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Vancouver, British Columbia–(Newsfile Corp. – March 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) – is pleased to announce the filing of its 2022 annual report Form 40-F, which includes the audited financial statements for the year ended December 31, 2022, with the U.S. Securities and Exchange Commission (“SEC”) on EDGAR (www.sec.gov). EMX has also filed its Annual Information Form (AIF), audited Financial Statements (FS), and Management’s Discussion and Analysis (MD&A) for 2022 with Canadian securities regulators on SEDAR (www.sedar.com). The Company’s Form 40-F, AIF, audited FS, and MD&A are also available on EMX’s website at www.EMXroyalty.com under the heading “Investors”. Shareholders may receive a printed copy of the Company’s complete Financial Statements, or its complete Annual Information Form, free of charge, upon request to the Corporate Secretary at Suite 501 – 543 Granville Street, Vancouver, British Columbia V6C 1X8, Canada. All dollar amounts in this news release are USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Year Ended December 31, 2022
Revenue and other income for the year ended December 31, 2022 was $18,277,000 (2021 – $7,526,000). Adjusted revenue and other income1 of $25,403,000 (2021 – $11,044,000) included $7,126,000 (2021 – $3,518,000) in income for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
Net income for the year ended December 31, 2022 was $3,349,000 (2021 – loss of $23,731,000).
Operating cash flow for the year ended December 31, 2022 was $16,729,000 (2021 – cash used of $8,062,000). Adjusted operating cash flow1 from operations for the year ended December 31, 2022 was $21,953,000 (2021 – cash used of $6,356,000).
As at December 31, 2022, EMX had cash and cash equivalents of $15,508,000 (December 31, 2021 – $19,861,000), investments, long-term investments and loans receivable valued at $14,561,000 (December 31, 2021 – $18,170,000) and loans payable of $40,489,000 (December 31, 2021 – $50,733,000).
Corporate Updates
Timok Dispute Update On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive. Both companies are expecting to execute a modified royalty agreement in 2023.
Settlement of the Bullion Litigation The Company’s wholly owned subsidiary, Bullion Monarch Mining, Inc. (“Bullion”), reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion $25,000,000. Of the $25,000,000 settlement, $6,175,000 was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit did not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which continue to be paid.
Acquisition of Additional Royalty Interest on Caserones EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for $25,742,000. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX’s new total totals to an (effective) 0.7335% NSR royalty interest.
Subsequent to the year ended December 31, 2022, the Company entered into certain agreements to acquire an additional 2.263% ownership in the underlying royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.0424% (effective) NSR interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7759%.
Acquisition of Royalty Portfolio from Nevada Exploration EMX executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”), for $500,000 (see EMX news release dated September 2, 2022). The portfolio consists of a 2% NSR royalty on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles and includes four district-scale land positions, as well as certain other interests. In addition, if NGE options, farms out, or sells a project, then beginning on the first anniversary of the third-party agreement, EMX will receive advanced annual royalties of $20,000 that escalate $10,000 per year and are capped at $50,000. NGE has the right to buy back half of EMX’s 2% NSR royalty by purchasing a 0.5% NSR interest for $1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest has been purchased, may purchase the second 0.5% NSR interest any time prior to production for $1,500,000.
Appointment of Independent Director EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.
Royalty and Royalty Generation Updates In 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $17,512,000 on royalty generation costs and recovered $8,577,000 from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. During the year the Company also completed 10 partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects. In addition, our partners directly spent approximately $31,996,000 in exploration on the portfolio.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
155
Royalty Generation Properties
96
Figure 1. EMX’s royalty and mineral property portfolio.
Initial production royalty payments were received from the Company’s Gediktepe oxide gold (silver) Royalty Property and Balya North polymetallic Royalty Property in Turkey (see respective EMX news releases dated September 9, and September 15, 2022). From Gediktepe EMX recognized $3,709,000 in royalty revenue and $4,000,000 in deferred milestone payments which will be paid in Q2 2023. EMX earned $276,000 from the Balya North Royalty Property in 2022.
EMX received a $3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) based upon declared resources totaling 200 million pounds or more of contained copper covered by the Company’s Parks-Salyer Royalty Property. ASCU’s maiden resource for its Parks-Salyer project, which is partially covered by EMX’s Royalty Property, was reported as total inferred underground resources of 143.6 million tons averaging 1.015% (total) copper and containing 2,915 million pounds of copper as oxide, enriched, and primary mineralization at variable cutoffs (see ASCU news release dated September 28, 2022). The Company retains a 1.5% NSR royalty covering the Parks-Salyer Royalty Property.
In the US, the Company added to its growing royalty portfolio with the completion of five new royalty agreements, the advancement of more than twenty-five partner-funded work programs, including nine drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as a large (approximately 1,890 hectares), prospective land position in the Silver Valley district in Idaho. For the year, partners spent more than $18,000,000 on EMX’s early-stage US portfolio.
EMX’s Regional Strategic Alliance (“RSA”) with South32 Limited (“South32”) concluded in Q4 2022 after four years of generative exploration and project work. The Company is now following up on eleven priority projects identified by the RSA and retained by South32 for additional work, including an ongoing drill program at the Copper Springs porphyry copper project in Arizona’s Globe-Miami district.
In Canada, EMX programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received C$577,000 in cash payments and C$52,000 in share equity payments during the year, while partners spent more than $3,700,000 in exploration expenditures advancing the portfolio.
EMX’s Latin American royalty portfolio advanced through field programs by Austral Gold Limited (at Morros Blancos and Morros Colorado), Pampa Metals Corporation (Block 4), and drill programs conducted by AbraSilver Resource Corp. (Diablillos), Aftermath Silver Ltd (Berenguela), and GR Silver Mining Ltd (San Marcial). In particular, the drill programs continued to produce significant results that expanded known resources and added new discoveries at nearby targets.
AbraSilver Resource Corp. (“AbraSilver”) announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit that included measured and indicated resources of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred resources of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is designed to delineate a maiden resource estimate for the high-grade JAC zone discovery (see AbraSilver news release dated February 21, 2023).
In Northern Europe, the Company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totaling nearly 175,000 hectares, and partnering four available properties. EMX also assisted with multiple partner-funded exploration and drilling programs. Overall, approximately $6,700,000 was spent by partners on EMX’s exploration royalty properties in Northern Europe during 2022.
Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Financing Updates
Sprott Credit Facility The Company entered into a credit facility in 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling $44,000,000 (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal ($660,000) was added to the principal balance as at January 24, 2022.
Private Placement with Franco-Nevada The Company completed a $10,000,000 private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) 0.3155% NSR royalty on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).
Franco-Nevada purchased 3,812,121 units at C$3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for C$4.45 exercisable until April 14, 2027. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.
Repayment of Vendor Take Back Note The Company repaid in full the vendor take back note issued to SSR Mining Inc. totaling $8,319,000 including interest owed.
Exercise of Stock Options granted by EMX 1,110,000 stock options were exercised pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,037,000 to EMX.
Investment Updates As at December 31, 2022, the Company had marketable securities of $9,970,000 (December 31, 2021 – $7,409,000), and $4,591,000 (December 31, 2021 – $8,761,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from strategic investments, including Premium Nickel Resources Corporation (“PNR”), and royalty deals completed as part of our organic royalty generation business.
Strategic Investment in Premium Nickel Resources From 2020 through 2022, EMX acquired 5,412,702 shares of PNR, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3 of 2022, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information is not NI 43-101 compliant. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, Australia, and Strategic Investments.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section of the Company’s annual MD&A for the year ended December 31, 2022 for more information on each non-IFRS financial measure.
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KELOWNA, BC / ACCESSWIRE / March 13, 2023 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) is pleased to announce the recovery of a 45.15 carat gem quality rough diamond from the processing of quarry material at the Company’s Krone-Endora at Venetia Project (the “Project”). This 45.15 carat large rough diamond in the Specials category (+10.8 carats) follows the previously recovered 72.53 carat gem quality rough diamond announced on February 21, 2023. The recovery of this second large gem quality rough diamond, along with the pending sale of approximately 2,000 additional carats delivered for tender and sale, is expected to positively impact revenues and offset the lower than anticipated current processing volumes associated with the ongoing power load-shedding currently being experienced in South Africa.
The Company is also pleased to provide a further update on the progress on the procurement and installation of a comprehensive long-term supplementary power solution at the Project. Various options were evaluated by the Company’s operational management team throughout 2022 in anticipation of potential issues with consistent power supply in South Africa, with the main focus being to provide the Project with systems to eliminate potential downtime and lost processing time at the Project. The chosen system will incorporate various items including a large Battery Energy Storage System (“BESS”) element, power conditioning, switching systems, and generator backup systems. The solution has been designed to provide the Project with a globally recognised tier 1 energy management system to provide a long-term seamless uninterrupted transition between traditional grid power supply, battery systems, and generator backup systems. In addition, the system will provide power conditioning to “clean” all power being supplied to the Project’s processing plant, which is expected to provide significant benefits including increased reliability of electronics while lowering maintenance on the processing plant’s electrical systems. The Company is expediting these efforts due to the current elevated issues surrounding the inconsistent supply of power in South Africa by Eskom, the national power supplier. The Company is targeting the installation of these systems to be completed prior to the end of the next quarter.
Highlights
Continued Tender and Sale of Rough Diamonds. While the total carats of rough diamonds tendered and sold in the current quarter continues to be lower than anticipated due to widely reported increases in daily load-shedding / power outages throughout South Africa, ongoing efforts to maximize recoveries and the continued recovery of larger gem-quality rough diamonds in the Specials category are expected to offset this issue in the near-term.
Average Dollar Per Carat Increases in Period. The combination of the Project’s relatively high percentage of gem quality diamonds recovered to date, along with the recent recovery of two large gem quality special rough diamonds, is expected to have a positive impact on the average dollar per carat for the current period. Tender and sales totaling 1,538.62 carats of rough diamonds in the current quarter to date has generated gross revenues of USD $980,696.08, resulting in an average dollar per carat of USD $637.39.
Recovery of Large Gem Quality Rough Diamonds. Even while operating at restricted processing levels, the Company’s recovery of the previously announced 72.53 carat diamond gem quality rough diamond and the recent recovery of the above mentioned 45.15 carat gem quality rough diamond in the current quarter continues to confirm the potential for these types of large rough diamonds to be recovered from the Project’s deposits and provide positive impact to gross revenues.
Continued Rough Diamond Recoveries. The Company continues to process material and manage inconsistencies in power supply delivering approximately 2,000 carats of additional rough diamonds for tender and sale. Additional rough diamonds recovered prior to March 31, 2023, will either be tendered and sold in a final tender and sale of the current period, or held as stock on hand at the end of the period, and tendered in the Company’s next quarter.
Continued Progress on the Procurement and Installation of Power Systems. The Company’s operational team continues to advance the previously announced installation of comprehensive systems aimed at mitigating the long-term impact any potential load-shedding has had on the Project. Installation of this system is targeted for completion at the end of the Company’s next fiscal quarter.
“The recent recovery of another larger gem quality 45.15 carat rough diamond will provide further revenue during the period, and additional confirmation of the Project’s potential to continue recovering these larger rough diamonds”, stated Mr. Dean Taylor, Diamcor CEO. “We certainly look forward to the near-term implementation of the back-up power systems to remove current limitations on processing volumes, and with that, return our focus to efforts aimed at expanding our understanding of the potential deposits on the greater areas of the Project.”
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for very low-cost mining to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Reconnaissance underground step-out drilling for the three hole Phase II program at the Olympus target has intercepted continuous mineralization with highlight assay results including:
Drill hole OLCU-2 has extended the known strike of the Olympus system by 150 metres to the southwest of drill hole OLCC-4 from the Phase I program in H1 2022 with previously announced results including:
As a result of OLCU-2, the dimensions of the Olympus system now measure 600 metres by 400 metres and remains open to the east, west, north and to depth for further expansion.
Drill hole OLCU-2 is located only 280 metres to the northwest of the currently known northern boundary of the Apollo porphyry system which was intercepted in step out hole APC-17, which returned 547.65 metres at 1.03 g/t gold equivalent (see press release November 29, 2022). Porphyry mineralization observed in drill core at Olympus raise the possibility that the Apollo porphyry system might continue at depth below Olympus. Future deep drilling will test this concept.
Multiple zones of NW trending sheeted late-stage porphyry related carbonate base metal veins have now been mapped and/or drilled from Aris Mining’s multi-million-ounce Marmato mine through the ME, Apollo and Olympus targets respectively covering a strike length of approximately three kilometres.
Presently, the Company has three diamond drill rigs turning at the Apollo porphyry system focused on testing the southern portion of the system where it daylights at surface. On February 23, 2023, the Company reported initial assay results from its first hole (APC-31) drilled in 2023 and confirmed that high-grade mineralization extends to surface with assay results as follow:
An additional seven holes have been completed at Apollo and have all appeared to have cut continuous mineralization from surface down to depths of up to 375 metres. Assay results for holes APC-33 and APC-35 are expected in the near term.
Ari Sussman, Executive Chairman commented: “Inspection of drill core and underground sampling at the Olympus target point to the potential for a mineralized porphyry system at depth. It is entirely conceivable that below Olympus we might find the Apollo porphyry system’s down plunge extension or another porphyry intrusion altogether. This model is directly comparable to the Marmato mine located less than 4 kilometres away and along the same mountain slope. Marmato hosts a CBM vein system similar to Olympus, which lies atop a porphyry at depth. We are truly blessed with remarkable geology. Hydrothermal fluid systems this robust in both nature and scale are exceedingly rare globally.”
TORONTO, March 7, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three underground drill holes completed at the Olympus target which forms part of the Company’s Guayabales project located in Caldas, Colombia. Mineralization at Olympus is characterized by zones of sheeted, late-stage carbonate base metal (“CBM”) veins and veinlets impregnating either porphyry diorite host rock or schist host rock. The Olympus target area measures 600 metres north-south by 400 metres east-west. Previously, the Company announced drilling results from drilling in the northern portion of the Olympus target area which included discovery hole OLCC-3 which averaged 301.9 metres @ 1.11 g/t AuEq (see press release dated March 15, 2022).
Details (See Table 1 and Figures 1 and 2)
Assay results for underground drill holes OLCU-1 to OLCU-3 are announced in this press release. All three holes were drilled from an underground chamber constructed within shallow ancestral underground workings located approximately 280 metres to the west and northwest of the current known northern extent of the Apollo porphyry deposit.
Assay results and geological observations are summarized below.
OLCU-2 was drilled northeastwards at a shallow dip below old workings from the underground chamber to a maximum depth of 331.8 metres. The hole was drilled orthogonally to CBM veins mapped in higher levels within the historical workings. The hole intersected two zones of polymetallic CBM veins and veinlets returning the following results:
55.25 metres @ 1.91 g/t gold equivalent from 172.6 metres including 7.45 metres @ 8.69 g/t gold equivalent, and
Both mineralized zones consist of multiple polymetallic CBM veins and veinlets hosting pyrite, sphalerite, chalcopyrite, and galena. The sheeted vein systems are associated with intense sericite alteration and overprint older, potassic altered porphyry diorites containing magnetite and quartz-sulphide, porphyry veins.
Drill hole OLCU-3 was drilled in a NNE direction at a shallow dip from the underground chamber to a final depth of 290.2 metres and intersected a CBM vein zone with similar characteristics to those described in OLCU-2 and grading 0.81 g/t gold equivalent over 17.45 metres. The CBM zone is associated with intense sericite alteration and this mineralized system overprints potassically altered, porphyry diorite.
Hole OLCU-1 failed to intersect the targeted CBM zone due to drilling problems related to faulting and a historical mining cavity.
The current underground drilling and previously reported Olympus drill results (all summarized in Figure 1) outline multiple CBM vein zones covering an area of 600 metres north-south by- 400 metres east-west which is open to the NW and SE as the vein systems strike in this direction.
The CBM vein intercepts in OLCU-2 are located only 280 metres to the northwest of the known extent of Apollo porphyry system mineralization intercepted in step out drill hole APC-17. Drill hole APC-17 was an important step out hole which significantly extended the size of the Apollo deposit northwards returning a long intercept of 547.65 metres @ 1.03 g/t gold equivalent (see press release date November 29, 2022). This hole was terminated at 912.8 metres due to rig capacity limitations and bottomed in strong mineralization with the final 2.75 metres averaging 1.56 g/t gold and 9 g/t silver.
Interpretation work undertaken by the Company’s geological team has, to date, identified three zones of sheeted CBM vein systems which overprint both the inter-mineral breccia within the Apollo porphyry system and then continue to the northwest through the Olympus system. Additionally, porphyry style mineralization has been observed throughout Olympus drill core and underground mapping. As a result, it is entirely possible that the inter-mineral breccia making up the Apollo porphyry system (which plunges to depth as the system is traced northwards) or another porphyry intrusion might lie below the Olympus vein system. This model is directly analogous to the Marmato mine located approximately three kilometres along strike to the southeast where a CBM vein system lies above a porphyry system (Marmato Deeps).
Table 1: Assays Results for holes OLCU-1 to OLCU-3
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
OLCU-1
NSV*
OLCU-2
5.90
6.40
0.50
3.4
242
0.13
0.004
7.18
133.55
134.25
0.70
1.51
180
0.13
0.002
4.41
OLCU-2
172.60
227.85
55.25
1.75
11
0.02
0.003
1.91
Incl.
205.00
206.60
1.60
3.01
20
0.02
0.010
3.29
207.60
208.80
1.20
2.89
10
0.01
0.006
2.97
211.05
211.60
0.55
4.39
14
0.02
0.001
4.44
217.30
224.75
7.45
8.62
28
0.04
0.002
8.69
OLCU-2
264.70
265.20
0.50
8.05
89
0.05
0.002
9.24
and
284.15
331.30
47.15
0.61
18
0.03
0.004
0.94
Incl.
301.50
302.70
1.20
2.75
55
0.02
0.004
3.51
329.80
331.30
1.50
2.87
34
0.05
0.003
3.36
OLCU-3
58.55
59.40
0.85
4.53
12
0.01
0.004
4.54
116.85
134.30
17.45
0.64
9
0.03
0.002
0.81
Incl.
111.55
112.25
0.70
2.12
108
0.14
0.002
3.92
133.70
134.30
0.60
8.95
10
0.03
0.001
8.72
and
204.80
206.10
1.30
3.45
26
0.03
0.003
3.76
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.No top cut has been applied.
Reconnaissance drilling south of the Apollo porphyry system: Two drill holes (APC-32 and APC-34) were completed to test a surface soil anomaly for copper which is located 150 metres south of the southern limit of the currently defined Apollo porphyry system. The holes were collared from a newly constructed Pad 8 and drilled steeply northwards and westwards respectively, below the soil anomaly. Both holes intersected potassically altered porphyry diorites with low density of quartz-molybdenum-pyrite-pyrrhotite-chalcopyrite veins. Neither hole returned significant precious or base metal values. The Exploration team are using the trace element data to understand the location of these holes and their alteration patterns in comparison with the Apollo porphyry system.
Figure 1: Plan View Outlining Drilling at the Olympus Target. Proximity to the Apollo Porphyry System is Highlighted on the Map. (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Olympus Target Area (CNW Group/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 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-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.
Management and insiders own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Register Here for the Metallic Minerals Live Webinar: https://bit.ly/3KPXJpn Press Release: https://bit.ly/3ZwEN31 Website: https://mmgsilver.com/ Investor Relations: Chris Ackerman Email: chris.ackerman@metallic-minerals.com Phone: 604-629-7800 ext. 1 Toll Free: 1-888-570-4420
TimeStamp: :47 Introduction to Metallic Minerals 1:18 On-Site to the La Plata Project/Mineral Resource Overview 3:31 Highlight from Press Release 6:00 Next Steps on the La Plata 7:13 Updated Resource 2023? 7:48 Latest Updates on the Keno Silver Project 12:13 MMG Partners with Discovery Channel – Parker Schnabel – Gold Rush 15:00 Will MMG be on the Show? 15:12 Alluvial Project Updates 17:00 Live Webinar (https://bit.ly/3KPXJpn) 18:24 MMG Capital Structure 19:09 Message to Shareholders
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
Group Ten Metals: (TSX-V: PGE | OTCQB: PGEZF) Website: https://grouptenmetals.com/ Corporate Presentation: https://grouptenmetals.com/investors/presentations/
Granite Creek Copper: (TSX.V: GCX) Website: https://www.gcxcopper.com/ Corporate Presentation: https://www.gcxcopper.com/investors/presentations/
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TORONTO, Feb. 23, 2023 /CNW/ – Franco-Nevada Corporation (“Franco-Nevada” or the “Company“) (TSX: FNV) (NYSE: FNV) has been advised by its partner First Quantum Minerals Ltd. (“First Quantum“) that First Quantum’s subsidiary, Minera Panama, S.A. (“MPSA“), has suspended ore processing operations at the Cobre Panama mine. As previously announced, the Panama Maritime Authority (“AMP“) issued a resolution on January 26, 2023 requiring the suspension of concentrate loading operations at the Cobre Panama Port, Punta Rincón, until certification of the calibration of the scales by an accredited company had been initiated. Key updates as reported by First Quantum include:
MPSA believes it has complied with all requirements of the AMP resolution but copper concentrate loading operations are still not being permitted by the AMP
MPSA will begin a partial demobilization of its workforce and will take a systematic approach to reducing operations to ensure the safety of its workforce, prevent damage and degradation of equipment and preserve the integrity of the mine
If the AMP is to permit the recommencement of concentrate loading operations, MPSA could begin shipping concentrate and resuming operations at the mine within hours
Negotiations with the Government of Panama on a refreshed contract are continuing and First Quantum remains committed to achieving an outcome that will be to the benefit of all stakeholders and support the long-term operations of the Cobre Panama mine.
Please refer to First Quantum’s press release dated February 23, 2023 for further details.
Impact on Franco-Nevada
Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, holds two precious metal streams indexed to the copper-in-concentrate shipped by Cobre Panama. First Quantum’s 2023 guidance for uninterrupted production from Cobre Panama provided on January 16, 2023 was for 350kt to 380kt of copper production. This would translate into 131koz to 142koz of attributable GEO production to Franco-Nevada (calculating gold equivalence using $1,800/oz Au and $21.00/oz Ag prices).
Provided operations resume at Cobre Panama, the impact to Franco-Nevada of the suspension of operations should be limited to a deferral of revenue as the streams do not bear any associated carrying costs while operations are suspended.
Despite operations at the mine being suspended, Franco-Nevada remains highly profitable, continues to generate substantial cash flow, is debt-free, and has cash and working capital in excess of US$1 billion, an undrawn US$1 billion credit facility and limited financial commitments. Franco-Nevada remains in communication with First Quantum and will provide further updates as they are available.
Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the CRA, the expected exposure for current and future assessments and available remedies, the outcome of any discussions between the Government of Panama and the operator of the Cobre Panama mine and the remedies relating to and consequence of any actions taken by the Government of Panama or the operator of the Cobre Panama mine. In addition, statements relating to reserves and resources, gold equivalent ounces (“GEOs”) and mine life are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such reserves and resources, GEOs or mine life will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of the COVID-19 (coronavirus) pandemic; and the integration of acquired assets. The forward-looking statements contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedar.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
Burlington, Ontario–(Newsfile Corp. – February 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces strong initial assay results from the interception of the upper main vein at the Buckeye Mine near Globe, Arizona.
The vein was intercepted approximately 380 feet from the entrance to the adit. Immediately on contact with the vein, the first significant assays from the vein were 43, 178.6, and 270.6 ounces silver per ton. The samples yielding these results did not include material from the footwall. The samples were selected at random from the mineralized material removed from the vein and then were sent to SBMI’s assay lab for processing.
The Company is now mining along the exposed vein with assay results pending from the face. SBMI has extended the workings to 420 feet from the entrance to the adit, the vein is ten feet wide and eleven feet high, and the footwall is estimated by the field team to be four feet wide.
SBMI has stockpiled in excess of 450 tons of vein material at surface at the Buckeye Mine site, for shipment to the mill. The Company is mining 150 to 200 tons of mineralized material per day, although this rate will vary. The Company believes it has achieved the targetted grade necessary to support processing this material at the Company’s mill and to then pour dore bars or create concentrate. Both the dore bars and the concentrate will saleable product, and the Company does not expect to encounter any significant difficulties in finding buyers for those products.
SBMI is also pleased to announce it has begun to resolve the issues with pouring dore bars from this material. The picture below shows a malformed dore bar from September, 2022.
The Company thanks Dr. Andrew Macdonald, a mineralogist with Harquail School of Earth Sciences at Laurentian University, for his assistance. Initial results from his work indicate the presence of a highly magnetic iron alloy in the mineralized material. The iron alloy smelts at temperatures of over 3000 degrees F, which is above the silver smelting temperature of roughly 1800 degrees F, and therefore it interferes with the silver smelting process. SBMI has confirmed this thesis by using a high intensity magnet to pull the iron alloy from the concentrate prior to smelting. The dore bar below, poured in February, 2023, resulted from concentrate after the iron alloy was removed.
Dore bar poured after the iron alloy was removed; Feb 2023
As a result, the Company intends to permanently install a high intensity magnetic separator in the milling operation to improve the likelihood the Company can smelt silver dore bars. The Company intends to store the magnetic concentrates for future research. Continued research will be needed.
The Company is still awaiting the check assay results from American Assay Labs and Actlabs.
SBMI’s near term goal is to process the higher grade material at the Company’s mill to produce saleable product.
QAQC
All the samples above were collected by SBMI’s field team. Samples were collected and placed in sample bags with their appropriate tag and processed at the Company’s own assay lab. Like any responsible producer, the Company owns its own assay lab and regularly takes samples as part of its production process.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
Readers should be aware that the SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
Step-out drill hole APC-28, which was drilled to the west from the eastern side of the Main Breccia system at Apollo cut the longest intercept to date as follows:
As a result of APC-28, the maximum width and vertical dimensions of the Main Breccia system have increased to 395 metres (previously 350 metres) and 915 metres (previously 825 metres), respectively.
Drill hole APC-28 bottomed while still in mineralization indicating that the Main Breccia system remains open for expansion to the west and at depth (as well as to the east and north based on previously announced assay results).
Hole APC-30 was drilled southwards on the western side of the deposit and intercepted the Main Breccia system over a broad interval as follows:
Four holes have now been completed into the Main Breccia system as part of the 2023 Phase II drill program at the Guayabales project. All four holes appear to have intercepted the Main Breccia system with mineralization beginning from surface. Assay results for these holes are expected in the near term.
Ari Sussman, Executive Chairman commented: “The Main Breccia system at Apollo continues to yield positive surprises. The Company drilled three long holes in 2022, APC-17, APC-22 and APC-28, with each hole expanding the size of the deposit and bottoming while still in mineralization. In addition, 2023 drilling is off to an excellent start with the initial four holes testing the Main Breccia system all intersecting mineralization beginning at surface. Our aim for 2023 is to define the newly discovered high-grade and near surface mineralization while continuing to be aggressive with expansion drilling. Without question, we have discovered a large copper-silver-gold deposit in a mining friendly jurisdiction of Colombia which will play a vital role in the country’s aggressive decarbonization goals.”
TORONTO, Feb. 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia system at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, low and intermediate sulphidation, precious metal rich sheeted carbonate base metal vein systems.
Details (See Table 1 and Figures 1–5)
Assay results for all thirty-one diamond drill holes from the Phase I drilling program for 2022 have now been announced at Apollo. The Phase II drilling program for 2023 is advancing on schedule with assay results for the first holes expected in the near term. This press release summarizes assay results of the final three diamond drill holes from the Phase I program with results summarized below.
APC-28 was a step-out hole drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres (915 metres vertical) and was designed to test western and depth extensions to the Main Breccia system. The hole intersected the longest interval drilled to date within the system, commencing at 354.70 metres down hole (335 vertical) and averaging:
601.65 metres @ 1.4 g/t gold equivalent and including internal intervals of:
The mineralized angular breccia of this intercept represents the largest accumulation of metal returned to date within the Main Breccia system and contains a sulphide matrix which includes 0.5% up to 2.5% chalcopyrite and between 1% and 3% pyrite plus some pyrrhotite. The breccia has been overprinted by zones of carbonate and base metal (sphalerite and galena) veins, which yield the higher gold equivalent intervals. APC-28 stopped in mineralized breccia due to rig constraints. This hole has extended the main breccia westwards by 115 metres and is the deepest intercept drilled to date outlining continuity of mineralized breccia to a vertical depth of approximately 915 metres below surface. APC-28 also represents the westernmost hole drilled into the Main Breccia system and demonstrates that the mineralization is thickening with depth and has an inverted funnel morphology as outlined in Figure 2 below. This western area of the deposit remains open for expansion as the hole stopped in strong mineralization.
As a result of drill hole APC-28, the overall volume of rock in which the Main Breccia system is located has grown in width to 395 metres (from 350 metres) and a vertical dimension of 915 metres (from 825 metres). The strike of the system remains the same at 385 metres.
APC-30 was drilled southwards from Pad 4 to a total length of 589 metres downhole and intersected mineralized breccia from 267.60 metres downhole (240 metres vertical), averaging:
318.85 metres @ 1.10 g/t gold equivalent and including internal intervals of:
Gold, silver and copper mineralization relates to sulphides hosted within the angular breccia matrix with average concentrations of pyrite (2%) and chalcopyrite (0.5%). An upper zone of 60.8 metres bearing 2% to 3% chalcopyrite was intercepted at the beginning of the mineralized interval and a sheeted and overprinting sphalerite rich CBM vein zone of 81.4 metres was encountered from 472.3 metres downhole.
Reconnaissance hole APC-27 was drilled due east away from the Main Breccia system to test outcropping mineralization at surface. From 300.40 metres downhole (210 metres vertical depth) the Company intersected a new zone of continuous low-grade mineralization with assay results as follows:
Core logging of the breccia system at Apollo by the Company’s geologists has identified that the crackle breccia as seen in this newly discovered zone, is typically found both above and on the periphery of the more intensely mineralized angular breccia phase. As a result of this assessment, the Company may have drilled over top of an angular breccia zone with stronger mineralization than was intercepted in APC-27. Further exploratory drilling will be undertaken in this area.
The Company’s Phase II 2023 program is well underway with three rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system from newly constructed pads 6 and 7. To date, four shallow holes have been completed and confirm continuous mineralized angular breccia from surface. Three of these holes were drilled from Pad 6 and were terminated while still in strong mineralization. The fourth hole from Pad 7 appears to have drilled out the east side of the system indicating a more vertical orientation to the system that was previously modelled. Assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia system and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results for Holes APC-27, APC-28, and APC-30
Hole ID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t) *
APC-27
299.50
372.40
72.90
0.30
6
0.02
0.002
0.44
APC-28
286.60
305.55
18.95
1.11
12
0.04
0.001
1.30
And
354.70
956.35
601.65
0.89
24
0.10
0.001
1.40
Incl
354.70
614.65
259.95
1.21
43
0.20
0.001
2.15
713.10
772.80
59.70
2.04
15
0.14
0.04
2.23
863.15
868.80
5.65
2.00
13
0.04
0.001
2.17
APC-30
267.60
586.25
318.65
0.61
19
0.12
0.002
1.10
Incl
267.60
328.40
60.80
0.17
48
0.40
0.002
1.64
472.30
553.70
81.40
1.95
18
0.04
0.002
2.22
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-27, APC-28, APC-30 and Visual Results for APC-31, APC-33, APC-35 and APC-36 (CNW Group/Collective Mining Ltd.)
Figure 2: East-West Cross Section Highlighting APC-28, ACP-30, and Visual Results for APC-31 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver, and gold Main Breccia system. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia system while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, BC / ACCESSWIRE / February 14, 2023 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce it has partnered with Cornell University under the MINER program, funded by the U.S. Department of Energy (“DOE”) via the Advanced Research Projects Agency program (“ARPA-E”). Test work, led by Dr. Greeshma Gadikota, will focus on novel hydrometallurgical techniques and carbon capture, with the objective of increasing the extraction of critical minerals using reduced energy for a carbon negative mining future.
Cornell University is the recipient of a federal grant from ARPA-E as part of a program entitled “Supercritical CO2-Based Mining for Carbon-Negative Critical Mineral Recovery”. Cornell University seeks to advance CO2-sourced hydrometallurgical pathways for recovering energy critical metals, including nickel, cobalt, platinum and palladium, coupled to the carbon mineralization of calcium and magnesium components to produce calcium and magnesium carbonates. Novel functional materials for the selective capture and recovery of these energy critical metals will be developed. Various sources for CO2 will be investigated including air for metal recovery coupled to carbon mineralization. These approaches will be specifically tuned to the mineralogy of the Company’s Stillwater West project in Montana.
Stillwater Critical Minerals, Tuesday, February 14, 2023, Press release picture
Dr. Greeshma Gadikota
Dr. Greeshma Gadikota stated, “The U.S. imports the great majority of its energy critical metals from mines all over the world, leaving the U.S. quite vulnerable. Our research is all about decarbonizing the mining industry and developing an independent, domestic supply chain of these critical metals. It’s important for U.S. manufacturing, green energy, national security, and competitiveness.”
Relating to the Cornell University partnership, Company President and CEO, Michael Rowley, will join Dr. Gadikota at the ARPA-E MINER kick-off event in Austin, Texas on February 14 and 15, 2023. Other presenters and attendees include Tesla Motors, major mining companies, top US government officials and financial institutions. More information on the MINER program is available here: https://arpa-e.energy.gov/technologies/programs/miner.
Michael Rowley, Stillwater Critical Minerals President & CEO, stated, “We are very pleased to be selected as the industry partner for Dr. Gadikota’s cutting-edge work and to work closely with her team toward our shared vision of securing the future domestic supply of the critical minerals the US so urgently needs. Our Stillwater West project is rapidly advancing as a potential large-scale, low-carbon source of nickel, copper, cobalt, palladium, platinum and rhodium. Located in an active and expanding US mining district with a long history of critical minerals production and demonstrated world-class scale and grade, Stillwater West is on a very short list of assets with the potential to play a significant role in realizing the goals set out in the bipartisan Inflation Reduction Act, and other ongoing initiatives. It is our belief that mining can do more than supply minerals by conventional means, and that partnerships such as this are the path toward more sustainable practices.”
About Dr. Greeshma Gadikota
Dr. Greeshma Gadikota is an Assistant Professor and Croll Sesquicentennial Fellow in the School of Civil and Environmental Engineering with a field appointment in the Smith School of Chemical and Biomolecular Engineering at Cornell University. Dr. Gadikota directs the Sustainable Energy and Resource Recovery Group. She held postdoctoral research associate appointments at Princeton University and Columbia University, and a research associate appointment at the National Institute of Standards and Technology (NIST). Her PhD in Chemical Engineering and MS degrees in Chemical Engineering and Operations Research are from Columbia University. Her BS in Chemical Engineering is from Michigan State University. She is a recipient of the DOE, NSF and ARO CAREER Awards, Sigma Xi Young Investigator Award, Cornell Engineering Research Excellence Award, Inaugural Cornell Rising Women Innovator Award, and AICHE Sabic Award for Young Professionals from the Particle Technology Forum. Dr. Gadikota received her PhD in Chemical Engineering and earned her MS degrees in Chemical Engineering and Operations Research, from Columbia University. Her BS in Chemical Engineering is from Michigan State University.
Research Interests
With more than 80% of our energy resources recovered from the subsurface environments which requires about 50 billion cubic meters of fresh water and contributes to more than 75% of global CO2 emissions, our grand societal challenge lies in meeting our growing demand for energy and resources while reducing environmental impact. Addressing these earth-scale challenges requires us to develop novel technologies to engineer targeted physico-chemical interactions in complex engineered and natural environments. Enabling emergent technologies for a sustainable earth requires us to advance the cross-scale science of fluid-solid interactions in complex and extreme environments. With this perspective, our research is directed towards applications that involve (i) engineering the natural environment for sustainable energy and resource recovery and (ii) designing novel chemical pathways for advancing low carbon and negative emissions technologies.
About ARPA-E
The Advanced Research Projects Agency-Energy (ARPA-E advances high-potential, high-impact energy technologies that are too early for private-sector investment. ARPA-E awardees are unique because they are developing entirely new ways to generate, store, and use energy. ARPA-E projects have the potential to radically improve U.S. economic prosperity, national security, and environmental well-being. We focus on transformational energy projects that can be meaningfully advanced with a small amount of funding over a defined period of time. Our streamlined awards process enables us to act quickly and catalyze cutting-edge areas of energy research.
ARPA-E empowers America’s energy researchers with funding, technical assistance, and market readiness. Our rigorous program design, competitive project selection process, and active program management ensure thoughtful expenditures. ARPA-E Program Directors serve for limited terms to ensure a constant infusion of fresh thinking and new perspectives. To learn more visit: https://arpa-e.energy.gov/.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. Per an expanded NI 43-101 mineral resource estimate released January 2023, the Platreef-style nickel and copper sulphide deposits at Stillwater West contain 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, in a compelling suite of critical minerals and are open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
