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Base Metals Energy Junior Mining Precious Metals Project Generators Riverside Resources

Riverside Resources and Hochschild Mining Sign Exploration Earn-in Option Agreement Valued at over US$31,000,000 for La Union Project Sonora, Mexico

Vancouver, British Columbia–(Newsfile Corp. – May 17, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that it has entered into a Exploration Earn-In Agreement (the “Agreement”) with Minera Hochschild Mexico, S.A. de C.V. (“Hochschild”), a wholly-owned subsidiary of Hochschild Mining PLC for Riverside’s 100% owned La Union Gold-Silver Project (the “Project”) in Sonora, Mexico. This new Agreement enables the Project to immediately move ahead with a robust exploration program and reflects the belief, by both parties, of the potential for rapid discovery of new gold-silver and base metal disseminated deposits on the 26 km2 Project.

Highlights of the Agreement are summarized below:

  • Phase I Earn-in Option: Hochschild can earn an undivided 51% by incurring US$8,000,000 in exploration expenditures over five (5) years.
  • Upon completion of Phase I obligations, Hochschild can elect to form a 51:49 joint venture.
  • Phase II Earn-in Option: Hochschild can elect to earn an additional 24% by incurring a further $3,000,000 in exploration expenditures and delivering a completed Feasibility Study (FS) over three (3) years.
  • Upon Hochschild completing the Phase II Earn-in, Riverside will have the option to sell its interest in the Project to Hochschild for US$20,000,000, while retaining a 1% Net Smelter Royalty (NSR).

Please see the Transaction Details section below for more information on the Agreement. The intention for the program is to initially conduct property wide sampling, improved mapping, and then geophysical work to rapidly refine drill targets. This would lead to expected drill testing in early 2023 and build upon the initial reconnaissance targeting work that Riverside has completed over the past two years. La Union is well described on Riverside’s website.

Riverside’s President and CEO, John-Mark Staude, stated: “We are delighted to partner again with Hochschild Mining as we have had a productive and positive relationship working together on several past projects. Riverside has invested in working up the project to an actionable stage and consolidated the tenures making this a highly prospective property that warrants the type of exploration spending that this agreement provides.”

For as long as Riverside is the Operator, Hochschild will reimburse Riverside the amount of the annual concession maintenance fees, property taxes, and any other payments required to maintain the Project. As Operator, Riverside will manage the exploration programs and be entitled to collect administration fees of 10% on contracts of less than US$100,000 and 5% on contracts of more than $100,000. Over the next six months, Riverside will also be reimbursed a total amount of $250,000 for its past expenditures on the Project.



Figure 1: Location Map of La Union and Surrounding Mines

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About La Union Gold-Silver Project:

La Union Project is located in western Sonora approximately 70 km southwest of the town of Caborca in the southern portion of the carbonate stratigraphic mountains of the Sierra El Viejo. The reactive limestone and dolomites formed a carbonate-hosted style of mineralization in the late PreCambrian stratigraphy. Large shear zones are present and potentially provide plumbing and a possible host for precious metals mineralization. La Union has seen small-scale production dating back to the 1950s by Peñoles and local families. The Project was largely unexplored until 2012, when Paget and Millrock Resources started exploration work. High-grade rock chip samples reported by Paget and Millrock attracted Riverside’s attention to La Union which was subsequently acquired by Riverside as part of a five-project portfolio acquisition (see press release June 26, 2019).

Riverside has since worked on expanding its current footprint at the La Union Project after evaluating the existing system of mineralization and its potential. Riverside sampling (see press release October 6, 2021) highlighted significant mineralization with up to 59.8 g/t gold (“Au”), 833 g/t silver (“Ag”), 5.8% lead (“Pb”) and 4.2% zinc (“Zn”).

After completing a claim consolidation in September 2021, Riverside conducted a follow up mapping and sampling program including 103 rock chip samples with the best sample returning 83.2 g/t (2.6 oz/t) Au and 4,816 g/t (150 oz/t) Ag (see press release January 5, 2022). The work further enhanced Riverside’s understanding of the structural and lithological controls by linking the small historical workings into a larger regional context. Although the Project is still in its initial stages, mineralization appears to be of manto-chimney and replacement type within Pre-Cambrian to Cambrian sedimentary rocks.

Following-up on the high-grade sample results, Riverside’s team returned and was able to further define the extent of surface mineralization. The highlights of this latest work defined high grade polymetallic samples up to 30% Zn, 83.2 g/t Au, 4,816 g/t Ag, and 10.3% Pb. Of the 103 samples assay values ranged from 83.3 g/t Au to non-detectable with about 30% of the samples returning significant gold, silver, lead and/or zinc values. Click here to see more detailed info at La Union project page.

  • Au – high: 83.2 g/t; low cut-off: 0.5 g/t
  • Ag – high: 4,816 g/t; low cut-off: 300 g/t
  • Pb – high: 10.3%; low cut-off: 0.1%
  • Zn – high: 30%*; low cut-off: 0.1%

*30% Zn is the upper detection limit in analysis method performed

Transaction Details:

Phase I Earn-In Option:

  • Hochschild will pay Riverside the sum of US$100,000 on signing the Agreement;
  • Hochschild will pay Riverside the sum of US$150,000 on the six-month anniversary of the Effective Date (November 5, 2022) for reimbursement of maintenance fees paid by Riverside through August 2022 in respect of the Concessions making for a total of $250,000;
  • Hochschild will reimburse Riverside for all periodic payments made pursuant to the underlying option agreements with respect to concessions comprising the Project;
  • Hochschild to incur expenditures as listed in the table below totaling at least US$8,000,000 of qualifying exploration expenditures before the fifth anniversary of the effective date of the executed Agreement.

Table 1: Phase I Earn-In Option (Qualifying Expenditures)

By May 5, 2023
1st anniversary of the Effective Date
Expenditure of US$700,000
By May 5, 2024Expenditure of US$1,000,000
By May 5, 2025Expenditure of US$1,000,000
By May 5, 2026Expenditure of US$2,300,000
By May 5, 2027Expenditure of US$3,000,000

Phase II Earn-In Option:
In order to exercise the Phase II Earn-in Option, Hochschild shall pay for all Qualifying Expenditures incurred during the Phase 1 Earn-In periods and incur an additional US$3,000,000 plus costs necessary to prepare a Feasibility Study (FS) in accordance with CIM standards before the eighth anniversary of the Effective Date.

Table 2: Phase II Earn-In Option (Qualifying Expenditures)

May 2027 – May 2028Expenditure of at least US$1,000,000
May 2028 – May 2029Expenditure of at least US$1,000,000
May 2029 – May 2030Expenditure of at least US$1,000,000
Feasibility Study (FS)Undefined Expenditure Amount

The time within which the FS must be prepared can be extended for up to an additional 3 years subject to payment by Hochschild to Riverside of the following amounts:

Additional PeriodPayment
1 yearUS$50,000
2 yearsUS$250,000
3 yearsUS$500,000

Upon Hochschild’s completion of the Phase II Earn-In and Riverside’s acceptance, the parties can form a Joint Venture with Riverside having a 25% interest, and Hochschild having a 75% interest. Riverside will have the option to sell its interest in the Project to Hochschild for US$20,000,000, while retaining a 1% Net Smelter Royalty (NSR).

Hochschild can terminate the Agreement at any time on ninety (90) days’ notice to Riverside without any further obligation to incur exploration expenditure but will (a) remain subject to obligations accrued prior to termination (b) be required to reclaim disturbances caused by its activities and (c) pay federal annual concession maintenance fees and annual recording fees which fall due within sixty (60) days of the termination date.

Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

Categories
Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Near-Term Production at Washington Silver Mine in Idaho

Burlington, Ontario–(Newsfile Corp. – May 5, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or “the Company”) is pleased to provide an update on operations at its 100%-owned Washington Mine in Idaho. This mine is on patented lands.

“We are pleased to be back at the Washington Mine and moving forward to production,” said A. John Carter, SBMI’s CEO. “The plan is to access the ore zone in June, to commence production in July, and to continue to work through the winter of 22-23.” SBMI is in discussions with an experienced contract miner to commence such work as soon as reasonably possible, subject to a due diligence site visit.

The Washington Mine first saw production in the late 1800’s with an average gold grade of one ounce per ton. It again produced gold in the 1930’s during which time the then-owner lacked the process capability needed to produce silver, so a decision was made to block out the silver mineralization with the intention of returning at a future date to extract it. To the best of SBMI’s knowledge, the blocked-out volume remains in situ. A historical report indicates the blocked-out volume contains an estimated 3 million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces per ton. (Source, “Geological Evaluation”, Roger G. Stoker, P.G. and Ryne C. Stoker, Student Geologist, Energy Services Inc., December, 1981.)

Stoker also indicated the location of the “Berger Vein”, described as a “gold ore shoot 25 feet wide, 135 feet long, and unknown depth.” Average grades were given as 0.3 oz/ton gold with unknown silver content. Additional notes in Stoker suggest that the Berger Vein was intersected in drifting at the 400-foot level.

The references above to data and observations derived from work not carried out by SBMI are of historical nature only and cannot be relied upon at this time. SBMI does not know the methods by which such work was carried out, or whether all or part of it was under the supervision of a Qualified Person, as that term is defined in NI43-101. SBMI refers to such data and observations to inform its knowledge of the area.

Based in part on the information from Stoker, SBMI took a bulk sample from the Washington Mine, the results of which were disclosed on January 18, 2022. That bulk sample returned 55.5 ounces silver per ton. It is the Company’s intention to exploit that mineralization while developing other vein faces.

To that end the Company’s onsite contractor has cleared small trees that had fallen over the winter, has upgraded the road, and with snowmelt, has cleared access to the main portal.



Small trees being cleared off road to portal

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SBMI has also contracted a portable sawmill to be on site in the near future to start cutting timber for the underground workings. There will be cost-savings as SBMI owns the timber rights at the Washington Mine, meaning SBMI can provide most of the required timber. The Company is also installing a water supply and equipment container.

It is intended that SBMI meet the contract miner at the Washington Mine in the next few weeks for a due diligence visit. Some of the items involved in having the contract miner begin removing mineralized material are:

  • Road upgrade permit has been received and the work completed;
  • Mine ID has been applied for and received;
  • A ventilation plan is in progress and should be completed in next few weeks;
  • MSHA approval should be received shortly;
  • Contract negotiations are underway with a Mine Rescue contractor; and
  • Metallurgical testing is ongoing at Montana Technical University with results anticipated in the next few weeks.

It is anticipated the contract miner will take an initial bulk sample of 1500 to 3000 tons in July, for processing at a local mill. Upon completion of the processing of the bulk sample, SBMI intends to start underground development, targeting the parallel zone and the Berger Vein.

All the above items are being completed under the on-site supervision of Mr. Nick Barr, geologist.

The Company is also planning a surface exploration program at the Washington Mine this summer to further delineate the parallel structures discovered during last year’s field program.

Access to the property can be maintained through the winter as SBMI has contracted a local service provider who has the equipment needed to keep the road open. Decisions on the scope of winter work underground will be determined after the Company receives the results of the July bulk sample.

In Arizona at the Buckeye Silver Mine, work continues to complete the 125t/day mill. Wiring the Motor Control Centre to the various parts of the ball mill has begun. The estimated timeline for completion is roughly four weeks, although that is largely out of SBMI’s control. There continues to be some supply chain risk and pricing risk as to when all equipment will be ready and on-site, although SBMI believes it has taken all necessary steps to reduce such risks.

Please check the Company’s website www.silverbulletmines.com, or follow on Twitter @bulletmines or at YouTube “Silver Bullet Mines”.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

Silver Bullet Mines Corp. trades on the TSX Venture Exchange under the symbol SBMI and on the OTCQB Venture Market under the symbol SBMCF. The OTCQB Venture Market is for early stage and developing U.S. and international companies. Companies listed there are current in their reporting and undergo an annual verification and management certification process. Investors can find current financial disclosure for the Company on www.otcmarkets.com and at https://money.tmx.com/en/quote/SBMI.

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of SBMI’s properties; price increases related to supply chain issues; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

Granite Creek Copper and Metallic Group of Companies Expand Community and First Nations Relations Team with Dedicated Community Relations Manager

VANCOUVER, BC / ACCESSWIRE / May 4, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the creation of a dedicated Community & First Nations Relations Team for the Metallic Group of Companies and the appointment of Lindsay Wilson to the role of Manager, Community and Investor Relations. Ms. Wilson will be working alongside Lauren Blackburn, the Company’s Yukon-based Regulatory & Permitting Manager, in further strengthening our relationships with First Nations, local communities and governments.

The Metallic Group is well established in the Yukon with multiple projects under development by member companies. The Group employs dedicated personnel in Whitehorse, who are long-time residents of the Yukon and, as such, have an affinity for and understanding of its people, its history and its robust mineral endowment. Ms. Blackburn has been with Metallic Minerals and the Metallic Group since its founding and has taken a leading role in the Company’s community, permitting and regulatory initiatives. The addition of Ms. Wilson greatly increases our capacity to build meaningful and long-lasting and mutually beneficial partnerships in keeping with our strong commitment to environmental, social, and governance (“ESG”) aspects of the resource sector. The Metallic Group is committed to applying best industry practices to exploration and to make positive contributions in the Territory and the specific communities in which we work.

Lauren Blackburn – Manager, Regulatory and Permitting

Ms. Blackburn has over 15 years of Yukon-based experience in the mineral exploration sector focused on the exploration and development of early to advanced-stage silver, gold, and base metal deposits. Her primary concentration has been in northern Canada where she has garnered a dynamic skill set that includes expertise in the exploration process, permitting, lands management, regulatory lobbying, land-use planning and community engagement. Ms. Blackburn is highly involved in Territorial legislation and policy review, permitting activities and assists in evaluation of potential project acquisitions and strategic development.

Lindsay Wilson – Manager, Community & Investor Relations

A member of the Snuneymuxw First Nation on Vancouver Island, Ms. Wilson is focused on incorporating traditional ways of being into her work within the resource sector and seeking to develop sustainable and credible partnerships within the communities that she works. Ms. Wilson has a comprehensive background in indigenous studies and public relations, alongside practical experience in the mineral resource sector. Having worked previously in the Yukon with the Yukon Mining Alliance, Ms. Wilson is excited about the opportunity to return to work in the Yukon and looking forward to reconnecting with the communities there.

Arctic Indigenous Investment Conference (AIIC)

The Metallic Group Community and First Nations Team will be attending the AIIC on May 4th & 5th in Whitehorse, Yukon.

Connecting globally – through a hybrid (in-person & virtual) experience – AIIC 2022 will highlight and promote indigenous development corporations and businesses in the northern economy, alongside the north’s business community and colleagues across sectors. The goals of AIIC 2022 are to support economic reconciliation and growth, and youth entrepreneurship by forging new and stronger relationships, advancing meaningful partnerships, and connecting people across the arctic. Indigenous development corporations and businesses play a key role across northern Canada. These efforts are supported when we stand together with a collaborative voice for business, northern investment and our citizens, to ensure a diverse and prosperous economy, community and future.

About the Metallic Group of Companies

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

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is south of the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features a high-grade copper, gold and silver resource with excellent access to road, power and port infrastructure. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

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

SOURCE: Granite Creek Copper Ltd.



View source version on accesswire.com:
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Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators Rhodium Investing

Millrock Reports Drilling Has Commenced On The Treasure Creek Gold Exploration Project, Fairbanks, Alaska

VANCOUVER, BRITISH COLUMBIA, May 3, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has commenced drilling on the Treasure Creek gold project, which lies just north of the City of Fairbanks.

Felix indicates that it plans to drill 7,000 meters with a small reverse circulation drill rig. Millrock has assigned its Treasure Creek mineral rights to Felix Gold in return for cash, shares, and production royalties featuring advanced minimum royalty streams. Millrock owns 9,957,157  Felix Gold shares that today have a market value of approximately AUD$1,643,000 (CDN$1,495,000).

Millrock President & CEO Gregory Beischer commented: “The targets to be drilled by Felix Gold have a strong chance of successfully identifying a gold deposit. A new discovery here would propel the value of Millrock’s shareholding in Felix Gold and in return increase the value of Millrock shares. The project is certainly well-situated, about 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold’s new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021. We will look forward to assay results from the current drilling program with great anticipation. Felix Gold has built an excellent exploration team and is well-capitalized. The team has a great chance of making discoveries and revealing the substantial potential for more major gold deposit discoveries in the Fairbanks gold mining camp. In my view, the potential in Fairbanks has been generally under-recognized by the industry. This has allowed Felix, through Millrock, to consolidate a tremendous land position. As a result of the agreement with Felix, Millrock is entitled to production royalties at Treasure Creek and throughout the Fairbanks district.”

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. 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 each of Resolution Minerals Limited and Felix Gold 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, Coeur Explorations, 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 may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the Treasure Creek project. 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. 

Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group Precious Metals

Granite Creek Copper Retains SGS Canada for Updated Preliminary Economic Assessment on High-Grade Carmacks Copper-Gold-Silver Project in Yukon Canada

VANCOUVER, BC / ACCESSWIRE / May 3, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that it has retained SGS to complete an updated Preliminary Economic Assessment (“PEA”) on the Carmacks project. The PEA will use the 2022 Resource Estimate (Table 1), consisting of 36.2 million tonnes (Mt) in Measured and Indicated categories (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23g/t Ag and 0.011% Mo) for a total of 651 million pounds (Mlbs) of contained M&I copper and an additional 38 Mlbs Cu Inferred as the main input. Building off a 2017 PEA(1), the updated study will encompass the following:

  • Significant Increase in Contained Copper – The 2022 resource estimate marked a 43% increase in contained copper over the previous estimate referenced(2)
  • Inclusion of Sulphide Processing – As of the publication of the 2022 resource estimate the Carmacks project consists of roughly 50/50 sulfide and oxide resources by contained metal. The Company sees the inclusion of sulphide resources as a significant potential value driver having a positive impact on the economics of the project; and
  • High Proportion of Resources Modeled in Three Conceptual Open Pits – 96% of the 2022 resources are contained within the conceptual pits (Figure 1). With a high percentage of current resources reporting in conceptual pits the cash cost per pound of copper is expected to be significantly lower when compared to a similar sized underground operation.

Timothy Johnson, Granite Creek President & CEO, stated, “The launch of the updated Preliminary Economic Assessment study marks a major milestone in the development of the Carmacks deposit at a time when commodities demand is seeing rapid growth. The Carmacks project is well-positioned by its location, access to infrastructure, and proximity to the operating, high-grade Minto mine just to the north. Both copper and molybdenum have been deemed by the Canadian government to be ‘critical minerals‘ based on their role in the transition to a low-carbon economy which we expect will provide prolonged price strength well into the future. We look forward to continuing to bring positive news as we develop this high-grade copper project.”

Upcoming Events

OTC Markets Mining and Metals Virtual Conference – Tim Johnson, President & CEO, will present live at VirtualInvestorConferences.com on May 5th, 2022 at 10am PT | 1pm ET. To register, click here.

Vancouver Resource Investment Conference – Granite Creek Copper will join fellow members of the Metallic Group of Companies at the 2022 VRIC event at the Vancouver Convention Centre on May 17-18. Visit us in Booth 111.

2022 Technical Report Filing

Granite Creek also announces that further to its news release dated March 15, 2022 it has filed on SEDAR a National Instrument 43-101 technical report (the “Technical Report”) for the Carmacks project, located in the Yukon, Canada.

The report, entitled “Technical Report on the Updated Mineral Resource Estimates for the Carmacks Cu-Au-Ag Project Near Carmacks, Yukon, Canada”, has an effective date of February 25, 2022. The Technical Report was authored Allan Armitage Ph.D., P.Geo of SGS Geological Services(“SGS”) an independent Qualified Person and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.gcxcopper.com.

Table 1 – 2022 Carmacks Copper Project Mineral Resources

Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture

Cu=copper, Au=gold, Mo=molybdenum, Ag=silver, Mt=millions of tonnes, Mlbs=millions of pounds, klbs=thousands of pounds, koz=thousands of ounces. Mineral Resources are reported using the 2014 CIM Definition Standards. Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host. Metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Tonnes are metric tonnes, with Cu and Mo grades as percentages and Au and Ag grades as gram per tonne units. Cu and Mo metal content is reported in lb and Au and Ag content is reported in troy oz. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.

Figure 1 – Oblique view of 2022 resources and proposed pits (total strike length of 2,950 m)

Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture
Granite Creek Copper Ltd., Tuesday, May 3, 2022, Press release picture

Qualified Persons

The Carmacks project 2022 Resource Estimate was prepared by Allan Armitage, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of February 25, 2022. Armitage conducted a site visit to the property on November 9, 2021.

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.

1PEA: “NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada” Effective Date 12 October 2016. Report Date: 25 November 2016. SEDAR Filing Date: 9 February 2017

1News Release: “Copper North Expands Oxide Mineral resources at Carmacks” Published on SEDAR 9 April 2018.

About Granite Creek Copper

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Granite Creek Copper Ltd.



View source version on accesswire.com:
https://www.accesswire.com/699894/Granite-Creek-Copper-Retains-SGS-Canada-for-Updated-Preliminary-Economic-Assessment-on-High-Grade-Carmacks-Copper-Gold-Silver-Project-in-Yukon-Canada

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Operational Activity Update

YERINGTON, Nev., Dec. 09, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today provided an operations update and overview of the H2 2021 milestones achieved at its underground mine at the Company’s Pumpkin Hollow Project (the “Underground Mine”).

The Company has experienced a significant reset and demonstrated significant operational and corporate improvements in H2 2021. These milestones provide a foundation for an accelerating pace of operational ramp-up.

“I am very pleased with the progress the Company has made in H2 of this year,” stated Randy Buffington, President and Chief Executive Officer. “Our mining rates, a key metric for ramp-up production advancement, have been increasing month over month. We are now seeing the efficiencies generated from the advanced management systems implemented in Q3 of this year. The building blocks are in place for increased mining rates and production as we move into H1 of next year.”

Operations

  • Equipment availabilities materially improved: 14% improvement from 65% to 74% in total fleet availability since the beginning of Q4, 2021. Additional equipment expected to be added in Q4, 2021.
  • Contractor performance improved: Productivity increased by 31% from 1.75 to 2.29ft per person shift between October and November resulting in substantial improvement in operating efficiency as well as cost reductions.
  • Increased mining development rates: Sequential monthly increases in development rates, a key leading indicator of production ramp-up, delivered since management changes in August 2021. Rates achieved in December are currently 50% higher than August. Commissioning of additional bolters planned to deliver a further 50% increase in development rates in the coming weeks.
  • Consistent mill performance: Milling operations have performed well throughout 2021, with batch processing reaching 4700tpd, recoveries over 90% and concentrate quality performing in-line with design specifications.
  • Dike crossing completion: First crossing of the water bearing dike was completed in August 2021, and the second crossing is anticipated to occur later this year. No further crossings are required during the ramp up to 3ktpd expected in H1, 2022.
  • Ventilation infrastructure in place: All underground ventilation infrastructure was completed in H1 2021. Final addition of surface ventilation fans remains on schedule, with commissioning planned to be completed in January, 2022, with ventilation no longer expected to be a constraint to production rates thereafter.

Corporate

  • Transformational financing completed:
    • Closed C$125m public equity offering in November 2021, with a significant portion of the funds provided by select mining sector corporates. This was further complemented by broad participation from other new and existing institutional investors.
    • The upsized financing provides additional liquidity to fund exploration and expansion studies at the Company’s open pit project (the “Open Pit Project”) in addition to the ramp-up of Underground Mine.
  • Significantly enhanced balance sheet flexibility:
    • Long term debt reduced by approximately 30% during Q4, 2021.
    • First debt repayment under the Company’s senior credit facility with KfW-IPEX Bank deferred by 2 years to July 2024.
  • Hiring of key management positions:
    • Joining as Chief Executive Officer on October 6, 2021, Randy Buffington brings substantial operational and development experience in both underground and open pit mines in Nevada and internationally.
    • 8 key operational management positions added in H2 2021, resulting in operational improvement and enhanced planning and execution systems.
  • Development
    • Developed program for Open Pit Project resource extension and feasibility study: The budget and execution plan have been defined and the Company expects that drilling to support the updated open pit feasibility study will commence in Q2 2022, potentially sooner depending on drill rig availability.
    • Open Pit Project Decarbonization Program Advanced:
      • Solar power studies were completed in 2021, which show:
        • Pumpkin Hollow benefits from ample sun and land to support a large solar project with the capacity to meet a significant portion of the Open Pit Project’s power requirements;
        • The solar potential at the site is up to 200MW;
        • The already low grid power costs in Nevada could be further reduced through an on-site solar plant; and
        • A third-party solar project provides an option to remove upfront power infrastructure costs from the Open Pit Project.
      • Electric fleet study for mobile mining equipment fleet electrification at the Open Pit Project was completed by US-based energy and sustainability consultant Sprout Energy, which concluded:
        • Scope 1 carbon emissions over the life of mine could be reduced by approximately 10% of total estimated emissions; and
        • Fuel and maintenance costs could be reduced by up to approximately US$200m over the life of mine.
  • Exploration
    • Undertook further property reconnaissance on the Copper Ridge Area, which is located to the northeast of the Open Pit.
    • Defined target exploration plan: Initiated further refinement and interpretation of the newer geophysics in key areas such as Tedeboy, Tedeboy porphyry and Copper Ridge.
    • Initial grab sampling and mapping of these areas have resulted in areas with high grade copper samples. Surface mapping and sampling are planned for Q1 of 2022, supporting the commencement of drilling in Q2 2022.

Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., VP Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a consultant to Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

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

NEVADA COPPER CORP.
www.nevadacopper.com

Randy Buffington, President and CEO

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

Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development, production and ramp-up objectives, exploration activities, equipment installation and the completion of a new feasibility study.

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

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

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

Categories
Base Metals Energy Junior Mining MillRock Resources Project Generators

Millrock Enters Into Exploration Agreement Concerning Apex Gold Project, Southeast Alaska

August 12, 2021

Highlights

  • Millrock has executed an agreement with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining, Inc. concerning claims controlled by Millrock at the Apex gold project, located approximately 70 kilometers from Juneau in Southeast Alaska.
  • Coeur Explorations may exercise an option to earn a 100% interest in the claims through staged payments and exploration expenditures.
  • Upon earning 100% interest, a Net Smelter Returns royalty with an advanced minimum royalty provision and buyback option will be granted to Millrock.
  • Initial exploration is underway; drill permits have been approved.


VANCOUVER, BRITISH COLUMBIA, August 12, 2021
– Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to announce that it has entered into an agreement with Coeur Explorations, Inc., a wholly-owned subsidiary of Coeur Mining, Inc. (“Coeur”), concerning the Apex gold project in Southeast Alaska. The project is located on Chichagoff Island, three kilometers north of the village of Pelican and 70 kilometers southwest of Juneau, Alaska.

 Millrock President & CEO Gregory Beischer commented: “We are pleased to enter into this agreement with Coeur Explorations and will work diligently with their exploration team to explore the claims. From historic documents, we know that high-grade gold ore was previously mined, but there has never been a single exploratory hole drilled. It seems likely that the known high-grade gold-bearing quartz veins will continue along strike and in the down-dip direction. The claims have been completely dormant since the 1980s. We’ll start with surface geochemical sampling and detailed structural mapping this year and look to drill in 2022.” 

The Apex project targets high-grade, mesothermal, gold-bearing quartz vein deposits. The claims cover the former-producing Apex and El Nido gold mines which operated intermittently from the 1920s through to the 1940s and reportedly produced approximately 34,000 ounces of gold by underground mining methods. Nearly 1,200 meters of workings on four levels were used to extract ore (United States Geological Survey Alaska Resource Data File). Ore was hand-cobbed and milled on site. Surface exploration was done by WGM Inc. in the 1980s, but no drilling was done and the property has been dormant since. Millrock secured an option on the core claim group in 2016 from Apex El Nido Gold Mines Inc. Subsequently, Millrock staked surrounding lands, compiled information, and secured drilling permits. At surface, above the caved portal to the Apex Mine, a swarm of quartz veins can be observed over a width of more than 200 meters. Within the swarm, four thicker veins were the subject of the historic mining efforts. Geological and geochemical features suggest the vein system has continuity along strike to the northeast beneath Cann Creek, toward the tidewater of Lisianski Inlet, two kilometers away. The gold-bearing vein system has never been drill tested along strike or below the historic workings.

Figure 1.    Apex Gold Project Location Map
Figure 1. Apex Gold Project Location Map

Under the agreement, Millrock will assign its rights under the existing option agreement with Apex El Nido Gold Mines to Coeur Explorations. Coeur Explorations will be responsible for making cash payments and funding exploration expenditures to keep the option agreement with Apex El Nido Gold Mines in good standing. Millrock will execute exploration under a services agreement on behalf of Coeur. Coeur Explorations may determine not to proceed to exercise the option at any time, but if it makes all the payments and expenditures, it will vest with a 100% interest in the underlying claims. Upon exercising the option to purchase the Apex El Nido Gold Mine claims, Millrock will also transfer the claims it owns outright to Coeur Explorations, and the entire project will become subject to a net smelter returns (“NSR”) royalty in favour of Millrock. The royalty payable is a 2.5% NSR with an advanced minimum royalty (“AMR”) provision. Coeur Explorations may reduce the NSR to 1.0% by paying Millrock US$3.0 million. The initial AMR payment will be US$50,000 and will increase by US$50,000 annually until production occurs.  AMR payments are deductible from NSR payments. The property will revert to Millrock in the event that Coeur elects to discontinue AMR payments.

Typical of Southeast Alaska, the terrain is steep and challenging, as pictured in Figure 2. The former producing Apex and El Nido mine entries are at tree level, approximately 360 meters above sea level. A soil sampling crew has been mobilized to the project and is presently working out of accommodations in Pelican, using boat access. The goal of the program is to trace the mineralized structure and refine vein locations in anticipation of a 2022 drilling program.

Figure 2.    Apex Gold Project Terrain
Figure 2. Apex Gold Project Terrain

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. 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: Coeur Explorations, EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.

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 may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to mount further exploration including drilling in 2022. 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.

Categories
Base Metals Energy Granite Creek Copper Junior Mining

Granite Creek Copper Reports First Results from Phase 1 of 2021 Drill Program, Including 43.50 Meters of 1.40 % Copper Equivalent, at the Carmacks Copper-Gold-Silver Project in Yukon, Canada

Thu, July 22, 2021, 8:00 AMIn this article:

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VANCOUVER, BC / ACCESSWIRE / July 22, 2021 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the first tranche of assays from Phase 1 of the Company’s 2021 drilling program on its 100%-owned Carmacks project. This recently completed first phase consisted of nineteen diamond drill holes, totalling 6355 meters, focused on the existing resource area with the goals of strengthening confidence in the resource model, evaluating opportunities for resource expansion and/or upgrading the sulphide portion of Zones 1 and 2000S from an inferred to indicated resource, and evaluating continuity of mineralization in Zone 13 (Figure 1).

Granite Creek President & CEO, Tim Johnson, commented, “The Company is extremely pleased with the progress of 2021 exploration program at Carmacks. A Phase 3 drilling program is under development and projected to commence in mid-August of this year. The addition of this third stage would expand the overall 2021 campaign to include a total of 10,000 meters of diamond drilling as well as 3000m of reverse circulation drilling. We expect this program will significantly expand the total contained metal on the project, resulting in a substantially and form the basis for a new Preliminary Economic Assessment.”

Table 1 – Highlights from first tranche of 2021 Diamond Drill Assays at the Carmacks Project

Drillhole
From(m)To(m)Length*(m)Cu(%)Mo(%)Au(g/t)Ag(g/t)CuEq** (%)Zone
CRM21-004323.50367.0043.501.120.030.203.411.40Zone 1
Including338.50367.0028.501.570.040.294.531.96
and including352.00†367.0015.001.800.070.334.812.31
CRM21-007222.52223.704.080.910.010.196.321.13
CRM21-010450.00513.4063.400.27BDL0.081.310.35
Including450.00482.2532.250.30BDL0.081.410.39
Including478.32482.253.930.580.010.202.850.78
Including488.90513.4024.500.30BDL0.091.470.39
including502.90509.756.850.410.010.161.930.57
2000 S
CRM21-003146.35†214.5068.150.590.030.143.690.830
Including161.40179.8018.040.810.030.214.801.13
CRM21-005137.05179.8043.240.740.050.163.821.06
Including142.05158.4016.351.200.030.266.111.58
CRM21-006194.40278.2083.800.640.010.133.230.81
Including229.20278.20490.870.020.173.881.10
Including248.76266.2017.441.210.030.225.111.53
CRM21-008195.80228.4032.60.800.020.173.881.02
Including201.55215.55141.100.020.244.861.40
CRM21-009190.50243.8553.350.590.010.142.710.75
Including191.30201.7010.40.87BDL0.253.701.09
and including209.00225.9516.950.620.010.132.760.77
and Including229.90235.255.351.210.060.284.881.68
https://s.yimg.com/rq/darla/4-8-0/html/r-sf-flx.html

** Copper equivalent (Cu Eq) values assume Cu $3.35/lb, Au $1600/oz, Ag $24/oz, Mo $12/lb and 100% recovery. *Weighted average intercepts shown. Estimated true widths vary but, based on geological interpretation of cross-sections, are estimated to be typically 60-70% of the intersected widths. † Zone has poor recovery

Figure 1 – Carmacks Copper Project Plan View

Zone 1

Eight holes were drilled in Zone 1 with the objective of increasing confidence in the inferred portion of the sulfide resource of this zone as well as evaluating the southern down-dip continuation of the inferred resource (Figure 2). The drilling was successful in achieving its objectives of delineating the depth extent of mineralization, expanding the mineralization below the current resource model and confirming the grade and anticipated thickness in the inferred portion of the sulphide resource in this zone.

Table 2 – Zone 1 mineral resource[1]

CategoryTonnes (000’s)Cu (%)Acid soluble Cu (%)Sulphide Cu (%)Au (g/t)Ag (g/t)
Measure & IndicatedOxide11,980,0001.070.860.210.464.58
Inferred Oxide90,0000.730.530.20.131.81
Measure & IndicatedSulfide4,340,0000.750.030.720.222.33
Inferred Sulfide4,031,0000.710.010.70.181.90

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

While the Preliminary Economic Assessment (“PEA”) published in 2017(1,2) only looked at the oxide material in Zones 1,4 & 7, work being conducted by Sedgman and Mining Plus (see news release dated May 18, 2021) is looking at various scenarios to process the sulfide portion of Zone 1 and other sulfide zones of the deposit building a basis for an updated PEA that would include both oxide and sulfide ore.

Figure 2– Long section of Zone 1 looking west

Zone 2000S

Zone 2000S, originally discovered in 2006 as the result of an IP survey, has the potential to add tonnage in the sulfide domain of resource category. The mineral resource on this zone is shown in Table 3, which was based on a 0.25% total copper grade cut-off.Six diamond drillholes were drilled in this zone are part of the first phase of drilling with the intent of evaluating the continuation of bornite-chalcopyrite mineralization down dip. The drilling was very successful in not only confirming the continuation of the high grade bornite-chalcopyrite mineralization but also extending mineralization well below the current block model as well as encountering significant molybdenite mineralization A technical hole (CRM21-018) was drilled subparallel to the mineralization to evaluate the geological concept of a southern W-E striking fault which post-dates and offsets mineralization.

Table 3 – Zone 2000S mineral resources1

CategoryTonnes (000’s)Cu (%)Acid soluble Cu (%)Sulphide Cu (%)Au (g/t)Ag (g/t)
Measure & IndicatedOxide410,8780.640.490.140.233.15
Inferred Oxide266,8940.570.340.240.142.66
Measure & IndicatedSulfide740,0000.700.070.630.173.28
Inferred Sulfide636,0000.730.050.680.183.50

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

Figure 3 – Long section of 2000S

Zone 13

Three diamond drill holes were completed in Zone 13 with the intent of evaluating the northern continuity of sulfide mineralization, along strike and to infill an open area of the block model. Within 1000m of Zone 1, Zone 13 has the potential to add both oxide and sulfide resources to an updated mine plan. The sulfide portion remains open along strike and at depth. All assay results from Zone 13 are pending.

COVID-19 Protocols

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

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

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

About Granite Creek Copper

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

Qualified Person

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

Quality Control and Quality Assurance

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

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Granite Creek Copper Ltd.

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Announces Further Progress with Underground Operations and Strategic Project Development

July 12, 2021View PDF

Yerington, NV – July 12, 2021 – Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) is pleased to provide an update regarding the ramp-up of the Underground Mine and development activities for the Open Pit project at its 100%-owned, fully-permitted Pumpkin Hollow Project in Nevada.

Production Ramp-Up Update

  • Safe and effective penetration of dike structure: The Company is in the process of safely completing the dike crossing. As reported on May 17, 2021, ground and hydrological conditions associated with the dike reduced development rates for a temporary period while traversing the dike to allow for grouting and ground control. With the completion of the dike crossing within the next two weeks, the Company expects to see lateral development rates increase back to planned rates this month.
  • Underground ventilation commissioned on-schedule: All underground ventilation fans were installed and commissioned during May, as planned. The final surface fans continue to be planned for delivery in Q3 2021 and commissioning in Q4 2021. Consequently, achievement of steady-state production continues to be expected in Q4 2021.
  • Successful completion of process plant C5 Testing: During June, Sedgman successfully completed C5 testing of the processing plant for grind size and moisture.

Mike Ciricillo, Nevada Copper’s Chief Executive Officer, stated:

“I am pleased with the continued progress with the ramp-up from Pumpkin Hollow. The safe penetration of the dike and commissioning of the underground ventilation system are significant de-risking steps and facilitate increasing development and production rates, as we progress to steady-state. The longer-term mine planning work being advanced indicates future potential upside for both Underground and Open Pit projects.”

Project Development

  • Underground Mine Planning supports potential for higher long-term production rates: As part of its project development objectives reported on March 1, 2021, the Company has progressed its life-of-mine planning aimed at operating its underground mine at an ultimate production rate in excess of the originally contemplated 5,000 tons per day rate. Mine planning work during Q2 2021 further supports the potential for the mine, once ramped-up to steady-state, to operate at higher long-term rates of 6,500 tons per day milled, increasing long-term annual copper production. This additional production capacity would also support accelerated mining of the significant additional underground copper resources that exist over and above the current underground reserve. Further engineering work will be undertaken during H2 2021 to support the potential for a higher long-term production rate from the underground operation.
  • Open Pit Solar Power Study indicates potential to further reduce Open Pit power costs: The Company has also progressed the planned feasibility studies for a potential solar project, with renewables consulting group Sprout Associates, with the following initial conclusions. Further updates will be provided upon completion of the next phase of study work:
    • Pumpkin Hollow benefits from ample sun and land to support a large solar project with the capacity to meet a significant portion of the Open Pit project’s power requirements;
    • The solar potential at the site is up to 200MW;
    • Already low grid power costs in Nevada could be materially further reduced through an on-site solar plant; and
    • A third-party solar project provides an option to remove upfront power infrastructure costs from the Open Pit project.

Balance Sheet Update

  • Further to the Company’s announcement on May 17, 2021, Pala Investments Limited has agreed to provide additional financing of US$25 million through a promissory note (in addition to the fully drawn existing US$30 million credit facility), providing additional liquidity for the ramp-up and addressing the reduced development rates associated with the dike grouting program. The Company has drawn US$15 million under the promissory note, with subsequent draws available at the Company’s option, subject to agreed use of proceeds. The promissory note has a maturity date of June 30, 2022 and bears interest at 8% per annum on amounts drawn. The promissory note was reviewed and approved by the independent members of the Company’s board of directors. In addition, US$9 million remains available to draw under the Company’s working capital facility with its offtake partner, Concord Resources Limited.
  • The Company has received proceeds of CAD$1.4 million for exercise of warrants so far in 2021. The Company has the potential to receive a further CAD$65 million of warrant proceeds should all the outstanding warrants expiring in January 2022 with an exercise price of CAD$0.20 (the “January 2022 Warrants”) be exercised prior to maturity. In addition to the January 2022 Warrants, a further CAD$34 million of warrant exercise proceeds may be received should the outstanding warrants expiring in July 2022 with an exercise price of CAD$0.22 be exercised in full prior to maturity.
  • The Company’s senior lender, KfW IPEX-Bank (“KfW”), has provided the Company with a 60-day extension to the project completion longstop date from June 30, 2021 to August 31, 2021, while the parties agree on a revised completion test and longstop date for the project. The Company will provide a further update once a revised project completion test and longstop date has been agreed with KfW. While the Company expects to agree on an appropriate revised date with KfW, there can be no assurance this will be achieved.
  • The Company continues to undertake near-term mine planning to incorporate the recent impact of the dike on development rates and other factors that have slowed the production ramp-up. It is possible that such mine plan updates may indicate higher operating costs and additional development capital and working capital requirements for the ramp-up than previously contemplated.

Qualified Persons

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

About Nevada Copper

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

NEVADA COPPER CORP.

www.nevadacopper.com

Mike Ciricillo, President and CEO

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

Cautionary Language

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

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 are subject to known or 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.

Forward-looking statements or information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks and uncertainties relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of 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 rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. 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.

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. Accordingly, readers should not place undue reliance on forward-looking statements and information.