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.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Four holes drilled to evaluate the eastern extension of the Southwest Zone have confirmed gold mineralization within anastomosing shears in altered diorite with intercepts of:
39.75m @ 1.18 g/t Au from 44.25m depth in MMD-22-023, including
14.60m @ 2.65 g/t Au from 462.2m
11.65m @ 1.05 g/t Au from 37.35m depth, and
18.70m @ 1.37 g/t Au from 151.1m in MMD-22-031
10.00m @ 1.05 g/t Au from 290.0m in MMD-22-035
President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results. I am encouraged about the high-grade sections we are seeing and have shared previously with the market, as this will provide optionality when we model the resource later in the year and start to look at economic pit shells. With this step out hole from historically drilled areas at Moss Lake, it will further increase the optionality.”
Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations.
Table 1: Significant downhole gold intercept
HOLEID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-023
375.95
379.30
3.35
2.5
0.37
0.37
440.25
502.10
61.85
49.4
0.84
0.88
Including
440.25
480.00
39.75
31.7
1.18
1.24
Including
462.20
476.80
14.60
11.7
2.65
2.83
and
490.35
502.10
11.75
9.6
0.32
0.32
527.00
529.00
2.00
1.7
0.36
0.36
565.40
584.35
18.95
16.2
0.32
0.32
MMD-22-027
22.80
28.00
5.20
3.3
0.76
0.76
42.00
48.00
6.00
3.9
0.54
0.54
58.60
82.00
23.40
15.7
0.37
0.37
95.10
220.00
124.90
91.3
0.48
0.48
including
171.50
175.45
3.95
2.9
2.60
2.60
and
207.00
210.65
3.65
2.8
3.26
3.26
260.00
262.70
2.70
2.2
0.46
0.46
305.65
314.00
8.35
6.9
0.42
0.42
336.10
351.20
15.10
12.9
0.47
0.47
375.15
379.55
4.40
3.9
0.32
0.32
386.00
394.00
8.00
7.1
0.56
0.56
MMD-22-031
15.50
64.30
48.80
33.3
0.61
0.61
including
25.00
29.00
4.00
2.7
1.43
1.43
and
37.35
49.00
11.65
7.9
1.05
1.05
74.45
80.00
5.55
3.9
1.76
1.76
91.95
174.45
82.50
60.3
0.66
0.66
including
106.80
112.80
6.00
4.3
1.30
1.30
and
151.10
169.80
18.70
13.9
1.37
1.37
193.00
200.00
7.00
5.4
0.38
0.38
212.00
231.60
19.60
15.4
0.37
0.37
including
214.00
216.00
2.00
1.6
1.91
1.91
273.00
275.10
2.10
1.7
0.49
0.49
MMD-22-035
83.30
87.00
3.70
2.5
0.38
0.38
92.00
111.00
19.00
13.0
0.49
0.49
135.80
138.00
2.20
1.5
0.61
0.61
156.00
166.00
10.00
7.3
0.56
0.56
184.75
322.40
137.65
109.9
0.37
0.37
including
196.00
201.00
5.00
3.8
1.30
1.30
and
290.00
300.00
10.00
8.3
1.05
1.05
332.85
355.55
22.70
19.7
0.47
0.47
including
332.85
338.00
5.15
4.4
1.37
1.37
366.00
375.55
9.55
8.4
0.35
0.35
415.00
435.00
20.00
18.1
0.46
0.46
470.00
476.10
6.10
5.7
1.03
1.03
498.25
514.95
16.70
15.8
0.40
0.40
538.00
542.00
4.00
3.8
0.83
0.83
including
540.00
542.00
2.00
1.9
1.23
1.23
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.
Figure 1: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-023
668300
5378663
433
135°
-50°
643.8m
MMD-22-027
668475
5378300
438
150°
-50°
494.0m
MMD-22-031
668500
5378300
439
120°
-50°
521.0m
MMD-22-035
668400
5378387
479
150°
-50°
623.05m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for four holes that have tested the previously undrilled eastern extension of the Southwest Zone. They show that mineralization is continuous in several structurally-controlled zones. The Southwest Zone remains open in both the east and west directions.
These holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 61.85m @ 0.84 g/t Au from 440.25m in MMD-22-023; 124.9m @ 0.48 g/t Au from 95.1m in MMD-22-027; 64.3m @ 0.61 g/t Au from 15.5m and 82.5m @ 0.66 g/t Au from 91.95m in MMD-22-031; and 137.65m @ 0.37 g/t Au from 184.75m in MMD-22-035 among several 10-20 meter wide zones of low-grade gold mineralization throughout all holes.
All of these low-grade zones occur as envelopes to higher-grade structures. An analysis of oriented core by structural geologist, Dr. Brett Davis, confirmed that these form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 39.75m @ 1.18 g/t Au from 440.25m in MMD-22-023) and several narrow high-grade intervals, including 0.8m @ 33.3 g/t Au from 462.2m in MMD-22-023; 0.3m @ 14.3 g/t Au from 172.3m in MMD-22-027; and 0.65m @ 15.5 g/t Au from 167.35m in MMD-22-031.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm the potential of the Moss Lake Gold Project. Drilling to test potential expansions to these parallel zones of mineralization will continue into the end of the year.”
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Recource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Vancouver, British Columbia – August 4, 2022 ‑ Stuhini Exploration Ltd. (the “Company” or “Stuhini”) (TSX-V: STU and OTCPK: STXPF) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”) previously announced on August 2, 2022 for aggregate gross proceeds to the Company of $1,026,125.
Under the first tranche of the Private Placement, the Company has issued a total of 2,142,500 flow-through units of the Company (“FT Units”) at a price of $0.45 per FT Unit (the “FT Unit Offering”) for total gross proceeds to the Company of $964,125. Each FT Unit consists of one (1) flow-through common share of the Company and one half (1/2) of one common share purchase warrant (each whole warrant, an “FT Warrant”). The FT Units will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Tax Act”). Each FT Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Common Share”) at a price of $0.60 per Common Share for a period of two years from the date of issuance.
The aggregate gross proceeds from the FT Unit Offering will be used to incur “Canadian exploration expenses” which qualify as “flow-through mining expenditures” (within the meaning of the Tax Act) (“Qualifying Expenditures”) in order to fund exploration programs on Stuhini’s Ruby Creek Project and Big Ledge Project which are located in British Columbia. The Company will renounce these expenses to the purchasers with an effective date of not later than December 31, 2022.
The Company also issued a total of 155,000 non-flow through units of the Company (“NFT Units”) at a price of $0.40 per NFT Unit (the “NFT Unit Offering”) for total gross proceeds to the Company of $62,000. Each NFT Unit consists of one Common Share and one-half of one common share purchase warrant (each whole warrant, an “NFT Warrant”). Each NFT Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.60 per Common Share for a period of two years from the date of issuance.
The aggregate gross proceeds from the NFT Unit Offering will be used to fund exploration programs on the Company’s other mineral properties, including the Que Project in the Yukon Territory, the South Thompson Nickel project in Manitoba, and any additional exploration projects acquired or staked in the United States through the Company’s wholly owned subsidiary, Arizada Metals Corp, as well as general and administrative expenses.
In connection with the closing of the first tranche of the Private Placement, the Company paid finders’ fees of $43,200 to Mine Equities Ltd. (“Mine Equities”) representing 6% of the proceeds raised fromthe sale of FT Units placed by Mine Equities.
A certain insider of the Company purchased a total of 60,000 NFT Units under the first tranche of the Private Placement. The issuance of securities to such person is considered to be a “related party transaction” within the meaning of TSX Venture Exchange (“TSXV”) Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61‑101”) adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61‑101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed 25% of the Company’s market capitalization (as determined under MI 61‑101).
Closing of the second tranche of the Private Placement is expected to occur on or before August 19th, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. All securities issued pursuant to the first tranche of the Private Placement are subject to a hold period of four months and one day expiring on December 5, 2022.
About Stuhini Exploration Ltd. Stuhini is a mineral exploration company focused on the exploration and development of it’s base and precious metal properties. The Company’s portfolio of exploration properties includes: its flagship, the Ruby Creek Property, located approximately 20 km east of Atlin, BC; the Que Project located approximately 70 km north of Johnson’s Crossing in the Yukon; the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba; and the Big Ledge Property located approximately 57 km south of Revelstoke, BC.
Forward-Looking Statements This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the intended use of proceeds of the Private Placement and the renunciation of Qualifying Expenditures. Such forward‑looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; timing and amount of Qualifying Expenditures incurred; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward‑looking statements as a result of risk factors including, but not limited to: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; general market and industry conditions; and failure to incur Qualifying Expenditures. Forward‑looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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.
For further information please contact: David O’Brien President & Chief Executive Officer Stuhini Exploration Ltd. Email: dobrien@stuhini.com Phone: (604) 835-4019 Web: www.stuhini.com
North Vancouver, British Columbia–(Newsfile Corp. – August 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Government of Fiji has granted an extension of the Tuvatu Mining Lease (SML 62) for an additional 10 year term renewable on Feb. 28, 2035.
SML 62 is the Company’s cornerstone permit enabling Lion One to build mining and milling operations at Tuvatu, forming part of its 100% owned, high-grade Tuvatu Alkaline Gold Project, located 24km from Fiji’s International Airport in Nadi.
In an official ceremony attended by over 300 dignitaries at Tuvatu yesterday, Lion One CEO Walter Berukoff thanked Fiji’s Attorney General Aiyaz Sayed-Khaiyum, the Mineral Resource Department, and Lion One’s Chief Operating Patrick Hickey, commenting, “I am proud to say that it is with great elation that the Government of Fiji has renewed our special mining lease for the Tuvatu Alkaline Gold Project for another ten years. This lease extension sends a clear message to the world that Fiji continues to be open to public markets which can access critical capital to enable responsible mining projects to be built. Responsible mining will enhance the local socio-economic conditions for all Fijians. To date, we have invested over $140 million into the local economy.”
The development of Tuvatu is guided by Lion One Chief Operating Officer Patrick Hickey, an accomplished engineer with extensive executive-level experience in mine building roles for companies such as Newmont Mining Corporation and Kinross Gold Corp. across Africa, Asia, and North America. Mr. Hickey leads a management team of nine and staff that includes some of the most skilled and experienced exploration and underground mining experts in the South Pacific. Under Mr. Hickey’s leadership, the Company has ramped up its mining development activities at Tuvatu. There are six active drill rigs, an Exploration decline measuring over one kilometre in length, and a fully operational on-site analytical sampling laboratory at production levels threefold from earlier this year.
Mr. Hickey commented, “We very pleased to have been granted this extension after the rigorous assessment process that factored not only the geological and economic potential of Tuvatu, but our environmental risk management strategy, and local landowners and community relationships. This milestone demonstrates the tremendous support the Fiji Government has for both Lion One and its mining industry as we continue our commitment to the communities that we operate in to provide direct employment opportunities and peripheral economic stimulus.”
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.
Photo 1: Patrick Hickey and Walter Berukoff at Tuvatu ceremony
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Patrick Hickey, P. Eng., Lion One’s Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the content of this news release.
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.
A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.
Traders from more than a dozen mostly state-owned firms gathered in Qinhuangdao city this week after becoming aware of the missing material following concerns into the borrower’s finances, said the people, who asked not to be identified as they aren’t authorized to speak publicly.
The group has a total claim on 300,000 tons of concentrate worth about 5 billion yuan ($740 million), but there’s only 100,000 tons at the depot, the people said. That puts the dollar value of the missing material at about $490 million.
The copper discrepancy in Hebei province comes just months after a separate dispute, spanning several locations in southern China, over missing aluminum tied to $1 billion of lending. Scrutiny of commodities financing and warehouse operations in China is growing, especially as volatile global markets expose some of the more opaque funding arrangements to greater risk.
At the center of this latest case is Huludao Risun Trading Co., a medium-sized merchant that purchases between 800,000 and 1 million tons of imported copper concentrate a year for distribution to domestic Chinese smelters, said the people. The company typically relies on larger counterparties to finance the materials, and then repays the loans with interest and fees after finalizing the trade.
Nobody picked up several calls to the company’s main number, and there was no immediate reply to an email seeking comment.
Risky business
Commodities traders have faced a tougher environment this year as banks turn cautious in the wake of high-profile losses — especially in the nickel market — and huge price volatility exacerbated by Russia’s invasion of Ukraine. That’s encouraged alternative financing, in which smaller, privately-owned firms pledge their goods to large state-run traders to get funding for operations.
But that route is also exposed to risk as the growth model that’s sustained China’s economy for decades shows signs of strain. Some state-owned enterprises, including the country’s top steel mills, have asked units to cut back on operations — including third-party trading — to preserve cash and avoid liquidity crunches.
The impact on the spot concentrate market of the Qinhuangdao copper dispute could be limited, consultancy Mysteel said in a note on Wednesday. Chinese smelters who take material from this merchant should be able to use their existing inventory, while traders could re-route cargoes due to arrive at the Qinhuangdao site to other destinations, it said.
YERINGTON, Nev., Aug. 05, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides an update on its operations and financing initiatives and activities at its Pumpkin Hollow copper mine (the “Underground Mine”) located in Yerington, Nevada.
Operational Restart Planning
During July, management has advanced its Underground Mine restart plans, which focus on the acceleration of key capital items followed by the development of a significant stope ore inventory in advance of a mill restart and completion of production ramp-up. The development of restart plans has allowed the Company to advance financing discussions with its key stakeholders. The commencement of restart activities is contingent on the Company obtaining long-term financing, as discussed below.
The Company continues to work with its creditors and vendors to defer payments and maintain the operation in a temporary suspension status, with only limited operational activities being undertaken to protect the Company’s assets, to minimize cash burn until closing of a restart funding package.
Restart Financing
The Company is engaged in active and ongoing discussions with its key financing partners with respect to a substantial funding package for the restart and ramp-up of the Underground Mine (as an alternative to the smaller financing package referred to in the Company’s July 4, 2022 press release which is no longer being pursued in that form).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%2522Company%253BYerington%252C_Nevada%253BBankruptcy%253BDebate%253BUnderground_hard-rock_mining%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522618b261d-7539-34cc-9b63-9cf83c3f5fd6%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The Company has expended the full amount of the previously disclosed US$20 million promissory note from Pala Investments Limited (“Pala”), the Company’s largest shareholder. Pala has indicated that it is prepared to provide additional financing of up to US$20 million through further promissory notes (US$4 million of which has already been advanced) while the Company continues discussions with its financing partners. The Company will continue to require interim financing until a restart funding package is secured and closed. As previously disclosed, pending completion of a financing package, the Company has not made payments due to certain creditors and vendors and is in default of its obligations under certain financing agreements and other contractual arrangements.
There can be no assurance that the Company will obtain additional interim financing or that the longer-term restart funding package will be agreed or completed on terms satisfactory to the Company and within the required timeframe, or at all. In the absence of securing such arrangements or alternative financing arrangements, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to mine planning, financing requirements, discussions with financing partners, and creditor protection proceedings.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with creditors and vendors; potential creditor protection proceedings; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The current inflation of the United States is a concern to the whole world’s economy, and many believe that the scenario will only get worse. In order to contain the situation, the Fed is constantly raising interest rates. James Rickards, an economist and investment banker, believes that the interest rate could get as high as 5% in the near future. Also, the EUR/USD=x is currently at a five-year low and every time this ratio goes down, the interest rate goes up.
In opposition to a common belief that printing a lot of money equals high inflation, the government has been printing trillions of dollars in recent years even though the inflation never went further than 3%. The current inflationary type is the cost inflation. It occurs when prices rise due to increases in production costs such as wages and raw materials. In addition to this scenario, the employment rate went down to 59%.
One of the factors that have contributed to this crisis are the war sanctions against Russia. The biggest country in the world has negotiated more oil and natural gas at higher prices than before the Ukraine war, causing a slowdown in global production. Also, the BRICS is expecting Egypt, Saudi Arabia and Turkey to join their organization soon. They are working on an alternative reserve currency that would rival the IMF’s SD, the contingent Reserves Arrangement. Moreover, China is developing a new way to buy gold using the digital yuan, the Shanghai gold exchange.
Turkey also wants to ditch the dollar and start buying energy from Russia using other currencies. The same goes for India, which is now accepting rupees for payments and is activating a new shorter corridor to Russia, making it far easier to import and export.
All countries mentioned in the last two paragraphs, together with other 139 countries, are participating in the Belt and Road initiative. It is a strategy that seeks to connect Asia with Africa and Europe via land and maritime networks, looking forward to improving regional integration, increasing trade and stimulating economic growth.
If all this comes to fruition, 75% of the world’s population and 45% of the world’s GDP would be using another reserve currency, Saudi Arabia would open oil sales and all these countries would decrease their use of American dollars. With all these dollars coming back to the United States’ economy, hyperinflation would be a sure thing.
All these issues have contributed to the current recession and confirm that the world is creeping towards de-dollarisation.
As we have seen during other periods of high inflation in history, like the 1970s when it averaged 7% a year, assets with value, virtue, safety, and scarcity such as gold outperformed the stock market by a lot. The reason this metal is an excellent asset to protect your money from depreciation is because it has a positive correlation with inflation rates. In other words, the price of gold increases with inflation.
For example, from 1970 to 1974 inflation went as high as 12% a year. During that span of time, The Dow Industrial Average depreciated about 40% while gold went from $35/ounce to $180/ounce. As you can see gold is so valued that it joined the U.S. as the only tier #1 assets in the world.
Given all these facts, it is safe to say that the American dollar and the United States are losing their dominance over the world’s economy and gold is one of the best assets to protect your money from this scenario.
Text citations
● Kenton, W. (2022, March 27). Cost-push inflation. Investopedia. Retrieved July 27, 2022, from
● EBRD, E. B. for R. and D. (n.d.). Belt and road initiative (BRI). European Bank for Reconstruction and Development (EBRD). Retrieved July 29, 2022, from
● WANG, C. N. E. D. O. P. I. L. (n.d.). Countries of the belt and road initiative (BRI). Green Finance & Development Center. Retrieved July 29, 2022, from
Vancouver, British Columbia–(Newsfile Corp. – August 4, 2022) – Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the “Company” or “Tudor Gold“) announced today that, further to its news releases dated July 13, 2021, February 1, 2022 and July 8, 2022 (the “Initial News Releases“), the Company obtained an interim order from the Supreme Court of British Columbia (the “Court“) on August 3, 2022, authorizing the holding of its annual general and special meeting (the “Meeting“) and matters relating to the conduct of the Meeting, including approval of the Arrangement (as defined below).
At the Meeting, shareholders of the Company (the “Shareholders“) as of the record date, being August 3, 2022 (the “Record Date“), will be asked, among other things, to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution“) to approve a spin-out transaction (the “Arrangement“) in accordance with the terms of the arrangement agreement entered into by the Company and Goldstorm Metals Corp. (“Goldstorm“), its wholly-owned subsidiary, on July 6, 2021, as further amended and restated on January 31, 2022, July 8, 2022 and July 28, 2022 (the “Arrangement Agreement“) by way of a statutory plan of arrangement under section 288 of the Business Corporations Act (British Columbia).
Pursuant to the Arrangement, among other things:
Shareholders as of the Record Date will receive approximately 0.251 of a common share of Goldstorm (a “Goldstorm Share“) for every one common share of Tudor Gold held; and
Goldstorm will acquire the Company’s six contiguous Golden Triangle Area mineral properties, being the Mackie East, Mackie West, Fairweather, High North, Delta and Orion and Electrum properties in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Shareholders as of the Record Date.
For further information on the Arrangement, please refer to the Initial News Releases. Additional details of the Arrangement will be included in the Company’s information circular prepared in connection with the Meeting, which will be mailed on or before August 11, 2022 to Shareholders as of the Record Date. The Meeting will be held on September 7, 2022 at 10:00 a.m. (Vancouver time) at 10th Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5. Assuming no adjournment or postponement to the Meeting, the cut-off time to vote by proxy will be 10:00 a.m. (Vancouver time) on September 2, 2022.
The Arrangement is anticipated to be completed during the week of September 12, 2022, subject to obtaining Court, Shareholder and regulatory approval and the satisfaction of conditions set forth in the Arrangement Agreement.
About Tudor Gold
TUDOR GOLD Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. In April 2021 Tudor Gold published their 43-101 technical report, “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia Canada” dated March 1, 2021 on the Company’s SEDAR profile. The Company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.
ON BEHALF OF THE BOARD OF DIRECTORS OF TUDOR GOLD CORP.
“Ken Konkin”
Ken Konkin President and Chief Executive Officer
For further information, please visit the Company’s website at www.tudor-gold.com or contact: Chris Curran Head of Corporate Development and Communications Phone: (604) 559 8092 E-Mail: chris.curran@tudor-gold.com
or
Carsten Ringler Head of Investor Relations and Communications Phone: +49 151 55362000 E-Mail: carsten.ringler@tudor-gold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the completion of the Arrangement and the results of the Meeting are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company’s ability to complete the proposed Arrangement on the terms and conditions contemplated, or at all; the Companies’ ability to secure the necessary shareholder, Court and regulatory approvals required to complete the Arrangement; the estimated costs associated with the Arrangement; the timing of the Meeting and the Arrangement, and the general stability of the economy and the industry in which the Company operates. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to the Company failing to obtain the requisite shareholder approval required for the Arrangement; risks relating the number of dissenting shareholders requiring fair value for their securities in connection with the Arrangement; risks related to exploration and potential development of the Company projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; the need for cooperation of government agencies and native groups in the issuance of required permits; the need to obtain additional financing to develop properties, and uncertainty as to the availability and terms of future financing; and other risk factors as detailed from time to time and additional risks identified in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
VANCOUVER, BC / ACCESSWIRE / August 4, 2022 / Tectonic Metals Inc. (TSXV:TECT); (OTCQB:TETOF); (FSE:T15B) (the “Company” or “Tectonic”) is pleased to announce the appointment of Mr. Joseph J. Perkins to the Company’s Board of Directors as an independent director. Over the course of his 40-year legal career, Mr. Perkins, in some capacity, has been involved with every major resource project in Alaska, including the Greens Creek, Fort Knox, Red Dog, and Pogo mines and many high-profile transactions. He has represented mining companies, oil and gas companies, Alaska Native corporations, and financial institutions in connection with mining and oil and gas transactions, properties, and projects.
Joseph J. Perkins, Director, stated, “Over the course of my career I have been privileged to work with a remarkable array of individuals and organizations in Alaska’s resource sector. I was introduced to Tectonic in 2018 when I assisted the Company in the development of their initial project lease agreements with one of Alaska’s leading Native Regional Corporations. Tectonic’s approach to mineral exploration, the pedigree of its team and their vision of being a leading exploration company, creating value for both shareholders and other stakeholders, impressed me from day one. I could not be more excited to join Tectonic’s board to work alongside this highly accomplished and motivated team of professionals, all of whom are committed to executing on behalf of shareholders.”
Allison Rippin Armstrong, Chair of the Board, commented, “On behalf of the Board of Directors, I am pleased to welcome Joe to the Tectonic Board. Joe brings a wealth of knowledge and legal experience and is highly respected in the Alaska resource sector. Joe’s unique perspective will make a significant contribution to the Board, and the growth of the Company.“
About Mr. Perkins
Joe has practiced natural resources law in Alaska since 1979-first with Guess & Rudd P.C. and then, for the last 14 years, with Stoel Rives LLP. He has represented mining companies, oil and gas companies, Alaska Native corporations, and financial institutions in connection with natural resource transactions, properties, and projects. Joe has worked in some capacity on every major resource project in Alaska (including the Greens Creek, Fort Knox, Red Dog, and Pogo mines), on many major transactions, and hundreds of smaller transactions.
Throughout his career, Joe has devoted significant time and energy to the Foundation for Natural Resources and Energy Law (formerly the Rocky Mountain Mineral Law Foundation). He is co-author of Title VI (“Alaska Lands and Mineral Interests”) of the American Law of Mining (2d ed. 1984 and regular updates), is the author or co-author of eight papers presented at continuing legal education programs offered by the Foundation and has served as a trustee of the Foundation and on the Scholarship Committee of the Foundation.
Joe received his law degree (J.D., 1979) from the University of Denver College of Law (now the Sturm College of Law) and his undergraduate degree (B.S.E. in Geological Engineering, 1976) from Princeton University. After more than 40 years in Alaska, Joe now resides in Portland, Oregon, where he is in his last year as senior counsel to Stoel Rives LLP.
Stock Option Grant
The Company announces that it has granted Mr. Perkins an aggregate of 500,000 incentive stock options to purchase up to 500,000 common shares in the capital of Tectonic. The incentive stock options have a term of five years from the date of grant and an exercise price of $0.10 per share.
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Bill Stormont, Investor Relations, at toll-free 1.888.685.8558 or by email at info@tectonicmetals.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
