VANCOUVER, BC / ACCESSWIRE / March 7, 2022 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) – RooGold Inc. (“RooGold” or the “Issuer“) would like to officially welcome Carlos Espinosa as Chief Executive Officer (CEO), President and member of the Board of Directors, effective as of March 4th, 2022.
Further to the news release dated February 9, 2022, Mr. Espinosa replaces Michael Mulberry, who will remain a Director of RooGold. Yana Borovskaya has officially stepped down from the Board of Directors concurrent with the appointment of Mr. Espinosa.
Carlos Espinosa commented, “I am very excited to join a company with a great team of professionals and excellent gold and silver assets in Australia, a country with a long mining tradition and one of the best mining jurisdictions in the world. I am sure that together we will build a fantastic story and an amazing company, adding value to our shareholders, as well as local communities, government, employees and consultants, and the rest of stakeholders around RooGold.”
Issuance of Stock Options
RooGold has issued 1,000,000 incentive stock options (the “Options“) to certain directors, officers, employees, and consultants of the Company, effective March 4, 2022 (the “Effective Date“). The Options have an exercise price of $0.30 and are exercisable for a period of five (5) years, expiring March 4, 2027. The Options will be subject to a vesting schedule whereby 166,667 Options will vest every six (6) months from Effective Date.
About ROOGOLD
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which have 137 historic mines and prospects.
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.
Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
VANCOUVER, BC / ACCESSWIRE / February 17, 2022 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) – RooGold Inc. (“RooGold” or the “Issuer“).
To Our Shareholders & Prospective Investors:
On February 9th 2022 RooGold announced their appointment of Carlos Espinosa as Chief Executive Officer (CEO), President and member of the Board of Directors, effective March 4th, 2022.
Carlos Espinosa comments, “As I transition into my role as CEO and President of RooGold, and with reconnaissance field work commencing at one of the Company’s flagship projects, I would like to take this opportunity to reach out to all RooGold shareholders and prospective investors. Specifically, I would like to recap RooGold’s substantial achievements in 2021, outline the Company’s immediate exploration plans for the first half of 2022 and importantly discuss the Company’s project acquisition strategy and commitment to value creation by reducing exploration risk”.
2021 Highlights
In 2021 RooGold consolidated a significant portfolio of high grade gold and silver properties in New South Wales Australia comprising 13 concessions within the prolifically mineralized New England and the Lachlan Orogens (Figure 1).
Concessions cover 1380 km2 and host at least 137 gold and/or silver mineralized showings, prospects and historical small scale mines.
Most concessions are located on regional scale structures with multiple gold and/or silver occurrences and mines along their length (Figure 1). Globally, the more significant gold and silver deposits are hosted along regional.
RooGold’s large land-holding, coupled with the large number of mineralized occurrences, prospects and historical mines, and diversity of deposit type, helps reduce exploration risk.
RooGold has acquired 100% of all properties, with no staged earn in payments, royalties or claw backs.
The Company has completed a comprehensive review of the extensive historical NSW government database and identified six priority concessions.
Figure 1: RooGold NSW concessions (Red) on a 90 m Digital Terrane Model showing showing gold (yellow) and silver (blue) occurrences and mines.
2022 Q1 & Q2 Work Program
RooGold’s immediate focus in 2022 will be rapid field reconnaissance of six high priority concessions that have been identified from the comprehensive data base review. RooGold’s work program will initially comprise of:
Acquisition of high resolution satellite and DEM data to provide a base for structural mapping and reconnaissance planning.
Establishment of a land-owner database and negotiation of land-owner access agreements for priority targets.
Reconnaissance mapping of six priority concessions, which will be followed by prospect mapping and target generation for the initial top three prospective properties.
Alexandra Bonner, RooGold’s Chief Operations Manager, comments, “The Company is preparing to commence its first field reconnaissance program at the end of February 2022 which will focus on the southern part of the Peel-Manning Fault system. RooGold will update investors in due course”.
Project Acquisition Strategy
RooGold’s acquisition strategy focused on reducing exploration risk through the acquisition of a large and diverse exploration portfolio of gold and silver targets, each hosting high grade showings, prospects and historical mines. Specifically:
Multiple Concessions: The likelihood of a mineral exploration discovery is generally better for companies with a diverse portfolio of targets, provided project acquisition is based on geological merit and project holding costs are sustainable.
Simple Deal Structure: RooGold holds 100% of all 13 concessions, with no staged earn in or joint venture payments. RooGold’s expenditures will be driven by exploration merit, not by deal terms.
Low Holding Costs: RooGold has committed to exploration expenditures of AUD $25,000 per concession in Year 1 and AUD $50,000 per concession in year two. This equates to AUD $325,000 Year 1 and AUD $650,000 Year 2, for all 13 concessions. RooGold has already met approximately AUD $175,000 of Year 1.
The Importance of Structure: Many factors influence the risk reward profile of exploration projects. This is highlighted by Figure 1 which shows a positive correlation between the distribution of gold mines, historical mines and prospects, and crustal scale structures. Some of these structures, such as the Peel-Manning Fault are suture zones marking former plate boundaries and associated magmatic arcs. Major faults provide fluid conduits for circulation of mineralizing fluids.
Figure 2: RooGold NSW concessions (Red) on an aeromagnetic base map. Note that regional scale structures exert a fundamental control on gold and silver mineralization.
Most of RooGold’s concessions are spatially associated with the major crustal structures, all of which are significantly gold mineralized along their length. Many of these structures have also shed significant gold alluvials, which is often a vector to hard rock mineralization.
Multiple Targets within Each Concession: Most concessions held by RooGold are large and contain multiple gold and/or silver showings, prospects and historical small scale mines. Not only does this speak to the prospectivity of each concession, but it provides multiple targets for a better risk reward profile.
High Grade: High grade exploration targets generally have a better exploration risk reward profile than low or marginal grade targets. A significant number of the 137 gold and/or silver mineralized showings, prospects and historical small scale mines have reported high to very high precious metal grades.
Very Limited Historical Drilling: Despite over 137 known high grade, gold and/or silver mineralized showings, prospects and historical small scale mines, only 28 holes have been drilled historically for 2046m. There has been almost no modern exploration across RooGold’s concessions, which allows for significant potential for discovery.
Carlos Espinosa notes, “RooGold’s extensive and highly prospective, yet largely under explored land holdings, in a stable and mining friendly country such as Australia, was an important factor in my decision to join RooGold as CEO. By owning multiple concessions, all 100% owned, with low holding and work commitment costs, and all with multiple high grade historical gold and silver showings, RooGold has sufficient exploration targets to significantly reduce the overall exploration risk”.
RooGold will be providing regular updates as the field program ramps up during Q1 of 2022.
ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which have 137 historic mines and prospects.
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.
Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
VANCOUVER, BC / ACCESSWIRE / February 17, 2022 / Metallic Minerals (TSX.V:MMG | US OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce drill results from the Central Keno target area, which intercepted high-grade silver mineralization within broad, bulk tonnage intervals akin to those recently discovered at East Keno but previously unknown in this part of Keno Hill. The Caribou target, in particular, is a top priority for resource definition and the Company is currently updating its 3D model based on drilling to date in anticipation of a robust 2022 campaign.
A total of 2,965 meters in 37 reverse circulation (“RC”) holes were completed throughout the Central Keno target areas out of 53 holes in the 6,200 meter (“m”) total 2021 Keno Silver program, along with 20.3 line-kilometers of deep-penetrating IP geophysical surveys. Results from the 26 holes from East and West Keno drilling remain pending.
Central Keno Highlights
32 of the 37 Central Keno RC holes intersected intervals of silver mineralization, with two holes lost short of target depth due to challenging ground conditions.
Multiple high-grade silver intervals were intersected, often within broader, silver-bearing, bulk-tonnage mineralized intervals representing a new target style not previously identified in Central Keno.
In addition to high-grade, vein-hosted silver typical of the Keno Hill district, significant, stacked regional scale thrust faults and associated high-grade epithermal systems have been identified as an additional host for silver mineralization, providing a major expansion of the district’s overall scale potential.
Caribou Target Highlights
Drilling at the advanced-stage Caribou target successfully extended high-grade silver mineralization to the north and 400 meters along strike to the south of the previously known extent of the Caribou structure.
A down-dip intersection, along the northern extent of the Caribou vein, returned some of the highest grades to date and validated the continuity of the high-grade structure at depth, with a 50-meter step out from previously confirmed mineralization.
Hole KS21-47 intersected 27.4 meters of 146.0 g/t silver equivalent1 (“AgEq”), including a high-grade interval of 3.05 meters (“m”) at 1150.8 g/t AgEq (562.06 g/t Ag, 1.48 g/t Au, 3.0% Pb, 6.96%Zn).
Hole KS21-55 intersected 19.8 m grading 119.1 g/t AgEq, including a high-grade interval of 1.52 m at 1009.8 g/t AgEq. (147 g/t Ag, 3.24% Au, 0.99% Pb, 10.90% Zn).
KS21-57 intersected 21.3 m of 147.3 g/t AgEq, including a high-grade interval of 3.05m at 694.9 g/t AgEq (476.35 g/t Ag, 0.40 g/t Au, 4.23% Pb, 0.37% Zn)
Hole KS21-63 intersected 15.2 m grading 97.2 g/t AgEq, including a high-grade interval of 1.52 m at 627 g/t AgEq (500 g/t Ag, 0.13 g/t Au, 2.35% Pb, 0.45% Zn).
Metallic Minerals Chairman & CEO, Greg Johnson, stated, “We are very encouraged by the results from our work in 2021 which has brought major new insights into the mineralizing controls across the Keno District, particularly at Central and East Keno. Our team has identified significant structural features indicative of regional scale thrust faults that appear to form important permeable zones for hosting high-tenor epithermal-style silver mineralization throughout the central and eastern parts of the Keno District. Work planned for 2022 will follow up on the confluence of these newly identified zones of thrust-associated high-grade epithermal-style silver mineralization with the main phase of Keno-style mineralization and its potential to host high-grade and bulk-tonnage resources.”
“Central Keno continues to show exceptional resource potential through the continued expansion of areas of known high-grade Keno-style silver mineralization, along with this newly recognized epithermal silver mineralization. Drilling in 2021 extended the Caribou target a further 400 meters along strike to the south as well as to the north and down dip, making it, along with the Formo target, a top priority for resource definition of significant scale. Drilling and surface sampling has similarly extended the Homestake target by more than a kilometer along strike, making this historic producer another focus for the 2022 program. Both the advanced-stage, historically productive Caribou and Homestake targets are host to well-defined areas with bonanza grades. Additional results from targets at East and West Keno are anticipated to be reported in the coming weeks, preceded by key updates with respect to our La Plata project in Colorado.”
Figure 1 – Keno Silver District Geology and Deposits
Central Keno Hill Silver District
The central part of the Keno Hill Silver District is host to over 100 million ounces of past production and current Indicated resources in shallow deposits that to date have not previously seen systematic exploration to depth or along strike. Central Keno was one of the original discovery areas in the region and hosted the historic producing Keno Hill mine, along with 8 other high-grade deposits including those on Metallic Minerals land holdings. Metallic Minerals’ work to date in this area shows the presence of a major structural corridor that is comparable in surface expression and structural setting to the +150 million-ounce Bermingham-Calumet system in the more extensively explored western part of the district.
Caribou Target Area
The Caribou target in the central part of the district is one of the most advanced individual targets at the Keno Silver Project. The Caribou deposit historically produced very high-grade material grading more than 1,000 g/t silver from near surface and is interpreted to be a significant connecting structure between the main shear structures in the Keno Summit structural corridor. The Caribou deposit spatially occurs within a high-level silver-in-soil anomaly of over 10 g/t AgEq that extends over 2.5 km long by 1.5 km in width and that remains open to expansion.
As part of the exploration program in 2021, Metallic Minerals completed the first-ever application of deep-sensing IP geophysics on the Keno Silver project using Simcoe Geoscience’s Alpha IPTM system. Two deep-looking IP lines were completed across the Central Keno area, which identified significant conductive features that spatially correspond with the newly mapped regional scale thrust fault structures and associated epithermal style silver mineralization. This IP survey in combination with the drilling and detailed mapping has allowed the Metallic Minerals technical team to identify major conductive features that are spatially associated with kilometer-scale soil and magnetic anomalies and significant silver mineralization. This combination of utilizing drilling, geophysics and soil sampling is a highly effective tool set for targeting mineralization across the Keno Hill silver district.
Figure 2 – Caribou Vein Long Section
Drilling in 2021 returned significant step out extensions of mineralization from the main Caribou deposit to the north, south and down dip. Eight of these holes intersected continuous mineralized zones from 15 to 64 m width including a 400-meter step out that encountered 15.2 m grading 97.2 g/t AgEq with 1.5 m grading 628 g/t AgEq (500 g/t Ag, 0.13 g/t Au, 2.35% Pb, 0.45% Zn). This zone appears to be spatially associated with the location of one of the newly mapped regional thrust faults that can host high-grade epithermal silver mineralization. The high-level silver-in-soil anomaly continues for another 1.5 km to the south along strike from this southernmost drill hole at Caribou.
In addition, holes KS21-46 and -47 tested extension of the Caribou deposit to the north and downdip. These holes both confirmed the continuation of strong silver tenor both on strike to the north and at depth with KS21-47 returning one of the highest-grade down dip holes drilled to date intersecting 1597 g/t AgEq over 1.5 meters within a mineralized zone of 27.4 m width grading 146 g/t AgEq.
Table 1- Highlight 2021 Drill Results from the Caribou Target
Hole
From (m)
To (m)
Width (m)
AgEq (g/t)
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
KS21-46
42.67
44.2
1.53
71.6
1.5
0.73
0.01
0.00
79.25
94.49
15.24
81.9
18.7
0.04
0.17
1.11
incl
79.25
88.39
9.14
85.6
24.0
0.03
0.23
1.05
incl
80.77
82.3
1.53
448.7
125.0
0.13
1.29
5.51
incl
92.96
94.49
1.53
260.4
31.0
0.20
0.22
4.29
KS21-47
92.96
120.4
27.44
146.0
70.6
0.18
0.40
0.88
incl
109.73
112.78
3.05
1150.8
562.1
1.48
3.00
6.96
incl
109.73
111.25
1.52
1597.1
850.0
1.05
2.57
11.46
KS21-52
0
62.48
62.48
35.3
21.9
0.01
0.23
0.07
incl
1.52
25.91
24.39
79.7
51.9
0.02
0.55
0.09
incl
7.62
12.19
4.57
297.0
191.3
0.09
2.16
0.26
incl
9.14
10.67
1.53
500.6
340.0
0.22
2.94
0.49
KS21-54
16.76
42.67
25.91
53.4
35.2
0.01
0.30
0.11
incl
21.34
36.58
15.24
83.8
57.4
0.01
0.50
0.12
incl
22.86
24.38
1.52
517.0
387.0
0.07
2.74
0.30
KS21-55
44.2
76.2
32
75.6
14.8
0.19
0.09
0.82
incl
44.2
64.01
19.81
119.1
22.7
0.30
0.15
1.30
incl
50.29
60.96
10.67
210.8
37.1
0.55
0.26
2.34
incl
50.29
54.86
4.57
467.2
75.8
1.29
0.58
5.21
incl
51.82
53.34
1.52
1009.8
147.0
3.24
0.99
10.90
KS21-57
33.53
54.86
21.33
147.3
100.4
0.07
0.93
0.09
incl
33.53
42.67
9.14
332.4
227.7
0.16
2.15
0.15
incl
35.05
41.15
6.1
486.9
335.2
0.23
3.12
0.20
incl
35.05
38.1
3.05
694. 9
476.4
0.40
4.23
0.37
KS21-61
33.53
77.72
44.19
24.9
11.0
0.01
0.04
0.23
incl
50.29
59.44
9.15
102.6
47.7
0.05
0.16
0.92
incl
51.82
53.34
1.52
337.1
170.0
0.21
0.30
2.83
KS21-63
30.48
45.72
15.24
97.2
75.2
0.02
0.40
0.08
incl
30.48
38.1
7.62
160.1
125.2
0.03
0.65
0.12
incl
33.53
35.05
1.52
627.8
500.0
0.13
2.35
0.45
1Silver equivalent (Ag Eq) values assume Ag $19/oz, Pb $1.05/lb, Zn $1.30/lb, Au $1,800/oz and 100% metallurgical recovery. Sample intervals are based on measured drill intercept lengths.
Exploration to date has hit more than 70 mineralized intersections on the Caribou system over a strike distance of 700 m and down to 100 m depth. The Caribou deposit remains open to expansion to the south, north and down dip making it a top priority for resource focused drilling efforts in 2022. The highlighted results in Table 1 above build upon prior diamond drilling on the Caribou target by Metallic Minerals, results of which can be found here.
Metallic will look to follow up the 2021 success with diamond drilling in 2022 with intent to establish an initial resource at Caribou. Additional diamond drilling will be planned to test the newly extended southern strike and provide context for its association with the thrust structure. Importantly, 2021 drilling encountered ultra-high-grade, Keno-style vein intersects within much broader, bulk tonnage intervals similar to those discovered previously at East Keno in 2020.
Homestake
The historically productive Homestake target is located south of the Keno Summit target area along a parallel structural corridor. The style of the Homestake structure is comparable to those seen at the Keno Summit and in the more developed Western Keno areas. Homestake is comprised of two parallel vein structures within a broad structural corridor over 200 meters wide that has a demonstrated strike length of over 1 km in the host Keno Hill quartzite. Homestake #1 vein shows classic Keno-style, high-grade silver-lead-zinc mineralization, while the #2 vein can also show high gold grades with silver, which is characteristic of some structures in the larger deposits within the Keno Hill Silver District. The highest grades to date include assays of 4,027 g/t silver from drilling and 4,717 g/t silver from trenching on the Homestake #1 vein, and 22.1 g/t gold with 332 g/t silver from trenching on the Homestake #2 vein Prior drill results from Homestake can be found here.
To date there are 21 drilled vein intersections grading more than 600 g/t silver equivalent on the Homestake structures, including five that exceed 10 g/t gold on the Homestake #2 structure. Work in 2021 at Homestake focused on wide-spaced reconnaissance drilling along the main trends as well as extension of the open-ended soil anomalies. The soil sampling work expanded the high-level silver-in-soil anomaly associated with the Homestake mineralized system to 3 km in length by 1.5 km in width with the anomalies still open to further expansion. Intersections of anomalous silver over significant widths indicate a strike length of 1.5 km for the Homestake system. The next phase of systematic testing of these structures will be designed to delineate areas of the high-grade and bulk-tonnage toward development of an initial resource at Homestake.
About the Keno Silver Project
Exploration by Metallic Minerals at the Keno Silver project continues to systematically build on the Company’s 3D geologic database covering the east, central and western portions of the prolific Keno Hill silver district. The project includes eight high-grade, shallow past-producing mines that have yet to be subjected to modern exploration due to previously unconsolidated land ownership. Along the known, historically productive trends in the central and western parts of the district, the Company has advanced three targets towards an initial resource estimate along with identifying 12 priority multi-kilometer-scale early-stage targets in the under-explored eastern and southern parts of the district where initial drilling has returned significant high-grade Keno-style mineralization as well as bulk-tonnage style silver mineralization.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – February 17, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement on February 14, 2022 to sell its Mo-i-Rana volcanogenic massive sulfide (“VMS“) project in Norway (the “Project“) to Mahvie Minerals AB (“Mahvie“), a private Swedish Company. In return for the transfer of the Project to Mahvie, the agreement provides EMX with a 9.9% equity interest in Mahvie, annual advance royalty payments, 2.5% Net Smelter Return (“NSR“) royalty interests, work commitments, and other considerations. In conjunction with the Mo-i-Rana transaction, Mahvie intends to establish a public listing on one of the Nordic exchanges. This is anticipated sometime in Q2, 2022.
The Mo-i-Rana VMS belt was acquired by EMX in 2021 (see EMX News Release dated April 6, 2021). This VMS belt is situated in central Norway and contains numerous polymetallic (zinc-lead-copper-silver-gold) occurrences and historical mines (see Figures 1 and 2). Over 200 mines and prospects with VMS and carbonate replacement (“CRD“) styles of mineralization are located within the Mo-i-Rana project area, including ten former producing mines.
EMX and Mahvie will work together to explore the Project, where considerable exploration upside exists at many of the historical occurrences and mines. Much of the historical exploration work was done at a time when VMS models were only poorly understood and only limited portions of the nine individual VMS horizons that exist in the belt have been tested to date. Additionally, most historical drilling was shallow (i.e., less than 100 meters) and clustered around the historical mine workings. EMX and Mahvie will apply modern exploration methods and deposit models to seek additional discoveries in the belt.
Commercial Terms Overview. Via an arm’s length transaction, Mahvie will acquire a 100% interest in the EMX subsidiary company that controls the Project, subject to the following terms:
Upon closing, EMX will receive 75,000 Norwegian Krone (approximately US$8,500 at current exchange rates) in cash and 9.9% of the issued and outstanding shares of Mahvie Minerals AB.
EMX will receive a 2.5% NSR royalty interest in the Project. On the sixth anniversary after closing, Mahvie has the option to purchase 0.5% of the NSR on the Project by paying EMX US$1,500,000.
EMX will receive annual advance royalty (“AAR“) payments of US$25,000 for the Project commencing on the third anniversary of the closing, with the AAR payment increasing by US$5,000 per year until reaching US$100,000.
A financial instrument will be put in place that allows EMX to maintain its 9.9% interest in Mahvie until a total of 25,000,000 Swedish Kronor (approximately US$2.7 million at current exchange rates) has been raised by Mahvie.
A payment of US$500,000, payable in cash or shares of Mahvie, will be made to EMX upon the completion of a Prefeasibility or Feasibility study.
To maintain its interest in the Project, Mahvie will also: (i) spend a minimum of US$200,000 on the Project by the first anniversary of the agreement and (ii) spend aggregate of US$1,000,000 by the third anniversary of the agreement or complete a minimum of 2,000 meters of drilling on the Project.
Mo-i-Rana VMS Belt. VMS and CRD style polymetallic deposits are developed in the Rana-Hemmes metallogenic region of Norway, which is also host to the prolific Rana Gruber iron mines as well as the nearby Bleikvassli Zn-Pb-Cu-Ag deposit, an EMX royalty property (see Figure 1). This metallogenic area represents a tectonically displaced continuation of the Cambrian-Ordovician VMS belts in northeastern North America, which includes the Buchans and Bathurst VMS camps in eastern Canada, and also the Avoca VMS district in Ireland. As such, this represents one of the more prolific VMS belts in the world in terms of total production from its various mining districts, albeit now tectonically displaced and occurring along opposite sides of the Atlantic Ocean.
The most notable historical producer within the Project area is the Mofjell Mine (the core of which remains covered by state-owned mining licenses) which produced 4.35 million tonnes at 3.61% Zn, 0.71% Pb, and 0.31% Cu from 1928-1987[1]. The deposit consists of three rod-shaped elongate VMS lenses, approximately 100 meters wide that extend for lengths of up to 2.8 kilometers. Just prior to mine closure, high gold and silver grades were discovered as disseminations in wall rocks within the historical mine workings (such as 2.8 meters averaging 3.88 g/t gold and 44.3 g/t silver in underground drill hole DD1313 and 3.7 meters averaging 2.30 g/t gold and 75.7 g/t silver in underground drill hole DD781A; true widths unknown[2]) but were never followed up[3]. This underscores the potential for additional discoveries of precious-metal enriched zones of mineralization in the belt.
In 2008, a partnership between industry, the Norwegian Geological Survey (NGU) and the local county administration was formed to investigate additional potential in the Mo-i-Rana belt. This effort generated high resolution airborne geophysical data sets, as well as district scale mapping and geochemical sampling campaigns carried out by the NGU. These represent key data sets that EMX and Mahvie intend to utilize for further advancement of the Project.
Comments on Sampling, Assaying and Adjacent Properties. Samples and geochemical assays mentioned in this news release are reported by Norwegian Geologic Survey. EMX has not performed sufficient work to verify the Project’s historical drill results or production data, but considers this information as reliable and relevant based upon the Company’s reviews of data from multiple independent sources. Additional drilling and sampling would be required to confirm these results.
The Mofjell Mine and other nearby mines and deposits discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Company’s Project hosts similar mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
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 the TSX Venture Exchange under the symbol EMX, as well as 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 Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@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 reserve 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, 2021 and the year ended December 31, 2020 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, 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.
Figure 1: Location map for the Mo-i-Rana VMS belt in Norway.
[1] Bjerkgård, et. al (2013). The Mofjell Project: Summary and conclusions. NGU (Norwegian Geological Survey) Report 2013.048.
[2] Bergverkselskapet Nord-Norge A/S, 1987. As Reported by Directorate of Mining Norway. The historical drilling was completed by Bergverkselskapet Nord-Norge A/S, 1987 and archived by the NGU. EMX believes these results to be reliable and relevant.
[3] Bjerkgård, et al (2001). Ore Potential with emphasis on gold in the Mofjellet deposit, Rana, Nordland, Norway. NGU Report 2001.050.
Burlington, Ontario–(Newsfile Corp. – February 16, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (‘SBMI’ or ‘the Company’) announced its intention to carry out an accretive non-brokered financing of Units. Each Unit is priced at $0.40 (forty cents) and comprises of one common share and one full 60-cent (sixty cent) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”). There is no acceleration clause on such warrants. That pricing is at a 33% premium to the previous round of financing.
The Financing has received conditional approval from the TSX Venture Exchange. SBMI will begin closing on the Financing and will continue to close on the Financing in tranches over the next couple of weeks.
“The shareholders see the increased cost of almost everything since the pandemic started,” said A. John Carter, SBMI’s CEO. “Just go gas up your car or pick up a week’s worth of groceries to feel it. We’ve had a similar experience at an operational level. Re-stocking the treasury is a prudent thing to do.”
The February 9, 2022 release provided the minimum amount to be raised would be $500,000 (five hundred thousand dollars). To date the Company has subscription agreements representing more than $900,000, and based upon conversations between management and the investing public, expects further capital to be committed to SBMI as part of the Financing. These funds will be used to complete the process of putting the Buckeye Silver Mine into pilot production in March, 2022, to advance metallurgic work at the past-producing silver and gold Washington Mine in Idaho, and for working capital.
The February 9, 2022 release also announced SBMI had two lead orders on the Financing, one for CDN$180,000 and the other for USD$200,000. One of those orders has been upsized to CDN$200,000.
Referral fees may be paid to arm’s length persons in connection with the issuance of the Units. Other than the subscription agreement, there will be no further offering material provided to Existing Security Holders or others related to Financing. The subscription agreement is available at the Company’s website https://www.silverbulletmines.com/technical-corporatedocuments.
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.
Vancouver, British Columbia – February 7, 2022 – Noram Lithium Corp. (“Noram” or the “Company”) (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is pleased to announce that it has entered into a binding letter of intent (the “LOI”), dated February 4, 2022, in connection with a proposed royalty sale and equity investment (the “Investment”), Lithium Royalty Corp. (“LRC”) and the Waratah Electrification and Decarbonization AIE LP (“E&D”). The Investment consists of the purchase of a 1.0% gross overriding royalty (“GOR”) on its wholly-owned high-grade Zeus Lithium Project (“Zeus”) in Clayton Valley, Nevada for USD$5.0 million and a concurrent strategic investment through a USD$9.0 million private placement.
Key Terms and Highlights of the LOI:
Subject to final due diligence, Noram will enter into a royalty agreement with LRC for the sale of a 1.0% GOR over Noram’s Zeus sedimentary lithium claims in Clayton Valley, Nevada, for total compensation of USD$5.0 million, with payments scheduled upon completion of the two following milestones:
USD$4.0 million on closing of the Investment.
USD$1.0 million on the completion of a definitive feasibility study.
LRC and E&D will also co-invest USD$9.0 million via a private placement alongside the GOR purchase at the price of CDN$0.825 per share. No warrants are to be issued in relation to the private placement, and no finders’ fees or commissions are payable.
LRC and E&D will also be granted the right but not the obligation to invest an additional USD$9.0 million once and only if the common shares of Noram reaches CDN$1.50 per share. LRC and E&D shall have this right for only thirty (30) calendar days from the date Noram’s share price reaches CDN$1.50 per share.
LRC and E&D have agreed that the maximum number of shares to be co-owned by LRC and E&D will not exceed 19.9% of the total outstanding shares of Noram at any given time on a partially diluted basis. LRC and E&D shall have the right to maintain its pro-rata ownership percentage for a period of two (2) years from closing of the investment.
The LOI contains the agreed commercial terms of the proposed royalty agreement, completion of which is subject to the satisfaction of certain conditions precedent by February 18, 2022, including satisfactory due diligence and a site visit from LRC.
Due diligence is underway, with the Investment expected to be completed and funded by February 25, 2022.
“2021 was an outstanding year for the Company and its shareholders with the advancement of its 100%-owned high-grade Zeus Lithium Project through to the PEA stage, the expansion of our management team, and in setting the stage for an even more active year in 2022,” stated Mr. Sandy MacDougall, CEO of Noram Lithium. “We are absolutely thrilled to have Lithium Royalty Corp. and its globally recognized financial and technical team as a key strategic and cornerstone shareholder. LRC’s strong vote of confidence in our advanced Zeus Project and alignment with Noram’s strategy is significant and we look forward to developing our strategic relationship over time.”
Proceeds from the strategic investment will be used to assist in accelerating the advancement of the Zeus Lithium Project through to the completion of Definitive Feasibility Study. A recent Preliminary Economic Assessment dated December 2021 highlights an after-tax NPV(8) of USD$2.67 Billion with an Internal Rate of Return of 52% at $14,250/tonne Lithium Carbonate Equivalent (“LCE”). LCE currently trades at ~USD$60,000 per tonne.
Mr. Peter A. Ball, President and COO added, “2022 will be an extremely busy year as we aggressively advance towards the completion of a Pre-Feasibility Study and further de-risk the Zeus Lithium Project on all fronts. We are now fully funded through 2022 and beyond to ramp up our activities on site as we advance through further detailed engineering and metallurgical studies, complete additional drilling to further add to our already significant lithium resource and accelerate baseline environmental studies and preliminary work for future permitting. LRC’s acknowledgement or “stamp of approval” of the Zeus Project and their significant investment in Noram provides the platform and capital to significantly advance the Project.”
2022 Catalysts and Planned Corporate Activity:
A Pre-Feasibility Study (“PFS”) for the Zeus Lithium Project is planned for completion in the second half of 2022.
A 12-hole drill program is planned for Q1 2022 to further expand and upgrade the existing 43-101. The focus of the program is to upgrade existing inferred resources into the indicated category to be utilized in the PFS.
Additional metallurgical studies are planned to further understand and enhance the mineral processing opportunities to extract LCE at the Zeus deposit. Previous studies indicated up to 91% metallurgical recovery of LCE.
Initiate and further expand baseline environmental studies, social and green initiatives.
Significantly expand our investor relations and awareness branding efforts within the institutional and retail investment community, expand our business and corporate development activities, and further increase analyst coverage and global exposure.
The Company is at arms-length from each of LRC and Waratah E&D. Completion of the Investment remains subject to completion of ongoing due diligence by LRC and Waratah E&D as well as approval of the TSX Venture Exchange. In connection with the Investment, a marketing fee of $150,000 is owing to an arms-length third-party. On closing, the fee will be satisfied through the issuance of 181,818 common shares at a deemed price of $0.825. All securities issued in connection with the investment will be subject to statutory restrictions on resale prescribed by applicable securities laws.
The technical information contained in this news release has been reviewed and approved by Bradley C. Peek, MSc, CPG, Vice President Exploration, Noram Lithium Corp., who is a Qualified Person with respect to the Clayton Valley Lithium Project as defined under National Instrument 43-101.
About LRC
Lithium Royalty Corp (“LRC”) is a North American royalty corporation focused on investing in high quality low-cost projects in the battery materials sector with an emphasis on lithium. LRC was founded in 2018 and has now established itself as a leading financier in the lithium industry having completed 17 royalties since inception exclusive of this transaction. Its investments are diversified across the world with exposure in Australia, Argentina, Brazil, Canada, Serbia, and the United States of America. LRC is a signatory to the United Nations Principles for Responsible Investing and seeks to invest in companies with high environmental, social, and governance standards. Waratah Capital Advisors is the sponsor and general partner of Lithium Royalty Corp.
About E&D and Waratah
Waratah Capital Advisors is the sponsor and general partner for the recently launched Waratah Electrification and Decarbonization (E&D) Fund. The Fund seeks to achieve attractive risk-adjusted returns through investments in battery material, decarbonization, and electric vehicle related opportunities. Waratah Capital Advisors is a Toronto-based asset manager that specializes in alternative strategies. Waratah Capital Advisors manages over $3 billion in assets from high-net-worth individuals, family offices, foundations, Canadian bank platforms, and pension funds.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 75 million shares issued. Noram is aggressively advancing its 100%-owned Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022. The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of USD$1.299 Billion and IRR of 31% using USD$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of USD$14,000/tonne, the PEA indicates an NPV (8%) of approximately USD$2.6 Billion and an IRR of 52% at USD$14,250/tonne LCE.
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Targets entire strike length of Appleton Fault Zone
Figure 1.
Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone.
Gold anomalies, occurrences, and drill targets along the Appleton Fault Zone.
TORONTO, Jan. 19, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a significant increase to its diamond drilling program, at the 100% controlled Kingsway project near Gander, Newfoundland. This increase follows the Company’s success exploring along the Appleton Fault Zone over the past 18 months. The Kingsway project is located in the highly prospective central Newfoundland gold belt.
LabGold plans to double the current drilling program to 100,000 metres which includes the outstanding 23,000 metres remaining in the current 50,000 metre program. Four diamond drill rigs are currently operating at Kingsway and a fifth rig is scheduled to start following receipt of permits. Applications for 111 drill holes were submitted late last year and are expected in early March. The increased program is fully funded by the Company’s cash on hand of approximately $30 million.
Drilling will continue to test Big Vein along strike and down plunge as well as the Pristine target where early drilling is encouraging. Golden Glove, where grab samples from a quartz vein containing visible gold assayed from 2.16 to 338.08 g/t Au (see news release dated October 21, 2021), is a prime target and will be drilled following receipt of soil samples over the area. These are expected in the first quarter. Numerous other targets developing along the Appleton Fault Zone (see Figure 1) will be systematically tested along the entire 12km strike length during the increased program.
“We continue to be excited by the prospectivity of the Appleton Fault Zone at Kingsway and that was a key factor in deciding to increase the size of the drilling program. Not only do we expect to develop the targets we already have to the drilling stage, but we are also confident that we will uncover more as we continue to follow our exploration strategy proven over 18 months of work at Kingsway. With over $30 million in cash and no debt the Company is well capitalized for this planned increase,” said Roger Moss, President and CEO of Labrador Gold. “In addition to the outstanding assays from our drilling, we are still waiting for many soil and rock assays from the regional work carried out along the Appleton fault during 2021. We expect that some of these assays will enhance our current targets and perhaps hint at new ones that we can develop going forward.”
Samples are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with ICP (inductively coupled plasma) finish with samples containing visible gold assayed by metallic screen/fire assay. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $30 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 153,904,110 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
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.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
VANCOUVER, British Columbia, Jan. 19, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR/OTCQB:HAMRF) (“Silver Hammer” or the “Company”) is pleased to provide a corporate update including corporate and exploration achievements in 2021 and plans for advancing the Company’s portfolio of assets during 2022. The Company completed an IPO in early May 2021 and subsequently established an experienced and talented team, acquired three high-grade past-producing properties in top-tier jurisdictions and fast-tracked permitting and drilling at its flagship Silver Strand Project in Idaho.
Silver Hammer President and CEO, Morgan Lekstrom, stated: “Since the Company’s inception eight months ago, we have delivered on numerous key milestones, delivering a successful proof-of-concept drill campaign at Silver Strand, plus significant sample results across our entire portfolio of US assets. We plan to continue this growth and work trajectory putting Silver Hammer in a strong position to create additional shareholder value in 2022.”
2021 Highlights (May-Dec)*:
Acquired the past-producing, high grade, Silver Strand Mine in Idaho
Acquired high-grade past producing Eliza Silver and Silverton Mine projects
Significant surface results at Silver Strand with up to 255 g/t Ag and 11.79 g/t Au
Completed mine rehabilitation work to facilitate cost-effective underground drilling
High-grade sampling results at Eliza, including 1540 g/t Ag (3,071 g/t AgEq)
Initial sampling at Silverton returned 692 g/t Ag and 6 g/t Au
Drill campaign at Silver Strand included 202.76 g/t AgEq over 4.42 m, 209.85 g/t AgEq over 7.93 m (incl 532 g/t AgEq over 0.92 m), and 880 g/t AgEq over 0.92 m
Phase I drilling at Silver Strand (first in ~20 years) confirmed presence of Au-Ag mineralization at shallow depths, with deeper drilling planned in 2022
Added key personnel, completed name change and uplisted to OTCQB in US
2022 Exploration Plans:
Commence deeper, cost-effective underground drill campaign to continue testing Silver Strand Mine system to 200 m depth
Commence surface drilling at Silver Strand to test targets identified by sampling and geophysics programs completed in 2021
Complete additional mapping and sampling of outcrop at Silver Strand to enhance geological understanding and define more regional targets along 5.5 km trend
Conduct geophysics and additional sampling programs at Eliza and Silverton (underway) to define and permit Phase I drill targets at both properties
Advance Eliza and Silverton to drill-ready stage by H2/2022 and progress discussions with prospective partners
Lekstrom added: “We believe our 2021 drill program has given us an early indication of the massive potential at Silver Strand and look forward to completing a second phase of drilling from our underground drilling bay and testing surface targets in the near future. Our Nevada projects also offer excellent upside and we’ve been actively sampling out in the field this month at Silverton. Our projects share similar characteristics as past-producers in top-tier jurisdictions with demonstrated high-grades, and we are excited to build on a very successful 2021.”
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multimine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
(Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.)
On Behalf of the Board of Silver Hammer Mining Corp..
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For investor relations inquiries, contact: Kristina Pillon, High Tide Consulting Corp.
Vancouver, British Columbia–(Newsfile Corp. – December 20, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to provide an update on its Balya North lead-zinc-silver royalty property in northwestern Turkey. EMX retains an uncapped 4% NSR royalty on the Balya North development project. EMX representatives recently visited the Balya North operations to tour the project area and meet with operator Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”).
Esan has informed EMX that the development ramps to be used for production at Balya North are nearly complete with the first ramp having reached a length of 520 meters at an 8% grade to access the uppermost bodies of mineralization in the Balya North deposit (approximately 50 meters depth below the surface). A ventilation shaft that will also serve as a secondary escapeway (for safety purposes) has also been completed and initial production is underway.
During ramp development, approximately 18,000 tonnes of lead-zinc-silver mineralized material were intersected by the workings and have been stockpiled on site. This material is now being processed at Esan’s nearby mill facility.
In addition, Esan has multiple drill rigs on site, testing the down-plunge extensions of the Balya North deposit and infill drilling the mineralized zones to improve their level of confidence. Esan has informed EMX that approximately 35,000 meters of exploration drilling have been completed thus far in 2021, and an additional 5,000 meters are planned to be completed in the current campaign. The new drilling is materially expanding the zones of known mineralization along trend and at depths in the system(s) (see Drilling Update below).
In addition to the development work and ongoing drill programs, Esan is also reconfiguring portions of the processing lines at its nearby milling and concentrating facilities to accommodate the feed of new material from the EMX royalty property. This includes modifications to the lines that feed the fine material stockpiles and the addition of an automated sampler to collect representative samples of the Balya North materials as they are fed to the processing systems. It is expected that this work will be completed in early 2022.
Drilling Update. Highlights from recent drilling completed by Esan are shown in Table 1 below. These include several notable intercepts from deep levels in the system (depths of greater than 700 meters), which show that mineralization at Balya North continues to be robust at depth and remains open in multiple directions. Intercepts from these depths have not yet been included in the in-house resource models, as more drilling will be needed to define the extents and limits of mineralization at deep levels.
Also evident were multiple thick intervals of mineralization at shallower levels in the Balya North deposit. Like other parts of the system(s), silver tends to be highly enriched in lead-rich (galena) zones of mineralization, and this is nicely demonstrated by the recent drill results. Esan has informed EMX that it intends to continue its aggressive drill program in 2022.
Table 1: Highlights from recent Balya North drilling
Drill Hole
From
To
Length (meters)*
Pb %
Zn %
Ag ppm
BKS-005
830.6
837
6.4
8.61
0.16
96.82
BKS-020
388.5
408.6
20.1
8.05
3.61
101.15
BKS-031
783.5
787.4
3.9
10.30
5.08
342.00
BKS-057
313.6
330.6
17
5.83
4.93
61.28
BKS-057
343.4
366.9
23.5
16.24
5.24
243.08
BKS-066
570.7
596.2
25.5
2.80
3.51
163.91
*as measured in drill core; true widths not reported and remain unknown
Balya North Royalty Property Overview. EMX retains a 4% net smelter return (“NSR”) royalty on its Balya North royalty property, which is situated in the historic Balya mining district of northwestern Turkey. Mining at Balya has taken place since antiquity, with several generations of historical operations. The district contains extensive zones of shear-zone hosted and carbonate replacement style (“CRD”) lead-zinc-silver mineralization in addition to skarn and more copper-rich styles of mineralization developed at depth.
Esan acquired the EMX royalty property at the end of 2019 (See EMX news release dated January 7, 2020) and is a private Turkish company that operates 40 mines and eight processing plants. Most importantly, Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX’s Balya North royalty property.
EMX congratulates Esan on its ongoing development progress at Balya North and looks forward to additional updates as production progresses.
Comments on Sampling, Assaying, and QA/QC. ESAN’s drill samples were collected in accordance with industry standard best practices. The samples were submitted to ALS laboratories in Izmir, Turkey and Vancouver, Canada (ISO 9001:2000 and 17025:2005 accredited) for sample preparation and analysis. Silver and base metal analyses are determined by four acid digestion and ICP MS/AES techniques. Over-limit analyses are performed by atomic absorption, and in some cases (>30% Pb and >30% Zn) by volumetric titration techniques. ESAN performs routine QA/QC analyses on their assay results, including the utilization of certified reference materials, blanks, and duplicate samples.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
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, as well as 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 Chief Executive Officer Phone: (303) 973-8585 Dave@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”, “upside” 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, 2021 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2020, 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.
VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Vancouver, B.C., Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) announces the closing of a non-brokered private placement of 8,333,337 flow-through common shares (the “FT Shares”) of the Company at a price of $0.18 per common share for gross proceeds of $1,500,001 (the “Financing”).
Proceeds from the Financing are intended for eligible Canadian Exploration Expenses, within the meaning of the Income Tax Act (Canada), at the Company’s Carmacks project in the Yukon Territory. Shares are subject to a statutory hold period of four months and one day from the date of issuance, under applicable Canadian securities laws.
Two directors and an officer of the Company participated in the private placement for an aggregate of 194,456 FT Shares. The participation by insiders in the private placement is considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities being issued, nor the consideration being paid exceeds 25% of the Company’s market capitalization
Canaccord Genuity Corp. and Research Capital Corp (the “Finders”) acted as finders in connection with the Offering, Granite Creek paid the Finders aggregate cash fees totalling $91,000 and issued 505,554 non-transferable common share purchase warrants of the Company (the “Finder Warrants”). Each Finder Warrant will entitle the holder to purchase one common share in the capital of the Company at a price of $0.27 per share for a period of two years from the date of closing.
The FT Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
