VANCOUVER, BC / ACCESSWIRE / October 10, 2022 / Metallic Minerals Corp. (TSX.V:MMG; OTCQB:MMNGF) (“Metallic” or the “Company”) is pleased to announce the Company will be presenting at the Emerging Growth Conference on October 12th, 2022 at 9:00am PT (12:00pm ET).
This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with CEO, Greg Johnson, who will discuss global and domestic metals markets, provide an overview of our key projects and upcoming catalysts and participate in a live Q&A session.
Metallic Minerals CEO, Greg Johnson, commented, “We are very pleased to be participating in our first Emerging Growth event and, against the backdrop of recently rebounding metals strength, feel this is excellent timing to introduce investors to the mining sector, the opportunities that abound and the value potential of Metallic Minerals as a precious and base metals explorer with exceptional assets. In 2022, we conducted exploration and drill campaigns at both our high-grade Keno Silver project adjacent to Hecla Mining in Yukon, Canada and our La Plata copper-silver-gold project in Colorado, USA. Results from both are pending receipt of assays and we anticipate news flow in that regard to commence soon.”
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner. Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Hecla_Mining%253BLa_Plata%253BCompany%253BMineral%253BKeno_City%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25227cad23d4-6755-3b0f-9a16-c008e5359400%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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 Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco in September 2022. In April 2022, Metallic announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / July 27, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the start of its 2022 exploration and drill campaign at the La Plata silver-gold-copper project, located in southwest Colorado. This is the Company’s second diamond core drill program at La Plata and follows the establishment of a new NI 43-101 compliant mineral resource estimate announced earlier this year (see news release dated April 26, 2022).
The initial focus of the 2022 drill program is to extend the limits of previously drill-identified mineralization in the Allard resource area, which is expected to form the basis for updated and expanded resource estimate in 2023. The Company is in the process of completing a follow-up ground-based induced polarization geophysical survey designed to support resource expansion drilling, as well as to help refine and prioritize additional copper-silver-gold porphyry targets developed from the Company’s systematic exploration and the application of new technologies on the project.
La Plata Project Highlights
Inaugural National Instrument 43-101 (“NI 43-101”) compliant inferred mineral resource issued April 2022 for the Allard deposit totals 889 million pounds of copper and 15 million ounces of silver in a constrained model, with 115.7 million tonnes at an average grade of 0.39% copper equivalent (“Cu Eq”) (0.35% Cu and 4.02 g/t Ag) using a 0.25% Cu Eq cut-off grade1.
Drilling highlights at the Allard porphyry system include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag and 0.017 g/t Au) in LP-03, and 854 m at 0.26% Cu, including 254 m grading 0.41% Cu, in drill hole LP-01. Both drill holes started and ended in mineralization.
Exploration drilling in 2022 is designed to expand limits of known mineralization in the Allard resource area and to test newly developed targets representing potential new copper-silver-gold porphyry mineralization.
The road accessible La Plata project covers 33 km2 approximately 20 km northeast of Mancos, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits.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%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522wiki_topics%2522%253A%2522La_Plata%253BColorado%253BPorphyry_copper_deposit%253BCompany%253BMancos%252C_Colorado%253BNatural_resource%253BMineral%253BExploration%253BNational_Instrument_43-101%253BBorehole%253BPhelps_Dodge%253BGold_and_Copper%253BCopper%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25226fd0f08e-c132-3ea8-ac39-5f9770e1768b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects3. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.
A total of 56 drill holes totaling 15,200 m have been drilled on the property since the 1950s which confirm the presence of large multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold2.
In addition to the development of the inaugural resource estimate, exploration completed by Metallic Minerals at La Plata to date has included confirmation drilling, resampling of historic drill core and underground sampling, surface mapping, and soil sampling. The Company has also completed comprehensive geophysical surveys over the project including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified 16 untested potential porphyry centers outside of the main Allard resource area, as well as developed targets with potential for significant high-grade epithermal silver and gold.
Metallic further announces that the Company has applied to the TSX Venture Exchange for approval to extend the expiry date on 9,587,500 warrants that were due to expire August 13, 2022 (the “Warrants”) to February 13, 2023. The Warrants were originally issued as part of a financing completed in August 2020 (see news release dated August 13, 2020) led by Canaccord Genuity Corp. on behalf of a syndicate of underwriters including Red Cloud Securities Inc. and Mackie Research Capital Corporation. The warrants entitle the holder to acquire one common share at an exercise price of $0.60.
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. Hecla Mining Company, the largest primary silver producer in the USA and fourth largest in the world, announced the acquisition of Alexco in July 2022. Metallic recently announced the inaugural NI 43-101 mineral resource estimate for its La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGE-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.
1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) Cu Eq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949;
3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.
The La Plata copper-silver project 2022 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of October 7, 2021. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Joining us for a conversation is Greg Johnson, the CEO of Metallic Minerals (TSX.V: MMG | OTCQB: MMNGF). Sir, we are thrilled to have you back as Metallic Minerals has several exciting developments to provide shareholders. Before we begin, Mr. Johnson, please introduce us to Metallic Minerals and the opportunity the company presents to shareholders.
Metallic Minerals is a silver-focused exploration and development stage company. We are a member of the Metallic Group of Companies. Many of us were part of the original founding of NovaGold. The group is backed by renowned resource investors, such as Eric Sprott. We started putting together the Metallic Group at the bottom of the metal price cycle. Our focus was on brownfields, past-producing, high-potential districts with MMG being focused on silver. Over the past five years, we’ve acquired and explored three exceptional assets, including our flagship Keno Silver Project, the La Plata Project, and our Klondike Royalty Portfolio.
Speaking of Colorado, sir, take us onsite to the La Plata Silver-Gold-Copper Project located just outside of Durango, as Metallic Minerals has just announced the commencement of its initial drill campaign on the La Plata, which is the first significant exploration in over 50 years in the historic high-grade La Plata Mining District. Before we get into the press release, Mr. Johnson, please acquaint us more with the La Plata Project and the value proposition before us.
So we’re pretty excited about this. We see this as an amazing opportunity. The La Plata Project is a high-grade silver and gold district originally discovered in the 1700s with over 90 different mines and prospects that were developed from the 1800s to about the 1940s, all of these producing bonanza-grade silver and gold. Major miners such as, Rio Tinto and Freeport, have come into the district in the 1950s, recognizing the bulk-tonnage potential in the central part of this precious metals-rich porphyry system. This system is a lot like the Galore Creek Project that was operated by NovaGold and our team was part of driving the success, that was recently sold to Teck and Newmont. Our team is particularly excited about applying our new modern toolkit to this opportunity in this historic high-grade district.
Metallic Minerals is embarking on Phase One of your 2021 drill program on the La Plata, which will be 2,000 meters of diamond drilling on the central porphyry, which hosts the historic resource. What is the goal for this campaign? And can you talk about the historical resource and what it looks like?
How will Metallic Minerals measure success for this drill program and when can the market expect results?
What we’re looking for here is to confirm the past work, which was done by really high-quality players like Rio Tinto and Freeport, with the potential to be able to not only show what they did, but to build on that and show significant expansion. We should start to see results coming out over the next couple of months with continued 3D modeling going into the fall with an objective, ultimately, of delivering an inaugural 43-101 resource on this project.
Leaving Colorado, let’s visit Metallic Minerals’ flagship Keno Silver Project, which is adjacent to Alexco Resources, located in the historic silver-rich Keno Silver District of the Yukon in Canada. Back in April, Metallic Minerals announced a high-grade silver intersect with 4.1 meters resulting in 2,536 grams per tonnes silver equivalent. That has now been followed up with a 10,000-meter drill program. How are things coming along and are there any updates that you can pass along to us?
This is an exciting program. Our exploration program kicked off this year in June with the first drill. We’re looking to add a second here. This is going to be one of our largest programs to date on the Keno Silver Project with 10,000 meters planned on multiple targets and following up on the success from last year. In addition, we’re running a deep IP geophysical survey across the large targets on the eastern part of the district, which could start to give us a sense of scale and potential on those discoveries from last year’s program.
That historic resource indicates that we have the potential for a multi-billion pound copper system with tens of millions of ounces of silver. And that historic resource doesn’t include any of the work surrounding the area in the high-grade epithermal silver-gold structures that were the focus of historic mining.
When can we expect results from the drill program and what will determine success?
Results should start coming out any time and continue over the next several months and well into the fall. What we’re hoping to do here is to build and expand on the areas we’ve already identified mineralization, both in terms of the high-grade systems and the bulk tonnage, and to continue to build towards that inaugural resource estimate for the project.
Finally, let’s discuss the highly innovative Klondike alluvial gold properties in the Yukon. Do you have any updates there?
We were pleased actually to see significant progress on the Alluvial Gold Portfolio. This is in the historic Klondike Gold Fields, which produced over 20 million ounces historically. And today that production is from these large-scale, modern open-pit operations. We’ve had major drill campaigns completed by a couple of our operators this spring and going into the summer. The next steps here are the initiation of bulk-sample processing, which is like test mining of the ground. And from that work, we could potentially see two or three of the blocks advance quickly to commercial gold production, including the potential for the first significant production royalties to Metallic Minerals this year from gold produced on those projects.
Oh, that sounds exciting. All right. Leaving the project sites, what is the next significant milestone for Metallic Minerals?
With three active programs, we’ve got a lot of activity that I would expect to see strong news flow coming from each of the projects. Each one of them has kind of its milestones, but drilling, geophysical results, and then, ultimately, culminating in initial resource estimates and potentially gold production from the Alluvial Portfolio.
Let’s look at some numbers. Sir, please provide us the capital structure for Metallic Minerals.
The company is well structured. 126 million shares outstanding. No debt. Got about 6 million in cash and significant in-the-money warrants that could bring in as much as another $12 million for the next year. We’re well-positioned to carry out this year’s program and we’re well-positioned into 2022 for follow-up programs.
In closing, Mr. Johnson, what would you like to say to shareholders?
I think it’s worth talking about the current markets for precious metals and particularly how it fits in with the historic seasonality for the sector. We believe that a major bottom in the commodity and precious metal sector was put in, in that 2016 to 2020 period and that we’re now in the very early stages of a multi-year commodity cycle. I believe it has the potential to eclipse the last cycle that ran from 2001 to 2011. Typically, during these decade-long cycles, we’re going to get extended, healthy consolidations that can take significant periods to resolve. Gold and silver equities have been consolidating since August of last year. On top of that, we’re currently in what’s typically the weakest seasonal period for silver and gold with the strongest period generally starting in the fall.
The next steps here are the initiation of bulk-sample processing, which is like test mining of the ground. And from that work, we could potentially see two or three of the blocks advance quickly to commercial gold production, including the potential for the first significant production royalties to Metallic Minerals this year from gold produced on those projects.
I think this presents an opportunity for astute investors to be picking up shares of high-quality, precious-metal companies at terrific values. With such long recent consolidations, but such very bullish fundamentals, I think we’re winding the spring here for a very bullish period ahead with likely another five to ten years of bull markets still to come. I should mention that with over 30,000 meters of drilling underway in the three Metallic Group of Companies, this gives investors exceptional exposure to silver, battery metals, and copper in what is looking to be an exceptional time in the marketplace for people to be picking up value in our group.
Mr. Johnson, last question and that is, what did I forget to ask?
I think this has been an amazingly comprehensive coverage and interview. I would recommend that if investors have questions that they go to our website, which is mmgsilver.com, or give us a call and the numbers listed on that website. We’re happy always to talk with investors and to answer questions.
Mr. Johnson, it has been a pleasure speaking with you. Wishing you and Metallic Minerals the absolute best, sir.
Thanks a lot. Been a pleasure to be back with you.
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