VANCOUVER, British Columbia, Aug. 16, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that it has signed a letter of intent to option a 90% ownership interest in the Indian Mountain Lake Volcanic Massive Sulphide project, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt. The project has a historical Zinc-Lead-Silver-Copper geological resource.
Indian Mountain Lake VMS Project The Indian Mountain Lake VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the project from Thompson Landing in the 1970’s. If this right of way were to be brushed out it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Tech Resources Zinc Refinery in Trial, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Judson Culter, CEO at Rover Metals, states, “We believe the Indian Mountain Lake VMS Project has the potential to be a Tier 1 Zinc and Copper project. The historical resource represents only 3% of the total land package. The blue sky on the remaining 97% of the greenstone belt is: (1) for additional zinc resources and; (2) a significant new copper discovery. Historical workings also document the presence of copper-gold skarn systems. The historic zones are open along strike and below a vertical depth of 150 meters.
In Canada, Zinc and Copper are on the Federal Government’s Critical Minerals List, and part of the Canadian Government’s Critical Minerals Strategy. As a result, the project qualifies for the 30% critical mineral flow-through investor tax credit.
Management of the Company also remain committed to the further development of its gold projects, and hope to be able to provide a news release about the Cabin Gold Project in the coming weeks.”
An updating release will be provided once the Company has executed its Definitive Option Agreement.
New Website In connection with the Company expanding into critical minerals, the Company will be launching a new website in the coming days featuring the Indian Mountain Lake VMS Project. Investors are encouraged to visit our website to review the Company’s new investor materials, as the become available.
About Rover Metals Rover is now both a critical minerals exploration company as well as a precious metals exploration company, specialized in North American (Canada and U.S.) mineral resource development. Five of the Company’s six resource projects are located near to the city of Yellowknife, 60th parallel, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
VANCOUVER, BC, Aug. 16, 2022 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO), (“Bravo” or the “Company“) today announced high grade nickel and copper assay results from the previously released diamond drill hole DDH22LU047 at its Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil. The high-grade intercept of 11.04m grading 2.04% nickel and 1.23% copper occurs in massive and semi-massive sulphides – a style of mineralization not previously observed at Luanga, increasing the target type potential at the project. Palladium, platinum and rhodium assay results are pending.
Highlights:
11.04m @ 2.04% nickel and 1.23% copper, from 131.11m
Contractors arriving onsite this week to commence Downhole Transient Electromagnetic (“DHTEM”) surveying at Luanga, starting with DDH22LU047
Palladium, platinum and rhodium results are pending
Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)
“As announced in Bravo’s August 3rd, 2022 news release, high-grade nickel-copper mineralization at these concentrations, has not been observed previously at Luanga and could represent a new type of mineralisation that occurs within the Luanga PGM deposit, or a potential indication of feeder zones,” said Luis Azevedo, Chairman and CEO of Bravo. “DHTEM surveying will commence shortly, which should allow us to vector in on the continuation of high-grade nickel/copper massive sulphides, guiding follow-up drilling.”
Luanga Drill Program
The Phase 1 diamond drill program continues as planned at Luanga. With six drill rigs on site, drilling is now in progress in various locations along the entire 7km strike length of the known mineralization, including to the north where the latest and final surface access agreements were recently signed (see August 2, 2022 news release).
Phase 1 drilling is designed to confirm, infill and step out from the previously defined PGM+Au+Ni mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates. Additionally, drilling will target potential extensions to the mineralization at depth, as well as exploration targets at Luanga.
Complete Table of Assay Results
HOLE-ID
From(m)
To(m)
Thickness(m)
Ni(%)
Cu(%)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au(g/t)
TYPE
DDH22LU047
131.11
142.15
11.04
2.03
1.23
Pending
FR
Including
132.26
136.80
4.54
2.77
0.54
Pending
FR
Including
136.80
137.60
0.80
0.98
10.82
Pending
FR
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 90% of true thickness.
FR = Fresh Rock.
DDH22LU047: High grade massive sulphide nickel mineralization at 136.0m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: High grade breccia semi–massive sulphide nickel-copper mineralization, from at 137.0m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Drill core showing massive and brecciated semi-massive sulphides, from 131.1m to 142.1m* * Depths and widths are downhole (CNW Group/Bravo Mining Corp.)
About Bravo Mining Corp.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.
Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.
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 “confirm”, “designed”, “increase confidence”, “interpreted”, “pending”, and other similar words, phrases or statements that certain events or conditions “should”, or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs and the results thereof; the expected arrival of geophysical equipment 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, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that 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
DDH22LU047
Bravo
659899.99
9342475.05
275.18
SIRGAS2000 UTM22S
170.05
090
-60
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. IN this case a split is collected by Bravo staff and securely delivered to the Intertek laboratory in Parauapebas where it was assayed by high priority for ore grade Ni and Cu.
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
For All Elements
Pt, Pd, Au
Rh
Ni-Sulphide
Trace Elements
PREP-31B
PGM-ICP27
Rh-MS25
Ni-ICP05
ME-ICP61
Bravo Intertek
Method
Ni, Cu Sulphide
Ni-ICP05
Location of Bravo Drilling Reported in this Document (CNW Group/Bravo Mining Corp.)
TORONTO, ON / ACCESSWIRE / August 16, 2022 / (CSE:ROO) (OTC:JNCCF) (Frankfurt:5VHA) RooGold Inc. (“RooGold” or the “Company“).
RooGold announces the appointment of Vishal Gupta to the Board of Directors. Mr. Gupta replaces Carlos Espinosa, who will be stepping down as a director in order to make room for Mr. Gupta to join the Company’s board of directors. Mr. Espinosa will remain in his role as President and Chief Executive Officer of the Company.
Mr. Gupta is a P. Geo. registered with the Professional Geoscientists of Ontario, who brings considerable mining industry expertise and public markets experience to his role as Director of RooGold. He currently serves as the President and CEO of Caprock Mining Corp., a gold exploration company listed on the Canadian Securities Exchange (“CSE”). Prior to joining Caprock, Mr. Gupta served as the President and CEO of California Gold Mining Inc., an advanced-stage gold exploration company also listed on the CSE. Previously, he worked as an equity research analyst and investment banker covering the mining sector for a number of Toronto-based financial institutions including Desjardins Securities, Cormark Securities, Dundee Capital Markets, Fraser Mackenzie and Global Financial. During his tenure in capital markets, Mr. Gupta performed independent technical due diligence, M&A advisory and comprehensive valuation analysis on a wide variety of resource projects across the United States, Canada, Mexico, Brazil, Argentina, Chile, and Nicaragua. Mr. Gupta holds a Master of Science degree in Geology from the University of Toronto, and started his career as an exploration geologist for junior resource companies where he was involved in the planning, preparation, execution and reconciliation of exploration programs.
“We are very pleased to have Mr. Gupta join our team at this time,” stated Carlos Espinosa, President and CEO of RooGold. “Vishal brings extensive capital markets and mining experience, and we look forward to benefitting from his insights and guidance.”
About RooGold Inc.
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 14 high-grade potential gold (10) and silver (4) concessions covering 2,696 km 2 which have 139 historic mines and prospects.
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”,”expect”, “project”, “intend”,”believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.
Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Burlington, Ontario–(Newsfile Corp. – August 15, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is very pleased to announce it has closed on its debt financing (the “Financing”), previously announced on August 11, 2022.
The Financing is with SBMI’s largest institutional shareholder (the “Lender”), pursuant to which SBMI has borrowed CDN$650,000 (six hundred and fifty thousand dollars) from the Lender for an 18-month term. The Financing provides for an 8% annual interest rate and a conversion feature, whereby upon conversion the loan may convert into 2,166,667 units (each, a “Unit”) at an effective price of $0.30 per Unit. This is at a premium to the current market price. Each Unit is comprised of one common share and one common share purchase warrant exercisable at $0.35 for a four-year term.
“Management and the board have been working on this for a while,” said SBMI’s CEO, A. John Carter. “We believe this to be very attractive for the lender and friendly to our shareholders.”
SBMI also reports that Sepro Mineral Systems Corp., who assisted in the design of parts of SBMI’s mill in Arizona, is currently onsite and is assisting the Company in fine-tuning various components of the mill. The ramp-up using lower grade material continues.
Silver coming off the shaker table; picture taken Aug 15/22
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 viruses create risks that at this time are immeasurable and impossible to define.
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing follow-up drilling to the previously reported high-grade intercept of 75.90m of 20.86 g/t Au in TUG-141 (June 6, 2022 NR), at its Tuvatu Alkaline Gold Project in Fiji.
Results for the first two diamond drill holes carried out as follow-up drilling from the significant new feeder zone mineralization in TUG-141 and reported on June 6, 2022 have been received and compiled. TUDDH-601 was drilled from surface at -85° and was designed to further test the high-grade zone encountered in TUG-141, and TUG-145 was drilled from the same underground collar location as TUG-141, collared at 3° steeper, and designed to test directly below the TUG-141 drill trace (Figure 1). TUG-145 drifted to the west and lifted more than expected.
Highlight intercepts from holes TUDDH-601 and TUG-145 include:
TUDDH-601
26.20 g/t Au over 1.20m from 165.7-166.9m;
115.42 g/t Au over 1.80m from 252.4-254.2m;
12.22 g/t Au over 54.90m from 576.1-631.0m, including – 23.02 g/t Au over 20.10m from 576.1-596.2m, which includes 29.24 g/t Au over 15.6m; – 8.09 g/t Au over 20.70m from 602.5-623.2m, which includes 9.25 g/t Au over 7.80m and 15.03 g/t Au over 5.40m
TUG-145
6.72 g/t Au over 15.30m from 110.4-125.7m, including – 41.16 g/t Au over 1.20m from 117.3-118.5m;
20.38 g/t Au over 0.90m from 278.7-279.6m;
28.68 g/t Au over 1.80m from 305.4-307.2m;
4.69 g/t Au over 10.20m from 357.9-368.1m, including – 9.58 g/t Au over 1.20m from 358.8-360.0m, – 6.99 g/t Au over 1.20m 362.1-363.3m, and – 8.41 g/t Au over 1.50m from 363.9-365.4m
17.80 g/t Au over 0.30m from 405.9-406.2m;
8.73 g/t Au over 6.00m from 424.2-430.2, including – 31.94 g/t Au over 1.20m from 426.3-427.5m
18.15 g/t Au over 0.60m from 598.5-599.1m
TUDDH-601 drilled from surface, was a near-vertical drill test of the high-grade gold zone encountered by TUG-141. TUDDH-601 is estimated to have drilled to within <2m of TUG-141. This test indicates that high-grade mineralization corresponding to that in TUG-141 is indeed hosted primarily by altered andesite rather than adjacent monzonite. High-grade mineralization, 54.9m of 12.22 g/t Au, was first intersected at a downhole depth of 576.1m continuing virtually uninterrupted to a downhole depth of 631.0m (Figure 2). Only one low-grade interval, hosted by monzonite and measuring 6.3m long was intersected. Above this low-grade interval, 23.02 g/t Au over 20.1m was encountered including 29.24 g/t Au over 15.60m, and below, 8.09 g/t Au over 20.7m, including 15.03 g/t Au over 5.40m and 9.25 g/t Au over 7.80m, respectively (Figure 3).
TUG-145 represented an inclined hole 3° steeper than TUG-141, drilled from the same underground collar location (Table 2 below). The hole drifted west and lifted such that the effective distance between TUG-141 and TUG-145 was approximately 21m at the 600m depth mark, with TUG-145 west of TUG-141. While TUG-141 drilled out of the less favourable monzonite and into the favourable andesite at approximately 390m depth, TUG-145 remained in monzonite until a depth of approximately 600m, indicating a southward shift of this lithological contact at this location, as illustrated schematically in Figure 4. It is thought that the monzonite to andesite contact recorded by TUG-141, is shifted south along a N-S structure, likely UR1, and that the high-grade continuous mineralization recorded by TUG-141 is largely focussed on the andesite side (east side) of this contact. Therefore, Lion One believes that the lithological contact between monzonite and andesite forms a primary control on high-grade mineralization at this location, and that the projection of this contact to depth as well as along strike, represents a first-order target for further follow-up drilling.
The next two planned follow up holes to TUG-141 are shown on Figure 5 below. One hole from surface, already underway as TUDDH-608, was collared at a planned azimuth of N089° and dip of -65°, targeting the high-grade intercept in TUG-141, and a second hole will collar from underground, approximately 180m further south along the decline from the TUG-141 and 145 collars, and target the same high-grade intercept at a planned azimuth of N139° and dip of -66°. The combination of these two holes should provide good information on the potential width and possible down plunge extent of the TUG-141/TUDDH-601 high-grade zone, which should allow for a realistic estimate of the volume, and hence contained Au ounces, in this zone. Additional follow-up holes are being planned as well.
Lion One technical advisor Quinton Hennigh stated, “As we drill more, the geologic setting of this important feeder zone is coming into clarity. It occurs at a major structural intersection where the north-south-trending UR1 & 2 lodes meet the northeast-trending UR4 & 5 lodes. Importantly, high-grade mineralization appears to be focussed within andesite host rocks just outboard from the contact with less favourable monzonite. With this understanding, we believe that further high-grade can be pursued along this contact at depth. The team is currently lining up more holes to test this extension.”
Lion One CEO Walter Berukoff further stated, “The spectacular discovery previously announced as the result of drilling hole TUG-141 has been confirmed by follow-up drilling in hole TUDDH-601. The positive confirmation of the longest high-grade intercept yet recorded at Tuvatu gives us further confidence that we are just now beginning to unlock the true potential of the 500 Zone high-grade feeder. The persistent success of our systematic drilling programs at Tuvatu underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au deposit.”
Figure 1. Image from Leapfrog software showing the modeled lodes representing the Tuvatu resource in semi-transparent gray with the traces of drill holes TUG-141, TUG-145 drilled from the same location along the exploration decline, and TUDDH-601 drilled at a dip of -85° from surface. Lower image overlays the mineralized intervals as colored discs that reflect grade (see Figure 3 caption for grade scale).
Figure 2. A) TUDDH-601 at 579.7m showing pervasively altered andesite grading 142.33 g/t Au; B) close-up of photo A; C) TUDDH-601 at 580.0m grading 108.99 g/t Au; D) close-up of photo C.
Figure 3. Vertical section looking West of the mineralized intervals in TUG-141 and TUDDH-601 that were drilled in essentially the same plane. Grades in ppm Au shown as colored discs are as follows: 0.1-0.2, blue; 0.2-0.3, light blue; 0.3-0.5, green; 0.5-1.0, yellow; 1-3, orange; 3-10, red; >10, fuschia.
Figure 4. Schematic diagram of a horizontal plan at approximately RL= -260m illustrating the interpreted interplay between mineralized lodes and lithologic contact between monzonite (pink) and andesite (green), in the area of the TUG-141 high-grade discovery. The NE-trending monzonite-andesite contact is shifted to the south along UR1 at the location of the mineralization intersected by drill holes TUG-141 and TUDDH-601. Lodes UR1-UR2 pair appears to merge together at depth, with the NS-oriented lodes intersected by the NE-SW UR4 lode.
Figure 5. Figure looking North and down 45° showing the next two planned drill holes (yellow) testing the high-grade zone discovery of TUG-141. Planned hole 1 from surface which has started drilling as TUDDH-608 will test the width of the zone; planned hole 2 from the underground decline is scheduled to begin drilling soon and will test for possible down plunge extent.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals > 9.0 g/t Au or longer than 1.2m are bolded).
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-601
165.7
166.9
1.2
26.20
Incl.
165.7
166.3
0.6
13.38
Incl.
166.3
166.9
0.6
39.01
168.1
171.7
3.6
1.00
190.3
190.6
0.3
4.21
252.4
254.2
1.8
115.42
Incl.
252.4
252.7
0.3
26.29
Incl.
252.7
253.3
0.6
159.98
284.8
286.3
1.5
2.37
362.8
363.4
0.6
1.61
474.1
474.4
0.6
7.29
Incl.
474.1
474.4
0.3
5.88
Incl.
474.4
474.7
0.3
8.69
569.8
570.4
0.6
1.49
576.1
596.2
20.1
23.02
Incl.
579.4
579.7
0.3
142.60
Incl.
579.7
580.0
0.3
109.00
Incl.
580.0
580.3
0.3
140.90
Incl.
580.3
580.6
0.3
263.40
Incl.
580.6
580.9
0.3
74.33
Incl.
580.9
581.2
0.3
25.89
Incl.
581.8
582.4
0.6
18.52
Incl.
583.9
584.2
0.3
5.03
Incl.
585.7
586.3
0.6
9.59
Incl.
586.3
586.6
0.3
9.43
Incl.
586.6
586.9
0.3
15.49
Incl.
586.9
587.2
0.3
18.06
Incl.
587.2
587.8
0.6
5.35
Incl.
588.1
588.7
0.6
39.23
Incl.
588.7
589.0
0.3
7.13
Incl.
589.0
589.6
0.6
26.15
Incl.
591.4
592.0
0.6
10.80
Incl.
592.0
592.6
0.6
33.77
Incl.
592.6
593.2
0.6
10.94
Incl.
593.2
593.5
0.3
28.67
Incl.
593.5
593.8
0.3
32.64
Incl.
593.8
594.1
0.3
230.40
Incl.
594.4
594.7
0.3
18.26
Incl.
594.7
595.0
0.3
50.32
598.0
600.7
2.7
0.50
602.5
623.2
20.7
8.09
Incl.
603.1
603.7
0.6
21.52
Incl.
603.7
604.3
0.6
9.40
Incl.
606.1
606.7
0.6
20.45
Incl.
606.7
607.3
0.6
10.48
Incl.
607.3
607.9
0.6
19.67
Incl.
608.5
608.8
0.3
20.64
Incl.
608.8
609.4
0.6
10.49
Incl.
609.4
609.7
0.3
5.74
Incl.
610.6
610.9
0.3
20.31
Incl.
612.7
613.0
0.3
19.61
Incl.
613.0
613.3
0.3
120.91
Incl.
613.6
613.9
0.3
7.67
Incl.
613.9
614.2
0.3
12.69
Incl.
614.2
614.8
0.6
12.29
Incl.
615.1
615.7
0.6
11.67
Incl.
615.7
616.3
0.6
9.65
Incl.
616.9
617.5
0.6
5.48
Incl.
617.5
618.1
0.6
11.67
Incl.
620.8
621.1
0.3
5.14
625.9
631.0
5.1
8.37
Incl.
626.8
627.1
0.3
10.01
Incl.
627.7
628.3
0.6
20.14
Incl.
629.5
629.8
0.3
18.01
Incl.
630.1
630.7
0.6
24.08
632.2
632.5
0.3
0.62
639.1
640.6
1.5
0.58
842
842.3
0.3
0.50
TUG-145
110.4
125.7
15.3
6.72
Incl.
110.4
110.7
0.3
18.77
Incl.
110.7
111.0
0.3
6.76
Incl.
111.9
112.2
0.3
6.30
Incl.
112.2
112.5
0.3
11.30
Incl.
115.5
115.8
0.3
6.91
Incl.
115.8
116.1
0.3
6.36
Incl.
117.3
117.6
0.3
40.73
Incl.
117.6
117.9
0.3
89.51
Incl.
117.9
118.2
0.3
9.80
Incl.
118.2
118.5
0.3
28.45
Incl.
120.3
120.6
0.3
7.77
Incl.
120.6
120.9
0.3
5.01
Incl.
120.9
121.2
0.3
8.62
Incl.
121.2
121.5
0.3
5.17
Incl.
121.5
121.8
0.3
13.73
Incl.
125.1
125.4
0.3
10.43
237.6
239.1
1.5
1.36
262.8
263.4
0.6
3.31
Incl.
262.8
263.4
0.3
5.01
278.7
279.6
0.9
20.38
Incl.
278.7
279.0
0.3
24.16
Incl.
279.0
279.3
0.3
35.33
305.4
307.2
1.8
28.68
Incl.
305.4
305.7
0.3
150.76
Incl.
305.7
306.0
0.3
11.51
357.9
368.1
10.2
4.69
Incl.
358.8
359.1
0.3
6.25
Incl.
359.1
359.4
0.3
19.46
Incl.
359.4
359.7
0.3
9.21
Incl.
360.6
360.9
0.3
5.42
Incl.
361.8
362.1
0.3
5.75
Incl.
362.1
362.4
0.3
9.15
Incl.
362.4
362.7
0.3
9.83
Incl.
363.0
363.3
0.3
7.28
Incl.
363.9
364.2
0.3
14.47
Incl.
365.1
365.4
0.3
22.39
Incl.
366.6
366.9
0.3
6.03
Incl.
367.2
367.5
0.3
11.42
373.5
374.1
0.6
0.57
375.3
376.8
1.5
0.83
378.6
378.9
0.3
2.05
380.4
381.3
0.9
1.53
387.9
388.5
0.6
1.30
405.9
406.2
0.3
17.8
424.2
430.2
6.0
8.73
Incl.
424.5
424.8
0.3
5.83
Incl.
425.7
426.0
0.3
8.23
Incl.
426.0
426.3
0.3
5.26
Incl.
426.3
426.6
0.3
10.37
Incl.
426.6
426.9
0.3
34.48
Incl.
426.9
427.2
0.3
76.12
Incl.
427.2
427.5
0.3
6.81
Incl.
429.9
430.2
0.3
11.61
452.7
453.0
0.3
1.08
598.5
599.1
0.6
18.15
Incl.
598.5
598.8
0.3
33.68
600.6
600.9
0.3
0.91
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-601
3920444
1876508
347.9
878.9
-85
061
TUG-141
3920759
1876459
139.2
675.0
-55
162
TUG-145
3920759
1876459
139.1
692.1
-58
161
TUDDH-608
3920472
1876281
286.4
800 planned
-65
089
planned hole 2
3920582
1876435
118.0
500 planned
-66
139
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to announce that the first drillhole of an 11-hole Phase II diamond drill program (“Phase II Drill Program”) has been completed at its past-producing Silver Strand Project in Idaho.
The Phase II Drill Program, which is utilizing the Company’s established underground drilling station, is focused on expanding known silver-gold mineralization further down-dip, while also testing the potential for additional mineralized chutes (see Figure 1). The Company has generated priority targets based on a drone supported magnetic survey, Phase I drilling results, and the integration of historical drilling data acquired from previous operators of the Silver Strand Project (see Jan 26, 2022 news release).
“We are excited to return to our flagship project and move forward with our Phase II Drill Program at Silver Strand. We have drillholes designed to test up to three times as deep as our previous phase of drilling and a series of other holes that will test the system laterally with the aim of discovering parallel chutes to the southeast of the main mine trend,” stated President & CEO Morgan Lekstrom. “We believe the potential for making additional discoveries at Silver Strand is excellent and finding new high-grade zones of gold-silver mineralization would demonstrate the large-scale potential we think is possible here.”
NISS, the Company’s drilling contractor, has begun drilling and successfully finished the first hole. Approximately 1,100 meters of drilling is currently planned with ability to expand the program depending on core observations and initial assay results. Silver Hammer continues to use the Company’s underground drilling station to deliver much better ROI per metre drilled. The Phase II Drill Program is expected to last approximately seven weeks, with assay results to follow during Q4/2022.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not yet been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.
Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.
On Behalf of the Board of Silver Hammer Mining Corp. Morgan Lekstrom, President and CEO Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
This news release contains forward-looking statements or forward-looking information under applicable Canadian securities laws (hereinafter collectively referred to as “forward-looking statements”) concerning the Company’s plans for its properties and mineral projects, financial results, operations and other matters. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of fact and may be forward-looking statements. Such forward-looking statements made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable.
Further, these forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally. (2) the inherent uncertainties and speculative nature associated with mineral exploration. (3) a decreased demand for precious metals, (4) any number of events or causes which may delay exploration and development of the property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, and (8) other factors beyond the Company’s control. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release or in certain of the other documents on file with Canadian securities regulatory authorities, which are available on the Company’s SEDAR profile at www.sedar.com. The Company and its directors, officers and employees each disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Burlington, Ontario–(Newsfile Corp. – August 11, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) provides an operational update on the ramp-up of its 125 metric ton per day pilot plant in Arizona, on progress at its Buckeye Silver Mine in Arizona, and on progress at the Washington Mine in Idaho.
While processing the lower-grade material from the Buckeye, all components of the Arizona mill continue to perform within parameters. Adjustments continue to be made within those parameters to fine-tune production. As a result the mill is producing silver concentrate and is pouring silver dore bars from this material, while the ramp-up continues. The Company intends to introduce higher-grade material from the Buckeye once the mill is operating optimally, to avoid wastage in the tailings.
The silver concentrate and dore bars have been and continue to be shipped to potential purchasers for analysis. All purchases will likely be FOB the mill site.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Arizona%253BCompany%253BSilver_mining%253BBall_mill%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252266ea4121-4374-3b7f-bdd1-1217a3651081%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Occasional challenges are being encountered with the motor and starter for the ball mill. The field team reasonably believes these challenges can be overcome in the near future.
At the Buckeye Mine, mineralized material is being extracted from the vein above the decline near the Treasure Room. SBMI is also bolting, screening and adding timber to the adit as part of its ESG commitment.
In Idaho at the Washington Mine, SBMI has begun the process to have the adit timbered and brought to current safety standards. The next step there would be for the contract miner to begin the process of extracting a bulk sample of between 1,500 and 3,000 tons, to be processed at a local mill. Management expects SBMI’s capital investment for this process to be relatively minor.
Largely due to Covid the ramp-up of the mill in Arizona has taken longer than anticipated which has had an effect upon the Company’s anticipated cashflow. With a view to protecting its treasury SBMI is in advanced negotiations to enter into an agreement (the “Agreement”) with its largest institutional shareholder (the “Lender”) whereby SBMI would borrow CDN$650,000 (six hundred and fifty thousand dollars) for an 18-month term. The Agreement would provide for an 8 % interest rate and a conversion feature, whereby upon conversion the loan may convert into 2,166,667 units (each, a “Unit”) at an effective price of $0.30 per Unit. This is at a premium to the current market price. Each Unit would be comprised of one common share and one common share purchase warrant exercisable at $0.35 for a four-year term.
Closing on the Agreement is conditional upon regulatory approval.
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 viruses create risks that at this time are immeasurable and impossible to define.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.
Highlights from drill hole DV22-283 include:
50.18m (~30.0m true width) averaging 414 g/t Ag
Including 7.15m (4.29m true width) averaging 646 g/t Ag
Including 11.74m (7.04m true width) averaging 658 g/t Ag
Including 5.34m (3.20m true width) averaging 801 g/t Ag
Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth. Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t respectively. The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.
“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area. We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
Complete results from drill hole DV22-283 are as follows:
Target
Hole ID
From (m)
To (m)
Core Length (m)
True width (m)
Ag (g/t)
Pb (%)
Zn (%)
Au (g/t)
Kitsol Vein
DV22-283
181.32
231.50
50.18
30.11
414
0.18
0.19
0.07
Includes:
Zone 1
DV22-283
189.11
196.26
7.15
4.29
634
0.47
0.31
0.11
including
DV22-283
191.00
193.75
2.75
1.65
1121
0.66
0.37
0.21
including
DV22-283
191.00
191.50
0.50
0.30
2910
2.81
1.32
0.54
including
DV22-283
193.25
193.75
0.50
0.30
2390
0.12
0.14
0.42
Zone 2
DV22-283
207.00
218.74
11.74
7.04
658
0.21
0.14
0.07
including
DV22-283
211.00
217.90
6.90
4.14
849
0.20
0.16
0.10
including
DV22-283
212.70
215.04
2.34
1.40
1245
0.22
0.11
0.23
including
DV22-283
212.70
213.20
0.50
0.30
2500
0.03
0.08
0.23
Zone 3
DV22-283
223.02
228.36
5.34
3.20
801
0.07
0.22
0.02
Photo showing Native Silver mineralization from Kitsol drill hole DV22-283
The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.
Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.
The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo Vice President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Collective Mining Drills 207.15 Metres @ 2.68 AuEq at its Newly Discovered Apollo Target
Collective Mining Ltd.
Figure 1
Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3
Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
Figure 4
Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting carbonate base metal veins beginning at 100 metres below surface returning:
207.15 metres @ 2.68 g/t gold equivalent
APC-1W also intersected the main breccia structure with overprinting veining but was stopped short of the final target depth in a post mineral dyke due to rig capacity limits yet still yielded:
89.40 metres @ 2.46 g/t gold equivalent
Drilled dimensions of the Apollo target now measure 300 metres along strike by up to 100 metres across by 400 metres vertical and remains open in all directions
Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both holes cut more than 200 metres of continuous mineralization in the main breccia body
TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig being mobilized to site to begin the Phase II program at the Olympus target in August 2022.
“With assay results in hand for three drill holes and visual observations from additional holes either recently completed or underway, it is becoming abundantly clear that we are dealing with a large mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system as our technical team believes that the main breccia discovery at Apollo may be the first in a series of porphyry and breccia discoveries in this area,” commented Ari Sussman, Executive Chairman.
A short video presented by Richard Tosdal and David Reading discussing the assay results and related drill core can be seen by clicking here.
Details (See Table 1 and Figures 1 – 4)
Three diamond drill holes with accompanying assay results confirm that the Apollo target has the potential to evolve into a significant high-grade, bulk tonnage mineralized system. New assay results for holes APC-2 and APC-1W are reported herein as follows:
APC-2: 207.15 metres @ 2.68 g/t AuEq from 154.5 metres down hole (100m vertical) including 17.40 metres @ 7.33 g/t AuEq from 192.5 metres down hole and 20.95 metres @ 5.21 g/t AuEq from 270.6 metres down hole.
APC-2 is the first hole drilled from a newly constructed pad located approximately 200 metres to the southeast of the initial pad from which drill holes APC-1 and APC-1W were drilled. APC-2 was drilled orthogonal to APC-1 and APC-1W and intersected bulk mineralization hosted within porphyry related breccia with overprinting carbonate base metal veins (“CBM”).
APC-1W: 89.40 metres @ 2.46 g/t AuEq from 293 metres down hole (175m vertical) including 19.35 metres @ 3.87 g/t AuEq from 93.8 metres down hole and 15.30 metres @ 2.31 g/t AuEq from 164.36 metres down hole.
APC-1W was drilled as a wedge hole from discovery hole APC-1 to the east and at a steeper inclination. The hole was stopped short of the target depth in a post-mineral dyke due to rig capacity issues. The hole was expected to re-enter the main mineralized breccia after clearing the dyke and extend the zone further to the south. Future drilling will test the area south of APC-1W to determine if mineralization extends beyond the post-mineral dyke in this location.
Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
APC-2 was drilled perpendicular to APC-1W and has extended the mineralized breccia at least 200 metres to the northeast and 100 metres to the southwest. Two further holes, APC-3 and APC-5 have been completed with more than 200 metres of favorable mineralization intersected in both holes. Assay results for APC-3 and APC-5 are anticipated the near term.
Assay results and visual observation from all holes completed to date confirm that the main mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface. The target remains open in all directions for expansion.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.
Table 1: Assays Results
HoleI D
From (m)
To (m)
Intercept (m)**
Au (g/t)
Ag (g/t)
Cu %
Zn %
Pb %
Mo %
AuEq (g/t)*
APC1-W
293
382.4
89.40
0.89
58
0.39
0.07
0.06
0.001
2.46
Incl
296.6
315.9
19.35
1.04
128
0.53
0.13
0.12
0.001
3.87
367.1
382.4
15.30
1.90
16
0.14
0.01
0.00
0.001
2.31
APC-2
154.7
361.9
207.15
1.46
45
0.31
0.075
0.05
0.002
2.68
Incl
192.5
209.9
17.40
6.57
44
0.08
0.285
0.23
0.003
7.33
270.6
291.6
20.95
3.67
68
0.41
0.034
0.03
0.002
5.21
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. ** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.
To see our latest corporate presentation, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
