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Eloro Resources Intersects 160.00 g Ag eq/t (27.37g Ag/t, 0.62% Zn, 0.52% Pb and 0.11% Sn) over 251.87m and 133.45 g Ag eq/t (19.10g Ag/t, 0.20 g Au/t, 0.42% Zn, 0.64% Pb and 0.08% Sn) over 289.45m in the Santa Barbara Target area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia

Post author By admin
Post date May 25, 2022

Eloro Resources Ltd.Wed, May 25, 2022, 6:00 AMIn this article:

ELRRF0.00%

Figure 1

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.

SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
SURFACE DIAMOND DRILLING – NORTHWEST EXTENSION
Hole No.	From (m)	To (m)	Length (m)	Ag	Au	Zn	Pb	Cu	Sn	Bi	Cd	Ag eq
g/t	g/t	%	%	%	%	%	%	g/t
DSB-26	50.22	72.41	22.19	2.78	0.01	0.01	0.03	0.50	0.01	0.001	0.001	76.10
Incl.	50.22	54.66	4.44	10.90	0.02	0.00	0.05	1.48	0.00	0.001	0.001	214.83
	104.71	121.27	16.56	11.32	0.12	0.35	0.08	0.01	0.02	0.009	0.001	55.20
Incl.	104.71	106.22	1.51	84.00	1.25	0.10	0.14	0.01	0.04	0.095	0.001	231.91
	134.74	145.20	10.46	615.71	0.40	0.20	0.41	0.17	0.07	0.009	0.001	735.49
	194.50	195.99	1.49	43.00	0.21	0.08	0.15	0.07	0.08	0.013	0.002	126.20
	203.69	205.19	1.50	7.00	0.40	0.37	0.14	0.01	0.08	0.013	0.035	113.80
	241.27	262.32	21.05	0.92	0.01	0.77	0.27	0.01	0.01	0.001	0.003	56.00
	295.20	298.20	3.00	14.00	0.16	0.40	0.01	0.05	0.03	0.004	0.001	71.28
	304.22	313.20	8.98	31.52	0.10	0.11	0.01	0.09	0.08	0.007	0.001	102.83
	335.85	362.60	26.75	41.08	0.08	0.36	0.02	0.06	0.03	0.015	0.002	93.02
	357.97	362.60	4.63	195.65	0.05	0.33	0.01	0.08	0.04	0.022	0.001	255.05
	407.51	427.57	20.06	14.04	0.05	0.20	0.02	0.38	0.31	0.018	0.001	264.05
	446.96	449.92	2.96	5.41	0.06	0.14	0.01	0.15	0.12	0.013	0.001	108.61
	476.98	478.45	1.47	6.00	0.13	0.14	0.00	0.09	0.06	0.012	0.001	71.41
	487.42	488.93	1.51	6.00	0.07	0.01	0.01	0.10	0.09	0.025	0.001	84.30
	530.79	532.35	1.56	3.00	0.03	0.01	0.00	0.10	0.07	0.006	0.001	63.06
	538.29	572.37	34.08	2.21	0.12	0.25	0.00	0.09	0.02	0.003	0.001	49.76
	591.71	659.21	67.50	6.31	0.06	0.04	0.00	0.08	0.08	0.013	0.001	70.56
Incl.	594.72	612.78	18.06	5.07	0.07	0.08	0.00	0.09	0.11	0.021	0.001	93.46
Incl.	636.69	650.14	13.45	13.00	0.03	0.02	0.00	0.11	0.12	0.011	0.001	105.19
	665.21	666.72	1.51	9.00	0.12	0.04	0.01	0.21	0.18	0.107	0.001	170.93
	693.35	696.40	3.05	28.95	0.27	0.05	0.01	0.63	0.55	0.067	0.001	474.73
	725.89	727.53	1.64	0.50	1.20	0.46	0.00	0.01	0.00	0.003	0.001	120.48
	766.09	770.69	4.60	8.08	0.13	0.57	0.01	0.24	0.09	0.172	0.001	160.65
	789.80	791.30	1.50	7.00	0.32	0.72	0.04	0.41	0.01	0.722	0.001	256.32
	806.33	807.80	1.47	6.00	0.14	0.39	0.05	0.27	0.00	0.385	0.001	142.79

See Note Table 1.

Figure 1 – Geological Plan Map showing Major Drilling areas. Santa Barbara drilling is shown in more detail in Figure 2.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d72bf44c-804d-43c5-8a0d-6d488775ab10

Figure 2: Geological Plan Map of the Santa Barbara Mineral Resource Target Area with Diamond Drill Holes
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d597c7a-be89-4fef-b7dc-ae0c15c8c1eb

Figure 3: Northeast-Southwest Geological Section looking Northwest Showing Potential Higher Grade Feed Zone in the Santa Barbara Adit Area
https://www.globenewswire.com/NewsRoom/AttachmentNg/310b1001-0864-4f3c-a249-7b31cb081f2e

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.

Tags #ELO, #EloroResources, #JuniorMining, #MauriceJackson, #ProvenAndProbable

Base Metals Energy Junior Mining Precious Metals

Silver Bullet Mines Inc. Analyst Coverage – Hallgarten & Company

Post author By admin
Post date May 24, 2022

https://hallgartenco.com/pdf/Mining/SBMI_May2022.pdf

Tags #JohnCarter, #JuniorMining, #MauriceJackson, #ProvenAndProbable, #SBMI, #SilverBulletMines

Base Metals Emx Royalty Junior Mining Precious Metals Project Generators

EMX Options the Richmond Mountain Gold Project in Nevada to Stallion Gold Corp.

Post author By admin
Post date May 24, 2022

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 13^th 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.

More information on the Project can be found at www.EMXroyalty.com.

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.

For further information contact:

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

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

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

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

Forward-Looking Statements

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

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

Figure 1. Location Map of the Richmond Mountain Project.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/124885_c6c638f1542f2926_002full.jpg

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).

Tags #EMX, #EMXRoyalty, #JuniorMining, #MauriceJackson, #ProvenAndProbable

Energy Junior Mining

Mountain Province Diamonds Announces Changes to its Board of Directors

Post author By admin
Post date May 24, 2022

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.

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-changes-to-its-board-of-directors-301552321.html

SOURCE Mountain Province Diamonds Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2022/20/c9541.html

Tags #JuniorMining, #MauriceJackson, #ProvenAndProbable

Energy Junior Mining Precious Metals

Eloro Resources Closes C$9.775 Million Bought Deal Financing

Post author By admin
Post date May 24, 2022

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.

Tags #CanadianMiningStocks, #EloroResources, #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #ProvenAndProbable, ELO

Junior Mining Precious Metals Uncategorized

Goldshore Resources Announces Innovative Technology Application for Moss Lake Project Exploration and Closing of Non-Brokered Financing

Post author By admin
Post date May 18, 2022

Vancouver, British Columbia–(Newsfile Corp. – May 18, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that it is working with Dr. Russell Birrell of Globex on implementing his innovative ionic leach soil sampling technique that will enable the Company to detect bedrock anomalies beneath muskeg swamp and glacial till. Initial sampling will be conducted across known mineralization at the QES Zone to calibrate the geochemical response and enable a more accurate assessment of results in new areas.

Peter Flindell, Vice President Exploration, comments: “I have worked with Dr. Birrell and the ionic leach technique in Scotland where we successfully identified several mineralized targets. This technique is well suited to the type of cover at Moss Lake and I look forward to reviewing the first results over the QES Zone. The ionic leach program will continue throughout the 2022 summer field season and focus on the targets developed from last year’s VTEM/magnetics survey. This will help us to rank and rate all targets, and to prioritize the scout drilling program, outside the historical Moss Lake deposit.”

Dr. Birrell was part of the team that developed the Mobile Metal Ion (MMI) sampling technique at CSIRO. The MMI technique has been widely used in exploration programs for the past three decades. His work on ionic leach marks an order of magnitude increase in sensitivity that has mapped several concealed mineralized targets in similar terranes.

Closing of Non-Brokered Financing

The Company is also pleased to announce that it has closed a non-brokered private placement of 1,000,000 units (each, a “Unit“) at a price of $0.50 per Unit for gross proceeds of $500,000 (the “Financing“). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share“) and one-half common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.75, for a period of 24 months following the date hereof, subject to acceleration if the Common Shares trade above $1.10 on the TSX Venture Exchange (the “Exchange“) for twenty (20) consecutive days.

The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.

The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to final approval by the Exchange.

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 Inc^2,3. 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 Resources^1,2,3

	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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, 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.

Tags #BrettRichards, #GSHR, #JuniorMining, #MauriceJackson, #PreciousMetals, #ProvenAndProbable

Base Metals Energy Junior Mining Precious Metals

Metallic Minerals Announces C$4 Million Flow-Through Private Placement Financing

Post author By admin
Post date May 18, 2022

VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / Metallic Minerals Corp. (TSX-V:MMG) (OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce a non-brokered private placement offering of 9,600,000 flow-through units (“Units”) at a price of $0.42 per Unit for aggregate gross proceeds of $4,032,000 (the “Offering”), which represents a premium to the May 17^th closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”). The Units consist of a flow-through share and a half warrant and are being issued as part of a charity arrangement structured by Peartree Securities Inc.

All net proceeds from the Offering are planned to be used to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada) primarily at Metallic Minerals’ Keno Silver project in the historic, high-grade Keno Hill Silver District in Canada’s Yukon Territory.

Greg Johnson, CEO & Chairman, stated, “We are very pleased to add these new investors to our supportive shareholder base and are in a position to complete important follow-up programs at the Company’s Keno Silver and the La Plata projects, using a combination of existing funding and new flow-through funds. We remain positive on the underlying fundamentals for commodities as the current cycle continues to build and look forward to providing additional project updates as our exploration programs get underway.”

Each whole share purchase warrant is exercisable into one additional common share of the Company at a price of $0.50 per share for a period of 30 months from the date of closing. Subject to approval by the Exchange, if the closing share price five (5) trading days prior to the end of the 30-month warrant period is at or below $0.50, the Company shall, upon written request by a warrant holder, extend expiry of such warrants for an additional six (6) months.

Closing of the Offering is expected on or about June 8, 2022, subject to certain customary conditions, including, but not limited to, acceptance of the Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. In addition, the Company recently announced the inaugural resource estimate for the La Plata silver-gold-copper project in southwestern Colorado. All of the districts in which the Company works 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

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 the completion of the financing and the gross proceeds raised therefrom, the use of proceeds from the financing and their qualification as CEE, the date of closing of the financing, 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, trends in commodities prices 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.

SOURCE: Metallic Minerals Corp.

Tags #CanadianMiningStocks, #GregJohnson, #MauriceJackson, #MetallicMinerals, #MMG, #PreciousMetals, #ProvenAndProbable, Metallic Group of Companies

Junior Mining Precious Metals

Rover Metals Raises $1,991,260 Under Non-Brokered Private Placement Financing

Post author By admin
Post date May 17, 2022

VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that further to its March 21, 2022 release, and its April 26, 2022 release, the Company has now closed its $0.05 Unit Financing, raising gross proceeds of $1,991,260.

$0.05 Unit Financing
On March 21, 2022, Rover closed the first tranche of the financing for gross proceeds of $1,180,510 (the “First Closing”). The First Closing was comprised of $1,044,000 worth of $0.05 Units, and $136,510 worth of $0.055 flow-through common shares. Each Unit is comprised of one common share and one half (1/2) of a warrant to purchase common shares. The warrants have an exercise price of $0.075 and a life of three years. On April 26, 2022, Rover closed the second tranche of the financing for gross proceeds of $467,500 (the “Second Closing”). The Second Closing was comprised of $412,500 worth of $0.05 Units, and $55,000 worth of $0.055 flow-through common shares.

Today the Company is announcing the third and final closing of its financing for gross proceeds $343,250.00 (the “Third Closing”). The Third Closing is comprised of $332,250 of $0.05 Units and $11,000 of $0.055 flow-through common shares. The proceeds from the Third Closing will be used for exploration at the Company’s Cabin Gold Project, and future working capital, including general and administrative expenses.

A total of $1,991,260 has been raised under the $0.05 Unit Financing, from all three closings, resulting in the issuance of 35,775,000 common shares and 17,887,500 warrants (excluding finder’s fee warrants), from the sale of Units, and the issuance of 3,682,000 common shares from the sale of flow-through shares (or a total issuance of 39,457,000 common shares and 17,887,500 warrants).

Finders’ commissions are being paid in connection with the $0.05 Unit Financing in the amount of cash commissions of $88,695.70 and finders’ warrants of 1,748,840. The finder’s warrants have an exercise price of $0.075 and a useful life of three years. The shares and warrants issued under the $0.05 Unit Financing, including Finder’s warrants, bear the minimum four-month regulatory hold period from the date of issuance at each closing.

About Rover Metals
Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60^th parallel), and north-central Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60^th Parallel, NT, Canada, commenced in March 2022 and continues through to the date of this release. Phase 1 Exploration at its Tobin Gold Project commenced in May 2022 and continues through to the date of this release. Lastly, the Company, is also awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60^th parallel).

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

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

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

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

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

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

Tags #MauriceJackson, #ProvenAndProbable, #RoverMetals, #ROVR, canadian gold mining stocks

Energy Junior Mining Precious Metals

Dolly Varden Silver Mobilizes Three Drill Rigs to Commence an Initial 30,000 Meters of Resource Expansion, Upgrade and Exploration Drilling

Post author By admin
Post date May 17, 2022

VANCOUVER, BC, May 17, 2022 /PRNewswire/ – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce the initiation of field activities on its Kitsault Valley Project, located near tidewater in northwest British Columbia. Objectives of the 2022 Program include: upgrade current Inferred Mineral Resources to Measured and Indicated classification, expand known deposits and to discover new silver and gold mineralization along the Kitsault Valley trend of multiple deposits and historic mines.

Shawn Khunkhun, President and CEO comments, “With a robust $25 million treasury, a discovery-focused technical team and a target-rich environment, 2022 is setting up to be an historic year for Dolly Varden Silver. With strategic and technical input from our supportive corporate shareholder: Hecla Mining, it is our goal to make new silver and gold discoveries as well as to dramatically grow and upgrade resource at our current deposits, setting the Company up to be the next development Project in the Golden Triangle.”

Three diamond drill rigs are being mobilized by barge to the village of Alice Arm to complete an initial 99 drill holes Program totaling 30,000 meters along the Kitsault Valley Trend. Camp expansion and infrastructure upgrades are underway to accommodate our expanded exploration team, with a significant contingent of team members of the Nisga’a Nation.

Dolly Varden’s Kitsault Valley Project currently hosts Indicated Resources of 34.7 million ounces of silver and 166 thousand ounces of gold with additional Inferred Resources of 29.3 million ounces of silver and 817 thousand ounces of gold within multiple outcropping deposits in the 163 square kilometer Property. Resource upgrade and expansion drilling will begin at the Torbrit silver deposit, initially targeting step-outs at the Wolf Mine and between the Torbrit and North Star silver Deposits.

In late spring, drilling will commence at the Homestake Main and Homestake Silver deposits with the purpose of expanding mineralization along strike and down-dip as well upgrading current Inferred Resources.

Through integration of excellent detailed geological mapping integrated with innovative geochemical, geophysical and remote sensing methods, Dolly Varden’s strong technical team has identified new greenfield target areas along the Kitsault Valley trend. Additional surface mapping and sampling coupled with IP geophysical surveys will help refine drill targets to be tested during the 2022 Program. Twenty exploration targets have been initially identified, eight of which have been classified as Priority 1.

Figure 1 recently consolidated Kitsault Valley Project with Exploration potential between known deposits (CNW Group/Dolly Varden Silver Corp.)

Figure 2 Homestake Ridge Deposits long section with infill and resource expansion project pierce points (CNW Group/Dolly Varden Silver Corp.)

About Dolly Varden Silver Corporation

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

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

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SOURCE Dolly Varden Silver Corp.

Tags #DollyVardenSilver, #DV, #InvestingInSilver, #MauriceJackson, #ProvenAndProbable, #ShawnKhunkhun

Base Metals Energy Junior Mining Precious Metals Project Generators

Riverside Resources and Hochschild Mining Sign Exploration Earn-in Option Agreement Valued at over US$31,000,000 for La Union Project Sonora, Mexico

Post author By admin
Post date May 17, 2022

Vancouver, British Columbia–(Newsfile Corp. – May 17, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that it has entered into a Exploration Earn-In Agreement (the “Agreement”) with Minera Hochschild Mexico, S.A. de C.V. (“Hochschild”), a wholly-owned subsidiary of Hochschild Mining PLC for Riverside’s 100% owned La Union Gold-Silver Project (the “Project”) in Sonora, Mexico. This new Agreement enables the Project to immediately move ahead with a robust exploration program and reflects the belief, by both parties, of the potential for rapid discovery of new gold-silver and base metal disseminated deposits on the 26 km² Project.

Highlights of the Agreement are summarized below:

Phase I Earn-in Option: Hochschild can earn an undivided 51% by incurring US$8,000,000 in exploration expenditures over five (5) years.

Upon completion of Phase I obligations, Hochschild can elect to form a 51:49 joint venture.
Phase II Earn-in Option: Hochschild can elect to earn an additional 24% by incurring a further $3,000,000 in exploration expenditures and delivering a completed Feasibility Study (FS) over three (3) years.
Upon Hochschild completing the Phase II Earn-in, Riverside will have the option to sell its interest in the Project to Hochschild for US$20,000,000, while retaining a 1% Net Smelter Royalty (NSR).

Please see the Transaction Details section below for more information on the Agreement. The intention for the program is to initially conduct property wide sampling, improved mapping, and then geophysical work to rapidly refine drill targets. This would lead to expected drill testing in early 2023 and build upon the initial reconnaissance targeting work that Riverside has completed over the past two years. La Union is well described on Riverside’s website.

Riverside’s President and CEO, John-Mark Staude, stated: “We are delighted to partner again with Hochschild Mining as we have had a productive and positive relationship working together on several past projects. Riverside has invested in working up the project to an actionable stage and consolidated the tenures making this a highly prospective property that warrants the type of exploration spending that this agreement provides.”

For as long as Riverside is the Operator, Hochschild will reimburse Riverside the amount of the annual concession maintenance fees, property taxes, and any other payments required to maintain the Project. As Operator, Riverside will manage the exploration programs and be entitled to collect administration fees of 10% on contracts of less than US$100,000 and 5% on contracts of more than $100,000. Over the next six months, Riverside will also be reimbursed a total amount of $250,000 for its past expenditures on the Project.

Figure 1: Location Map of La Union and Surrounding Mines

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6101/124298_a6d59cc9f4eabae3_002full.jpg

About La Union Gold-Silver Project:

La Union Project is located in western Sonora approximately 70 km southwest of the town of Caborca in the southern portion of the carbonate stratigraphic mountains of the Sierra El Viejo. The reactive limestone and dolomites formed a carbonate-hosted style of mineralization in the late PreCambrian stratigraphy. Large shear zones are present and potentially provide plumbing and a possible host for precious metals mineralization. La Union has seen small-scale production dating back to the 1950s by Peñoles and local families. The Project was largely unexplored until 2012, when Paget and Millrock Resources started exploration work. High-grade rock chip samples reported by Paget and Millrock attracted Riverside’s attention to La Union which was subsequently acquired by Riverside as part of a five-project portfolio acquisition (see press release June 26, 2019).

Riverside has since worked on expanding its current footprint at the La Union Project after evaluating the existing system of mineralization and its potential. Riverside sampling (see press release October 6, 2021) highlighted significant mineralization with up to 59.8 g/t gold (“Au”), 833 g/t silver (“Ag”), 5.8% lead (“Pb”) and 4.2% zinc (“Zn”).

After completing a claim consolidation in September 2021, Riverside conducted a follow up mapping and sampling program including 103 rock chip samples with the best sample returning 83.2 g/t (2.6 oz/t) Au and 4,816 g/t (150 oz/t) Ag (see press release January 5, 2022). The work further enhanced Riverside’s understanding of the structural and lithological controls by linking the small historical workings into a larger regional context. Although the Project is still in its initial stages, mineralization appears to be of manto-chimney and replacement type within Pre-Cambrian to Cambrian sedimentary rocks.

Following-up on the high-grade sample results, Riverside’s team returned and was able to further define the extent of surface mineralization. The highlights of this latest work defined high grade polymetallic samples up to 30% Zn, 83.2 g/t Au, 4,816 g/t Ag, and 10.3% Pb. Of the 103 samples assay values ranged from 83.3 g/t Au to non-detectable with about 30% of the samples returning significant gold, silver, lead and/or zinc values. Click here to see more detailed info at La Union project page.

Au – high: 83.2 g/t; low cut-off: 0.5 g/t
Ag – high: 4,816 g/t; low cut-off: 300 g/t
Pb – high: 10.3%; low cut-off: 0.1%
Zn – high: 30%*; low cut-off: 0.1%

*30% Zn is the upper detection limit in analysis method performed

Transaction Details:

Phase I Earn-In Option:

Hochschild will pay Riverside the sum of US$100,000 on signing the Agreement;
Hochschild will pay Riverside the sum of US$150,000 on the six-month anniversary of the Effective Date (November 5, 2022) for reimbursement of maintenance fees paid by Riverside through August 2022 in respect of the Concessions making for a total of $250,000;
Hochschild will reimburse Riverside for all periodic payments made pursuant to the underlying option agreements with respect to concessions comprising the Project;
Hochschild to incur expenditures as listed in the table below totaling at least US$8,000,000 of qualifying exploration expenditures before the fifth anniversary of the effective date of the executed Agreement.

Table 1: Phase I Earn-In Option (Qualifying Expenditures)

By May 5, 2023 1^st anniversary of the Effective Date	Expenditure of US$700,000
By May 5, 2024	Expenditure of US$1,000,000
By May 5, 2025	Expenditure of US$1,000,000
By May 5, 2026	Expenditure of US$2,300,000
By May 5, 2027	Expenditure of US$3,000,000

Phase II Earn-In Option:
In order to exercise the Phase II Earn-in Option, Hochschild shall pay for all Qualifying Expenditures incurred during the Phase 1 Earn-In periods and incur an additional US$3,000,000 plus costs necessary to prepare a Feasibility Study (FS) in accordance with CIM standards before the eighth anniversary of the Effective Date.

Table 2: Phase II Earn-In Option (Qualifying Expenditures)

May 2027 – May 2028	Expenditure of at least US$1,000,000
May 2028 – May 2029	Expenditure of at least US$1,000,000
May 2029 – May 2030	Expenditure of at least US$1,000,000
Feasibility Study (FS)	Undefined Expenditure Amount

The time within which the FS must be prepared can be extended for up to an additional 3 years subject to payment by Hochschild to Riverside of the following amounts:

Additional Period	Payment
1 year	US$50,000
2 years	US$250,000
3 years	US$500,000

Upon Hochschild’s completion of the Phase II Earn-In and Riverside’s acceptance, the parties can form a Joint Venture with Riverside having a 25% interest, and Hochschild having a 75% interest. Riverside will have the option to sell its interest in the Project to Hochschild for US$20,000,000, while retaining a 1% Net Smelter Royalty (NSR).

Hochschild can terminate the Agreement at any time on ninety (90) days’ notice to Riverside without any further obligation to incur exploration expenditure but will (a) remain subject to obligations accrued prior to termination (b) be required to reclaim disturbances caused by its activities and (c) pay federal annual concession maintenance fees and annual recording fees which fall due within sixty (60) days of the termination date.

Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Tags #InvestingInCopper, #John-Mark Staude, #LaUnion, #MauriceJackson, #ProvenAndProbable, #RiversideResources, #RRI

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Tag: #MauriceJackson

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Forward Looking Statements

Riverside Resources and Hochschild Mining Sign Exploration Earn-in Option Agreement Valued at over US$31,000,000 for La Union Project Sonora, Mexico