Advancing one of the largest high-grade, undeveloped precious metal assets in BC’s Golden Triangle
Dolly Varden is a silver and gold exploration company focused on advancing it’s 100% held Kitsault Valley Project located in the southern tip of BC’s Golden Triangle. The project was formed by combining the Dolly Varden and Homestake Ridge projects on February 25, 2022.
Dolly Varden Resource:
The Dolly Varden comprises the 88 sq. km southern half of the Company’s 163 sq. km. Kitsault Valley project located in the Golden Triangle of Northwest British Columbia. It features a high-grade 100% silver resource. It includes four known precious metal deposits: Wolf, North Star, Dolly Varden and Torbrit.
Homestake Ridge Resources:
Homestake Ridge comprises the 75 sq. km. northern half of the Company’s 163 sq. km. Kitsault Valley project located in the Golden Triangle of Northwest British Columbia and features a high-grade gold and silver resource. It includes three known precious metal deposits: Homestake Main, Homestake Silver and South Reef. More than 90,000 metres in 275 holes have been drilled at Homestake Ridge forming a resource of high-grade gold and silver (along with copper and lead).
For more information on Dolly Varden Silver Corp. (TSX.V: DV, OTCQX: DOLLF) please click the request investor info button.
VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to report the final set of assay results from its 2021 drilling completed at the Company’s 100%-owned, 166-square-kilometer Keno Silver Project located within the historic, high-grade Keno Hill silver district in Canada’s Yukon Territory. These drill tests were targeted at extending high-grade silver-gold-lead-zinc mineralization at the Formo deposit in the West Keno target area, one of several advanced stage targets moving toward an initial NI 43-101 mineral resource estimate for the Keno Silver project.
Highlights
Drilling in 2021 and 2020 by Metallic Minerals at the Formo deposit intercepted both high-grade Keno-style Ag-Au-Pb-Zn veins and broader zones of potentially bulk mineable mineralization.
FOR21-05 returned three intervals at over 1,000 g/t silver equivalent (“Ag Eq”) from 92.7 m to 115.5 m for a total of 22.8 m grading 219.5 g/t Ag Eq including 0.5 m of 1,657.8 g/t Ag Eq with up to 17 g/t Au, 0.7 m of 1,408.8 g/t Ag Eq and 0.5 m of 1,649.9 g/t Ag Eq.
FOR21-06 intercepted multiple zones of mineralization with 4.6 m of 938.3 g/t Ag Eq including 3,229.9 g/t Ag Eq over 1.0 m within a broader zone of 11.4 m grading 413.7 g/t Ag Eq.
The Formo target area hosts multiple parallel vein structures and mineralized zones within a broader structural envelope that remains open to expansion and shows excellent opportunities for resource delineation. Results from 2021 drilling intercepted extremely high grades, including FOR21-05 returning three intervals over 1,000 g/t silver Ag Eq and FOR21-06 with 3,229.9 g/t Ag Eq over 1.0 m within an interval of 4.6 m of 938.3 g/t Ag Eq (see Table 1 below). Both zones were encountered at shallow depths of less than 150 m down hole and these intersections extend high-grade silver mineralization below the 2020 drilling and the historically productive Formo mine. Geophysical and geochemical surveys, enhanced by the 2021 fieldwork, demonstrate significant resource potential opportunities in the Formo target area.
The Formo vein structure lies at the intersection of a north-easterly extension of the Bermingham-Calumet and the Elsa vein system, which are hosts to the some of the largest historic producing mines and current resources and reserves in the Keno Hill silver district (see Figure 1). The Formo Target remains open for expansion along trend and down dip and has several untested surface targets.
Metallic Minerals President, Scott Petsel, stated, “These exciting results from this most recent follow-up drilling program at the Formo target area in the western Keno Hill District, combined with the exceptional 2020 drill results, demonstrate the potential to delineate significant, high-grade resources at the Keno Silver project. Our team has done remarkable work to build on our understanding of the geology and the important controls to mineralization in the highly productive Keno Hill silver district.”
“As we prepare to embark on our upcoming exploration campaign, we recognize the importance of moving toward the definition of an inaugural resource estimates at Keno Silver, with Formo and Caribou being the two most advanced in that regard. We are also very focused on and enthusiastic about conducting robust follow-up work on our recent discoveries of both high-grade silver veins and bulk mineable mineralization in the East Keno area. We expect to provide updates with respect to planned programs at both Keno Silver and the La Plata project in Colorado over the coming weeks and look forward to meeting with investors during the upcoming Prospectors and Developers Conference in Toronto in mid-June.”
Upcoming Events
PDAC 2022 – Metallic will join fellow Metallic Group members at PDAC in Toronto, May 13-15 (Booth IE2851).
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
West Keno Exploration Program and Formo Target
The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2). The historic Formo mine produced silver at various times since the 1930s from high-grade vein structures that graded an average of over 5,000 g/t silver1. The majority of this historic production came from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City.
Metallic Minerals’ exploration efforts at the Formo target area have integrated recent drilling with surface and underground sampling into a 3D geologic model, along with multi-spectral studies and geophysical surveys covering the area (see Figure 3). In addition to the mineralization at the known Formo deposit, two new surface targets have been identified through surface soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Au-Pb-Zn. The opportunity to significantly expand the known mineralization defined from underground sampling and surface drilling, as well as the potential to define new high-grade deposits along the main mineralized structural corridor, positions Formo as a top priority target for near-term resource definition at the Keno Silver project.
Table 1 – Significant Drill Results from 2020-2021 at the Formo Target Area
DDH Hole ID
From (m)
To (m)
Width (m)
Ag Eq (g/t)
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
FOR21-05
92.7
115.5
22.8
219.5
69
0.4
0.30
2.07
94.6
95.1
0.5
1,657.8
25
17.0
0.01
0.44
98.8
108
9.2
430.5
164
0.1
0.69
4.85
102.4
103.1
0.7
1,408.8
361
0.0
2.17
20.09
107
107.5
0.5
1,649.9
421
0.1
1.53
24.20
FOR21-06
96
97
1.0
221.8
155
0.0
0.45
1.03
111.6
123
11.4
413.7
234
0.0
1.97
2.07
114.4
119
4.6
938.3
528
0.1
4.48
4.82
116
117
1.0
3,229.9
1,978
0.4
13.09
14.97
121.2
123
1.8
202.8
128
0.0
1.00
0.76
FOR-20-001
50.9
57
6.1
284.5
218
0.0
0.3
1.14
including
50.9
53.95
3.05
447.5
369
0.0
0.11
1.52
FOR-20-002
49.45
52.3
2.85
48
22
0.0
0.18
0.39
FOR-20-003
96
100.1
4.1
2,536.0
1,165
0.0
21.74
11.32
including
96
99
3.0
3,425.9
1,568
0.0
29.45
15.35
FOR-20-004
89.8
95.9
6.1
367.6
225
0.0
2.04
1.35
including
91.8
93.7
1.9
698.4
454
0.0
3.48
2.32
including
93.2
93.7
0.5
1,083.6
601
0.0
7.33
4.25
FOR-20-005
104.76
105.45
0.69
365.0
146
0.0
1.32
3.52
152.17
152.67
0.5
85.5
6
0.4
0.01
0.76
FOR-20-006
137.63
139.78
2.15
740.6
332
0.0
3.06
6.04
including
139.13
139.78
0.65
2,255.9
1,001
0.1
8.92
18.92
FOR-20-007
98.1
98.65
0.55
77
12
0.0
0.12
1.2
107.65
108.15
0.5
86.1
46
0.2
0.24
0.34
125.55
126.05
0.5
75.5
1
0.2
0
1.23
FOR-20-008
116.45
116.95
0.5
289.2
178
0.1
2.2
0.42
including
168.6
169.6
1.0
79.2
57
0.0
0.25
0.25
FOR-20-009
69.7
70.14
0.44
67.4
15
0.0
0.21
0.91
113.2
113.7
0.5
211.6
26
0.4
0.06
3
FOR-20-011
55.3
59.7
4.4
75.6
3
0.0
0.05
0.04
including
57.7
58.6
0.9
307.7
195
0.0
2.79
0.1
Silver 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 intersect lengths and are believed to be representative of true widths.
Figure 2 – West Keno Plan Map
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
Figure 3 – Formo Vein Long Section (Looking NW)
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
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 and development 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, Granite Creek Copper in the Yukon’s Minto copper district, and Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana and Kluane district in the Yukon. 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 and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Scott Petsel, P.Geo., President, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
Forward-Looking Statements
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 Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-71 (PH-10) and release of the final assay results. The Company completed core hole CVZ-71 at a depth of 453.5 feet (138.2 m). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole. An interval thickness of 280 ft (85.3 m) was intersected from 140 ft (42.7 m) to 420 ft (128.0 m). The hole ended in mineralization and the weighted average lithium values present were as follows:
Noram Lithium Corp., Thursday, May 26, 2022, Press release pictureNoram Lithium Corp., Thursday, May 26, 2022, Press release pictureNoram Lithium Corp., Thursday, May 26, 2022, Press release picture
“As Noram moves toward completion of the Zeus property’s PFS, now on schedule for completion in October 2022, the assay results from CVZ-71 provide another long, high-grade intercept to the list of drillholes that is expected to upgrade a major portion of the deposit from an inferred resource to the indicated resource category” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Noram Lithium Corp., Thursday, May 26, 2022, Press release picture
Table 1 – Sample results from CVZ-71 from 30 ft (9.1 m) to depth of 453.5 ft (138.2 m).https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Clayton_Valley_Charter_High_School%253BLithium_carbonate%253BNor-Am_Cup%253BMineral_resource_classification%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25221869a662-45fa-37a9-a47a-ba4e81a1165c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The samples were analyzed by the ALS laboratory in Reno, Nevada. Certified reference standard samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
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 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its 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 US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.
Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
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).
Vancouver, British Columbia–(Newsfile Corp. – May 25, 2022) – Goldshore Resources Inc. (TSXV: GSHR ) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that the Lakehead University’s application for educational and public tri-party Alliance grant for its partnership with The Natural Sciences and Engineering Research Council of Canada (“NSERC“); MITACS and Lakehead University has been granted in the amount of CA$ 83,750 for 2022 and CA$ 76,250 for 2023.
The Alliance grant encourages university researchers to collaborate with partner organizations (in this case Goldshore Resources), which can be from the private, public or not-for-profit sectors. These grants support research projects led by strong, complementary, collaborative teams that will generate new knowledge and accelerate the application of research results to create benefits for Canada.
Research supported by Alliance grants will:
generate new knowledge and/or technology to address complex challenges
create economic, social and/or environmental benefits
contribute to Canada’s long-term competitiveness
support public policy
train new researchers in areas that are important to Canada and to the partner organizations
draw on diverse perspectives and skill sets to accelerate the translation and application of research results
Pete Flindell, VP Exploration for Goldshore Resources, said, “This study will investigate the volcanic and structural architecture, intrusive character, petrography, and alteration chemistry of our portion of the Shebandowan greenstone belt in the Wawa sub-province of Northern Ontario. The aim is to better constrain gold mineralization at Moss Lake and to develop vectors towards mineralization that we will use to grow our resource inventory.”
Dr Pete Hollings, Professor of Geology and NOHFC IRC Chair in Mineral Exploration at Lakehead University commented: “The principal methods employed in this study will be fundamental geological mapping and logging, combined with traditional and state-of-the-art analytical techniques, which will characterize the structures, mineralization, and alteration system associated with mineralization. The research team will be trained to use modern digital field methods and high-quality microanalytical instruments, making them highly skilled assets for industry, academia, or government surveys, while generating valuable data sets that Goldshore can rapidly employ to aid their exploration.”
The Natural Sciences and Engineering Research Council of Canada is the major federal agency responsible for funding natural sciences and engineering research in Canada. NSERC directly funds university professors and students as well as Canadian companies to perform research and training.
MITACS is a nonprofit national research organization that, in partnerships with Canadian academia, private industry and government, operates research and training programs in fields related to industrial and social innovation.
Dr. Noah Philips and Dr. Pete Hollings are excited to be starting a new partnership with Goldshore Resources Inc, through their wholly-owned subsidiary, Moss Lake Project Inc. Thanks to CA$ 80,000 in support from Goldshore, which was matched by CA$160,000 from an NSERC Alliance grant and CA$ 75,000 from MITACS. The Lakehead University researchers will lead a team of one Post-Doctoral Fellow and two MSc (Masters of Science) students in an investigation of the gold and related mineralization on the Moss Lake property.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 1: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.
(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.
(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.
Table 2: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the use of proceeds from the Financing, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Plan View of the Guayabales Project and the Olympus South Target
Figure 2
Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
TORONTO, May 12, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce high-grade gold and silver channel sample assay results from its grassroot generated Olympus target (“Olympus”) within the Guayabales project (“Guayabales”), Colombia. The Company presently has three diamond drill rigs operating at Guayabales with drills turning at the Olympus and Apollo targets as well as the newly discovered Trap target. At Olympus, the Company is focused on expanding upon the recently announced discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated March 15 and May 9, 2022, respectively).
Highlights (Table 1 and Figures 1 and 2)
Assay results of chip channel samples taken from veins located within historical, shallow underground workings from Olympus confirm the continuation of the high-grade carbonate base metal (“CBM”) sheeted vein system into the southwest portion of the target area with results as follows:
Table 1: Chip Channel Sample Assay Results from Olympus
Sample ID
Au (g/t)
Ag (g/t)
R5465
220.97
812
R5437
134.73
598
R5450
88.28
409
R5216
73.83
675
R5412
59.15
365
CM3948
38.78
450
R5226
33.91
33
R5464
17.02
68
R5453
9.06
353
R5224
5.61
1
R5448
5.28
329
R5456
5.17
89
R5467
5.02
62
R5413
4.97
238
R5435
4.39
108
R5434
4.20
193
R5417
2.87
161
R5452
2.75
76
R5449
2.65
102
R5219
2.57
54
R5457
1.45
347
*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1metre. Sample grades are uncapped **Channel samples are representative of 2–dimensional space and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario. ***Assay results for base metals are still pending for all samples listed.
Multiple CBM veins were sampled, where possible at Olympus, over an area measuring 250 metres x 250 metres from limited and partial exposures of rock in old tunnels. The CBM veins are sulphide rich and associated with intense sericite-illite alteration superimposed on porphyry diorite and mineralized, hydrothermal breccia. Porphyry-related CBM veins can demonstrate robust continuity over significant vertical and lateral dimensions.
Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The Company believes that the probability is high that additional veins will be discovered as exploration ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
Olympus now includes two mineralized zones. Both zones contain multiple porphyry and overprinting CBM veins associated with intense pyrite-sericite-carbonate alteration and hosted in a porphyry diorite (Eastern zone) and within schist country rocks intruded by porphyritic diorite (Western zone).
The highest-grade samples collected to date at Olympus come from areas that have yet to be drill tested by the Company. Diamond drilling completed to date has only focused on a small northern portion of the Eastern and Western zones while recent surface and underground mapping has expanded the Western zone to the west and southwest.
The Company is planning to move two underground rigs in Q2 into the area covered by these high-grade channel sampling results.
“With the scale of veining and alteration at Olympus and mineralized systems that come to surface, the Company now believes that we have a discovered a vein and broad mineralized system,” commented Ari Sussman, Executive Chairman. “The more exploration we undertake, the more high-grade veins we find. We will remain aggressive with drilling at Olympus and look forward to commencing the first underground drill-hole into the high-grade vein portion of the system in June 2022.”
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects a total of eleven major targets have been defined. The Company is fortuitous to have made significant grassroots discoveries on both projects with discovery holes of 302 metres 1.1 g/t AuEq and 104 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq calculations.)
Contact Information
Collective Mining Ltd. Steve Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Eloro Resources Ltd.Wed, May 25, 2022, 6:00 AMIn this article:
ELRRF0.00%
Eloro Resources Ltd.
Figure 1
Geological Plan Map showing Major Drilling areas. Santa Barbara drilling is shown in more detail in Figure 2.
Figure 2
Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes
Figure 3
Northeast-Southwest Geological Section looking Northwest Showing Potential Higher Grade Feed Zone in the Santa Barbara Adit Area
These new drill results combined with previously released drill results for the underground drilling are defining a potential major feeder structure for the Ag-Sn polymetallic mineralization in the Santa Barbara Adit area.
Bore Hole Induced Polarization (BHIP) surveys to a depth of almost 1,000m indicates that the conductivity increases with depth indicating that this potential feeder zone could be substantive.
TORONTO, May 25, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional four (4) diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. Holes DSBU-08, DSBU-07 and DSBU-04 are underground holes drilled from the Santa Barbara adit to test the southwestern and southern extension of the higher-grade mineralized zone. Surface drill hole DSB-26 tested the northwest extension of the Santa Barbara mineralized zone approximately 800m northwest of the Santa Barbara adit underground drill bay. Drilling is currently focussed primarily on the Santa Barbara Resource Definition Drilling Area with two surface drills and one underground drill. One surface drill is completing holes in the Porco area to test for a potential tin porphyry as suggested by the 3D inverse magnetic model (see Eloro press release dated March 1, 2022).
Overall, the Company has completed 56,863m in 92 drill holes to-date, including four holes in progress, as shown in Figures 1 and 2. Tables 1 and 2 list significant assay results for the drill holes in the major target areas. Prices used for calculating Ag equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 3 summarizes drill holes with assays pending. Highlights are as follows:
Santa Barbara Mineral Resource Definition Target Area – Underground Drilling
Hole DSBS-07 was drilled underground at an azimuth of 2350 and dip of -500 to test the southwestern extension of the potential higher-grade area in the Santa Barbara Adit area. Hole DSBS-08 was drilled at the same inclination at an azimuth of 2000 while DSBU-04 was drilled due south at an angle of -200. All three holes intersected very long higher-grade intersections:
Hole DSBU-07 intersected 160.00 g Ag eq/t (27.37 g Ag/t, 0.62% Zn, 0.52% Pb and 0.11% Sn) over 251.87m from 0.00m to 251.87m, including a higher-grade section of:
178.37 g Ag eq/t (28.84 g Ag/t, 0.69% Zn, 0.62% Pb, and 0.13% Sn) over 208.47m from 0.00m to 208.47m.
This hole had a second major intersection of 83.72 g Ag eq/t (6.67 g Ag/t and 0.11%Sn) over 208.93m from 272.87m to 481.8m. This included higher grade sections of:
115.37g Ag eq/t (5.34 g Ag/t and 0.16%Sn) over 40.98m from 328.54 to 369.52m and
224.01g Ag eq/t (1.50 g Ag/t and 0.35% Sn) over 21.58m from 438.11m to 459.69m.
Hole DSBU-08 intersected 133.45 g Ag eq/t (19.10 g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb, 0.06% Cu and 0.08% Sn) over 289.45m from 0.00m to 289.45m which included higher grade sections of:
152.70 g Ag eq/t (44.65 g Ag/t, 0.08 g Au/t, 0.01% Zn, 0.58 %Pb, 0.20 %Cu and 0.09% Sn) over 22.56m from 0.00m to 22.56m,
150.23 g Ag eq/t (47.17 g Ag/t, 0.03g Au/t, 0.01% Zn, 0.58 %Pb, 0.20% Cu and 0.09% Sn) over 10.82m from 57.10m to 67.92m,
182.92 g Ag eq/t (40.31 g Ag/t, 0.13 g Au/t, 0.30% Zn, 0.88% Pb, 0.05% Cu and 0.14% Sn) over 27.09 m from 90.71m to 117.80m.
222.51 g Ag eq/t (20.38 g Ag/t, 0.12 g Au/t, 1.09% Zn, 1.45% Pb, 0.05% Cu and 0.15% Sn) over 51.24 m from 163.14m to 214.38m, and
254.55 g Ag eq/t (31.50 g Ag/t, 1.17 g Au/t, 0.73% Zn, 0.27% Pb, 0.08% Cu and 0.13% Sn) over 16.42 m from 244.48m to 260.90.
Overall, 65% of this 641.9m long hole had reportable intersections which collectively average 107.73 g Ag eq/t.
Hole DSBU-04 intersected 97.09 g Ag eq/t (30.11 g Ag/t, 0.41% Pb, 0.06% Cu and 0.07% Sn) over 154.62m from 0.00m to 154.62m which included higher grade sections of:
126.66 g Ag eq/t (7.00 g Ag/t, 0.63 %Pb and 0.15% Sn) over 16.78m from 0.00m to 16.78m,
174.32 g Ag eq/t (70.30 g Ag/t, 0.45 %Pb and 0.12% Sn) over 15.02m from 61.79m to 76.81m
Dr. Bill Pearson, P.Geo. Executive Vice President, Exploration commented: “As shown in Figure 3, a N-S cross section looking east, holes DSBU-07, DSBU-08 and DSBU-4 define a significant extension to the southwest and south of the major high grade mineralized area in the southern part of Santa Barbara. These results combined with previously released drill results for the underground drilling are defining a potential major feeder structure for the Ag-Sn polymetallic mineralization in the Santa Barbara area. Data from on-going borehole induced polarization surveys (BHIP) further reinforce the potential extent of this feeder zone.”
Dr. Chris Hale, P.Geo., Chief Geophysicist for Eloro commented: “Field personnel from MES Geophysics have advanced the borehole induced polarization (BHIP) survey technique to achieve excellent IP/Res data over 1000 m downhole, by reading while the drill is still on the hole. Preliminary analysis of Pole-dipole data at 25m intervals shows that the conductivity within about 10m of the axis of hole DHK-25 increases with depth between 500m and the end of the hole. Chargeability is highest near 525m but remains high (> 10 mV/V) over the entire interval to 975m. Cross hole chargeability and resistivity data have also been collected to a depth of 1000 m, between this hole and both DHK-24 and DSB-06. Data were also collected to 900m in DHK-24. Cross hole data from both DHK-24 and DHK-25 will be used for inverse modelling of the chargeable mineralization. Future BHIP surveys will use the “through-the-drill” technique to collect data, resolving fine detail in the geophysical models even at depths over a kilometer.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. (“Minera Tupiza”), further commented: “Recent drill assay results from the Santa Barbara zone continue to expand a large and robust tin-silver polymetallic likely feeder zone located to the southeast of the Santa Barbara breccia pipe that is wide open at depth. Holes DSBU-4, DSBU-07 and DSBU-08 encountered numerous intervals of polymetallic oxide and sulphide mineralization that confirm multiple mineralizing events that occurred during the Miocene, which is an important feature of other large polymetallic deposits in the Eastern Andes of southern Bolivia.”
Northwest Extension, Santa Barbara Mineral Resource Definition Target Area
Hole DSBS-26 was collared 800m northwest of the Santa Barbara adit drill bay at an azimuth of 225 and dip of -400. This hole intersected 23 reportable mineralized intersections of which the most significant were as follows:
76.10 g Ag eq/t (2.78 g Ag/t and 0.50% Cu) over 22.19m from 50.22 to 72.41m including a higher-grade section of:
214.83 g Ag eq/t (10.90 g Ag/t and 1.48% Cu) over 4.44m from 50.22 to 54.66m
735.49 g Ag eq/t (615.71 g Ag/t, 0.40 g Au/t, 0.20% Zn, 0.40% Pb and 0.17% Cu) over 10.46m from 134.74 to 145.20m
93.02 g Ag eq/t (41.08 g Ag/t and 0.36% Zn) over 26.75m from 335.85 to 362.60m.
264.05 g Ag eq/t (14.04 g Ag/t, 0.20% Zn, 0.38% Cu, and 0.31% Sn) over 20.06m from 407.51m to 427.57m
70.56 g Ag eq/t (6.31 g Ag/t, 0.08 % Cu and 0.08 % Sn) over 67.50m from 591.71m to 659.21m including higher-grade sections of:
93.46 g Ag eq/t (5.07 g Ag/t, 0.09% Cu and 0.11% Sn) over 18.06m from 594.72 to 612.78m and
105.19 g Ag eq/t (13.00 g Ag/t, 0.11% Cu and 0.12% Sn) over 13.45m from 636.69 to 650.14m
Table 1: Significant Results, Underground Diamond Drilling, Santa Barbara Resource Definition Target Area as at May 25, 2022.
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLES – SANTA BARBARA ADIT
Hole No.
From (m)
To (m)
Length (m)
Ag
Au
Zn
Pb
Cu
Sn
Bi
Cd
Ag eq
g/t
g/t
%
%
%
%
%
%
g/t
DSBU-08
0.00
289.45
289.45
19.10
0.20
0.42
0.64
0.06
0.08
0.007
0.003
133.45
Incl.
0.00
22.56
22.56
44.65
0.08
0.01
0.58
0.20
0.09
0.016
0.001
152.70
Incl.
57.10
67.92
10.82
47.17
0.03
0.01
0.89
0.15
0.09
0.002
0.001
150.23
Incl.
90.71
117.80
27.09
40.31
0.13
0.30
0.88
0.05
0.14
0.005
0.004
182.92
Incl.
163.14
214.38
51.24
20.38
0.12
1.09
1.45
0.05
0.15
0.007
0.006
222.51
Incl.
244.48
260.90
16.42
31.50
1.17
0.73
0.27
0.08
0.13
0.018
0.003
254.55
305.90
308.88
2.98
23.59
0.17
0.02
0.12
0.03
0.07
0.012
0.001
87.58
322.42
325.39
2.97
32.45
0.38
0.03
0.07
0.03
0.04
0.016
0.001
99.55
353.90
410.33
56.43
48.53
0.08
0.10
0.03
0.05
0.05
0.010
0.001
96.73
Incl.
353.90
373.30
19.40
105.69
0.10
0.11
0.05
0.09
0.08
0.015
0.001
184.92
417.77
420.77
3.00
7.50
0.23
0.18
0.10
0.05
0.04
0.005
0.001
70.29
428.29
429.80
1.51
6.00
0.20
1.30
0.02
0.16
0.04
0.004
0.001
126.85
434.15
438.58
4.43
12.14
0.14
0.33
0.01
0.06
0.04
0.005
0.001
71.88
458.16
472.98
14.82
5.92
0.25
0.11
0.06
0.02
0.15
0.005
0.001
122.90
488.01
503.03
15.02
4.90
0.80
0.05
0.01
0.03
0.09
0.008
0.001
129.61
524.08
527.09
3.01
4.01
0.20
0.06
0.01
0.31
0.51
0.011
0.001
363.98
534.58
552.63
18.05
10.27
0.39
0.03
0.01
0.05
0.07
0.016
0.001
97.09
563.17
578.28
15.11
6.38
0.19
0.19
0.12
0.03
0.12
0.008
0.001
110.23
585.79
587.32
1.53
7.00
0.39
0.11
0.01
0.02
0.06
0.041
0.001
87.49
596.56
619.10
22.54
6.94
0.30
0.05
0.05
0.00
0.09
0.014
0.001
88.81
628.10
632.63
4.53
7.56
0.48
0.31
0.02
0.02
0.05
0.024
0.001
96.64
641.70
643.21
1.51
1.00
0.01
0.35
0.01
0.01
0.06
0.001
0.001
54.10
656.54
659.44
2.90
5.97
0.05
0.60
0.01
0.02
0.02
0.004
0.001
52.15
664.40
669.05
4.65
7.33
0.06
0.57
0.03
0.02
0.01
0.009
0.001
50.98
681.10
682.65
1.55
4.00
0.07
0.04
0.03
0.01
0.22
0.002
0.001
146.14
811.56
813.06
1.50
4.00
0.03
0.51
0.04
0.04
0.04
0.009
0.001
60.25
835.90
842.00
6.10
12.97
0.06
0.47
0.12
0.04
0.05
0.003
0.001
78.19
DSBU-07
0.00
251.87
251.87
27.37
0.10
0.62
0.52
0.08
0.11
0.008
0.007
160.00
Incl.
0.00
208.47
208.47
28.84
0.08
0.69
0.62
0.09
0.13
0.008
0.008
178.37
272.87
481.80
208.93
6.67
0.03
0.08
0.03
0.02
0.11
0.012
0.001
83.72
Incl.
328.54
369.52
40.98
5.34
0.02
0.11
0.04
0.02
0.16
0.018
0.002
115.37
Incl.
438.11
459.69
21.58
1.50
0.06
0.07
0.03
0.04
0.35
0.028
0.001
224.01
535.76
540.34
4.58
2.67
0.16
0.07
0.02
0.01
0.11
0.070
0.001
98.79
556.84
558.38
1.54
3.00
0.32
0.03
0.01
0.03
0.07
0.016
0.001
76.69
565.93
585.48
19.55
2.58
0.14
0.10
0.08
0.03
0.07
0.024
0.001
70.81
Incl.
565.93
570.43
4.50
7.01
0.37
0.25
0.31
0.10
0.16
0.071
0.001
179.75
589.98
591.40
1.42
6.00
0.10
0.05
0.01
0.00
0.07
0.001
0.001
59.90
594.40
595.87
1.47
3.00
0.32
0.05
0.01
0.01
0.05
0.004
0.001
61.97
609.38
613.95
4.57
1.66
0.06
0.12
0.01
0.00
0.08
0.004
0.001
62.70
636.47
660.27
23.80
1.56
0.14
0.03
0.01
0.05
0.05
0.013
0.001
52.97
669.34
670.92
1.58
6.00
0.85
0.02
0.04
0.07
0.08
0.131
0.001
157.15
685.90
690.53
4.63
13.00
0.05
0.41
0.16
0.01
0.06
0.001
0.001
75.96
693.73
695.24
1.51
4.00
0.03
1.05
0.01
0.00
0.01
0.001
0.006
61.12
740.65
742.18
1.53
13.00
0.21
0.01
0.01
0.12
0.11
0.057
0.001
121.41
DSBU-04
0.00
154.62
154.62
30.11
0.03
0.01
0.41
0.04
0.07
0.004
0.005
97.09
Incl.
0.00
16.78
16.78
7.00
0.08
0.01
0.63
0.02
0.15
0.004
0.005
126.66
Incl.
61.79
76.81
15.02
70.30
0.02
0.02
0.45
0.09
0.12
0.005
0.005
174.32
256.93
272.02
15.09
14.06
0.03
0.97
0.41
0.01
0.04
0.001
0.007
100.31
276.62
278.10
1.48
7.00
0.01
0.02
0.49
0.01
0.07
0.001
0.005
66.06
288.64
290.14
1.50
40.00
0.04
6.15
2.72
0.02
0.26
0.008
0.020
572.30
360.98
368.43
7.45
1.00
0.01
0.91
0.13
0.02
0.04
0.001
0.004
71.39
377.41
385.04
7.63
2.00
0.01
0.93
0.21
0.01
0.03
0.002
0.002
74.41
414.12
415.63
1.51
1.00
0.01
0.85
0.59
0.00
0.00
0.001
0.044
64.52
427.17
445.15
17.98
16.83
0.02
2.79
0.47
0.01
0.04
0.002
0.019
186.76
496.44
499.26
2.82
2.04
0.01
1.44
0.11
0.00
0.02
0.001
0.006
83.24
504.88
506.43
1.55
1.00
0.01
1.19
0.03
0.01
0.01
0.001
0.002
63.57
513.00
514.48
1.48
8.00
0.01
0.75
1.81
0.00
0.04
0.001
0.002
123.93
524.85
532.24
7.39
6.93
0.01
1.44
0.34
0.00
0.07
0.002
0.004
127.29
551.78
553.30
1.52
1.00
0.07
1.19
0.07
0.00
0.07
0.003
0.003
106.03
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites, it is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows (Prices updated as of February 1, 2022, to more accurately reflect current metal prices):
Element
Price $US (per kg)
Ratio to Ag
Ag
$
722.56
1.0000
Sn
$
42.56
0.0589
Zn
$
3.30
0.0046
Pb
$
2.33
0.0032
Au
$
57,604.00
79.7221
Cu
$
9.68
0.0134
Bi
$
12.76
0.0177
Cd
$
5.50
0.0076
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Metallurgical tests are in progress by Blue Coast Ltd. to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Significant Results, Surface Diamond Drilling, Santa Barbara Resource Definition Target Area – Northwest Extension as at May 25, 2022.
Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from May 25, 2022 press release.
SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole length (m)
Surface Drilling Santa Barbara Breccia
DHK-24
S
205529.4
7656222.5
4153.4
225°
-60°
812.5
DHK-25
S
205526.9
7656384.7
4178.1
225°
-55°
803.2
Subtotal
1615.7
Surface Drilling Northwest Extension Santa Barbara
DSB-16
S
204973.9
7657053.1
4147.1
225°
-65°
862.0
DSB-17
S
205136.3
7656770.8
4168.1
225°
-40°
841.0
DSB-18
S
205209.3
7656683.3
4172.5
225°
-40°
890.4
DSB-19
S
205209.9
7656684.0
4172.5
225°
-65°
803.3
DSB-23
S
205343.3
7656534.4
4176.1
225°
-40°
863.2
DSB-27
S
205044.5
7656982.6
4150.0
225°
-65°
800.4
Subtotal
5060.3
DSB-28
S
205512.0
7656112.0
4162.0
225°
-60°
In progress
DSB-29
S
205511.0
7655966.9
4134.0
225°
-60°
In progress
Underground Drilling Santa Barbara Adit
DSBU-09
UG
205284.5
7656080.0
4167.1
90°
-60°
904.0
Subtotal
904.0
DSBU-10
UG
205284.5
7656080.0
4167.1
40°
-60°
In Progress
Surface Drilling South Extension Santa Barbara
DSBS-02
S
205300.0
7655563.0
4195.0
0°
-45°
1023.4
Subtotal
1,724.2
Porco Target Area – Surface Drill Program Testing Magnetic Inverse Model
DPC-07
S
205090.1
7655340.9
4310.0
235°
-60°
791.4
DPC-08
S
205585.0
7655423.6
4089.0
235°
-65°
800.4
DPC-09
S
205456.7
7655516.6
4125.0
180°
-75°
1124.4
DPC-10
S
205396.5
7655701.2
4148.0
225°
-60°
1088.4
DPC-11
S
205456.7
7655516.6
4125.0
235°
-70°
1065.0
DPC-12
S
205650.0
7655200.0
4100.0
235°
-70°
941.4
Subtotal
5,811.0
DM2-01
S
205944
7654211
3674
30°
-60°
In Progress
Total
15,115.2
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020 to December 17, 2021 is 40,468 m in 73 holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an additional 16,395m has been completed bringing the overall total to 56,863m in 92 drill holes (30 underground drill holes and 62 surface drill holes) including 4 holes in progress.
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Osvaldo Arce, P.Geo., Manager of Minera Tupiza. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. Mr. Joe Mihelcic, P.Eng., P.Geo., of Clearview Geophysics, a QP under NI 43-101, completed the 3D magnetic inversion model in consultation with Dr. Hale and Mr. Gilliatt. The Borehole IP surveys are being carried out by MES Geophysics under the supervision of Dr. Hale and Mr. Gilliatt.
Eloro is utilizing both ALS and AHK for drill core analysis, both of whom are major international accredited laboratories. Drill samples sent to ALS are prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. More recently Eloro has had ALS send pulps to their laboratory at Galway in Ireland. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Drill core samples sent to AHK Laboratories are prepared in a preparation facility installed and managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Au and Sn analysis on these samples is done by ALS Bolivia Ltda in Lima. Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. Turnaround time continues to improve, as laboratories return to more normal staffing levels.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the initial discovery hole, Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which along with geophysical data has defined a target zone 1400m along strike, 500m wide and that extends to a depth of 600m. This zone is open along strike to the northwest and southeast as well as to the southwest. The Company’s nearer term objective is to outline a maiden NI 43-101 compliant mineral resource within this large target area. This work is advancing well with the mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex, including the Porco and Mina 2 areas.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – May 24, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution, by its wholly-owned subsidiary Bronco Creek Exploration Inc., of an exploration and option agreement (the “Agreement”) for the sale of Richmond Mountain LLC, the owner of the Richmond Mountain gold project (“Project”) to Stallion Gold Corp. (“Stallion”). The Agreement provides EMX with cash payments and work commitments during Stallion’s earn-in period, and upon earn-in a retained 4% net smelter return (“NSR”) royalty interest, annual advance royalty payments, and certain milestone payments.
Richmond Mountain is a Carlin-style gold project located in the Eureka district of central Nevada. The Eureka district hosts both Cretaceous age base metal mineralization as well as younger, Eocene age Carlin-style mineralization and is one of a select few districts with multi-million-ounce Carlin-style gold deposits in the state1. The Project was acquired by EMX and despite being within an established district has undergone only limited work consisting of geochemical sampling and a shallow reconnaissance drill program which did not test the key target area. The Eureka district has recently seen a resurgence in major exploration activity with the acquisition of the past producing Ruby Hill Mine by i-80 Gold Corp. in 2021, and recent work by other junior companies in the remainder of the district.
The Agreement with Stallion represents EMX’s execution of the 13th option agreement for western USA gold projects since 2020. Richmond Mountain is a good example of the royalty generation aspect of EMX’s business model, whereby prospective ground within a major Nevada gold district was identified, acquired inexpensively via staking open ground, and then partnered for exploration advancement at no additional cost to EMX. The Company will also maintain exposure to exploration success upon Stallion’s option exercise with pre-production payments and a retained royalty interest.
Commercial Terms Overview. Pursuant to the Agreement, Stallion can earn 100% interest in the Project by: (a) making execution and option payments totaling $500,000 over a five-year option period, and (b) completing $1,500,000 in exploration expenditures before the fifth anniversary of the Agreement.
Upon Stallion’s option exercise and earn-in, EMX will retain a 4% NSR royalty interest on the Project. Stallion may buy back up to a total of one and one-half percent (1.5%) of the royalty by first completing an initial half-percent (0.5%) royalty buyback for a payment of $750,000 to the Company prior to the third anniversary of the option exercise. If the first buyback is completed, Stallion may purchase an additional 0.5% for $1,000,000, and a third 0.5% increment for $1,200,000 at any time prior to commercial production. Beginning on the first anniversary of the option exercise, Stallion will also make annual advance royalty (“AAR”) payments of $100,000.
Additionally, after the option has been exercised, Stallion will make payments in gold ounces (or the USD equivalent) at certain Project milestones: (a) 200 ounces of gold upon completion of a Preliminary Economic Assessment; (b) 400 ounces of gold upon completion of a Prefeasibility Study; and (c) 650 ounces of gold upon completion of a Feasibility Study.
Richmond Mountain Overview. The Richmond Mountain project is located at the southern end of the Battle Mountain-Eureka trend and consists of 117 unpatented lode mining claims covering 9.6 square kilometers (Figure 1). Carlin-style mineralization consisting of jasperoid and decalcified carbonate-bearing rocks outcrop on the southern portion of the property within a north-south oriented structural feeder zone. This structural zone is subparallel and analogous to other structures that host Carlin-style gold mineralization elsewhere within the Eureka district. Examples include Lookout Mountain, Windfall, and the Ruby Hill Mine and Archimedes open pit2 where the younger, mineralized Eocene structures cut and overprint Cretaceous iron and base metal-rich skarn and carbonate replacement mineralization.
A key target at the Richmond Mountain project is where outcropping mineralized structures plunge northward on the Project under post-mineral cover and trending towards the eastern boundary of the Cretaceous Graveyard Flats intrusion and related contact aureole. The contact aureole hosts base metal mineralization elsewhere in the district and represents a compelling target environment. In addition, the older base metal mineralization and related reduced-iron rich rocks in the contact aureole could provide a chemical trap for the younger, gold-rich fluids resulting in potentially higher grades.
Previous work on the Project has outlined outcropping drill targets through soil and rock chip geochemistry in the south, and CSAMT geophysical surveys in the north that indicate prospective host units are within reasonable target depths. Two shallow drill holes (i.e., < 500 m) were completed on the western side of the property by a previous partner that did not penetrate post-mineral cover, suggesting the concealed target area remains entirely untested. In addition, prospective host rocks are interpreted to become more shallow from west to east across the Project.
EMX regards the Richmond Mountain project as a highly prospective gold project within a Nevada Carlin-style district which hosts a significant upper tier mining operation at Ruby Hill and is significantly underexplored relative to similar districts in Nevada. The Company looks forward to the Stallion team testing the target concepts in the near term.
Comments on Nearby Deposits and Mines. The nearby deposits and mines provide geologic context for EMX’s Project, but this is not necessarily indicative that the Project hosts similar tonnages or grades of mineralization.
QUALIFIED PERSON
Michael P. Sheehan, 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”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and themost 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.
Figure 1. Location Map of the Richmond Mountain Project.
1 NBMG, 2019. The Nevada Mineral Industry 2019. Ruby Hill Mine production and resources: Pp. 116-117.
2Dilles, P. A., Monteleone, S. E., & Wright, W. A. (1995). West Archimedes: a new gold discovery at the Ruby Hill property, Eureka district, Eureka County, Nevada. In Geology and ore deposits of the American cordillera, Programs with Abstracts, Geological Society of Nevada symposium, Reno/Sparks, Nevada A (Vol. 24).
TORONTO and NEW YORK, May 20, 2022 /CNW/ – Mountain Province Diamonds Inc. (TSX: MPVD) (OTC: MPVDF) (“Mountain Province”, or the “Company”) is pleased to announce the appointment of Ms. Kelly Stark-Anderson to its Board of Directors. Her appointment follows the departure of Dean Chambers, who has chosen the step-down due to other commitments.
Appointment of Director
An accomplished executive in the Canadian mining industry, Ms. Stark-Anderson has over 25 years experience in the legal, M&A, financing and governance areas, combined with deep experience in Environmental, Social, Governance (ESG) matters. Ms. Stark-Anderson is currently the Executive Vice President Corporate Affairs, General Counsel & Corporate Secretary and Corporate Compliance Officer for Dundee Precious Metals Inc. (TSX:DPM) and previously has acted as Vice-President, Legal and Corporate Secretary for SSR Mining Inc. Ms. Stark-Anderson led her own firm providing corporate/commercial, governance and securities compliance services to public, private and crown entities. Ms. Stark-Anderson’s deep experience in ESG, legal, financing and M&A will be a valuable addition to the Company’s board.
Jonathan Comerford, the Company’s Chairman, commented:
“We are extremely happy to have Kelly join our Board of Directors. Her legal expertise and strong ESG experience are areas we were seeking to strengthen on our Board, which together with her extensive governance experience will be extremely beneficial as the Company advances through 2022 and beyond. The recent national award received by the Gahcho Kué mine for a collaborative monitoring program with the indigenous Ní Hadi Xa community is one example of the important work we do, and Kelly will bring a fresh perspective to our ESG approach. I would also like to thank Dean for his considerable contribution to the Board of Mountain Province during a very challenging time for the Company, and wish him well in his future endeavors.”
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.
Caution Regarding Forward Looking Information
This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
TORONTO, May 19, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has closed its previously announced bought deal financing of 3,007,710 units of the Company (the “Units”) at a price of C$3.25 per Unit for gross proceeds to the Company of C$9,775,057.50 (the “Offering”). The Offering was underwritten on a bought deal basis by Cormark Securities Inc. as underwriter (the “Underwriter”), pursuant to an underwriting agreement dated May 16, 2022 between the Company and the Underwriter. Haywood Securities Inc. participated as a special selling group member in connection with the Offering. The Offering included the exercise in full by the Underwriter of the over-allotment option granted by the Company pursuant to the terms of the Offering. Each Unit consists of one common share in the capital of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering.
The securities issued under the Offering were qualified for distribution pursuant to a prospectus supplement dated May 16, 2022 (the “Supplement”) to the Company’s short form base shelf prospectus dated May 11, 2022.
The net proceeds from the Offering will be used for continued exploration and development of the Company’s Iska Iska project in Bolivia, as further set out in the Supplement filed on the Company’s SEDAR profile at www.sedar.com.
In connection with the Offering, the Company paid the Underwriter a cash commission equal to 6% of the gross proceeds of the Offering (for a total cash commission of C$586,503.45) and issued to the Underwriter and its selling group members that number of non-transferable compensation options (the “Compensation Options”) equal to 6% of the aggregate number of Units sold under the Offering (for a total of 180,462 Compensation Options). Each Compensation Option entitles the holder to acquire one Common Share at a price of C$3.25 per Common Share for a period of 24 months following the closing of the Offering.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (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, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available under Eloro’s filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company (forward-looking statements in this news release include, without limitation, statements regarding the use of proceeds from the Offering). There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information. The Company does not intend to update any such forward-looking information, except in accordance with applicable laws.
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.
