VANCOUVER, British Columbia, May 03, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce the start of its Phase 1 Exploration Program at its 100% owned Tobin Gold Project, Winnemucca, NV, USA. Rover has engaged a renowned Carlin gold geologist to assist in the planning of the Phase 1 program.
Tobin Gold Project In February 2022, Rover acquired a 100% interest in the Tobin Gold Project (“Tobin”), which is comprised of 68 claims within BLM land, for a total of 1,405 acres (or 569 hectares). Tobin is a Carlin-style gold system set in Mesozoic rocks. The project is located about 40 km from the operating Phoenix Gold Mine, which is owned by Nevada Gold Mines, a joint venture between Newmont and Barrick. Tobin is also located about 60 km from i-80 Gold’s Lone Tree Gold Mine, 50 kms from SSR’s Marigold Mine and is in close proximity to other proven gold deposits owned by i-80 Gold, SSR Mining, and Kinross. See property map below for more details.
The property sits in the historical Mt. Tobin mercury district within an area of widespread silicification and banded chalcedony veins over an area of several square kilometers. Both structural and strata bound jasperoids are present in the adjoining Triassic and Paleozoic carbonate and fine-grained clastic sediments along the range-front structure as well as higher in the range. The prospect area was identified during a BLEG stream sediment sampling program. Follow up rock chip sampling along and above the range front confirmed that there are multiple structures carrying mineralization. Gold values run as high as 2.3 g/t Au, with many samples having gold content between 200 ppb Au and 1000 ppb Au. Pathfinder elements run as high as 200 ppm Sb, 1100 ppm As and 29 ppm Hg. Mineralization at the Tobin Project appears to be localized along two subparallel trends. The first is the range-front fault, and the second is structural zone located several tens of meters above the valley that trends somewhat obliquely to the range-front. To date, the better mineralized rocks were largely collected from this second structure located higher on the mountain front.
Judson Culter, CEO at Rover Metals, states, “The Tobin Gold Project is our first low-cost gold exploration project. We believe that future drill programs will be reverse circulation (“RC”) drill programs. Tobin is located in the mining friendly jurisdiction of Nevada, in the Battle Mountain region, which has seen significant consolidation in the past several years.”
Annual Report Rover has SEDAR filed its Annual 2021 Comparative Financial Statements and Management Discussion and Analysis (“MD&A”) for the years ended December 31, 2021 and December 31, 2020. The 2021 MD&A lays out management’s performance and significant milestones accomplished in 2021.
Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.
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. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, in the Northwest Territories of Canada (60th parallel), is also currently underway as of the date of this release. Additionally, the Company is awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60th parallel).
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.
Volume: 178,258 Market Cap: 61.19m PE Ratio: 2.70 Year High: $0.98 Year Low: $0.39 Shares Out: 115,458,038 Float: 132,943,270
Institute Hold’gs: 0.40% (as of 03/31/22) Institutions Bought Prev 3 Mo: 0
Goldshore Resources Inc. (GSHR:TSX; GSHRF:OTC; 8X00:FSE). Mr. Richards, it’s a pleasure to be speaking with you today, to have you introduce us to Goldshore Resources, which is focused on creating the next Tier One Asset in Ontario, Canada.
Before we deep dive into company specifics, Mr. Richards, please introduce us to Goldshore Resources, and the exciting opportunity the company presents to the shareholders.
Thanks Maurice. Goldshore Resources was founded in January 2021 with the acquisition of the Moss Lake Project from
See More Live DataWesdome Gold Mines Ltd. (WDO:TSX) for $52M in cash and shares. Subsequent to that, we raised $25M and then received approval from the TSXV, and we were admitted for trading on June 4, 2021. Since that time, we have been focused on a comprehensive exploration approach to the asset —commencing with a VTEM geophysical survey, which will guide (is guiding) a 100,000m drill program. Currently, we are about 20% of the way through the program—and we expect to complete the program in 2022. During this period, we will conduct extensive metallurgical test work, prepare the project from an ESG standpoint for a feasibility study, and prepare the project for the next phase of development drilling. After which (Q1 2023) we will update the resource estimation and prepare a new preliminary economic analysis (“PEA”) – (end of Q1 2023). These are the steps we are taking to create the next Tier One Asset in Ontario, Canada.
Let’s find out more! Mr. Richards, please acquaint us with your flagship Moss Lake Property beginning with your location and some of your neighbors in the region.
We are apx. 120 km west of Thunder Bay, Ontario on the Trans-Canada highway. We have the flagship Moss Lake Gold project as our core focus, but in 2014 and 2015, Wesdome acquired additional lands adjacent to the Moss Lake Gold project that included Coldstream, North Coldstream, and Iris Lake to the northeast; and Hamlin Lake to the south-west. We have a c.4m oz historical resource, estimated by Moss Lake in 2013, and had a historical PEA done in 2013 that input parameters were updated by Wesdome in 2020. The Moss Lake Property has a rich history of gold and silver production dating back to the early 1900s.
Tell us more.
The area has been explored by prospectors for a long time, literally over 100 years. The region of the Shebandowan Greenstone belt is a fairly complex region geologically and structurally, but the Moss Lake Project is in an area contained within intermediate to felsic volcaniclastic rocks of the northeast-trending, fault-bounded central intermediate to felsic metavolcanic belt, is vertical to steeply southeast dipping and possibly overturned. Two northeast-trending regional fault structures cross the property from northeast to southwest. We have a domain boundary area at Moss Lake that is a sheer zone style of deposit hosted with diorite intrusions with high resistors and high chargeability—bordered with domains of high conductors (magnetite and iron), which to the north-east and south-west are very different styles of deposit and host copper-gold-silver, and to the northeast, those elements along with lead-zinc-molybdenum and in North Coldstream, cobalt. The North Coldstream mine actually produced a copper-gold concentrate for many years in the 1940s through the 1960s, before being closed and decommissioned in 1982 due to the low copper price.
I am curious is the infrastructure still intact?
There is no infrastructure still intact at North Coldstream, as it has been decommissioned—but one day, I will look forward to mining the high-grade area of historic tailings that have been decommissioned. But when we speak of infrastructure, there is substantial infrastructure to build a district-scale mining camp at Moss Lake.
Why do I say that? Because our land package is quite extensive and touches on the Trans-Canada highway—Highway 11 (the longest street in the world—Yonge Street). With that access, we have: very inexpensive / high-capacity electric grid power; natural gas; 4 lane highway; both CN and CP Rail lines within 1 km., with a rail spur near our site; access to people / contractors / consultants and a skilled workforce in Thunder Bay, and an international airport within 120 km of our site. These are all literally on our doorstep, which makes building a large-scale mining camp in the area, extremely doable.
Let’s fast forward to 2020 when I understand a robust PEA was completed. Can you walk us through the numbers?
Yes—no problem. The 2013 PEA that was updated by Wesdome in 2020 has a number of caveats to the framework of becoming a Tier One Asset, but what we need to do is increase the size of the resource to closer to 10M oz.
The raw numbers are:
128M tonnes is the mineable resource.
3M oz Au gets pulled in the life of mine (“LOM”) plan [mineable pit shell(s)].
45M Au is the output for a 10-year LOM, o.
245K oz Au production per year for 10 years.
Pre-production CapEx is CA$542M.
Cash costs are apx. CA$926 / oz.
5% discount rate.
You will note the recoveries are quite low at 80% in the Mian Zone and 85% in the QES Zone, and we look to increase these to mid 90%+ recoveries, which will go straight to the net present value (“NPV”) of the project.
Before we go on-site, can you share some of the key economic outputs for Moss Lake Property?
Well, the economic outputs are quite staggering in my view. The post-tax NPV of the project at the base case gold price used ($1,546) was $334M, and when sensitized up to today’s trading range—it is anywhere from $691M to $1.1B—and that is our starting point before we add any ounces to the project.
Companies at our stage of development trade at 0.3X NPV, and that puts us at an estimated share price trading range from $1.53 ($1,800 Au) to $2.59 ($2,200 Au), and today we are trading at $0.50—so it is easy to see why I am excited about this project, and it is very easy to see the value creation that we can deliver on as we take steps to make this a Tier One Asset.
When we look at trading comparables on a like-for-like basis with respect to the style of deposit, jurisdiction, stage of development, etc., we are trading at a fraction of the mean of our peer group on a market cap to per ounce basis, and again, this is our starting point. So also again, you can easily see the room for share price appreciation throughout the remainder of this year and as we head towards a resource estimation update and new PEA.
Let’s get some boots on the ground and visit the Moss Lake Property where the company is currently undergoing a massive 100,000 Meter Drill Program.
Beginning with geophysical airborne analysis what can you share with us? What was the VTEM able to determine?
The VTEM survey ended up being an invaluable part of our analysis of this project. Geotech and TechnoImaging did an amazing job of not only putting this together, but also putting the interpretation together for us to better identify high-probability drill targets in not just Moss Lake, but also in the northeast Coldstream area, and the south-west Hamlin Lake area. We now have 29 brand new targets that are very compelling when you look at layering: historical exploration work; historical drill data; historical production data (at North Coldstream) and then align the VTEM model with our current drilling plans—it is very compelling.
Mr. Richards, I’m going to turn the controls over to you to give us an underground view of the Moss Lake Property, and have you share with us what has Market excited about the opportunity before us.
The 3D model is contained within the VTEM interpretation press release, which describes everything going on over the entire property.
I must admit, there is an awful lot to unpack here, but if you take away nothing else from the VTEM interpretation, I want to leave people with this: This is our Moss Lake deposit that was used for the historical PEA—it contains 3.0M oz Au input, and is modeled in 3-dimensional view.
That same geophysical signature is found in 11 different areas along the strike of Moss Lake, over a distance of 12 km. The existing resource above has a strike length of 2.5km long, the projected resource can be extrapolated over a 12km strike. This area along the 12km strike also has known mineralization from historic drilling (all fairly similar to the Moss Lake resource)—which compounds the certainty of positive drill results when we get to drilling it.
This is incredibly meaningful, and illustrates the tremendous potential Moss Lake has (irrespective of the additional potential of Coldstream and Hamlin Lake) of becoming not only a Tier One Asset but resource growth way beyond this theoretical barrier the major mining companies claim as their starting point; which is 10M oz. Au eq.
Before we leave the Moss Lake Property, multilayered question, what is the next unanswered question for Goldshore Resources, when can we expect a response, what determines success, and what can we expect as far as news flow?
I think the questions I get asked the most are: “just how big can Moss Lake be?”, and “why has no one else explored this project or this region?”, and “what makes Goldshore so special to do this?”
I appreciate there are a lot of armchair cynics looking at (and understanding how) the Shebandowan Greenstone Belt can be a district-scale mining camp like Red Lake, Timmins, or Abitibi. However, many things have changed over the past 10 years to allow for these low-grade / bulk tonnage deposits to shine technically and economically.
Detour Lake (Kirkland Lake—now Agnico Eagle) is a great example of how to take a project like this through stages of development / resource growth / production capacity phases of expansion, to becoming a generational sized / scaled mine. We are trying to follow that path, in as methodical a way as possible, in the essence of creating and maximizing shareholder value.
What has changed?
Primarily the gold price, and the trading range that now binds the gold price between $1,800 and $2,200 / oz for the foreseeable future. This not only allows for the low grade / bulk tonnage deposits to shine, but because they are so geared economically to the gold price—when the gold price runs—the NPV of these styles of projects goes up hundreds of millions of dollars, with every $100 increase in the gold price.
So, our focus has always been treating this as a real project—de-risking the project geologically, metallurgically, environmentally, socially, and trying to put our collective experience of building mines to work, thinking forward about project nuances down the road, and addressing them now.
So just how big can Moss Lake be?
I don’t know—but what I do know is that we can visibly see a path to 10M oz and becoming a Tier One Asset.
Leaving the project site, let’s discuss some important topics germane to the projects . . . Is the Moss Lake Property 100% owned or do they have earn-in options?
Moss Lake property is 100% owned by Moss Lake Project Inc., which is 100% owned by Goldshore Resources. We own 100% of the project and Wesdome is a 22% shareholder in Goldshore Resources.
Are you fully permitted?
We are permitted to conduct the exploration activities for the next period / stage of development, but these are provincial permits required for land disturbances (water usage / trail building / road building, etc.) and other small permits as well.
There will however be a comprehensive permitting exercise down the road when this goes from feasibility study to financing / construction decision.
Is the ultimate goal for Goldshore Resources to build a mine or arbitrage?
The ultimate goal for Goldshore Resources is to build as large an economic resource as possible, and frame that resource into a viable / credible project through the PEA process. Where Goldshore takes it after this stage, is still to be defined—however, myself and Pete Flindell (VP Exploration) have built 3 mines together in our career; and several members of our Board and Advisory Board have also built mines and run single or multi-operation mining companies over their careers. So, we are well-positioned to take this in any direction where we think we will maximize the return for our shareholders.
I have always said that partnering with a mid-tier or major mining company that has the financial / technical / project / operating experience in these types of deposits is going to maximize the value for our shareholders (and provide a liquidity event) and that may well be the case. However, nothing is certain in this world, and we have to prepare the company for all possible outcomes.
We’ve discussed the good, let’s address the bad. What can go wrong and what are your actions plan to mitigate that wrong?
In mining, anything and everything can go wrong—and it usually does. Mining companies are classic for over-promising and under-delivering, and we are taking a conservative approach to deliver on promises and deliver on targets.
There are however a lot of challenges that delay the delivery of these targets (covid / supply chain disruptions / labor shortages etc.) but ultimately, we need to mitigate the risk of not executing in whatever / whichever way we need to do that. We need to execute—and we need to deliver!
I don’t see a large degree of traditional geological / metallurgical / other technical risk in the Moss Lake project, and with its extensive infrastructure availability, it is a large mine “waiting to be built.” However, getting through the necessary steps and stages has proven to be challenging due to the delays as listed above—and these factors continue to be delays in the steps and stages. My job is to keep the market close to all of this and to ensure that we are mitigating the risk(s) as much as possible over these next months of critical development for the Goldshore story.
Switching gears . . . Let’s discuss the people responsible for increasing shareholder value. Mr. Richards, please introduce us to your Board of Directors and Management Team, and what skill sets do they bring to Goldshore Resources?
Yes—the Board and Board Advisory Team is comprised of first-rate people—first and foremost. These individuals bring a breadth of experience in capital markets, corporate governance, and corporate finance, and everyone has played a role in their careers in building large mining enterprises in some cases from small micro-cap starting points; to exponential multiples of first investment.
To highlight one individual and not name them all would be an injustice to the group, as they are all tremendous individuals with complementary and aggregated skill sets. I feel Goldshore might have the strongest Board and Advisory Board of any junior mining company in Canada today.
Who is Brett Richards and what makes him qualified for the task at hand?
Brett Richards—well, after 36 years in the mining and metals space, I have learned that you are never too old to learn new things, and just when you think you have figured it out—you realize there is more to learn. It is why I surround myself with exceptional people who are over-achievers in their own right. I can lead people—but one person cannot make a great company—exceptional teams make exceptional companies.
I have been fortunate enough to work for some great organizations and some of which I have cofounded. Since the 1980s—those companies have included: Co-Steel Inc., Kinross Gold, Katanga Mining, Avocet plc, Roxgold, Midnight Sun Mining, Octéa, African Thunder Platinum, and Richards Enterprises Inc. Most recently, and prior to coming to Goldshore, I worked for private equity clients such as Pala Investments, Gramercy, Genii, BNF, and the Carlyle Group.
I have a background in mechanical engineering, mineral economics, and a master’s in business administration-management engineering. However, the more important stuff is that I am a purveyor, collector, and drinker of fine red wine, and also an avid sports enthusiast.
How about boots on the ground, who do you have on your technical team?
Well, the key to the technical competency of the organization starts with our VP, Exploration—Pete Flindell. Pete and I have worked together on probably 10+ projects over the past 15+ years and he is a world-renowned senior geologist with experience in apx. 50 countries on every habitable continent.
Pete is a collaborative teacher—who loves to build teams; train teams; share ideas and experiences and those who have worked with Pete and under his direction, praise his geological leadership.
We have a team of about 5 senior geologists, 12 junior geologists, 12 geo techs, and about 30 drillers. Again, to mention one would do the rest of the team not mentioned an injustice, as we have built a great team of people on the ground.
Let’s get into some numbers . . . Mr. Richards, please provide the capital structure for Goldshore Resources, current shares outstanding.
Sure—here are the following high-level numbers:
135M shares outstanding.
5M shares out fully diluted.
$20M in the treasury.
Since we are covering numbers, how does Goldshore Resources compare with some of your peers?
As mentioned in the previous valuation discussion, we trade at a significant discount to our peers. As illustrated on the chart below, we are trading at $14/ounce today and the median of our peer group is around $40/ ounce.
How many cash and cash equivalents do you have?
CA$20M.
How much debt do you have?
CA$0.
What is your burn rate?
CA$2M per month (+/-).
What percentage of ownership does management have and who are the major shareholders?
Management holds – 12%.
Wesdome – 22%.
Resources Fund (Europe) – 3%.
Brett Richards – 3%.
Galen McNamara – 3%.
What is the float?
135M shares outstanding.
5M shares out fully diluted.
However, the free float is about $80M shares (as of April 19, 2022).
Are there any redundant assets on the books that we should know about?
No.
Are there any change in control fees, if yes, what is the compensation?
No—however, Wesdome has ROFR rights on a change of control.
Is management charging a consultant fee for any services?
No.
In closing . . . Sir, what keeps you up at night that we don’t know about?
In 2021, it was the pandemic and the impact it has had on the health (personal and mental health) of our employees and contractors—and now with that subsiding, I think the various macro-drivers of gold price (which present global crises and global instability): Russia/Ukraine crisis; hyper-inflation; the US and global economic policies—basically the headline of every newspaper is what keeps most of up at night. The world order feels like it is changing, and with that comes a lot of uncertainty about the future and that of our kids’ and grandkids’ future.
Last question what did I forget to ask? (This is an actual question; the floor is yours)
I think you have covered everything—but one final note to those looking at buying Goldshore Resources: “Why do you want to buy gold? Why do you want to buy gold equity? What moves the needle in gold equities and separates them from other gold equities? The answers to all of these questions are better served by holding Goldshore Resources than holding any other junior gold equity in the capital markets.
Safety, security, a hedge against inflation, a hedge against various global economic uncertainty, size, scale, resource potential, visibility to production . . . Goldshore Resources’ potential and its “Quest to 10M oz of Gold” will deliver the best result to all of those questions.
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VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that the Company’s CEO, Judson Culter, will be presenting Rover’s high-grade gold exploration story in northern Canada, including an overview of current operations and upcoming milestones, while sharing our most recent Investor Presentation. We invite all investors and other interested parties to register for the webinar at the link below. The discussion will include Rover’s plans for gold exploration in the Battle Mountain district of Nevada, USA, later this year.
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email at: rover@rbmilestone.com
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 (60th parallel), and Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date hereof.
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/https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Gold_mining%253BVancouver%253BNorthern_Canada%253BCanada%253BProvinces_and_territories_of_Canada%253BGlobeNewswire%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%252258c6081f-8c0e-3e30-bd82-3fe1156b415a%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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
VANCOUVER, BC / ACCESSWIRE / April 27, 2022 / Group Ten Metals, Inc. (TSXV:PGE) (OTCQB:PGEZF) (FSE:5D32) (the “Company” or “Group Ten”) is very pleased to announce the appointment of Dr. Danie Grobler to the role of Vice-President, Exploration and Mr. Albie Brits to the role of Senior Geologist, as of May 1st, 2022. Dr. Grobler and Mr. Brits both have extensive senior level experience from more than two decades of advancing major deposits on the northern limb of the Bushveld Igneous Complex in South Africa including, most recently, at Ivanhoe Mines’ Platreef PGE-Ni-Cu-Au mine, which is now in construction.
The addition of Dr. Grobler and Mr. Brits to the Group Ten Metals team is an important step in the advancement of the Company’s Stillwater West project as a major U.S.-based source of critical minerals – nickel, palladium, copper, cobalt, platinum, and rhodium – in Montana’s productive and famously metal-rich Stilllwater Igneous Complex. Their expertise in similar geologic models from the giant mines of South Africa’s Bushveld Igneous Complex is expected to drive expansion of Group Ten’s inaugural NI 43-101 resource estimates, announced October 2021, which delineated five deposits totaling 1.1 billion pounds of nickel, copper and cobalt and 2.4 million ounces of palladium, platinum, rhodium and gold in Platreef-style mineralization in the lower Stillwater Igneous Complex. All deposits are open for expansion at depth and along trend within the 12-kilometer core project area, and more broadly within earlier stage targets across the 32-kilometer span of the Stillwater West PGE-Ni-Cu-Co + Au project.
Dr. Danie Grobler has more than 25 years of industry experience as an exploration and mine geologist including most recently as Head of Geology and Exploration for Ivanplats Pty Ltd (an Ivanhoe Mines company) where since 2011 he led the delineation and advancement of Ivanhoe’s world-class Platreef PGE-Ni-Cu mine on the northern limb of the Bushveld complex. Including previous experience as Project Manager at Platinum Group Metals’ at their project on the Bushveld’s northern limb, Dr. Grobler brings decades of senior level experience focused on the discovery and mining of battery and platinum group metals in ultramafic magmatic systems and has published numerous papers on Ivanhoe’s Flatreef deposit.
Dr. Danie Grobler commented, “The geological parallels between Stillwater West and the Platreef/Flatreef-type mineralized ore bodies in South Africa are truly exceptional. I am very enthusiastic to be joining the highly experienced Group Ten Metals team and am excited to be able to apply my extensive Bushveld and Platreef experience at Stillwater West, with a focus on expanding the recently announced mineral resource. Utilizing the wealth of exploration data available, our immediate goal will be to continue to identify and grow shallow, continuous high-grade Platreef-style PGE-Ni-Cu mineralization within the lower part of the Stillwater Igneous Complex.”
Mr. Albie Brits has more than 28 years focused on the advancement of projects from grassroots stage to advanced exploration and full-scale mining operations, starting at Gold Fields of South Africa and including, most recently, the role of Senior Geologist and Manager Project Geology for Ivanplats Pty Ltd (an Ivanhoe Mines company). Focused on exploration for platinum group and base metals on the northern limb of the Bushveld complex since 2001, Mr. Brits was part of the team that discovered Ivanhoe’s Flatreef deposit. He has extensive experience in the exploration of mafic-ultramafic magmatic systems and has presented and co-authored numerous papers on the Flatreef deposit.
Mr. Brits commented, “I am very excited to be joining Group Ten’s excellent Stillwater West team and looking forward to applying my experience developing geological and structural models for the feasibility study of the Platreef project to drive new success in Montana. The Stillwater district is truly world class and Stillwater West shows remarkable expansion potential based on the geologic similarities with the Bushveld complex.”https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522Platinum_group%253BBushveld_Igneous_Complex%253BIvanhoe_Mines%253BStillwater_igneous_complex%253BMontana%253BExploration%253BSouth_Africa%253BNatural_resource%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252231c0ceeb-bd8e-34f0-832d-e67ffef5ff62%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Michael Rowley, President and CEO, commented, “Developments at the Stillwater Igneous Complex have generally paralleled those at the Bushveld Igneous Complex, highlighting their significant geologic similarities. For example, the discovery and large-scale production of platinum group metals from the high-grade Merensky reef deposit in the Bushveld preceded the discovery and mining of the high-grade J-M Reef deposit at Stillwater by many decades. The more recent development of the Platreef deposits, starting with Anglo American’s bulk mineable PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with Ivanhoe’s Platreef mine, have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex. Our recent discoveries of comparable bulk-tonnage Platreef-style systems at Stillwater West demonstrate the continuation of the geologic parallels between the systems and highlight the incredible potential value creation for Group Ten Metals.”
Mr. Rowley continued “The addition of two such renowned experts, literally among the very top globally in large-scale critical mineral systems, is a watershed moment in the advancement of the Stillwater West project. Their unique expertise and perspective, earned from decades of work on world-class systems in the Bushveld, will directly complement the knowledge of our existing team which has decades of experience in the Stillwater district. We look forward to further announcements including our 2022 exploration plans and further assay results from our 2021 resource expansion drill campaign in the very near term.”
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About Stillwater West
Group Ten is advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions Group Ten as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. Group Ten’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu-Co + Au project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available on the company’s profile at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE U.S.
VANCOUVER, British Columbia, April 26, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of March 21, 2022, the Company is pleased to announce the second closing of its $0.05 Unit Financing for gross proceeds of $467,500.00 (“the Second Closing”).
$0.05 Unit Financing The Second Closing of $467,500.00 is comprised of the sale of $0.05 units in the amount of $412,500.00 and the sale of $0.055 flow-through shares in the amount of $55,000.00. The Company has issued 8,250,000 common shares and 4,125,000 common share purchase warrants as a result of the sale of $0.05 units. The warrants have an exercise price of $0.075 and a useful life of three years. The Company has also issued 1,000,000 common shares from the sale of flow-through common shares. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $13,125.00 and finders’ warrants of 255,500. The finder’s warrants will have an exercise price of $0.075 and a useful life of three years. The common shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance.
Use of Proceeds The use of proceeds from the Second Closing will be to finance Phase 3 Exploration at the Company’s 100% owned Cabin Gold Project. The Company now has plans to expand its Phase 3 Exploration Program to include:
Metallurgical testing of its drill core to determine potential recovery rates from the Fortune Minerals’ NICO test pilot processing facility, which will be located 40km northwest of the Cabin Gold Project.
Re-sampling of the holes drilled at the Beaver Zone in 2021, using the metallic screen fire assay method. The metallic fire assay method is effective when sampling to determine coarse and fine gold.
Appointment of Advisors Gary MacDonald has been appointed to the Company’s Advisory Board and will assist the Company with corporate development. Mr. MacDonald has more than 30 years of natural resource experience with an extensive background in mining. Mr. MacDonald currently serves on the board of several public and private companies and has operated projects internationally. Mr. MacDonald’s roles and involvement have been all-encompassing from field to boardroom consisting of initial assessment and diligence, financing, exploration through to development, operations, production, management, and negotiating asset /company buyouts. Mr. MacDonald will receive a grant of 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
Judson Culter, CEO at Rover, states “we are very fortunate to have such a well esteemed individual joining our team. Mr. MacDonald’s strong technical and capital markets background coupled with his extensive mining knowledge will be a major asset and benefit to Rover. Mr. MacDonald’s experience working in Nevada will bring added value to our development plans for the Tobin Gold Project, located in the Battle Mountain district of Nevada. Rover plans to launch a Phase 1 Exploration Program at the Tobin Gold Project later this year.”
The Company has also engaged marketing consultants in Switzerland to assist Rover with entering the Swiss market and reaching Swiss junior mining gold investors. Pursuant to these consulting agreements, the Company has granted 400,000 incentive stock options from the Company’s rolling 10% stock option plan. The options have an exercise price of $0.06 and a life of four years.
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 (60th parallel). The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date hereof.
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.
Silver Hammer Mining is focused on building a multi mine silver production company. Its growing asset portfolio includes the recently acquired past-producing Silver Strand and Burnt Cabin mines located in the renowned Coeur d’Alene mining district in Idaho, USA, one of the most prolific silver districts in the world and the earlier stage Lacy Gold-Silver project in British Columbia, Canada.
Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. The Company is advancing the Kingsway Gold Project, located in the Gander Gold District of Newfoundland. The project is strategically located contiguous to New Found Gold’s Queensway Project and lies along strike to the northeast of their recent discovery of 92.86g/t Au over 19.0 meters.
Vancouver, British Columbia–(Newsfile Corp. – April 20, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (“EMX”) is pleased to announce a strategic investment in Premium Nickel Resources Corporation (“PNR“), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE“) projects in Botswana. EMX owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR, having recently purchased an additional one million shares as part of a US$17.5 million financing completed by PNR at US$2.00 per share.
PNR recently acquired the Selebi and Selebi North nickel-copper-cobalt mines and signed an asset purchase agreement to acquire the Selkirk nickel-copper-cobalt-PGE mine, which are located in Botswana’s prolific Selebi-Phikwe and Tati nickel mining districts, respectively (see Figure 1). The combined Selebi-Phikwe and Tati districts were a leading producer of nickel and copper from initial production in 1972 through closure of the mines at a time of low nickel prices in 2016. PNR intends to modernize and revitalize the mines it recently acquired and further evaluate the exploration potential within the project areas.
In addition to the recent asset acquisitions, in February PNR signed a non-binding letter of intent with North American Nickel Inc. (“NAN“) providing for a business combination of PNR and NAN which would be effected as a reverse takeover (“RTO“) (see NAN News Release dated February 17, 2022). The RTO will provide a public listing and near-term liquidity for PNR shareholders. NAN currently owns 8.9% of PNR, with a warrant to acquire an additional 15% of the equity in PNR (the “Warrant“). As a result of the RTO transaction, PNR shareholders will hold approximately 75% of the outstanding common shares of the resulting issuer, with NAN’s shareholders holding the remaining 25% and NAN’s Warrant would be extinguished. The RTO transaction is subject to shareholder and regulatory approvals1.
Selebi Phikwe District. The metamorphosed magmatic sulfide nickel-copper-cobalt deposits of the Selebi Phikwe District are located in the Limpopo Mobile Belt of northeastern Botswana. The deposits were discovered in the early 1960’s, with mining operations commencing in 1972 and continuing through 2016. Together with its concentrator and smelting facilities, the Selebi-Phikwe District became one of world’s premier nickel mining complexes in the 1970’s and 1980’s. Operational inefficiencies, issues with the smelting complex, and low nickel prices led to closure of the mines in 2016. The mines and mining complex were operated by BCL Limited (“BCL“) and were subject to a recent liquidation process.
Two of the principal mines in the district, Selebi and Selebi North, have been acquired by PNR (See NAN News Release dated February 10, 2022), both of which include substantial underground infrastructure (shafts, rail, power and water) and unmined historical resources. PNR is currently conducting exploration and engineering programs as part of a redevelopment plan that has been approved by the liquidators of BCL and the Botswana government.
Tati Mining District. The Tati Mining District is located 75 kilometers north of Selebi-Phikwe, near Francistown. Several mines occur in the district, including the Phoenix open pit nickel-copper mine and the nearby underground Selkirk nickel-copper-PGE mine. High grade nickel-copper-PGE mineralization was mined at Selkirk between 1989 and 2002 and direct shipped to the BCL Smelter at Selebi-Phikwe. A former owner of the Selkirk Mine, Norilsk Nickel Ltd, advanced the project to the feasibility stage and was preparing Selkirk as an open pit mining operation when it sold the mine to BCL in 2014.
Similar to the BCL assets at Selebi-Phikwe, assets of the Tati Nickel Mining Company were included in the recent liquidation process, which included the Selkirk Mine. PNR recently signed an asset purchase agreement with the liquidator to acquire the Selkirk Mine (see NAN News Release dated February 14, 2022) and has been conducting metallurgical tests and resampling of historical drill core.
PNR Activities at Selebi and Selkirk. The acquisition of the Selebi, Selebi North and Selkirk Mines by PNR followed an extensive period of evaluation, due diligence and data compilation and negotiations for acquisition of the assets. Proposed work by PNR at Selebi and Selebi North includes exploration drilling of prioritized geophysical targets, metallurgical and engineering studies, and upgrading of underground infrastructure. Proposed work at Selkirk will include continued metallurgical studies, exploration programs to update historical resources, and environmental studies.
Importantly, PNR is planning to design its own processing plant infrastructure and tailings facilities at Selebi and Selkirk which will be spatially and operationally independent of the historical concentrator plants and smelting facilities at Phikwe. Upon commencement of production, PNR intends to produce both copper concentrate and nickel-cobalt concentrate products for sale.
As a strategic shareholder, EMX has maintained an active dialog with the management team at PNR and has made site visits to the project areas. EMX looks forward to continuing its active relationship with the resultant issuer following completion of the RTO.
In recent years, EMX began seeking strategic investment and royalty generation opportunities in nickel and associated battery metal elements such as cobalt and PGE’s. EMX’s investment into PNR is another example of this approach and provides EMX with additional commodity diversification and exposure to the battery metals market.
Comments on nearby mines and deposits. The nearby mines and deposits discussed in this news release provide context for PNR’s assets, which occur in a similar geologic setting, but this is not necessarily indicative that the PNR properties will host similar mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, 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 Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “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 for the Selebi-Phikwe and Tati Mining Districts in Botswana.
1 Investors are cautioned that there can be no definitive assurances that the RTO transaction will be approved and closed, or that the indicative terms specified by PNR and NAN will ultimately be adopted.
Location map showing Midway and other gold occurrences at Kingsway.
Hole K-22-157 intersected 3.53 g/t Au over 6 metres from 37 metres including 5.71 g/t Au over 3 metres in altered and sulphidised gabbro.
The mineralization was intersected in just the third diamond drill hole at the Midway target.
Midway lies between the Appleton Fault Zone and the Dog Bay Line, approximately 2.7km North of Big Vein and 1.4km southwest of the Cracker gold occurrence.
The new discovery at Midway, along strike from the Cracker gold occurrence, opens up a potential second gold mineralized system subparallel to the Appleton Fault Zone.
TORONTO, April 19, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce a new discovery of near surface gold mineralization from diamond drilling at the Midway target at its 100% controlled Kingsway project near Gander, Newfoundland. This hole was drilled as part of the Company’s ongoing 100,000 metre drill program and represents a new target for gold at Kingsway.
Hole K-22-157 was drilled to test anomalous gold values at the Midway target and intersected 3.53 g/t Au over 6 metres from 37 metres including 5.71 g/t Au over 3 metres. Midway lies between the Appleton Fault Zone and the Dog Bay Line, two major structures in the region, approximately 2.7km north of Big Vein and represents a different mineralized system. The gold mineralization was intersected in just the third diamond drill hole at Midway. The mineralization is hosted by a strongly altered and sulphidised gabbro that intruded the siltstone and sandstone. Higher gold grades are associated with increased pyrite and arsenopyrite abundance and strong potassic feldspar, carbonate and silica alteration.
“The gold mineralization intersected at Midway represents a different style of mineralization than what we see at Big Vein. It is similar to that found at the Cracker gold occurrence approximately 1.4 kilometres northeast of Midway,“ said Roger Moss, President and CEO of the Company. “This new discovery at Midway, in addition to the gold mineralization at Cracker, opens up a potential second mineralized system at Kingsway. We know that gabbroic intrusions occur intermittently along strike to the northeast and southwest of Cracker and Midway and believe that these intrusions have come up along a structure subparallel to the Dog Bay Line and the Appleton Fault Zone. While our main focus remains generating and drilling targets along the Appleton Fault Zone, we will continue to investigate the potential of the gabbro hosted gold mineralization on the property.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
K-22-157
37
43
6
3.53
including
40
43
3
5.71
Table 1. Summary of Assay Results All intersections are downhole length as there is insufficient Information to calculate true width.
Gold mineralization at both Midway and Cracker is hosted by altered gabbro. Quartz-carbonate alteration is present in both cases, with K-feldspar alteration also prominent at Midway. Disseminated pyrite and arsenopyrite are also associated with the gold mineralization. Historical grab samples from the Cracker occurrence include assays of 61.73 g/t, 33.87 g/t and 16.4 g/t Au. It is believed that these gold occurrences represent the presence of a fertile structure developed by the rheological contrast between the gabbro and the sediments forming the country rock. (Note that grab samples are select samples and are not necessarily representative of gold mineralization found on the property).
Gabbroic intrusions are known to occur along strike to the northeast and southwest of the Cracker and Midway occurrences and extend intermittently across the entire property, a distance of approximately 21 kilometres. Samples from some of these gabbros have returned anomalous gold mineralization suggesting the potential for an extensive mineralized system subparallel to the Appleton Fault Zone and the Dog Bay Line.
QA/QC
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 155,589,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact:
Roger Moss, President and CEO Tel: 416-704-8291
Or visit our website at: www.labradorgold.com
Twitter: @LabGoldCorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
