Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Riverside Resources Receives US$2,500,000 in Cash and Retains 2% NSR Royalty for the Sale of the Tajitos Gold Project to Fresnillo PLC

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).

The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).

Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”

Transaction Details:

Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.

Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

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

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

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146185

Categories
Dolly Varden Silver Junior Mining Precious Metals

Dolly Varden Silver Intersects 27.44 g/t Au and 463 g/t Ag over 9.16m, Including 75.13 g/t Au and 2,337 g/t Ag over 1.77m at Homestake Ridge

Dolly Varden Silver, Proven and Probable

Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources.

Highlights include (intervals shown are core length):

  • HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq*) over 16.06 meters including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 meters
  • HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over 6.00 meters
  • HR22-325: 7.18g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq*) over 10.00 meters including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 meters
  • HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 meters including 0.50 meters 216.00 g/t Au and 113 g/t Ag, 0.48% Cu (218.06 AuEq*) over 0.50 meters
  • HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15.00 meters, including 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39 meters
  • HR22-337: 3.79 g/t Au and 2 g/t Ag (3.84 g/t AuEq*) over 21.00 meters including 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq*) over 2.00 meters
  • HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq*) over 2.50 meters

“Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge Deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol Deposits, located six kilometers to the south. We eagerly anticipate additional assays from all of Dolly Varden’s Deposits, as well as new exploration targets drilled during the 2022 program,” said Shawn Khunkhun, President and CEO.

These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver Deposits are pending

Complete Assay results for the first batch of drilling results at Homestake Main are in Table 1.



Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_002full.jpg

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic aged Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold shoots within a broader low grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 3 and 4).



Figure 2. Drill hole HR22-330 from the Homestake Main deposit showing breccia vein style mineralization.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_003full.jpg



Figure 3. Homestake Plan View with Current Mineral Resource block model, primarily of Inferred Classification

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_004full.jpg



Figure 4. Homestake Main Cross Section (A-B) with 2022 and previous drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/145912_57ede328c413fba7_005full.jpg

Table 1. Completed Drill Hole Assays from the Homestake Main Deposit

Hole IDFrom (m)To
(m)
Length (m)Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR22-313107.00148.0041.000.85120.101.1393
including125.08127.001.923.1342NSV3.64300
including141.00146.105.103.10110.724.28353
HR22-314149.66165.7216.064.2764NSV5.10421
including159.92163.003.0818.761930.2821.491,773
and168.23169.190.9610.55504.1417.171,417
HR22-315174.70175.220.522.07251.374.36360
HR22-316124.00152.5028.500.883NSV0.9780
including142.50144.001.502.473NSV2.58213
including150.00151.501.503.11130.493.97328
HR22-317200.00205.005.000.25NSVNSV0.0321
and232.00235.603.600.21NSVNSV0.2117
HR22-318129.00181.0052.001.1923NSV1.54127
including148.88149.380.5019.9019900.3944.473,669
including152.00160.208.202.5780.192.95243
including172.00177.005.003.2330.093.39280
HR22-319200.34207.006.661.163NSV1.26104
HR22-320108.50125.5017.000.836NSV0.9175
including123.87124.600.735.9817NSV6.21512
HR22-321179.00192.0013.001.1640.121.38114
including189.00190.551.555.18100.155.52455
HR22-32283.00143.1260.121.6921NSV2.01166
including113.00119.006.006.4727NSV6.83563
including134.13138.714.585.23170.506.15508
HR22-323190.30222.0031.700.9160.371.52125
including198.00203.005.002.3650.082.53208
including207.60209.561.960.49373.506.03497
including214.00214.550.550.52161.973.57295
HR22-325174.00201.0027.003.11120.203.54292
including174.00184.0010.007.18300.498.26681
including175.00175.500.5018.00231.9221.061,738
including177.30177.800.5015.60922.9521.001,733
including180.00181.471.4720.20680.0821.131,743
HR22-327217.28227.5010.221.01171.433.29271
including220.75223.232.482.15353.988.36689
and231.00274.0043.000.3550.100.5646
including248.55251.482.931.85651.134.28353

Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit

Hole IDFrom (m)To
(m)
Length (m)Au
(g/t)
Ag
(g/t)
Cu
(%)
AuEq*AgEq*
HR22-328160.81169.979.1627.444630.2133.342,751
including163.13164.901.7775.1323370.23103.668,552
including168.00168.500.50216.001130.48218.0617,991
HR22-330111.00126.0015.005.68147NSV7.48617
including112.00112.390.3954.1048900.11113.259,344
including116.30116.690.3974.8020NSV75.056,192
including118.00118.810.8133.8014NSV33.982,803
and131.00143.0012.000.248NSV0.3831
HR22-331101.00113.0012.000.9263NSV1.70140
including111.00111.800.809.432240.1012.271,013
and130.00144.0014.001.0250.151.30107
including134.10134.820.7211.95702.4516.361,349
HR22-334123.00154.6131.611.75150.272.32191
including131.00139.208.203.66300.274.42364
including131.00132.001.007.671980.0410.11834
including138.70139.200.5019.55504.2626.352,174
including145.13147.392.265.38191.097.19593
including152.06152.410.356.92487.2718.071,491
HR22-335177.00202.5525.550.551NSV0.5747
including184.50190.005.501.401NSV1.42117
and220.00245.5025.500.342NSV0.4335
HR22-337145.00175.8430.842.742NSV2.79230
including151.00172.0021.003.792NSV3.84317
including151.00152.641.6412.904NSV12.951,069
including161.00163.002.0011.155NSV11.22926
including171.00172.001.006.583NSV6.65548
HR22-339148.25172.5024.252.332NSV2.37195
including156.50159.002.5014.564NSV14.631,207
including156.50157.501.0033.407NSV33.522,765
and164.75165.600.855.053NSV5.11422

*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag, $US3.50/lb Cu

**Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths

Table 2. Drill Hole Collars for 2022 Homestake Main Deposit Drilling

Hole IDEasting
UTM83 (m)
Northing
UTM83 (m)
Elev.
(m)
AzimuthDipLength
(m)
HR22-3134630026179472954225-47201.00
HR22-3144630506179452956226-50180.00
HR22-3154630506179452956226-59228.00
HR22-3164630026179472954225-57201.00
HR22-3184630026179472954245-50207.00
HR22-3174630506179452956226-68237.00
HR22-3194630506179452956250-68237.00
HR22-3204629566179462956225-45165.00
HR22-3214631136179429953229-53210.00
HR22-3224629566179462956225-60180.00
HR22-3234631136179429953229-62231.00
HR22-3254631326179416949228-51220.00
HR22-3274631326179416949228-70276.00
HR22-3284630526179417973225-68255.00
HR22-3304630526179417973225-59220.00
HR22-3314630526179417973220-50216.00
HR22-3344630896179383982230-58250.00
HR22-3354629656179544922250-54252.00
HR22-3374629376179513935225-50192.00
HR22-3394629376179513935215-65210.00

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

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

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

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

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

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

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145912

Categories
Base Metals Collective Mining Junior Mining Precious Metals

Collective Mining Significantly Expands the Main Breccia Discovery at Apollo and Drills Near Surface High-Grade Mineralization Including 168.6 Metres at 2.91 g/t Gold Equivalent

  • Drill hole APC-17, a significant step-out hole to the north, intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The shallow zone, which was intersected directly below where the Main Breccia daylights at surface cut the following interval:
  • The second zone encountered in hole APC-17 cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with results as follows:
  • Drill hole APC-17, which was terminated at 912.8 metres due to rig capacity, bottomed in strong mineralization with the final 2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03% copper.
  • Drill hole APC-18 intersected near surface and high-grade copper-silver-gold mineralization approximately 300 metres to the north of the near surface intercept in APC-17. The mineralized breccia in this zone is strongly overprinted by numerous zones of carbonate, base metal veins with assay results as follows:
  • With the result of step out hole APC-17 and recently announced visuals from step out hole APC-22, the Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width (previously 190 metres) and has been extended down to a vertical depth of 825 metres below surface (previously 500 metres). The discovery remains wide open for expansion and further step-out holes are currently being designed.
  • Three rigs continue to drill at Apollo with holes APC-19 through APC-26 completed and holes APC-27 through APC-29 underway.  Additional assay results are anticipated in the near term.

TORONTO, Nov. 29, 2022 /CNW/ –  Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from four additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.

“The intersection of high-grade and shallow mineralization at Apollo demonstrates the excellent metal endowment of the Main Breccia and most importantly, the dimensions of the system continue to expand and clearly point to the fact that we are dealing with a large-scale discovery. It is truly remarkable to drill a 912-metre-long hole that bottoms in mineralization. Finally, the shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300 metres apart and confirms that the southern portion of the deposit is where the system comes to surface. As a result, we are about to start construction of a new drill pad located between the two shallow intercepts in order to start defining the shallow portion of the Main Breccia mineralized system,” commented Ari Sussman, Executive Chairman.

Details (See Table 1 and Figures 1–3)

Nineteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed four drill holes; one northerly directed, step out hole (APC-17), to test for mineralized extensions to the Main Breccia discovery, a second shallow hole drilled southwesterly to define extensions of newly discovered mineralized breccia outcrops located in the southern portion of the deposit and two fringe holes drilled at shallow angles to the west of the Main Breccia discovery.

Drill hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected three mineralized zones: 72.3 metres of mineralization beginning at 118.20 metres down hole (100m vertical), 11.65 metres of mineralized breccia from 252.6 metres (220m vertical) and another 547.65 metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at 912.80m (825m vertical).  The hole terminated while still in mineralized breccia due to limitations of the drill rig. Total cumulative mineralization in this diamond drill hole was 628.3 metres and is the most mineralization drilled in a single hole to date into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at surface. The deeper and longer intercept is also hosted within angular porphyry related breccia with the matrix filled with pyrite, some chalcopyrite and overprinting carbonate base metal veins (“CBM”)The following results are highlighted:

  • 72.3 metres @ 2.57 g/t gold equivalent consisting of 1.00 g/t gold, 28 g/t silver and 0.63% copper (100 metres vertical).
  • 11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80 g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
  • 547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper (330m vertical).

Drill hole APC-18 was drilled in a southwest direction and intersected shallow, copper-silver-gold mineralization from 136.05 metres to 304.65 metres with the hole terminating at a final depth of 499.05 metres. The mineralized breccia contains a matrix of chalcopyrite and pyrite is strongly overprinted by numerous zones of CBM veins hosting sphalerite and galena. The hole was drilled below outcrops of breccia mineralization in the south-central portion of the deposit with assay results as follows:

  • 168.6 metres @ 2.91 g/t gold equivalent consisting of 0.98 g/t gold, 69 g/t silver and 0.5% copper (85 metres vertical).

With the result of APC-17 and recently announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres depth versus prior dimensions of 385 metres x 190 metres x 500 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.

Holes APC-15 and APC-16 were drilled at shallow angles on the western periphery of the main breccia body. APC-15 was drilled to the northwest and intersected mineralized crackle breccia returning 56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres vertical). This is a new mineralized area outside of the Main Breccia discovery at Apollo. APC-16 was also drilled outside the Main Breccia discovery to the southwest and intersected 500 parts per million copper in crackle breccia from 200 metres and until the end of the hole at 303.35 metres. The Company believes that both APC-15 and APC-16 may have drilled over the top of the Main Breccia discovery in these locations.

Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.

Table 1: Apollo Target Assays Results

HoleIDFrom
(m)
To
 (m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)*
APC-18136.05304.65168.600.98690.500.0022.911.48
Incl149.20157.007.805.08350.520.0026.343.23
193.20205.1011.902.181540.770.0015.812.97
233.90251.5017.601.49560.740.0023.631.85
291.65297.005.353.26100.110.0013.471.77
APC-17118.20190.5072.301.00280.630.0042.571.31
Incl121.90130.408.502.42300.610.0053.912.00
APC-17252.60264.2511.651.8040.050.0021.88
and365.15912.80547.650.76140.040.0011.03
Incl527.80561.1033.303.01190.050.0023.23
579.20596.8017.602.37250.060.0012.74
816.00837.5021.501.53280.090.0012.04
APC-16NSV*
APC-1554.20110.2556.050.3750.57
Incl68.6069.100.506.26156.27
77.8579.201.354.17204.41
and180.95181.650.7013.29912.81
206.95207.500.557.8757.61
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 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 – $22/oz Mo US$15.00/lb and Au – US$1,400/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.
*** NSV: No significant values
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17 (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17 (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 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 nearly 35% 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.

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.

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Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Intersects Additional High-Grade Shears in the QES Zone at the Moss Lake Gold Project

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – 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 for seven holes, drilled to expand the coverage of the high-grade shears in the QES Zone, have confirmed higher-grade shear-hosted gold mineralization within a large volume of well mineralized diorites. These results are all within the $1500 Whittle pit that constrains the current resource and identifies new high-grade shears. Best intercepts include:
    • 1.51 g/t Au over 6.0m from 502.0m depth in MQD-22-075 and
    • 1.47 g/t Au over 30.1m from 530.0m
    • 8.45 g/t Au over 5.0m from 576m depth in MQD-22-076 including
      • 36.9 g/t Au over 1.0m from 577m
    • 1.87 g/t Au over 6.75m from 602.25m
    • 1.31 g/t Au over 14.15m from 544.0m depth in MQD-22-080
    • 2.07 g/t Au over 6.0m from 422.0m depth in MQD-22-085 and
    • 1.07 g/t Au over 15.0m from 457.0m
    • 1.26 g/t Au over 7.15m from 573.85m
    • 1.07 g/t Au over 24.7m from 369.0m depth in MQD-22-087 and
    • 2.15 g/t Au over 5.0m from 489.0m
    • 1.75 g/t Au over 8.05m from 513.95m
    • 2.11 g/t Au over 30.75m from 536.9m including
      • 11.5 g/t Au over 3.1m from 555.2m
    • 1.31 g/t Au over 63.6m from 427.0m depth in MQD-22-090A
      • 2.07 g/t Au over 32.0m from 439.0m
  • new parallel mineralized shear structure has been discovered 150m south of the main QES system containing high grade mineralization within a sheared intermediate volcanic package with best intercepts of:
    • 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080
    • 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087
    • 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A

President and CEO Brett Richards stated: “The results from these drill holes in the QES Zone are part of a 52-hole data set that was not included in the recent mineral resource estimate. They confirm our belief that there are additional high-grade shear zones within the deposit that will potentially add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we move towards conducting a preliminary economic analysis next year.”

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MQD-22-087. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.



Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to shear and intrusion domains

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/145867_cbaba705c4a3bbcb_002full.jpg



Figure 2: Drill section through MQD-22-0087 relative to shear and intrusion domains

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/145867_cbaba705c4a3bbcb_003full.jpg

Results have been received for six holes that have infilled areas of the QES Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.

A seventh hole was drilled to the southeast of the QES Zone to investigate two historical showing along a parallel structure of the QES Zone but did not intersect significant mineralization.

As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.77 g/t Au over 83m from 493m depth in MQD-22-075; 0.41 g/t Au over 32.45m from 437.55m and 0.71 g/t Au over 131.1m from 493m in MQD-22-076; 0.54 g/t Au over 102m from 476m and 0.39 g/t Au over 27.95m from 643m in MQD-22-080; 0.78 g/t Au over 70m from 419m and 0.50 g/t Au over 28.75m from 521.25m in MQD-22-085; 0.50 g/t Au over 115.9m from 408.1m in MQD-22-087; and 0.48 g/t Au over 27.45m from 552.05m in MQD-22-090A.

All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.31 g/t Au over 63.6m from 427m depth in MQD-22-090A) and several narrow high-grade intervals, including 10.1 g/t Au over 0.7m from 545.8m and 36.9 g/t Au over 1m from 577m in MQD-22-076; 10.0 g/t Au over 1m from 427m in MQD-22-085; 20.6 g/t Au over 0.9m from 370.65m, 28.3 g/t Au over 0.3m from 540.3m and 11.5 g/t Au over 3.1m from 555.2m in MQD-22-087; and 19.4 g/t Au over 1.15m from 455.85m in MQD-22-090A.

An additional parallel shear was discovered within the intermediate volcanic package approximately 150m south of the main QES system which contains broad intercepts of low-grade mineralization including 0.91 g/t over 24.8m from 246.4m in MQD-22-080; 0.33 g/t over 45.7m from 150.0m in MQD-22-085; 0.42 g/t over 39.0m from 189.0m in MQD-22-087 containing internal higher grade intercepts including 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080; 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087; 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A.

Importantly, these intercepts have identified additional high-grade shears not modelled in the recent Mineral Resource.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm high-grade shears that we have modelled at the QES Zone and confirmed additional shears that we expect to include in the next mineral resource update early next year.”

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH
(m)
TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MQD-22-075243.00264.0021.0015.40.470.47
including254.00256.402.401.81.541.54
468.00476.908.906.80.450.45
493.00576.0083.0064.60.770.77
including502.00508.006.004.61.511.51
and530.00560.1030.1023.51.471.47
595.25610.0014.7511.70.540.54
including596.00599.003.002.41.131.13
MQD-22-076192.00196.004.002.80.460.46
214.00216.002.001.40.390.39
355.00358.153.152.40.380.38
437.55470.0032.4525.00.410.41
including453.00456.703.702.91.521.52
483.50489.405.904.60.350.35
493.00624.10131.10103.80.710.77
including545.80546.500.700.610.110.1
and576.00581.005.004.07.078.45
including577.00578.001.000.830.036.9
and602.25609.006.755.41.871.87
641.00644.003.002.40.460.46
MQD-22-08082.7586.603.852.60.350.35
131.40143.7512.358.50.630.63
181.30187.806.504.60.400.40
209.90220.8510.957.70.570.57
246.40271.2024.8017.70.910.91
including246.40252.205.804.13.443.44
355.00369.0014.0010.20.570.57
including361.70363.702.001.51.671.67
382.00385.453.452.50.630.63
398.50401.302.802.10.580.58
418.00421.003.002.20.540.54
429.20434.004.803.60.350.35
458.00460.702.702.00.590.59
476.00578.00102.0079.70.540.54
including524.00528.004.003.11.321.32
and544.00558.1514.1511.21.311.31
613.00616.003.002.40.370.37
624.10633.008.907.30.300.30
643.00670.9527.9523.10.390.39
MQD-22-08563.6074.1010.507.10.380.38
116.15118.352.201.51.571.57
150.00195.7045.7032.20.330.33
248.00250.002.001.40.390.39
256.00258.002.001.40.410.41
284.80288.053.252.40.910.91
including286.00288.052.051.51.301.30
337.00342.005.003.70.300.30
362.00371.659.657.20.310.31
382.45388.005.554.10.300.30
390.80410.9020.1015.00.310.31
419.00489.0070.0053.10.780.78
including422.00428.006.004.52.072.07
including427.00428.001.000.810.010.0
and443.00446.003.002.31.091.09
and457.00472.0015.0011.41.071.07
and481.00485.004.003.12.102.10
506.00508.002.001.50.670.67
521.25550.0028.7522.40.500.50
573.85581.007.155.71.261.26
665.20671.556.355.10.350.35
MQD-22-08778.0081.553.552.40.430.43
92.00109.0017.0011.60.330.33
189.00228.0039.0027.30.420.42
including206.00210.004.002.81.221.22
249.75261.0011.258.00.490.49
289.50298.709.206.60.420.42
including294.50296.652.151.61.071.07
342.00349.657.655.60.400.40
369.00393.7024.7018.21.071.09
including370.65371.550.900.720.620.6
408.10524.00115.9087.30.500.50
including425.30429.504.203.11.281.28
and489.00494.005.003.82.152.15
and513.95522.008.056.11.751.75
536.90567.6530.7523.62.112.11
including539.55567.6528.1021.62.232.23
including540.30540.600.300.228.328.3
and555.20558.303.102.411.511.5
579.00592.0013.0010.10.370.37
628.65634.005.354.20.480.48
MQD-22-090A75.0082.307.303.81.151.15
including78.0081.553.551.82.052.05
94.0098.004.002.10.540.54
133.00146.0013.007.00.350.35
193.00196.003.001.60.390.39
227.70230.602.901.60.530.53
238.55240.852.301.30.420.42
245.00252.257.254.00.350.35
287.35292.755.403.00.440.44
427.00490.6063.6037.71.311.31
including427.00429.002.001.21.101.10
and439.00471.0032.0019.02.072.07
including455.85457.001.150.719.419.4
503.85508.004.152.50.730.73
519.00541.0022.0013.30.350.35
including525.00527.002.001.21.471.47
552.05579.5027.4516.80.480.48
including574.00576.002.001.21.141.14
Intersections calculated above at 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
MQD-22-075670,3085,379,250443336°-47°675.1
MQD-22-076670,3795,379,296442338°-47°651.0
MQD-22-080670,4625,379,398450335°-50°675.05
MQD-22-083670,6675,379,431433156°-50°630.1
MQD-22-085670,6365,379,537441336°-49°675.0
MQD-22-087670,5465,379,463449336°-49°675.0
MQD-22-090A670,6545,379,625429346°-60°606.0
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.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit (Table 3), the East Coldstream Deposit (Table 4), the historically producing North Coldstream Mine (Table 5), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.

The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101“) and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.

A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 3: Mineral Resource Estimate (Moss Lake Deposit) 1

Inferred Resources (Domains)Tonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz AU)
Shear34.72.02.20
Intrusion870.71.97
TOTAL121.71.14.17

Notes:

(1) The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with NI 43-101 and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.

Table 4: Historical Mineral Resources (East Coldstream Deposit) 2,3

INDICATEDINFERRED
TonnesGrade (g/t Au)Oz AuTonnesGrade (g/t Au)Oz Au
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276

Notes:
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(3) The reader is cautioned that the East Coldstream Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined this historical resource is reliable, and relevant to be included here in that it demonstrates simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the East Coldstream Historical Estimate as a current resource and Goldshore is not treating the East Coldstream Historical Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the East Coldstream Historical Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The East Coldstream Historical Estimate relating to inferred mineral resources was calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 5: Reported Historical Production (North Coldstream Deposit) 4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, 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, plans to conduct a preliminary economic assessment and timing thereof, updating the mineral resource estimates, the filing of a technical report to support the mineral resource estimate at the Moss Lake Deposit, 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; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145867

Categories
Junior Mining Precious Metals

Bravo’s Re-sampling Program Continues to Outperform Historic Grades at Luanga

VANCOUVER, BC, Nov. 28, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF) (“Bravo” or the “Company“) today announced that it has received assay results from the analysis of re-sampled historic drill core from an additional eight historical diamond drill holes (“DDH”) from its Luanga (palladium + platinum + rhodium + gold +nickel) project (“Luanga” or “Luanga PGM+Au+Ni“), located in the Carajás Mineral Province, state of Pará, Brazil.

“Assay results have been received from a total of 42 re-sampled historic drill holes to date, with the previously noted positive trend of higher PGM+Au grades continuing to be observed in most intercepts as compared to historical intercepts,” said Luis Azevedo, Chairman and CEO of Bravo. “It is also encouraging that nickel sulphide grades are very comparable to the historical total nickel results, suggesting that very little nickel is tied up in silicates in the fresh rock. All these observations, combined with the first-time assaying for rhodium in many intercepts, are supportive as we work to validate Luanga’s historical mineral resource estimate of 142Mt @ 1.24 g/t Pd+Pt+Au and 0.11% Ni” (see Page 5 of this news release for important information in respect of the Historical Estimate).

Highlights

  • Results from the ongoing re-sampling of historic drill core continue to show a tendency to exceed the tenor of historic intercept grades, with mineralized thicknesses directly comparable to the thicknesses reported for historic intercepts.
  • Highlights of Bravo’s most recent re-sampling results are tabulated below, with details including comparisons to historic intercepts:
HOLE-IDFROM (m)TO(m)THICKNESS 
(m)
HISTORIC SGS PGM + Au (g/t)BRAVO ALSPGM + Au (g/t) HISTORICNi % (Total) BRAVO**Ni % (Sulphide) TYPE 
PPT-LUAN-FD0072     79.086.07.01.191.500.090.08FR
PPT-LUAN-FD008244.068.024.01.592.08*0.180.21FR
PPT-LUAN-FD01120.030.030.01.342.340.24NAOx
And139.0156.017.01.022.150.010.01FR/LS 
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Includes Rh >1.00g/t result. Overlimit analyses pending.
** = Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.
  • 119 drill holes (including 8 metallurgical drill holes) have been completed so far in 2022, for a total of 20,409 metres (or 80% of the Phase 1 Drill Program). Currently, samples from 46 drill holes are at the assay laboratory pending results, and results from 34 drill holes have been released to date.
  • 22,318 samples have been submitted for assay in 2022, including 3,353 samples from re-sampling of historic drill core.
  • 6 drill rigs operating onsite.

Luanga Re-Sampling Program and Phase 1 Drilling Progress

A comparison of the historic intercepts with the Bravo assay results from re-sampled core is tabulated below, with a plan showing the re-sampled hole locations. A drill section is provided below, showing results for PPT-LUAN-112. Bravo’s assay results from re-sampled core continue to closely correlate to the historic intercepts in thicknesses, while the previously observed trend of intercepts frequently exceeding the tenor of historic grades continues. This is most likely related to improved assay methods for PGMs versus those available over 20 years ago, and only sporadic rhodium assaying historically.

The Phase 1 diamond drill program continues as planned at Luanga. Six drill rigs are on site, with drilling progressing in various locations along the entire 8.1km strike length of the known Luanga mineralized envelope. To date, 114 drill holes have been completed, for a total of 19,384 metres (or 76%) of the planned 25,500 metre Phase 1 drill program.

Comparison of Re-Sampled Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)

HOLE-IDFrom (m)To(m)Thickness 
(m)
HISTORIC SGS PGM + Au (g/t)BRAVO ALSPGM + Au (g/t) HISTORICNi % (Total) BRAVO**Ni % (Sulphide) TYPE 
PPT-LUAN-FD0072     44.060.016.00.720.710.160.18FR
And79.086.07.01.191.500.090.08FR
PPT-LUAN-FD007326.044.018.00.810.840.150.16FR
PPT-LUAN-FD00820.019.019.00.810.830.10NAOx
And44.068.024.01.592.08*0.180.21FR
And81.084.03.00.901.000.090.08FR
PPT-LUAN-FD008357.063.06.00.280.230.150.13FR
And68.074.06.00.170.140.110.09FR
PPT-LUAN-FD0096292.0307.015.00.500.480.100.10FR
PPT-LUAN-FD01120.030.030.01.342.340.24NAOx
And139.0156.017.01.022.150.010.01FR/LS 
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Includes Rh >1.00g/t result. Overlimit analyses pending.
** = Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historic total nickel assays.

Complete Table of New Intercepts for Re-sampled holes

HOLE-IDFrom (m)To(m)Thickness 
(m)
Pd(g/t) Pt(g/t) Rh(g/t)Au
(g/t)
PGM +
Au (g/t) 
Ni %
(Sulphide) 
TYPE 
PPT-LUAN-FD0072     44.060.016.00.380.210.040.090.710.18FR
And79.086.07.00.870.500.100.021.500.08FR
PPT-LUAN-FD007326.044.018.00.440.250.010.150.840.16FR
PPT-LUAN-FD00820.019.019.00.610.180.010.030.83NAOx
And44.068.024.01.220.620.20*0.032.08*0.21FR
And81.084.03.00.680.260.050.011.000.08FR
PPT-LUAN-FD008357.063.06.00.120.090.01<0.010.230.13FR
And68.074.06.00.090.040.010.010.140.09FR
PPT-LUAN-FD0096292.0307.015.00.250.170.030.040.480.10FR
PPT-LUAN-FD01120.030.030.01.380.820.110.042.34NAOx
And139.0156.017.00.771.170.190.022.150.01FR/LS 
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the hole and the mineralization, the intercept is estimated to be 80% to 90% of true thickness.
Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
* = Includes Rh >1.00g/t result. Overlimit analyses pending.
Section 1 – Showing PPT-LUAN-FD00112 (CNW Group/Bravo Mining Corp.)
Section 1 – Showing PPT-LUAN-FD00112 (CNW Group/Bravo Mining Corp.)
Location of Historic Drill Hole Results Discussed in this Report (CNW Group/Bravo Mining Corp.)
Location of Historic Drill Hole Results Discussed in this Report (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, engagement with local communities, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.

Historical Resource Estimate

This press release includes a historical resource estimate for the Luanga Project (the “Historical Estimate“) prepared internally by prior owners, VALE SA, in 2017 and contained in a report by  Mansur E.T., Ferreira Filho C.F., Oliveira D.P.L. entitled “The Luanga deposit, Carajás Mineral Province, Brazil: Different styles of PGE mineralization hosted in a medium-size layered intrusion.” and published in Ore Geology Reviews (Volume 118, March 2020, 103340). A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Bravo is not treating the Historical Estimate as current mineral resources or mineral reserves. Bravo cautions that the Historical Estimate was not prepared in accordance with NI 43-101. There can be no certainty, following further evaluation and/or exploration work, that the Historical Estimate can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101. Further, the assays values used to calculate the nickel content in the Historical Estimate are total nickel, and thus contain both sulphide nickel (potentially recoverable) and silicate nickel (unrecoverable by conventional methods). Bravo is not aware whether the nickel content in the Historical Estimate has been modified to account for this or not. In addition, no breakdown of the assay results for the individual metals contributing to this Historical Estimate has been published and the Historical Estimate was not classified in accordance with the mineral resource categories set out in NI 43-101. Nevertheless, Bravo considers the Historical Estimate to be relevant to the reader’s understanding of the status of the Project and its future potential.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such “outperform”, “highlights”, “positive trend”, “encouraging”, “inspiring”, “exceeding”, “correlate”, “exceeding”, “improved”, “validate” and other similar words, phrases or statements that certain events or conditions “could”, “should”, “potentially” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-sampling and drill programs and the results thereof; the potential for a continued trend of improved in grade relative to historic assays and the possible impact on future mineral resource estimates; the potential for the definition of new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, re-sampling results may vary negatively from historical results, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that sample grades from re-assayed core may continue to outperform historic grades; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-IDCompany East (m)North (m)RL (m) DatumDepth
(m) 
Azimuth DipSector 
PPT-LUAN-FD0072     Vale SA659387.119341285.56226.76SIRGAS2000 
UTM22S 
231.00330.0-60.0Central 
PPT-LUAN-FD0073Vale SA659211.289341185.85226.30SIRGAS2000
UTM22S 
229.10330.0-60.0Central 
PPT-LUAN-FD0082Vale SA659734.399341481.67206.98SIRGAS2000
UTM22S 
213.20330.0-60.0Central 
PPT-LUAN-FD0083Vale SA659904.929341589.34233.28SIRGAS2000
UTM22S 
216.65330.0-60.0Central 
PPT-LUAN-FD0096Vale SA659609.309341300.37201.82SIRGAS2000
UTM22S 
320.40360.0-90.0Central 
PPT-LUAN-FD0112Vale SA659393.129343373.87244.94SIRGAS2000
UTM22S 
160.9090.0-60.0North

Schedule 2: Assay Methodologies and QAQC

Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was quarter cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the respective ALS or SGS global websites (ALSSGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo ALS
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhNi-SulphideTrace Elements 
PREP-31BPGM-ICP27 Rh-MS25 Ni-ICP05ME-ICP61
Historic Drill Assaying SGS Geosol
PreparationMethodMethodMethodMethod
For All ElementsPt, Pd, AuRhTOTAL NiTrace Elements
Crushed to <200# mesh FA30AFA30BICP-117ICP-117
www.bravomining.com (CNW Group/Bravo Mining Corp.)
www.bravomining.com (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision
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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/28/c1151.html

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals Rover Metals

Rover Metals – Definitive Agreement Let’s Go Lithium Project

Rover Metals, Proven and Probable

Website: https://rovermetals.com/
Fact Sheet: https://rovermetals.com/s/Rover_FactSheet_v12.pdf
Presentation: https://bit.ly/3XumHyn

Check out this great interview with Judson Culter the CEO of Rover Metals, as the company is expanding its portfolio onto critical minerals. Will shareholders have a positive reaction to the new portfolio diversification? Find out right here!

A CRITICAL MINERALS EXPLORATION COMPANY
Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.

Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.

Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).

The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.

The Best Video on Why and When to Buy and Sell Physical Precious Metals:

I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from:

Website| www.provenandprobable.com
Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/

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Energy Exclusive Interviews Junior Mining

Dolly Varden Silver – Wolf Deposit Strike Length Doubled

Dolly Varden Silver, Proven and Probable

Shawn Khunkhun the CEO of Dolly Varden Silver, sits down with Proven and Probable as the company has just surpassed another significant milestone: Dolly Varden Silver Intersects 1,049 g/t Ag over 3.60m in 200m down plunge step-out plus 1,646 g/t Ag over 2.15m in 400m down dip test at Wolf

Dolly Varden Silver Corp: (TSX.V: DV | OTCQX: DOLLF)
Website: https://www.dollyvardensilver.com/
Fact Sheet: https://dollyvardensilver.com/wp-content/uploads/2022/10/factsheet-powerpoint-2022-10-21.pdf
Corporate Presentation: https://dollyvardensilver.com/wp-content/uploads/2022/11/DV-corp-deck-2022-11-21.pdf
Email: info@dollyvardensilver.com
Phone: 604-602-1440

Bob Moriarty: Dolly Varden is Silver 

Special Thanks to Chris Marcus of Arcadia Economics: https://arcadiaeconomics.com/

The Best Video on Why and When to Buy and Sell Physical Precious Metals:

Proven and Probable
Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments, The Only Online Dealer that is Licensed and Bonded (Period)! Where we provide unlimited options to expand your precious metals portfolio, from

Website | www.provenandprobable.com
Call me directly at 855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals FAQ – https://www.milesfranklin.com/faq-maurice/

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Junior Mining Lion One Metals Precious Metals

Lion One Extends the URW3 Lode, a Key Component of The 500 Zone Feeder, with Several Bonanza-Grade Drill Intercepts at Its Tuvatu Gold Mine, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.

The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.

Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.

Highlights:

An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts

Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m

Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608

Select high-grade intercepts

Hole IDFrom (m)To (m)Intercept
(m)
Au g/t
TUG-149254.4267.312.912.89
including259.2259.50.3134.97
318.6322.53.984.61
including321.3321.60.3536.50
321.6321.90.3530.60
423.3428.75.448.65
including426.0426.30.3802.47
TUDDH-613529.0529.30.3108.52
TUDDH-616624.2631.77.59.43
including624.2626.62.412.11
and627.2628.71.523.59
which includes627.5627.80.363.86

Technical advisor to the Company, Dr. Quinton Hennigh commented: This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.

Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.

Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…

Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.



Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/2178/144799_e229c35874cc28b8_001full.jpg.



Figure 2: Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/2178/144799_fig2lion.jpg.

Table 1: Includes the location and other information for listed DDH holes

HOLE IDEASTINGNORTHINGELEVATIONAZIMUTHDIPDEPTH (M)
TUG-14918764383920584115.1115.0-77.0in progress
TUDDH-61318762803920472286.390.0-68.0869.90
TUDDH-61618762803920472286.392.0-71.0767.70

Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.

Hole IDFrom (m)To (m)Interval (m)Au g/t
TUG-149187.5188.10.60.86
208.5208.80.30.72
236.1237.00.91.85
245.4248.12.71.49
251.1252.00.913.77
including251.4251.70.335.36
254.4267.312.912.89
including255.0255.30.35.60
including255.9256.20.344.14
including256.2256.50.359.64
including256.8257.10.317.64
including257.1257.40.3T33.17
including257.4257.70.317.41
including257.7258.00.346.76
including258.0258.30.329.45
including259.2259.50.3134.97
including259.5259.80.315.90
including259.8260.10.35.86
including260.1260.40.360.19
including260.4260.70.321.32
including261.3261.60.314.55
including261.6261.90.37.95
312.0313.51.516.02
including312.6312.90.360.03
including312.9313.20.312.02
including313.2313.50.36.60
315.0315.60.61.72
318.6322.53.984.61
including318.9319.20.37.48
including321.3321.60.3536.50
including321.6321.90.3530.60
including321.9322.20.35.32
353.1353.40.30.59
359.4360.00.65.26
including359.4359.70.38.89
390.3390.60.30.53
393.6393.90.30.58
394.8395.70.90.71
401.7402.30.60.87
419.7420.00.31.93
423.3428.75.448.65
including424.8425.10.35.53
including425.1425.40.35.26
including425.7426.00.317.53
including426.0426.30.3802.47
including426.6426.90.36.31
including426.9427.20.37.05
including427.8428.10.318.01
432.3432.90.60.58
441.0441.30.39.20
486.4490.64.28.96
including487.0487.30.37.22
including487.9488.20.35.88
including488.2488.50.310.33
including489.1489.40.37.67
including489.4489.70.349.97
including489.7490.00.335.57
hole still in progress
TUDDH-61335.536.10.60.59
37.037.90.90.78
160.4161.00.61.38
452.2452.50.30.68
529.0529.30.3108.52
531.1532.00.90.82
535.6543.17.52.76
including539.8543.13.35.45
which includes540.7541.30.625.10
551.2554.23.08.39
including551.2552.10.95.02
including552.1552.70.611.67
including553.3553.90.69.36
including553.9554.20.324.54
580.0580.90.90.50
594.6596.11.50.65
627.4631.94.50.96
633.7634.00.30.71
755.0755.30.30.51
TUDDH-61636.837.70.90.70
604.6607.93.32.99
including605.2606.10.98.65
which includes605.2605.50.317.10
614.8617.62.85.73
including615.1616.41.311.55
which includes615.4615.70.324.89
618.8620.31.53.91
including618.8619.40.67.61
624.2631.77.59.43
including624.2626.62.412.11
including627.2628.71.523.59
which includes627.2627.50.337.09
and also includes627.5627.80.363.86
including629.9631.11.23.43
633.5634.71.216.76
including634.1634.70.629.54
636.5637.10.60.59

About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. The drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high-grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of Lion One Metals Limited
Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250 Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144799

Categories
Base Metals Energy Junior Mining Precious Metals Rover Metals

Rover Metals Announces and Arranges $0.08 Unit Financing

Rover Metals Corp.
Rover Metals Corp.

VANCOUVER, British Columbia, Nov. 16, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce a non-brokered private placement financing for a minimum of $350,000 and a maximum of $800,000. The Company will issue $0.08 units. Each unit is priced at $0.08 and is comprised of one common share and one common share purchase warrant (the “Units”). The warrants on the Units have an exercise price of $0.12 per warrant share, and a life of two and half (2 ½) years. Assuming the financing is fully subscribed, there will be up to 10,000,000 common shares and 10,000,000 common share purchase warrants issued in connection with this financing, plus any finder’s commission warrants.

Further to the above announcement, Rover has also now received approval from the Toronto Venture Exchange (TSXV) to close the first tranche of the Unit financing for gross proceeds of $376,000 (the “First Closing”). The Company will issue of 4,700,000 common shares and 4,700,000 warrants. Finders’ commissions are being paid in connection with the First Closing in the amount of cash commissions of $13,312.50 and finders’ warrants of 266,250. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 ½) years. The shares and warrants issued under the First Closing will bear the minimum four-month regulatory hold period from the date of issuance.

An updating release will be provided once the Company has completed the Unit financing.

Shares for Services Agreement
The TSXV has also approved a common shares for services issuance pursuant to a previously approved consulting agreement with one of the Company’s former arm’s length advisors. Services in the amount of $22,500 for the three-month period from July 1, 2022 to September 30, 2022 will be paid through the issuance of 187,500 common shares at a deemed price of $0.12 per share. The arm’s length advisory agreement expired effective September 30, 2022. The shares will bear the minimum four-month regulatory hold period from the date of issuance.

About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF (temporarily trading as ROVMD), and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.

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

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

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

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

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

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

Categories
Base Metals Collective Mining Junior Mining Precious Metals

Collective Mining Expands 2022 Drilling Program at the Guayabales Project

TORONTO, Nov. 16, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that it has expanded the scope of its 2022 drill program at the Guayabales project. Following the Company’s recent $10.7 million bought deal financing, combined with the exploration team’s analysis of recent assay results, the Board of Directors has approved an additional 3,000 metres of drilling at the Apollo target (“Apollo”) over the balance of 2022. As a result, the Company now expects to complete approximately 23,000 metres of drilling in 2022.

The Company has already released assay results from the first 14 holes at Apollo and expects to release additional results from holes APC-15 through APC-25 over the near term. Three rigs continue to turn at Apollo with the majority of holes focused on expanding the Main Breccia discovery which has nearly tripled in potential dimension with recent drilling results and now measures 385 metres along strike by 350 metres across by 825 metres depth. Presently, drill holes APC-26 through APC-28 are advancing on schedule. Previously announced results from the Main Breccia discovery at Apollo include:

HoleIntercept(m)Au (g/t)Ag (g/t)Cu %Zn %Pb %Mo %AuEq (g/t) *
APC-2207.151.46450.310.080.050.0022.68
APC-8265.751.26550.220.070.050.0452.44
APC-12237.701.15720.380.080.070.0012.88

See press releases dated August 10th, September 13th and October 6th respectively.

While plans for the 2023 drill program are currently being finalized for the Board of Directors approval prior to year-end, the Company plans to continue its aggressive drilling approach at Apollo with an aim of expanding the Main Breccia discovery even further while testing other targets at Apollo in 2023.

Drilling at the Guayabales project in 2022 has yielded remarkable success with four distinct discoveries made across five tested targets. The obvious highlight has been the Main Breccia system at Apollo; a truly exciting high-grade and bulk tonnage copper-silver-gold discovery. Importantly, the Guayabales project is located in the heart of a 500+ year old mining camp with ten fully permitted and operating mines located within three kilometers of the project. As a result, infrastructure is abundant with hydroelectric power traversing the project in multiple locations and abundant skilled mining labor located in the surrounding towns. We look forward to continue advancing the project aggressively and are confident that Guayabales will be an important contributor to the Colombian government’s bold plan to produce energy transition metals in the near term,” stated Ari Sussman, Executive Chairman of Collective Mining.

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 a major bulk-tonnage and high-grade copper, silver and gold discovery at the Apollo target. The Company’s near-term objective is to continue with expansion drilling while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own nearly 35% 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.

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

View original content: http://www.newswire.ca/en/releases/archive/November2022/16/c0096.html