Visual observations from two more step-out diamond drill holes, APC-25 and APC-28, within the Company’s Main Breccia discovery at the Apollo target (“Apollo”) have expanded the mineralized footprint of the system to the west and at depth. These holes are in addition to previously announced visual observations for step-out hole APC-22, which was drilled from Pad 3 to the northeast and cut more than 400 metres of continuous mineralization.
APC-28, which was drilled westwards from Pad 2, is the longest and deepest hole drilled to date into the Main Breccia discovery at Apollo. The hole intersected over 600 metres of continuous breccia mineralization which represents the longest continuously mineralized intercept drilled to date. Visual inspection of the mineralized intercept includes an upper copper rich zone followed by multiple zones enriched by sheeted carbonate base metal (“CBM”) vein overprinting. The hole terminated at approximately 956 metres while still in mineralization.
Hole APC-25, which was drilled to the northwest from Pad 3 and designed as a short step-out hole, cut more than 100 metres of favourable mineralization beginning at 65 metres below surface. Visual inspection of mineralization indicates that the intercept will be enriched in copper with 1.5% to 2.5% chalcopyrite being recorded in the logs. This is the westernmost hole drilled to date within the Main Breccia discovery at Apollo and opens the potential for further shallow mineralization expansion to the west.
Assay results for the remaining nine holes from the 2022 program are outstanding and expected in the near term.
Ari Sussman, Executive Chairman commented:“To date, every time that we have undertaken step-out drilling at the Main Breccia system of Apollo, we have expanded the size of the discovery. The exceptional continuity encountered in drilling highlights the potential for a very large, bulk tonnage deposit with robust grades due to the copper-silver-gold mineralization within the breccia matrix being deposited from both a porphyry source as well as low and intermediate sulphidation vein systems. We will remain aggressive in 2023 with drilling set to resume in the coming days.”
TORONTO, Jan. 5, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce visual observations from two additional step-out holes drilled into the Main Breccia discovery at Apollo (“Apollo”), which is located within the Guayabales project 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 include older copper-silver-gold porphyry mineralization and younger, overprinting, sheeted carbonate base metal vein systems.
Details
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes await assay results in the near term. The Company recently completed two westerly directed step out diamond drill holes, APC-25 and APC-28, drilled from its southernmost drill pad (Pad 3) and from its easternmost drill pad (Pad 2). The holes were designed to test for western and depth extensions to the Main Breccia discovery. The following visual observations are highlighted from the two step out holes:
Hole APC-25 was drilled approximately northwest from Pad 3 to a maximum depth of 215.80 metres and was designed to test for potential westerly extensions to shallow and outcropping breccia mineralization. The hole intersected more than one hundred metres of continuous mineralization beginning at 73 metres down hole (65 metres vertical) and continued until approximately 180 metres downhole (160 metres vertical). The mineralized angular breccia 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 based on previously announced results, host higher gold grades. APC-25 is the westernmost hole drilled into the main breccia discovery and opens the potential for further shallow mineralization in the west.
Hole APC-28 was drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres and was designed to test for western and depth extensions to the Main Breccia system. The hole intersected a hanging wall zone followed by the main zone of mineralized breccia material. The hanging wall zone was 19 metres thick beginning at 286 metres downhole and then the main zone of mineralization began at 354 metres downhole and continued to the end of the hole at 956.35 metres. The main zone of mineralized breccia hosts an upper portion where the sulphide matrix is rich in copper (chalcopyrite 0.7% to 1.5%), pyrite and pyrrhotite, and a lower portion where multiple zones of overprinting CBM veins were observed. APC-28 is the deepest and longest hole drilled to date and hosts the widest zone of continuous breccia mineralization intercepted to date. The hole was terminated while still in mineralization due to the limitations of the drill rig.
In 2022, a total of 14,975 metres (31 holes) were drilled at the Apollo target. To date assay results have been released for 22 holes with results for the holes that remain outstanding expected in early 2023.
The Company’s 2023 drill program will begin in the coming days and will focus on targeting the high-grade subzones within the Main Breccia system while simultaneously expanding the potential size of the system. Additionally, the Company will remain aggressive in testing new targets at Apollo including the newly generated copper and molybdenum porphyry target located 150 metres south of the Main Breccia system.
Figure 1: Plan View Outline of the Main Breccia Discovery at Apollo Highlighting Step-Out Drill Holes APC-25 and APC-28 (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Selection of Core from Drill Hole APC-25 (CNW Group/Collective Mining Ltd.)
Figure 4: Selection of Core from Drill Hole APC-28 (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.
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.
KELOWNA, BC / ACCESSWIRE / December 8, 2022 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its second and final tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) for the current quarter ended December 31, 2022. In the second and final tender and sale of its third fiscal quarter, the Company sold an additional 2,808.84 carats of rough diamonds generating gross revenues of USD $629,283.94, resulting in an average price of USD $224.04 per carat. This brings the total carats sold in the current quarter to 8,327.58, generating gross revenues of USD $2,054,248.33, resulting in an average price of USD $246.68 for the period. This represents a 121% increase compared to the total carats sold during the previous quarter ended September 30, 2022.
Highlights
Specials Category Diamonds. The results of the total tender and sale of rough diamonds for the current quarter included several larger gem quality rough diamonds in the Specials (+10.8 carats) category, with the largest individual diamond being 43.55 carats in size. The Company continues to recover these larger gem quality diamonds which is further confirmation of the potential for these types of rough diamonds to be recovered from the Project’s deposits.
Strong Initial Tender and Sale. The Company previously announced that in its initial tender and sale of rough diamonds for the current quarter ended December 31, 2022, a total of 5,518.74 carats were sold, generating gross revenues of USD $1,472,471.03, representing an average price of USD $266.81 per carat.
Strong Average Dollar Per Carat Continues. In the Company’s second and final tender and sale for the current quarter ended December 31, 2022, the Company sold an additional 2,808.84 carats, generating gross revenues of USD $629,283.94, representing an average price of USD $224.04 per carat.
Total Carats Sold Quarter over Quarter Increased by 121%. The combined total carats tendered and sold in the current quarter ending December 31, 2022, increased by 121% when compared to the 3,776.33 carats tendered and sold in the previous period ended September 30, 2022.
Balance of Rough Diamonds Recovered in Period. The Company has recovered and delivered approximately 1,025.35 carats of additional rough diamonds which were not tendered and sold in the two sales completed in the current quarter. These rough diamonds, along with additional rough diamonds recovered prior to December 31, 2022, will be recorded as stock on hand at the end of the current period, and are expected to be tendered in the Company’s next quarter.
Strong Revenues Continued in Current Quarter. The gross revenues from the two tenders and sales completed in the current quarter ending December 31, 2022, remained relatively consistent at USD $2,054,248.33 when compared with the previous period’s USD $2,099,951.32. The gross revenues generated in the current quarter were the result of the noted increase in total carats sold, as compared to the previous quarter where the Company sold fewer carats and the gross revenue was positively affected by the sale of a 59.35 carat gem quality special rough diamond.
“We are very pleased with the continued progress being made and our ability to achieve a 121% increase in the total carats sold quarter over quarter”, stated Mr. Dean Taylor, Diamcor CEO. “This increase in total carats tendered and sold during this quarter demonstrates the Company’s ability to generate significant revenues without the added benefit of any significant larger high-value rough diamonds, and the positive impact that achieving both of these scenarios could have for our Company moving forward. Our efforts remain focused on continuing to increase processing volumes and the recovery of larger high-valued rough diamonds moving forward.”
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) ofmaterial from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for very low-cost mining to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
North Vancouver, British Columbia–(Newsfile Corp. – December 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) provides results from near-mine exploration, identifying two new zones of significant mineralization within the footprint of the deposit. A new lode, named URA1 has been discovered during construction of the development decline; its location corresponds to Tuvatu’s near-surface and earliest scheduled production area: Zone 2. The lode has been further defined through underground channel sampling and subsequent diamond drilling. The URA1 lode will be included in the updated Mineral Resource Estimate (MRE) that the Company aims to release in early 2023. Additionally, several hundred meters to the east of Tuvatu, drillhole TUDDH-612 has intersected mineralization corresponding to a distinct CSAMT gradient anomaly. This release presents significant new results from two separate areas within the general Tuvatu deposit footprint (Figure 1).
Highlights URA1
Discovery of near-surface, high-grade URA1 lode from intersection with the development decline, defined through channel sampling (up to 29 g/t Au over 1m in MD-CH-002) and diamond drilling of holes TUDDH-617, 619, and 621 (up to 167.42g/t Au over 0.3m in TUDDH-617, and 27.99 g/t Au over 1.2m in TUDDH-621).
Provides increase in volume of mineralized material within the portion of the deposit scheduled for earliest production.
A general N-S orientation of the lode corresponds to other major lodes (e.g., URW1) and may indicate the presence of an additional series of undiscovered lodes further to the West of Tuvatu.
Underscores the substantial near-mine exploration upside.
Highlights TUDDH-612
New ore-grade mineralization of 18.53 g/t Au over 0.6m from 492m corresponding to a sharp CSAMT geophysical gradient anomaly.
May represent the possible strike extension of the UR4 lode at Tuvatu, that may also include the deep high-grade intercept in TUDDH-494 at >1100m depth.
Tuvatu itself is coincident with a CSAMT gradient of similar magnitude; the recurring correspondence of mineralization with such gradients provides strong validation for the viability of this method for discovery of additional mineralized centers in the caldera. Once completed, this data will provide robust drill targets and substantial projected upside for new discovery.
URA1 lode, Zone 2 During advancement of the 2022 development decline, approximately 75m from the portal entrance, a sharp, clearly defined quartz-sulfide lode was intersected striking NNE-SSW and dipping 84°SE (Figure 2a). This newly identified structure is defined through underground mapping and has control points in space from chip-channel sampling, (results: Table 1) and a three-hole DDH program (TUDDH-617, 619 and 621; Figure 2b) to test the extent of this new lode (results: Table 2). The lode is named URA1, and represents a completely new, previously unmapped structure occurring within the northwestern, near-surface portion of the Tuvatu deposit (Zone 2). The new occurrence discovered near-surface, in a portion of the Tuvatu orebody that is within the current resource estimation extents, illustrates the extraordinary upside potential of the Tuvatu orebody in general. Table 2 lists the interpreted lode for each of the mineralized intercepts in boreholes TUDDH-617, 619, and 621. It is notable that the high-grade intercepts near the bottom of hole TUDDH-617 between 140.1 and 144.6m remain undefined, potentially representing yet another new lode. Moreover, this illustrates the discovery potential of additional mineralization, especially toward the West Zone where relatively sparse drilling has been completed. Notably, this area is defined by historic drilling carried out at a N-S orientation, which would have limited the exposure of the drilling to mineralized lodes trending in the same orientation.
As the discovery and definition of new features continues to add upside, intersection with known lodes, like the Murau 8 lode, intersected with TUDDH-621 at 105.3m returning 4.8m at 30.75 g/t gold continues to provide confidence in the grade continuity of known lodes.
TUDDH-612 and CSAMT profile 6 As part of the Company’s ongoing near-mine exploration program, drillhole TUDDH-612 was completed to test the sharply defined CSAMT1 gradient anomaly on profile 6 (Figure 3). Drill hole TUDDH-612 intersected 18.53 g/t Au over 0.6m at 491.8m depth along the borehole.
As shown in Figure 1, this area is located several hundred meters from the current Tuvatu mineral resource outline. As such, the mineralization intersected at this location represents a new target zone of potential high-grade mineralization that warrants follow-up. Furthermore, the mineralized intercept in hole TUDDH-612 corresponds closely to the strike projection of the UR4 lode, along with the previously reported, deep intercept in TUDDH-494 of 12.2 g/t Au at a depth along the hole of 1106.3m (see April 8, 2022 news release). As such, these intercepts may indicate the extension of the UR4 lode toward the northeast and at depth, increasing LIO’s confidence that the mineralized structure has continuity over space for several hundred meters both to the east and at depth. This structure remains open along strike and up and down dip.
The mineralization observed (Figure 3) corresponds directly with a sharply defined CSAMT gradient anomaly, thus lending significant credence to the application of CSAMT for targeting new zones of potential mineralization. The infill CSAMT survey lines completed in 2022 to complement the previous 2019 survey, are currently in final phase of interpretation. The interpreted survey results will be the subject of a future release. It is expected that once finalized, the combined CSAMT geophysical data from previous and recent surveys will play a significant role in outlining new zones of mineralization near Tuvatu, as well as regionally throughout the Navilawa caldera. A third program of CSAMT geophysics will commence in 2023 and is expected to contribute to coverage of the Navilawa caldera within LIO’s most prospective areas of interest.
Table 1. Chip-channel results from sampling of the URA1 lode, development decline.
Channel ID
From m
To m
Width m
Composited Grade g/t Au
Cumulative g*m
MD-CH-001
0.0
2.5
2.5
9.94
24.86
MD-CH-002
0.0
1.0
1.0
29.02
29.02
MD-CH-003
1.0
3.0
2.0
8.91
17.83
MD-CH-004
1.5
3.0
1.5
11.93
17.89
MD-CH-005
1.0
2.5
1.5
15.17
22.75
MD-CH-006
0.0
3.0
3.0
5.62
16.87
MD-CH-011
0.0
2.5
2.5
10.46
26.15
Figure 1. Plan view of the Tuvatu deposit lodes (gray) showing the locations of the exploration and development declines (red), the new URA1 lode (blue) to the west, and TUDDH-612 borehole to the east. The dotted arrow indicates the possible strike extension of the UR4 lode.
Figure 2b. Oblique view (looking NE) of the URA1 lode (blue) showing the locations of the exploration and development declines (red), and the follow-up boreholes TUDDH-617, 619, and 621.
Figure 3. Oblique view showing the locations of borehole TUDDH-612 relative to the CSAMT profile 6, and the exploration and development declines. The location of the high-grade intercept in TUDDH-612 at 18.53 g/t Au is indicated by the red dot. Green dots represent values between 0.5 and 3.0 g/t Au.
Table 2. Results from URA1 drilling. The interpreted lode for each intercept is indicated.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
Lode
TUDDH-617
51.9
53.1
1.2
0.99
Murau 4
56.1
58.2
2.1
1.76
URA 1
including
57.9
58.2
0.3
6.30
URA 1
59.7
63.3
3.6
2.93
URA 1
including
59.7
60.0
0.3
17.01
URA 1
81.9
82.8
0.9
1.20
undefined
140.1
141.0
0.9
56.22
undefined
including
140.7
141.0
0.3
167.42
undefined
143.4
144.6
1.2
19.27
undefined
TUDDH-619
29.3
32.6
3.3
1.82
Murau 4
41.3
42.5
1.2
0.52
undefined
47.6
48.8
1.2
2.79
Murau 5
50.6
51.2
0.6
5.03
Murau 5
including
50.9
51.2
0.3
8.26
Murau 5
52.4
52.7
0.3
0.66
Murau 5
65.0
65.3
0.3
3.48
URA 1
72.2
73.7
1.5
2.78
Murau 7
including
73.4
73.7
0.3
9.66
Murau 7
148.1
148.7
0.6
0.59
Murau 12
TUDDH-621
77.7
80.1
2.4
6.03
Murau 6
including
78.3
78.6
0.3
43.13
Murau 6
81.3
83.4
2.1
2.68
Murau 7
including
82.8
83.4
0.6
5.26
Murau 7
84.6
87.6
3.0
2.24
Murau 7
including
86.7
87.3
0.6
7.37
Murau 7
105.3
110.1
4.8
30.75
Murau 8
including
105.3
105.9
0.6
54.31
Murau 8
and
105.9
106.5
0.6
8.10
Murau 8
and
106.5
107.4
0.9
56.17
Murau 8
and
107.4
108.3
0.9
46.55
Murau 8
and
108.3
108.6
0.3
11.39
Murau 8
and
108.6
108.9
0.3
13.49
Murau 8
and
108.9
110.1
1.2
8.56
Murau 8
123.6
124.2
0.6
2.62
Murau 10
156.0
157.2
1.2
0.81
Murau 11
159.3
160.5
1.2
27.99
URA 1
168.0
170.4
2.4
17.06
Murau 12
including
168.0
169.2
1.2
8.62
Murau 12
and
169.2
170.4
1.2
25.51
Murau 12
Table 3. Survey details of diamond drill holes referenced in this release.
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
m
Deg.
(TN)
TUDDH-612
3920929.1
1876512.6
236.3
905.8
-60
097
TUDDH-617
3920800.6
1876257.3
203.1
149.9
-60
266
TUDDH-619
3920801.2
1876257.7
203.2
161.1
-60
297
TUDDH-621
3920799.9
1876257.7
203.0
200.7
-69
225
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 www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
1 CSAMT = Controlled Source Audio Magneto-Tellurics – a ground based geophysical technique that maps 3D electrical resistivity contrasts, inferred to be structural, lithological or hydrothermal-alteration related.
Drill hole APC-20 was drilled on the north-eastern side of the Main Breccia discovery at the Apollo target into an open area without any prior drilling and intersected a broad zone of mineralization with an abundance of gold-rich, carbonate base metal veins overprinting angular, gold-silver-copper bearing breccia. This intercept represents the highest-grade intersection over 100 metres drilled to date at Apollo with results as follows:
Drill hole APC-19 was drilled in the centre of the system in order to expand the vertical dimension in this location. The hole intercepted a broad and continuous zone of copper-silver-gold mineralization and includes a copper-rich subzone with results including:
Based on a newly revised model of the Main Breccia system, the Company has identified two high-grade subzones of mineralization and as a result, will be drill tested in 2023 and are outlined as follows:
Three rigs continue to drill at Apollo with holes APC-22 through APC-27 completed and holes APC-28 through APC-30 underway. Additional assay results are anticipated in the near term.
TORONTO, Dec. 7, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
Executive Chairman, Ari Sussman stated: “Drilling into the Main Breccia system at the Apollo target continues to expand the total volume while delivering long and high-grade intercepts. The discovery of the two new high-grade subzones through detailed geological modelling is exciting as both the copper rich zone and the gold rich zone appear to be open for expansion in multiple directions. Additionally, we believe that the two subzones will coalesce within the system, thereby enhancing the potential for the discovery of even higher grades than we have discovered to date. These areas will be a key target for drilling in early 2023. Without question there is a lot more metal to be found at the Apollo target and we will remain aggressive in unlocking the potential of this remarkable discovery.”
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here
Details (See Table 1 and Figures 1–4)
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes are outstanding. Results of three drill holes are announced below:
Drill hole APC-20 was drilled south from pad 5 to a maximum depth of 445.4 metres and successfully expanded the eastern area of the Main Breccia system at depth. The hole intersected 102.2 metres of continuous gold-silver-copper mineralization beginning at 298.2 metres down hole and ending at 400.40 metres. The hole is characterized by mineralized angular porphyry related breccia with a matrix infill of pyrite, some chalcopyrite and carbonate which is overprinted by zones of sheeted carbonate base metal veins (“CBM”) and veinlets which are associated with disseminated sphalerite and carry higher gold grades. These higher grade CBM zones can now be traced and mapped in multiple drill holes and three have been identified with drilling to date; within the lower, upper and central portions of the main breccia body The following results are highlighted:
102.20 metres @ 3.38 g/t AuEq consisting of 2.72 g/t Au, 28 g/t Ag, 0.08% Cu and includes a higher-grade zone of 33.60 metres @ 7.30 g/t AuEq.
Drill hole APC-19 was drilled in a southeast direction from pad 4 to a maximum depth of 582.3 metres. The hole intersected continuous copper-silver-gold mineralization from 199.20 metres (178m vertical) to 497.80 metres (470 metres vertical). The mineralized breccia contains a matrix of abundant chalcopyrite and some pyrite particularly from the beginning of the hole down to 323.50 metres which is associated with higher silver values and averaged 0.63% copper and 64 g/t silver over this interval. This newly identified shallow plunging high-grade copper zone has been intersected in six of the holes drilled to date and future drilling will target extensions of this zone within the main breccia body. Assay results for APC-19 are as follows:
298.60 metres @ 1.54 g/t AuEq consisting of 0.48 g/t Au, 34 g/t Ag and 0.31% Cu and includes 124.30 metres 2.72 g/t AuEq consisting of 0.62 g/t Au, 64 g/t Ag and 0.63% Cu.
Hole APC-21 was drilled at a steep angle towards the north from pad 3 but unfortunately undercut the northerly dipping main breccia body.
With the recently announced assay results for APC-17 and previously announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with additional assay results from holes APC-22 through APC-30 anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
Zn %
Pb %
AuEq (g/t) *
CuEq (%) *
APC-19
199.20
497.80
298.60
0.48
34
0.31
0.002
–
–
1.54
0.79
Incl.
199.20
323.50
124.30
0.62
64
0.63
0.002
–
–
2.72
1.39
APC-20**
298.20
400.40
102.20
2.72
28
0.08
0.001
0.21
0.15
3.38
–
Incl.
324.25
357.85
33.60
6.30
45
0.08
0.001
0.42
0.33
7.30
–
APC-21
No Significant Values
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 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 – $22/oz Mo US$15.00/lb and Au – US$1,400/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.
** In APC-20, Zn and Pb were including for the AuEq calculation using metal prices of Zn – US$1.75/lb, Pb – $0.95/lb and recovery rates of 95%.
*** 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 discovery at Apollo Highlighting New Drill Holes APC19 & APC-20 and the Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-19 (CNW Group/Collective Mining Ltd.)
Figure 4: Apollo Target: Core Photo Highlights from APC-20 (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.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide a corporate update to shareholders and to share its most recent analyst report from Fundamental Research.
Corporate Update Click here for a pre-recorded corporate update between Judson Culter, CEO at Rover, and U.S. stock-commodity TV journalist personality, Maurice Jackson, of Proven and Probable.
Analyst Report Fundamental Research Corp. (“FRC”) has published their updated analyst report on Rover, including a positive rating, dated December 1, 2022. The report can be accessed here.
FRC is one of the largest issuer-paid independent stock market research firms in the world, with a 19-year track record of covering 650+ companies. As of November 28, 2022, FRC’s top picks were up 41% on average since the initiation of coverage*. FRC provides fee-based coverage. Their analysts are sought after by the media and at conferences to give their opinions on the market, current topics of interest such as the direction of commodity prices, and top stock picks.
*Past performance is not indicative of future performance.
Judson Culter, CEO at Rover Metals, states “we are developing a lithium mining project in Nevada that has the potential to help fill-in the major supply shortage coming for lithium beginning in H2-2026*. Development of critical mineral projects here in North America is a matter of national security. Mining stocks and the mining sector need to get a second look from domestic investors right now given the global geopolitical climate we’re living in. We welcome due diligence calls on our mining resource development projects. Companies like Rover are subject to naked-short selling and potential malicious trading practises that can be orchestrated by hostile foreign regimes. Rover relies on the support of domestic investors to help sustain uninterrupted development of its resource projects. China’s battery companies are targeting Europe and are forecasted to account for approximately 30% of Europe’s battery production by 2030*.”
*Source: Benchmark Mineral Intelligence, U.K.
New Office Phone Number Our main office number has recently changed to +1-778-754-2855.
U.S. Trading Ticker The Company now trades under the ticker ROVMF on the OTCQB.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a 1,200-meter reverse circulation drill program at the Let’s Go Lithium project.
The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2855
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources.
Highlights include (intervals shown are core length):
HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq*) over 16.06 meters including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 meters
HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over 6.00 meters
HR22-325: 7.18g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq*) over 10.00 meters including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 meters
HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 meters including 0.50 meters 216.00 g/t Au and 113 g/t Ag, 0.48% Cu (218.06 AuEq*) over 0.50 meters
HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15.00 meters, including 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39 meters
HR22-337: 3.79 g/t Au and 2 g/t Ag (3.84 g/t AuEq*) over 21.00 meters including 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq*) over 2.00 meters
HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq*) over 2.50 meters
“Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge Deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol Deposits, located six kilometers to the south. We eagerly anticipate additional assays from all of Dolly Varden’s Deposits, as well as new exploration targets drilled during the 2022 program,” said Shawn Khunkhun, President and CEO.
These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver Deposits are pending
Complete Assay results for the first batch of drilling results at Homestake Main are in Table 1.
Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits
The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic aged Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold shoots within a broader low grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 3 and 4).
Figure 2. Drill hole HR22-330 from the Homestake Main deposit showing breccia vein style mineralization.
Table 1. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-313
107.00
148.00
41.00
0.85
12
0.10
1.13
93
including
125.08
127.00
1.92
3.13
42
NSV
3.64
300
including
141.00
146.10
5.10
3.10
11
0.72
4.28
353
HR22-314
149.66
165.72
16.06
4.27
64
NSV
5.10
421
including
159.92
163.00
3.08
18.76
193
0.28
21.49
1,773
and
168.23
169.19
0.96
10.55
50
4.14
17.17
1,417
HR22-315
174.70
175.22
0.52
2.07
25
1.37
4.36
360
HR22-316
124.00
152.50
28.50
0.88
3
NSV
0.97
80
including
142.50
144.00
1.50
2.47
3
NSV
2.58
213
including
150.00
151.50
1.50
3.11
13
0.49
3.97
328
HR22-317
200.00
205.00
5.00
0.25
NSV
NSV
0.03
21
and
232.00
235.60
3.60
0.21
NSV
NSV
0.21
17
HR22-318
129.00
181.00
52.00
1.19
23
NSV
1.54
127
including
148.88
149.38
0.50
19.90
1990
0.39
44.47
3,669
including
152.00
160.20
8.20
2.57
8
0.19
2.95
243
including
172.00
177.00
5.00
3.23
3
0.09
3.39
280
HR22-319
200.34
207.00
6.66
1.16
3
NSV
1.26
104
HR22-320
108.50
125.50
17.00
0.83
6
NSV
0.91
75
including
123.87
124.60
0.73
5.98
17
NSV
6.21
512
HR22-321
179.00
192.00
13.00
1.16
4
0.12
1.38
114
including
189.00
190.55
1.55
5.18
10
0.15
5.52
455
HR22-322
83.00
143.12
60.12
1.69
21
NSV
2.01
166
including
113.00
119.00
6.00
6.47
27
NSV
6.83
563
including
134.13
138.71
4.58
5.23
17
0.50
6.15
508
HR22-323
190.30
222.00
31.70
0.91
6
0.37
1.52
125
including
198.00
203.00
5.00
2.36
5
0.08
2.53
208
including
207.60
209.56
1.96
0.49
37
3.50
6.03
497
including
214.00
214.55
0.55
0.52
16
1.97
3.57
295
HR22-325
174.00
201.00
27.00
3.11
12
0.20
3.54
292
including
174.00
184.00
10.00
7.18
30
0.49
8.26
681
including
175.00
175.50
0.50
18.00
23
1.92
21.06
1,738
including
177.30
177.80
0.50
15.60
92
2.95
21.00
1,733
including
180.00
181.47
1.47
20.20
68
0.08
21.13
1,743
HR22-327
217.28
227.50
10.22
1.01
17
1.43
3.29
271
including
220.75
223.23
2.48
2.15
35
3.98
8.36
689
and
231.00
274.00
43.00
0.35
5
0.10
0.56
46
including
248.55
251.48
2.93
1.85
65
1.13
4.28
353
Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-328
160.81
169.97
9.16
27.44
463
0.21
33.34
2,751
including
163.13
164.90
1.77
75.13
2337
0.23
103.66
8,552
including
168.00
168.50
0.50
216.00
113
0.48
218.06
17,991
HR22-330
111.00
126.00
15.00
5.68
147
NSV
7.48
617
including
112.00
112.39
0.39
54.10
4890
0.11
113.25
9,344
including
116.30
116.69
0.39
74.80
20
NSV
75.05
6,192
including
118.00
118.81
0.81
33.80
14
NSV
33.98
2,803
and
131.00
143.00
12.00
0.24
8
NSV
0.38
31
HR22-331
101.00
113.00
12.00
0.92
63
NSV
1.70
140
including
111.00
111.80
0.80
9.43
224
0.10
12.27
1,013
and
130.00
144.00
14.00
1.02
5
0.15
1.30
107
including
134.10
134.82
0.72
11.95
70
2.45
16.36
1,349
HR22-334
123.00
154.61
31.61
1.75
15
0.27
2.32
191
including
131.00
139.20
8.20
3.66
30
0.27
4.42
364
including
131.00
132.00
1.00
7.67
198
0.04
10.11
834
including
138.70
139.20
0.50
19.55
50
4.26
26.35
2,174
including
145.13
147.39
2.26
5.38
19
1.09
7.19
593
including
152.06
152.41
0.35
6.92
48
7.27
18.07
1,491
HR22-335
177.00
202.55
25.55
0.55
1
NSV
0.57
47
including
184.50
190.00
5.50
1.40
1
NSV
1.42
117
and
220.00
245.50
25.50
0.34
2
NSV
0.43
35
HR22-337
145.00
175.84
30.84
2.74
2
NSV
2.79
230
including
151.00
172.00
21.00
3.79
2
NSV
3.84
317
including
151.00
152.64
1.64
12.90
4
NSV
12.95
1,069
including
161.00
163.00
2.00
11.15
5
NSV
11.22
926
including
171.00
172.00
1.00
6.58
3
NSV
6.65
548
HR22-339
148.25
172.50
24.25
2.33
2
NSV
2.37
195
including
156.50
159.00
2.50
14.56
4
NSV
14.63
1,207
including
156.50
157.50
1.00
33.40
7
NSV
33.52
2,765
and
164.75
165.60
0.85
5.05
3
NSV
5.11
422
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag, $US3.50/lb Cu
**Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths
Table 2. Drill Hole Collars for 2022 Homestake Main Deposit Drilling
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22-313
463002
6179472
954
225
-47
201.00
HR22-314
463050
6179452
956
226
-50
180.00
HR22-315
463050
6179452
956
226
-59
228.00
HR22-316
463002
6179472
954
225
-57
201.00
HR22-318
463002
6179472
954
245
-50
207.00
HR22-317
463050
6179452
956
226
-68
237.00
HR22-319
463050
6179452
956
250
-68
237.00
HR22-320
462956
6179462
956
225
-45
165.00
HR22-321
463113
6179429
953
229
-53
210.00
HR22-322
462956
6179462
956
225
-60
180.00
HR22-323
463113
6179429
953
229
-62
231.00
HR22-325
463132
6179416
949
228
-51
220.00
HR22-327
463132
6179416
949
228
-70
276.00
HR22-328
463052
6179417
973
225
-68
255.00
HR22-330
463052
6179417
973
225
-59
220.00
HR22-331
463052
6179417
973
220
-50
216.00
HR22-334
463089
6179383
982
230
-58
250.00
HR22-335
462965
6179544
922
250
-54
252.00
HR22-337
462937
6179513
935
225
-50
192.00
HR22-339
462937
6179513
935
215
-65
210.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Drill hole APC-17, a significant step-out hole to the north, intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The shallow zone, which was intersected directly below where the Main Breccia daylights at surface cut the following interval:
The second zone encountered in hole APC-17 cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with results as follows:
Drill hole APC-17, which was terminated at 912.8 metres due to rig capacity, bottomed in strong mineralization with the final 2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03% copper.
Drill hole APC-18 intersected near surface and high-grade copper-silver-gold mineralization approximately 300 metres to the north of the near surface intercept in APC-17. The mineralized breccia in this zone is strongly overprinted by numerous zones of carbonate, base metal veins with assay results as follows:
With the result of step out hole APC-17 and recently announced visuals from step out hole APC-22, the Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width (previously 190 metres) and has been extended down to a vertical depth of 825 metres below surface (previously 500 metres). The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with holes APC-19 through APC-26 completed and holes APC-27 through APC-29 underway. Additional assay results are anticipated in the near term.
TORONTO, Nov. 29, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from four additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“The intersection of high-grade and shallow mineralization at Apollo demonstrates the excellent metal endowment of the Main Breccia and most importantly, the dimensions of the system continue to expand and clearly point to the fact that we are dealing with a large-scale discovery. It is truly remarkable to drill a 912-metre-long hole that bottoms in mineralization. Finally, the shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300 metres apart and confirms that the southern portion of the deposit is where the system comes to surface. As a result, we are about to start construction of a new drill pad located between the two shallow intercepts in order to start defining the shallow portion of the Main Breccia mineralized system,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1–3)
Nineteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed four drill holes; one northerly directed, step out hole (APC-17), to test for mineralized extensions to the Main Breccia discovery, a second shallow hole drilled southwesterly to define extensions of newly discovered mineralized breccia outcrops located in the southern portion of the deposit and two fringe holes drilled at shallow angles to the west of the Main Breccia discovery.
Drill hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected three mineralized zones: 72.3 metres of mineralization beginning at 118.20 metres down hole (100m vertical), 11.65 metres of mineralized breccia from 252.6 metres (220m vertical) and another 547.65 metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at 912.80m (825m vertical). The hole terminated while still in mineralized breccia due to limitations of the drill rig. Total cumulative mineralization in this diamond drill hole was 628.3 metres and is the most mineralization drilled in a single hole to date into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at surface. The deeper and longer intercept is also hosted within angular porphyry related breccia with the matrix filled with pyrite, some chalcopyrite and overprinting carbonate base metal veins (“CBM”). The following results are highlighted:
11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80 g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper (330m vertical).
Drill hole APC-18 was drilled in a southwest direction and intersected shallow, copper-silver-gold mineralization from 136.05 metres to 304.65 metres with the hole terminating at a final depth of 499.05 metres. The mineralized breccia contains a matrix of chalcopyrite and pyrite is strongly overprinted by numerous zones of CBM veins hosting sphalerite and galena. The hole was drilled below outcrops of breccia mineralization in the south-central portion of the deposit with assay results as follows:
With the result of APC-17 and recently announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres depth versus prior dimensions of 385 metres x 190 metres x 500 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Holes APC-15 and APC-16 were drilled at shallow angles on the western periphery of the main breccia body. APC-15 was drilled to the northwest and intersected mineralized crackle breccia returning 56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres vertical). This is a new mineralized area outside of the Main Breccia discovery at Apollo. APC-16 was also drilled outside the Main Breccia discovery to the southwest and intersected 500 parts per million copper in crackle breccia from 200 metres and until the end of the hole at 303.35 metres. The Company believes that both APC-15 and APC-16 may have drilled over the top of the Main Breccia discovery in these locations.
Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
CuEq (%)*
APC-18
136.05
304.65
168.60
0.98
69
0.50
0.002
2.91
1.48
Incl
149.20
157.00
7.80
5.08
35
0.52
0.002
6.34
3.23
193.20
205.10
11.90
2.18
154
0.77
0.001
5.81
2.97
233.90
251.50
17.60
1.49
56
0.74
0.002
3.63
1.85
291.65
297.00
5.35
3.26
10
0.11
0.001
3.47
1.77
APC-17
118.20
190.50
72.30
1.00
28
0.63
0.004
2.57
1.31
Incl
121.90
130.40
8.50
2.42
30
0.61
0.005
3.91
2.00
APC-17
252.60
264.25
11.65
1.80
4
0.05
0.002
1.88
–
and
365.15
912.80
547.65
0.76
14
0.04
0.001
1.03
–
Incl
527.80
561.10
33.30
3.01
19
0.05
0.002
3.23
–
579.20
596.80
17.60
2.37
25
0.06
0.001
2.74
–
816.00
837.50
21.50
1.53
28
0.09
0.001
2.04
–
APC-16
NSV*
APC-15
54.20
110.25
56.05
0.37
5
–
–
0.57
–
Incl
68.60
69.10
0.50
6.26
15
–
–
6.27
–
77.85
79.20
1.35
4.17
20
–
–
4.41
–
and
180.95
181.65
0.70
13.29
9
–
–
12.81
–
206.95
207.50
0.55
7.87
5
–
–
7.61
–
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 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 – $22/oz Mo US$15.00/lb and Au – US$1,400/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.
*** NSV: No significant values
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17 (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.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for seven holes, drilled to expand the coverage of the high-grade shears in the QES Zone, have confirmed higher-grade shear-hosted gold mineralization within a large volume of well mineralized diorites. These results are all within the $1500 Whittle pit that constrains the current resource and identifies new high-grade shears. Best intercepts include:
1.51 g/t Au over 6.0m from 502.0m depth in MQD-22-075 and
1.47 g/t Au over 30.1m from 530.0m
8.45 g/t Au over 5.0m from 576m depth in MQD-22-076 including
36.9 g/t Au over 1.0m from 577m
1.87 g/t Au over 6.75m from 602.25m
1.31 g/t Au over 14.15m from 544.0m depth in MQD-22-080
2.07 g/t Au over 6.0m from 422.0m depth in MQD-22-085 and
1.07 g/t Au over 15.0m from 457.0m
1.26 g/t Au over 7.15m from 573.85m
1.07 g/t Au over 24.7m from 369.0m depth in MQD-22-087 and
2.15 g/t Au over 5.0m from 489.0m
1.75 g/t Au over 8.05m from 513.95m
2.11 g/t Au over 30.75m from 536.9m including
11.5 g/t Au over 3.1m from 555.2m
1.31 g/t Au over 63.6m from 427.0m depth in MQD-22-090A
2.07 g/t Au over 32.0m from 439.0m
A new parallel mineralized shear structure has been discovered 150m south of the main QES system containing high grade mineralization within a sheared intermediate volcanic package with best intercepts of:
3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080
1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087
1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A
President and CEO Brett Richards stated: “The results from these drill holes in the QES Zone are part of a 52-hole data set that was not included in the recent mineral resource estimate. They confirm our belief that there are additional high-grade shear zones within the deposit that will potentially add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we move towards conducting a preliminary economic analysis next year.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MQD-22-087. 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 shear and intrusion domains
Results have been received for six holes that have infilled areas of the QES Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
A seventh hole was drilled to the southeast of the QES Zone to investigate two historical showing along a parallel structure of the QES Zone but did not intersect significant mineralization.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.77 g/t Au over 83m from 493m depth in MQD-22-075; 0.41 g/t Au over 32.45m from 437.55m and 0.71 g/t Au over 131.1m from 493m in MQD-22-076; 0.54 g/t Au over 102m from 476m and 0.39 g/t Au over 27.95m from 643m in MQD-22-080; 0.78 g/t Au over 70m from 419m and 0.50 g/t Au over 28.75m from 521.25m in MQD-22-085; 0.50 g/t Au over 115.9m from 408.1m in MQD-22-087; and 0.48 g/t Au over 27.45m from 552.05m in MQD-22-090A.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.31 g/t Au over 63.6m from 427m depth in MQD-22-090A) and several narrow high-grade intervals, including 10.1 g/t Au over 0.7m from 545.8m and 36.9 g/t Au over 1m from 577m in MQD-22-076; 10.0 g/t Au over 1m from 427m in MQD-22-085; 20.6 g/t Au over 0.9m from 370.65m, 28.3 g/t Au over 0.3m from 540.3m and 11.5 g/t Au over 3.1m from 555.2m in MQD-22-087; and 19.4 g/t Au over 1.15m from 455.85m in MQD-22-090A.
An additional parallel shear was discovered within the intermediate volcanic package approximately 150m south of the main QES system which contains broad intercepts of low-grade mineralization including 0.91 g/t over 24.8m from 246.4m in MQD-22-080; 0.33 g/t over 45.7m from 150.0m in MQD-22-085; 0.42 g/t over 39.0m from 189.0m in MQD-22-087 containing internal higher grade intercepts including 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080; 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087; 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A.
Importantly, these intercepts have identified additional high-grade shears not modelled in the recent Mineral Resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm high-grade shears that we have modelled at the QES Zone and confirmed additional shears that we expect to include in the next mineral resource update early next year.”
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)
MQD-22-075
243.00
264.00
21.00
15.4
0.47
0.47
including
254.00
256.40
2.40
1.8
1.54
1.54
468.00
476.90
8.90
6.8
0.45
0.45
493.00
576.00
83.00
64.6
0.77
0.77
including
502.00
508.00
6.00
4.6
1.51
1.51
and
530.00
560.10
30.10
23.5
1.47
1.47
595.25
610.00
14.75
11.7
0.54
0.54
including
596.00
599.00
3.00
2.4
1.13
1.13
MQD-22-076
192.00
196.00
4.00
2.8
0.46
0.46
214.00
216.00
2.00
1.4
0.39
0.39
355.00
358.15
3.15
2.4
0.38
0.38
437.55
470.00
32.45
25.0
0.41
0.41
including
453.00
456.70
3.70
2.9
1.52
1.52
483.50
489.40
5.90
4.6
0.35
0.35
493.00
624.10
131.10
103.8
0.71
0.77
including
545.80
546.50
0.70
0.6
10.1
10.1
and
576.00
581.00
5.00
4.0
7.07
8.45
including
577.00
578.00
1.00
0.8
30.0
36.9
and
602.25
609.00
6.75
5.4
1.87
1.87
641.00
644.00
3.00
2.4
0.46
0.46
MQD-22-080
82.75
86.60
3.85
2.6
0.35
0.35
131.40
143.75
12.35
8.5
0.63
0.63
181.30
187.80
6.50
4.6
0.40
0.40
209.90
220.85
10.95
7.7
0.57
0.57
246.40
271.20
24.80
17.7
0.91
0.91
including
246.40
252.20
5.80
4.1
3.44
3.44
355.00
369.00
14.00
10.2
0.57
0.57
including
361.70
363.70
2.00
1.5
1.67
1.67
382.00
385.45
3.45
2.5
0.63
0.63
398.50
401.30
2.80
2.1
0.58
0.58
418.00
421.00
3.00
2.2
0.54
0.54
429.20
434.00
4.80
3.6
0.35
0.35
458.00
460.70
2.70
2.0
0.59
0.59
476.00
578.00
102.00
79.7
0.54
0.54
including
524.00
528.00
4.00
3.1
1.32
1.32
and
544.00
558.15
14.15
11.2
1.31
1.31
613.00
616.00
3.00
2.4
0.37
0.37
624.10
633.00
8.90
7.3
0.30
0.30
643.00
670.95
27.95
23.1
0.39
0.39
MQD-22-085
63.60
74.10
10.50
7.1
0.38
0.38
116.15
118.35
2.20
1.5
1.57
1.57
150.00
195.70
45.70
32.2
0.33
0.33
248.00
250.00
2.00
1.4
0.39
0.39
256.00
258.00
2.00
1.4
0.41
0.41
284.80
288.05
3.25
2.4
0.91
0.91
including
286.00
288.05
2.05
1.5
1.30
1.30
337.00
342.00
5.00
3.7
0.30
0.30
362.00
371.65
9.65
7.2
0.31
0.31
382.45
388.00
5.55
4.1
0.30
0.30
390.80
410.90
20.10
15.0
0.31
0.31
419.00
489.00
70.00
53.1
0.78
0.78
including
422.00
428.00
6.00
4.5
2.07
2.07
including
427.00
428.00
1.00
0.8
10.0
10.0
and
443.00
446.00
3.00
2.3
1.09
1.09
and
457.00
472.00
15.00
11.4
1.07
1.07
and
481.00
485.00
4.00
3.1
2.10
2.10
506.00
508.00
2.00
1.5
0.67
0.67
521.25
550.00
28.75
22.4
0.50
0.50
573.85
581.00
7.15
5.7
1.26
1.26
665.20
671.55
6.35
5.1
0.35
0.35
MQD-22-087
78.00
81.55
3.55
2.4
0.43
0.43
92.00
109.00
17.00
11.6
0.33
0.33
189.00
228.00
39.00
27.3
0.42
0.42
including
206.00
210.00
4.00
2.8
1.22
1.22
249.75
261.00
11.25
8.0
0.49
0.49
289.50
298.70
9.20
6.6
0.42
0.42
including
294.50
296.65
2.15
1.6
1.07
1.07
342.00
349.65
7.65
5.6
0.40
0.40
369.00
393.70
24.70
18.2
1.07
1.09
including
370.65
371.55
0.90
0.7
20.6
20.6
408.10
524.00
115.90
87.3
0.50
0.50
including
425.30
429.50
4.20
3.1
1.28
1.28
and
489.00
494.00
5.00
3.8
2.15
2.15
and
513.95
522.00
8.05
6.1
1.75
1.75
536.90
567.65
30.75
23.6
2.11
2.11
including
539.55
567.65
28.10
21.6
2.23
2.23
including
540.30
540.60
0.30
0.2
28.3
28.3
and
555.20
558.30
3.10
2.4
11.5
11.5
579.00
592.00
13.00
10.1
0.37
0.37
628.65
634.00
5.35
4.2
0.48
0.48
MQD-22-090A
75.00
82.30
7.30
3.8
1.15
1.15
including
78.00
81.55
3.55
1.8
2.05
2.05
94.00
98.00
4.00
2.1
0.54
0.54
133.00
146.00
13.00
7.0
0.35
0.35
193.00
196.00
3.00
1.6
0.39
0.39
227.70
230.60
2.90
1.6
0.53
0.53
238.55
240.85
2.30
1.3
0.42
0.42
245.00
252.25
7.25
4.0
0.35
0.35
287.35
292.75
5.40
3.0
0.44
0.44
427.00
490.60
63.60
37.7
1.31
1.31
including
427.00
429.00
2.00
1.2
1.10
1.10
and
439.00
471.00
32.00
19.0
2.07
2.07
including
455.85
457.00
1.15
0.7
19.4
19.4
503.85
508.00
4.15
2.5
0.73
0.73
519.00
541.00
22.00
13.3
0.35
0.35
including
525.00
527.00
2.00
1.2
1.47
1.47
552.05
579.50
27.45
16.8
0.48
0.48
including
574.00
576.00
2.00
1.2
1.14
1.14
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
MQD-22-075
670,308
5,379,250
443
336°
-47°
675.1
MQD-22-076
670,379
5,379,296
442
338°
-47°
651.0
MQD-22-080
670,462
5,379,398
450
335°
-50°
675.05
MQD-22-083
670,667
5,379,431
433
156°
-50°
630.1
MQD-22-085
670,636
5,379,537
441
336°
-49°
675.0
MQD-22-087
670,546
5,379,463
449
336°
-49°
675.0
MQD-22-090A
670,654
5,379,625
429
346°
-60°
606.0
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 the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit (Table 3), the East Coldstream Deposit (Table 4), the historically producing North Coldstream Mine (Table 5), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.
The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101“) and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Mineral Resource Estimate (Moss Lake Deposit) 1
Inferred Resources (Domains)
Tonnes (Mt)
Grade (g/t Au)
Contained Metal (Moz AU)
Shear
34.7
2.0
2.20
Intrusion
87
0.7
1.97
TOTAL
121.7
1.1
4.17
Notes:
(1) The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with NI 43-101 and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
Table 4: Historical Mineral Resources (East Coldstream Deposit) 2,3
INDICATED
INFERRED
Tonnes
Grade (g/t Au)
Oz Au
Tonnes
Grade (g/t Au)
Oz Au
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Notes: (2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the East Coldstream Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined this historical resource is reliable, and relevant to be included here in that it demonstrates simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the East Coldstream Historical Estimate as a current resource and Goldshore is not treating the East Coldstream Historical Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the East Coldstream Historical Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The East Coldstream Historical Estimate relating to inferred mineral resources was calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 5: Reported Historical Production (North Coldstream Deposit) 4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, plans to conduct a preliminary economic assessment and timing thereof, updating the mineral resource estimates, the filing of a technical report to support the mineral resource estimate at the Moss Lake Deposit, 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; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
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.
VANCOUVER, BC, Nov. 28, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF) (“Bravo” or the “Company“) today announced that it has received assay results from the analysis of re-sampled historic drill core from an additional eight historical diamond drill holes (“DDH”) from its Luanga (palladium + platinum + rhodium + gold +nickel) project (“Luanga” or “Luanga PGM+Au+Ni“), located in the Carajás Mineral Province, state of Pará, Brazil.
“Assay results have been received from a total of 42 re-sampled historic drill holes to date, with the previously noted positive trend of higher PGM+Au grades continuing to be observed in most intercepts as compared to historical intercepts,” said Luis Azevedo, Chairman and CEO of Bravo. “It is also encouraging that nickel sulphide grades are very comparable to the historical total nickel results, suggesting that very little nickel is tied up in silicates in the fresh rock. All these observations, combined with the first-time assaying for rhodium in many intercepts, are supportive as we work to validate Luanga’s historical mineral resource estimate of 142Mt @ 1.24 g/t Pd+Pt+Au and 0.11% Ni” (see Page 5 of this news release for important information in respect of the Historical Estimate).
Highlights
Results from the ongoing re-sampling of historic drill core continue to show a tendency to exceed the tenor of historic intercept grades, with mineralized thicknesses directly comparable to the thicknesses reported for historic intercepts.
Highlights of Bravo’s most recent re-sampling results are tabulated below, with details including comparisons to historic intercepts:
HOLE-ID
FROM (m)
TO(m)
THICKNESS (m)
HISTORIC SGS PGM + Au (g/t)
BRAVO ALSPGM + Au (g/t)
HISTORICNi % (Total)
BRAVO**Ni % (Sulphide)
TYPE
PPT-LUAN-FD0072
79.0
86.0
7.0
1.19
1.50
0.09
0.08
FR
PPT-LUAN-FD0082
44.0
68.0
24.0
1.59
2.08*
0.18
0.21
FR
PPT-LUAN-FD0112
0.0
30.0
30.0
1.34
2.34
0.24
NA
Ox
And
139.0
156.0
17.0
1.02
2.15
0.01
0.01
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock 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.
119 drill holes (including 8 metallurgical drill holes) have been completed so far in 2022, for a total of 20,409 metres (or 80% of the Phase 1 Drill Program). Currently, samples from 46 drill holes are at the assay laboratory pending results, and results from 34 drill holes have been released to date.
22,318 samples have been submitted for assay in 2022, including 3,353 samples from re-sampling of historic drill core.
6 drill rigs operating onsite.
Luanga Re-Sampling Program and Phase 1 Drilling Progress
A comparison of the historic intercepts with the Bravo assay results from re-sampled core is tabulated below, with a plan showing the re-sampled hole locations. A drill section is provided below, showing results for PPT-LUAN-112. Bravo’s assay results from re-sampled core continue to closely correlate to the historic intercepts in thicknesses, while the previously observed trend of intercepts frequently exceeding the tenor of historic grades continues. This is most likely related to improved assay methods for PGMs versus those available over 20 years ago, and only sporadic rhodium assaying historically.
The Phase 1 diamond drill program continues as planned at Luanga. Six drill rigs are on site, with drilling progressing in various locations along the entire 8.1km strike length of the known Luanga mineralized envelope. To date, 114 drill holes have been completed, for a total of 19,384 metres (or 76%) of the planned 25,500 metre Phase 1 drill program.
Comparison of Re-Sampled Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)
HOLE-ID
From (m)
To(m)
Thickness (m)
HISTORIC SGS PGM + Au (g/t)
BRAVO ALSPGM + Au (g/t)
HISTORICNi % (Total)
BRAVO**Ni % (Sulphide)
TYPE
PPT-LUAN-FD0072
44.0
60.0
16.0
0.72
0.71
0.16
0.18
FR
And
79.0
86.0
7.0
1.19
1.50
0.09
0.08
FR
PPT-LUAN-FD0073
26.0
44.0
18.0
0.81
0.84
0.15
0.16
FR
PPT-LUAN-FD0082
0.0
19.0
19.0
0.81
0.83
0.10
NA
Ox
And
44.0
68.0
24.0
1.59
2.08*
0.18
0.21
FR
And
81.0
84.0
3.0
0.90
1.00
0.09
0.08
FR
PPT-LUAN-FD0083
57.0
63.0
6.0
0.28
0.23
0.15
0.13
FR
And
68.0
74.0
6.0
0.17
0.14
0.11
0.09
FR
PPT-LUAN-FD0096
292.0
307.0
15.0
0.50
0.48
0.10
0.10
FR
PPT-LUAN-FD0112
0.0
30.0
30.0
1.34
2.34
0.24
NA
Ox
And
139.0
156.0
17.0
1.02
2.15
0.01
0.01
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock 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.
Complete Table of New Intercepts for Re-sampled holes
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)
TYPE
PPT-LUAN-FD0072
44.0
60.0
16.0
0.38
0.21
0.04
0.09
0.71
0.18
FR
And
79.0
86.0
7.0
0.87
0.50
0.10
0.02
1.50
0.08
FR
PPT-LUAN-FD0073
26.0
44.0
18.0
0.44
0.25
0.01
0.15
0.84
0.16
FR
PPT-LUAN-FD0082
0.0
19.0
19.0
0.61
0.18
0.01
0.03
0.83
NA
Ox
And
44.0
68.0
24.0
1.22
0.62
0.20*
0.03
2.08*
0.21
FR
And
81.0
84.0
3.0
0.68
0.26
0.05
0.01
1.00
0.08
FR
PPT-LUAN-FD0083
57.0
63.0
6.0
0.12
0.09
0.01
<0.01
0.23
0.13
FR
And
68.0
74.0
6.0
0.09
0.04
0.01
0.01
0.14
0.09
FR
PPT-LUAN-FD0096
292.0
307.0
15.0
0.25
0.17
0.03
0.04
0.48
0.10
FR
PPT-LUAN-FD0112
0.0
30.0
30.0
1.38
0.82
0.11
0.04
2.34
NA
Ox
And
139.0
156.0
17.0
0.77
1.17
0.19
0.02
2.15
0.01
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Includes Rh >1.00g/t result. Overlimit analyses pending.
Location of Historic Drill Hole Results Discussed in this Report (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, engagement with local communities, 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.
Historical Resource Estimate
This press release includes a historical resource estimate for the Luanga Project (the “Historical Estimate“) prepared internally by prior owners, VALE SA, in 2017 and contained in a report by Mansur E.T., Ferreira Filho C.F., Oliveira D.P.L. entitled “The Luanga deposit, Carajás Mineral Province, Brazil: Different styles of PGE mineralization hosted in a medium-size layered intrusion.” and published in Ore Geology Reviews (Volume 118, March 2020, 103340). A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Bravo is not treating the Historical Estimate as current mineral resources or mineral reserves. Bravo cautions that the Historical Estimate was not prepared in accordance with NI 43-101.There can be no certainty, following further evaluation and/or exploration work, that the Historical Estimate can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101. Further, the assays values used to calculate the nickel content in the Historical Estimate are total nickel, and thus contain both sulphide nickel (potentially recoverable) and silicate nickel (unrecoverable by conventional methods). Bravo is not aware whether the nickel content in the Historical Estimate has been modified to account for this or not. In addition, no breakdown of the assay results for the individual metals contributing to this Historical Estimate has been published and the Historical Estimate was not classified in accordance with the mineral resource categories set out in NI 43-101. Nevertheless, Bravo considers the Historical Estimate to be relevant to the reader’s understanding of the status of the Project and its future potential.
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 “outperform”, “highlights”, “positive trend”, “encouraging”, “inspiring”, “exceeding”, “correlate”, “exceeding”, “improved”, “validate” and other similar words, phrases or statements that certain events or conditions “could”, “should”, “potentially” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-sampling and drill programs and the results thereof; the potential for a continued trend of improved in grade relative to historic assays and the possible impact on future mineral resource estimates; the potential for the definition of new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, re-sampling results may vary negatively from historical results, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that sample grades from re-assayed core may continue to outperform historic grades; 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
PPT-LUAN-FD0072
Vale SA
659387.11
9341285.56
226.76
SIRGAS2000 UTM22S
231.00
330.0
-60.0
Central
PPT-LUAN-FD0073
Vale SA
659211.28
9341185.85
226.30
SIRGAS2000 UTM22S
229.10
330.0
-60.0
Central
PPT-LUAN-FD0082
Vale SA
659734.39
9341481.67
206.98
SIRGAS2000 UTM22S
213.20
330.0
-60.0
Central
PPT-LUAN-FD0083
Vale SA
659904.92
9341589.34
233.28
SIRGAS2000 UTM22S
216.65
330.0
-60.0
Central
PPT-LUAN-FD0096
Vale SA
659609.30
9341300.37
201.82
SIRGAS2000 UTM22S
320.40
360.0
-90.0
Central
PPT-LUAN-FD0112
Vale SA
659393.12
9343373.87
244.94
SIRGAS2000 UTM22S
160.90
90.0
-60.0
North
Schedule 2: Assay Methodologies and QAQC
Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was quarter 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 respective ALS or SGS global websites (ALS, SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.
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.
