Burlington, Ontario–(Newsfile Corp. – January 31, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to report results from its Buckeye Mine development, ongoing PGM (platinum group metals) study, assay results from its Black Copper occurrence and the discovery of a new gold occurrence on its Black Diamond Property.
Development drift intersecting a wall of sulphides at the Buckeye Mine, Jan. 28, 2023
As of this date, the development drift at the Buckeye Mine has advanced about 116 metres from the adit alongside the main vein with ongoing bolting and screening.
In its January 17, 2023 press release, the Company advised it “…next intends to drift along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021).” However, the Company believes it may have intercepted that area of higher grade mineralization sooner than expected.
Approximately 1 metre before turning into the anticipated intersection with the main vertical vein, a 0.6 metre thick horizontal fracture zone was encountered that contained bands of massive sulphides. Horizontal sulphide bands were also noted by the QP for this press release in the Treasure Room along with paper thin layers of high purity native silver, similar to the bands in the newly discovered fracture zone. While the Company expected to locate the area of higher grade mineralization, the placement of this 0.6 metre wide area of sulphide mineralization was a positive surprise to the Company.
A blast in the drift on January 27, 2023 exposed another wall of sulphides at the end of the drift. These sulphides were also encountered sooner than the Company expected. Samples of the sulphide material are being prepared to be sent for assaying and further petrographic examination.
Regarding the earlier reported PGM assays and as previously reported, check assay samples have been sent to three independent certified labs. SBMI is awaiting complete reporting of the assays from the three labs. In addition to these check assays, the Company has contracted Dr. Andy McDonald, Mineralogist, of the Harquail School of Earth Sciences, at Laurentian University in Sudbury, Ontario, Canada, to undertake sample preparation, petrographic and scanning electron microscope examination of two samples derived from the Buckeye Mine.
The first sample being analyzed by Dr. McDonald was taken by the QP in November, 2022. It was diabase from the floor of the Treasure Room of the Buckeye Mine containing a silvery ductile mineral, subsequently confirmed by Dr. McDonald to be high purity native silver. When this sample was examined with an uncalibrated handheld X-ray fluorescent unit, the presence of palladium at 29 and 21 parts per million was noted. The second sample provided to Dr. McDonald was a malformed dore bar poured by SBMI in September, 2022 derived from the Buckeye Mine, containing highly refractory “unknown material.”
Native silver in diabase rock sample collected from the floor of the Treasure Room, Buckeye Mine
Also in SBMI’s January 17, 2023 press release, SBMI advised third part geologic consultants including the QP had visited the Black Copper occurrence in late November and early December, 2022. Black Copper is situated on SBMI’s Black Diamond property roughly one point five kilometres south of the Buckeye Mine and is referred to in the January, 2021 Geologic Report. Samples from Black Copper were taken and reported the following results:
Sample number
Au (ppb)
Cu ppm
342151
615
>1000
342152
192
>1000
342153
941
>1000
342154
654
>1000
The over-detection limit for copper on these samples was 1000 parts per million. These four samples were sent for further analysis which returned:
Sample number
Cu ppm
Cu %
342151
2240
2.24
342152
3740
3.740
342153
3400
3.400
342154
5490
5.490
In addition, during this geological study, an area of broken rusty quartz float was observed by the QP near the trail to the Richmond Basin to the west of the McMorris and Buckeye Mines. This is the Company’s first testing of this area. These quartz fragments appeared to be segments of narrow quartz veins containing sulphides. Due to a soil cover of a few inches to a foot in this area, limited time prevented exposure of the underlying bedrock. Four samples were collected from surface and yielded the following gold assays:
Sample number
Au (ppb)
Bi (ppm)
342109
17
2
342110
4450
412
342111
64
1600
342112
7
16
A bismuth assay of 1600 ppm and a silver assay over 100 ppm was recorded in sample 342111. The QP of this press release highly recommends further evaluation of this new gold occurrence.
Sample 342110 assayed 4.45 g/t Au. from the new gold occurrence.
All the samples above were collected by Robert Komarechka and John Corkery. Samples were collected and placed in sample bags with their appropriate tag and personally taken to the courier and shipped to Actlabs in Thunder Bay, Ontario for assaying. Certified standards and blanks were used both by the Company and Actlabs.
All samples analyzed by Actlabs were by Fire Assay ICPOES (Induced coupled plasma arc with optical emission spectroscopy).
The multi-element analysis was by digestion with a combination of hydrochloric, nitric, perchloric and hydrofluoric acids.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
With respect to the Company’s press release concerning seeking an extension of the Warrants (as that term is defined in that release), SBMI advises it is seeking an extension on a total of 8,528,081 Warrants with new expiry dates ranging from February 6, 2024 to July 8, 2024.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Drill hole APC-29 intercepted the highest grade near-surface copper-silver-gold mineralization encountered to date at the Main Breccia system at the Apollo target (“Apollo”) yielding 32 metres @ 10.48 g/t gold equivalent from 80 metres vertical. This hole was designed to test directly below where the Main Breccia system daylights at surface in the southern part of the system and to follow up on recently announced results for hole APC-22, which intersected 47.25 metres @ 5.45 g/t gold equivalent (see press release dated January 11, 2023). Further down-hole in APC-29, a broad zone of mineralization was encountered averaging 214.4 metres @ 1.04 g/t gold equivalent. APC-29 had to be abandoned short of target depth due to a fault while still in mineralization with the final 0.5 metre sample assaying 1.72 g/t gold, 39 g/t silver and 0.1% copper.
Drill hole APC-25 was designed as a step out hole along strike of the near surface high-grade zone of mineralization and intersected 106.85 metres @ 2.31 g/t gold equivalent starting at 65 metres vertical below surface. As a result, APC-25 has confirmed a shallow, westward expansion to the Main Breccia system and an apparent thickening to the high-grade near surface mineralized zone as the system is traced to the west.
Hole APC-26 was drilled to the northeast from Pad 4 and confirmed continuity of mineralization in that direction returning 136.9 metres @ 1.51 g/t gold equivalent contained within 311.2 metres at 1.04 g/t gold.
The phase II drilling program is underway with three rigs currently operating focused on testing near surface mineralization and expanding the dimensions of the Main Breccia system. Assay results are expected in the near term for the final three holes of the 2022 program, including westwards step-out hole APC-28, which cut more than 600 metres of continuous mineralization. Additionally, the first hole of the Phase II program is now complete, and core has been dispatched to the lab for assaying.
Ari Sussman, Executive Chairman commented: “Not only is the Main Breccia system at Apollo a large, bulk tonnage deposit but it now appears to host an outcropping and shallow zone of high-grade mineralization, which clearly enhances the value of this exciting discovery. Based on surface sampling, the system appears to daylight over an area measuring approximately 150 metres in diameter and remains open for expansion. The Main Breccia system is truly evolving into a brand-new world-class discovery right in the heart of a prolific mining camp with continuous precious metal production dating back more than 500 years.”
TORONTO, Jan. 31, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia discovery at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems.
Details (See Table 1 and Figures 1–6)
Assay results for twenty-eight diamond drill holes have now been announced at Apollo with results for additional holes expected in the near term. This press release announces results of three diamond drill holes with results summarized below.
APC-25 was drilled to the northwest from Pad 3 to a maximum depth of 215.80 metres and intersected a shallow, western extension to the Main Breccia discovery averaging:
106.85 metres @ 2.31 g/t gold equivalent consisting of 0.81 g/t Au, 30 g/t Ag, 0.62% Cu and 30 ppm Mo beginning at 73 metres downhole (65 metres vertical).
The mineralized angular breccia of this intercept contains a sulphide matrix which includes 1.5% to 2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted by a zone of carbonate and base metal (sphalerite and galena) veins, which host higher gold grades and returned an interval of 14 metres grading 3.65 g/t gold equivalent. APC-25 is the westernmost hole drilled into the Main Breccia discovery and demonstrates that the mineralization is open and is thickening in this direction. Drill holes have been designed to continue to step-out to the west to expand upon this high grade and near surface mineralization.
APC-26 was drilled northeast from pad 4 and confirms continuity within the Northern Extension Zone of the Main Breccia system, as previously defined in holes APC-17 and APC-22. The hole was drilled to a maximum downhole length of 813.7 metres and intercepted:
311.2 metres @ 1.04 g/t gold equivalent consisting of 0.74 g/t Au, 16 g/t Ag, 0.05% Cu and 10 ppm Mo from 415 metres down hole.
Gold and silver mineralization relates to sulphides hosted within the angular breccia matrix including pyrite (1%-3%), pyrrhotite (1%-2%) and chalcopyrite (0.5%-1%). A higher-grade sub-zone was encountered within the mineralized intercept averaging 136.9 metres at 1.51 g/t gold equivalent and is characterized by an increase in overprinting low and intermediate sulphidation, carbonate base metal (“CBM”) vein material including visible sphalerite and galena.
APC-29 was drilled to the north-northeast from Pad 3 to a maximum depth of 644.8 metres and intercepted three mineralized zones before the hole was abandoned short of target depth due to a complicated fault structure. The two shallow zones within this hole are located directly beneath mineralized surface outcrops with the initial 32.0 metre intercept of mineralization beginning at 111.3 metres downhole (80 metres vertical), and the second 8.65 metre mineralized zone starting at 194.8 metres downhole (143 metres vertical). These high-grade gold, silver, and copper shallow zones of mineralization are hosted within a matrix of angular quartz diorite breccia with the sulphide component consisting of chalcopyrite (0.5%-2%), pyrite (0.5%-2%) and pyrrhotite (0.5-1%). Finally, the third zone, which starts at 343.8 metres downhole (318 metres vertical) intersected more 301 metres of continuous mineralization including a higher-grade subzone over 214.4 metres. The sulphide mineralization within the breccia matrix of this intercept contained pyrrhotite (0.5%-2.5%), pyrite (1%-3%) and multiple zones of sheeted CBM vein material, which are predominantly sphalerite rich with minor galena. The following intercepts are summarized from APC-29:
32.00 metres @ 10.48 g/t gold equivalent consisting of 9.23 g/t Au, 60 g/t Ag, 0.44% Cu and 30 ppm Mo from 89.25 metres downhole (80 metres vertical depth).
8.65 metres @ 2.26 g/t gold equivalent consisting of 0.57 g/t Au, 82 g/t Ag, 0.27% Cu and 10 ppm Mo from 194.80 metres downhole (143 metres vertical depth).
214.40 metres @ 1.04 gold equivalent consisting of 0.77 g/t Au, 14 g/t Ag, 0.05% Cu and 10 ppm Mo from 343.80 metres downhole (318 metres vertical depth), which includes 98.20 metres @ 1.26 g/t gold equivalent.
The Company’s Phase II, 2023 program is well underway with two rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system while simultaneously targeting expansion to the overall dimensions of the system to the west, northwest, north and northeast. Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo and reconnaissance drilling is underway to test a recently discovered porphyry target.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia discovery and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-25, APC-26 and APC-29
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq(g/t) *
CuEq(%) *
APC-25
73.00
179.85
106.85
0.81
30
0.62
0.003
2.31
1.26
Incl.
111.00
125.00
14.00
2.00
35
0.75
0.005
3.65
2.00
APC-26
415.00
726.20
311.20
0.74
16
0.05
0.001
1.04
incl.
415.00
551.90
136.90
1.14
20
0.06
0.001
1.51
APC-29
111.30
143.30
32.00
9.23
60
0.44
0.003
10.48
and
194.80
203.45
8.65
0.57
82
0.27
0.001
2.26
and
343.80
644.80
301.00
0.63
14
0.05
0.001
0.90
Incl.
343.80
558.20
214.40
0.77
14
0.05
0.001
1.04
Incl.
460.00
558.20
98.20
1.26
15
0.04
0.001
1.51
* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-25, APC-26 and APC-29 (CNW Group/Collective Mining Ltd.)
Figure 2: Up Close View of Drill Holes Intersecting the Shallow, High-Grade Southern Zone Within the Main Breccia System at Apollo (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Visual observations from two more step-out diamond drill holes, APC-25 and APC-28, within the Company’s Main Breccia discovery at the Apollo target (“Apollo”) have expanded the mineralized footprint of the system to the west and at depth. These holes are in addition to previously announced visual observations for step-out hole APC-22, which was drilled from Pad 3 to the northeast and cut more than 400 metres of continuous mineralization.
APC-28, which was drilled westwards from Pad 2, is the longest and deepest hole drilled to date into the Main Breccia discovery at Apollo. The hole intersected over 600 metres of continuous breccia mineralization which represents the longest continuously mineralized intercept drilled to date. Visual inspection of the mineralized intercept includes an upper copper rich zone followed by multiple zones enriched by sheeted carbonate base metal (“CBM”) vein overprinting. The hole terminated at approximately 956 metres while still in mineralization.
Hole APC-25, which was drilled to the northwest from Pad 3 and designed as a short step-out hole, cut more than 100 metres of favourable mineralization beginning at 65 metres below surface. Visual inspection of mineralization indicates that the intercept will be enriched in copper with 1.5% to 2.5% chalcopyrite being recorded in the logs. This is the westernmost hole drilled to date within the Main Breccia discovery at Apollo and opens the potential for further shallow mineralization expansion to the west.
Assay results for the remaining nine holes from the 2022 program are outstanding and expected in the near term.
Ari Sussman, Executive Chairman commented:“To date, every time that we have undertaken step-out drilling at the Main Breccia system of Apollo, we have expanded the size of the discovery. The exceptional continuity encountered in drilling highlights the potential for a very large, bulk tonnage deposit with robust grades due to the copper-silver-gold mineralization within the breccia matrix being deposited from both a porphyry source as well as low and intermediate sulphidation vein systems. We will remain aggressive in 2023 with drilling set to resume in the coming days.”
TORONTO, Jan. 5, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce visual observations from two additional step-out holes drilled into the Main Breccia discovery at Apollo (“Apollo”), which is located within the Guayabales project in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which include older copper-silver-gold porphyry mineralization and younger, overprinting, sheeted carbonate base metal vein systems.
Details
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes await assay results in the near term. The Company recently completed two westerly directed step out diamond drill holes, APC-25 and APC-28, drilled from its southernmost drill pad (Pad 3) and from its easternmost drill pad (Pad 2). The holes were designed to test for western and depth extensions to the Main Breccia discovery. The following visual observations are highlighted from the two step out holes:
Hole APC-25 was drilled approximately northwest from Pad 3 to a maximum depth of 215.80 metres and was designed to test for potential westerly extensions to shallow and outcropping breccia mineralization. The hole intersected more than one hundred metres of continuous mineralization beginning at 73 metres down hole (65 metres vertical) and continued until approximately 180 metres downhole (160 metres vertical). The mineralized angular breccia contains a sulphide matrix which includes 1.5% to 2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted by a zone of carbonate and base metal (sphalerite and galena) veins which based on previously announced results, host higher gold grades. APC-25 is the westernmost hole drilled into the main breccia discovery and opens the potential for further shallow mineralization in the west.
Hole APC-28 was drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres and was designed to test for western and depth extensions to the Main Breccia system. The hole intersected a hanging wall zone followed by the main zone of mineralized breccia material. The hanging wall zone was 19 metres thick beginning at 286 metres downhole and then the main zone of mineralization began at 354 metres downhole and continued to the end of the hole at 956.35 metres. The main zone of mineralized breccia hosts an upper portion where the sulphide matrix is rich in copper (chalcopyrite 0.7% to 1.5%), pyrite and pyrrhotite, and a lower portion where multiple zones of overprinting CBM veins were observed. APC-28 is the deepest and longest hole drilled to date and hosts the widest zone of continuous breccia mineralization intercepted to date. The hole was terminated while still in mineralization due to the limitations of the drill rig.
In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target. To date assay results have been released for 22 holes with results for the holes that remain outstanding expected in early 2023.
The Company’s 2023 drill program will begin in the coming days and will focus on targeting the high-grade subzones within the Main Breccia system while simultaneously expanding the potential size of the system. Additionally, the Company will remain aggressive in testing new targets at Apollo including the newly generated copper and molybdenum porphyry target located 150 metres south of the Main Breccia system.
Figure 1: Plan View Outline of the Main Breccia Discovery at Apollo Highlighting Step-Out Drill Holes APC-25 and APC-28 (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Selection of Core from Drill Hole APC-25 (CNW Group/Collective Mining Ltd.)
Figure 4: Selection of Core from Drill Hole APC-28 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
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.
Percentage of Portfolio: Minimum 10%, but we hold approximately 35% in our portfolio.
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Drill hole APC-20 was drilled on the north-eastern side of the Main Breccia discovery at the Apollo target into an open area without any prior drilling and intersected a broad zone of mineralization with an abundance of gold-rich, carbonate base metal veins overprinting angular, gold-silver-copper bearing breccia. This intercept represents the highest-grade intersection over 100 metres drilled to date at Apollo with results as follows:
Drill hole APC-19 was drilled in the centre of the system in order to expand the vertical dimension in this location. The hole intercepted a broad and continuous zone of copper-silver-gold mineralization and includes a copper-rich subzone with results including:
Based on a newly revised model of the Main Breccia system, the Company has identified two high-grade subzones of mineralization and as a result, will be drill tested in 2023 and are outlined as follows:
Three rigs continue to drill at Apollo with holes APC-22 through APC-27 completed and holes APC-28 through APC-30 underway. Additional assay results are anticipated in the near term.
TORONTO, Dec. 7, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
Executive Chairman, Ari Sussman stated: “Drilling into the Main Breccia system at the Apollo target continues to expand the total volume while delivering long and high-grade intercepts. The discovery of the two new high-grade subzones through detailed geological modelling is exciting as both the copper rich zone and the gold rich zone appear to be open for expansion in multiple directions. Additionally, we believe that the two subzones will coalesce within the system, thereby enhancing the potential for the discovery of even higher grades than we have discovered to date. These areas will be a key target for drilling in early 2023. Without question there is a lot more metal to be found at the Apollo target and we will remain aggressive in unlocking the potential of this remarkable discovery.”
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here
Details (See Table 1 and Figures 1–4)
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes are outstanding. Results of three drill holes are announced below:
Drill hole APC-20 was drilled south from pad 5 to a maximum depth of 445.4 metres and successfully expanded the eastern area of the Main Breccia system at depth. The hole intersected 102.2 metres of continuous gold-silver-copper mineralization beginning at 298.2 metres down hole and ending at 400.40 metres. The hole is characterized by mineralized angular porphyry related breccia with a matrix infill of pyrite, some chalcopyrite and carbonate which is overprinted by zones of sheeted carbonate base metal veins (“CBM”) and veinlets which are associated with disseminated sphalerite and carry higher gold grades. These higher grade CBM zones can now be traced and mapped in multiple drill holes and three have been identified with drilling to date; within the lower, upper and central portions of the main breccia body The following results are highlighted:
102.20 metres @ 3.38 g/t AuEq consisting of 2.72 g/t Au, 28 g/t Ag, 0.08% Cu and includes a higher-grade zone of 33.60 metres @ 7.30 g/t AuEq.
Drill hole APC-19 was drilled in a southeast direction from pad 4 to a maximum depth of 582.3 metres. The hole intersected continuous copper-silver-gold mineralization from 199.20 metres (178m vertical) to 497.80 metres (470 metres vertical). The mineralized breccia contains a matrix of abundant chalcopyrite and some pyrite particularly from the beginning of the hole down to 323.50 metres which is associated with higher silver values and averaged 0.63% copper and 64 g/t silver over this interval. This newly identified shallow plunging high-grade copper zone has been intersected in six of the holes drilled to date and future drilling will target extensions of this zone within the main breccia body. Assay results for APC-19 are as follows:
298.60 metres @ 1.54 g/t AuEq consisting of 0.48 g/t Au, 34 g/t Ag and 0.31% Cu and includes 124.30 metres 2.72 g/t AuEq consisting of 0.62 g/t Au, 64 g/t Ag and 0.63% Cu.
Hole APC-21 was drilled at a steep angle towards the north from pad 3 but unfortunately undercut the northerly dipping main breccia body.
With the recently announced assay results for APC-17 and previously announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with additional assay results from holes APC-22 through APC-30 anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
Zn %
Pb %
AuEq (g/t) *
CuEq (%) *
APC-19
199.20
497.80
298.60
0.48
34
0.31
0.002
–
–
1.54
0.79
Incl.
199.20
323.50
124.30
0.62
64
0.63
0.002
–
–
2.72
1.39
APC-20**
298.20
400.40
102.20
2.72
28
0.08
0.001
0.21
0.15
3.38
–
Incl.
324.25
357.85
33.60
6.30
45
0.08
0.001
0.42
0.33
7.30
–
APC-21
No Significant Values
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** In APC-20, Zn and Pb were including for the AuEq calculation using metal prices of Zn – US$1.75/lb, Pb – $0.95/lb and recovery rates of 95%.
*** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC19 & APC-20 and the Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-19 (CNW Group/Collective Mining Ltd.)
Figure 4: Apollo Target: Core Photo Highlights from APC-20 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
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.
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide a corporate update to shareholders and to share its most recent analyst report from Fundamental Research.
Corporate Update Click here for a pre-recorded corporate update between Judson Culter, CEO at Rover, and U.S. stock-commodity TV journalist personality, Maurice Jackson, of Proven and Probable.
Analyst Report Fundamental Research Corp. (“FRC”) has published their updated analyst report on Rover, including a positive rating, dated December 1, 2022. The report can be accessed here.
FRC is one of the largest issuer-paid independent stock market research firms in the world, with a 19-year track record of covering 650+ companies. As of November 28, 2022, FRC’s top picks were up 41% on average since the initiation of coverage*. FRC provides fee-based coverage. Their analysts are sought after by the media and at conferences to give their opinions on the market, current topics of interest such as the direction of commodity prices, and top stock picks.
*Past performance is not indicative of future performance.
Judson Culter, CEO at Rover Metals, states “we are developing a lithium mining project in Nevada that has the potential to help fill-in the major supply shortage coming for lithium beginning in H2-2026*. Development of critical mineral projects here in North America is a matter of national security. Mining stocks and the mining sector need to get a second look from domestic investors right now given the global geopolitical climate we’re living in. We welcome due diligence calls on our mining resource development projects. Companies like Rover are subject to naked-short selling and potential malicious trading practises that can be orchestrated by hostile foreign regimes. Rover relies on the support of domestic investors to help sustain uninterrupted development of its resource projects. China’s battery companies are targeting Europe and are forecasted to account for approximately 30% of Europe’s battery production by 2030*.”
*Source: Benchmark Mineral Intelligence, U.K.
New Office Phone Number Our main office number has recently changed to +1-778-754-2855.
U.S. Trading Ticker The Company now trades under the ticker ROVMF on the OTCQB.
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. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a 1,200-meter reverse circulation drill program at the Let’s Go Lithium project.
The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
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) 754-2855
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.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M 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
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.
Drill hole APC-17, a significant step-out hole to the north, intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The shallow zone, which was intersected directly below where the Main Breccia daylights at surface cut the following interval:
The second zone encountered in hole APC-17 cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with results as follows:
Drill hole APC-17, which was terminated at 912.8 metres due to rig capacity, bottomed in strong mineralization with the final 2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03% copper.
Drill hole APC-18 intersected near surface and high-grade copper-silver-gold mineralization approximately 300 metres to the north of the near surface intercept in APC-17. The mineralized breccia in this zone is strongly overprinted by numerous zones of carbonate, base metal veins with assay results as follows:
With the result of step out hole APC-17 and recently announced visuals from step out hole APC-22, the Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width (previously 190 metres) and has been extended down to a vertical depth of 825 metres below surface (previously 500 metres). The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with holes APC-19 through APC-26 completed and holes APC-27 through APC-29 underway. Additional assay results are anticipated in the near term.
TORONTO, Nov. 29, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from four additional holes drilled at the Apollo target (“Apollo”) within the Company’s 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. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“The intersection of high-grade and shallow mineralization at Apollo demonstrates the excellent metal endowment of the Main Breccia and most importantly, the dimensions of the system continue to expand and clearly point to the fact that we are dealing with a large-scale discovery. It is truly remarkable to drill a 912-metre-long hole that bottoms in mineralization. Finally, the shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300 metres apart and confirms that the southern portion of the deposit is where the system comes to surface. As a result, we are about to start construction of a new drill pad located between the two shallow intercepts in order to start defining the shallow portion of the Main Breccia mineralized system,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1–3)
Nineteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed four drill holes; one northerly directed, step out hole (APC-17), to test for mineralized extensions to the Main Breccia discovery, a second shallow hole drilled southwesterly to define extensions of newly discovered mineralized breccia outcrops located in the southern portion of the deposit and two fringe holes drilled at shallow angles to the west of the Main Breccia discovery.
Drill hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected three mineralized zones: 72.3 metres of mineralization beginning at 118.20 metres down hole (100m vertical), 11.65 metres of mineralized breccia from 252.6 metres (220m vertical) and another 547.65 metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at 912.80m (825m vertical). The hole terminated while still in mineralized breccia due to limitations of the drill rig. Total cumulative mineralization in this diamond drill hole was 628.3 metres and is the most mineralization drilled in a single hole to date into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at surface. The deeper and longer intercept is also hosted within angular porphyry related breccia with the matrix filled with pyrite, some chalcopyrite and overprinting carbonate base metal veins (“CBM”). The following results are highlighted:
11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80 g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper (330m vertical).
Drill hole APC-18 was drilled in a southwest direction and intersected shallow, copper-silver-gold mineralization from 136.05 metres to 304.65 metres with the hole terminating at a final depth of 499.05 metres. The mineralized breccia contains a matrix of chalcopyrite and pyrite is strongly overprinted by numerous zones of CBM veins hosting sphalerite and galena. The hole was drilled below outcrops of breccia mineralization in the south-central portion of the deposit with assay results as follows:
With the result of APC-17 and recently announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres depth versus prior dimensions of 385 metres x 190 metres x 500 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Holes APC-15 and APC-16 were drilled at shallow angles on the western periphery of the main breccia body. APC-15 was drilled to the northwest and intersected mineralized crackle breccia returning 56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres vertical). This is a new mineralized area outside of the Main Breccia discovery at Apollo. APC-16 was also drilled outside the Main Breccia discovery to the southwest and intersected 500 parts per million copper in crackle breccia from 200 metres and until the end of the hole at 303.35 metres. The Company believes that both APC-15 and APC-16 may have drilled over the top of the Main Breccia discovery in these locations.
Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
CuEq (%)*
APC-18
136.05
304.65
168.60
0.98
69
0.50
0.002
2.91
1.48
Incl
149.20
157.00
7.80
5.08
35
0.52
0.002
6.34
3.23
193.20
205.10
11.90
2.18
154
0.77
0.001
5.81
2.97
233.90
251.50
17.60
1.49
56
0.74
0.002
3.63
1.85
291.65
297.00
5.35
3.26
10
0.11
0.001
3.47
1.77
APC-17
118.20
190.50
72.30
1.00
28
0.63
0.004
2.57
1.31
Incl
121.90
130.40
8.50
2.42
30
0.61
0.005
3.91
2.00
APC-17
252.60
264.25
11.65
1.80
4
0.05
0.002
1.88
–
and
365.15
912.80
547.65
0.76
14
0.04
0.001
1.03
–
Incl
527.80
561.10
33.30
3.01
19
0.05
0.002
3.23
–
579.20
596.80
17.60
2.37
25
0.06
0.001
2.74
–
816.00
837.50
21.50
1.53
28
0.09
0.001
2.04
–
APC-16
NSV*
APC-15
54.20
110.25
56.05
0.37
5
–
–
0.57
–
Incl
68.60
69.10
0.50
6.26
15
–
–
6.27
–
77.85
79.20
1.35
4.17
20
–
–
4.41
–
and
180.95
181.65
0.70
13.29
9
–
–
12.81
–
206.95
207.50
0.55
7.87
5
–
–
7.61
–
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
*** NSV: No significant values
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
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.
Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for seven holes, drilled to expand the coverage of the high-grade shears in the QES Zone, have confirmed higher-grade shear-hosted gold mineralization within a large volume of well mineralized diorites. These results are all within the $1500 Whittle pit that constrains the current resource and identifies new high-grade shears. Best intercepts include:
1.51 g/t Au over 6.0m from 502.0m depth in MQD-22-075 and
1.47 g/t Au over 30.1m from 530.0m
8.45 g/t Au over 5.0m from 576m depth in MQD-22-076 including
36.9 g/t Au over 1.0m from 577m
1.87 g/t Au over 6.75m from 602.25m
1.31 g/t Au over 14.15m from 544.0m depth in MQD-22-080
2.07 g/t Au over 6.0m from 422.0m depth in MQD-22-085 and
1.07 g/t Au over 15.0m from 457.0m
1.26 g/t Au over 7.15m from 573.85m
1.07 g/t Au over 24.7m from 369.0m depth in MQD-22-087 and
2.15 g/t Au over 5.0m from 489.0m
1.75 g/t Au over 8.05m from 513.95m
2.11 g/t Au over 30.75m from 536.9m including
11.5 g/t Au over 3.1m from 555.2m
1.31 g/t Au over 63.6m from 427.0m depth in MQD-22-090A
2.07 g/t Au over 32.0m from 439.0m
A new parallel mineralized shear structure has been discovered 150m south of the main QES system containing high grade mineralization within a sheared intermediate volcanic package with best intercepts of:
3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080
1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087
1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A
President and CEO Brett Richards stated: “The results from these drill holes in the QES Zone are part of a 52-hole data set that was not included in the recent mineral resource estimate. They confirm our belief that there are additional high-grade shear zones within the deposit that will potentially add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we move towards conducting a preliminary economic analysis next year.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MQD-22-087. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to shear and intrusion domains
Results have been received for six holes that have infilled areas of the QES Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
A seventh hole was drilled to the southeast of the QES Zone to investigate two historical showing along a parallel structure of the QES Zone but did not intersect significant mineralization.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.77 g/t Au over 83m from 493m depth in MQD-22-075; 0.41 g/t Au over 32.45m from 437.55m and 0.71 g/t Au over 131.1m from 493m in MQD-22-076; 0.54 g/t Au over 102m from 476m and 0.39 g/t Au over 27.95m from 643m in MQD-22-080; 0.78 g/t Au over 70m from 419m and 0.50 g/t Au over 28.75m from 521.25m in MQD-22-085; 0.50 g/t Au over 115.9m from 408.1m in MQD-22-087; and 0.48 g/t Au over 27.45m from 552.05m in MQD-22-090A.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.31 g/t Au over 63.6m from 427m depth in MQD-22-090A) and several narrow high-grade intervals, including 10.1 g/t Au over 0.7m from 545.8m and 36.9 g/t Au over 1m from 577m in MQD-22-076; 10.0 g/t Au over 1m from 427m in MQD-22-085; 20.6 g/t Au over 0.9m from 370.65m, 28.3 g/t Au over 0.3m from 540.3m and 11.5 g/t Au over 3.1m from 555.2m in MQD-22-087; and 19.4 g/t Au over 1.15m from 455.85m in MQD-22-090A.
An additional parallel shear was discovered within the intermediate volcanic package approximately 150m south of the main QES system which contains broad intercepts of low-grade mineralization including 0.91 g/t over 24.8m from 246.4m in MQD-22-080; 0.33 g/t over 45.7m from 150.0m in MQD-22-085; 0.42 g/t over 39.0m from 189.0m in MQD-22-087 containing internal higher grade intercepts including 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080; 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087; 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A.
Importantly, these intercepts have identified additional high-grade shears not modelled in the recent Mineral Resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm high-grade shears that we have modelled at the QES Zone and confirmed additional shears that we expect to include in the next mineral resource update early next year.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MQD-22-075
243.00
264.00
21.00
15.4
0.47
0.47
including
254.00
256.40
2.40
1.8
1.54
1.54
468.00
476.90
8.90
6.8
0.45
0.45
493.00
576.00
83.00
64.6
0.77
0.77
including
502.00
508.00
6.00
4.6
1.51
1.51
and
530.00
560.10
30.10
23.5
1.47
1.47
595.25
610.00
14.75
11.7
0.54
0.54
including
596.00
599.00
3.00
2.4
1.13
1.13
MQD-22-076
192.00
196.00
4.00
2.8
0.46
0.46
214.00
216.00
2.00
1.4
0.39
0.39
355.00
358.15
3.15
2.4
0.38
0.38
437.55
470.00
32.45
25.0
0.41
0.41
including
453.00
456.70
3.70
2.9
1.52
1.52
483.50
489.40
5.90
4.6
0.35
0.35
493.00
624.10
131.10
103.8
0.71
0.77
including
545.80
546.50
0.70
0.6
10.1
10.1
and
576.00
581.00
5.00
4.0
7.07
8.45
including
577.00
578.00
1.00
0.8
30.0
36.9
and
602.25
609.00
6.75
5.4
1.87
1.87
641.00
644.00
3.00
2.4
0.46
0.46
MQD-22-080
82.75
86.60
3.85
2.6
0.35
0.35
131.40
143.75
12.35
8.5
0.63
0.63
181.30
187.80
6.50
4.6
0.40
0.40
209.90
220.85
10.95
7.7
0.57
0.57
246.40
271.20
24.80
17.7
0.91
0.91
including
246.40
252.20
5.80
4.1
3.44
3.44
355.00
369.00
14.00
10.2
0.57
0.57
including
361.70
363.70
2.00
1.5
1.67
1.67
382.00
385.45
3.45
2.5
0.63
0.63
398.50
401.30
2.80
2.1
0.58
0.58
418.00
421.00
3.00
2.2
0.54
0.54
429.20
434.00
4.80
3.6
0.35
0.35
458.00
460.70
2.70
2.0
0.59
0.59
476.00
578.00
102.00
79.7
0.54
0.54
including
524.00
528.00
4.00
3.1
1.32
1.32
and
544.00
558.15
14.15
11.2
1.31
1.31
613.00
616.00
3.00
2.4
0.37
0.37
624.10
633.00
8.90
7.3
0.30
0.30
643.00
670.95
27.95
23.1
0.39
0.39
MQD-22-085
63.60
74.10
10.50
7.1
0.38
0.38
116.15
118.35
2.20
1.5
1.57
1.57
150.00
195.70
45.70
32.2
0.33
0.33
248.00
250.00
2.00
1.4
0.39
0.39
256.00
258.00
2.00
1.4
0.41
0.41
284.80
288.05
3.25
2.4
0.91
0.91
including
286.00
288.05
2.05
1.5
1.30
1.30
337.00
342.00
5.00
3.7
0.30
0.30
362.00
371.65
9.65
7.2
0.31
0.31
382.45
388.00
5.55
4.1
0.30
0.30
390.80
410.90
20.10
15.0
0.31
0.31
419.00
489.00
70.00
53.1
0.78
0.78
including
422.00
428.00
6.00
4.5
2.07
2.07
including
427.00
428.00
1.00
0.8
10.0
10.0
and
443.00
446.00
3.00
2.3
1.09
1.09
and
457.00
472.00
15.00
11.4
1.07
1.07
and
481.00
485.00
4.00
3.1
2.10
2.10
506.00
508.00
2.00
1.5
0.67
0.67
521.25
550.00
28.75
22.4
0.50
0.50
573.85
581.00
7.15
5.7
1.26
1.26
665.20
671.55
6.35
5.1
0.35
0.35
MQD-22-087
78.00
81.55
3.55
2.4
0.43
0.43
92.00
109.00
17.00
11.6
0.33
0.33
189.00
228.00
39.00
27.3
0.42
0.42
including
206.00
210.00
4.00
2.8
1.22
1.22
249.75
261.00
11.25
8.0
0.49
0.49
289.50
298.70
9.20
6.6
0.42
0.42
including
294.50
296.65
2.15
1.6
1.07
1.07
342.00
349.65
7.65
5.6
0.40
0.40
369.00
393.70
24.70
18.2
1.07
1.09
including
370.65
371.55
0.90
0.7
20.6
20.6
408.10
524.00
115.90
87.3
0.50
0.50
including
425.30
429.50
4.20
3.1
1.28
1.28
and
489.00
494.00
5.00
3.8
2.15
2.15
and
513.95
522.00
8.05
6.1
1.75
1.75
536.90
567.65
30.75
23.6
2.11
2.11
including
539.55
567.65
28.10
21.6
2.23
2.23
including
540.30
540.60
0.30
0.2
28.3
28.3
and
555.20
558.30
3.10
2.4
11.5
11.5
579.00
592.00
13.00
10.1
0.37
0.37
628.65
634.00
5.35
4.2
0.48
0.48
MQD-22-090A
75.00
82.30
7.30
3.8
1.15
1.15
including
78.00
81.55
3.55
1.8
2.05
2.05
94.00
98.00
4.00
2.1
0.54
0.54
133.00
146.00
13.00
7.0
0.35
0.35
193.00
196.00
3.00
1.6
0.39
0.39
227.70
230.60
2.90
1.6
0.53
0.53
238.55
240.85
2.30
1.3
0.42
0.42
245.00
252.25
7.25
4.0
0.35
0.35
287.35
292.75
5.40
3.0
0.44
0.44
427.00
490.60
63.60
37.7
1.31
1.31
including
427.00
429.00
2.00
1.2
1.10
1.10
and
439.00
471.00
32.00
19.0
2.07
2.07
including
455.85
457.00
1.15
0.7
19.4
19.4
503.85
508.00
4.15
2.5
0.73
0.73
519.00
541.00
22.00
13.3
0.35
0.35
including
525.00
527.00
2.00
1.2
1.47
1.47
552.05
579.50
27.45
16.8
0.48
0.48
including
574.00
576.00
2.00
1.2
1.14
1.14
Intersections calculated above at 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MQD-22-075
670,308
5,379,250
443
336°
-47°
675.1
MQD-22-076
670,379
5,379,296
442
338°
-47°
651.0
MQD-22-080
670,462
5,379,398
450
335°
-50°
675.05
MQD-22-083
670,667
5,379,431
433
156°
-50°
630.1
MQD-22-085
670,636
5,379,537
441
336°
-49°
675.0
MQD-22-087
670,546
5,379,463
449
336°
-49°
675.0
MQD-22-090A
670,654
5,379,625
429
346°
-60°
606.0
Approximate collar coordinates in NAD 83, Zone 15N
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit (Table 3), the East Coldstream Deposit (Table 4), the historically producing North Coldstream Mine (Table 5), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.
The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101“) and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Mineral Resource Estimate (Moss Lake Deposit) 1
Inferred Resources (Domains)
Tonnes (Mt)
Grade (g/t Au)
Contained Metal (Moz AU)
Shear
34.7
2.0
2.20
Intrusion
87
0.7
1.97
TOTAL
121.7
1.1
4.17
Notes:
(1) The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with NI 43-101 and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
Table 4: Historical Mineral Resources (East Coldstream Deposit) 2,3
INDICATED
INFERRED
Tonnes
Grade (g/t Au)
Oz Au
Tonnes
Grade (g/t Au)
Oz Au
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Notes: (2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the East Coldstream Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined this historical resource is reliable, and relevant to be included here in that it demonstrates simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the East Coldstream Historical Estimate as a current resource and Goldshore is not treating the East Coldstream Historical Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the East Coldstream Historical Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The East Coldstream Historical Estimate relating to inferred mineral resources was calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 5: Reported Historical Production (North Coldstream Deposit) 4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, plans to conduct a preliminary economic assessment and timing thereof, updating the mineral resource estimates, the filing of a technical report to support the mineral resource estimate at the Moss Lake Deposit, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This press release corrects, replaces and entirely supersedes the prior version published on November 21, 2022 at 4:00 PM ET
VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from an Induced Polarization (“IP”) survey conducted on the Company’s 100%-owned Carmacks copper-gold-silver project (“Carmacks” or the “Deposit”) in the Minto Copper District of central Yukon, Canada. The large, highly prospective, potential resource expansion targets identified adjacent to or near the proposed open pits warrant follow-up exploration in upcoming campaigns. The Company further announces it has closed the second and final tranche of the private placement financing described in a news release dated October 5, 2022.
President & CEO, Tim Johnson, stated, “These multiple new zones and targets adjacent to the conceptual open pits, as defined by the March NI 43-101 Mineral Resource Estimate update, further highlight the prospectivity of our Carmacks project. Our team continues to do excellent work at Carmacks and we are confident in our ability to expand known mineralization and make new discoveries in the lesser explored parts of the 176km2 project. The current focus is the completion of the upcoming PEA and we look forward to reporting on the robust economics of the Carmacks project in the near term.”
Survey Overview
The first survey line (Line 1100S) was conducted over Zone 147 to investigate the correlation between known copper sulphide mineralization and the chargeability response from the Simcoe Geophysics deep-penetrating IP survey (see Figure 2 below). Subsequent survey lines were conducted over near-deposit target areas.
The results of the survey were enhanced by Resistivity Scaled Chargeability (“RSC”). RSC is a ratio of chargeability to resistivity (electrical properties measured by the IP survey) with the applied ratio determined by comparing various ratios to known mineralized bodies. The well-defined Zone 147 was used as a model to determine the RSC ratio that best fit the known mineralization. (See Figure 4 below).
Figure 1 – Carmacks Copper-Gold Project Location
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1100S, surveyed over defined sulfide copper mineralization in Zone 147, established a model for the RSC response and identified a new zone ~920 meters to the west. This new zone, named the Sourtoe Zone, extends 200m south to Line 1300S. This zone has been investigated with soil samples and trenching, exposing visually mineralized material close to surface (results pending). The soils and trenching were designed to evaluate the geochemical and geological signatures of this near-surface IP response and their similarities to known mineralized zones.
Figure 3 – 2022 IP Survey Line 1100S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1300S shows a potential continuation of the Sourtoe Zone, giving the zone a minimum of 200m strike length as well as a new, deeper target, the 147 Deep Target, several hundred meters below the proposed 147 pit.
Figure 4 – 2022 IP Survey Line 1300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1500S, designed to test the gap area between zones 2000 and 147 (the “Gap Zone”), was successful in identifying a significant anomaly that is offset to the west from both zones. 3D modeling of historic drilling shows that this target has not been drill tested and could represent a southern extension of the 147 zone. The Gap Zone Target is a top candidate for additional near-deposit exploration (See figure 4). Additionally, a new, deeper target area that appears on this line and extends to line 1700S has been identified as the 58 Target.
Figure 5 – 2022 IP Survey Line 1500S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1700S, located 200m south of Line 1500S, shows the probable Gap Zone Target continuing southwards towards Zone 2000 as well as the newly identified 58 Target. Additionally, a shallow anomaly east of the proposed pit is identified as a possible continuation of Zone 4 proximal to the 147 pit.
Figure 6 – 2022 IP Survey Line 1700S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 3300S, the southern most line completed in this survey highlights the potentiality of the area underneath the proposed 1213 pit. Additionally, an anomaly on the western portion of the line has been identified as 1213 west target for further follow up. With the current pit design bottoming out at 180 meters there remains significant room to grow the resource in this area. Additional lines on 200m spacing over the 1213 area are planned for subsequent geophysical campaigns to further define the zone.
Figure 7 – 2022 IP Survey Line 3300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
The Company announces the completion of the second tranche of the previously announced private placement offering (the “Offering”) which has raised aggregate proceeds of $148,700 through the issuance of a total of 1,142,667 non-flow-through units and 572,727 flow-through shares (the “Offering”). The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company issued an aggregate of 1,933,273 flow-through shares (“FT shares”) at a price of $0.11 per share, to raise proceeds of $212,660.03 to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada). The Company raised a further $193,799.93 through the issuance of 2,583,999 non flow-through units at a price of $0.075 with each unit consisting of one common share of the Company and one warrant (a “Warrant”), with each Warrant allowing the holder to purchase one common share of the Company at a price of $0.10 per share for twenty-four months from the Closing Date of the Offering.
All shares issued under the Offering are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company has agreed to pay finders’ fees totalling of $13,259 in cash or shares on a portion of the Private Placement and to issue 127,042 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of closing.
The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as insiders of the Company subscribed for an aggregate of 600,001 units for proceeds of $48,500.08. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.
Qualified Persons
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. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project hosts a National Instrument 43-101 compliant mineral resource estimate consisting of 36.2 million tonnes grading 0.81% Cu, 0.31 g/t Au and 3.41 g/t Ag on trend with Minto Metals’ high-grade Minto copper-gold mine 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.
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.
