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Vancouver, British Columbia–(Newsfile Corp. – March 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) – is pleased to announce the filing of its 2022 annual report Form 40-F, which includes the audited financial statements for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission (“SEC”) on EDGAR (www.sec.gov). EMX has also filed its Annual Information Form (AIF), audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2022 with Canadian securities regulators on SEDAR (www.sedar.com). The Company’s Form 40-F, AIF, audited FS, and MD&A are also available on EMX’s website at www.EMXroyalty.com under the heading “Investors”. Shareholders may receive a printed copy of the Company’s complete Financial Statements, or its complete Annual Information Form, free of charge, upon request to the Corporate Secretary at Suite 501 – 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada. All dollar amounts in this news release are USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Year Ended December 31, 2022
- Revenue and other income for the year ended December 31, 2022 was $18,277,000 (2021 – $7,526,000). Adjusted revenue and other income1 of $25,403,000 (2021 – $11,044,000) included $7,126,000 (2021 – $3,518,000) in income for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
- Net income for the year ended December 31, 2022 was $3,349,000 (2021 – loss of $23,731,000).
- Operating cash flow for the year ended December 31, 2022 was $16,729,000 (2021 – cash used of $8,062,000). Adjusted operating cash flow1 from operations for the year ended December 31, 2022 was $21,953,000 (2021 – cash used of $6,356,000).
- As at December 31, 2022, EMX had cash and cash equivalents of $15,508,000 (December 31, 2021 – $19,861,000), investments, long-term investments and loans receivable valued at $14,561,000 (December 31, 2021 – $18,170,000) and loans payable of $40,489,000 (December 31, 2021 – $50,733,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive. Both companies are expecting to execute a modified royalty agreement in 2023.
Settlement of the Bullion Litigation
The Company’s wholly owned subsidiary, Bullion Monarch Mining, Inc. (“Bullion”), reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion $25,000,000. Of the $25,000,000 settlement, $6,175,000 was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit did not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which continue to be paid.
Acquisition of Additional Royalty Interest on Caserones
EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for $25,742,000. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX’s new total totals to an (effective) 0.7335% NSR royalty interest.
Subsequent to the year ended December 31, 2022, the Company entered into certain agreements to acquire an additional 2.263% ownership in the underlying royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.0424% (effective) NSR interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7759%.
Acquisition of Royalty Portfolio from Nevada Exploration
EMX executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”), for $500,000 (see EMX news release dated September 2, 2022). The portfolio consists of a 2% NSR royalty on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles and includes four district-scale land positions, as well as certain other interests. In addition, if NGE options, farms out, or sells a project, then beginning on the first anniversary of the third-party agreement, EMX will receive advanced annual royalties of $20,000 that escalate $10,000 per year and are capped at $50,000. NGE has the right to buy back half of EMX’s 2% NSR royalty by purchasing a 0.5% NSR interest for $1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest has been purchased, may purchase the second 0.5% NSR interest any time prior to production for $1,500,000.
Appointment of Independent Director
EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.
Royalty and Royalty Generation Updates
In 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $17,512,000 on royalty generation costs and recovered $8,577,000 from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. During the year the Company also completed 10 partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects. In addition, our partners directly spent approximately $31,996,000 in exploration on the portfolio.
| Producing Royalties | 6 |
| Advanced Royalties | 11 |
| Exploration Royalties | 155 |
| Royalty Generation Properties | 96 |
Figure 1. EMX’s royalty and mineral property portfolio.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/160308_f88d2670540b480f_002full.jpg
Highlights from 2022 include the following:
- Initial production royalty payments were received from the Company’s Gediktepe oxide gold (silver) Royalty Property and Balya North polymetallic Royalty Property in Turkey (see respective EMX news releases dated September 9, and September 15, 2022). From Gediktepe EMX recognized $3,709,000 in royalty revenue and $4,000,000 in deferred milestone payments which will be paid in Q2 2023. EMX earned $276,000 from the Balya North Royalty Property in 2022.
- EMX received a $3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) based upon declared resources totaling 200 million pounds or more of contained copper covered by the Company’s Parks-Salyer Royalty Property. ASCU’s maiden resource for its Parks-Salyer project, which is partially covered by EMX’s Royalty Property, was reported as total inferred underground resources of 143.6 million tons averaging 1.015% (total) copper and containing 2,915 million pounds of copper as oxide, enriched, and primary mineralization at variable cutoffs (see ASCU news release dated September 28, 2022). The Company retains a 1.5% NSR royalty covering the Parks-Salyer Royalty Property.
- In the US, the Company added to its growing royalty portfolio with the completion of five new royalty agreements, the advancement of more than twenty-five partner-funded work programs, including nine drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as a large (approximately 1,890 hectares), prospective land position in the Silver Valley district in Idaho. For the year, partners spent more than $18,000,000 on EMX’s early-stage US portfolio.
- EMX’s Regional Strategic Alliance (“RSA”) with South32 Limited (“South32”) concluded in Q4 2022 after four years of generative exploration and project work. The Company is now following up on eleven priority projects identified by the RSA and retained by South32 for additional work, including an ongoing drill program at the Copper Springs porphyry copper project in Arizona’s Globe-Miami district.
- In Canada, EMX programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received C$577,000 in cash payments and C$52,000 in share equity payments during the year, while partners spent more than $3,700,000 in exploration expenditures advancing the portfolio.
- EMX’s Latin American royalty portfolio advanced through field programs by Austral Gold Limited (at Morros Blancos and Morros Colorado), Pampa Metals Corporation (Block 4), and drill programs conducted by AbraSilver Resource Corp. (Diablillos), Aftermath Silver Ltd (Berenguela), and GR Silver Mining Ltd (San Marcial). In particular, the drill programs continued to produce significant results that expanded known resources and added new discoveries at nearby targets.
- AbraSilver Resource Corp. (“AbraSilver”) announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred resources of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is designed to delineate a maiden resource estimate for the high-grade JAC zone discovery (see AbraSilver news release dated February 21, 2023).
- In Northern Europe, the Company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totaling nearly 175,000 hectares, and partnering four available properties. EMX also assisted with multiple partner-funded exploration and drilling programs. Overall, approximately $6,700,000 was spent by partners on EMX’s exploration royalty properties in Northern Europe during 2022.
- Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Financing Updates
Sprott Credit Facility
The Company entered into a credit facility in 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling $44,000,000 (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal ($660,000) was added to the principal balance as at January 24, 2022.
Private Placement with Franco-Nevada
The Company completed a $10,000,000 private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) 0.3155% NSR royalty on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).
Franco-Nevada purchased 3,812,121 units at C$3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for C$4.45 exercisable until April 14, 2027. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.
Repayment of Vendor Take Back Note
The Company repaid in full the vendor take back note issued to SSR Mining Inc. totaling $8,319,000 including interest owed.
Exercise of Stock Options granted by EMX
1,110,000 stock options were exercised pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,037,000 to EMX.
Investment Updates
As at December 31, 2022, the Company had marketable securities of $9,970,000 (December 31, 2021 – $7,409,000), and $4,591,000 (December 31, 2021 – $8,761,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from strategic investments, including Premium Nickel Resources Corporation (“PNR”), and royalty deals completed as part of our organic royalty generation business.
Strategic Investment in Premium Nickel Resources
From 2020 through 2022, EMX acquired 5,412,702 shares of PNR, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3 of 2022, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information is not NI 43-101 compliant. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, Australia, and Strategic Investments.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section of the Company’s annual MD&A for the year ended December 31, 2022 for more information on each non-IFRS financial measure.
The Best Video on Why and When to Buy and Sell Physical Precious Metals:
I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded Period! Where we provide unlimited options to expand your precious metals portfolio, from:
- Physical Delivery
- BRINKS depository accounts
- Precious Metals IRA’s
Website| www.provenandprobable.com
Call Me |855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/
Register Here for the Metallic Minerals Live Webinar: https://bit.ly/3KPXJpn
Press Release: https://bit.ly/3ZwEN31
Website: https://mmgsilver.com/
Investor Relations: Chris Ackerman
Email: chris.ackerman@metallic-minerals.com
Phone: 604-629-7800 ext. 1
Toll Free: 1-888-570-4420
TimeStamp:
:47 Introduction to Metallic Minerals
1:18 On-Site to the La Plata Project/Mineral Resource Overview
3:31 Highlight from Press Release
6:00 Next Steps on the La Plata
7:13 Updated Resource 2023?
7:48 Latest Updates on the Keno Silver Project
12:13 MMG Partners with Discovery Channel – Parker Schnabel – Gold Rush
15:00 Will MMG be on the Show?
15:12 Alluvial Project Updates
17:00 Live Webinar (https://bit.ly/3KPXJpn)
18:24 MMG Capital Structure
19:09 Message to Shareholders
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
Metallic Minerals: TSX.V: MMG | OTC: MMNGF)
Website: https://metallic-minerals.com/
Corporate Presentation: https://mmgsilver.com/investors/presentations/
Group Ten Metals: (TSX-V: PGE | OTCQB: PGEZF)
Website: https://grouptenmetals.com/
Corporate Presentation: https://grouptenmetals.com/investors/presentations/
Granite Creek Copper: (TSX.V: GCX)
Website: https://www.gcxcopper.com/
Corporate Presentation: https://www.gcxcopper.com/investors/presentations/
The Best Video on Why and When to Buy and Sell Physical Precious Metals:
I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded Period! Where we provide unlimited options to expand your precious metals portfolio, from:
- Physical Delivery
- BRINKS depository accounts
- Precious Metals IRA’s
Website| www.provenandprobable.com
Call Me |855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/
TORONTO, Feb. 23, 2023 /CNW/ – Franco-Nevada Corporation (“Franco-Nevada” or the “Company“) (TSX: FNV) (NYSE: FNV) has been advised by its partner First Quantum Minerals Ltd. (“First Quantum“) that First Quantum’s subsidiary, Minera Panama, S.A. (“MPSA“), has suspended ore processing operations at the Cobre Panama mine. As previously announced, the Panama Maritime Authority (“AMP“) issued a resolution on January 26, 2023 requiring the suspension of concentrate loading operations at the Cobre Panama Port, Punta Rincón, until certification of the calibration of the scales by an accredited company had been initiated. Key updates as reported by First Quantum include:
- MPSA believes it has complied with all requirements of the AMP resolution but copper concentrate loading operations are still not being permitted by the AMP
- MPSA will begin a partial demobilization of its workforce and will take a systematic approach to reducing operations to ensure the safety of its workforce, prevent damage and degradation of equipment and preserve the integrity of the mine
- If the AMP is to permit the recommencement of concentrate loading operations, MPSA could begin shipping concentrate and resuming operations at the mine within hours
- Negotiations with the Government of Panama on a refreshed contract are continuing and First Quantum remains committed to achieving an outcome that will be to the benefit of all stakeholders and support the long-term operations of the Cobre Panama mine.
Please refer to First Quantum’s press release dated February 23, 2023 for further details.
Impact on Franco-Nevada
Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, holds two precious metal streams indexed to the copper-in-concentrate shipped by Cobre Panama. First Quantum’s 2023 guidance for uninterrupted production from Cobre Panama provided on January 16, 2023 was for 350kt to 380kt of copper production. This would translate into 131koz to 142koz of attributable GEO production to Franco-Nevada (calculating gold equivalence using $1,800/oz Au and $21.00/oz Ag prices).
Provided operations resume at Cobre Panama, the impact to Franco-Nevada of the suspension of operations should be limited to a deferral of revenue as the streams do not bear any associated carrying costs while operations are suspended.
Despite operations at the mine being suspended, Franco-Nevada remains highly profitable, continues to generate substantial cash flow, is debt-free, and has cash and working capital in excess of US$1 billion, an undrawn US$1 billion credit facility and limited financial commitments. Franco-Nevada remains in communication with First Quantum and will provide further updates as they are available.
Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the CRA, the expected exposure for current and future assessments and available remedies, the outcome of any discussions between the Government of Panama and the operator of the Cobre Panama mine and the remedies relating to and consequence of any actions taken by the Government of Panama or the operator of the Cobre Panama mine. In addition, statements relating to reserves and resources, gold equivalent ounces (“GEOs”) and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
Burlington, Ontario–(Newsfile Corp. – February 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces strong initial assay results from the interception of the upper main vein at the Buckeye Mine near Globe, Arizona.
The vein was intercepted approximately 380 feet from the entrance to the adit. Immediately on contact with the vein, the first significant assays from the vein were 43, 178.6, and 270.6 ounces silver per ton. The samples yielding these results did not include material from the footwall. The samples were selected at random from the mineralized material removed from the vein and then were sent to SBMI’s assay lab for processing.
Recent Sample from Buckeye Mine
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/154863_6f1d374244454afb_001full.jpg
The Company is now mining along the exposed vein with assay results pending from the face. SBMI has extended the workings to 420 feet from the entrance to the adit, the vein is ten feet wide and eleven feet high, and the footwall is estimated by the field team to be four feet wide.
SBMI has stockpiled in excess of 450 tons of vein material at surface at the Buckeye Mine site, for shipment to the mill. The Company is mining 150 to 200 tons of mineralized material per day, although this rate will vary. The Company believes it has achieved the targetted grade necessary to support processing this material at the Company’s mill and to then pour dore bars or create concentrate. Both the dore bars and the concentrate will saleable product, and the Company does not expect to encounter any significant difficulties in finding buyers for those products.
SBMI is also pleased to announce it has begun to resolve the issues with pouring dore bars from this material. The picture below shows a malformed dore bar from September, 2022.
Malformed dore bar from Sept, 2022
To view an enhanced version of this graphic, please visit:
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The Company thanks Dr. Andrew Macdonald, a mineralogist with Harquail School of Earth Sciences at Laurentian University, for his assistance. Initial results from his work indicate the presence of a highly magnetic iron alloy in the mineralized material. The iron alloy smelts at temperatures of over 3000 degrees F, which is above the silver smelting temperature of roughly 1800 degrees F, and therefore it interferes with the silver smelting process. SBMI has confirmed this thesis by using a high intensity magnet to pull the iron alloy from the concentrate prior to smelting. The dore bar below, poured in February, 2023, resulted from concentrate after the iron alloy was removed.
Dore bar poured after the iron alloy was removed; Feb 2023
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As a result, the Company intends to permanently install a high intensity magnetic separator in the milling operation to improve the likelihood the Company can smelt silver dore bars. The Company intends to store the magnetic concentrates for future research. Continued research will be needed.
The Company is still awaiting the check assay results from American Assay Labs and Actlabs.
SBMI’s near term goal is to process the higher grade material at the Company’s mill to produce saleable product.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154863
- Step-out drill hole APC-28, which was drilled to the west from the eastern side of the Main Breccia system at Apollo cut the longest intercept to date as follows:
- As a result of APC-28, the maximum width and vertical dimensions of the Main Breccia system have increased to 395 metres (previously 350 metres) and 915 metres (previously 825 metres), respectively.
- Drill hole APC-28 bottomed while still in mineralization indicating that the Main Breccia system remains open for expansion to the west and at depth (as well as to the east and north based on previously announced assay results).
- Hole APC-30 was drilled southwards on the western side of the deposit and intercepted the Main Breccia system over a broad interval as follows:
- Four holes have now been completed into the Main Breccia system as part of the 2023 Phase II drill program at the Guayabales project. All four holes appear to have intercepted the Main Breccia system with mineralization beginning from surface. Assay results for these holes are expected in the near term.
Ari Sussman, Executive Chairman commented: “The Main Breccia system at Apollo continues to yield positive surprises. The Company drilled three long holes in 2022, APC-17, APC-22 and APC-28, with each hole expanding the size of the deposit and bottoming while still in mineralization. In addition, 2023 drilling is off to an excellent start with the initial four holes testing the Main Breccia system all intersecting mineralization beginning at surface. Our aim for 2023 is to define the newly discovered high-grade and near surface mineralization while continuing to be aggressive with expansion drilling. Without question, we have discovered a large copper-silver-gold deposit in a mining friendly jurisdiction of Colombia which will play a vital role in the country’s aggressive decarbonization goals.”
TORONTO, Feb. 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia system at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, low and intermediate sulphidation, precious metal rich sheeted carbonate base metal vein systems.
Details (See Table 1 and Figures 1–5)
Assay results for all thirty-one diamond drill holes from the Phase I drilling program for 2022 have now been announced at Apollo. The Phase II drilling program for 2023 is advancing on schedule with assay results for the first holes expected in the near term. This press release summarizes assay results of the final three diamond drill holes from the Phase I program with results summarized below.
APC-28 was a step-out hole drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres (915 metres vertical) and was designed to test western and depth extensions to the Main Breccia system. The hole intersected the longest interval drilled to date within the system, commencing at 354.70 metres down hole (335 vertical) and averaging:
- 601.65 metres @ 1.4 g/t gold equivalent and including internal intervals of:
The mineralized angular breccia of this intercept represents the largest accumulation of metal returned to date within the Main Breccia system and contains a sulphide matrix which includes 0.5% up to 2.5% chalcopyrite and between 1% and 3% pyrite plus some pyrrhotite. The breccia has been overprinted by zones of carbonate and base metal (sphalerite and galena) veins, which yield the higher gold equivalent intervals. APC-28 stopped in mineralized breccia due to rig constraints. This hole has extended the main breccia westwards by 115 metres and is the deepest intercept drilled to date outlining continuity of mineralized breccia to a vertical depth of approximately 915 metres below surface. APC-28 also represents the westernmost hole drilled into the Main Breccia system and demonstrates that the mineralization is thickening with depth and has an inverted funnel morphology as outlined in Figure 2 below. This western area of the deposit remains open for expansion as the hole stopped in strong mineralization.
As a result of drill hole APC-28, the overall volume of rock in which the Main Breccia system is located has grown in width to 395 metres (from 350 metres) and a vertical dimension of 915 metres (from 825 metres). The strike of the system remains the same at 385 metres.
APC-30 was drilled southwards from Pad 4 to a total length of 589 metres downhole and intersected mineralized breccia from 267.60 metres downhole (240 metres vertical), averaging:
- 318.85 metres @ 1.10 g/t gold equivalent and including internal intervals of:
Gold, silver and copper mineralization relates to sulphides hosted within the angular breccia matrix with average concentrations of pyrite (2%) and chalcopyrite (0.5%). An upper zone of 60.8 metres bearing 2% to 3% chalcopyrite was intercepted at the beginning of the mineralized interval and a sheeted and overprinting sphalerite rich CBM vein zone of 81.4 metres was encountered from 472.3 metres downhole.
Reconnaissance hole APC-27 was drilled due east away from the Main Breccia system to test outcropping mineralization at surface. From 300.40 metres downhole (210 metres vertical depth) the Company intersected a new zone of continuous low-grade mineralization with assay results as follows:
Core logging of the breccia system at Apollo by the Company’s geologists has identified that the crackle breccia as seen in this newly discovered zone, is typically found both above and on the periphery of the more intensely mineralized angular breccia phase. As a result of this assessment, the Company may have drilled over top of an angular breccia zone with stronger mineralization than was intercepted in APC-27. Further exploratory drilling will be undertaken in this area.
The Company’s Phase II 2023 program is well underway with three rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system from newly constructed pads 6 and 7. To date, four shallow holes have been completed and confirm continuous mineralized angular breccia from surface. Three of these holes were drilled from Pad 6 and were terminated while still in strong mineralization. The fourth hole from Pad 7 appears to have drilled out the east side of the system indicating a more vertical orientation to the system that was previously modelled. Assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia system and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-27, APC-28, and APC-30
| Hole ID | From (m) | To (m) | Intercept (m) | Au (g/t) | Ag (g/t) | Cu % | Mo % | AuEq (g/t) * |
| APC-27 | 299.50 | 372.40 | 72.90 | 0.30 | 6 | 0.02 | 0.002 | 0.44 |
| APC-28 | 286.60 | 305.55 | 18.95 | 1.11 | 12 | 0.04 | 0.001 | 1.30 |
| And | 354.70 | 956.35 | 601.65 | 0.89 | 24 | 0.10 | 0.001 | 1.40 |
| Incl | 354.70 | 614.65 | 259.95 | 1.21 | 43 | 0.20 | 0.001 | 2.15 |
| 713.10 | 772.80 | 59.70 | 2.04 | 15 | 0.14 | 0.04 | 2.23 | |
| 863.15 | 868.80 | 5.65 | 2.00 | 13 | 0.04 | 0.001 | 2.17 | |
| APC-30 | 267.60 | 586.25 | 318.65 | 0.61 | 19 | 0.12 | 0.002 | 1.10 |
| Incl | 267.60 | 328.40 | 60.80 | 0.17 | 48 | 0.40 | 0.002 | 1.64 |
| 472.30 | 553.70 | 81.40 | 1.95 | 18 | 0.04 | 0.002 | 2.22 |
| *AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. |
| ** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut. |
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 system. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia system while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Collective Mining Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2023/15/c3425.html
VANCOUVER, BC / ACCESSWIRE / February 14, 2023 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce it has partnered with Cornell University under the MINER program, funded by the U.S. Department of Energy (“DOE”) via the Advanced Research Projects Agency program (“ARPA-E”). Test work, led by Dr. Greeshma Gadikota, will focus on novel hydrometallurgical techniques and carbon capture, with the objective of increasing the extraction of critical minerals using reduced energy for a carbon negative mining future.
Cornell University is the recipient of a federal grant from ARPA-E as part of a program entitled “Supercritical CO2-Based Mining for Carbon-Negative Critical Mineral Recovery”. Cornell University seeks to advance CO2-sourced hydrometallurgical pathways for recovering energy critical metals, including nickel, cobalt, platinum and palladium, coupled to the carbon mineralization of calcium and magnesium components to produce calcium and magnesium carbonates. Novel functional materials for the selective capture and recovery of these energy critical metals will be developed. Various sources for CO2 will be investigated including air for metal recovery coupled to carbon mineralization. These approaches will be specifically tuned to the mineralogy of the Company’s Stillwater West project in Montana.
Dr. Greeshma Gadikota
Dr. Greeshma Gadikota stated, “The U.S. imports the great majority of its energy critical metals from mines all over the world, leaving the U.S. quite vulnerable. Our research is all about decarbonizing the mining industry and developing an independent, domestic supply chain of these critical metals. It’s important for U.S. manufacturing, green energy, national security, and competitiveness.”
Relating to the Cornell University partnership, Company President and CEO, Michael Rowley, will join Dr. Gadikota at the ARPA-E MINER kick-off event in Austin, Texas on February 14 and 15, 2023. Other presenters and attendees include Tesla Motors, major mining companies, top US government officials and financial institutions. More information on the MINER program is available here: https://arpa-e.energy.gov/technologies/programs/miner.
Michael Rowley, Stillwater Critical Minerals President & CEO, stated, “We are very pleased to be selected as the industry partner for Dr. Gadikota’s cutting-edge work and to work closely with her team toward our shared vision of securing the future domestic supply of the critical minerals the US so urgently needs. Our Stillwater West project is rapidly advancing as a potential large-scale, low-carbon source of nickel, copper, cobalt, palladium, platinum and rhodium. Located in an active and expanding US mining district with a long history of critical minerals production and demonstrated world-class scale and grade, Stillwater West is on a very short list of assets with the potential to play a significant role in realizing the goals set out in the bipartisan Inflation Reduction Act, and other ongoing initiatives. It is our belief that mining can do more than supply minerals by conventional means, and that partnerships such as this are the path toward more sustainable practices.”
About Dr. Greeshma Gadikota
Dr. Greeshma Gadikota is an Assistant Professor and Croll Sesquicentennial Fellow in the School of Civil and Environmental Engineering with a field appointment in the Smith School of Chemical and Biomolecular Engineering at Cornell University. Dr. Gadikota directs the Sustainable Energy and Resource Recovery Group. She held postdoctoral research associate appointments at Princeton University and Columbia University, and a research associate appointment at the National Institute of Standards and Technology (NIST). Her PhD in Chemical Engineering and MS degrees in Chemical Engineering and Operations Research are from Columbia University. Her BS in Chemical Engineering is from Michigan State University. She is a recipient of the DOE, NSF and ARO CAREER Awards, Sigma Xi Young Investigator Award, Cornell Engineering Research Excellence Award, Inaugural Cornell Rising Women Innovator Award, and AICHE Sabic Award for Young Professionals from the Particle Technology Forum. Dr. Gadikota received her PhD in Chemical Engineering and earned her MS degrees in Chemical Engineering and Operations Research, from Columbia University. Her BS in Chemical Engineering is from Michigan State University.
Research Interests
With more than 80% of our energy resources recovered from the subsurface environments which requires about 50 billion cubic meters of fresh water and contributes to more than 75% of global CO2 emissions, our grand societal challenge lies in meeting our growing demand for energy and resources while reducing environmental impact. Addressing these earth-scale challenges requires us to develop novel technologies to engineer targeted physico-chemical interactions in complex engineered and natural environments. Enabling emergent technologies for a sustainable earth requires us to advance the cross-scale science of fluid-solid interactions in complex and extreme environments. With this perspective, our research is directed towards applications that involve (i) engineering the natural environment for sustainable energy and resource recovery and (ii) designing novel chemical pathways for advancing low carbon and negative emissions technologies.
About ARPA-E
The Advanced Research Projects Agency-Energy (ARPA-E advances high-potential, high-impact energy technologies that are too early for private-sector investment. ARPA-E awardees are unique because they are developing entirely new ways to generate, store, and use energy. ARPA-E projects have the potential to radically improve U.S. economic prosperity, national security, and environmental well-being. We focus on transformational energy projects that can be meaningfully advanced with a small amount of funding over a defined period of time. Our streamlined awards process enables us to act quickly and catalyze cutting-edge areas of energy research.
ARPA-E empowers America’s energy researchers with funding, technical assistance, and market readiness. Our rigorous program design, competitive project selection process, and active program management ensure thoughtful expenditures. ARPA-E Program Directors serve for limited terms to ensure a constant infusion of fresh thinking and new perspectives. To learn more visit: https://arpa-e.energy.gov/.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. Per an expanded NI 43-101 mineral resource estimate released January 2023, the Platreef-style nickel and copper sulphide deposits at Stillwater West contain 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, in a compelling suite of critical minerals and are open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director
Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals 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 Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Stillwater Critical Minerals
Highlights include 27.7m @ 0.62g/t PGM+Au, 0.62% Ni (Including 4.6m @ 1.12g/t PGM+Au plus 1.12% Ni),
And: 25.3m @ 1.14g/t PGM+Au, 0.42% Ni, 0.34% Cu (Including 3.4m @ 2.12g/t PGM+Au, 0.84% Ni, 0.34% Cu)
VANCOUVER, BC, Feb. 14, 2023 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (“Bravo” or the “Company“) announced that it has received assay results from eight diamond drill holes (“DDH”) in the Central and North Sectors highlighting the nickel sulphide potential of its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga” or “Luanga PGM+Au+Ni Project“), located in the Carajás Mineral Province, state of Pará, Brazil. Two DDH in the Central Sector have identified a new zone and style of nickel sulphide mineralization. Follow up drilling to the previously announced massive sulphide intercept in the North Sector (August 16th, 2022 news release) has intersected higher-grade nickel sulphide 50m to the north and south, with evidence indicating potential extensions toward the south.
“Today’s results demonstrate the potential for higher-grade nickel ± copper sulphides at Luanga, underlie the existing ~8.1km strike of PGM+Au+Ni mineralization intersected in shallow historic drilling,” said Luis Azevedo, Chairman and CEO of Bravo. “We are at the early stages of understanding the distribution of, and controls on, this potential new style of nickel ± copper sulphide mineralization, which has now been intersected in both the North and Central Sectors,” he said. “We are very positive about the potential below Luanga and have deployed geophysical tools aimed at detecting this style of mineralization. Work is continuing and aims to drill test future geophysical targets in 2023.”
Highlights Include:
- Follow up, step-out drilling to the massive nickel/copper sulphides intercepted in DDH22LU047 (August 16th, 2022 news release) intersected nickel/copper sulphides along strike, 50m to the north and to the south. Electromagnetics (EM) has identified conductors trending to the south where surface EM is ongoing.
- Drilling in the Central Sector of Luanga has intersected a new zone and style of nickel sulphide mineralization, potentially magmatic nickel sulphide mineralization. It occurs within a different rock-type than the PGM+Au+Ni mineralization at Luanga – further increasing the exploration prospectivity of Luanga. EM surveying is expected to begin shortly.
- A noticeable change in PGM chemistry (significantly higher rhodium to palladium ratio) has been identified in most assay results from both nickel sulphide zones. This also points to a new style of mineralization and provides another possible vector into higher nickel sulphide zones.
| HOLE-ID | From(m) | To(m) | Thickness (m) | Pd(g/t) | Pt(g/t) | Rh(g/t) | Au (g/t) | PGM + Au (g/t) | Ni (% Sulphide) | Cu (%) | Sector |
| DDH22LU039 | 128.2 | 155.9 | 27.7 | 0.40 | 0.10 | 0.11 | 0.01 | 0.62 | 0.42 | Cent. | |
| Including | 128.2 | 132.8 | 4.6 | 0.74 | 0.12 | 0.25 | 0.01 | 1.12 | 1.12 | Cent. | |
| Including | 130.2 | 131.2 | 1.0 | 1.08 | 0.25 | 0.51 | 0.01 | 1.85 | 2.08 | Cent. | |
| DDH22LU049 | 49.6 | 74.9 | 25.3 | 0.68 | 0.22 | 0.13 | 0.12 | 1.14 | 0.40 | 0.23 | North |
| Including | 66.9 | 70.3 | 3.4 | 1.18 | 0.52 | 0.29 | 0.12 | 2.12 | 0.84 | 0.34 | North |
| DDH22LU052 | 151.0 | 158.1 | 7.1 | 0.69 | 0.04 | 0.30 | 0.11 | 1.13 | 0.82 | 0.45 | North |
| Including | 151.0 | 153.8 | 2.8 | 0.76 | 0.02 | 0.39 | 0.01 | 1.18 | 1.09 | 0.22 | North |
| DDH22LU061 | 102.4 | 103.6 | 1.2 | 0.55 | 0.04 | 0.31 | 0.15 | 1.05 | 1.18 | Cent. | |
| DDH22LU073 | 136.9 | 155.8 | 18. 9 | 0.96 | 0.29 | 0.02 | 0.02 | 1.30 | 0.41 | North | |
| Including | 150.8 | 153.8 | 3.0 | 2.57 | 0.50 | 0.04 | 0.02 | 3.14 | 1.15 | North | |
| DDH22LU077 | 169.4 | 175.5 | 6.1 | 0.57 | 0.04 | 0.33 | 0.02 | 0.96 | 0.63 | North | |
| Including | 169.4 | 171.3 | 1.9 | 1.33 | 0.05 | 0.84* | 0.04 | 2.27* | 1.47 | North | |
| Including | 170.6 | 171.3 | 0.7 | 1.54 | 0.04 | >1.0* | 0.01 | 2.59* | 2.27 | North |
| Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. |
| All intercepts were in fresh rock. |
| Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness. |
| * Includes Rh >1.00g/t result. Overlimit analyses pending. |
| North = North Sector. Cent. = Central Sector. ** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays. |
Central Sector Magmatic Nickel Sulphide Exploration Upside
Drilling in the Central Sector (holes DDH22LU039 and DDH22LU061) identified a second zone of more concentrated magmatic sulphides, a style of mineralization not previously observed at Luanga in historic drilling. This style of mineralization features net-textures typical of magmatic nickel sulphide mineralization (Figure 1).
The Central Sector higher-grade magmatic nickel sulphide mineralization appears to be coincident with the main Luanga PGM mineralization but appears to have increasing concentrations of nickel sulphides to depth, while historic nickel-in-soil geochemistry (Figure 2) indicates that nickel sulphide mineralization may be gently diverging away from the strike of the PGM+Au mineralization. This style of mineralization has only been identified in this area of the Luanga deposit to date and is hosted in the basal sequence of harzburgites (ultramafic rocks) that underlie the dominant Luanga orthopyroxenite PGM+Au host rock.
Surface EM completed by Bravo in late 2022 is being extended to the southeast to look deeper into the basal harzburgite sequence (Figure 3) that underlies the main PGM+Au+Ni mineralization, beyond the extent of current drilling.
The Central Zone assay results (reported in this news release) from drill holes DDH22LU039 and DDH22LU061 demonstrate a noticeable change in PGM chemistry, where the Pd:Rh ratios range from 4:1 to <2:1. This is a significant divergence from the majority of existing drill holes across the 8.1km of the main Luanga PGM+Au mineralized zone, where the Pd:Rh ratio is typically ~10:1. There could also be a relationship between magmatic nickel and rhodium (high rhodium values highlighted in the table above). This, combined with the identification of a different host rock, is further supporting evidence of a new style or phase of mineralization that is more typically associated with magmatic nickel sulphide deposits. Mineralization remains open at depth (Figure 3) and along strike.
DDH22LU039 is shown in the section below (Figure 3), where the concentration of magmatic nickel sulphides and nickel assay grades increase (from west to east) from DDH22LU054 where fresh rock mineralization has no significant nickel to report, to DDH22LU039 where magmatic nickel sulphides and assay grades reach their current peak.
Follow Up on North Sector Massive Magmatic Nickel ± Copper Sulphide Discovery
Follow up drilling to the north and south of the previously announced massive magmatic nickel ± copper sulphide mineralization in DDH22LU047 (August 16th, 2022 news release) in the North Sector has continued to intersect magmatic nickel sulphide mineralization.
New drill results indicate that the nickel ± copper mineralization is coincident with the main Luanga PGM+Au+Ni deposit, but that higher concentrations of nickel and copper are at depth. Alternatively, this mineralization style may be unrelated to the emplacement of the PGM portion of Luanga and related to a different, as yet unidentified, phase of mineralization at depth.
Higher-grade sulphide mineralization and EM anomalism is open to the south (Figure 4) but appears to taper off to the north. Like the Central Sector above, it may also be diverging away from the strike of the PGM+Au mineralization and occur below historic drilling to the south. This interpretation is supported to the southern limit of the current EM survey and is coincident with historic nickel-in-soil geochemistry (Figures 4 and 5).
Most assay results demonstrate the same noticeable change in PGM chemistry as the higher-grade magmatic sulphide mineralization intersected in the Central Zone, with Pd:Rh ratios ranging from to 5:1 to <2:1. As highlighted above this may indicate potential for a different phase or style of mineralization at depth.
Luanga Drill Program Progress
A total of 144 drill holes (9 in 2023) have been completed by Bravo to date, for 23,950 metres (94% of the planned 25,500 metre Phase 1 Drilling Program), including all 8 planned twin holes (results for 2 twin holes outstanding) and all 8 metallurgical holes (not for routine assaying). Results have been reported for 60 Bravo drill holes to date.
Results for 76 Bravo drill holes are currently outstanding.
The Phase 1 diamond drill program is close to completion, with 1,550m remaining before the commencement of the Phase 2 diamond drill program. The Phase 2 program will be focused on step out drilling (with the objective of extending known zones of PGM+Au+Ni mineralization to depth), follow-up on the newly identified higher-grade nickel ± copper magmatic sulphide mineralization styles, as well as exploration of new targets.
Aside from systematic step-out drilling, the Phase 2 program is designed to support a more intensive approach to exploration, with work to focus on exploring for magmatic nickel ± copper sulphides. This program will commence with an extensive program of geophysics consisting of ground EM, ground micro-gravity and ground magnetics. Targets generated would be drill tested during the Phase 2 program. Phase 2 will also include ongoing metallurgical test work designed to confirm and optimize metallurgical results reported by Vale SA., Luanga’s previous owner.
The key deliverable expected from the Phase 1 program is Luanga’s maiden NI 43-101 Mineral Resource Estimate (MRE). Approximately 3,600m of priority drilling remains to be completed to facilitate this work, including the balance of the Phase 1 program and a portion of the Phase 2 program. Completion of the maiden MRE remains on track for H2/2023.
Complete Table of Recent Intercepts
| HOLE-ID | From(m) | To(m) | Thickness (m) | Pd(g/t) | Pt(g/t) | Rh(g/t) | Au (g/t) | PGM + Au (g/t) | Ni (% Sulphide) | Cu (%) | TYPE |
| DDH22LU039 | 41.2 | 61.2 | 21.0 | 0.54 | 0.19 | 0.00 | 0.11 | 0.83 | 0.15 | FR | |
| And | 80.1 | 106.2 | 26.1 | 0.56 | 0.22 | 0.00 | 0.14 | 0.92 | 0.20 | FR | |
| Including | 91.2 | 98.2 | 7.0 | 0.44 | 1.11 | 0.01 | 0.17 | 1.72 | 0.32 | FR | |
| And | 128.2 | 155.9 | 27.7 | 0.40 | 0.10 | 0.11 | 0.01 | 0.62 | 0.42 | FR | |
| Including | 128.2 | 132.8 | 4.6 | 0.74 | 0.12 | 0.25 | 0.01 | 1.12 | 1.12 | FR | |
| Including | 130.2 | 131.2 | 1.0 | 1.08 | 0.25 | 0.51 | 0.01 | 1.85 | 2.08 | FR | |
| And | 161.9 | 166.9 | 5.0 | 0.35 | 0.15 | 0.07 | 0.01 | 0.58 | 0.23 | FR | |
| DDH22LU049 | 8.7 | 16.7 | 8.0 | 0.71 | 0.26 | 0.02 | 0.10 | 1.08 | NA | Ox | |
| And | 49.6 | 74.9 | 25.3 | 0.68 | 0.22 | 0.13 | 0.12 | 1.14 | 0.40 | 0.23 | FR |
| Including | 49.6 | 58.3 | 8.7 | 0.79 | 0.19 | 0.09 | 0.19 | 1.26 | 0.38 | 0.36 | FR |
| Also Including | 66.9 | 70.3 | 3.4 | 1.18 | 0.52 | 0.29 | 0.12 | 2.12 | 0.84 | 0.34 | FR |
| And | 78.4 | 92.4 | 14.0 | 0.42 | 0.14 | 0.04 | 0.08 | 0.68 | 0.23 | 0.22 | FR |
| DDH22LU052 | 151.0 | 158.1 | 7.1 | 0.69 | 0.04 | 0.30 | 0.11 | 1.13 | 0.82 | 0.45 | FR |
| Including | 151.0 | 153.8 | 2.8 | 0.76 | 0.02 | 0.39 | 0.01 | 1.18 | 1.09 | 0.22 | FR |
| Also Including | 154.3 | 158.1 | 3.8 | 0.73 | 0.05 | 0.27 | 0.19 | 1.24 | 0.73 | 0.68 | FR |
| And | 161.9 | 164.5 | 2.6 | 0.58 | 0.06 | 0.28 | 0.01 | 0.94 | 0.72 | 0.26 | FR |
| And | 199.0 | 215.2 | 16.2 | 0.40 | 0.46 | 0.03 | 0.01 | 0.89 | 0.32 | 0.09 | FR |
| DDH22LU061 | 59.3 | 65.8 | 6.5 | 0.49 | 0.19 | 0.00 | 0.13 | 0.81 | 0.09 | FR | |
| And | 88.5 | 91.5 | 3.0 | 0.90 | 0.30 | 0.00 | 0.24 | 1.44 | 0.19 | FR | |
| And | 102.4 | 103.6 | 1.2 | 0.55 | 0.04 | 0.31 | 0.15 | 1.05 | 1.18 | FR | |
| And | 121.3 | 127.3 | 6.0 | 0.26 | 0.14 | 0.03 | 0.09 | 0.52 | 0.21 | FR | |
| And | 139.0 | 150.8 | 11.8 | 0.27 | 0.10 | 0.02 | 0.02 | 0.41 | 0.18 | FR | |
| DDH22LU068 | 39.5 | 42.5 | 3.0 | 1.35 | 0.73 | 0.10 | 0.01 | 2.18 | 0.07 | FR | |
| And | 54.4 | 62.2 | 7.8 | 0.33 | 0.10 | 0.02 | 0.01 | 0.45 | 0.30 | FR | |
| DDH22LU073 | 113.6 | 116.8 | 3.2 | 0.89 | 0.44 | 0.03 | 0.01 | 1.37 | 0.39 | FR | |
| And | 127.8 | 129.5 | 1.7 | 0.89 | 5.11 | 0.05 | 0.01 | 6.06 | 0.32 | FR | |
| And | 136.9 | 155.8 | 18. 9 | 0.96 | 0.29 | 0.02 | 0.02 | 1.30 | 0.41 | FR | |
| Including | 150.8 | 153.8 | 3.0 | 2.57 | 0.50 | 0.04 | 0.02 | 3.14 | 1.15 | FR | |
| DDH22LU077 | 169.4 | 175.5 | 6.1 | 0.57 | 0.04 | 0.33 | 0.02 | 0.96 | 0.63 | FR | |
| And | 169.4 | 171.3 | 1.9 | 1.33 | 0.05 | 0.84* | 0.04 | 2.27* | 1.47 | FR | |
| Including | 170.6 | 171.3 | 0.7 | 1.54 | 0.04 | >1.0* | 0.01 | 2.59* | 2.27 | FR | |
| And | 204.1 | 207.1 | 3.0 | 0.27 | 0.01 | 0.00 | 0.01 | 0.28 | 0.29 | FR | |
| And | 220.1 | 232.1 | 12.0 | 0.28 | 0.13 | 0.02 | 0.03 | 0.46 | 0.12 | FR | |
| DDH22LU079 | 179.3 | 199.3 | 20.0 | 0.23 | 0.11 | 0.04 | 0.01 | 0.39 | 0.19 | FR | |
| including | 196.3 | 199.3 | 3.0 | 0.58 | 0.18 | 0.12 | 0.01 | 0.88 | 0.51 | FR |
| Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. |
| Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness. |
| Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization. |
| * = Includes Rh >1.00g/t result. Overlimit analyses pending. |
| ** = Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays |
About Bravo Mining Corp.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “rich”, “extends”, “new zone”, “potential”, “higher-grade”, “very positive”, “concentrated“, “noticeable change”, “majority”, “new style“, “significant“, “intensive approach“, “extensive“, “optimize“, “yet unidentified”, “objective” and other similar words, phrases, or statements that certain events or conditions “may”, “should”, “will” or “would” occur. This news release contains forward-looking information pertaining to the Company’s ongoing re-sampling and drill programs and the results thereof; the expected completion of geophysical surveys and the results of such surveys; the potential for the definition o new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that grades are improving to depth, that final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Schedule 1: Drill Hole Collar Details
| HOLE-ID | Company | East (m) | North (m) | RL (m) | Datum | Depth (m) | Azimuth | Dip | Sector |
| DDH22LU039 | Bravo | 658669.93 | 9340730.09 | 262.74 | SIRGAS2000 UTM22S | 177.70 | 330.00 | -60.00 | Central |
| DDH22LU049 | Bravo | 659975.11 | 9342475.00 | 270.59 | SIRGAS2000 UTM22S | 159.30 | 90.00 | -60.00 | North |
| DDH22LU052 | Bravo | 659825.80 | 9342475.01 | 274.16 | SIRGAS2000 UTM22S | 233.20 | 90.00 | -60.00 | North |
| DDH22LU061 | Bravo | 658595.91 | 9340659.10 | 271.55 | SIRGAS2000 UTM22S | 191.00 | 330.00 | -60.00 | Central |
| DDH22LU068 | Bravo | 659900.11 | 9342525.01 | 280.91 | SIRGAS2000 UTM22S | 251.00 | 90.00 | -60.00 | North |
| DDH22LU073 | Bravo | 659900.09 | 9342425.00 | 273.40 | SIRGAS2000 UTM22S | 270.85 | 90.00 | -60.00 | North |
| DDH22LU077 | Bravo | 659824.96 | 9342524.96 | 279.74 | SIRGAS2000 UTM22S | 264.20 | 90.00 | -60.00 | North |
| DDH22LU079 | Bravo | 659822.30 | 9342425.01 | 270.84 | SIRGAS2000 UTM22S | 250.50 | 90.00 | -60.00 | North |
Schedule 2: Assay Methodologies and QAQC
Samples follow a chain of custody between collection, processing, and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the ALS global website (ALS) in the analytical guides.
Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.
| Bravo ALS | |||||
| Preparation | Method | Method | Method | Method | Method |
| For All Elements | Pt, Pd, Au | Rh | Ni-Sulphide | Cu | Trace Elements |
| PREP-31DH | PGM-ICP27 | Rh-MS25 | Ni-ICP05 | OG-62 | ME-ICP61 |
SOURCE Bravo Mining Corp.