Categories
Base Metals Emx Royalty Energy Junior Mining Uncategorized

EMX to Receive US$ 3 Million Milestone Payment for the Parks-Salyer Royalty Property in Arizona

Vancouver, British Columbia–(Newsfile Corp. – October 4, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that it will receive a US$3 million milestone payment from Arizona Sonoran Copper Company, Inc. (TSX: ASCU) (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc., and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year (see EMX news release dated February 10, 2022). EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% net smelter return (“NSR”) royalty covering the Royalty Property.

EMX’s Parks-Salyer Royalty Property provides an example of a significant pre-production payment to the Company resulting from its copper porphyry royalty generation program in Arizona. The Property’s porphyry targets, which are concealed beneath post-mineral cover, were identified by EMX based upon structural geological assessments of historical exploration data. The open ground covering these targets was acquired by EMX at minimal cost. The 158 acres transferred to ASCU complemented the property position at its Parks-Salyer project, while providing EMX with pre-production payments and exploration, development, and royalty upside optionality at no additional cost to the Company.

Commercial Terms and Property Summary (all dollar amounts in USD)The Agreements provided for a one-time cash payment to EMX for the assignment of EMX’s rights covering the Property, as well as the 1.5% NSR royalty interest (ASCU may buy back 1% of the royalty for $500,000), work commitments, annual advance royalty (“AAR”) payments, and the $3 million milestone payment to EMX based upon declared resources totaling 200 million pounds or more of contained copper covered by EMX’s Royalty Property. ASCU’s (global) maiden resources for its Parks-Salyer project were disclosed in a news release dated September 28, 2022.

Parks-Salyer is located approximately five kilometers northwest of Casa Grande, Arizona and approximately 1.5 kilometers southwest of the historical Sacaton open pit copper mine. Sacaton was a porphyry copper-molybedenum mine operated by Asarco (1974-1984), and is now being advanced by ASCU as the PEA stage Cactus Project. The Parks-Salyer deposit lies beneath post-mineral gravels and represents a tilted, and fault-displaced portion of the Casa Grande-Santa Cruz porphyry system.

Qualified Person. Michael P. Sheehan, 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.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Arizona%253BCompany%253BCasa_Grande%252C_Arizona%253BCopper_Project%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522d7d1d544-54c0-352e-9892-db00e84c428c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

About Arizona Sonoran Copper Company. ASCU’s objective is to become a mid-tier copper producer with low operating costs, develop the Cactus and Parks-Salyer Project that could generate robust returns for investors, and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) and Parks-Salyer deposit which is situated on private land in an infrastructure-rich area of Arizona.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
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 reserve 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” 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 quarter ended June 30, 2022 and the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/139372

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

Stillwater Critical Minerals to Present at the October 5th Emerging Growth Metals Mining & Resource Conference and Attend the New Orleans Investment Conference October 12 – 15

VANCOUVER, BC / ACCESSWIRE / October 3, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce the Company will be presenting at the Emerging Growth Metals Mining & Resource Conference on October 5th, 2022 at 8:15am PT (11:15am ET).

Stillwater Critical Minerals, Monday, October 3, 2022, Press release picture
Stillwater Critical Minerals, Monday, October 3, 2022, Press release picture

This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with President and CEO, Michael Rowley, who will provide an overview of global and domestic markets for critical minerals and upcoming catalysts from America’s iconic Stillwater mining district where the Company is advancing the next phase of low-carbon critical mineral supply. Discussion will include a Q&A session.

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

The Company is further pleased to announce that President and CEO Michael Rowley will attend the New Orleans Investment Conference on October 12 – 15, 2022. Investors are invited to contact the Company to arrange to meet Mr. Rowley at the show.

Stillwater Critical Minerals President and CEO, Michael Rowley, commented “We are pleased to maintain a presence at select tradeshows in support of major upcoming catalysts as we advance world-class critical mineral supply from Montana’s Stillwater mining district. Chief among these is the updated resource estimate which remains on track for delivery later this year. In addition, we have made excellent progress on the integration of Platreef deposit models into our geologic models and look forward to providing a detailed update on this foundational work which will guide subsequent resource expansion work. We also look forward to reporting results from this years’ exploration campaigns and continued studies on carbon sequestration, as well as updates from Heritage Mining as they advance their earn-in at our Drayton-Black Lake gold project.”

“Although broader markets are challenging at present, the fundamentals remain very strong for our work advancing low-carbon, sulphide-hosted battery and precious metals in the US, with physical nickel supply at near-term lows and domestic demand – increasingly supported by US government incentives and initiatives – attaining new highs. Against this backdrop our ‘Platreef-in-Montana’ model, which is focused on large-scale domestic production of eight of the metals identified as critical for clean air and energy transmission and storage, is more relevant than ever.”

About the Emerging Growth Conference

The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner.

Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.

About New Orleans Investment Conference

The New Orleans Investment Conference is the one place where the world’s most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America’s most fascinating and entertaining city.

Speakers at the New Orleans Conference have included Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand, General H. Norman Schwarzkopf, Nobel Prize-winning economists Milton Friedman and F.A. Hayek, Dr. Henry Kissinger, Senator Barry Goldwater, Admiral Hyman Rickover, Louis Rukeyser, Sir John Templeton, Lord William Rees-Mogg, Charlton Heston, Jeane Kirkpatrick, Robert Bleiberg, Jack Kemp, William F. Buckley, General Colin Powell, Ron Paul and J. Peter Grace, among hundreds of other notables.

Founded in 1974 by legendary entrepreneur James U. Blanchard III, the Conference is now in its 47th consecutive year. It ranks as the preeminent gathering of private investors and attracts wealthy individuals from all 50 states and over 35 nations.

About Stillwater Critical Minerals

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With a robust debut mineral resource in 2021 and the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well-positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits defined by the Company in 2021 at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth. An updated NI 43-101 mineral resource is a priority objective for 2022.

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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

SOURCE: Stillwater Critical Minerals



View source version on accesswire.com:
https://www.accesswire.com/718464/Stillwater-Critical-Minerals-to-Present-at-the-October-5th-Emerging-Growth-Metals-Mining-Resource-Conference-and-Attend-the-New-Orleans-Investment-Conference-October-12–15

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals Rover Metals

Rover Metals – Critical Minerals Lithium Project in Nevada

A CRITICAL MINERALS EXPLORATION COMPANY

Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.

Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.

Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).

The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.

Website: https://rovermetals.com/
Fact Sheet: https://rovermetals.com/s/Rover_FactSheet_Lithium-IML-Sep28.pdf

The Best Video on Why and When to Buy and Sell Physical Precious Metals:

Why buy Precious Metals, Proven and Probable

Website| www.provenandprobable.com
Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/

Proven and Probable
Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com.

Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Receives Positive Initial Mineralogy Results From the Nikolai (Ni-Cu-Co-PGE) Project, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report positive initial results from a mineralogical assessment of historical drill core from the Upper Eureka Zone (“UEZ”) and Core Eureka Zone (“CEZ”) at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) –cobalt (Co) – platinum group elements (PGE) prospects. The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014.

Highlights from the mineralogical assessment include:

  • 94% of the nickel within the CEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
  • 72% of the copper within the CEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
  • 80% of the nickel within the UEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
  • 75% of the copper within the UEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).

Millrock President and CEO Gregory Beischer commented: “These are encouraging results! For large tonnage – low-grade deposits, it is crucial that potential recovery rates of the valuable metals are well understood. This first-pass work shows that much of the nickel and copper is in mineral form that allows strong recoveries with common processing methods.”

Methodology – Metal Content
Two composite samples from hole FL-003 were created for the UEZ and CEZ. Each composite was comprised of six quarter-core sample intervals spread across the mineralized zones. The anticipated metals content for each of the composited samples was calculated using historical assays from the work done by INCO in 1997 (Table 1). Historical logging and sampling of the INCO drill core was done under the direct supervision of Gregory Beischer, the qualified person responsible for the contents of this disclosure. Historical assays were performed at Chemex, Inc. in Reno, Nevada. Chemical analysis of the composites for this study were completed prior to the mineralogical study to validate the historical assay results completed by INCO (Table 1). Concentrations determined by INCO and by Millrock were found to be similar.

Table 1. Sample intervals, historical grades, calculated composite grades, and actual assay results from mineralogical study for selected samples from hole FL-003 to create composites for the CEZ and UEZ.

Composite 1 – Core Eureka Zone (CEZ)
SampleHole IDFrom ftTo ftNi ppmCu ppmCo ppmPd ppbPt ppbAu ppb
FX536263FL-0037587631900180029016410510
FX536264FL-003763768190018702601628014
FX536270FL-003793798250012702201648010
FX536274FL-003813818300015602402068052
FX536277FL-00382883323008201801185016
FX536281FL-003848853320014602101325024
CEZ Calculated Grade (Historic Assays)0.250.140.020.1570.0720.023
New Assays Results from Composite Samples0.250.160.020.1730.0430.068
          
Composite 2 – Upper Eureka Zone (UEZ)
SampleHole IDFrom ftTo ftNi ppmCu ppmCo ppmPd ppbPt ppbAu ppb
FX536768FL-00325726216903851418242.52
FX536772FL-003283288150034012071332
FX536084FL-00334735023979381461285514
FX536086FL-00340040526369181541326516
FX536798FL-0034154201975630133833612
FX536253FL-00370871320009402201467024
UEZ Calculated Grade (Historic Assays)0.200.070.020.1040.0490.009
New Assays Results from Composite Samples0.230.060.020.1350.0310.095

Methodology Mineralogical Study
The mineral processing work was completed by the Bureau Veritas Metallurgical Laboratory in Richmond, British Columbia, Canada. The individual composites were ground to ~125µm following standard grind calibration procedures. The ground composites were sized using wet screens and a cyclone sizer, and then sized into four fractions for chemical analysis and QEMSCAN analysis. QEMSCAN Particle Mineral Analysis was conducted on each size fraction of the sized composites to determine nickel and copper deportment and fragmentation characteristics.

Initial Mineralogical Study Results
Nickel sulfide and nickel alloys accounted for ~94% of the total nickel within the CEZ composite sample (only 5.1% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~92% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.68% by weight. The remaining potentially recoverable nickel was in the nickel alloys and nickel metal, which accounted for ~2% of the total nickel. Sulfur is higher in the CEZ (1.32%) and there is an increased amount of pyrrhotite (1.78% by weight). Interlocking between pentlandite and pyrrhotite was rarely observed, which will be favorable to the pentlandite separation from pyrrhotite.

Nickel sulfide and nickel alloys accounted for ~80% of the total nickel within the UEZ composite sample (18.9% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~64% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.44% by weight. The remaining potentially recoverable nickel was in the form of nickel alloy and nickel metal, which accounted for ~16% of the total nickel. Sulfur is lower in the UEZ (0.49%), likely due to the decrease in pyrrhotite. These results are summarized in Table 2 below.

Table 2. Summary of Ni-Fe-S deportment of Eureka Zone composites

Nickel DeportmentCEZUEZ
Ni-Fe Sulfides92.2%64.1%
Ni-Fe Alloys2.1%16.7%
Sulfide-Hydroxide0.6%0.3%
Silicates (Olivine)5.1%18.9%
Total Potential Recoverable Nickel94.3%80.8%
% Ni from chemical analysis0.25%0.23%
% S from chemical analysis1.32%0.49%
Weight % pentlandite0.68%0.44%
Weight % pyrrhotite1.78%0.55%

Copper sulfides accounted for ~71% to 75% of the total copper within the CEZ and UEZ composites. Chalcopyrite is the dominant copper sulfide and accounts for ~67% to 71% of the copper in the composite samples. Bornite, chalcocite, cuprite, malachite, and azurite were also present, in the composite samples. The remainder of the copper (~24% to 28%) was present in valleriite (Cu-Fe-Mg sulphate). The copper sulfide contents were 0.31% by weight in the CEZ and 0.14% by weight in the UEZ. These results are summarized in Table 3 below.

Table 3. Summary of Cu-Fe-S deportment of Eureka Zone composites

Copper DeportmentCEZUEZ
Chalcopyrite66.8%70.7%
Bornite1.0%1.7%
Chalcocite/Covellite3.5%2.9%
Cuprite, Malachite, Azurite1.1%0.2%
Valleriite27.5%24.5%
Total Potential Recoverable Copper72.4%75.5%
% Cu from chemical analysis0.16%0.07%
Weight % Cu Sulfides0.31%0.14%

An additional composite sample from the Lower Eureka Zone (“LEZ”) has been submitted to Bureau Veritas to complete identical mineralogical analysis. Assay results from the LEZ were reported in the Millrock press release from September 26, 2022. The results of the third composite will be released when completed.

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. Analysis methods used include MA270 – 4-acid digestion ICP-ES/MS Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. The Qualified Person is of the opinion that the results reported in this press release are reliable.

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

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release contain forward-looking information, including but not limited to execution of further deportment studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

“NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.”

Categories
Base Metals Energy Junior Mining Rover Metals

Rover Metals Receives Exchange Approval for IML Critical Minerals Project Acquisition, NT, Canada

Rover Metals Corp.
Rover Metals Corp.

VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of August 16, 2022, September 14, 2022, and September 22, 2022, the Company has now received approval from the Toronto Venture Exchange for the Indian Mountain Lake (“IML”) option purchase agreement, and the milestone payments contained therein.

IML VMS Project
The IML VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.

The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.

*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.

Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.

New Website
An updated Corporate Fact Sheet, reflecting the addition of Nevada Lithium, is now available on our new website and a new corporate presentation will be available shortly.

Judson Culter, CEO at Rover Metals, states “Zinc and Copper, along with Lithium are the future, and fundamental to the growth of our company. However, we’re not abandoning our precious metals roots. Greenstone belts in northern Canada are well known for their abundance of gold and silver. The IML greenstone belt is comprised of 31,000 acres, and the historic base metal resource is coming from just three percent of the land package. The historic BB Zone and historic Kennedy Lake Zone include a historic resource of 4,900,000 ounces of high-grade silver. We believe the existing silver endowment is indicative of the potential for the remainder of the 30,000 acres of greenstone belt.”

About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of Canada and the U.S.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

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

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Makes its Fourth Grassroots Discovery at its Guayabales Project by Drilling 102.2 Metres at 1.53 g/t Gold Equivalent at the Trap Target

  • Three widely spaced reconnaissance holes up to 600 metres apart were drilled to test the Trap target (“Trap”), a north-northwest trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal (“CBM”) veins. All three holes intersected highly altered porphyry rocks with multiple sheeted and stockwork veinlets, with hole TRC-1 yielding the most robust results as follows:
  • Recent geological mapping and sampling has materially extended the strike length of the Trap target to 1.75 kilometres, and it remains open in both directions along strike for further expansion.

TORONTO, Sept. 27, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce diamond drill hole and rock chip assay results from reconnaissance work, which outlines a new discovery referred to as the Trap mineralized corridor (“Trap”). Trap is located approximately four kilometres to the north-northeast of the Company’s flagship Apollo discovery and is one of seven grassroots generated porphyry and porphyry-related targets at its flagship Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.

“This new and early-stage discovery at the Trap target highlights the immensely prospective nature of our Guayabales project. With slightly more than one year of exploration under our belt, our young Company, which is anchored by a core team of talented individuals, has drilled four new grassroot discoveries. Our priority remains the drilling and expanding of our flagship Main Breccia discovery at the Apollo target, but our reconnaissance exploration teams continue to identify new zones and targets with different styles of mineralization located within a four-kilometre by four-kilometre area hosting a cluster of porphyry and porphyry-related style targets. I am impressed with the continued drilling success at the Guayabales project. Our robust rate in making new discoveries at the project is virtually unparalleled in the mining industry and is a strong testament to the mineral endowment of this emerging mining district,” commented Ari Sussman, Executive Chairman.

Details (See Table 1 and Figures 1 – 3)

The Company recently completed three scout diamond drill holes plus additional channel chip sampling and geological mapping at the Trap target, a newly discovered structural corridor with details as follows:

  • Geology mapping and rock sampling highlights a north-northwest trending structural corridor superimposed on earlier porphyry related mineralization event and all hosted within quartz diorite rocks. Rock sampling of sporadic outcrops along the 1.75-kilometre mineralized corridor yielded 32 samples grading over 1 g/t gold (range 1 g/t Au to 10.7 g/t Au) with silver values up to 687 g/t and copper values up to 3.7%.

  • Three scout drill holes were completed in the central (TRC-1) and southern portion (VICE-1 & 2) of the trap corridor and returned the following significant intercepts:

In each hole the mineralization relates to an early gold-copper (chalcopyrite) phase linked with potassic alteration which is overprinted by a younger precious-polymetallic vein system associated with intense sericite alteration resulting in a white bleaching of the rock fabric. Veinlet systems include sheeted and stockwork forms in multiple different orientations.

  • Trap remains open in all directions and further reconnaissance work continues along this zone. A follow up drill program will ensue once additional data is collected, and targets are further refined.
  • The Company continues to prioritize the Apollo discovery due to the significant results intercepted to date with diamond drilling including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and hole APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent as announced in press releases dated August 10th, 2022, and September 13th respectively). Assay results are anticipated in the near term for four additional holes from Apollo with the following encouraging visual intercepts for two of the holes that targeted and successfully intersected the Main Breccia discovery:

Table 1: Assays Results

HoleIDFrom
(m)
To
 (m)
Intercept
(m)
Au (g/t)Ag (g/t)Cu %AuEq  (g/t) *
TRC-1233.80336.00102.201.26120.091.53
Incl259.10269.009.903.00250.253.65
294.50303.709.201.82310.072.27
VICE-1212.60227.3014.701.14260.011.44
Incl213.20214.801.602.33470.012.87
219.55220.701.151.911310.043.66
and253.50270.5017.000.6960.010.75
VICE-2214.60233.5018.901.06360.181.83
Incl214.60216.602.003.552080.176.51
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag 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 Guayabales Project Highlighting the Trap and Apollo Targets (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Guayabales Project Highlighting the Trap and Apollo Targets (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of Trap Highlighting Reconnaissance Drill Holes and Rock Samples Over 1 g/t AuEq (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of Trap Highlighting Reconnaissance Drill Holes and Rock Samples Over 1 g/t AuEq (CNW Group/Collective Mining Ltd.)
Figure 3: Images of Drill Core for Trap Outlining Late Stage Porphyry Related CBM Veins in A and C, and Porphyry Mineralization in B. (CNW Group/Collective Mining Ltd.)
Figure 3: Images of Drill Core for Trap Outlining Late Stage Porphyry Related CBM Veins in A and C, and Porphyry Mineralization in B. (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects, a total of seven major targets have been defined at Guayabales as well as another three at San Antonio. The Company has made a total of five significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target,  207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg at the Apollo target and most recently, 102.2m @ 1.53 g/t AuEq at the Trap target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.

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.

SOURCE Collective Mining Ltd.

Cision
Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/27/c9165.html

Categories
Base Metals Energy Junior Mining Precious Metals

Bravo’s Re-assay Program Continues to Confirm High PGM + Au Grades at Luanga

Highlights include: 16m @ 9.4g/t PGM + Au, with 9m @ 14.5g/t PGM + Au (with 0.5g/t Rh)

And: 6m @ 7.6g/t PGM + Au, including 2m @ 20.5*g/t PGM + Au (with >1.0*g/t Rh)

VANCOUVER, BC, Sept. 27, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO), (“Bravo” or the “Company“) today announced that it has received results from the re-analysis of samples from an additional eight historic diamond drill holes (“DDH”) from its wholly owned Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga” or “Luanga PGM+Au+Ni“), located in the Carajás Mineral Province, state of Pará, Brazil.

With re-assay results received from 36 historic drill holes to date, an emerging positive trend has been observed in respect of overall PGM+Au grades, with greater than 80% of re-assay intersections received to date returning better grades as compared to historic results of approximately 20 years ago.” said Luis Azevedo, Chairman and CEO of Bravo. “We will continue to assess this emerging grade trend as, if maintained in the remaining holes to be re-assayed, it could clearly have a positive impact on future mineral resource estimates.

Highlights

  • Assay results from the re-assaying of samples from historic drilling continue to correlate closely with the historic assay results, in both tenor and mineralized thicknesses, but with the grade of more than 80% of the re-assayed intercepts exceeding the historic intercepts over comparable thicknesses.
  • Highlights of Bravo’s most recent re-assay results are tabulated below, with details and comparisons attached:
HOLE-IDFrom(m)To(m)Thickness
(m)
Pd(g/t)Pt(g/t)Rh(g/t)Au
(g/t)
PGM + Au
(g/t)
Ni %
(Sulphide)
Type
PPT-LUAN-FD00353.019.016.05.782.790.350.479.39NAOx
Including6.015.09.08.944.280.470.7914.48NAOx
PPT-LUAN-FD00600.041.041.00.980.450.050.031.52NAOx
Including18.041.023.01.170.590.050.041.850.32FR
PPT-LUAN-FD006521.027.06.00.956.160.460.017.57NAOx/LS
Including25.027.02.02.2817.06>1.00*0.0120.45NAOx/LS
PPT-LUAN-FD00710.013.013.02.201.220.200.143.76NAOx
Including0.08.08.03.351.440.300.215.70NAOx
NotesAll ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Preliminary results; overlimit analyses pending.
  • 77 drill holes have been completed, for a total of 13,051 metres (or 51% of Phase 1 Drilling Program). Currently, samples from 30 drill holes are at the laboratory pending results.
  • 12,632 samples submitted for assay to date including 2,945 re-assay samples from historic drill core.
  • 6 drill rigs operating onsite.

Luanga Re-Assay and Phase 1 Drilling Progress

A comparison of the historic intercepts with the Bravo re-assay results is tabulated below, with a plan showing their locations and drill sections provided for (PPT-LUAN-) FD0035, FD0053, and FD0071. Bravo’s re-assay results continue to closely correlate to the historic intercepts, in both thicknesses and grade. Importantly, the grade of the re-assayed intercepts exceeds that of the historic intercept over comparable thicknesses in over 80% of the intercepts re-assayed to date. This is most likely related to improved assay methods for PGMs versus those available over 20 years ago.

The Phase 1 diamond drill program continues as planned at Luanga. Six drill rigs are on site, with drilling progressing in various locations along the entire 7km strike length of the known Luanga mineralized envelope (as defined by historic drilling). To date, 77 drill holes have been completed, for a total of 13,051 metres of the planned 25,500 metre Phase 1 drill program.

Comparison of Re-Assayed Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)

HOLE-IDFrom(m)To(m)Thickness
(m)
HISTORIC SGSPGM + Au (g/t)BRAVO ALSPGM + Au (g/t)HISTORICNi % (Total)BRAVO**Ni % (Sulphide)TYPE
PPT-LUAN-FD002963.076.013.01.041.130.120.09FR
And91.0120.029.00.620.780.050.04FR
PPT-LUAN-FD003085.095.010.01.441.630.200.15FR
PPT-LUAN-FD00353.019.016.09.329.390.14NAOx
Including6.015.09.014.1814.480.19NAOx
PPT-LUAN-FD00530.012.012.00.881.120.13NAOx
And16.025.09.01.651.930.05NAOx
PPT-LUAN-FD00580.08.08.01.662.030.09NAOx
PPT-LUAN-FD00600.041.041.01.411.520.22NAOx
Including18.041.023.01.661.850.260.32FR
And80.085.05.00.990.920.100.07FR
PPT-LUAN-FD006521.027.06.07.747.570.03NAOx/LS
Including25.027.02.018.2920.45*0.04NAOx/LS
And109.0120.011.00.850.850.090.09FR
PPT-LUAN-FD00710.013.013.03.693.760.18NAOx
Including0.08.08.05.665.700.24NAOx
And101.0113.012.00.640.750.030.02FR/LS
NotesAll ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Preliminary result, overlimit analyses pending.
** = Note that Bravo’s nickel grades are for sulphide nickel, which is representative of potentially recoverable (by froth flotation
treatment) nickel, and does not include non-recoverable silicate nickel, unlike historic total nickel assays.

Complete Table of New Re-assayed Intercepts

HOLE-IDFrom(m)To(m)Thickness
(m)
Pd(g/t)Pt(g/t)Rh(g/t)Au
(g/t)
PGM + Au
(g/t)
Ni %
(Sulphide)
TYPE
PPT-LUAN-FD002963.076.013.00.790.280.040.021.130.09FR
And91.0120.029.00.480.270.010.010.780.04FR
PPT-LUAN-FD003085.095.010.01.170.400.050.021.630.15FR
PPT-LUAN-FD00353.019.016.05.782.790.350.479.39NAOx
Including6.015.09.08.944.280.470.7914.48NAOx
PPT-LUAN-FD00530.012.012.00.680.380.050.011.12NAOx
And16.025.09.01.310.550.070.011.93NAOx
PPT-LUAN-FD00580.08.08.00.950.960.110.012.03NAOx
PPT-LUAN-FD00600.041.041.00.980.450.050.031.52NAOx
Including18.041.023.01.170.590.050.041.850.32FR
And80.085.05.00.600.250.010.060.920.07FR
PPT-LUAN-FD006521.027.06.00.956.160.460.017.57NAOx/LS
Including25.027.02.02.2817.06>1.00*0.0120.45*NAOx/LS
And109.0120.011.00.410.330.070.040.850.09FR
PPT-LUAN-FD00710.013.013.02.201.220.200.143.76NAOx
Including0.08.08.03.351.440.300.215.70NAOx
And101.0113.012.00.170.500.080010.750.02FR/LS
NotesAll ‘From’, ‘To’ depths, and ‘Thicknesses‘ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Preliminary result; overlimit analyses pending.
www.bravomining.com (CNW Group/Bravo Mining Corp.)
www.bravomining.com (CNW Group/Bravo Mining Corp.)
Location of Historic Drill Hole Results Discussed in this Report (CNW Group/Bravo Mining Corp.)
Location of Historic Drill Hole Results Discussed in this Report (CNW Group/Bravo Mining Corp.)
Section 1 – Showing PPT-LUAN-FD0035 (CNW Group/Bravo Mining Corp.)
Section 1 – Showing PPT-LUAN-FD0035 (CNW Group/Bravo Mining Corp.)
Section 2 – Showing PPT-LUAN-FD0053 (CNW Group/Bravo Mining Corp.)
Section 2 – Showing PPT-LUAN-FD0053 (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, engagement with local communities, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “confident”, “highly encouraged”, “confirm”, “correlate”, “success”, “high-grade”, “estimated”, “potentially”, “emerging positive trend” and other similar words, phrases or statements that certain events or conditions “could”, “should”, or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs and the results thereof; the potential for a continued increase in grades relative to historic assays and the possible impact on future mineral resource estimates the potential for the definition of new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that re-assayed may continue to outperform historic grades; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-IDCompanyEast (m)North (m)RL (m)DatumDepth (m)AzimuthDip
PPT-LUAN-FD0029Vale SA656751.129339445.98264.83SIRGAS2000 UTM22S120.80360.00-60.00
PPT-LUAN-FD0030Vale SA656752.059339732.06286.13SIRGAS2000 UTM22S120.15360.00-60.00
PPT-LUAN-FD0035Vale SA657150.839339760.87278.36SIRGAS2000 UTM22S121.35360.00-60.00
PPT-LUAN-FD0053Vale SA659337.639341372.84251.75SIRGAS2000 UTM22S221.65330.00-60.00
PPT-LUAN-FD0058Vale SA659444.359343173.81269.07SIRGAS2000 UTM22S156.1090.00-60.00
PPT-LUAN-FD0060Vale SA659992.749342371.79288.78SIRGAS2000 UTM22S181.2590.00-55.00
PPT-LUAN-FD0065Vale SA659497.729342974.99275.80SIRGAS2000 UTM22S269.7590.00-60.00

Schedule 2: Assay Methodologies and QAQC

Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was quarter cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the respective ALS or SGS global websites (ALSSGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo ALS
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhNi-SulphideTrace Elements
PREP-31BPGM-ICP27Rh-MS25Ni-ICP05ME-ICP61
Historic Drill Assaying SGS Geosol
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhTOTAL NiTrace Elements
Crushed to <200# meshFA30AFA30BICP-117ICP-117
Section 3 – Showing PPT-LUAN-FD0071 (CNW Group/Bravo Mining Corp.)
Section 3 – Showing PPT-LUAN-FD0071 (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision
Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/27/c4384.html

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Update on Restart Activities at Pumpkin Hollow and the Proposed Restart Financing Package

Nevada Copper Corp.
Nevada Copper Corp.

YERINGTON, Nev., Sept. 26, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on planned restart activities at its Pumpkin Hollow underground copper mine (the “Underground Mine”) and developments with respect to the proposed financing package that was previously announced in the Company’s news release dated August 25, 2022 (the “Prior Announcement”). The financing is expected to provide up to US$93 million of liquidity to the Company in order to support the restart and ramp-up of the Underground Mine (the “Restart Financing Package”).

Randy Buffington, President & CEO, commented: “These past few weeks the team has been focused on ensuring that we are prepared for the restart of underground operations. We have made significant progress in developing the plans, recruiting the people and implementing the systems necessary to derisk the restart. We have attracted several key technical positions and built the initial underground team to be able to execute on the first critical projects, primarily the remaining two dike crossings required to access the EN zone. We believe that taking a careful, phased approach to restarting the mine removes some of the bottlenecks the operation has faced in the past and will facilitate a rapid ramp-up to nameplate capacity once the mill restarts in mid-2023. We are looking forward to completing the capital projects and bringing the underground mine up to full operations so that we can turn our attention to development of the large open pit project. I continue to appreciate the ongoing commitment and support of our team and key stakeholders as we work diligently to close this financing and get back to operations.”

Operations and Mine Planning Activities Update

As previously announced, the Company has advanced planning for the restart of operations at its Underground Mine. The Company engaged a third-party consulting firm, John Wood Group plc, to complete a mine plan focusing on accessing the larger, higher-grade stopes in the East North Zone (EN Zone). The mine plan has been completed with an optimized stoping sequence that brings value forward in the life of mine and derisks the restart by advancing development activities and building significant underground inventory ahead of restarting the mill in mid-2023. Included in the mine plan are updated operating costs, which are not expected to be materially different from previous estimates as they have not been significantly impacted by inflationary pressures.

The restart plan, as envisaged, will be executed in three phases following the closing of the Restart Financing Package:

Phase 1 – Completion of the remaining two dike crossings and certain capital projects, workforce development

Phase 2 – Underground stope and inventory development

Phase 3 – Stope mining and mill start-up

In September, the Company entered Phase 1 by reinitiating development activities with one mining crew focused on completing the second dike crossing. It is anticipated that the crossing will be completed and well advanced beyond the geological dike feature within the next 30 days, at which time the crew will move onto the third and final dike crossing. In addition, the Company is preparing to issue bid packages to interested development contractors to perform underground development activities and for completion of the remaining capital projects, including: (i) coarse ore bin 2; (ii) vent shaft stripping and surface fans installation; and (iii) Geho dewatering system.

In early 2023, the Company plans to begin rapid development with the use of a development contractor to advance into the higher-grade stopes of the EN Zone and build significant underground ore inventory. The Company will continue to recruit additional underground personnel to prepare for stope mining in the second quarter of 2023. With a significant stockpile of ore on surface and underground inventory expected to be built up, the mill is planned to start up in the third quarter of 2023.

Restart Financing Package Update

As disclosed in the Prior Announcement, the key components of the Restart Financing Package are as follows:

  • Equity Investments (US$40 million): Pala Investments Limited (“Pala”), the Company’s largest shareholder, and Mercuria Energy (“Mercuria”), a significant shareholder of the Company, are each expected to provide US$20 million in exchange for common shares of the Company (“Common Shares”). Pala has already advanced US$13.5 million of such funding to the Company.
  • Stream and Royalty Financing (US$30 million): Triple Flag Precious Metals Corp. (“Triple Flag”) is expected to increase its existing net smelter returns royalty on the Company’s open pit project from 0.7% to 2% for a purchase price of approximately US$26.2 million, subject to a full buyback of the increased royalty percentage. In addition, Triple Flag is expected to accelerate the approximately US$3.8 million remaining to be funded under the Company’s existing metals purchase and sale agreement with Triple Flag.
  • KfW Facility Extension (US$15 million committed): The Company’s senior credit facility (the “KfW Facility”) with KfW IPEX-Bank GmbH (“KfW”) is expected to be amended to provide for a new tranche of up to US$25 million, of which Pala, Triple Flag and Mercuria would commit the first US$15 million as a backstop.
  • Deferrals under Senior Project Facility and Working Capital Facility (expected to be at least US$8 million): KfW is expected to defer three interest payments under the KfW Facility. Concord Resources Limited is expected to defer interest and principal payments under the Company’s working capital facility.

Under the Restart Financing Package, Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into an amended or new debt instrument (the “Pala Debt Instrument”), which indebtedness would be convertible into Common Shares.

Please see the Prior Announcement for additional details regarding the Restart Financing Package.

Nevada Copper reminds shareholders that the terms of the Restart Financing Package are currently non-binding and closing is subject to, among other things, finalization of the specific terms thereof, negotiation and execution of definitive documentation and the satisfaction of various regulatory requirements. The Company and its key financing partners intend to enter into definitive documents in respect of and close the Restart Financing Package concurrently on or about October 5, 2022 (the “Closing Date”). The closing of the Restart Financing Package will be subject to the approval of the Toronto Stock Exchange (the “TSX”).

As disclosed in the Prior Announcement, there can be no assurance that binding agreements will be entered into or completed (or the required regulatory approvals obtained) on terms satisfactory to the Company and within the required timeframe, or at all. In addition, there can be no assurance that the Company will be able to raise the further funding to supplement the Restart Financing Package that will be required to complete the restart and ramp-up process. The Company expects the costs of the restart and ramp-up process to be in the range of US$70 million-US$75 million. In addition, the Company needs to satisfy and/or defer various outstanding vendor payables. Together these costs and payables are expected to exceed the amount of the Restart Financing Package. As a result, the Company continues to evaluate other additional financing options, including a public offering.

The Company intends to use the available proceeds from the Restart Financing Package of approximately US$71.5 million (representing the US$93 million of liquidity less US$13.5 million already advanced by Pala and less US$8 million in deferrals under the KfW Facility and the Company’s working capital facility) to fund ramp-up costs (approximately US$15.7 million to fund capital expenditures and approximately US$29.1 million to fund operating costs), vendor payments (approximately US$23.5 million) and for general corporate purposes, such as overhead (approximately US$3.2 million).

If the Restart Financing Package is not completed, absent other financing, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.

Potential Maximum Dilution in Respect of the Restart Financing Package

Pala currently owns 167,759,110 Common Shares, representing approximately 37% of the outstanding Common Shares on a non-diluted basis. Mercuria currently owns 48,700,000 Common Shares, representing approximately 11% of the outstanding Common Shares on a non-diluted basis.

Pala is expected to fund its equity investment of US$20 million by the cancellation of approximately US$13.5 million in short-term debt advanced to the Company by Pala as interim financing and by the payment of approximately US$6.5 million on the Closing Date. The Pala Equity Investment will be at a subscription price equal to a 15% discount to the five-day volume weighted average price (the “VWAP”) of the Common Shares on the TSX as of the trading day prior to the Closing Date (the “Equity Subscription Price”). By way of illustration, if the closing of the Pala Equity Investment occurred on September 23, 2022, 120,088,496 Common Shares would be issued to Pala using a 15% discount to the five-day VWAP of C$0.266 and then converting such VWAP into U.S. dollars using the Bank of Canada exchange rate on September 23, 2022 of C$1.00=US$0.7369 (the “Illustrative Equity Subscription Price”). In addition, approximately US$1.665 million of guarantee and other fees will be satisfied by the issuance of Common Shares to Pala at the Equity Subscription Price. Based on the Illustrative Equity Subscription Price, this will result in an additional 9,999,655 Common Shares being issued to Pala. The transactions described in this paragraph together with the Pala Debt Instrument are referred to as the “Pala Equity Investment” herein.

Mercuria is expected to fund its equity investment of US$20 million in two tranches. The first tranche of US$10 million will be paid on the Closing Date. The second tranche of US$10 million will be deposited into escrow on the Closing Date and will be released upon the satisfaction or waiver of certain conditions. These conditions include the completion of certain steps in the ramp-up process that the Company expects to achieve before the end of 2022. The first tranche of the Mercuria Equity Investment will be at a subscription price equal to the Equity Subscription Price. The second tranche of the Mercuria Equity Investment will be at a subscription price equal to a 15% discount to the five-day VWAP of the Common Shares on the TSX as of the trading day prior to the applicable date of closing. By way of illustration, if the closing of both tranches of the Mercuria Equity Investment occurred today, 120,088,496 Common Shares would be issued to Mercuria using the Illustrative Equity Subscription Price.

In connection with the Mercuria Equity Investment, Mercuria is expected to receive Common Share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle Mercuria to, subject to satisfying certain vesting conditions, acquire one Common Share at an exercise price equal to a 20% premium to the Equity Subscription Price. The Warrants will vest, from time to time, in conjunction with the conversion of the Pala Debt Instrument, thereby providing Mercuria with an ability to maintain its pro rata shareholding interest. The vesting of 50% of the Warrants will also be subject to the vesting condition that the second tranche of the Mercuria Equity Investment has closed. The Warrants will expire upon maturity of the Pala Debt Instrument. By way of illustration, if all Warrants vested and were exercised today, 119,205,651 Common Shares would be issued to Mercuria assuming the illustrated conversion of the Pala Debt Instrument described below. The transactions described in the foregoing two paragraphs are referred to as the “Mercuria Equity Investment” herein (the Mercuria Equity Investment together with the Pala Equity Investment are referred to herein as the “Equity Investments”).

Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into the Pala Debt Instrument. The loans outstanding to be consolidated into the Pala Debt Instrument would include (i) the total of approximately US$53 million outstanding under the existing credit agreement entered into by Pala and the Company in November 2021; and (ii) US$20 million that was advanced to the Company under a promissory note in June and July 2022. In connection with the entering of the Pala Debt Instrument, a 4% fee on the US$20 million amount referred to above will be payable to Pala and capitalized as additional principal under the Pala Debt Instrument. Amounts owing under the Pala Debt Instrument would be convertible into Common Shares, at Pala’s option, at a conversion price equal to a 20% premium to the Equity Subscription Price. By way of illustration, if all amounts owing under the Pala Debt Instrument were converted today, 374,402,808 Common Shares would be issued to Pala using a 20% premium to the Illustrative Equity Subscription Price.

Based on the above illustrations, the number of Common Shares that will be issued as a result of the Equity Investments is set out below, assuming the conversion in full of the Pala Debt Instrument and the exercise in full of the Warrants:

 Total Number
of Common
Shares
currently held
Total Number of Common Shares that will be held after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the WarrantsTotal Number of Common Shares that will be held after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants% of Common
Shares currently owned
relative to Common
Shares currently
outstanding
% of Common Shares owned
relative to Common Shares
outstanding after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the Warrants
% of Common Shares owned
relative to Common Shares
outstanding after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants
Pala167,759,110297,847,261672,250,06937.41%42.63%56.39%
Mercuria48,700,000168,788,496287,994,14710.86%24.16%24.16%

The total number of Common Shares to be issued pursuant to the Equity Investments (excluding conversion of the Pala Debt Instrument and exercise of the Warrants) is 250,176,647, which represents approximately 56% relative to the number of Common Shares currently issued and outstanding. The total number of Common Shares to be issued pursuant to the Equity Investments (including conversion of the Pala Debt Instrument and exercise of the Warrants) is 743,785,105, which represents approximately 166% relative to the number of Common Shares currently issued and outstanding.

TSX Financial Hardship Exemption

Nevada Copper has applied to the TSX, pursuant to the provisions of Section 604(e) of the TSX Company Manual, for a “financial hardship” exemption from the requirements to obtain shareholder approval of components of the Restart Financing Package on the basis that, absent the Restart Financing Package the Company is in serious financial difficulty due to the lack of available cash and funding resources. Moreover, the Company is currently in default under its various credit facilities and the Company’s metals purchase and sale agreement with Triple Flag. The Restart Financing Package, including the Equity Investments, are designed to improve the Company’s financial situation. The entry into of each of the definitive agreements required in respect of the Restart Financing Package will occur concurrently. The application was approved by the Special Committee (as defined below) who has determined that the transactions discussed herein are reasonable for Nevada Copper in the circumstances. Under the policies of the TSX, on the basis that the Restart Financing Package was determined to be subject to the provisions of Section 607 of the TSX Company Manual for private placements, components of the Restart Financing Package would have required shareholder approval by the Company due to: (a) the number of Common Shares (including the Common Shares issuable upon the conversion of the Pala Debt Instrument and upon exercise of the Warrants) issuable in connection with the Restart Financing Package is in excess of 25% of the number of Common Shares outstanding; (b) the number of Common Shares to be issued to insiders (assuming conversion of the Pala Debt Instrument and exercise Warrants) is greater than 10% of the number of Common Shares outstanding; and (c) the consideration (being the Equity Investments) to be received by insiders is greater than 10% of the Company’s market capitalization. The Restart Financing Package will not materially affect control of the Company given Pala’s existing level of ownership in the Company.

The board of directors of the Company (the “Board”) has formed a special committee (the “Special Committee”) consisting of members of the Board who are independent of Pala, Mercuria and management of the Company, to consider the proposed terms of the Restart Financing Package, including the terms of the Equity Investments. The Special Committee has meet continuously throughout the negotiation of the proposed terms of the Restart Financing Package.

Nevada Copper expects that as a consequence of its financial hardship application, the TSX will conduct a remedial delisting review of the Company. Although Nevada Copper believes that it will be in compliance with all continued listing requirements of the TSX upon the closing of the Restart Financing Package, no assurance can be provided as to the outcome of such review or continued qualification for listing on the TSX. There can be no assurance that the TSX will accept the application for the use of the financial hardship exemption from the requirement to obtain shareholder approval described above.

The Equity Investments will be related party transactions of the Company for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and are subject to the formal valuation and minority approval requirements thereof, unless an exemption is available. It is the intention of the Company to rely on the financial hardship exemption provided for in Sections 5.5(g) and 5.7(e) of MI 61-101.

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, who is a non-independent Qualified Person 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.

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 the completion of the funding package described above, including the terms and timing thereof, the plans and requirement for supplementary financing and the expected amounts thereof, regulatory requirements, the Company’s “financial hardship” exemption application, the use of proceeds from the Restart Financing Package, creditor protection proceedings, mine planning, the execution of the mine restart plan and expected development schedule, and the expected costs of the restart and ramp-up process. There can be no assurance that the Restart Financing Package will close or that the cost estimates or allocation thereof will be accurate.

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 creditors and vendors; potential creditor protection proceedings; 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 March 31, 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 March 31, 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.

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals

Millrock Confirms Third Mineralization Layer Beneath the Core Eureka Zone By Assaying Historical Core Samples From the Nikolai (Ni-Cu-Co-PGE) Project, Alaska

Millrock Resources, Proven and Probable

Figure 1

View looking east along the Eureka Zone within a large mafic-ultramafic magmatic complex. Note: Outline of the Ultramafic complex and Eureka zone are approximate.
View looking east along the Eureka Zone within a large mafic-ultramafic magmatic complex. Note: Outline of the Ultramafic complex and Eureka zone are approximate.

Figure 2

Cross section view of Eureka Zone looking west, showing trace of holes FL-003 and FL-006 drilled by INCO in 1997.
Cross section view of Eureka Zone looking west, showing trace of holes FL-003 and FL-006 drilled by INCO in 1997.

VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report additional assay results from the sampling of historical core from the Eureka Zone at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) – cobalt (Co) – platinum group elements (PGE) prospects.

The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014 (see Figure 1).

The new assay results confirm the existence of low-grade Ni-Cu-Co-PGE mineralization immediately below and adjacent to the Core Eureka Zone (“CEZ”). The new zone is named the Lower Eureka Zone (“LEZ”). Along with the Upper Eureka Zone (“UEZ”), hole FL-003, drilled by INCO in 1997, intersected 346 meters of nickel mineralization, representing an approximate true width of 275 meters (Figure 2).

Millrock President and CEO Gregory Beischer commented: “From historical drilling, it is clear that a large volume of mineralized rock is present in the Eureka Zone. We believe the demand for nickel, cobalt, and other Critical and Strategic Metals will be exceptionally strong in the coming decades, making low-grade mineralization such as at Eureka of interest.”

Figure 1. View looking east along the Eureka Zone within a large mafic-ultramafic magmatic complex. Note: Outline of the Ultramafic complex and Eureka zone are approximate.
https://www.globenewswire.com/NewsRoom/AttachmentNg/5acad3e2-2e55-4a93-b702-d81009a2ae43

Figure 2. Cross section view of Eureka Zone looking west, showing trace of holes FL-003 and FL-006 drilled by INCO in 1997.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3fd1b98e-77c8-481c-bd68-484ec28815d0

About Eureka Zone:
Based on historical drill hole results, Millrock identified a probable zone of mineralization measuring approximately 1,200 meters by 400 meters by 300 meters that contains low but potentially economic concentrations of nickel, copper, cobalt, platinum, palladium, and gold. Upon further review of the historical drill hole results, it was noted that only incomplete, non-continuous sampling was done in rocks intersected below the CEZ in hole FL-003. Drill core from this hole is preserved at the Geologic Materials Center in Anchorage, Alaska. Millrock collected and assayed samples from hole FL-003 in the suspected LEZ.

Highlights of the core sampling program include:

  • FL-003: 100 samples were assayed between hole depths of 273.4 meters and 412.1 meters
  • FL-003: mineralized interval of 135.6 meters grading 0.20% Ni, 0.05% Cu, 0.016% Co, 0.062 ppm Pd, 0.026 ppm Pt, and 0.014 ppm Au (including eight historical intervals).

Based on the newly received assays and historical assays from INCO holes FL-003 and FL-006, Millrock now interprets there to be three distinct domains (UEZ, CEZ, and LEZ) within the Eureka Zone, with an estimated true thickness at the drilled location of 275 meters (Figure 2).

These three domains consist of strongly serpentinized rocks:

1: Upper Eureka Zone (UEZ) – sulfur-poor peridotite, with disseminated sulfides.

DrillholeTo (m)From (m)Interval (m)Ni (%)Cu (%)Co (%)Pd (ppm)Pt (ppm)Au (ppm)NiEq%CuEq%
FL-00360.2173.7113.50.200.050.0140.1010.0460.0070.320.65
FL-006185.0298.1113.10.210.060.0180.0930.0460.0060.350.70

2: Core Eureka Zone (CEZ) – sulfur-rich peridotite and norite with disseminated sulfides.

DrillholeTo (m)From (m)Interval (m)Ni (%)Cu (%)Co (%)Pd (ppm)Pt (ppm)Au (ppm)NiEq%CuEq%
FL-003173.7271.998.20.220.120.0190.1410.0640.0180.420.85
FL-006298.1382.884.70.260.130.0200.1430.0690.0250.470.94

3: Lower Eureka Zone (LEZ) – sulfur-poor melanorite, with disseminated sulfides.

DrillholeTo (m)From (m)Interval (m)Ni (%)Cu (%)Co (%)Pd (ppm)Pt (ppm)Au (ppm)NiEq%CuEq%
FL-003271.9407.5135.60.200.050.0160.0620.0270.0140.320.64
FL-006Hole was ended prior to the LEZ

Note: NiEq% and CuEq% in this press release are calculated using the following metal prices:
Nickel = $7.00/lb., Copper = $3.50/lb., Cobalt = $25.00/lb., Palladium = $1800/oz., Platinum = $900/oz. and Gold = $1600/oz.

In order to determine the deportment of nickel, copper, cobalt, and the precious metals, Millrock has submitted samples for laboratory analysis to identify which minerals are host to the valuable metals. From this information, an idea of metal recoverability can be gleaned. This will be very important information to have for a project of this type and scale.

Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current sampling program was PRP70-250. Analysis methods used include MA370 – 4-acid digestion ICP-ES Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. For every 10 core samples, a blank, duplicate, or standard sample (Certified Reference Materials) of known copper, nickel, platinum, palladium, and gold concentration was analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.

Historical assay results for core samples originally obtained by INCO in 1997 were used, in part, for the composite grade calculation for the LEZ in hole FL-003. Millrock has not independently verified the results. However, the drilling work completed in 1997 was done under the direct supervision of Gregory Beischer in his prior role as Exploration Manager for INCO. Mr. Beischer is the Qualified Person responsible for the contents of this disclosure. The historical samples were assayed at Chemex Lab, Inc. Appropriate quality control measures were in place.

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

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of the ongoing metal deportment study, and the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.

“NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.”

Categories
Collective Mining Energy Junior Mining Precious Metals

Collective Mining Discovers Outcrop at Surface of Apollo Target & Extends Strike Length

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target
Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Main Breccia Discovery at the Apollo Target, Highlighting in Green the Newly Discovered Areas Where the Main Breccia Outcrops at Surface and Assay Results from Drill Holes Announced to Date
Plan View of the Main Breccia Discovery at the Apollo Target, Highlighting in Green the Newly Discovered Areas Where the Main Breccia Outcrops at Surface and Assay Results from Drill Holes Announced to Date

Figure 3

Photos of Various Surface Exposures of Angular Breccia Discovered to the North and East of Drill Pad 3
Photos of Various Surface Exposures of Angular Breccia Discovered to the North and East of Drill Pad 3
  • Recent geological mapping of rocks exposed by pad 3 drill access tracks have confirmed that the Main Breccia discovery at the Apollo Target daylights at surface north and east of the drill pad.
  • Recently completed drill hole, APC-14, which was drilled due north from pad 3, intersected the Main Breccia approximately 50 metres below the newly discovered northern outcrop. The hole cut more than 240 metres in total of favorable mineralization within the Main Breccia. Assay results for drill holes APC-11 through APC-14 are anticipated in the near term.
  • Visual observation of the shallow portion of drill hole APC-14, indicates a marked increase in chalcopyrite leading to the possibility that copper grades will be higher than seen elsewhere in the Main Breccia discovery. Additionally, the Company’s conviction that the porphyry source for the Main Breccia discovery lies due south has now been increased. As a result, exploratory drill holes are currently being finalized to test the southern porphyry target.
  • The discovery of the northern outcrop of the Main Breccia coupled with visual observations in drill hole APC-14 has extended the strike length of the system to the southwest by 35 metres. As a result, the Main Breccia discovery now measures 385 metres in strike by 100 metres across by 500 metres vertical and remains open in most directions for further expansion. With respect to the eastern outcrop, exploration drilling is required to determine its geometry and how it might connect with the Main Breccia as presently it lies outside of the current working model.
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Borehole%253BMetre%253BApollo%253BBreccia%253BDiscovery%252B%253BOutcrop%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25226f337e25-f321-354c-bf7c-bb3d28d3996e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

TORONTO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that visual observations from outcrop mapping and shallow diamond drill hole APC-14, confirm that the Main Breccia discovery at the Apollo target (“Apollo”) daylights at surface over significant areas located to the north and east of drill pad 3 in the southern part of the discovery. Apollo is one of eight grassroot generated porphyry related targets at the Guayabales project, located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target with previously announced intercepts including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.

“Confirmation that the Main Breccia discovery at Apollo extends to surface enhances future possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near surface in the southern part of the Main Breccia discovery has our team excited that the porphyry source is nearby and is likely located beneath the robust, yet untested high-grade copper-in-soil anomaly located due south of drill pad 3. As a result, our team is busy planning exploration drill holes to test for the porphyry source with additional details to be provided shortly,” commented Ari Sussman, Executive Chairman.

Details (See Figures 1 to 3)

The Company recently completed geological mapping of new outcrop exposure created by tracks designed to service the drill rig at Pad 3 at Apollo. This work has confirmed exposure of mineralized angular breccia at surface as part of the Main Breccia discovery first announced by the Company on June 22, 2022. Logging visuals from recently completed diamond hole APC-14, which was drilled beneath a portion of the northern outcrop area, intersected mineralized angular breccia commencing at 50 metres vertically below surface. The following observations are highlighted:

  • During the last two weeks the surface exploration team has identified various outcrops with mineralized angular breccia locating north of Pad 3. Geological observations in all outcrop areas highlight mineralized angular breccia with iron oxides and sulfides within the matrix between the clasts with a partial overprint of sericite alteration. Two historical samples taken from a very limited exposure of breccia outcrop within this area returned 0.6 g/t gold,18 g/t silver and 0.1% copper and 4.1 g/t gold and 29.3 g/t silver respectively. The recently excavated surface exposures have been systematically sampled and assay results are pending.
  • Visual observations from a recently completed diamond hole, APC-14, drilled to the north from Pad 3 and directly underneath a portion of the northern outcrop area, highlighted the presence of angular breccia hosting pyrite and significant chalcopyrite mineralization in disseminations and as replacement within the breccia matrix. This hole intercepted mineralized breccia from approximately 84 metres downhole (50 metres vertical) down to 132 metres with a second zone commencing at 197 metres and finishing at approximately 391 metres downhole. Assay results for this and other holes are expected in the near term.
  • The Apollo target area, as defined to date by limited surface outcrops, rock sampling of CBM veins and available breccia exposures plus copper and molybdenum soil geochemistry, covers an 800-meter X 700-meter area. This Apollo target area hosts the Company’s new grassroots Main Breccia discovery which, based on recent drill results, measures up to 385 metres in strike length by 100 metres in width and 500 metres vertical. The Main Breccia discovery remains open in most directions and drill holes will continue to confirm and expand the discovery. Within the broader target there are additional, yet untested breccia, porphyry and vein targets which could facilitate further expansion at Apollo.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d2b3619-a363-4b63-a4d3-7b091533f234

Figure 2: Plan View of the Main Breccia Discovery at the Apollo Target, Highlighting in Green the Newly Discovered Areas Where the Main Breccia Outcrops at Surface and Assay Results from Drill Holes Announced to Date is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41d44be4-0e1f-41f0-8587-84461c4e917a

Figure 3: Photos of Various Surface Exposures of Angular Breccia Discovered to the North and East of Drill Pad 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b220267-7bd9-4d39-8f0d-8e6a08d62a6b

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroots discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.

Contact Information

Collective Mining Ltd. 
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

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.