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

EMX Royalty Announces Third Quarter 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – November 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2022 (“Q3-2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q3-2022

Financial Update

All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.

  • Revenue and other income for the three months ended September 30, 2022 was $9,338,000 which includes continuing royalty income from the Leeville, Gediktepe, and Balya royalty interests totaling $4,881,000. Other income of $4,113,000 relates to other property payments from partnered properties. Adjusted revenue and other income1 was $12,105,000 which included $2,767,000 for the Company’s share of royalty revenue from its effective Caserones copper royalty interest in Chile.
  • After recovering $4,210,000 from partners, the Company’s net royalty generation costs totaled $2,652,000.
  • General and administrative costs totaled $1,644,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities offset by a reduction in fees paid to consultants during the period.
  • Share-based payments totaled $481,000 for the period compared to $1,206,000 in Q3-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
  • Finance expenses of $1,579,000 associated with the Sprott Credit Facility. The Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000 in the previous quarter.
  • For the quarter, the Company had income from operations of $1,311,000 and a net loss of $16,346,000.
  • Other significant items affecting income for the three months ended September 30, 2022 included unrealized fair value losses on investments of $7,241,000, impairment charges of $7,130,000 primarily related to the Gediktepe royalty in Turkey, and foreign exchange adjustments of $518,000.
  • As at September 30, 2022, the Company had unrestricted cash and cash equivalents of $14,297,000, investments and long-term investments valued at $19,877,000, and a loan payable of $54,961,000.

Corporate Updates

Appointment of Independent Director
In Q3-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.

Purchase of Royalty Portfolio from Nevada Exploration
In Q3-2022, EMX announced it had executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties, with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”) for US$500,000. The portfolio consists of a 2% net smelter return royalty (“NSR”) on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles in Nevada and includes four district-scale land positions as well as certain other interests. In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive AARs of US$20,000 that escalate US$10,000 per year and are capped at US$50,000. NGE has the right to buy back half of EMX’s 2% NSR by purchasing a 0.5% NSR interest for US$1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest any time prior to production for US$1,500,000.

Receipt of Initial Production Royalty Payments from Gediktepe
In Q3-2022, EMX announced the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% NSR on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling US$1,842,452, inclusive of US$281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June.

The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. The payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8th.

The Company has also taken an impairment in Q3-2022 against the carrying value of Gediktepe. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000. Please refer to the Company’s interim financial statements for the nine months ended September 30, 2022 for additional information.

Receipt of Initial Production Royalty Payments from Balya North
In Q3-2022, EMX announced the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% NSR royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”), a private Turkish company.

In the first half of 2022, Esan’s advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022. Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in VAT. These royalty payments are from 30,223 tonnes of processed material averaging 1.68% lead, 1.34% zinc, and 39.9 g/t silver.

Receipt of Milestone Payment for the Parks-Salyer Royalty Property
Subsequent to Q3-2022, EMX received a US$3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc. and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year. EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% NSR covering the Royalty Property.

Impact of Covid 19
EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.

Royalty and Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of 265 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Producing Royalties5
Advanced Royalties9
Exploration Royalties152
Royalty Generation Properties99



Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1508/144216_fd23da17d415d84b_002full.jpg

During Q3-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,862,000 and recovered $4,210,000 from partners. During the quarter the Company completed two new property agreements in Northern Europe and one new partnership in the US, and continued to grow the portfolio with new mineral property acquisitions.

Highlights from Q3-2022 include the following:

  • In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement on a copper project in Arizona, the advancement of ten partner-funded work programs, including five drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a large (i.e., greater than 1950 hectares), prospective land position in the Silver Valley district in Idaho.
  • US highlights also include Arizona Sonoran Copper Company’s (“ASCU”) announcement of a maiden resource at the Parks-Salyer deposit (see ASCU news release dated September 28, 2022) and key drill intercepts within the EMX royalty footprint which include 162 meters at 1.10% copper in drill hole ECP-084 and 68.3 meters at 2.24% copper in drill hole ECP-086 (true widths unknown) (see ASCU news release dated September 7, 2022). As noted earlier, subsequent to Q3-2022, EMX received a US$3,000,000 Milestone Payment from ASCU resulting from the announced resource exceeding 200 million pounds of contained copper within the royalty footprint (see EMX new release dated October 4, 2022).
  • In Canada, EMX continued its summer work programs to advance and delineate targets on available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received $63,000 in cash payments and $4,000 in share equity payments during the quarter.
  • EMX’s Latin American royalty portfolio advanced through field programs at Morros Blancos and Morros Colorado by Austral Gold Limited, Block 4 by Pampa Metals Corporation, and drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q3 drill programs at San Marcial, as well as Diablillos and Berenguela continue to produce significant results that expand known resources and add new discoveries at nearby targets. Highlights at San Marcial include the discovery of a new silver zone by GR Silver with a 250 meter step out drill hole intersecting 101.6 meters at 308 g/t silver with multiple higher grade sub-intervals (true width unknown) (see GR Silver news release dated August 8, 2022). An updated resource estimation for San Marcial is scheduled for Q1-2023.
  • As a subsequent event, AbraSilver announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit reported as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone discovery.
  • In Northern Europe the Company continued to expand its portfolio of projects, acquiring a gold-copper project in Sweden and a gold-cobalt project in Finland totaling nearly 20,000 hectares. Two Norwegian polymetallic projects were sold to Minco Silver in Q3 and eight partner funded projects advanced EMX royalty assets, including three drill programs. Overall, approximately US$2.3 million was spent by partners on EMX royalty properties in Northern Europe in Q3.
  • Drill results were announced at the Tomtebo Project in Sweden by District Metals in Q3. Highlights included 25.5 meters averaging 2.4% zinc, 2.05% lead and 65 ppm silver in drill hole TOM22-38 starting at 249 meters (true width unknown) (see District Metals news release dated August 17, 2022)2.
  • Drill programs were also completed in Norway at Playfair Mining’s RKV project and at Norden Crown Metals’s Burfjord project. Nineteen diamond drill holes totaling 1,107 meters were drilled at Playfair’s RKV Project and 18 diamond drill holes totaling 3,500 meters were drilled at Burfjord.
  • EMX continued to advance its understanding of the newly discovered cobalt enriched manganese mineralization at its 100% owned Yarrol Project in Australia. Soil sampling grids continued to expand the footprint of cobalt-rich mineralization and preparations for an upcoming drill program commenced in Q3.
  • Work also proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company, and new areas are being assessed for further acquisitions.

Financing Updates

Exercise of Stock Options granted by EMX
Ending Q3-2022, 1,045,000 stock options were exercised at $1.20 per share pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,254,000 to EMX.

Investment Updates
As at September 30, 2022, the Company had investments totaling $19,877,000 which included $13,651,000 in various public and private entities, and $6,226,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

Strategic Investment in Premium Nickel Resources
Between 2020 and 2022, EMX acquired 5,412,702 shares of Premium Nickel Resources Corporation, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.

Subsequent to the listing transaction, PNRL announced initial results from its ongoing diamond drilling program at its 100% owned Selebi nickel-copper-cobalt project in Botswana (see PNRL news release dated August 17, 2022). Highlights included an intercept of 25.65 meters of 0.95% nickel, 2.03% copper and 0.04 % cobalt in drill hole SMD-22-001 starting at 1,374.5 meters (true width estimated to be 70-80% of drilled interval). This was the first hole drilled in the 2022 program, and on September 13, 2022, PNRL announced further intercepts from a wedge drilled off hole SMD-22-001 (hole SMD-22-001-W1) of 4.35 meters averaging 0.98% nickel, 1.61% copper and 0.02% cobalt starting at 1,363 meters and 12.55 meters of 0.39% nickel, 1.99% copper and 0.02% cobalt starting at 1,385.65 meters (true thicknesses estimated to be 70-80% of the drilled interval) (see PNRL news release dated September 13, 2022). Assay results from other holes are pending3.

OUTLOOK

This year will see an increase in revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.

So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones, completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada, made a strategic investment in PNR, and repaid in full the vendor take back note issued to SSR Mining Inc.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.

EMX is well funded to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

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

For further information contact:

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

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

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

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

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

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

1 Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 24 of the Company’s MD&A for the period ended September 30, 2022 for more information on each non-IFRS financial measure.
2 EMX has not done independent and sufficient to work verify the drill results as published by District Metals, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.
3 EMX has not done independent and sufficient to work verify the drill results as published by Premium Nickel Resources Ltd, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144216

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Appoints Gregory J. Martin as Chief Financial Officer

Nevada Copper Corp.
Nevada Copper Corp.

Files Third Quarter 2022 Financial Statements and MD&A

YERINGTON, Nev., Nov. 14, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce the appointment of Mr. Greg Martin as Executive Vice President and Chief Financial Officer of the Company, effective November 21, 2022.   In leading the Company’s financial functions, Mr. Martin will be integral to building fiscal discipline and structures to support the restart and ramp-up of the Company’s underground mine. In addition, he will oversee concentrate marketing, and generally assist with leading the team through the restart and ramp-up process.

Randy Buffington, President & CEO of Nevada Copper, stated, “We are very pleased that Greg will be joining the Company and taking on such a critical role in leading the finance group. His experience and leadership in mining, and specifically in Nevada operations, will be crucial in reinforcing the financial rigor needed as we transition through the capital development projects phase of the operational restart at Pumpkin Hollow to mining and milling over the next year. Looking forward, we are making good progress with the open pit prefeasibility study and look forward to Greg’s input at this key stage of development.”

Mr. Martin has nearly 30 years of experience in various financial and business development roles, primarily in the mining sector. He has held senior finance roles in several multi-national mining and mining-related companies including SSR Mining Inc. (where he was CFO from 2012 to 2021), NovaGold Resources Inc., Finning International Inc., Zincore Metals Inc. and Placer Dome Inc. He has a proven track record of providing leadership through company transitions, growth and development while implementing the fiscal discipline and structure to support sustainable operations. Mr. Martin is a Certified Professional Accountant (C.G.A.), holds an MBA from the University of Western Ontario and a Bachelor of Applied Science from the University of British Columbia.

Filing of Third Quarter 2022 Financial Statements and Management’s Discussion and Analysis (“MD&A”) of Financial Results

The Company has filed its unaudited condensed consolidated interim financial statements and the related MD&A for the third quarter and year to date periods ended September 30, 2022.  These filings can be found at www.sedar.com.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to Mr. Martin’s role with the Company.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with vendors; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Diamcor Mining Junior Mining

Diamcor Announces Strong Tender and Sales Results Including Several Gem Quality Diamonds in the Specials Category

Diamcor Mining, Proven and Probable
https://www.diamcormining.com/

KELOWNA, BC / ACCESSWIRE / November 14, 2022 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its first tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) held during the current quarter. In the first tender and sale of its third fiscal quarter, the Company sold a total of 5,518.74 carats of rough diamonds including several rough diamonds in the Specials (+10.8 carats) category, with the largest being 43.55 carats in size, generating gross revenues of USD $1,472,471.03, resulting in an average price of USD $266.81 per carat. The total carats sold in this initial sale of the current quarter represents a 148% increase in the carats sold during the previous quarter.

Highlights

  1. Specials Category Diamonds. The results of the first tender and sale of the current quarter included several larger gem quality rough diamonds in the Specials category including a 43.55 carat diamond. 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.
  2. 148% Increase. In total, 5,518.74 carats have now been sold in the current quarter to date, generating gross revenues of USD $1,472,471.03 resulting in an average price of USD $266.81. The total number of carats sold to date this quarter is a 148% increase quarter over quarter. A second tender and sale is expected before the end of this year which would further increase volumes and revenues in the current quarter.

“We are very pleased with the processing plant refinements implemented to date resulting in the increased volumes delivered and sold at our latest tender and sale. Representing a 148% increase in carats sold quarter over quarter, we look forward to adding to this increase in our next sale before the year end”, stated Mr. Dean Taylor, Diamcor CEO. “Along with receiving a higher dollar per carat average that is more than double the world average from this current sale, the Company continues to recover large gem quality diamonds in the Specials category. We look forward to continuing our processing refinements with the potential of increasing processing volumes and resulting revenues, quarter over quarter going 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) of material 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 a very low-cost mining operation 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.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:
Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

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.

SOURCE: Diamcor Mining Inc.



View source version on accesswire.com:
https://www.accesswire.com/725468/Diamcor-Announces-Strong-Tender-and-Sales-Results-Including-Several-Gem-Quality-Diamonds-in-the-Specials-Category

Categories
Collective Mining Energy Junior Mining Precious Metals Uncategorized

Collective Mining Receives Formal Recognition from the Municipality of Marmato for its Social Management Programs in the Region

TORONTO, Nov. 14, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that the Mayor’s office of Marmato has formally acknowledged Collective Mining’s social activities and efforts within the municipality. Known as “Resolution 520, 2022”, the municipality expresses its gratitude for the contributions to the development of social, economic and governance matters since the Company’s arrival in 2020.

(CNW Group/Collective Mining Ltd.)
(CNW Group/Collective Mining Ltd.)

The township of Marmato, which is located in the department of Caldas, is one of the most historic and significant gold and silver mining regions in the western hemisphere of the world with continuous production beginning more than 500 years ago. Collective Mining’s Guayabales project is located in the heart of this long-established mining camp which has 10 fully permitted and operating mines located within a three kilometres radius of the project.

Since Collective Mining’s arrival to Marmato in 2020, the Company has focused on aligning itself with the municipality’s “Development Plan” by cooperating with initiatives that are relevant for the community and region. These efforts have included the improvement of rural roads, providing technical proficiency to Marmato’s coffee growers, protecting local water sources, monitoring and improvement of the aqueducts in the municipality and establishing beekeeping projects.

“Collective is a company that listens to the communities and embraces the needs of our municipality. From day one, they have supported us in our Development Plan. We wish to highlight that the Company always brings with it great respect for our communities. That is why, today, we can ratify this formal recognition proving it is possible to work hand in hand with a private company,” said Yesid Castro, Mayor of Marmato.

“Since our arrival to the region, our goal was to add value to local communities while advancing our efforts in making the next major discovery in Colombia. Since inception, our Company has been committed to a “Collective” approach to the development of projects, working alongside local government and communities to help develop our ESG initiatives. This recognition, coupled with our multiple geological discoveries are evidence that we are on the right track. We wish to express our gratitude to the local communities and to the Mayor and his team for allowing us to bring value and work alongside the citizens of Marmato,” commented Omar Ossma, President and CEO of Collective Mining.

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 discovery of the “Main Breccia” at the Apollo target in June 2022, which is a large bulk-tonnage, and high-grade copper, silver and gold porphyry-related hydrothermal breccia system. The Company’s near-term objective is to continue expanding the size of the Main Breccia discovery through step-out drilling while simultaneously increasing confidence in the highest-grade portions of the system.

Management and insiders 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”.

FORWARD-LOOKING STATEMENTS

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

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

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

SOURCE Collective Mining Ltd.

Cision
Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/14/c7959.html

Categories
Uncategorized

Episodes 3-5 — Royalty/Streaming & Developers | Rule Classroom Series

Dear Subscriber,

Episodes 3, 4, and 5 of Rick’s Classroom Series are now available for viewing.

In this 10-part free video series, Rick and I focus on the fundamentals of successful investing and speculation, while addressing many of your most frequently asked questions.

In these three installments, Rick and I continue our discussion on the Majors before moving on to Royalty/Streaming companies and Developers.

We discuss:The origin of the Royalty/Streaming modelLarge vs small Royalty/Streaming companiesThe reason most resource investors should consider Royalty/Streaming companiesThree important documents to consider when evaluating a DeveloperThree important numbers to consider when evaluating a DeveloperConflicts of interest to watch out forThe cost of moving a development project forwardThe importance of specific expertise and when you might consider backing a less experienced team
Click to watch: Rule ClassroomI hope you will join us.

Best regards,
Albert Lu
Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines CTO Lifted

Burlington, Ontario–(Newsfile Corp. – November 10, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the Ontario Securities Commission revoked its failure to file cease trade order (“FFCTO”) against SBMI on Thursday, November 10, 2022.

The FFCTO was imposed on Tuesday, November 8, 2022, as a result of the Company not filing its audited financial statements and MDA as at June 30, 2022 on schedule. As previously disclosed, during the audit process there were no items of disagreement as between the Company and its auditors; rather, the delay in filing the audited financial statements and MDA was procedural, linked to the Arizona team’s lack of familiarity with the audit requirements for a reporting issuer. These procedural issues are being remedied going forward.

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143903

Categories
Junior Mining

Kesselrun Resources Climbs 50% in Three Days

I wrote a piece a few days back listing ten exceptionally low market cap stocks selling for less than $.05 a share. Kesselrun Resources (KES-V) was one. They closed on November 2 at $.03 a share. I had picked a lot up at that price believing they were perfectly positioned to ride the bull rally we are in to a much higher price.

The yearly low was $.02 a few weeks ago on September 29th. At that price the company had less than a $2 million market cap while still sitting on over $1 million in cash. That was a week after the company released exceptional results on the 22nd. Those assays ran as high as 14.4 g/t Au over 11 meters within a 124.0-meter intercept averaging 1.8 g/t Au. Frankly I bought because I saw almost no risk. I have believed for two months that we are at a major low in the metals and resource stocks.

The more I looked into the company the more I liked it. The Huronian project has a past producing high-grade gold mine and a historic resource of 546 thousand ounces of gold at just below a half-ounce to the tonne. Kesselrun has 100% ownership of the 4600 ha land package located in the mining friendly province of Ontario.

But it gets even more attractive. The company has drilled another 7200 meters in their 32 hole 2022 drill program still to be released. Frankly the Canadian and US assay labs have failed to keep up with the increased demand after the Covid hoax ended and have cost investors billions of dollars. How can you invest wisely if drill results are not released until many months of shareholder boredom? I’m told by company management that all 32 holes “should” be out before the end of November. I’ll believe it when I see it, the assay labs are really screwing their clients.

There is other interesting news of possible significance to Kesselrun’s 2023 drill program. The company finished a NuTEM and magnetics survey in the summer. The purpose is to deliver “3D subsurface voxel models of the survey area.” If you are not fully conversant with what a voxel model is, don’t worry about it. I’m not either but I am certain they are important.

The company has another 100% owned 8900 ha project they call Bluffpoint. It’s an early stage granite hosted system similar to that of the Rainey River Gold mine some 50 km down strike that produced 250,000 ounces a year at 1.1g/t Au.

At today’s price the company still has a market cap of under $5 million. It was cheap at below $2 million and is still cheap. The shorts are creeping higher in the anticipation of a private placement in the near-term but I suspect they have gotten a little too cute and may get mousetrapped. We have seen the bottom. Gold has climbed right at $100 an ounce in the last three days. It’s going to go a lot higher when retail investors begin to understand that when your ship comes in you don’t want to be out at the airport.

With the quality of ounces KES has in their historic resource and jurisdiction, their gold should be worth $40 to $100 an ounce. That would value the company at $22 million to $55 million. The company is an easy ten bagger and the 32 holes that should be released in the next three weeks should be the icing on the cake.

Kesselrun is going to advertise. I have bought shares in the open market. Do your own due diligence, I am biased.

Kesselrun Resources Ltd
KES-V $.045 (Nov 09, 2022)
KSSRF OTCBB 93.7 million shares
Kesselrun Resources website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Base Metals Energy Junior Mining Rover Metals

Rover Metals to Temporarily Trade Under the Symbol (ROVMD) on OTCQB

Rover Metals Corp.
Rover Metals Corp.

VANCOUVER, British Columbia, Nov. 09, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its release of October 28, 2022, regarding its listed common share consolidation, per FINRA regulations in the United States, the Company will temporarily trade under ROVMD on the OTCQB. After November 28th, 2022, the Company will resume trading under its old symbol ROVMF.

Judson Culter, CEO at Rover Metals, states “a consolidation of our Company’s securities was necessary to position Rover for growth and success with our new critical mineral projects. Both the Let’s Go Lithium Project, Nevada, USA, and the IML Zinc-Copper Project, NT, Canada, require Phase 1 and Phase 2 Exploration Programs. Additionally, the Company’s existing gold projects require expanded Phase 2 Exploration Programs.”

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. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Subscribe to our Newsletter on our Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

Categories
Gold Shore Resources Junior Mining

Goldshore Resources Inc. Invitation to Deutsch Goldmesse

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Goldshore Resources Inc (TSXV: GSHR) will be participating in the Deutsche Goldmesse, which will take place on November 18th and 19th at The Westin Grand Frankfurt.

Members of the Goldshore Resources Inc management will be taking meetings throughout the day, and also present at 01:45pm CET on November 19th to an audience of European investors.

An online registration form is available, and investors can register to attend at: https://deutschegoldmesse.online/investor-registration/.

Kai Hoffmann, Managing Director of Soar Financial Partners, remarked, “We are excited to host our 3rd in-person premier mining investment event, bringing together carefully selected mining and exploration companies with the European investment community over the course of two days. We anticipate this to be our largest conference yet, and we are pleased to welcome again an astute line-up of keynote speakers.”

The Deutsche Goldmesse website is continuously being updated concerning attending companies, keynote speakers, agenda, etc.: www.deutschegoldmesse.com

About Goldshore Resources Inc

Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00F)Goldshore is an emerging well-financed junior gold developer, who acquired the Moss Lake Gold Project (Ontario, Canada) from Wesdome Gold Mines Ltd. In January 2021. The Moss Lake Project has a historical resource of c.1.5M oz Indicated and c.2.5M oz. Inferred and is conducting an extensive exploration strategy, including a 100,000m drilling program. As well, The Moss Lake Project has a historical copper mine (North Coldstream Mine) on its land package (operated by Noranda/Xstrata – 1954-1992), and significant other copper/gold targets to be tested going forward. Goldshore’s Moss Lake Project holds a large land package in North-western Ontario. The project displays significant resource potential, as Goldshore takes the project through its next stages of exploration and development, towards an updated mineral resource estimation (MRE) in Q4 2022; followed by updated preliminary economic assessment (PEA) in Q1 2023 and visibility towards feasibility study (FS) thereafter.

About Deutsche Goldmesse

Deutsche Goldmesse is Germany’s premier mining investment conference, based out of Frankfurt – one of Europe’s most important financial capitals. We bring together leading minds in the industry to foster new business opportunities and facilitate valuable relationships. The exclusive two-day event showcases industry-leading keynote speakers and up to 35 carefully considered companies in a range of commodities and stages from explorers to producers.

Hosted by Soar Financial Partners, we provide a platform where top company management can connect with a vast network of European institutional and HNW investors, retail investors, analysts, influencers, newsletter writers, media, and other local partners.

For further information:
Goldshore Resources Inc
Brett A Richards
Chief Executive Officer
19054491500
brett@brettrichards.org
www.goldshoreresources.com

Categories
Energy Junior Mining Precious Metals

Dolly Varden Silver Intersects 1.50m of 1,367 g/t Ag within 12.51 meters Grading 442 g/t Ag at Kitsol Vein

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce results from drilling at the Torbrit Resource area, including infill and step-out drilling within the Kitsol Vein zone.

The high-grade, potentially bulk-mineable Kitsol Vein continued to deliver outstanding, contiguous silver and base metal mineralization, where DV22-291 intersected 12.51m (8.88m true width) averaging 442 g/t Ag, 0.68% Pb and 0.42% Zn, including of 1,367 g/t Ag over 1.50m (1.07m true width), as an up-dip infill hole from previous high-grade intercepts.

Highlights include:

  • DV22-289: 979 g/t Ag over 0.49 meters true width, step out at Torbrit Main
  • DV22-291: 442 g/t Ag over 8.88 meters true width, infill at Kitsol
  • DV22-298: 372 g/t Ag over 10.78 meters true width, up-dip extension at Kitsol
  • DV22-308: 297 g/t Ag over 6.59 meters true width, step out at Torbrit Main
  • DV22-312: 585 g/t Ag over 3.30 meters true width, step out at Torbrit Main

“In addition to discovery-focused exploration drilling, Dolly Varden Silver has been prioritizing resource expansion and upgrading at the Torbrit/Kitsol, Wolf, Homestake Main and Homestake Silver deposits. We continue to encounter wide, potentially bulk-mineable vein-hosted silver mineralization at Kitsol, and expect to announce significant drill results from the other resource areas in the next few weeks,” said Shawn, Khunkhun, President and CEO.

The 2022 exploration drill program on the Kitsault Valley trend has completed 37,061m in 108 drill holes. Drilling wrapped up in mid-October, with the majority of assays still pending. Additionally, ground geophysics, surface mapping and prospecting work were completed, evaluating historic prospects and identifying new silver and gold occurrences.

Torbrit Main and North Deposits consist of distinctive stratabound silver mineralization associated with a high potassium and coincident sodium depletion alteration signature. Layers consist of red jasper with bladed crystal growths after barite later replaced by silica. Relatively quick capping of the system by volcanic activity caused an overprinting of epithermal brecciation and veining which further augmented the silver grades within the deposit area.



Figure 1. Drill hole DV22-308 from Torbrit Main showing typical red jasperoid stratabound mineralization with epithermal overprint carrying higher silver grades

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_002full.jpg.

The main focus of Torbrit step out drilling at the Torbrit Main Deposit targeted the southern limits of the current Mineral Resource. Drill holes were oriented to step-out from, as well as infill areas of modelled inferred resources (see Figure 3). The Torbrit horizon was intersected in all expansion holes; future infill drilling programs will target high grade shoots within the lower grade horizon, which were commonly encountered in historic mining at the Torbrit, Wolf and Dolly Varden deposits.



Figure 2. Location along the Kitsault Valley trend

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_003full.jpg.

The Kitsol Vein is considered part of the epithermal, structurally controlled system that over printed the stratabound layers. Mineralization consists of pyrargerite (ruby silver), argentite and native silver in a silica breccia vein system. The northeast/southwest orientation of the vein and nature of the high grade silver plunge is similar to what is developing at the Wolf deposit 1.4km to the north (see figure 2).

Drilling during the 2022 season at Kitsol has encountered wide, high grade silver mineralization, commonly with overprinting high-grade vein shoots within wide vein sets. Previously reported step-out drill hole DV22-283 that intersected 50.18m (~30.0m true width) averaging 414 g/t Ag (see news release August 10, 2022) suggest multiple high-grade, steeply plunging yet wide silver shoots that extend to surface, as demonstrated by up-dip hole DV22-298 which intersected 21.55m (10.78m true width) grading 372 g/t Ag (see Figure 5). Additional results from step-out drill holes testing deeper, down plunge mineralization from DV22-283 at the Kitsol Vein are pending.



Figure 3. Plan map, Torbrit Resource Area with 2019 resource block model. Yellow/orange blocks indicates targeted expansion areas of Inferred and exploration potential respectively.

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_004full.jpg.



Figure 4. Geological Cross Section (A-B) of southern Torbrit deposit with 2019 modelled mineralized envelope in red and 2022 drilling with mineralized intercepts as pink lithology

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_005full.jpg.



Figure 5. Kitsol vein long section highlighting six 2022 infill and expansion drill holes that define a steep plunge to high-grade silver mineralization. Section view looking Northwest.

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/1728/143231_102a401624b57ac9_006full.jpg.

Table 1. Drill hole assays for Torbrit Deposit Area (including Kitsol Vein zone as noted).

Hole IDFromToCore
Length
(m)		True
Width
(m)*		Ag
(g/t)		Pb
(%)		Zn
(%)		Au
(ppm)		AgEq**
(g/t)
DV22-282
(Kitsol)		175.38179.053.672.832100.480.110.04232
DV22-284111.33112.971.641.31500.586.10NSV299
and114.43115.511.080.861290.161.45NSV189
and125.32128.853.532.82270.113.440.06165
DV22-286
(Kitsol)		173.54174.500.960.581410.810.550.15200
and177.00183.956.954.171880.240.160.09209
including178.80179.530.730.444480.150.180.16473
including181.92182.420.500.305640.290.110.39609
DV22-287176.00177.001.000.90NSVNSV1.69NSV64
DV22-28911.4912.000.510.499790.370.16NSV996
DV22-291
(Kitsol)		120.19132.7012.518.884420.260.31NSV462
including120.19120.720.530.381441.211.330.05236
including125.50127.001.501.0713670.220.17NSV1380
DV22-29019.2119.940.730.704060.170.13NSV416
DV22-292NSV
DV22-29388.3491.803.463.431360.050.02NSV138
including90.7791.801.031.021660.080.03NSV170
DV22-295
(Kitsol)		145.90152.006.103.481450.850.36NSV185
including147.40151.003.602.051660.230.33NSV186
and240.50241.000.500.292300.020.010.01232
DV22-298
(Kitsol)		25.4547.0021.5510.783720.680.42NSV409
including27.7934.566.773.397851.590.64NSV858
including27.2528.851.600.805175.482.40NSV777
including29.5030.501.000.5010540.500.21NSV1077

*Calculated true widths vary depending intersection angles and range from 50% to 100% of intersection lengths
**AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn

Table 1 con’t. Drill hole assays for Torbrit Deposit Area (including Kitsol Vein zone as noted).

Hole IDFromToCore
Length
 (m)		True
Width
(m)*		Ag
(g/t)		Pb
(%)		Zn
(%)		Au
(ppm)		AgEq**
(g/t)
DV22-29681.0082.251.250.891191.150.27NSV165
and85.0588.503.452.451301.310.41NSV186
and90.0091.001.000.71981.280.35NSV151
and108.40115.607.205.11601.440.67NSV130
and124.25125.401.150.822740.050.43NSV292
DV22-297NSV
DV22-29919.4523.003.553.121660.030.06NSV169
and30.5031.000.500.445173.160.09NSV618
and52.3552.830.480.422672.290.07NSV341
and74.7375.480.750.662420.260.10NSV254
and107.12112.004.884.291680.150.50NSV192
and122.87123.530.660.581990.250.19NSV214
DV22-301127.50129.001.500.663700.550.15NSV393
and163.30164.160.860.381530.260.200.01168
including173.16173.950.790.352350.220.16NSV248
DV22-303150.91154.853.943.433250.420.060.30340
DV22-305157.00159.262.262.211680.210.05NSV176
and170.05170.550.500.492830.050.02NSV285
DV22-306114.00117.413.413.411320.400.640.01170
and119.00123.504.504.501660.120.560.02193
and148.00151.443.443.441910.060.030.01194
and155.00159.004.004.001450.180.090.01155
DV22-308146.18154.528.346.592971.250.47NSV354
including149.75152.282.532.007731.290.68NSV839
DV22-309126.62128.581.961.841930.480.030.01210
DV22-310NSV
DV22-31260.0063.303.303.305850.020.06NSV588
including60.0061.131.131.1310500.020.06NSV1053
and105.25108.623.373.371590.130.04NSV165
DV22-31380.0081.101.101.101580.010.30NSV169
and105.00106.671.671.671600.300.09NSV173

*Calculated true widths vary depending intersection angles and range from 50% to 100% of intersection lengths
**AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn

Table 2. Drill hole locations.

Hole IDZoneEasting
UTM83 (m)		Northing
UTM83 (m)		Elev. (m)AzimuthDipLength
 (m)
DV22282Kitsol4675436172134404118-45214.00
DV22286Kitsol467543617213440490-58438.00
DV22284Torbrit467833617163934928-59472.35
DV22287Torbrit467833617163934928-88215.00
DV22289Torbrit468026617133435250-6890.00
DV22290Torbrit468026617133435250-69165.00
DV22291Kitsol4675716172168394100-50300.00
DV22295Kitsol4675716172168394100-60339.00
DV22292Torbrit468040617128735855-45129.00
DV22293Torbrit468405617130964970-50137.00
DV22296Torbrit468405617130964945-65150.00
DV22297Torbrit468405617130964945-80201.00
DV22299Torbrit468405617130964915-50183.00
DV22298Kitsol4676276172140371115-65121.00
DV22301Torbrit468330617140564345-82237.00
DV22303Torbrit4683266171329605120-83216.00
DV22305Torbrit4683266171329605200-80216.00
DV22306Torbrit468221617139054945-55216.00
DV22308Torbrit468221617139054950-80219.00
DV22309Torbrit468228617126352235-60177.00
DV22310Torbrit468228617126352235-78201.00
DV22312Torbrit468320617121656845-58150.00
DV22313Torbrit468320617121656845-75150.00

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 and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, 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.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143231