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Diamcor Mining Junior Mining Precious Metals

Diamcor Recovers 45.15 Carat Gem Quality Diamond and Provides Update on Procurement of Power System

KELOWNA, BC / ACCESSWIRE / March 13, 2023 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) is pleased to announce the recovery of a 45.15 carat gem quality rough diamond from the processing of quarry material at the Company’s Krone-Endora at Venetia Project (the “Project”). This 45.15 carat large rough diamond in the Specials category (+10.8 carats) follows the previously recovered 72.53 carat gem quality rough diamond announced on February 21, 2023. The recovery of this second large gem quality rough diamond, along with the pending sale of approximately 2,000 additional carats delivered for tender and sale, is expected to positively impact revenues and offset the lower than anticipated current processing volumes associated with the ongoing power load-shedding currently being experienced in South Africa.

The Company is also pleased to provide a further update on the progress on the procurement and installation of a comprehensive long-term supplementary power solution at the Project. Various options were evaluated by the Company’s operational management team throughout 2022 in anticipation of potential issues with consistent power supply in South Africa, with the main focus being to provide the Project with systems to eliminate potential downtime and lost processing time at the Project. The chosen system will incorporate various items including a large Battery Energy Storage System (“BESS”) element, power conditioning, switching systems, and generator backup systems. The solution has been designed to provide the Project with a globally recognised tier 1 energy management system to provide a long-term seamless uninterrupted transition between traditional grid power supply, battery systems, and generator backup systems. In addition, the system will provide power conditioning to “clean” all power being supplied to the Project’s processing plant, which is expected to provide significant benefits including increased reliability of electronics while lowering maintenance on the processing plant’s electrical systems. The Company is expediting these efforts due to the current elevated issues surrounding the inconsistent supply of power in South Africa by Eskom, the national power supplier. The Company is targeting the installation of these systems to be completed prior to the end of the next quarter.

Highlights

  • Continued Tender and Sale of Rough Diamonds. While the total carats of rough diamonds tendered and sold in the current quarter continues to be lower than anticipated due to widely reported increases in daily load-shedding / power outages throughout South Africa, ongoing efforts to maximize recoveries and the continued recovery of larger gem-quality rough diamonds in the Specials category are expected to offset this issue in the near-term.
  • Average Dollar Per Carat Increases in Period. The combination of the Project’s relatively high percentage of gem quality diamonds recovered to date, along with the recent recovery of two large gem quality special rough diamonds, is expected to have a positive impact on the average dollar per carat for the current period. Tender and sales totaling 1,538.62 carats of rough diamonds in the current quarter to date has generated gross revenues of USD $980,696.08, resulting in an average dollar per carat of USD $637.39.
  • Recovery of Large Gem Quality Rough Diamonds. Even while operating at restricted processing levels, the Company’s recovery of the previously announced 72.53 carat diamond gem quality rough diamond and the recent recovery of the above mentioned 45.15 carat gem quality rough diamond in the current quarter continues to confirm the potential for these types of large rough diamonds to be recovered from the Project’s deposits and provide positive impact to gross revenues.
  • Continued Rough Diamond Recoveries. The Company continues to process material and manage inconsistencies in power supply delivering approximately 2,000 carats of additional rough diamonds for tender and sale. Additional rough diamonds recovered prior to March 31, 2023, will either be tendered and sold in a final tender and sale of the current period, or held as stock on hand at the end of the period, and tendered in the Company’s next quarter.
  • Continued Progress on the Procurement and Installation of Power Systems. The Company’s operational team continues to advance the previously announced installation of comprehensive systems aimed at mitigating the long-term impact any potential load-shedding has had on the Project. Installation of this system is targeted for completion at the end of the Company’s next fiscal quarter.

“The recent recovery of another larger gem quality 45.15 carat rough diamond will provide further revenue during the period, and additional confirmation of the Project’s potential to continue recovering these larger rough diamonds”, stated Mr. Dean Taylor, Diamcor CEO. “We certainly look forward to the near-term implementation of the back-up power systems to remove current limitations on processing volumes, and with that, return our focus to efforts aimed at expanding our understanding of the potential deposits on the greater areas of the Project.”

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for very low-cost mining to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

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.

SOURCE: Diamcor Mining Inc.



View source version on accesswire.com:
https://www.accesswire.com/743351/Diamcor-Recovers-4515-Carat-Gem-Quality-Diamond-and-Provides-Update-on-Procurement-of-Power-System

Categories
Base Metals Energy Exclusive Interviews Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals – Reports 816 Meters .41% CuEq, Ending in 3.53% CuEq Over Final 9.75 Meters

Register Here for the Metallic Minerals Live Webinar: https://bit.ly/3KPXJpn
Press Release: https://bit.ly/3ZwEN31
Website: https://mmgsilver.com/
Investor Relations: Chris Ackerman
Email: chris.ackerman@metallic-minerals.com
Phone: 604-629-7800 ext. 1
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TimeStamp:
:47 Introduction to Metallic Minerals
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6:00 Next Steps on the La Plata
7:13 Updated Resource 2023?
7:48 Latest Updates on the Keno Silver Project
12:13 MMG Partners with Discovery Channel – Parker Schnabel – Gold Rush
15:00 Will MMG be on the Show?
15:12 Alluvial Project Updates
17:00 Live Webinar (https://bit.ly/3KPXJpn)
18:24 MMG Capital Structure
19:09 Message to Shareholders

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.

Metallic Minerals: TSX.V: MMG | OTC: MMNGF)
Website: https://metallic-minerals.com/
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Categories
Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Intersects 5.64 g/t Au over 15.65m at East Coldstream

Significant Mineralization Outlined 13km Northeast of the Moss Lake Deposit

Vancouver, British Columbia–(Newsfile Corp. – February 27, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).

Highlights:

  • Results from the second half of the East Coldstream Phase One drill program have confirmed the potential for significant high-grade shears within East Coldstream, approximately 13 kilometers northeast of the Moss Lake Deposit. Best intercepts include:
    • 3.49 g/t Au over 26.35m from 76.85m depth in CED-22-010, including
      • 5.64 g/t over 15.65m from 87.55m
    • 1.12 g/t Au over 21.9m from 206.5m
    • 1.07 g/t Au over 31.0m from 288.0m depth in CED-22-011 and
    • 1.48 g/t Au over 18.45m from 357.0m, including
      • 4.68 g/t Au over 4.85m from 370.6m
    • 0.94 g/t Au over 25.05m from 218.95m depth in CED-22-014, including
      • 1.10 g/t Au over 16.0m from 226.0m
    • 1.23 g/t Au over 35.15m from 338.45m depth in CED-22-017, including
      • 2.19 g/t Au over 11.55m from 338.45m
  • In addition to the Moss Lake Depositthe upcoming mineral resource estimate update will include the East Coldstream deposit. In support of this, a 3D wireframe of the mineralization constraining alteration domain has been developed utilizing both current and historical drilling data.

President and CEO Brett Richards stated: “These results at East Coldstream continue to support our thesis that the size and scale of the entire Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate in April 2023, with East Coldstream sequencing into the mine plan in a preliminary economic assessment as a satellite pit. We look forward to the continuing catalysts to the Moss Lake Gold Project in an effort to demonstrate the true value of the assets.”

Technical Overview

Figure 1 shows the location of East Coldstream relative to Moss Lake in addition to the now formally identified gold and copper prospects controlled by Goldshore Resources. Figure 2 shows the better intercepts in plan view, and Figure 3 is a typical section through holes CED-22-013 to -015 and -017. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Plan showing location of Moss Lake and East Coldstream deposits relative to the prospective Central Domain (from geophysics survey) and field-developed prospects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/156214_410adcab747ffab5_002full.jpg

Figure 2: Drill plan showing best of several +1 g/t Au intercepts relative to the altered shears.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/156214_410adcab747ffab5_003full.jpg

Figure 3: Drill section through MCD-22-013 to -015 and -017 relative to the altered shears.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/156214_410adcab747ffab5_004full.jpg

Results have been received for the eight remaining holes from the Phase One East Coldstream drill program completed in the Summer of 2022.

All holes intersected visually distinct silica, carbonate, and hematite alteration zones hosted in basalt flows – historically been referred to as the “Coldstream Basalt” – that host much of the gold mineralization (Figure 4). This alteration also overprints and locally mineralizes quartz feldspar porphyry sills and gabbro intrusions where they are intersected by shear zones. The altered intrusions are significantly less “visual” than the Coldstream Basalt, which resulted in inconsistent sampling of historical drill core. Infill sampling of intervals within the modelled alteration domain represents an opportunity to expand mineralization. This is planned for the summer.

Goldshore has wireframed shear zone-hosted alteration domains (Figure 5) ahead of a mineral resource update planned for the second quarter. This consists of two major altered shear zones – Main Lens and North Lens – and four minor altered shear zone splays. The Main Lens has been historically split into the Main Lens and Sanders Lens however these two lenses are now understood to be the same zone split by a late Proterozoic diabase dyke.

To evaluate the historical drilling, hole CED-22-010 was drilled as a twin of hole C-10-23 in the core of the East Coldstream deposit where both holes intersected two shear-controlled Lenses. In the North Lens, CED-22-010 and C-10-23 intersected 1.81 g/t Au over 54.6m from 76.85m versus 1.35 g/t Au over 54.2m from 80.4m, respectively. In the South Lens, CED-22-010 intersected 0.56 g/t Au over 51.5m from 206.5m versus 0.55 g/t Au over 34.7m from 196.6m, respectively. This represents a 34% higher grade over similar widths in the North Lens and a 48% increase in width with similar grades in the South Lens in the current drill hole.

The East Coldstream deposit also contains a broad, low-grade mineralized envelope within the alteration domain. Examples include 0.54 g/t Au over 27.5.0m from 562.5m in CED-22-009; 0.56 g/t Au over 51.5m from 206.5m depth in CED-22-010; 0.33 g/t Au over 32.0m from 315m in CED-22-012; 0.72 g/t Au over 18.1m from 182.05m in CED-22-013; 0.69 g/t Au over 25.05m from 254.95m in CED-22-014; and 0.85 g/t Au over 17.4m from 190.6m in CED-22-015.

Figure 4: Core box photos of CED-22-010 intercept in the North Lens – 3.49 g/t Au over 26.35m from 76.85m depth (yellow box) including 5.64 g/t over 15.65m from 87.55m.

Note that these photos are not intended to be representative of broader mineralization on the Moss Lake Gold Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/156214_410adcab747ffab5_005full.jpg

Figure 5: 3D wireframe of the East Coldstream mineralization constraining alteration domain.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/156214_410adcab747ffab5_006full.jpg

Pete Flindell, VP Exploration for Goldshore, said “These drill results show that East Coldstream, which is well constrained by altered and mineralized shears, may be significantly larger than previously understood. Our focus will now be on developing a mineral resource based around the high-grade shears and their low-grade envelopes, which will form an important satellite to the Moss Lake Gold Project approximately 13 kilometers to the southwest.”

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH
(m)
TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
CED-22-009497.00511.6514.6511.50.580.58
including497.00501.004.003.11.201.20
562.50590.0027.5022.50.540.54
including572.50581.008.507.01.441.44
CED-22-01076.85103.2026.3516.63.493.49
including87.55103.2015.659.95.645.64
123.30131.458.155.20.810.81
including123.30125.452.151.41.581.58
166.00176.5010.506.80.590.59
187.00191.004.002.60.560.56
206.50258.0051.5034.50.560.56
including206.50228.4021.9014.51.121.12
CED-22-011248.40251.753.352.01.491.49
including248.40251.002.601.61.731.73
284.50324.6040.1024.80.910.91
including288.00319.0031.0019.11.071.07
339.00344.505.503.50.700.70
357.00375.4518.4511.81.481.48
including370.60375.454.853.14.684.68
400.40413.9013.508.80.540.54
including400.40404.454.052.61.251.25
CED-22-012315.00347.0032.0020.70.330.33
362.80367.004.202.80.570.57
376.80381.054.252.80.520.52
CED-22-013119.00121.002.001.51.141.14
137.65149.8512.209.10.410.41
182.05200.1018.0513.90.720.72
including182.05194.4012.359.51.021.02
CED-22-01431.0033.002.000.90.960.96
119.00133.0014.006.50.390.39
218.95244.0025.0512.50.940.94
including226.00242.0016.008.01.101.10
254.95259.004.052.00.360.36
264.00280.0016.008.10.950.95
including271.00277.006.003.11.681.68
CED-22-0159.0011.002.001.30.700.70
21.0023.002.001.30.420.42
31.0033.002.001.30.330.33
118.00120.002.001.40.310.31
190.60208.0017.4012.60.850.85
including190.60195.805.203.71.201.20
and206.00208.002.001.41.951.95
CED-22-017212.80221.008.206.30.530.53
284.00286.002.001.60.680.68
298.00305.007.005.70.690.69
338.45373.6035.1529.61.231.23
including338.45350.0011.559.72.192.19
and362.90373.6010.709.11.281.28
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
CED-22-009680,7675,386,281484341°-50°599.95
CED-22-010679,8985,386,424475161°-53°315.00
CED-22-011679,9455,386,526480155°-57°642.00
CED-22-012679,9455,386,526480180°-54°600.00
CED-22-013680,5605,386,569485340°-50°300.00
CED-22-014680,5615,386,569485341°-65°450.00
CED-22-015680,5985,386,576486340°-50°300.00
CED-22-017680,6415,386,434478341°-49°456.00
Approximate collar coordinates in NAD 83, Zone 15N

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

Director Resignation

Doug Ramshaw has announced he will step down from the Board of Directors of the Company at the end of February 2023. Doug was instrumental in the formation of Goldshore and the preliminary launch of the initial public offering in June 2021, and is stepping down to dedicate greater time to Minera Alamos and other ventures he is involved in.

President and CEO Brett Richards stated: “Doug’s exceptional contribution to the Goldshore Board has been a testament to the broad investor awareness created around the Company’s launch and on-going development. I personally have thoroughly enjoyed working with Doug over the last two years, as he has been sound counsel to myself and the Board, and on behalf of all of us on the Board, we wish Doug the very best in his future endeavors.”

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the release and timing of an updated mineral resource estimate, the release of a preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/156214

Categories
Energy Junior Mining Precious Metals Uncategorized

Franco-Nevada Update on the Suspension of Ore Processing at Cobre Panama

TORONTO, Feb. 23, 2023 /CNW/ – Franco-Nevada Corporation (“Franco-Nevada” or the “Company“) (TSX: FNV) (NYSE: FNV) has been advised by its partner First Quantum Minerals Ltd. (“First Quantum“) that First Quantum’s subsidiary, Minera Panama, S.A. (“MPSA“), has suspended ore processing operations at the Cobre Panama mine.  As previously announced, the Panama Maritime Authority (“AMP“) issued a resolution on January 26, 2023 requiring the suspension of concentrate loading operations at the Cobre Panama Port, Punta Rincón, until certification of the calibration of the scales by an accredited company had been initiated.  Key updates as reported by First Quantum include:

  • MPSA believes it has complied with all requirements of the AMP resolution but copper concentrate loading operations are still not being permitted by the AMP
  • MPSA will begin a partial demobilization of its workforce and will take a systematic approach to reducing operations to ensure the safety of its workforce, prevent damage and degradation of equipment and preserve the integrity of the mine
  • If the AMP is to permit the recommencement of concentrate loading operations, MPSA could begin shipping concentrate and resuming operations at the mine within hours
  • Negotiations with the Government of Panama on a refreshed contract are continuing and First Quantum remains committed to achieving an outcome that will be to the benefit of all stakeholders and support the long-term operations of the Cobre Panama mine.

Please refer to First Quantum’s press release dated February 23, 2023 for further details.

Impact on Franco-Nevada

Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, holds two precious metal streams indexed to the copper-in-concentrate shipped by Cobre Panama.  First Quantum’s 2023 guidance for uninterrupted production from Cobre Panama provided on January 16, 2023 was for 350kt to 380kt of copper production. This would translate into 131koz to 142koz of attributable GEO production to Franco-Nevada (calculating gold equivalence using $1,800/oz Au and $21.00/oz Ag prices).

Provided operations resume at Cobre Panama, the impact to Franco-Nevada of the suspension of operations should be limited to a deferral of revenue as the streams do not bear any associated carrying costs while operations are suspended.

Despite operations at the mine being suspended, Franco-Nevada remains highly profitable, continues to generate substantial cash flow, is debt-free, and has cash and working capital in excess of US$1 billion, an undrawn US$1 billion credit facility and limited financial commitments.  Franco-Nevada remains in communication with First Quantum and will provide further updates as they are available.

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the CRA, the expected exposure for current and future assessments and available remedies, the outcome of any discussions between the Government of Panama and the operator of the Cobre Panama mine and the remedies relating to and consequence of any actions taken by the Government of Panama or the operator of the Cobre Panama mine. In addition, statements relating to reserves and resources, gold equivalent ounces (“GEOs”) and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Categories
Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines Uncategorized

Silver Bullet Mines Corp. Assays 270.6 Ounces per Ton Silver in Upper Vein at Buckeye Mine in Arizona

Burlington, Ontario–(Newsfile Corp. – February 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces strong initial assay results from the interception of the upper main vein at the Buckeye Mine near Globe, Arizona.

The vein was intercepted approximately 380 feet from the entrance to the adit. Immediately on contact with the vein, the first significant assays from the vein were 43, 178.6, and 270.6 ounces silver per ton. The samples yielding these results did not include material from the footwall. The samples were selected at random from the mineralized material removed from the vein and then were sent to SBMI’s assay lab for processing.

Recent Sample from Buckeye Mine

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/154863_6f1d374244454afb_001full.jpg

The Company is now mining along the exposed vein with assay results pending from the face. SBMI has extended the workings to 420 feet from the entrance to the adit, the vein is ten feet wide and eleven feet high, and the footwall is estimated by the field team to be four feet wide.

SBMI has stockpiled in excess of 450 tons of vein material at surface at the Buckeye Mine site, for shipment to the mill. The Company is mining 150 to 200 tons of mineralized material per day, although this rate will vary. The Company believes it has achieved the targetted grade necessary to support processing this material at the Company’s mill and to then pour dore bars or create concentrate. Both the dore bars and the concentrate will saleable product, and the Company does not expect to encounter any significant difficulties in finding buyers for those products.

SBMI is also pleased to announce it has begun to resolve the issues with pouring dore bars from this material. The picture below shows a malformed dore bar from September, 2022.

Malformed dore bar from Sept, 2022

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/154863_6f1d374244454afb_002full.jpg

The Company thanks Dr. Andrew Macdonald, a mineralogist with Harquail School of Earth Sciences at Laurentian University, for his assistance. Initial results from his work indicate the presence of a highly magnetic iron alloy in the mineralized material. The iron alloy smelts at temperatures of over 3000 degrees F, which is above the silver smelting temperature of roughly 1800 degrees F, and therefore it interferes with the silver smelting process. SBMI has confirmed this thesis by using a high intensity magnet to pull the iron alloy from the concentrate prior to smelting. The dore bar below, poured in February, 2023, resulted from concentrate after the iron alloy was removed.

Dore bar poured after the iron alloy was removed; Feb 2023

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/154863_6f1d374244454afb_003full.jpg

As a result, the Company intends to permanently install a high intensity magnetic separator in the milling operation to improve the likelihood the Company can smelt silver dore bars. The Company intends to store the magnetic concentrates for future research. Continued research will be needed.

The Company is still awaiting the check assay results from American Assay Labs and Actlabs.

SBMI’s near term goal is to process the higher grade material at the Company’s mill to produce saleable product.

QAQC

All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.

The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.

Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca +1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca +1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154863

Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Step-Out Drilling Intersects 601.65 Metres at 1.40 g/t Gold Equivalent and Extends the Main Breccia System at Apollo to the West and Depth

  • Step-out drill hole APC-28, which was drilled to the west from the eastern side of the Main Breccia system at Apollo cut the longest intercept to date as follows:
  • As a result of APC-28, the maximum width and vertical dimensions of the Main Breccia system have increased to 395 metres (previously 350 metres) and 915 metres (previously 825 metres), respectively.
  • Drill hole APC-28 bottomed while still in mineralization indicating that the Main Breccia system remains open for expansion to the west and at depth (as well as to the east and north based on previously announced assay results).
  • Hole APC-30 was drilled southwards on the western side of the deposit and intercepted the Main Breccia system over a broad interval as follows:
  • Four holes have now been completed into the Main Breccia system as part of the 2023 Phase II drill program at the Guayabales project. All four holes appear to have intercepted the Main Breccia system with mineralization beginning from surface.  Assay results for these holes are expected in the near term.

Ari Sussman, Executive Chairman commented: “The Main Breccia system at Apollo continues to yield positive surprises. The Company drilled three long holes in 2022, APC-17, APC-22 and APC-28, with each hole expanding the size of the deposit and bottoming while still in mineralization. In addition, 2023 drilling is off to an excellent start with the initial four holes testing the Main Breccia system all intersecting mineralization beginning at surface. Our aim for 2023 is to define the newly discovered high-grade and near surface mineralization while continuing to be aggressive with expansion drilling. Without question, we have discovered a large copper-silver-gold deposit in a mining friendly jurisdiction of Colombia which will play a vital role in the country’s aggressive decarbonization goals.”

TORONTO, Feb. 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia system at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, low and intermediate sulphidation, precious metal rich sheeted carbonate base metal vein systems.

Details (See Table 1 and Figures 1–5)

Assay results for all thirty-one diamond drill holes from the Phase I drilling program for 2022 have now been announced at Apollo. The Phase II drilling program for 2023 is advancing on schedule with assay results for the first holes expected in the near term. This press release summarizes assay results of the final three diamond drill holes from the Phase I program with results summarized below.

APC-28 was a step-out hole drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres (915 metres vertical) and was designed to test western and depth extensions to the Main Breccia system. The hole intersected the longest interval drilled to date within the system, commencing at 354.70 metres down hole (335 vertical) and averaging:

  • 601.65 metres @ 1.4 g/t gold equivalent and including internal intervals of:

The mineralized angular breccia of this intercept represents the largest accumulation of metal returned to date within the Main Breccia system and contains a sulphide matrix which includes 0.5% up to 2.5% chalcopyrite and between 1% and 3% pyrite plus some pyrrhotite. The breccia has been overprinted by zones of carbonate and base metal (sphalerite and galena) veins, which yield the higher gold equivalent intervals. APC-28 stopped in mineralized breccia due to rig constraints. This hole has extended the main breccia westwards by 115 metres and is the deepest intercept drilled to date outlining continuity of mineralized breccia to a vertical depth of approximately 915 metres below surface. APC-28 also represents the westernmost hole drilled into the Main Breccia system and demonstrates that the mineralization is thickening with depth and has an inverted funnel morphology as outlined in Figure 2 below. This western area of the deposit remains open for expansion as the hole stopped in strong mineralization.

As a result of drill hole APC-28, the overall volume of rock in which the Main Breccia system is located has grown in width to 395 metres (from 350 metres) and a vertical dimension of 915 metres (from 825 metres). The strike of the system remains the same at 385 metres.

APC-30 was drilled southwards from Pad 4 to a total length of 589 metres downhole and intersected mineralized breccia from 267.60 metres downhole (240 metres vertical), averaging:

  • 318.85 metres @ 1.10 g/t gold equivalent and including internal intervals of:

Gold, silver and copper mineralization relates to sulphides hosted within the angular breccia matrix with average concentrations of pyrite (2%) and chalcopyrite (0.5%). An upper zone of 60.8 metres bearing 2% to 3% chalcopyrite was intercepted at the beginning of the mineralized interval and a sheeted and overprinting sphalerite rich CBM vein zone of 81.4 metres was encountered from 472.3 metres downhole.

Reconnaissance hole APC-27 was drilled due east away from the Main Breccia system to test outcropping mineralization at surface. From 300.40 metres downhole (210 metres vertical depth) the Company intersected a new zone of continuous low-grade mineralization with assay results as follows:

  •  

Core logging of the breccia system at Apollo by the Company’s geologists has identified that the crackle breccia as seen in this newly discovered zone, is typically found both above and on the periphery of the more intensely mineralized angular breccia phase. As a result of this assessment, the Company may have drilled over top of an angular breccia zone with stronger mineralization than was intercepted in APC-27. Further exploratory drilling will be undertaken in this area.

The Company’s Phase II 2023 program is well underway with three rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system from newly constructed pads 6 and 7. To date, four shallow holes have been completed and confirm continuous mineralized angular breccia from surface. Three of these holes were drilled from Pad 6 and were terminated while still in strong mineralization. The fourth hole from Pad 7 appears to have drilled out the east side of the system indicating a more vertical orientation to the system that was previously modelled. Assay results are expected in the near term.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia system and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.

Table 1: Apollo Target Assays Results for Holes APC-27, APC-28, and APC-30

Hole IDFrom
(m)
To
 (m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t) *
APC-27299.50372.4072.900.3060.020.0020.44
APC-28286.60305.5518.951.11120.040.0011.30
And354.70956.35601.650.89240.100.0011.40
Incl354.70614.65259.951.21430.200.0012.15
713.10772.8059.702.04150.140.042.23
863.15868.805.652.00130.040.0012.17
APC-30267.60586.25318.650.61190.120.0021.10
Incl267.60328.4060.800.17480.400.0021.64
472.30553.7081.401.95180.040.0022.22
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-27, APC-28, APC-30 and Visual Results for APC-31, APC-33, APC-35 and APC-36 (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-27, APC-28, APC-30 and Visual Results for APC-31, APC-33, APC-35 and APC-36 (CNW Group/Collective Mining Ltd.)
Figure 2: East-West Cross Section Highlighting APC-28, ACP-30, and Visual Results for
APC-31 (CNW Group/Collective Mining Ltd.)
Figure 2: East-West Cross Section Highlighting APC-28, ACP-30, and Visual Results for APC-31 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photo Highlights from Drill Hole APC-28 (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photo Highlights from Drill Hole APC-28 (CNW Group/Collective Mining Ltd.)
Figure 5: Core Photo Highlights from Drill Hole APC-30 (CNW Group/Collective Mining Ltd.)
Figure 5: Core Photo Highlights from Drill Hole APC-30 (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver, and gold Main Breccia system. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia system while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

Cision
Cision

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Base Metals Collective Mining Energy Junior Mining Precious Metals

Ari Sussman from Collective Mining to Present at OTC Markets Group Precious Metals Virtual Investor Conference on February 15th, 2023

TORONTO, Feb. 8, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) will be presenting at the OTC Markets Group Precious Metals Virtual Investor Conference on Wednesday, February 15, 2023, at 11:00am ET.

Using the link below, investors can register and listen to the presentation, and take part in a question and answer session at the end. The presentation is expected to last 30 minutes.

DATE: Wednesday, February 15, 2023
TIME: 11:00am ET – 11:30am ET
LINK: https://bit.ly/3JCTs89

Please log in 5-10 minutes early to register. An archived webcast will also be made available after the event.

Ari Sussman, Executive Chairman of Collective Mining will be providing an overview and will discuss the Company’s “Main Breccia” discovery at the Apollo target. The Main Breccia discovery is a high-grade and bulk tonnage, copper-silver-gold porphyry-related breccia system characterized by two main, yet distinct pulses of mineralized fluids flooding the breccia with metals.

The Company’s Guayabales project is located in the mining-friendly department of Caldas, Colombia, in the heart of a long-established mining camp with ten fully permitted and operating mines located within three kilometres of the project. As a result, the Guayabales project is blessed with excellent infrastructure with roads and hydroelectric powerlines traversing the project and an abundant labour force located nearby in the townships of Supia and Marmato.

The phase II drilling program is underway with three rigs currently operating focused on testing near surface mineralization and expanding the dimensions of the Main Breccia system. Assay results are expected in the near term for the final three holes of the 2022 program, including westwards step-out hole APC-28, which cut more than 600 metres of continuous mineralization. Additionally, the first hole of the Phase II program is now complete, and core has been dispatched to the lab for assaying.

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own approximately 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

Categories
Precious Metals

Strong China Demand Boosts Gold Rally

Month of January 2023

Indicator1/31/202312/30/2022ChangeMo % ChgYTD % ChgAnalysis 
Gold Bullion1$1,928.36$1,824.02$104.345.72%5.72%Best January since 2015, best three months since 2011
Silver Bullion2$23.73$23.95($0.22)(0.94)%(0.94)%First negative month since August
NYSE Arca Gold Miners (GDM)3897.17805.5091.6711.38%11.38%Now up 47.7% from the lows
Bloomberg Comdty (BCOM Index)4111.80112.81(1.01)(0.89)%(0.89)%Narrow range since August
DXY US Dollar Index5102.10103.52(1.43)(1.38)%(1.38)%Largest three-month drop since 2009
S&P 500 Index64,076.603,839.50237.106.18% 6.18%Breaking out from year-long downtrend
U.S. Treasury Index$2,243.23$2,188.39$54.842.51%2.51%Oversold cyclical low
U.S. Treasury 10 YR Yield*3.51%3.87%(0.37)%-37 BPS-37 BPSTesting rising 200-day moving average
U.S. Treasury 10 YR Real Yield*1.26%1.57%(0.31)%-31 BPS-31 BPSTopping process
Silver ETFs** (Total Known Holdings ETSITOTL Index Bloomberg)760.17749.0011.181.49%1.49%First real uptick since summer selling
Gold ETFs** (Total Known Holdings ETFGTOTL Index Bloomberg)93.1793.75(0.58)(0.62)%(0.62)%Last positive month was April 2022

Source: Bloomberg and Sprott Asset Management LP. Data as of January 31, 2023.
*Mo % Chg and YTD % Chg for this Index are calculated as the difference between the month end’s yield and the previous period end’s yield, instead of the percentage change. BPS stands for basis points. **ETF holdings are measured by Bloomberg Indices; the ETFGTOTL is the Bloomberg Total Known ETF Holdings of Gold Index; the ETSITOTL is the Bloomberg Total Known ETF Holdings of Silver Index.

January Review

Gold had another strong month and the best start to a year since 2015 as spot gold rose $104.34 (or 5.72%) to close January at $1,928.36. While the gold price was supported by the decline in the U.S. dollar (USD) and real yields in January, the magnitude and persistence of the bid for gold were high. Gold bullion trading desks have confirmed this strong interest is a continuation of flow demand from China since early November 2022, and the estimated tonnages bought would align with the most significant numbers since 2017. Price action and trading desk anecdotes denote large buying from China’s “official sector” (possibly any combination of People’s Bank of China, central bank-related entities or state banks) for undisclosed reasons.  

January was a solid month for risk assets as investment funds were underexposed for a positive, right-tail8 outcome. The significant left-tail risks of 2022 quickly faded or reversed as we headed toward the new year. In the U.S., fears of hyperinflation and additional Federal Reserve (“Fed”) rate hikes ended abruptly as the Fed signaled it would slow its rate hikes just as inflation data finally moderated. In Europe, a far warmer-than-expected winter prevailed, allowing the EU to dodge the worst of an energy-spiking-induced hard landing and associated stress events. After years of a strict zero-COVID policy, China quickly reversed to a full re-opening, instantly giving the world an unexpected growth shock. With all three major economic regions experiencing a sudden reversal from left-tail (negative) to right-tail (positive) outcomes, massive forced buying was triggered.Gold has outperformed U.S. Treasuries over the past two decades despite the bond market having the advantages of a dovish accommodative Fed.

Furthermore, with the pause in Fed rate hikes in sight, both the USD and interest rates declined sharply, easing financial conditions and paving the way for a rebound in many financial assets. Whether this rally is the beginning of the consensus-desired soft landing or yet another bear market rally remains to be seen. We expect that macro volatility will likely remain high in the months ahead.

Gold Bullion Update

Gold bullion since the autumn lows, based on a three-month rate of change, had the most significant increase since 2011. Since the lows, the gold price has broken through technical resistance levels and Fibonacci retracement levels9 with remarkable ease, reinforcing the evidence that the buyer(s) are not likely financial market types. From gold’s early November lows of approximately $1,625 to $1,775, the price action has the look and feel of short covering in the face of an aggressive buyer. But since gold has reached the $1,775 level, the narrow up-channel and low bid-ask dispersion indicate a persistent large bid in gold that is not concerned with market-related overbought conditions. Lastly, the weekly Relative Strength Index (RSI)10 put in a positive divergence during the autumn lows and has broken above the RSI downtrend line (lower panel of Figure 1).

Figure 1. Gold Bullion Rally with Technical Strength

Gold Bullion Rally
Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Gold Investment Positioning Remains Low

Despite the rise in gold, the long gold CFTC(Commodity Futures Trading Commission) net non-commercial positions and ETF holdings remain muted, like a deer caught in a headlight (Figure 2). Gold held in ETFs (mainly retail and smaller funds) remain near +2.5-year lows and has not shown any buying indication yet. CFTC non-commercial long gold positioning, too, remains near the low end of its 10-year range. Neither of these two sources of investment “longs” is likely to sell off further as they are more trend-following than leading. The last source of investment flows, short positions, are even less likely to add to selling flows. Firstly, there is no overriding primary bearish macro driver (interest rate hikes are near the end, and the USD is weakening); secondly, shorting into massive buying is outright dangerous. The combined CFTC gold longs plus ETF gold holdings are now at their -2 standard deviation lows (lower panel, Figure 2) with macro drivers positive and massive buying from China and central banks. The risk from long positioning remains skewed to increasing longs, not divestment.

Figure 2. Gold Investment Demand Remains Muted


Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

U.S. Dollar Strength and U.S. Treasury Liquidity Functioning

The US Dollar Index (DXY) reached the upper end of its 16-year-long uptrend and has now fallen at a remarkable pace last seen in the volatile years of 2008 to 2010. The 3-month rate of change of DXY has recorded its second sharpest decline in the past 20 years. This dramatic fall in the USD has also eased financial conditions, creating a powerful tailwind for gold and other risk assets. Typically, policy coordination comes to mind when currencies sharply reverse from levels detrimental to market functioning quickly, with such high correlations. Unfortunately, if policymakers have decided on a coordinated USD strength reduction policy, we won’t know until much later when it becomes evident in hindsight.

The Bloomberg US Government Securities Liquidity Index (a measure of liquidity condition for U.S. Treasuries) surpassed the crisis levels of March 2020, the last time the Fed was forced to intervene to restore market functioning with interest rate cuts, liquidity injections, swap facilities, etc. Generally, a strong USD reduces systematic market liquidity, and Figure 3 highlights this relationship. The U.S. Treasury Market is the world’s largest and most liquid market. If it were to cease functioning properly, the spillover effects could be catastrophic in an overleveraged financial system under the wrong conditions. We would expect the days of runaway USD strength will not be allowed due to liquidity functioning alone.

Figure 3. U.S. Dollar Index and U.S. Treasury Liquidity Index


Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Foreign Selling of U.S. Treasuries is Accelerating

Foreign holdings of U.S. Treasuries as a percentage of total holdings peaked in 2013, a decade ago. Most of this time, the Fed provided QE (quantitative easing) programs, negating the need for foreign funding of Treasuries. In Figure 4, we highlight foreign ownership of U.S. Treasuries and the rapidly decreasing percentage of foreign ownership of U.S. Treasuries. In March 2022, foreign holders saw notable selling (~$516 billion). There were several reasons, including 1) the Fed ending its latest QE program; 2) geopolitics (the Russia-Ukraine war and intensifying de-globalization; 3) the start of an aggressive string of Fed rate hikes along with tightening by other central banks; 4) USD weaponization had been occurring for several years, but the seizure of Russia’s foreign exchange (FX) reserves was likely the final straw. After these events, U.S. Treasury Liquidity began to deteriorate, even worse than in March 2020. Without liquidity support for U.S. Treasuries, the probability of another QE program (or a variation built around YCC, i.e., yield curve control) within the next few years is no longer remote, even in the face of high inflation.

Figure 4. Foreign Buyers are Dumping U.S. Debt


Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

China Replacing U.S. Treasuries with Gold?

Since 2008, China has been the largest foreign holder of U.S. Treasuries. Though the peak has been in place since 2013, China has recently accelerated its selling of Treasuries. The reason for China selling U.S. Treasury securities are varied and not disclosed. Still, since the U.S. sanctioned Russia’s FX reserves, China has a tremendous incentive to diversify its foreign exchange reserves. Figure 5 highlights the cumulative change in China’s gold imports and U.S. Treasures since 2018, measured in USD. 2018 was the first year of the U.S.-China trade war. The recent accelerated selling in U.S. Treasuries occurred at the start of the Russia-Ukraine war and in response to sanctions on Russia’s FX reserves. We expect China to continue reducing its U.S. Treasuries holdings as the economic war extends and intensifies, and the risk of future U.S. sanctions on China’s FX reserves remains present.

Since 2018, we estimate that China has sold $310 billion of U.S. Treasuries ($199 billion in 2022 alone) and has imported $230 billion of gold. China is estimated to have the seventh-largest global bond market, with the top six positions held by the U.S. and its allies. The list of the most liquid tradeable currencies has the same size ranking. In terms of market liquidity, safety as outside money and convertibility (sanctions resistant), gold remains a highly desirable asset for China.

Figure 5. China Buys Gold and Sells U.S. Bonds

Figure 5. China Selling U.S. Treasuries and Buying Gold
Source: Bloomberg. Data as of 11/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.

Japan Yield Curve Control (YCC) and Selling U.S. Treasuries

The Bank of Japan (BoJ) began yield curve control in 2016 (0.25% cap on its 10-year yield) to achieve an inflation target of 2% and stimulate economic growth by controlling long-term interest rates. By late 2022, the BoJ did “technically” achieve its goals, although not the hoped-for “virtuous growth cycle” outcome. However, the costs were enormous as global yields soared while Japanese government bond (JGB) yields were capped at 0.25% by the BoJ. The yen had fallen in value by 22.5%, driving import cost inflation so high that the Ministry of Finance had to intervene in the currency market to defend the yen, while at the same time, the BoJ continued with YCC weakening the yen. If this makes no sense, then you have read this correctly.

In December 2022, in a surprise move, the BoJ lifted the YCC cap to 0.50% from 0.25%, signaling to the market that the BoJ YCC had likely reached its best-before date. Since then, the yen has strengthened by ~15%, contributing to USD weakness. Capping JGB yields in the second half of 2022 as global yields soared required massive purchases of JGBs via quantitative easing. This 2H 2022 QE event was a monetary stimulus of 76 trillion yen or $550 billion (~14% of GDP, i.e., gross domestic profit). The end of this stimulus is likely to act as a defacto global tightening. Raising the yield cap also removed a global “low-yield anchor” on global rates. Not only is this yield anchor fading, but Japanese institutional investors, one of the world’s largest foreign bond buyers, are returning to JGBs. Year to date as of this writing,  U.S. Treasury holdings in Japan have declined ~$220 billion since the start of 2022. For various reasons, the two largest holders of U.S. Treasuries have sold $420 billion, or 17.5% of their combined holdings, in 2022.

Foreign selling of U.S. Treasuries is increasing, and the Fed in quantitative tightening (QT )mode leaves U.S. domestic investors as the primary buyers for U.S. Treasuries. Maintaining U.S. Treasury liquidity is now more critical than ever, and the looming debt ceiling standoff will be the next challenge. For gold, the immediate bullish catalyst is a weaker USD and lower real yields. Rising JGB yields will lead to higher U.S. nominal yields but lower breakeven yields (removal of stimulus weakens growth), resulting in lower real yields.

Figure 6. U.S. Treasuries Held by Japan and China, $Billions


Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Gold vs. Bonds, Heresy Anyone?

Thus far in 2023, there have been near-record capital inflows into the bond market after 2022 recorded the worst year for bond returns in 48 years of available data. In Figure 7a, we update the gold bullion to the U.S. Treasury Index ratio, highlighting that gold has outperformed over the past several years since 2016 and even over the past 20 years. The gold-Treasury ratio is testing the upper resistance level, and we expect an eventual break higher. Figure 7b highlights the performance of gold versus U.S. equities and U.S. bonds over the past five and 20 years, with performance and portfolio metrics highlighting how well gold has performed and behaved.

Despite these positive metrics, gold is still not widespread in investment portfolios. In the past five years, gold compared to both equities and bonds, has a better Sharpe ratio (risk-adjusted return), a better Sortino ratio (lower downside volatility) and the lowest market correlation (increased diversification).

Gold has outperformed U.S. Treasuries over the past two decades despite the bond market having the advantages of a dovish accommodative Fed (QE, ZIRP, NIRP)11 with volatility-destroying practices (forward guidance, Fed put). Furthermore, most of the past 20 years were dominated by low inflation, low macro volatility, negative stock-bond correlations, etc., all favoring bond performance. In our 2023 Top 10 Watch List, we highlighted several significant macro changes underway, all pointing to higher inflationary pressures and increasing volatility. If gold outperformed U.S. Treasuries in the past decades, we believe the chances are excellent that it is likely to do so in the next several years.

Figure 7a. Gold to U.S. Treasury Index Ratio: Gold Significantly Outperforming U.S. Treasuries


Source: Bloomberg. Data as of 1/31/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.

Figure 7b. Gold vs. Equities and Bonds:  5 & 20-Year Returns and Metrics

Dec. 2017 to Dec. 20225 YR CAGR*Standard DeviationMax DrawdownSharpe RatioSortino RatioMarket Correlation
U.S. Stock Market8.67%19.06%-24.94%0.460.681.00
Total U.S. Bond Market0.02%5.09%-17.57%-0.23-0.290.34
Gold6.86%13.45%-18.06%0.470.850.16
Dec. 2002 to Dec. 202220 YR CAGR*Standard DeviationMax DrawdownSharpe RatioSortino RatioMarket Correlation
U.S. Stock Market9.52%15.29%-50.89%0.590.871.00
Total U.S. Bond Market3.06%3.95%-17.57%0.480.70.12
Gold8.65%16.87%-42.91%0.510.830.08

*CAGR refers to compound annual growth rate. 

1Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
2Silver bullion is measured by Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
3The NYSE Arca Gold Miners Index (GDM) is a rules-based index designed to measure the performance of highly capitalized companies in the Gold Mining industry.
4The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Indices.
5The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
6The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
7Any event that is extremely rare, beyond the sixth standard deviation in a normal distribution, is known as a six sigma event.
8Source: Investopedia. Tail risk is the chance of a gain/loss occurring due to a rare event, as predicted by a probability distribution. Right-tail risks are associated with substantial investment gains, while left-tail risks are associated with unexpected losses.
9Source: Investopedia. Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8% and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points.
10Source: Investopedia. The Relative Strength Index (RSI) is a momentum indicator that measures the magnitude of recent price changes to analyze overbought or oversold conditions.
11QE-ZIRP-NIRP is Fed speak and refers to “quantitative easing”, “zero interest rate policy” and “negative interest rate policy”.

Paul Wong
Paul Wong, CFA, Market Strategist
Paul has held several roles at Sprott, including Senior Portfolio Manager. He has more than 30 years of investment experience, specializing in investment analysis for natural resources investments. He is a trained geologist and CFA holder. 
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Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and statements are that of the author and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in this commentary are those of the author and may vary widely from opinions of other Sprott affiliated Portfolio Managers or investment professionals.

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Categories
Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. Updates Copper Values at Black Copper

Burlington, Ontario–(Newsfile Corp. – January 31, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to update the assay results from its Black Copper occurrence, reported earlier on January 31, 2023.

In SBMI’s January 17, 2023 press release, SBMI advised third part geologic consultants including the QP had visited the Black Copper occurrence in late November and early December, 2022. Black Copper is situated on SBMI’s Black Diamond property roughly one point five kilometres south of the Buckeye Mine and is referred to in the January, 2021 Geologic Report. Samples from Black Copper were taken and reported the following results:

Sample numberAu (ppb)Cu ppm
342151615>1000
342152192>1000
342153941>1000
342154654>1000

The over-detection limit for copper on these samples was 1000 parts per million. These four samples were sent for further analysis which returned:

Sample numberCu ppmCu %
342151224002.24
342152374003.740
342153340003.400
342154549005.490

The press release from earlier today incorrectly stated the values in parts per million as a result of manual data entry into the press release. A copy of the Actlabs certificates for these samples is attached.

QAQC For SBMI

All the samples above were collected by Robert Komarechka and John Corkery. Samples were collected and placed in sample bags with their appropriate tag and personally taken to the courier and shipped to Actlabs in Thunder Bay, Ontario for assaying. Certified standards and blanks were used both by the Company and Actlabs.

All samples analyzed by Actlabs were by Fire Assay ICPOES (Induced coupled plasma arc with optical emission spectroscopy).

The multi-element analysis was by digestion with a combination of hydrochloric, nitric, perchloric and hydrofluoric acids.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

With respect to the Company’s press release concerning seeking an extension of the Warrants (as that term is defined in that release), SBMI advises it is seeking an extension on a total of 8,528,081 Warrants with new expiry dates ranging from February 6, 2024 to July 8, 2024.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca

+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/153061