Tag: #JuniorMining

Bravo Discovers New Nickel-rich Zone in Luanga’s Central Sector and Extends Footprint of Nickel/Copper-rich Zone in Luanga’s North Sector

Post author By admin
Post date February 14, 2023

Highlights include 27.7m @ 0.62g/t PGM+Au, 0.62% Ni (Including 4.6m @ 1.12g/t PGM+Au plus 1.12% Ni),
And: 25.3m @ 1.14g/t PGM+Au, 0.42% Ni, 0.34% Cu (Including 3.4m @ 2.12g/t PGM+Au, 0.84% Ni, 0.34% Cu)

VANCOUVER, BC, Feb. 14, 2023 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (“Bravo” or the “Company“) announced that it has received assay results from eight diamond drill holes (“DDH”) in the Central and North Sectors highlighting the nickel sulphide potential of its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga” or “Luanga PGM+Au+Ni Project“), located in the Carajás Mineral Province, state of Pará, Brazil. Two DDH in the Central Sector have identified a new zone and style of nickel sulphide mineralization. Follow up drilling to the previously announced massive sulphide intercept in the North Sector (August 16^th, 2022 news release) has intersected higher-grade nickel sulphide 50m to the north and south, with evidence indicating potential extensions toward the south.

“Today’s results demonstrate the potential for higher-grade nickel ± copper sulphides at Luanga, underlie the existing ~8.1km strike of PGM+Au+Ni mineralization intersected in shallow historic drilling,” said Luis Azevedo, Chairman and CEO of Bravo. “We are at the early stages of understanding the distribution of, and controls on, this potential new style of nickel ± copper sulphide mineralization, which has now been intersected in both the North and Central Sectors,” he said. “We are very positive about the potential below Luanga and have deployed geophysical tools aimed at detecting this style of mineralization. Work is continuing and aims to drill test future geophysical targets in 2023.”

Highlights Include:

Follow up, step-out drilling to the massive nickel/copper sulphides intercepted in DDH22LU047 (August 16^th, 2022 news release) intersected nickel/copper sulphides along strike, 50m to the north and to the south. Electromagnetics (EM) has identified conductors trending to the south where surface EM is ongoing.
Drilling in the Central Sector of Luanga has intersected a new zone and style of nickel sulphide mineralization, potentially magmatic nickel sulphide mineralization. It occurs within a different rock-type than the PGM+Au+Ni mineralization at Luanga – further increasing the exploration prospectivity of Luanga. EM surveying is expected to begin shortly.
A noticeable change in PGM chemistry (significantly higher rhodium to palladium ratio) has been identified in most assay results from both nickel sulphide zones. This also points to a new style of mineralization and provides another possible vector into higher nickel sulphide zones.

HOLE-ID	From(m)	To(m)	Thickness (m)	Pd(g/t)	Pt(g/t)	Rh(g/t)	Au (g/t)	PGM + Au (g/t)	Ni (% Sulphide)	Cu (%)	Sector
DDH22LU039	128.2	155.9	27.7	0.40	0.10	0.11	0.01	0.62	0.42		Cent.
Including	128.2	132.8	4.6	0.74	0.12	0.25	0.01	1.12	1.12		Cent.
Including	130.2	131.2	1.0	1.08	0.25	0.51	0.01	1.85	2.08		Cent.
DDH22LU049	49.6	74.9	25.3	0.68	0.22	0.13	0.12	1.14	0.40	0.23	North
Including	66.9	70.3	3.4	1.18	0.52	0.29	0.12	2.12	0.84	0.34	North
DDH22LU052	151.0	158.1	7.1	0.69	0.04	0.30	0.11	1.13	0.82	0.45	North
Including	151.0	153.8	2.8	0.76	0.02	0.39	0.01	1.18	1.09	0.22	North
DDH22LU061	102.4	103.6	1.2	0.55	0.04	0.31	0.15	1.05	1.18		Cent.
DDH22LU073	136.9	155.8	18. 9	0.96	0.29	0.02	0.02	1.30	0.41		North
Including	150.8	153.8	3.0	2.57	0.50	0.04	0.02	3.14	1.15		North
DDH22LU077	169.4	175.5	6.1	0.57	0.04	0.33	0.02	0.96	0.63		North
Including	169.4	171.3	1.9	1.33	0.05	0.84*	0.04	2.27*	1.47		North
Including	170.6	171.3	0.7	1.54	0.04	>1.0*	0.01	2.59*	2.27		North

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

All intercepts were in fresh rock.

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness.

* Includes Rh >1.00g/t result. Overlimit analyses pending.

North = North Sector. Cent. = Central Sector.
** Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.

Central Sector Magmatic Nickel Sulphide Exploration Upside

Drilling in the Central Sector (holes DDH22LU039 and DDH22LU061) identified a second zone of more concentrated magmatic sulphides, a style of mineralization not previously observed at Luanga in historic drilling. This style of mineralization features net-textures typical of magmatic nickel sulphide mineralization (Figure 1).

Figure 1: Core photos from Central Sector (039) and North Sector (049 and 052) with nickel ± copper sulphide mineralization. (CNW Group/Bravo Mining Corp.)

The Central Sector higher-grade magmatic nickel sulphide mineralization appears to be coincident with the main Luanga PGM mineralization but appears to have increasing concentrations of nickel sulphides to depth, while historic nickel-in-soil geochemistry (Figure 2) indicates that nickel sulphide mineralization may be gently diverging away from the strike of the PGM+Au mineralization. This style of mineralization has only been identified in this area of the Luanga deposit to date and is hosted in the basal sequence of harzburgites (ultramafic rocks) that underlie the dominant Luanga orthopyroxenite PGM+Au host rock.

Surface EM completed by Bravo in late 2022 is being extended to the southeast to look deeper into the basal harzburgite sequence (Figure 3) that underlies the main PGM+Au+Ni mineralization, beyond the extent of current drilling.

The Central Zone assay results (reported in this news release) from drill holes DDH22LU039 and DDH22LU061 demonstrate a noticeable change in PGM chemistry, where the Pd:Rh ratios range from 4:1 to <2:1. This is a significant divergence from the majority of existing drill holes across the 8.1km of the main Luanga PGM+Au mineralized zone, where the Pd:Rh ratio is typically ~10:1. There could also be a relationship between magmatic nickel and rhodium (high rhodium values highlighted in the table above). This, combined with the identification of a different host rock, is further supporting evidence of a new style or phase of mineralization that is more typically associated with magmatic nickel sulphide deposits. Mineralization remains open at depth (Figure 3) and along strike.

Figure 2: Nickel sulphide zone in the Central Sector, shown over historic Ni-in-soil geochemistry. (CNW Group/Bravo Mining Corp.)

DDH22LU039 is shown in the section below (Figure 3), where the concentration of magmatic nickel sulphides and nickel assay grades increase (from west to east) from DDH22LU054 where fresh rock mineralization has no significant nickel to report, to DDH22LU039 where magmatic nickel sulphides and assay grades reach their current peak.

Figure 3: Central Zone cross section showing the increase in nickel grade to the southeast (open at depth). (CNW Group/Bravo Mining Corp.)

Follow Up on North Sector Massive Magmatic Nickel ± Copper Sulphide Discovery

Follow up drilling to the north and south of the previously announced massive magmatic nickel ± copper sulphide mineralization in DDH22LU047 (August 16^th, 2022 news release) in the North Sector has continued to intersect magmatic nickel sulphide mineralization.

New drill results indicate that the nickel ± copper mineralization is coincident with the main Luanga PGM+Au+Ni deposit, but that higher concentrations of nickel and copper are at depth. Alternatively, this mineralization style may be unrelated to the emplacement of the PGM portion of Luanga and related to a different, as yet unidentified, phase of mineralization at depth.

Higher-grade sulphide mineralization and EM anomalism is open to the south (Figure 4) but appears to taper off to the north. Like the Central Sector above, it may also be diverging away from the strike of the PGM+Au mineralization and occur below historic drilling to the south. This interpretation is supported to the southern limit of the current EM survey and is coincident with historic nickel-in-soil geochemistry (Figures 4 and 5).

Most assay results demonstrate the same noticeable change in PGM chemistry as the higher-grade magmatic sulphide mineralization intersected in the Central Zone, with Pd:Rh ratios ranging from to 5:1 to <2:1. As highlighted above this may indicate potential for a different phase or style of mineralization at depth.

Figure 4: Nickel ± copper sulphide zone in the North Sector, shown over historic Ni-in-soil geochemistry. (CNW Group/Bravo Mining Corp.)

Figure 5: North Sector Cross Section showing new drill holes DDH22LU052 and DDH22LU049 (open at depth). (CNW Group/Bravo Mining Corp.)

Luanga Drill Program Progress

A total of 144 drill holes (9 in 2023) have been completed by Bravo to date, for 23,950 metres (94% of the planned 25,500 metre Phase 1 Drilling Program), including all 8 planned twin holes (results for 2 twin holes outstanding) and all 8 metallurgical holes (not for routine assaying). Results have been reported for 60 Bravo drill holes to date.

Results for 76 Bravo drill holes are currently outstanding.

The Phase 1 diamond drill program is close to completion, with 1,550m remaining before the commencement of the Phase 2 diamond drill program. The Phase 2 program will be focused on step out drilling (with the objective of extending known zones of PGM+Au+Ni mineralization to depth), follow-up on the newly identified higher-grade nickel ± copper magmatic sulphide mineralization styles, as well as exploration of new targets.

Aside from systematic step-out drilling, the Phase 2 program is designed to support a more intensive approach to exploration, with work to focus on exploring for magmatic nickel ± copper sulphides. This program will commence with an extensive program of geophysics consisting of ground EM, ground micro-gravity and ground magnetics. Targets generated would be drill tested during the Phase 2 program. Phase 2 will also include ongoing metallurgical test work designed to confirm and optimize metallurgical results reported by Vale SA., Luanga’s previous owner.

The key deliverable expected from the Phase 1 program is Luanga’s maiden NI 43-101 Mineral Resource Estimate (MRE). Approximately 3,600m of priority drilling remains to be completed to facilitate this work, including the balance of the Phase 1 program and a portion of the Phase 2 program. Completion of the maiden MRE remains on track for H2/2023.

Complete Table of Recent Intercepts

HOLE-ID	From(m)	To(m)	Thickness (m)	Pd(g/t)	Pt(g/t)	Rh(g/t)	Au (g/t)	PGM + Au (g/t)	Ni (% Sulphide)	Cu (%)	TYPE
DDH22LU039	41.2	61.2	21.0	0.54	0.19	0.00	0.11	0.83	0.15		FR
And	80.1	106.2	26.1	0.56	0.22	0.00	0.14	0.92	0.20		FR
Including	91.2	98.2	7.0	0.44	1.11	0.01	0.17	1.72	0.32		FR
And	128.2	155.9	27.7	0.40	0.10	0.11	0.01	0.62	0.42		FR
Including	128.2	132.8	4.6	0.74	0.12	0.25	0.01	1.12	1.12		FR
Including	130.2	131.2	1.0	1.08	0.25	0.51	0.01	1.85	2.08		FR
And	161.9	166.9	5.0	0.35	0.15	0.07	0.01	0.58	0.23		FR
DDH22LU049	8.7	16.7	8.0	0.71	0.26	0.02	0.10	1.08	NA		Ox
And	49.6	74.9	25.3	0.68	0.22	0.13	0.12	1.14	0.40	0.23	FR
Including	49.6	58.3	8.7	0.79	0.19	0.09	0.19	1.26	0.38	0.36	FR
Also Including	66.9	70.3	3.4	1.18	0.52	0.29	0.12	2.12	0.84	0.34	FR
And	78.4	92.4	14.0	0.42	0.14	0.04	0.08	0.68	0.23	0.22	FR
DDH22LU052	151.0	158.1	7.1	0.69	0.04	0.30	0.11	1.13	0.82	0.45	FR
Including	151.0	153.8	2.8	0.76	0.02	0.39	0.01	1.18	1.09	0.22	FR
Also Including	154.3	158.1	3.8	0.73	0.05	0.27	0.19	1.24	0.73	0.68	FR
And	161.9	164.5	2.6	0.58	0.06	0.28	0.01	0.94	0.72	0.26	FR
And	199.0	215.2	16.2	0.40	0.46	0.03	0.01	0.89	0.32	0.09	FR
DDH22LU061	59.3	65.8	6.5	0.49	0.19	0.00	0.13	0.81	0.09		FR
And	88.5	91.5	3.0	0.90	0.30	0.00	0.24	1.44	0.19		FR
And	102.4	103.6	1.2	0.55	0.04	0.31	0.15	1.05	1.18		FR
And	121.3	127.3	6.0	0.26	0.14	0.03	0.09	0.52	0.21		FR
And	139.0	150.8	11.8	0.27	0.10	0.02	0.02	0.41	0.18		FR
DDH22LU068	39.5	42.5	3.0	1.35	0.73	0.10	0.01	2.18	0.07		FR
And	54.4	62.2	7.8	0.33	0.10	0.02	0.01	0.45	0.30		FR
DDH22LU073	113.6	116.8	3.2	0.89	0.44	0.03	0.01	1.37	0.39		FR
And	127.8	129.5	1.7	0.89	5.11	0.05	0.01	6.06	0.32		FR
And	136.9	155.8	18. 9	0.96	0.29	0.02	0.02	1.30	0.41		FR
Including	150.8	153.8	3.0	2.57	0.50	0.04	0.02	3.14	1.15		FR
DDH22LU077	169.4	175.5	6.1	0.57	0.04	0.33	0.02	0.96	0.63		FR
And	169.4	171.3	1.9	1.33	0.05	0.84*	0.04	2.27*	1.47		FR
Including	170.6	171.3	0.7	1.54	0.04	>1.0*	0.01	2.59*	2.27		FR
And	204.1	207.1	3.0	0.27	0.01	0.00	0.01	0.28	0.29		FR
And	220.1	232.1	12.0	0.28	0.13	0.02	0.03	0.46	0.12		FR
DDH22LU079	179.3	199.3	20.0	0.23	0.11	0.04	0.01	0.39	0.19		FR
including	196.3	199.3	3.0	0.58	0.18	0.12	0.01	0.88	0.51		FR

Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.

Given the orientation of the hole and the mineralization, the intercepts are estimated to be 85% to 100% of true thickness.

Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.

* = Includes Rh >1.00g/t result. Overlimit analyses pending.

** = Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays

Figure 6: Location of Bravo Drilling Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “rich”, “extends”, “new zone”, “potential”, “higher-grade”, “very positive”, “concentrated“, “noticeable change”, “majority”, “new style“, “significant“, “intensive approach“, “extensive“, “optimize“, “yet unidentified”, “objective” and other similar words, phrases, or statements that certain events or conditions “may”, “should”, “will” or “would” occur. This news release contains forward-looking information pertaining to the Company’s ongoing re-sampling and drill programs and the results thereof; the expected completion of geophysical surveys and the results of such surveys; the potential for the definition o new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that grades are improving to depth, that final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH22LU039	Bravo	658669.93	9340730.09	262.74	SIRGAS2000 UTM22S	177.70	330.00	-60.00	Central
DDH22LU049	Bravo	659975.11	9342475.00	270.59	SIRGAS2000 UTM22S	159.30	90.00	-60.00	North
DDH22LU052	Bravo	659825.80	9342475.01	274.16	SIRGAS2000 UTM22S	233.20	90.00	-60.00	North
DDH22LU061	Bravo	658595.91	9340659.10	271.55	SIRGAS2000 UTM22S	191.00	330.00	-60.00	Central
DDH22LU068	Bravo	659900.11	9342525.01	280.91	SIRGAS2000 UTM22S	251.00	90.00	-60.00	North
DDH22LU073	Bravo	659900.09	9342425.00	273.40	SIRGAS2000 UTM22S	270.85	90.00	-60.00	North
DDH22LU077	Bravo	659824.96	9342524.96	279.74	SIRGAS2000 UTM22S	264.20	90.00	-60.00	North
DDH22LU079	Bravo	659822.30	9342425.01	270.84	SIRGAS2000 UTM22S	250.50	90.00	-60.00	North

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the ALS global website (ALS) in the analytical guides.

Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo ALS
Preparation	Method	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Ni-Sulphide	Cu	Trace Elements
PREP-31DH	PGM-ICP27	Rh-MS25	Ni-ICP05	OG-62	ME-ICP61

Bravo Mining LOGO (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable

Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Update in Pumpkin Hollow Project

Post author By admin
Post date February 13, 2023

Capital Projects Construction Contract Awarded to Dumas Mining

YERINGTON, Nev., Feb. 13, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart and operational activities for its Pumpkin Hollow underground copper mine (the “Underground Mine”).

Randy Buffington, President & CEO of Nevada Copper, stated, “Our Pumpkin Hollow team is focused on advancing the restart project quickly and safely. We are building on the momentum of the recent achievements by the underground crews as they have progressed through the dike structure and are advancing into the EN Zone in anticipation of the underground development contractor arriving on site and commencing development. The technical and leadership teams are in place and committed to executing this restart plan. We are targeting a mill restart in the third quarter with a quick ramp up to nameplate capacity by the end of 2023.”

Production Restart Highlights

Clear line of site to full-scale production
- Simple and low-risk pathway to full-scale production established, comprising:
  - Phase 1 Q4 2022 to Q1 2023: Finalize dike crossings to access EN Zone initial stoping area (complete), confirm all key technical hires for restart (complete), and award capital projects contract (complete).
  - Phase 2 Q2 2023: Prioritized development of higher-grade EN Zone stope area.
  - Phase 3 Q3 to Q4 2023: Restart of proven mill, with surface and underground ore feed developed and short ramp-up to nameplate capacity.
Phase 1 Restart Milestones Achieved
- Development into the EN Zone has demonstrated that rock quality is consistent with our geotechnical model, which predicted competent ground within the EN Zone, and development is progressing at full round lengths and standard ground support.
- Definition drilling and assaying of all initial EN Zone stopes planned for extraction in 2023 is complete representing approximately 210K tons of stope ore, providing significant visibility on quality and grade of ore feed.
- Contract awarded for completion of capital projects to debottleneck restart of development and underground operations.
- Development mining contract award well progressed.
- All key technical positions in place, with substantially strengthened operational leadership team on-site.
Operations significantly de-risked
- Completion of both critical dike headings, securing the Underground Mine with full access to the primary EN Zone stope area. The third dike crossing is progressing well and, while it is not required to meet 2023 operating objectives, is expected to be completed in the first half of 2023.
- Building planned surface stockpile of approximately 150K tons of run-of-mine ore ahead of mill start-up provides substantial operating buffer for milling operations.
- Debottlenecking capital projects front-ended to provide additional operating flexibility.

Further Details on Production Restart

Underground Development Proceeding as Planned

The Nevada Copper operations team continues to make rapid progress on all underground activities including mine development, hoisting, stope preparation, and underground projects.

The historically reported dike crossings that provide initial stope top and bottom access into the EN Zone were fully established and completed in December 2022, and development is progressing toward stoping areas. Both key development drives that have crossed the dike have encountered ground conditions at or better than expectation, confirming the geotechnical model that predicted higher quality rock. Definition drilling of the initial stopes to feed the restart of milling operations in Q3 2023 have been completed and assayed, and confirm rock quality, grade and geometry represented by the geologic and reserve models.

Underground Development Contractor Update

The Company has completed the bid process for the development mining contractor and is in the final stages of negotiations for a unit rate contract with an internationally recognized major mining services contractor.

Key components of the development contract include:

72,000 feet of lateral capital development over a 24-month contract period;
Delivery of full development stopes by Q3 2023 to provide sufficient faces and stopes to restart and maintain nameplate milling operations (approximately 5,000 tpd); and
Nevada Copper’s operating team will perform all stope mining starting in Q3 2023.

Critical Construction Projects Progressing

The Company awarded Dumas Contracting USA, Inc. (“Dumas”) a $12 million construction contract to complete critical capital projects including the coarse ore bin and installation of an underground jaw crusher, permanent dewatering system, vent shaft stripping and surface fans. Dumas is a leading full-service underground mining contractor providing mine construction, development, production mining, mine services and engineering early-stage projects through well-established operating mines throughout the Americas.

Vent Shaft – Final stripping of the vent shaft commenced in January in preparation for connection of the surface fans, which are expected to be commissioned in early Q2 2023. The stripping is planned to be completed ahead of development contractor mobilization and the vent shaft is expected to provide the necessary ventilation for the life of the mine.

Ore Handling System – The additional ore handling system allows for increased ore throughput rates to the shaft hoisting system, enabling operations to ultimately exceed nameplate production. Engineering for ore handling system has been completed, and all long-lead items are on-site including the jaw crusher. Excavation is underway and planning for the installation of the system has already commenced.

Dewatering System – The pumps for the permanent dewatering system are on site and ready for installation. Once installed, the additional pumps are expected to provide all dewatering requirements for the life of the mine.

Regional Exploration Opportunities

The Company has completed a thorough review of regional mapping for its Pumpkin Hollow land position and several high-quality targets of interest have been identified. Surface sampling results from the Copper Ridge area have indicated the high-grade potential, highlighted by grades including 5.03% and 5.43% copper (see table below for additional assay information) that warrant additional investigation. In 2023, detailed mapping, interpretation of recent geophysical analysis and surface sampling are planned to follow-up on other identified high-potential targets on the Nevada Copper land position. The grades identified are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource. Grades were determined through third-party labs, as detailed below under “Quality Assurance and Quality Control”.

Table of Assays (samples greater than 1%)
Sample ID	Easting (m)	Northing (m)	Elevation (m)	Cu (%)	Au (ppm)	Ag (ppm)
533857	318720	4316510	1451	2.31	0.036	0.5
533861	318751	4316512	1458	2.36	0.008	<0.2
533862	318766	4316512	1459	1.54	0.130	0.2
1615147	319706	4317023	1443	3.35	0.030	4.8
1615150	319603	4317072	1444	3.65	0.011	0.4
1615178	319087	4316782	1517	2.02	0.119	5.4
1669223	319621	4317082	1442	2.65	0.045	2.7
1669224	319678	4317033	1444	3.10	0.056	4.4
1669225	318483	4316515	1413	1.60	1.430	2.7
1669229	318639	4316481	1437	1.19	0.180	0.8
1669232	318607	4316637	1440	1.03	0.104	1.1
M59971*	319729	4317020	1440	5.03	0.150	10.0
M59982*	318739	4316527	1446	5.43	0.075	16.0
M59984*	318789	4316601	1470	4.10	0.055	8.0
M59994*	318438	4316507	1405	2.87	1.490	6.0

* Historic sample

Board Changes

Ms. Kate Southwell will be stepping down as a member of the Board of Directors effective February 28, 2023 to pursue other career opportunities. Stephen Gill, Chairman of the Board stated, “The Board and management team appreciate Kate’s valuable input during her tenure, particularly with regard to financing and commercial matters and as Chair of the Sustainability Committee and wish her well in her future endeavors”. The Nominating Committee of the Board is in the process of identifying qualified candidates to fill the vacant role at or prior to this year’s annual shareholder meeting.

Qualified Person

The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, and Greg French, C.P.G., VP Exploration of Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

Quality Assurance and Quality Control

The analytical work was performed by American Assay Labs (AAL) located in Sparks, Nevada. AAL is an ISO/IEC 17025 accredited laboratory. The Samples were crushed so that >80% passes 10 mesh, followed by pulverizing to >90% passes 75 < 150 mesh. Prepared samples were run using a three-acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

The historic analytical work was performed by Chemex Labs Inc., currently ALS Geochemistry (ALS) located in, Nevada. ALS is an ISO/IEC 17025 accredited laboratory. The samples were crushed so that >80% passes 10 mesh, followed by pulverizing split to < 150 mesh. Prepared samples were run using an acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis.

Nevada Copper detected no significant QA/QC issues during review of the data and is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein.

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 PFS stage project.

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 development and ramp-up plans and activities at the Underground Mine and the timing in respect thereof.

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 vendors; 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 rate increases; 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 September 30, 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 news 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 September 30, 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.

Tags #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #NCU, #ProvenAndProbable, #RandyBuffington, NevadaCopper, proven and probable

Base Metals Exclusive Interviews Junior Mining Precious Metals Uncategorized

BOB MORIARTY – Are You Ready – Debt vs. Resources

Post author By admin
Post date February 12, 2023

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Junior Mining Lion One Metals Precious Metals

Lion One Receives US$23 Million from 1st Tranche of Nebari Financing Facility and Closes US$2 Million Equity Private Placement

Post author By admin
Post date February 10, 2023

North Vancouver, British Columbia–(Newsfile Corp. – February 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces the Company has completed its previously announced debt and equity financing transaction and has received total proceeds of US$25 million from: i) the funding of the US$23 million 1^st tranche (“Tranche 1“) of its previously announced US$37 million financing facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), and (ii) Nebari’s completion of a US$2 million equity private placement in the Company, for the development of Lion One’s 100% owned Tuvatu Alkaline Gold Project in Fiji (the “Equity Investment“).

In addition to Tranche 1, an additional US$12 million is available under the Financing Facility at Lion One’s option in up to two further tranches which may be drawn on by Lion One within 18 months of the date of the Financing Facility. The Equity Investment involved Nebari’s subscription for 3,125,348 common shares of Lion One (“Common Shares“) priced at CAD$0.86 per Common Share.

In connection with the funding of Tranche 1, 15,333,087 warrants (the “Warrants“) have been issued to Nebari with each Warrant exercisable into one Common Share at a price of CAD$1.49 for a period of 42 months from the date hereof. The Warrants are non-transferable and will be subject to an accelerator provision whereby the Borrower may accelerate the expiry date of up to 25% of the Warrants in the event that the volume weighted average trading price of the Common Shares exceeds 100% over the strike price for a period of twenty consecutive trading days on the TSX-V. Lion One has the option to accelerate the expiry of further 25% portions of the Warrants at four-month intervals, up to a maximum of 75% of the Warrants.

The Common Shares subscribed for pursuant to the Equity Investment and the Warrants will be subject to a hold period expiring May 11, 2023 in accordance with Canadian securities laws and policies of the TSX-V. Neither the Common Shares subscribed for pursuant to the Equity Investment nor the Warrants have been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at U and on the SEDAR website at www.sedar.com.

About Nebari
Nebari is a US-based investment manager specializing in privately offered pooled investment vehicles including Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP which are funding the Financing Facility to Lion One. The Nebari leadership team has deep experience with leading global mining companies and financial institutions and is known for partnering with motivated and capable management teams focused on achieving clear plan targets.

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154355

Tags #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #LIO, #LionOneMetals, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, #WalterBerukoff, proven and probable, Quinton Hennigh

Precious Metals

Strong China Demand Boosts Gold Rally

Post author By admin
Post date February 8, 2023

Month of January 2023

Indicator	1/31/2023	12/30/2022	Change	Mo % Chg	YTD % Chg	Analysis
Gold Bullion¹	$1,928.36	$1,824.02	$104.34	5.72%	5.72%	Best January since 2015, best three months since 2011
Silver Bullion²	$23.73	$23.95	($0.22)	(0.94)%	(0.94)%	First negative month since August
NYSE Arca Gold Miners (GDM)³	897.17	805.50	91.67	11.38%	11.38%	Now up 47.7% from the lows
Bloomberg Comdty (BCOM Index)⁴	111.80	112.81	(1.01)	(0.89)%	(0.89)%	Narrow range since August
DXY US Dollar Index⁵	102.10	103.52	(1.43)	(1.38)%	(1.38)%	Largest three-month drop since 2009
S&P 500 Index⁶	4,076.60	3,839.50	237.10	6.18%	6.18%	Breaking out from year-long downtrend
U.S. Treasury Index	$2,243.23	$2,188.39	$54.84	2.51%	2.51%	Oversold cyclical low
U.S. Treasury 10 YR Yield*	3.51%	3.87%	(0.37)%	-37 BPS	-37 BPS	Testing rising 200-day moving average
U.S. Treasury 10 YR Real Yield*	1.26%	1.57%	(0.31)%	-31 BPS	-31 BPS	Topping process
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)	760.17	749.00	11.18	1.49%	1.49%	First real uptick since summer selling
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)	93.17	93.75	(0.58)	(0.62)%	(0.62)%	Last positive month was April 2022

Source: Bloomberg and Sprott Asset Management LP. Data as of January 31, 2023.
*Mo % Chg and YTD % Chg for this Index are calculated as the difference between the month end’s yield and the previous period end’s yield, instead of the percentage change. BPS stands for basis points. **ETF holdings are measured by Bloomberg Indices; the ETFGTOTL is the Bloomberg Total Known ETF Holdings of Gold Index; the ETSITOTL is the Bloomberg Total Known ETF Holdings of Silver Index.

January Review

Gold had another strong month and the best start to a year since 2015 as spot gold rose $104.34 (or 5.72%) to close January at $1,928.36. While the gold price was supported by the decline in the U.S. dollar (USD) and real yields in January, the magnitude and persistence of the bid for gold were high. Gold bullion trading desks have confirmed this strong interest is a continuation of flow demand from China since early November 2022, and the estimated tonnages bought would align with the most significant numbers since 2017. Price action and trading desk anecdotes denote large buying from China’s “official sector” (possibly any combination of People’s Bank of China, central bank-related entities or state banks) for undisclosed reasons.

January was a solid month for risk assets as investment funds were underexposed for a positive, right-tail⁸ outcome. The significant left-tail risks of 2022 quickly faded or reversed as we headed toward the new year. In the U.S., fears of hyperinflation and additional Federal Reserve (“Fed”) rate hikes ended abruptly as the Fed signaled it would slow its rate hikes just as inflation data finally moderated. In Europe, a far warmer-than-expected winter prevailed, allowing the EU to dodge the worst of an energy-spiking-induced hard landing and associated stress events. After years of a strict zero-COVID policy, China quickly reversed to a full re-opening, instantly giving the world an unexpected growth shock. With all three major economic regions experiencing a sudden reversal from left-tail (negative) to right-tail (positive) outcomes, massive forced buying was triggered.Gold has outperformed U.S. Treasuries over the past two decades despite the bond market having the advantages of a dovish accommodative Fed.

Furthermore, with the pause in Fed rate hikes in sight, both the USD and interest rates declined sharply, easing financial conditions and paving the way for a rebound in many financial assets. Whether this rally is the beginning of the consensus-desired soft landing or yet another bear market rally remains to be seen. We expect that macro volatility will likely remain high in the months ahead.

Gold Bullion Update

Gold bullion since the autumn lows, based on a three-month rate of change, had the most significant increase since 2011. Since the lows, the gold price has broken through technical resistance levels and Fibonacci retracement levels⁹ with remarkable ease, reinforcing the evidence that the buyer(s) are not likely financial market types. From gold’s early November lows of approximately $1,625 to $1,775, the price action has the look and feel of short covering in the face of an aggressive buyer. But since gold has reached the $1,775 level, the narrow up-channel and low bid-ask dispersion indicate a persistent large bid in gold that is not concerned with market-related overbought conditions. Lastly, the weekly Relative Strength Index (RSI)¹⁰ put in a positive divergence during the autumn lows and has broken above the RSI downtrend line (lower panel of Figure 1).

Figure 1. Gold Bullion Rally with Technical Strength

Gold Bullion Rally
Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Gold Investment Positioning Remains Low

Despite the rise in gold, the long gold CFTC(Commodity Futures Trading Commission) net non-commercial positions and ETF holdings remain muted, like a deer caught in a headlight (Figure 2). Gold held in ETFs (mainly retail and smaller funds) remain near +2.5-year lows and has not shown any buying indication yet. CFTC non-commercial long gold positioning, too, remains near the low end of its 10-year range. Neither of these two sources of investment “longs” is likely to sell off further as they are more trend-following than leading. The last source of investment flows, short positions, are even less likely to add to selling flows. Firstly, there is no overriding primary bearish macro driver (interest rate hikes are near the end, and the USD is weakening); secondly, shorting into massive buying is outright dangerous. The combined CFTC gold longs plus ETF gold holdings are now at their -2 standard deviation lows (lower panel, Figure 2) with macro drivers positive and massive buying from China and central banks. The risk from long positioning remains skewed to increasing longs, not divestment.

Figure 2. Gold Investment Demand Remains Muted

Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

U.S. Dollar Strength and U.S. Treasury Liquidity Functioning

The US Dollar Index (DXY) reached the upper end of its 16-year-long uptrend and has now fallen at a remarkable pace last seen in the volatile years of 2008 to 2010. The 3-month rate of change of DXY has recorded its second sharpest decline in the past 20 years. This dramatic fall in the USD has also eased financial conditions, creating a powerful tailwind for gold and other risk assets. Typically, policy coordination comes to mind when currencies sharply reverse from levels detrimental to market functioning quickly, with such high correlations. Unfortunately, if policymakers have decided on a coordinated USD strength reduction policy, we won’t know until much later when it becomes evident in hindsight.

The Bloomberg US Government Securities Liquidity Index (a measure of liquidity condition for U.S. Treasuries) surpassed the crisis levels of March 2020, the last time the Fed was forced to intervene to restore market functioning with interest rate cuts, liquidity injections, swap facilities, etc. Generally, a strong USD reduces systematic market liquidity, and Figure 3 highlights this relationship. The U.S. Treasury Market is the world’s largest and most liquid market. If it were to cease functioning properly, the spillover effects could be catastrophic in an overleveraged financial system under the wrong conditions. We would expect the days of runaway USD strength will not be allowed due to liquidity functioning alone.

Figure 3. U.S. Dollar Index and U.S. Treasury Liquidity Index

Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Foreign Selling of U.S. Treasuries is Accelerating

Foreign holdings of U.S. Treasuries as a percentage of total holdings peaked in 2013, a decade ago. Most of this time, the Fed provided QE (quantitative easing) programs, negating the need for foreign funding of Treasuries. In Figure 4, we highlight foreign ownership of U.S. Treasuries and the rapidly decreasing percentage of foreign ownership of U.S. Treasuries. In March 2022, foreign holders saw notable selling (~$516 billion). There were several reasons, including 1) the Fed ending its latest QE program; 2) geopolitics (the Russia-Ukraine war and intensifying de-globalization; 3) the start of an aggressive string of Fed rate hikes along with tightening by other central banks; 4) USD weaponization had been occurring for several years, but the seizure of Russia’s foreign exchange (FX) reserves was likely the final straw. After these events, U.S. Treasury Liquidity began to deteriorate, even worse than in March 2020. Without liquidity support for U.S. Treasuries, the probability of another QE program (or a variation built around YCC, i.e., yield curve control) within the next few years is no longer remote, even in the face of high inflation.

Figure 4. Foreign Buyers are Dumping U.S. Debt

Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

China Replacing U.S. Treasuries with Gold?

Since 2008, China has been the largest foreign holder of U.S. Treasuries. Though the peak has been in place since 2013, China has recently accelerated its selling of Treasuries. The reason for China selling U.S. Treasury securities are varied and not disclosed. Still, since the U.S. sanctioned Russia’s FX reserves, China has a tremendous incentive to diversify its foreign exchange reserves. Figure 5 highlights the cumulative change in China’s gold imports and U.S. Treasures since 2018, measured in USD. 2018 was the first year of the U.S.-China trade war. The recent accelerated selling in U.S. Treasuries occurred at the start of the Russia-Ukraine war and in response to sanctions on Russia’s FX reserves. We expect China to continue reducing its U.S. Treasuries holdings as the economic war extends and intensifies, and the risk of future U.S. sanctions on China’s FX reserves remains present.

Since 2018, we estimate that China has sold $310 billion of U.S. Treasuries ($199 billion in 2022 alone) and has imported $230 billion of gold. China is estimated to have the seventh-largest global bond market, with the top six positions held by the U.S. and its allies. The list of the most liquid tradeable currencies has the same size ranking. In terms of market liquidity, safety as outside money and convertibility (sanctions resistant), gold remains a highly desirable asset for China.

Figure 5. China Buys Gold and Sells U.S. Bonds

Figure 5. China Selling U.S. Treasuries and Buying Gold
Source: Bloomberg. Data as of 11/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

Japan Yield Curve Control (YCC) and Selling U.S. Treasuries

The Bank of Japan (BoJ) began yield curve control in 2016 (0.25% cap on its 10-year yield) to achieve an inflation target of 2% and stimulate economic growth by controlling long-term interest rates. By late 2022, the BoJ did “technically” achieve its goals, although not the hoped-for “virtuous growth cycle” outcome. However, the costs were enormous as global yields soared while Japanese government bond (JGB) yields were capped at 0.25% by the BoJ. The yen had fallen in value by 22.5%, driving import cost inflation so high that the Ministry of Finance had to intervene in the currency market to defend the yen, while at the same time, the BoJ continued with YCC weakening the yen. If this makes no sense, then you have read this correctly.

In December 2022, in a surprise move, the BoJ lifted the YCC cap to 0.50% from 0.25%, signaling to the market that the BoJ YCC had likely reached its best-before date. Since then, the yen has strengthened by ~15%, contributing to USD weakness. Capping JGB yields in the second half of 2022 as global yields soared required massive purchases of JGBs via quantitative easing. This 2H 2022 QE event was a monetary stimulus of 76 trillion yen or $550 billion (~14% of GDP, i.e., gross domestic profit). The end of this stimulus is likely to act as a defacto global tightening. Raising the yield cap also removed a global “low-yield anchor” on global rates. Not only is this yield anchor fading, but Japanese institutional investors, one of the world’s largest foreign bond buyers, are returning to JGBs. Year to date as of this writing, U.S. Treasury holdings in Japan have declined ~$220 billion since the start of 2022. For various reasons, the two largest holders of U.S. Treasuries have sold $420 billion, or 17.5% of their combined holdings, in 2022.

Foreign selling of U.S. Treasuries is increasing, and the Fed in quantitative tightening (QT )mode leaves U.S. domestic investors as the primary buyers for U.S. Treasuries. Maintaining U.S. Treasury liquidity is now more critical than ever, and the looming debt ceiling standoff will be the next challenge. For gold, the immediate bullish catalyst is a weaker USD and lower real yields. Rising JGB yields will lead to higher U.S. nominal yields but lower breakeven yields (removal of stimulus weakens growth), resulting in lower real yields.

Figure 6. U.S. Treasuries Held by Japan and China, $Billions

Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Gold vs. Bonds, Heresy Anyone?

Thus far in 2023, there have been near-record capital inflows into the bond market after 2022 recorded the worst year for bond returns in 48 years of available data. In Figure 7a, we update the gold bullion to the U.S. Treasury Index ratio, highlighting that gold has outperformed over the past several years since 2016 and even over the past 20 years. The gold-Treasury ratio is testing the upper resistance level, and we expect an eventual break higher. Figure 7b highlights the performance of gold versus U.S. equities and U.S. bonds over the past five and 20 years, with performance and portfolio metrics highlighting how well gold has performed and behaved.

Despite these positive metrics, gold is still not widespread in investment portfolios. In the past five years, gold compared to both equities and bonds, has a better Sharpe ratio (risk-adjusted return), a better Sortino ratio (lower downside volatility) and the lowest market correlation (increased diversification).

Gold has outperformed U.S. Treasuries over the past two decades despite the bond market having the advantages of a dovish accommodative Fed (QE, ZIRP, NIRP)¹¹ with volatility-destroying practices (forward guidance, Fed put). Furthermore, most of the past 20 years were dominated by low inflation, low macro volatility, negative stock-bond correlations, etc., all favoring bond performance. In our 2023 Top 10 Watch List, we highlighted several significant macro changes underway, all pointing to higher inflationary pressures and increasing volatility. If gold outperformed U.S. Treasuries in the past decades, we believe the chances are excellent that it is likely to do so in the next several years.

Figure 7a. Gold to U.S. Treasury Index Ratio: Gold Significantly Outperforming U.S. Treasuries

Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Figure 7b. Gold vs. Equities and Bonds: 5 & 20-Year Returns and Metrics

Dec. 2017 to Dec. 2022	5 YR CAGR*	Standard Deviation	Max Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
U.S. Stock Market	8.67%	19.06%	-24.94%	0.46	0.68	1.00
Total U.S. Bond Market	0.02%	5.09%	-17.57%	-0.23	-0.29	0.34
Gold	6.86%	13.45%	-18.06%	0.47	0.85	0.16

Dec. 2002 to Dec. 2022	20 YR CAGR*	Standard Deviation	Max Drawdown	Sharpe Ratio	Sortino Ratio	Market Correlation
U.S. Stock Market	9.52%	15.29%	-50.89%	0.59	0.87	1.00
Total U.S. Bond Market	3.06%	3.95%	-17.57%	0.48	0.7	0.12
Gold	8.65%	16.87%	-42.91%	0.51	0.83	0.08

*CAGR refers to compound annual growth rate.

1	Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
2	Silver bullion is measured by Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
3	The NYSE Arca Gold Miners Index (GDM) is a rules-based index designed to measure the performance of highly capitalized companies in the Gold Mining industry.
4	The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indices.
5	The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
6	The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
7	Any event that is extremely rare, beyond the sixth standard deviation in a normal distribution, is known as a six sigma event.
8	Source: Investopedia. Tail risk is the chance of a gain/loss occurring due to a rare event, as predicted by a probability distribution. Right-tail risks are associated with substantial investment gains, while left-tail risks are associated with unexpected losses.
9	Source: Investopedia. Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points.
10	Source: Investopedia. The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions.
11	QE-ZIRP-NIRP is Fed speak and refers to “quantitative easing”, “zero interest rate policy” and “negative interest rate policy”.

Paul Wong, CFA, Market Strategist
Paul has held several roles at Sprott, including Senior Portfolio Manager. He has more than 30 years of investment experience, specializing in investment analysis for natural resources investments. He is a trained geologist and CFA holder.
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Tags #JuniorMining, #MilesFranklin, maurice jackson, proven and probable

Base Metals Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Intersects 9.46 g/t Au over 7.45m in the Southwest Zone

Post author By admin
Post date February 2, 2023

Widths of Mineralized System Expanded Significantly

Vancouver, British Columbia–(Newsfile Corp. – February 2, 2023) – 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:

Hole MMD-22-063 has confirmed the presence of high-grade mineralization within the previously perceived low grade and low tonnage Southwest Zone and shown the zone to be almost 300 meters wide. Best intercepts include:
- 1.60 g/t Au over 57.5m from 230.5m depth in MMD-22-063 including:
  - 9.46 g/t Au over 7.45m from 234.0m
- 1.18 g/t Au over 18.25m from 387.75m
Results for thirteen holes drilled to explore the northern and southern flanks of the mineralized shear zone system in the Main Zone have expanded the cumulative width of multiple, close-spaced, high-grade gold shears by 150-200 meters to over 550 meters at the Main Zone with best intercepts of:
- 0.93 g/t Au over 126.0m from 467.0m depth in MMD-22-059 including:
  - 1.64 g/t over 48.0m from 513.0m
- 3.67 g/t Au over 13.65m from 612.35m
- 1.05 g/t Au over 34.0m from 257.0m depth in MMD-22-088 including:
  - 1.51 g/t Au over 15.0m from 276.0m
- 1.84 g/t Au over 14.95m from 483.05m

President and CEO, Brett Richards, stated: “These results once again support our thesis that the size and scale of the Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate (“MRE”) in April 2023, followed by a preliminary economic assessment (“PEA”) on the updated resource. We continue to find additions to the resource on step out holes laterally and along strike from the historic resource profile, and we look to continue to explore the impact of these additions to the resource model, as well as guiding us in future drill targets.”

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-063. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to the current Mineral Resource and highlighting the additional shears.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/153300_2909b97504e5db83_002full.jpg

Figure 2: Drill section through MMD-22-063 relative to the current Mineral Resource and highlighting the additional shears and potential to significantly deepen the open pit shell.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/153300_2909b97504e5db83_003full.jpg

Results have been received for MMD-22-063, which was the final hole from the first pass drill pattern at the Southwest Zone. The hole infills two previous holes and has shown that there is continuity to the high-grade core of the zone. In addition to the high-grade lenses highlighted above, the hole also intersected multiple lenses of lower grade mineralization throughout the hole including 0.58 g/t Au over 23.2m from 27.9m, 0.81 g/t Au over 20.6m from 355m, and 0.55 g/t Au over 7.95m from 417.05m. These confirm the increased tonnage potential in the Southwest Zone with mineralization above the low-grade cutoff of 0.40 g/t Au used for the current mineral resource estimate over a zone that is almost 300 meters wide.

A second pass drill pattern over the Southwest zone was completed in January, infilling the newly discovered high-grade shears and exploring for additional shears.

Results have also been received for thirteen holes that have explored the edges of the Main Zone on its northern and southern flanks. Six holes targeted the northern side of the shear system, and seven holes targeted the southern side. These holes intersected high-grade shears over a zone that is 200 meters wider than previously understood, making the main zone over 550 meters wide at its widest point.

As with the center of the Main Zone, these shears lie within broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.84 g/t Au over 37m from 608m in MQD-22-058; 0.33 g/t Au over 35.65m from 231.35m, 0.42 g/t Au over 34m from 273m and 0.86 g/t Au over 126m from 467m in MMD-22-059; 0.58 g/t Au over 75m from 543.5m in MMD-22-060; 0.91 g/t Au over 33m from 257m in MMD-22-088; 0.58 g/t Au over 75m from 422m in MMD-22-089; 0.39 g/t Au over 40.5m from 453.8m in MQD-22-091; and 0.72 g/t Au over 15m from 207 in MMD-22-095.

The shears in the north and south were sparsely drilled by historical drill holes and represent opportunity to potentially expand the mineral resource and to properly understand the mineralizing system.

A detailed review of current and previous high-grade intercepts has identified various gold, silver, and bismuth bearing tellurides across all three zones of the Moss Lake Gold Project deposit. The tellurides have been located within pyrite±-chalcopyrite bearing quartz-chlorite-carbonate veins and sulphide-rich hydrothermal breccias previously identified in the vein paragenesis to be emplaced near the end of deformational history. Identifying and outlining the late structural events will allow for enhanced targeting of the high-grade portions of Moss Lake Gold Project and will assist in refining generative targets by focusing on preferred horizons for these structures to occur.

Figure 3: Tellurides identified at 234.1m of MQD-21-009 within a py+cpy bearing undulating qt+ch±cb shear vein. The sample yielded 39.7g/t Au, 73.7g/t Ag, 63.5g/t Te over 0.9m.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/153300_2909b97504e5db83_004full.jpg

Pete Flindell, VP Exploration for Goldshore, said, “The high-grade drill results in the Southwest Zone provide confidence that this area has significant resource potential. The results along the northern and southern flanks of the Main Zone also represent a significant expansion to the width of the mineralized zone, which should assist our goal of potentially expanding the mineral resource and improving its quality in early Q2.”

Table 1: Significant downhole gold intercepts

HOLE ID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MMD-22-058	314.00	321.00	7.00	4.1	0.41	0.41
	374.90	392.30	17.40	10.3	0.36	0.36
	466.00	468.30	2.30	1.4	0.38	0.38
	491.70	505.00	13.30	8.1	0.39	0.39
	517.00	519.00	2.00	1.2	0.35	0.35
	553.45	574.45	21.00	13.3	0.37	0.37
	593.00	595.00	2.00	1.3	0.37	0.37
	608.00	645.00	37.00	23.9	0.87	0.87
including	614.00	621.00	7.00	4.5	1.40	1.40
and	628.00	636.00	8.00	5.2	1.04	1.04
and	641.00	645.00	4.00	2.6	1.54	1.54

MMD-22-059	231.35	307.00	75.65	51.8	0.36	0.36
including	236.00	239.20	3.20	2.2	1.01	1.01
and	280.00	284.00	4.00	2.7	1.45	1.45
	342.00	348.00	6.00	4.2	0.36	0.36
	361.00	392.00	31.00	22.0	0.36	0.36
	467.00	593.00	126.00	92.3	0.93	0.93
including	475.60	484.70	9.10	6.6	1.50	1.50
and	504.65	509.30	4.65	3.4	1.08	1.08
and	513.00	561.00	48.00	35.3	1.64	1.64
	612.35	626.00	13.65	10.2	2.56	3.67

MMD-22-060	95.20	102.00	6.80	3.5	0.40	0.40
	336.95	346.00	9.05	5.1	0.31	0.31
	361.10	379.00	17.90	10.2	0.70	0.70
including	364.00	368.10	4.10	2.3	2.14	2.14
	475.80	481.10	5.30	3.1	0.39	0.39
	543.50	569.00	25.50	16.1	0.79	0.79
	584.00	592.15	8.15	5.2	0.46	0.46

MMD-22-061	113.55	121.00	7.45	3.9	0.30	0.30
	125.25	130.00	4.75	2.5	0.31	0.31
	213.00	216.40	3.40	1.9	0.38	0.38
	234.95	237.00	2.05	1.1	0.46	0.46
	331.65	343.30	11.65	6.7	0.58	0.58
	449.00	455.10	6.10	3.6	0.39	0.39
	460.00	462.00	2.00	1.2	0.64	0.64
	570.00	593.00	23.00	14.5	0.31	0.31

MMD-22-063	27.90	51.10	23.20	15.0	0.58	0.58
including	39.00	41.95	2.95	1.9	1.45	1.45
	165.00	169.00	4.00	2.7	0.53	0.53
	230.50	288.00	57.50	42.0	1.60	1.60
including	234.00	241.45	7.45	5.4	9.46	9.46
	328.00	330.00	2.00	1.5	0.89	0.89
	355.00	375.60	20.60	15.5	0.81	0.81
including	357.00	360.00	3.00	2.2	3.57	3.57
and	373.00	375.60	2.60	2.0	1.28	1.28
	387.75	406.00	18.25	13.8	1.18	1.18
	417.05	425.00	7.95	6.0	0.55	0.55
	544.00	546.00	2.00	1.6	0.31	0.31

MMD-22-068	17.15	23.00	5.85	2.9	0.34	0.34
	307.00	327.00	20.00	11.8	0.42	0.42
	337.10	341.40	4.30	2.5	0.45	0.45
	347.95	350.55	2.60	1.5	0.44	0.44
	361.00	376.00	15.00	9.0	0.61	0.61
including	370.00	373.00	3.00	1.8	1.78	1.78
	570.40	581.30	10.90	7.1	0.32	0.32
	625.55	672.00	46.45	31.3	0.35	0.35

MMD-22-069	57.00	63.00	6.00	3.3	0.77	0.77
	266.50	276.00	9.50	6.5	0.52	0.52
	525.00	530.00	5.00	3.5	0.35	0.35
	540.15	545.00	4.85	3.4	0.45	0.45
	567.00	569.95	2.95	2.1	0.61	0.61
	581.90	588.20	6.30	4.5	0.32	0.32

MMD-22-071	629.85	633.80	3.95	3.0	0.45	0.45

MMD-22-084	194.00	213.15	19.15	14.9	0.53	0.53
including	198.00	203.00	5.00	3.9	1.32	1.32
	229.00	231.00	2.00	1.6	0.47	0.47
	255.00	258.50	3.50	2.8	1.74	1.74
	292.55	294.55	2.00	1.6	0.43	0.43
	399.00	403.65	4.65	3.8	0.96	0.96

MMD-22-088	55.25	58.05	2.80	2.0	0.31	0.31
	111.00	115.55	4.55	3.3	0.31	0.31
	149.00	166.00	17.00	12.8	0.45	0.45
	179.00	186.00	7.00	5.3	0.41	0.41
	209.70	222.00	12.30	9.4	0.46	0.46
	257.00	291.00	34.00	26.3	1.05	1.05
including	276.00	291.00	15.00	11.6	1.51	1.51
	432.00	434.00	2.00	1.6	0.46	0.46
	444.95	468.10	23.15	18.5	0.32	0.32
	483.05	498.00	14.95	12.0	1.84	1.84
including	483.05	496.00	12.95	10.4	2.04	2.04

MMD-22-089	302.10	309.00	6.90	5.1	0.63	0.63
including	307.00	309.00	2.00	1.5	1.30	1.30
	321.00	334.80	13.80	10.3	0.34	0.34
	390.00	392.00	2.00	1.5	0.41	0.41
	422.00	497.00	75.00	58.4	0.59	0.59
including	431.00	433.00	2.00	1.5	3.66	3.66
and	444.00	456.00	12.00	9.3	1.05	1.05
and	478.00	488.00	10.00	7.8	1.19	1.19

MMD-22-091	153.70	162.55	8.85	6.1	0.53	0.53
	201.00	206.95	5.95	4.2	0.42	0.42
	363.55	378.00	14.45	10.7	0.32	0.32
	397.00	401.55	4.55	3.4	0.45	0.45
	453.80	494.30	40.50	30.8	0.41	0.41

MMD-22-093	473.25	481.00	7.75	6.0	0.61	0.61
	496.00	512.80	16.80	13.2	0.44	0.44
including	509.25	512.80	3.55	2.8	1.05	1.05
	523.00	525.25	2.25	1.8	3.04	3.04
	551.00	555.20	4.20	3.3	0.32	0.32
	587.20	606.20	19.00	15.1	0.33	0.33
	617.40	620.55	3.15	2.5	0.33	0.33
	628.00	630.80	2.80	2.2	0.56	0.56

MMD-22-095	161.20	167.45	6.25	4.4	1.10	1.10
including	163.00	165.00	2.00	1.4	2.41	2.41
	186.30	190.00	3.70	2.6	0.33	0.33
	207.00	222.00	15.00	10.7	0.72	0.72
including	211.65	215.05	3.40	2.4	1.56	1.56
	267.00	276.00	9.00	6.5	0.46	0.46
including	274.00	276.00	2.00	1.4	1.61	1.61
	373.60	376.15	2.55	1.9	0.44	0.44
	412.50	418.00	5.50	4.1	0.71	0.71
Intersections calculated above at 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MMD-22-058	668,743	5,379,407	454	153°	-60°	645.00
MMD-22-059	668,819	5,379,436	439	154°	-50°	648.00
MMD-22-060	668,909	5,379,474	436	155°	-60°	600.05
MMD-22-061	669,091	5,379,558	448	155°	-60°	600.00
MMD-22-063	668,481	5,378,460	439	148°	-50°	563.00
MMD-22-068	669,177	5,379,614	455	154°	-60°	699.10
MMD-22-069	669,254	5,379,629	445	151°	-59°	600.00
MMD-22-071	669,077	5,378,242	432	335°	-51°	648.00
MMD-22-084	668,973	5,378,574	428	337°	-45°	414.15
MMD-22-088	669,031	5,378,642	431	336°	45°	498.00
MMD-22-089	668,972	5,378,560	428	314°	-51°	497.90
MMD-22-091	669,172	5,378,762	431	332°	-49°	494.30
MMD-22-093	669,018	5,378,463	430	289°	-50°	651.00
MMD-22-095	669,090	5,378,690	428	345°	-45°	420.00
Approximate collar coordinates in NAD 83, Zone 15N

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% 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.

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.

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; an updated mineral resource estimate and the timing thereof; completion of a PEA and the timing thereof, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153300

Tags #GoldShoreResources, #GSHR, #JuniorMining, #MossLakeProject, Brett Richards, canadian gold company stocks, gold stocks to buy

Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Updates Copper Values at Black Copper

Post author By admin
Post date January 31, 2023

Burlington, Ontario–(Newsfile Corp. – January 31, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to update the assay results from its Black Copper occurrence, reported earlier on January 31, 2023.

In SBMI’s January 17, 2023 press release, SBMI advised third part geologic consultants including the QP had visited the Black Copper occurrence in late November and early December, 2022. Black Copper is situated on SBMI’s Black Diamond property roughly one point five kilometres south of the Buckeye Mine and is referred to in the January, 2021 Geologic Report. Samples from Black Copper were taken and reported the following results:

Sample number	Au (ppb)	Cu ppm
342151	615	>1000
342152	192	>1000
342153	941	>1000
342154	654	>1000

The over-detection limit for copper on these samples was 1000 parts per million. These four samples were sent for further analysis which returned:

Sample number	Cu ppm	Cu %
342151	22400	2.24
342152	37400	3.740
342153	34000	3.400
342154	54900	5.490

The press release from earlier today incorrectly stated the values in parts per million as a result of manual data entry into the press release. A copy of the Actlabs certificates for these samples is attached.

QAQC For SBMI

All the samples above were collected by Robert Komarechka and John Corkery. Samples were collected and placed in sample bags with their appropriate tag and personally taken to the courier and shipped to Actlabs in Thunder Bay, Ontario for assaying. Certified standards and blanks were used both by the Company and Actlabs.

All samples analyzed by Actlabs were by Fire Assay ICPOES (Induced coupled plasma arc with optical emission spectroscopy).

The multi-element analysis was by digestion with a combination of hydrochloric, nitric, perchloric and hydrofluoric acids.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

With respect to the Company’s press release concerning seeking an extension of the Warrants (as that term is defined in that release), SBMI advises it is seeking an extension on a total of 8,528,081 Warrants with new expiry dates ranging from February 6, 2024 to July 8, 2024.

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153061

Tags #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #MilesFranklin, #PreciousMetals, #ProvenAndProbable, maurice jackson, proven and probable, Quinton Hennigh

Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Step-Out Drilling Confirms a Significant Southern Zone of Near Surface High-Grade Mineralization Including 32 Metres at 10.48 g/t Gold Equivalent

Post author By admin
Post date January 31, 2023

Drill hole APC-29 intercepted the highest grade near-surface copper-silver-gold mineralization encountered to date at the Main Breccia system at the Apollo target (“Apollo”) yielding 32 metres @ 10.48 g/t gold equivalent from 80 metres vertical. This hole was designed to test directly below where the Main Breccia system daylights at surface in the southern part of the system and to follow up on recently announced results for hole APC-22, which intersected 47.25 metres @ 5.45 g/t gold equivalent (see press release dated January 11, 2023). Further down-hole in APC-29, a broad zone of mineralization was encountered averaging 214.4 metres @ 1.04 g/t gold equivalent. APC-29 had to be abandoned short of target depth due to a fault while still in mineralization with the final 0.5 metre sample assaying 1.72 g/t gold, 39 g/t silver and 0.1% copper.

Drill hole APC-25 was designed as a step out hole along strike of the near surface high-grade zone of mineralization and intersected 106.85 metres @ 2.31 g/t gold equivalent starting at 65 metres vertical below surface. As a result, APC-25 has confirmed a shallow, westward expansion to the Main Breccia system and an apparent thickening to the high-grade near surface mineralized zone as the system is traced to the west.

Hole APC-26 was drilled to the northeast from Pad 4 and confirmed continuity of mineralization in that direction returning 136.9 metres @ 1.51 g/t gold equivalent contained within 311.2 metres at 1.04 g/t gold.

The phase II drilling program is underway with three rigs currently operating focused on testing near surface mineralization and expanding the dimensions of the Main Breccia system. Assay results are expected in the near term for the final three holes of the 2022 program, including westwards step-out hole APC-28, which cut more than 600 metres of continuous mineralization. Additionally, the first hole of the Phase II program is now complete, and core has been dispatched to the lab for assaying.

Ari Sussman, Executive Chairman commented: “Not only is the Main Breccia system at Apollo a large, bulk tonnage deposit but it now appears to host an outcropping and shallow zone of high-grade mineralization, which clearly enhances the value of this exciting discovery. Based on surface sampling, the system appears to daylight over an area measuring approximately 150 metres in diameter and remains open for expansion. The Main Breccia system is truly evolving into a brand-new world-class discovery right in the heart of a prolific mining camp with continuous precious metal production dating back more than 500 years.”

TORONTO, Jan. 31, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia discovery at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems.

Details (See Table 1 and Figures 1–6)

Assay results for twenty-eight diamond drill holes have now been announced at Apollo with results for additional holes expected in the near term. This press release announces results of three diamond drill holes with results summarized below.

APC-25 was drilled to the northwest from Pad 3 to a maximum depth of 215.80 metres and intersected a shallow, western extension to the Main Breccia discovery averaging:

106.85 metres @ 2.31 g/t gold equivalent consisting of 0.81 g/t Au, 30 g/t Ag, 0.62% Cu and 30 ppm Mo beginning at 73 metres downhole (65 metres vertical).

The mineralized angular breccia of this intercept contains a sulphide matrix which includes 1.5% to 2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted by a zone of carbonate and base metal (sphalerite and galena) veins, which host higher gold grades and returned an interval of 14 metres grading 3.65 g/t gold equivalent. APC-25 is the westernmost hole drilled into the Main Breccia discovery and demonstrates that the mineralization is open and is thickening in this direction. Drill holes have been designed to continue to step-out to the west to expand upon this high grade and near surface mineralization.

APC-26 was drilled northeast from pad 4 and confirms continuity within the Northern Extension Zone of the Main Breccia system, as previously defined in holes APC-17 and APC-22. The hole was drilled to a maximum downhole length of 813.7 metres and intercepted:

311.2 metres @ 1.04 g/t gold equivalent consisting of 0.74 g/t Au, 16 g/t Ag, 0.05% Cu and 10 ppm Mo from 415 metres down hole.

Gold and silver mineralization relates to sulphides hosted within the angular breccia matrix including pyrite (1%-3%), pyrrhotite (1%-2%) and chalcopyrite (0.5%-1%). A higher-grade sub-zone was encountered within the mineralized intercept averaging 136.9 metres at 1.51 g/t gold equivalent and is characterized by an increase in overprinting low and intermediate sulphidation, carbonate base metal (“CBM”) vein material including visible sphalerite and galena.

APC-29 was drilled to the north-northeast from Pad 3 to a maximum depth of 644.8 metres and intercepted three mineralized zones before the hole was abandoned short of target depth due to a complicated fault structure. The two shallow zones within this hole are located directly beneath mineralized surface outcrops with the initial 32.0 metre intercept of mineralization beginning at 111.3 metres downhole (80 metres vertical), and the second 8.65 metre mineralized zone starting at 194.8 metres downhole (143 metres vertical). These high-grade gold, silver, and copper shallow zones of mineralization are hosted within a matrix of angular quartz diorite breccia with the sulphide component consisting of chalcopyrite (0.5%-2%), pyrite (0.5%-2%) and pyrrhotite (0.5-1%). Finally, the third zone, which starts at 343.8 metres downhole (318 metres vertical) intersected more 301 metres of continuous mineralization including a higher-grade subzone over 214.4 metres. The sulphide mineralization within the breccia matrix of this intercept contained pyrrhotite (0.5%-2.5%), pyrite (1%-3%) and multiple zones of sheeted CBM vein material, which are predominantly sphalerite rich with minor galena. The following intercepts are summarized from APC-29:

32.00 metres @ 10.48 g/t gold equivalent consisting of 9.23 g/t Au, 60 g/t Ag, 0.44% Cu and 30 ppm Mo from 89.25 metres downhole (80 metres vertical depth).
8.65 metres @ 2.26 g/t gold equivalent consisting of 0.57 g/t Au, 82 g/t Ag, 0.27% Cu and 10 ppm Mo from 194.80 metres downhole (143 metres vertical depth).
214.40 metres @ 1.04 gold equivalent consisting of 0.77 g/t Au, 14 g/t Ag, 0.05% Cu and 10 ppm Mo from 343.80 metres downhole (318 metres vertical depth), which includes 98.20 metres @ 1.26 g/t gold equivalent.

The Company’s Phase II, 2023 program is well underway with two rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system while simultaneously targeting expansion to the overall dimensions of the system to the west, northwest, north and northeast. Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo and reconnaissance drilling is underway to test a recently discovered porphyry target.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia discovery and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.

Table 1: Apollo Target Assays Results for Holes APC-25, APC-26 and APC-29

HoleID	From (m)	To (m)	Intercept (m)	Au (g/t)	Ag (g/t)	Cu %	Mo %	AuEq(g/t) *	CuEq(%) *
APC-25	73.00	179.85	106.85	0.81	30	0.62	0.003	2.31	1.26
Incl.	111.00	125.00	14.00	2.00	35	0.75	0.005	3.65	2.00
APC-26	415.00	726.20	311.20	0.74	16	0.05	0.001	1.04
incl.	415.00	551.90	136.90	1.14	20	0.06	0.001	1.51
APC-29	111.30	143.30	32.00	9.23	60	0.44	0.003	10.48
and	194.80	203.45	8.65	0.57	82	0.27	0.001	2.26
and	343.80	644.80	301.00	0.63	14	0.05	0.001	0.90
Incl.	343.80	558.20	214.40	0.77	14	0.05	0.001	1.04
Incl.	460.00	558.20	98.20	1.26	15	0.04	0.001	1.51

* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-25, APC-26 and APC-29 (CNW Group/Collective Mining Ltd.)

Figure 2: Up Close View of Drill Holes Intersecting the Shallow, High-Grade Southern Zone Within the Main Breccia System at Apollo (CNW Group/Collective Mining Ltd.)

Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)

Figure 4: Core Photo Highlights from Drill Hole APC-25 (CNW Group/Collective Mining Ltd.)

Figure 5: Core Photo Highlights from Drill Hole APC-26 (CNW Group/Collective Mining Ltd.)

Figure 6: Core Photo Highlights from Drill Hole APC-29 (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

Tags #AriSussman, #Guayabales, #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #MauriceJackson, #PreciousMetals, #ProvenAndProbable, canadian gold stocks list, CNL, Collective Mining, InvestingInColombia

Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Seeks to Extend Warrants

Post author By admin
Post date January 30, 2023

Burlington, Ontario–(Newsfile Corp. – January 30, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces it is applying to the TSX Venture Exchange to extend all warrants related to the Company’s $0.30 round of financing (the “Warrants”). The Warrants have a two-year term, are exercisable at $0.50 (fifty cents) and were issued in various tranches from February 6, 2021 to July 8, 2021.

The Company is seeking regulatory approval to extend all Warrants for one additional year from their original expiry dates.

With respect to the Arizona mining and milling operations, SBMI expects to be able to make further disclosure within two weeks.

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

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 pathogen; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

The Issuer has not based its production decision on current resources or the results of a pre-feasibility study of mineral resources to establish mineral reserves demonstrating technical and economic viability. Significant uncertainty exists on the presence of any economic mineable material.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152930

Tags #BuckeyeMine, #JuniorMining, #MauriceJackson, #ProvenAndProbable, #SBMI, #WashingtonMine, John Carter

Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Drills 1,540 g/t Ag Eq over 1.63 meters within 20.9 meters of 230 g/t Ag Eq at Keno Silver Project in Yukon, Canada

Post author By admin
Post date January 30, 2023

VANCOUVER, BC / ACCESSWIRE / January 30, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce additional results from the 2022 field program at the Keno Silver project in the historic Keno Hill silver district of the Yukon: Canada’s most important silver mining district. These results cover the West Keno area and represent the second in a series of results to be released from the Company’s 2022 exploration program, which included 3,265 meters (“m”) of diamond core drilling in 23 drill holes focused on expansion of advanced stage, “resource-ready” targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023.

Exploration in 2022 at West Keno focused on drilling at the advanced-stage Formo target, which produced silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver¹. Formo is a significant inholding within the neighbouring Hecla Mining property and is on trend with the historic Hector-Calumet Mine, which produced nearly 100 million ounces of silver making it the largest individual mine in the district¹.

2022 West Keno Exploration highlights

High-grade silver (“Ag”), lead (“Pb”) and zinc (“Zn”) mineralization was encountered in five of seven holes (See Table 1). Both high-grade Ag-Pb-Zn vein-style mineralization and broader zones of moderate grade Ag-Pb-Zn mineralization were encountered.
A total of 40 high-grade samples of over 100 g/t silver equivalent (“Ag Eq”) were intercepted in the 2022 West Keno drilling, including:
- FOR22-01, 0.54 m @ 2,291 g/t Ag Eq (1,139 g/t Ag, 18.32% Pb, 14.79% Zn)
- FOR22-02, 0.5 m @ 1,025.1 g/t Ag Eq (14 g/t Ag, 0.07% Pb, 23.36% Zn)
- FOR22-04, 1.63 m @ 1,536.2 g/t Ag Eq (1,049.5 g/t Ag, 4.21% Pb, 9.45% Zn)
- FOR22-04, 0.64 m @ 2,127.9 g/t Ag Eq (1,358 g/t Ag, 4.16% Pb, 16.42% Zn)
- FOR22-05, 0.5 m @ 1,215.3 g/t Ag Eq (850 g/t Ag, 7.65% Pb, 3.97% Zn)
All five holes encountering significant silver mineralization in 2022 also intercepted broad bulk-tonnage zones averaging 26.2 m @ 85.6 g/t Ag Eq comprised of multiple high-grade vein intervals with associated stringers and stockwork veining.

Metallic Minerals President, Scott Petsel, stated, “Impressive drill results, year over year, have consistently demonstrated that Formo is one of Metallics’ highest-grade targets and have cemented it as a priority for a planned, near-term NI 43-101 resource estimate. The strategic location of the Formo deposit along the Silver Trail Highway provides easy access and adjacent electrical power and it is only two kilometers from the largest individual silver deposit in the district and less than five kilometers from both Hecla’s active mine development operations at Bermingham and the Keno operations mill at Keno City. This new step-out drilling continues to show that the deposit remains open to further testing along trend and down dip with room for significant expansion of the mineralized footprint and additional new discoveries. With these results complete we have initiated resource modelling work with SGS Geological Services on the Formo deposit.

“The Company expects to announce additional drill results from both the Keno Silver Project (primarily at the advanced-stage Caribou target), and from follow up expansion drilling at the La Plata Project over the coming weeks.”

Upcoming Events

Vancouver Resource Investment Conference – Metallic Minerals will be participating in the Vancouver Resource Investment Conference at the Yukon Pavilion on Monday January 30^th. For more information, visit here.

GCFF Virtual Conference – Scott Petsel will be presenting during the GCFF Metals Investing Virtual Conference on February 23^rd at 10am PT | 1pm ET. To register, click here.

OTC Markets Battery & Precious Metals Virtual Investor Conference – Metallic will be participating in the upcoming OTC Markets Battery & Precious Metals Investor Conference on Wednesday, February 15 at 10am PT | 1pm ET. To register, click here.

2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack

Metallic Minerals will be attending PDAC 2023 in Booth IE3024. Additionally, President Scott Petsel will be providing a corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in Toronto Monday March 6^th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.

Figure 1. Keno Silver District Geology and Deposits

Metallic Minerals Corp., Monday, January 30, 2023, Press release picture

West Keno 2022 Drilling Program

Drilling at West Keno focused on the advanced-stage “resource-ready” Formo target area. A total of seven holes were completed over 1,145.6 meters on known projections of mineralization with the goal of expanding the potential resource footprint of the deposit in anticipation of an inaugural 43-101 mineral resource estimate in 2023. Previous drilling has recognized at least three separate parallel high-grade Ag-Pb-Zn vein structures and results of the 2022 drilling continue to demonstrate multiple vein zones in each hole with individual grades commonly more than 1,000 g/t Ag Eq (See Table 1). The Formo target represents one of the highest-grade areas drilled to date on Metallic’s Keno Silver Property with 4.1 m of 2,536 g/t Ag Eq (FOR20-03) and 1 m of 2,961.6 g/t Ag Eq (FOR21-06) as examples of drill results from previous years efforts.

Table 1 – Highlights of 2022 Drill Results from the West Keno – Formo Target Area

DDH Hole ID	From (m)	To (m)	Length (m)	Ag Eq (g/t)	Ag (g/t)	Au (g/t)	Pb (%)	Zn (%)
FOR22-01	72.3	103.95	31.65	86.5	41.1	0.01	0.54	0.70
incl	72.3	72.8	0.5	496.4	349	0.00	3.70	1.17
And incl	97.3	103.95	6.65	324.6	148.4	0.02	2.07	2.73
And incl	98.8	99.34	0.54	2291	1139	0.06	18.32	14.79
FOR22-02	91	119.2	28.2	69.8	11.6	0.02	0.11	1.25
incl	91	105.5	14.5	123	17.1	0.01	0.16	2.34
And incl	91	92	1	744.4	74	0.02	0.31	15.35
And incl	95.3	95.8	0.5	1,025.1	14	0.01	0.07	23.36
FOR22-03	77	81	4	154.2	93.6	0.01	0.83	0.90
incl	77	77.81	0.81	489.6	386	0.00	3.54	0.31
and	125	141.6	16.6	66.4	36	0.01	0.37	0.45
incl	126.8	134	7.2	107.8	58.4	0.00	0.65	0.74
FOR22-04	125.13	146	20.87	228.8	144.6	0.01	0.70	1.59
incl	126.75	127.5	0.7	1,168.5	345	0.07	3.52	16.81
And incl	137.6	144	6.4	557.7	395.9	0.02	1.65	2.99
And incl	141.81	143.44	1.63	1,536.2	1,049.5	0.11	4.21	9.45
And incl	142.8	143.44	0.64	2,127.9	1,358	0.00	4.16	16.42
FOR22-05	60.9	61.62	0.72	293.5	3.5	3.34	0.01	0.10
and	131.5	164.95	33.45	67.9	42.1	0.05	0.37	0.28
incl	147	151	4	283	195.3	0.00	1.81	0.96
And incl	148.8	149.3	0.5	1,215.3	850	0.00	7.65	3.97
And incl	164.45	164.95	0.5	280	1.9	3.25	0.00	0.00
FOR22-06	75.7	77.15	1.45	41.8	21.3	0.01	0.44	0.17
and	131.52	132.07	0.55	42.8	15.3	0.02	0.12	0.53
FOR22-07	93.4	93.9	0.5	44.9	22.3	0.01	0.20	0.39
and	123.45	124.04	0.59	43.8	31.1	0.00	0.21	0.18

Notes to reported values:

Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20.0/oz silver (Ag), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
Rcovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as measured drill intersect lengths and may not represent true width.

West Keno and the Formo Area Target

The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).

The Formo property, which include the Formo Mine, also known as the Yukeno Mine, was acquired by Metallic Minerals in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver¹. Significant underground exploration drifts were developed in the 1950s with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City and last mined in the 1980s.

Figure 2 – West Keno Plan Map

Figure 3 – Formo Vein Long Section (looking NW)

The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the target area that demonstrate an association with Triassic greenstones in the Earn group schist, similar to the Sadie Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag¹. In addition to the mineralization at the known Formo deposit, two new surface targets have been identified through soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Pb-Zn veins on the Formo property.

Since 2020 Metallic Minerals has drilled 22 holes (3,306.9 m) at the Formo Target to compliment the six core holes and 54 percussion holes drilled by previous owners between 1980 and 1981. The Formo Target is open to significant expansion opportunities and is poised to lead the Company’s efforts to establish resources on the Keno Silver Project.

Grant of Long-Term Performance Incentives

Metallic Minerals further announces that, subject to the approval of the TSX Venture Exchange, it has granted 1,490,000 stock options (each, an “Option”) to certain directors, officers and employees of the Company in accordance with the Company’s Long-Term Performance Incentive Plan. Each Option is exercisable into one common share in the capital of the Company (“Share”) at a price of $0.23 per share, being the closing price of the Shares on the TSX Venture Exchange on January 27, 2023, for a period of five years from the date of grant. The Options are subject to certain vesting requirements in accordance with the shareholder approved plan.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company, focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators. At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource with results from the 2022 expansion drill program pending. All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

Footnotes:

Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Debbie James, Senior Geologist for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control

All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessrul operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Metallic Minerals Corp.

Tags #JuniorMining, #MauriceJackson, #MMG, #ProvenAndProbable, Metallic Group of Companies, Metallic Minerals

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