mine construction, development, production mining, mine services and engineering early-stage projects through well-established operating mines throughout the Americas.
Vent Shaft – Final stripping of the vent shaft commenced in January in preparation for connection of the surface fans, which are expected to be commissioned in early Q2 2023. The stripping is planned to be completed ahead of development contractor mobilization and the vent shaft is expected to provide the necessary ventilation for the life of the mine.
Ore Handling System – The additional ore handling system allows for increased ore throughput rates to the shaft hoisting system, enabling operations to ultimately exceed nameplate production. Engineering for ore handling system has been completed, and all long-lead items are on-site including the jaw crusher. Excavation is underway and planning for the installation of the system has already commenced.
Dewatering System – The pumps for the permanent dewatering system are on site and ready for installation. Once installed, the additional pumps are expected to provide all dewatering requirements for the life of the mine.
Regional Exploration Opportunities
The Company has completed a thorough review of regional mapping for its Pumpkin Hollow land position and several high-quality targets of interest have been identified. Surface sampling results from the Copper Ridge area have indicated the high-grade potential, highlighted by grades including 5.03% and 5.43% copper (see table below for additional assay information) that warrant additional investigation. In 2023, detailed mapping, interpretation of recent geophysical analysis and surface sampling are planned to follow-up on other identified high-potential targets on the Nevada Copper land position. The grades identified are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource. Grades were determined through third-party labs, as detailed below under “Quality Assurance and Quality Control”.
Table of Assays (samples greater than 1%)
Sample ID
Easting (m)
Northing (m)
Elevation (m)
Cu (%)
Au (ppm)
Ag (ppm)
533857
318720
4316510
1451
2.31
0.036
0.5
533861
318751
4316512
1458
2.36
0.008
<0.2
533862
318766
4316512
1459
1.54
0.130
0.2
1615147
319706
4317023
1443
3.35
0.030
4.8
1615150
319603
4317072
1444
3.65
0.011
0.4
1615178
319087
4316782
1517
2.02
0.119
5.4
1669223
319621
4317082
1442
2.65
0.045
2.7
1669224
319678
4317033
1444
3.10
0.056
4.4
1669225
318483
4316515
1413
1.60
1.430
2.7
1669229
318639
4316481
1437
1.19
0.180
0.8
1669232
318607
4316637
1440
1.03
0.104
1.1
M59971*
319729
4317020
1440
5.03
0.150
10.0
M59982*
318739
4316527
1446
5.43
0.075
16.0
M59984*
318789
4316601
1470
4.10
0.055
8.0
M59994*
318438
4316507
1405
2.87
1.490
6.0
* Historic sample
Board Changes
Ms. Kate Southwell will be stepping down as a member of the Board of Directors effective February 28, 2023 to pursue other career opportunities. Stephen Gill, Chairman of the Board stated, “The Board and management team appreciate Kate’s valuable input during her tenure, particularly with regard to financing and commercial matters and as Chair of the Sustainability Committee and wish her well in her future endeavors”. The Nominating Committee of the Board is in the process of identifying qualified candidates to fill the vacant role at or prior to this year’s annual shareholder meeting.
Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, and Greg French, C.P.G., VP Exploration of Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
Quality Assurance and Quality Control
The analytical work was performed by American Assay Labs (AAL) located in Sparks, Nevada. AAL is an ISO/IEC 17025 accredited laboratory. The Samples were crushed so that >80% passes 10 mesh, followed by pulverizing to >90% passes 75 < 150 mesh. Prepared samples were run using a three-acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
The historic analytical work was performed by Chemex Labs Inc., currently ALS Geochemistry (ALS) located in, Nevada. ALS is an ISO/IEC 17025 accredited laboratory. The samples were crushed so that >80% passes 10 mesh, followed by pulverizing split to < 150 mesh. Prepared samples were run using an acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis.
Nevada Copper detected no significant QA/QC issues during review of the data and is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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 PFS stage project.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” 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 information and forward-looking statements specifically include, but are not limited to, statements that relate to development and ramp-up plans and activities at the Underground Mine and the timing in respect thereof.
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: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with vendors; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 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; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; 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; labour 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; dependence on management information systems and cyber security risks; 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, 2021 and the quarter ended September 30, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the 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 COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, 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. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. 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 information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended September 30, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.
The Company 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.
