Tag: #JuniorMining

Categories
Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

(VIDEO) Goldshore Resources Announces Option Agreement to Earn in to Iris Lake & Vanguard Properties Held by White Metal Resources Corp.

Vancouver, British Columbia–(Newsfile Corp. – July 7, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce it has executed an option agreement (the “Option Agreement“) with White Metal Resource Corp. (“White Metal“) to earn in to certain mining claims held by White Metal in the Shebandowan greenstone belt known as the Iris Lake and Vanguard properties (the “Property” or “Properties“).

Key Terms of the Option Agreement

  1. Total cash payments (CAD$) of an aggregate of $110,000 to White Metal over 3 years, to be paid as follows:
  • $10,000 within five days of July 6, 2022 (the “Effective Date“);
  • an additional $20,000 on or before the 12-month anniversary of the Effective Date;
  • an additional $30,000 on or before the 24-month anniversary of the Effective Date; and
  • an additional $50,000 on or before the 36-month anniversary of the Effective Date;
  1. Total share issuance of an aggregate of 1,500,000 common shares of the Company (each, a “Share“) (such Shares to be subject to resale restrictions) as follows:
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%2522White_metal%253BEffective_date%253BCompany_(musical)%253BOption_contract%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252273f999a6-b7c0-30ec-998d-3c180eec8ac2%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
  • 300,000 Shares within five days of the Effective Date;
  • an additional 300,000 Shares on or before the 12-month anniversary of the Effective Date;
  • an additional 400,000 Shares on or before the 24-month anniversary of the Effective date; and
  • an additional 500,000 Shares on or before the 36-month anniversary of the Effective Date;
  1. Total incurred expenditures on the Property of not less than $1,650,000 over 3 years as follows:
  • $100,000 on or before the six-month anniversary of the Effective Date;
  • an additional $200,000 on or before the 12-month anniversary of the Effective Date;
  • an additional $600,000 on or before the 24-month anniversary of the Effective Date; and
  • an additional $750,000 on or before the 36-month anniversary of the Effective Date.
  1. Other non-material administrative and technical matters guiding the earn in relationship between the Company and White Metal.

President and CEO, Brett Richards, stated: “We are excited to add on this land package through the Option Agreement with White Metal. As illustrated in Figure 1.0, the Properties are adjacent to our north-eastern property claims in the Coldstream and Iris Lake area. As we have suggested in the past, and with the interpretation of the airborne geo-physical VTEM survey conducted in 2021; there is a strong correlation through Coldstream and Iris Lake towards the Properties, that suggest this strike length is contiguous.”

Figure 1 – The White Metal Resources Corp Iris Lake and Vanguard properties

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/130161_f5c4f17a94f9bb12_002full.jpg

For a larger more detailed map of the White Metal’s properties, please refer to:

https://goldshoreresources.com/wp-content/uploads/2022/07/GSH_Claim-Map_2022-May.pdf

Current Market Conditions

Goldshore has decided to temporarily scale back its drilling program from 7 rigs to 2 rigs in an effort to preserve capital in this uncertain and volatile capital market environment. The Company has also evaluated all possible cost containment and cost control measures to assist in this regard, and are reducing costs wherever possible. This decision to slow drilling production may affect Goldshore’s ability to complete its planned 100,000m drill program in 2022, as previously planned, but does not change the strategy or management’s view on the Moss Lake Project. The Company will continue to monitor all market conditions, as well as its ability to execute on its objectives going forward.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a strategic 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.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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, 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 1: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential–––1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.

Table 2: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

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, 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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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 or the Properties, an update to the historical resource at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130161

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Repayment of US$7.85 Million Vendor Take Back Note

Vancouver, British Columbia–(Newsfile Corp. – July 6, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX; (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that it has repaid in full the US$7.85 million vendor take back note issued to SSR Mining Inc. (“SSR Mining“) on October 21, 2021 (see EMX news release dated October 21, 2021 (referred to therein as the “VTB Note“)).

To facilitate the acquisition of a portfolio of royalty interests and deferred payments from SSR Mining and certain of its subsidiaries (see EMX news release dated October 21, 2021), the Company borrowed US$7.85 million from SSR Mining pursuant to the VTB Note. The total repayment made by the Company under the VTB Note, including all principal and interest, was US$8.36 million.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Categories
Base Metals Collective Mining Energy Exclusive Interviews Junior Mining

(VIDEO) Collective Mining Intercepts over 200 Metres of Mineralized Breccia in Drill Hole APC-2 at the Apollo Target

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1:

Plan View of the Guayabales Project Highlighting the Apollo Target
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
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 of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2
Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2

Figure 4:

Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted
Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted

TORONTO, July 06, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce visual observations from the third completed drill hole at the Apollo target (“Apollo”). Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and the Company recently announced the assay results for the discovery hole (APC-1), which intersected 87.8 metres @ 2.49 g/t AuEq. Apollo 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 Guayabales project, located in Caldas, Colombia. As part of its fully funded 20,000-metre drill program for 2022, there are currently three diamond drill rigs operating at Guayabales, with two turning at Apollo and one turning at the Trap target.

Highlights (See Figures 1 – 4)

  • APC-2, which was drilled to the southwest from a drill pad located 200 metres southeast of the collars for APC-1 and APC-1W, intercepted over 200 metres of mineralized breccia from 154.7 metres downhole (100 metres vertical). Core from this hole and APC-1W have been sent to the lab as a batch and assay results are expected shortly.
  • Mineralization is remarkably continuous along the axis of the intercept of interest in APC-2 and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal (“CBM”) veins flood the breccia matrix in various locations along the mineralized interval in APC-2 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system. The mineralization in APC-2 is remarkably consistent with the mineralization observed in APC-1 and APC-1W (refer to press releases dated April 27, 2022 and June 22, 2022 for further details).
  • APC-2 extends this mineralized system at least 200 metres to the northeast and 100 metres to the southwest and is located centrally within the 800 metre X 700 metre Apollo target area. The Company is currently drilling two additional holes, APC-3 and APC-4, which aims to expand the mineralized system and better understand the morphology of this new discovery.
  • Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area and success in early drilling, a fourth drill pad is now under construction.
  • The Apollo target area consists of newly generated porphyry and porphyry related breccia and vein targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.
  • Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 metres above sea level. Additionally, an electrical substation is located less than one kilometre from the target area.

    “At more than 200 metres in length and with at least three distinct overprinting types of mineralization observed, APC-2 is a nice surprise and has the potential to provide another high-grade intercept of bulk-style mineralization. Although we are at an early stage in understanding Apollo, the target is clearly demonstrating excellent potential to ultimately evolve into a large mineralized system. We will continue to be aggressive in drilling Apollo at various orientations and dips in order to learn the geometry of the system and unlock the potential of this very exciting new discovery,” commented Ari Sussman, Executive Chairman.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/a179f373-5e53-4e98-877d-93edcd4e9a26

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
https://www.globenewswire.com/NewsRoom/AttachmentNg/d09c45bd-778a-4b15-9fb1-3d4ece1e8369

Figure 3: Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2
https://www.globenewswire.com/NewsRoom/AttachmentNg/928a6b1f-00a1-484c-b57f-cbc19db505f4

Figure 4: Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f3c2c27-f4cf-4910-8fbf-4daf894dd2cc

Re-Approval of Stock Option Plan

The Company also announces that at the annual special meeting of shareholders of the Company held on June 29, 2022, the Company’s 10% “rolling” stock option plan (“Plan”) was re-approved by shareholders in accordance with the policies of the TSX Venture Exchange (“TSXV”). The newly approved Plan also reflected certain house-keeping amendments to ensure compliance with the new Policy 4.4 of the Exchange which came into effect on November 24, 2021.

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

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. Collective 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 is fortuitous to have 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 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021, March 15, 2022 and June 22, 2022 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.
Steve 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.

Categories
Base Metals Energy Junior Mining Metallic Minerals Precious Metals Stillwater Critical Minerals

(Video) Stillwater Critical Minerals – Montana, USA

https://criticalminerals.com/

Stillwater Critical Minerals
Suite 904 – 409 Granville Street
Vancouver, BC V6C 1T2

Tel: +1 (604) 357-4790
Toll Free: 1-888-432-0075
Email: info@grouptenmetals.com

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp.’s Successful Commissioning of Its Silver Pilot Plant

Burlington, Ontario–(Newsfile Corp. – July 5, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or “the Company”) announces it has successfully completed commissioning of its wholly owned 125 MTPD state of the art mill near Globe, Arizona. This is the latest major achievement in progressing towards bulk sampling and silver production.

Despite minor delays caused by COVID-19, the commissioning was successfully completed on July 3, 2022. Over the past few weeks all equipment at the mill was test run and synchronized for continuity. No material defects or deficiencies were detected.

“In September of 2021 this was an empty field,” said A. John Carter, SBMI’s CEO. “Now this field hosts a fully functional silver processing facility, ready to start processing a bulk sample of ore from our Buckeye Silver Mine. This could not have been achieved without the incredible skill and dedication of the technical team in Arizona.”

SBMI has commenced crushing ore through the crushing circuit (see video at https://youtu.be/KvhAhqABV74) and is filling the fine ore bin. The photo on the left below shows coarse ore from the Company’s local Buckeye Silver Mine and the photo on the right shows crushed ore in the fine ore bin. The cone crusher and jaw crusher successfully crushed the ore to less than ½ inch in diameter, which is ideal feed for the ball mill.

(Left) Coarse Ore (Right) Fine Ore

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/130029_image1.jpg

The next step on the path to producing concentrate and dore bars is to start running the fine ore through the grinding and gravity circuit. This will require a ramp-up period until all equipment is running at maximum efficiency.

Samples are being sent to multiple companies which have expressed an interest in buying SBMI’s concentrate and dore.

This is yet another giant leap forward for the Company. SBMI is on the cusp of producing both silver and copper and generating cash flow which will enable it to continue to execute on its business plan.

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

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130029

Categories
Junior Mining Precious Metals

StrikePoint Commences Discovery-Focused Exploration Program at the High-Grade Porter Silver and Willoughby Gold Properties

Vancouver, British Columbia–(Newsfile Corp. – July 5, 2022) – Strikepoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce that exploration work has commenced at its 100%-owned Properties located near Stewart, BC in British Columbia’s prolific Golden Triangle. 3,000 metres of drilling is planned at the Willoughby gold-silver and Porter Silver Properties, in addition to surface sampling and mapping programs with an emphasis on exploration at the Porter Silver Property.

Shawn Khunkhun, President and CEO of Strikepoint states, “With a healthy treasury over $5 million, we are excited to commence our drilling programs at the Porter and Willoughby Properties. At Porter, our work will continue to test the limits and source of the historic silver mines; at Willoughby, we will also seek new high-grade gold-silver discoveries in previously unexplored areas.”

Porter Silver Property

The Porter Property hosts the three highest-grade pure silver historic producers in the Stewart area: the Prosperity, Porter Idaho and Silverado mines. Objectives for the 2022 season include:

  • Drill extensions to high-grade silver mineralization outlined in historic resource estimates
  • Explore for the roots of the silver veins and gold-silver-rich intrusive-related mineralization
  • Assess the underground access and workings for future rehabilitation

1,600 metres of drilling is planned at Porter, initially targeting the past-producing Prosperity, Blind and D veins in 8-10 holes. Additionally, mapping and sampling will be completed prioritizing exploring the northwest and eastern areas of the Property. Work at the western side will investigate strong alteration and gossan with historic gold-rich prospects along northwest trending structures. On the eastern side of the Property, significant glacial retreat of the Marmot glacier and alpine icefields have revealed new exposures that have never seen modern exploration.

The Porter Project contains two shears-hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2.35 km apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access. Significant underground workings on multiple levels were used by the historic operators. During the 2022 season, StrikePoint will investigate the feasibility of completing rehabilitation of the workings, most recently used in the 1980s for exploration work, to complete a future underground drilling program.

The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter Idaho veins were the focus of the initial work where mineralization is hosted in six parallel dipping shear zones which have been traced in underground workings for up to 425 metres along strike and 360 metres downdip with widths between 2 and 13 metres. The zones remain open at depth. The deposit was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). Direct shipping ore was transported to the port at Stewart via aerial tramway.

Willoughby Gold-Silver Property

Strikepoint’s 2022 drilling season will commence at the Willoughby gold-silver Property with 1,400 metres in 6-8 holes. Objectives for the Willoughby exploration program include:

  • Drill northern and southern extensions to the 600 metre long trend of mineralized zones along the Willoughby nunatak
  • Exploratory drilling to discover new mineralization to the west of the Willoughby nunatak trend

Willoughby occurs along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-stage Red Mountain Deposit owned by Ascot Resources. Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks underlay the property, subsequently intruded by an early Jurassic-aged hornblende-feldspar porphyry, potentially comagmatic with the Goldslide Intrusive suite at the nearby Red Mountain deposit. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite and native gold. Eight gold and silver mineralized zones have been identified to date over a one-kilometre strike-length mineralized trend.

Qualified Person

The Qualified Person for this news release for National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to StrikePoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced-stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter Project and the high-grade gold property Willoughby, adjacent to Ascot Gold’s Red Mountain development project. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

“Shawn Khunkhun”

Shawn Khunkhun
Chief Executive Officer and Director

For more information, please contact:
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 609-5137
E: sk@strikepointgold.com
W: www.strikepointgold.com

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

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

Categories
Base Metals Energy Junior Mining MillRock Resources Precious Metals Project Generators

Millrock Updates 64North Gold Project Exploration, Goodpaster Mining District, Alaska

Millrock Resources, Proven and Probable
VANCOUVER, BRITISH COLUMBIA, July 5, 2022 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that earn-in partner Resolution Minerals Limited (ASX: RML) (“Resolution”) has commenced drilling at the Tourmaline Ridge prospect on the West Pogo block of the 64North Gold Project. A program consisting of five holes totaling 2,200 meters is to be conducted over the coming six weeks. 

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward and we are hopeful for a new gold discovery.” 
Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east. The current drilling program focuses on the Tourmaline Ridge prospect in the foreground.
Earned interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock. Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEOFOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration and drilling on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Appoints Geoff Smith as Independent Director and Announces Stock Option Grant

Vancouver, British Columbia–(Newsfile Corp. – July 5, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that Mr. Geoff Smith has been appointed to the Board of Directors of the Company, effective July 5, 2022.

The appointment of Mr. Smith as a director, which expands the board from six to seven directors, results from a rigorous process to identify prospective directors that will add valuable experience and insight to the board. Following the appointment of Mr. Smith, the board will comprise of five independent directors and two non-independent directors.

Geoff Smith – Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years. Mr. Smith currently serves as the President & Chief Operating Officer of Carbon Streaming Corporation, an ESG principled company offering investors exposure to carbon credits, a key instrument used by both governments and corporations to achieve their carbon neutral and net-zero climate goals. Prior to joining Carbon Streaming, he served as Managing Director within Scotiabank’s investment banking division as part of a team that was critical to both structuring and financing billions of dollars of royalties and streams in the natural resource sector. Mr. Smith holds an Honours Bachelor of Commerce Degree from Queen’s University (Canada) and is a CFA charterholder.

Stock Option Grant – The Company also announces that its board of directors has approved the grant of 100,000 incentive stock options to its newly appointed board member Mr. Smith pursuant to the Company’s Stock Option Plan. These stock options will vest immediately and be exercisable to purchase one common share in the capital of the Company for a period of five (5) years from the date of grant, at a price of $2.45 per share, expiring on July 5, 2027. The stock options are non-transferable, and any common shares issued upon the exercise thereof will be subject to a four-month hold period from the date of grant pursuant to the policies of the TSX-V Exchange. The grant is subject to acceptance by the TSX Venture Exchange.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Categories
Exclusive Interviews Junior Mining Oil & Gas

JPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian Cut

By

Joe Carroll July 1, 2022 at 3:59 PM EDT

In this article

CL1WTI Crude108.43USD/bbl.+2.67+2.52%JPMJPMORGAN CHASE114.05USD+1.44+1.28%

Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned.

The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine. But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients.

For much of the rest of the world, however, the results could be disastrous. A 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190, while the worst-case scenario of 5 million could mean “stratospheric” $380 crude, the analysts wrote.

“The most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports,” the analysts wrote. “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia’s side.”

Original Source: https://www.bloomberg.com/news/articles/2022-07-01/jpmorgan-sees-stratospheric-380-oil-on-worst-case-russian-cut

Categories
Capitalism Morality Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

(VIDEO) Goldshore Resources – Moss Lake has Depth, Width and Along Strike

Goldshore Resources – (TSX.V: GSHR | OTCQB: GSHRF)
Website: https://goldshoreresources.com/
3D Deck: https://goldshoreresources.com/investors/#corporate-presentation

Goal: To Create the Next Tier One Asset in Ontario, Canada.

Flagship Project: The Moss Lake Property located in Ontario, Canada has 1.47 M oz of Indicated and 2.51 M oz of Inferred historical gold resources, along with a robust Preliminary Economic Assessment conducted in 2020.

Joining us for our conversation is Brett Richards, the CEO of Goldshore Resources.

Maurice Jackson: Mr. Richards, it’s a pleasure to be speaking with you today as Goldshore Resources has some exciting news for shareholders, as the company continues on its path to creating the next Tier One asset in Ontario, Canada. Mr. Richards, for someone new to the story, please introduce us to Goldshore Resources and the exciting opportunity the company presents to shareholders.

Brett Richards: Goldshore is a company that was formed last year. We’ve been trading for just over a year now, and on the back of acquiring the Moss Lake Project from Wesdome Gold Mines for $52 million in cash and shares last year, we have put together a strategy over the last nine months to drill this up to let’s call it critical mass. What we acquired in the Moss Lake Project was a 4 million-ounce historic resource, and our view is that the extensions of this resource, both laterally along strike and at depth, are significant, particularly along strike.

Our original strategy was let’s put together a 100,000-meter drill program. Let’s get financed and let’s get on with it, and that’s what we’ve been doing for the past nine months, and most recent results are starting to I’ll say support the original thesis we had about Moss Lake being much bigger than first thought.

Maurice Jackson: Before we deep dive into the press release, some important competitive advantages distinguish Goldshore Resources from its peers and truly make the Moss Lake property a unique value proposition. Mr. Richards, for someone new to the flagship Moss Lake property, please acquaint us with the deposit, beginning with your location and some of your neighbors in the region.

Brett Richards: The Moss Lake Property is about 120 kilometers northwest of Thunder Bay in Ontario. We are probably in the most mining-friendly jurisdiction in the world, plus we are on the Trans-Canada Highway, Yonge Street in Toronto, which happens to be the longest street in the world, going all the way to Manitoba. Our concession is adjoined to Trans-Canada Highway.

And why is that important? It’s important for several reasons, particularly about infrastructure. When I look at mining projects, at the end of the day, obviously there’s the technical side of things, but there’s also what I call the do-ability factor. Is this mine really doable? Can you get this into production easily? And the answer for Moss Lake is yes.

Being on the Trans-Canada Highway means we’re afforded 10-cent kilowatt-hour power, which goes right by our doorstep. We have a four-lane highway, so access to our site is as good as it gets. We have power, water, rail, people, consultants, contractors, and government, all within nothing more than an hour’s drive into the City of Thunder Bay, and an international port and an international airport. So, we tick all the boxes when it comes to infrastructure, so that is kind of, I’ll say the description of where we are, and why I think it’s so compelling to be where we are.

There are a lot of people around us as well. The Shebandowan Greenstone Belt where we’re located has been a bit under-explored over the years because low-grade bulk tonnage style deposits were not in favor when gold was $1,500. But now gold is kind of trading on a floor of $1,800, they seem to be much more appealing to investors. Certainly, after the success of Detour Lake, I think you’ll see these types of deposits more and more come into production.

Maurice Jackson: You referenced Goldshore Resources as having a historical resource, and the company also completed a robust Preliminary Economic Assessment (PEA) back in 2020. Can you share some of those highlights with us?

Brett Richards: Historically the area has been, let’s, so-called cobbled together as a big land package. There are three distinct areas within our domain, the Moss Lake area being kind of the flagship. It is what carries three and a half million ounces of that historical resource. Up in the Northeast, up near the highway, we have Coldstream and North Coldstream and Iris Lake against all kinds of compartmentalized land packages that were cobbled together by Wesdome.

There’s a 500,000-ounce historical resource on Coldstream, and a former actual operating mine at North Coldstream that ran for about 30 years in the, about 40 or 50 years ago. We have a very interesting kind of, I’ll say land package, and the work that has been done on this culminated in 2013 when a PEA was done on the property by Moss Lake Gold Mines.

Again, the PEA was updated in 2020 by WesDome before kind of launching a sale process and let’s face it, PEAs are a snapshot in time, and the time in 2013 and the time in 2020, and the time today are all very, very different, knowing that we are in a hyperinflationary environment today, what CAPEX might have been $500 million back in 2020, might be 600 million or $650 million today.

We have to keep that in mind as we go through. But I think back in 2013, and back in 2020, this project, at these gold levels, at $1,800 to $2,200 gold, and trades between a 27% and a 40% IRR. So, after-tax, the internal rate of return, is very, very compelling. We can look at the new present values of these projects, but again, they’re snapshots in time. What that tells me is that this is a robust project that when tested, even with inflation, even with different input assumptions, relative to the economic circumstances at the time, it is going to be a robust project.

Maurice Jackson: Goldshore Resources currently is embarked on a 100,000-meter drill program. Are you twinning the holes, and conducting step-out drilling on this?

Brett Richards: We are doing some verification drilling of the existing historical resource. We are stepping out laterally. We are stepping out along strike, and we have identified a parallel zone to the Moss Lake deposit, which is very exciting, and some high-grade structural areas within the deposit, which we’ll look to improve the overall grade and volume as we get further down the road, and get closer to a resource estimate.

Maurice Jackson: Speaking of your drill program, some of the initial assay results have just been released. What do they seem to indicate thus far?

Brett Richards: Well, I think they, we’ve always been trying to test our thesis that this is bigger and much more robust as a deposit than the historical resource illustrates. We’ve done that through a geophysical survey, and you can see that on our website, the 3D model of it, where you can see the potential for future mineralization up along strike, that goes 7 to 12 kilometers further than where Moss Lake is now.

But I think the results that we started to put out from the very beginning show between one, 1.1, 1.2, and 1.3 grams over long intervals, long intercepts of 50, 60, 70, 100, and 120 meters in some cases. I’ll say, some good intercepts, but I think what the surprise has been where we have gone kind of not twining holes, but stepping out a little bit, and stepping into an area that might be classified as inferred.

We’ve hit some high-grade structures, and I think that’s simply because of the geophysical work we’ve done, the structural work we’ve done with a structural geologist by the name of Brett Davis, who’s on-site currently. Pete Flindell, who is our VP of Exploration, he and the team have kind of figured this out. Targeting of some of these higher grade holes has been something that we wanted to do, because ultimately when we kind of go to, I’ll say, interpret all of this data, I don’t think the market is going to want another kind of $1.5 or $2 billion project that does 60,000 tons a day and produces 600,000 ounces of gold. That’s just not viable in this current economic environment.

You’re not going to be able to raise that kind of money. You’re not going to be able to get traction on that type of project. I think we have to start pivoting and looking at alternatives, and what are those? Is there a higher-grade starter pit alternative here within the deposit? I think that’s what we’re going to try and kind of focus on over the next little while. Therefore, there will be more infill and more delineation drilling than anything. But, we are still doing some step-out as well.

Maurice Jackson: All right. Well, let’s get to the press release. Goldshore Resources just received some welcoming news from the assay labs, which identify significant downhole gold intercepts. What can you share with us, Sir?

Brett Richards: We just announced, 78 meters at 1.17 grams from about 170 meters depth. This is a great hole. It’s all going to get contained within an open-pit mine. It’s going to pull a lot of tonnage in. I think, there were some high-grade areas within that, including 22 meters at 2.3 grams and 5.6 meters at 5.69 grams, in and around the 200 to the 220-meter range.

So, this is encouraging, and there are some other intercepts on some other holes that we announced, but it’s all more of the same. There’s anywhere from 20 to a hundred meters at over a gram.

Our objective is to try to maximize the grade. A little bit of grade, 0.1 grams here is going to add 10% to our resource. Even 1 gram or 1.1 gram, it’s quite meaningful at the end of the day. We’ll figure all this out once we get all the data and get towards a mineral source update at the end of the year. But I think right now, and I can talk a lot about the current market dynamics, but sadly, putting good results out into the market has not moved our share price. It’s actually, we have been impacted like all the other junior minors and we’ve been trading downwards.

Maurice Jackson: Looking forward, what can you share with us regarding optionality and economic open pit shells as you model your resource?

Brett Richards: I think we’re going to see a lot of results come out over the next six months or more of the same, illustrating our thesis that this is going to be a real project. Also, I think better delineation on defining this higher-grade starting project, but we can’t lose sight that this is, I think, this is a Tier One asset. This is going to be 10 million ounces by the time the drilling has wrapped up. Whether that’s a year or two or three from now. This is such a large area. There’s probably going to be another 100,000 meters as this gets towards a feasibility study.

Like I’ve said, we’ve got a footprint here that is a Tier One asset at the end of the day, but I think we need to start focusing on what the market is going to respond to. The market is going to respond to, is this a project that has a smaller CAPEX option, a smaller starter with that positive cash flow as soon as possible. Those types of questions need to be addressed and need to be presented to the market. So, we’re going to be looking at some permutations at the end of the day, when we do a PEA next year.

Maurice Jackson: Let’s get into some numbers. Mr. Richards, please provide the capital structure for Goldshore Resource.

Brett Richards: Goldshore Resources has about 143 million shares outstanding today, and only 5 million out warrants outstanding, and we’ve got about $13 million in the bank as of June. We’re well-positioned here and can ride this out.

As I’ve said before, we got caught in a bit of the whole market dynamics. We wanted to play a bit of catch-up, and get ahead of the curve on drilling, so we ramped up our drilling just before the whole market started crashing.

Our team took our foot off the pedal, and we put the brakes on it a little bit. We did scale up to seven rigs, but we’ve pulled back now to a couple of rigs. I want to ride this out. Preservation of cash and preservation of this company is first and foremost.

The capital markets are so volatile and so unpredictable right now, I’m very comfortable just burning a couple of million dollars a month and just watching this, or less than a couple of million dollars a month, and just watching how this unfolds to the fall because we don’t want to be in a situation where, where we have to go to the market and the market is not there for us.

Maurice Jackson: Speaking of being comfortable, I just want to share with everyone that I am a proud shareholder, and I’m looking to add to my position under these circumstances. The value proposition is extremely compelling, and I’m not discouraged by the price. I understand how markets work, and I never complain about a sale when it comes to capital goods. Now, since we’re covering numbers, how does Goldshore Resources compare with some of your peers?

Brett Richards: Well, we’ve never been able to kind of figure this one out, but we’re trading today somewhere kind of in order of magnitude around $10 an ounce, it’s crazy, but that is kind of where we are today. Our peers have also been impacted, but they also had a higher starting point. We’ve got a trading comparable sheet in our presentation that has us at the bottom of our peer group, and this is a peer group put together by a bank. At trading at $10 today, and our peers trading anywhere from $15, $20, $25, all the way up to $100 an ounce for Marathon.Looking at a pure comparison basis, Goldshore Resources is the least expensive among our peers. When you start looking at what it costs to bring ounces onto a resource statement, to put ounces into the inferred category costs about $30 an ounce. If you have a million ounces of inferred resource, it’ll probably cost $30 million to get there, then drilling in other activities.

So we’re trading at a third of that, a third of what it costs to do it. So, I think from an investment opportunity standpoint, there’s one way here, and it’s up.

Maurice Jackson: In closing, Sir, what would you like to say to shareholders?

Brett Richards: I think the really compelling investment case here is how we have performed against the general market, and where we are today. I’ll say the leverage that we have on the way back up. This is not going to go on forever. We may still feel some pain in the capital markets going forward, but we are going to recover, and commodities and equity, gold equities are going to accelerate, and probably much faster than the market when it does turn around, and when it does come back. We are actually leveraged to that even greater than the normal gold equity market, because of our size and our scale, and our potential to bring this up to a Tier One status.

So, there are some compounding, compelling investment reasons why to choose Goldshore, and I am also a major shareholder of this company. I have never continued to lose sight of the fact that this is a real project, and this is going to get into production one day.

Maurice Jackson: Mr. Richards, it’s been a pleasure speaking with you today. Wishing you and Goldshore Resources, the absolute best, Sir.

Brett Richards: Thanks, Maurice.

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will improve the world.