VANCOUVER, British Columbia, Sept. 14, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its release of August 16, 2022, the Company has signed a definitive option agreement (the “Option Agreement”) with Panarc Resources Ltd. (“Panarc”) for the staged acquisition of up to a 90% ownership interest in the Indian Mountain Lake VMS project, NT, Canada (the “Project”).
Indian Mountain Lake VMS Project The Indian Mountain Lake VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
Summary of the First Year Terms of the Indian Mountain Lake Definitive Option Agreement In accordance with the terms of the Option Agreement, during the first year following the date of the Option Agreement, the Company has committed to incurring $200,000 in exploration expenditures on the Project and making a cash payment of $20,000 to Panarc. In addition, and subject to the approval by the TSX Venture Exchange, Rover will issue Panarc an aggregate of 3,500,000 common shares in the capital of the Company (the “Common Shares”) within six months of the signing of the Option Agreement. The Common Shares, if authorized for issuance, will be subject to the standard four-month regulatory hold period.
Upcoming Conference Rover Metals will be presenting at the Redefining Electric Metals Conference in Calgary, AB, on September 19th and 20th. Registration is at www.redefiningelectricalmetals.com
Judson Culter, CEO at Rover Metals, states “We see tremendous growth coming for critical minerals fueled by domestic EV demand in the U.S. and Canada. 97% of the Indian Mountain Lake greenstone belt, or approximately 30,000 acres, remains largely unexplored with the drill bit, so we are very excited about this project’s future.”
Corporate Update A Q&A interview with Rover’s CEO, Judson Culter, is now also available for viewing here.
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, and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
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.
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce results from drilling at the Wolf Vein, including step-out hole DV22-300 which returned a significant, high-grade silver intercept. Based on the grade and strength of the mineralizing system, the Company has prioritized continued step-out drilling at Wolf during for the remainder of the 2022 season.
DV22-300 encountered a wide interval of multi-phase veins and breccia, intersecting 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au, with bonanza grade silver mineralization grading 4,326 g/t Ag, 4.21% Pb, 1.36% Zn and 1.00 g/t Au over 1.60m (1.12m true width) within a sulphide and silver sulphosalt matrix vein breccia in the main veined interval.
Figure 1. Kitsault Valley trend and mineral deposits
To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/1728/136919_ad8a8710944e89e1_002full.jpghttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Company%253BBreccia%253BDrilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522edcf1f2a-bcfa-39ba-b8d2-b5dc80848c6b%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“With an increase in vein intensity and silver grades, the Wolf Vein area is emerging as a large system, rivaling our Torbrit Deposit. With an established plunge length of over 500 meters from the historic underground workings, we are continuing to step out along this trend towards the Kitsol Vein, where we recently announced similar, high-grade mineralization over 1,400 meters away. The increasing gold and base metal content, in addition to the silver, is highly encouraging, as well as the significant widths that are potentially amenable to bulk underground mining techniques,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.
The mineralized interval in DV22-300 is a southwesterly step-out along strike and down dip from DV21-273, which returned 17.50m averaging 214 g/t Ag and 0.47% Pb including 1.22 m averaging 1,532 g/t Ag, 0.44 g/t Au, 2.11 % Pb and 1.07% Zn (see Dolly Varden news release, December 20, 2021) and projects as a mineralized shoot over 55m down plunge from DV21-273. High-grade silver in DV22-300 occurs within a very strong, multiphase vein and breccia system that also includes significant gold and base metal mineralization.
The strength of the mineralizing system, as well as silver and potentially gold appears to be increasing at depth and to the southwest; assays are pending for DV22-316, which encountered strong veining, alteration, brecciation and one occurrence of visible gold over 200m away from DV22-300 (see Figure 2). All of these drill holes tested below the Upper Hazelton sediment cap with associated strong potassic alteration; this trend continues south for 1,400 m to the Kitsol Vein (see Figure 1).
Figure 3. Geological Cross Section of Wolf Vein. 25 meter window width looking northwest. DV22-194 is same dip as DV22-300 approximately 30m off section.
The Wolf Vein is a steep dipping, high-grade silver vein deposit that is part of the current Mineral Resource Estimate at Dolly Varden’s Kitsault Valley trend. In 2021, geological modelling of the deposit showed expansion potential along strike to the southwest below the sediment cap that masks surface expression of the vein mineralization and associated alteration. With the discovery that the system continued to the southwest over 8,000m of follow up drilling has been completed thus far during the 2022 exploration program. This drilling has defined high grade silver mineralization to a depth of 500m below surface and extended the zone over 350m down plunge from historic drilling and over 500m from the historic underground workings.
Results have been received for the first six exploration drill holes testing the Wolf Vein extension. All holes were drilled from the same pad with varying azimuths and dips (see Table 2). These drill holes tested below the Upper Hazelton sediment cap and have encountered a robust, multi-phase vein and breccia mineralizing system that remains wide open along strike to the south and down dip. The associated strong potassic alteration, a key indicator for silver mineralization at the Kitsault Valley Project, continues below the sediment cap and south for 1,400m to the Kitsol Vein. All holes drilled during 2022, except DV22-280, intersected the extension of the Wolf Vein, suggesting a plunge at approximately 45 degrees to the southwest. DV22-280 came out of the sediment cap into the footwall of the vein. Drill hole DV22-281- intersected impressive base metal values in addition to silver: 3.75m (2.43m true width) averaging 170 g/t Ag,6.25% Pb, 14.12% Zn. In drill holes that hit the Wolf vein outside of the interpreted plunge of the high-grade silver zone, significant lead and zinc intervals are present.
Mineralization at the Wolf Vein consists of multiple epithermal silica vein and brecciation events along a NE trending, steeply NW dipping zone (Figures 4 and 5). Silver mineralization includes: silver sulphosalts, tennantite, argentite and argentiferous galena hosted in vein and vein breccia mineralization.
Figure 4. DV22-300 mineralized interval of multi-phase quartz vein and vein breccias
*AgEq was calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Drill hole collar locations and orientations
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV22280
467089
6173630
388
120
-45
392.00
DV22281
467089
6173630
388
120
-65
495.00
DV22285
467089
6173630
388
120
-70
573.00
DV22288
467089
6173630
388
120
-73
720.00
DV22294
467089
6173630
388
110
-60
423.00
DV22300
467089
6173630
388
129
-60
396.00
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 and a 500 gram split is pulverized to minus 200mesh. 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.
Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Figure 3
Plan View with Traces of Drill Holes Completed to Date in the Main Breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red
Figure 4
Apollo Target Cross Section with Core Photo Highlights for APC-8
APC-8 intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins and returned:
APC-6 also intersected the main breccia zone with some interfingering, mineralized rock flour breccia towards the northern end of the hole resulting in a broad interval as follows:
As a result of the new drill holes reported today, the maximum dimensions of the Main Breccia have increased to 350 metres along strike by 100 metres across by 500 metres depth (prior dimensions were 300m x 100m x 400m) and remains open in all directions.
Drill holes APC-12, APC-13 and APC-14 are now complete at Apollo with the following visual observations from logging:
APC-12 and APC-14 intercepted the Main Breccia zone with both holes cutting more than 230 metres of potentially favourable mineralization; APC-13 unfortunately failed before reaching the Main Breccia zone but cut a narrow zone of sheeted veins at a shallow elevation.
TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-3, which intersected 180.60 metres @ 2.43 g/t AuEq. (See press releases dated August 10th and 29th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.
“Apollo continues to deliver continuous, broad, and consistent zones of well mineralized breccia with overall grades being enhanced by the overprinting, high-grade carbonate base metal veins. Importantly, this remarkable copper-silver-gold discovery continues to grow materially in tonnage as we continue with aggressive step-out drilling in multiple directions. We will remain aggressive for the balance of 2022 and look forward to receiving additional assay results in the near term,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 4)
Seven diamond drill holes with accompanying assay results have now been announced at Apollo and based on results, the Main Breccia at Apollo has expanded and now measures up to 350 metres along strike by 100 metres across by 500 metres vertical. The target remains open in all directions and has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.
Drill holes APC-6 and APC-8 were drilled in opposite directions from two separate drill pads (Pads 3 and 2) to the northeast and southwest respectively and were designed to test the depth and strike continuity of the mineralized breccia previously intersected in holes APC-1, APC-1W, APC-2, APC-3 and APC-5. The following results are highlighted:
APC-6: 326.05 metres @ 1.07 g/t AuEq from 364.60 metres (295 metres vertical) including: 151.5 metres @ 1.20 g/t AuEq from 480.15 metres down hole, and 10.55 metres @ 4.64 g/t AuEq from 680.10 metres down hole.
APC-6 is the deepest diamond hole drilled to date and this long intercept consisted primarily of favorable angular breccia with interfingering of rock flour breccia, which is less porous and therefore lower grade. APC-6 was collared from Pad 3 and terminated at a final depth of 759 metres.
APC-8: 265.75 metres @ 2.44 g/t AuEq from 202.00 metres (157 metres vertical) including: 13.20 metres @ 4.29 g/t AuEq from 202.0 metres down hole, 18.45 metres @ 4.55 g/t AuEq from 239.05 metres down hole, 28.45 metres @ 4.18 g/t AuEq from 279.40 metres down hole, and 15.50 metres @ 5.21 g/t AuEq from 342.6 metres downhole.
APC-8 intercepted continuous mineralized angular breccia with a sulphide matrix consisting of pyrite, chalcopyrite and pyrrhotite which has been overprinted by carbonate-base metal porphyry veins (“CBM”) hosting sphalerite in various locations and particularly in the upper portion of the intercept. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system. APC-8 was collared from Pad 2 and terminated at a final depth of 523 metres.
Four rigs continue to drill at the Guayabales project with assay results anticipated in the near term for three holes from Apollo with the following encouraging visual intercepts:
APC-12 and APC-14 tested the Main Breccia discovery at Apollo with both holes intersecting more than 230 metres of potentially favourable mineralization.
APC-13 ran into technical difficulties prior to reaching the Main Breccia but intersected a 15 metres zone of sheeted CBM veins at a shallow depth.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre 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: Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Zn %
Pb %
Mo %
AuEq (g/t)*
APC-6
364.60
690.65
326.05
0.85
10
0.04
0.04
0.02
0.001
1.07
Incl
480.15
631.65
151.50
0.96
11
0.04
0.06
0.03
0.001
1.20
680.10
690.65
10.55
4.67
7
0.05
0.01
0.00
0.000
4.64
APC-8
202.00
467.75
265.75
1.26
55
0.22
0.07
0.05
0.045
2.44
Incl
202.00
215.20
13.20
3.68
27
0.03
0.32
0.24
0.238
4.29
239.05
257.50
18.45
3.48
53
0.12
0.24
0.22
0.216
4.55
279.40
307.85
28.45
3.70
24
0.16
0.03
0.02
0.016
4.18
342.60
358.10
15.50
2.15
158
0.47
0.13
0.10
0.104
5.21
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. 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.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
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.
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
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, British Columbia–(Newsfile Corp. – September 12, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from eight holes drilled to test gold mineralization at the East Coldstream deposit at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for eight holes, drilled to better define the gold mineralization of the East Coldstream deposit, have confirmed three broad lenses of gold mineralization within the two main shear zones with best intercepts of:
23m @ 1.34 g/t Au from 244m depth in CED-22-004, including
7.35m @ 3.77 g/t Au from 254.2m
17.3m @ 1.55 g/t Au from 487m depth in CED-22-005
20m @ 1.15 g/t Au from 402m depth in CED-22-006
26m @ 1.66 g/t Au from 451m, including
7.9m @ 4.20 g/t Au from 465m
25.7m @ 2.07 g/t Au from 488m
37.05m @ 1.54 g/t Au from 209.3m depth in CED-22-007
27.9m @ 1.14 g/t Au from 387m depth in CED-22-008, including
13m @ 2.14 g/t Au from 401m
The better intercepts are all centered around five high-grade gold zones of mineralized breccia, including:
1.05m @ 15.8 g/t Au from 257.95m depth in CED-22-004
0.9m @ 14.3 g/t Au from 472m depth in CED-22-006, and
0.65m @ 13.5 g/t Au from 502m
0.85m @ 10.6 g/t Au from 244.35m depth in CED-22-007, and
0.4m @ 12.6 g/t Au from 418m
These results show that the three gold mineralized lenses have a clear steep plunge and highlight significant upside potential at depth within structurally controlled shoots.
President and CEO Brett Richards stated: “These first results are extremely encouraging and significant to the overarching strategy of developing a secondary resource to Moss Lake. This will provide optionality that can only help improve the new PEA study next year. The results also point to a second significant project within our land package, which highlights the potential for further discoveries.”
Technical Overview
Figure 1 shows the location of the East Coldstream deposit relative to the Moss Lake deposit and the Archean Shebandowan Greenstone Belt. Table 1 and Figure 3 show the significant intercepts. Table 2 and Figure 2 show the drill hole locations. Figures 4 and 5 show a cross section through CED-22-006 and long section along the southern zone, respectively.
Figure 1: Location map showing East Coldstream relative to Moss Lake
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
CED-22-001
681,136
5,386,570
479
337°
-50°
483.0m
CED-22-002
681,420
5,386,640
479
335°
-50°
494.85m
CED-22-003
680,507
5,386,473
481
336°
-50°
360.0m
CED-22-004
680,008
5,386,430
477
155°
-60°
302.8m
CED-22-005
680,559
5,386,340
486
342°
-60°
810.1m
CED-22-006
680,010
5,386,586
475
140°
60°
600.0m
CED-22-007
680,085
5,386,604
473
138°
-59°
657.05m
CED-22-008
680,559
5,386,340
483
340°
-50°
603.0m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for eight of the initial 17 holes in the first pass drilling program at East Coldstream. These drillholes tested the existing mineralized lenses, as well as possible eastern and down-dip extensions.
Our work on the mineralization paragenesis and its structural controls has shown that gold mineralization is related to pervasive silica-hematite alteration and sulfide veining associated with an extensional brecciation event following extensive shearing. At the deposit scale, this formed three lenticular bodies within two main shear zones (Figure 1). Based on structural measurements from oriented core, each body has a steeply west-dipping plunge and a gently east-pitching stretching lineation that creates an internal fabric to mineralization (Figure 4). This structural control creates the potential for additional high-grade mineralization to occur below the shallowly drilled portions of the shears zones such as encountered in CED-22-007.
CED-22-001 and -002 tested a similar geophysical feature to the east of the East Coldstream deposit. CED-22-001 was drilled closest to East Coldstream and encountered narrow zones of mineralization, while CED-22-002 was drilled 300 meters further east and did not encounter significant results. This sterilizes the immediate extension, but given the lenticular geometry of mineralization, leaves open the prospectively of the structure further to the east.
CED-22-003 and -004 drilled the North and Main Lenses, respectively. Both holes intersected broad low-grade mineralized zones, including 19.15m @ 0.61 g/t Au from 269.55m in CED-22-003; and 48m @ 0.39 g/t Au from 168m and 23m @ 1.34 g/t Au in CED-22-004.
Holes CED-22-005 to -008 tested down plunge extensions of the known mineralization. All holes intersected variable widths of higher grade mineralization, including 17.3m @ 1.55 g/t Au from 487m in CED-22-005; 20.0m @ 1.15 g/t Au from 402m, 26.0m @ 1.66 g/t Au from 451m, and 25.7m @ 2.07 g/t Au from 488m in CED-22-006; 37.05m @ 1.54 g/t Au from 209.3m in CED-22-007; and 27.9m @ 1.14 g/t Au from 387m in CED-22-008.
Pete Flindell, VP Exploration for Goldshore, said “Our analysis of drill results at East Coldstream confirms the two parallel shear zones that were modelled in the past. The recognition of a greater structural control within these shears has led to the modelling of three steeply dipping lenticular shoots that remain open at depth. A gently dipping internal fabric suggests that mineralization is focused within discrete structures that may allow us to model a higher-grade resource than exists in the historic estimate.”
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. (“Wesdome“), 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, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. 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 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
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: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, 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 Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. 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.
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. Recource 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.
The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are 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 them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates 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 Historical Estimates relating to inferred mineral resources were 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 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
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.
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, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is proud to announce the publication of its inaugural 2021 ESG Report, detailing the Company’s commitments and contributions to environmental, social and governance (ESG) factors, practices and management. The report offers stakeholders a clear and comprehensive understanding of its most material sustainability topics in key areas that include health and safety, environmental stewardship, social management, governance, inclusion, and diversity. It also highlights the Company’s initiatives and commitments for the 2021 calendar year, as well as the Company’s plans and priorities for 2022.
“I am very pleased to present Collective Mining’s first ESG report, which summarizes the significant efforts we have made since our young Company began operations in Colombia a little over two years ago. The report discloses our Company’s approach and performance on a series of sustainability topics which are part of our core beliefs. We continue our commitment to achieving our ESG goals and creating value that benefits all stakeholders, employees, host communities and the environment,” commented Ari Sussman, Executive Chairman.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522TSX_Venture_Exchange%253BZijin_Mining%253BCompany%253BBasic_belief%253BColombia%253BEnvironmental_stewardship%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522be8a4532-cc1d-3024-ba14-1301d900f699%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. 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, British Columbia–(Newsfile Corp. – September 9, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”)is pleased to announce the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% net smelter return (“NSR”) royalty on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling $1,842,452 inclusive of $281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June (see EMX News Release dated July 13, 2022).
The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. It should be noted that the payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8.
In addition to the oxide gold royalty, EMX also owns a 2% NSR royalty on production from an underlying polymetallic copper, zinc, lead and gold deposit that is slated for future development.
Polimetal had informed EMX earlier in 2022 that it expects to produce between 35,000 and 45,000 ounces of gold per year from Gediktepe (with additional contributions from silver production) while mining the oxide gold cap over the next 3-4 years. The production proceeds received for June and July production are consistent with those projections. The Gediktepe royalty is the subject of a NI 43-101 technical report authored by Dama Engineering with an effective date of February 1, 2022. This technical report has been filed on SEDAR under the Company’s profile and contains historical mining reserve and mineral resource estimates.
Gediktepe VMS Deposit: The Gediktepe volcanogenic massive sulfide (“VMS”) deposit is a polymetallic system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit.
Gediktepe was discovered in 2012 by a joint venture between Alacer Gold Corporation (which merged with SSR in 2020) and Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”), a private Turkish company. Alacer Gold Corp later converted its 50% joint venture interest at Gediktepe into the royalty interests now owned by EMX. Polimetal is a wholly owned subsidiary of Lidya and serves as the operator for the Gediktepe project.
More information on the Gediktepe royalty asset can be found at www.EMXroyalty.com.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “go forward” 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 quarter ended June 30, 2022 (the “MD&A”) and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.
Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.
The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.
Top Intercepts include:
20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.
Lion One Drilling Programs in Progress Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.
The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.
Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”
Infill Drilling Program Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.
Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.
Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-589
19.1
19.4
0.3
0.91
85.1
85.4
0.3
0.81
89.6
91.4
1.8
1.44
113
113.6
0.6
17.33
170.9
171.2
0.3
7.36
209.3
209.6
0.3
0.96
210.8
224
13.2
3.79
Incl.
213.2
213.5
0.3
17.03
Incl.
213.8
214.1
0.3
7.85
Incl.
215.6
215.9
0.3
7.17
Incl.
216.5
216.8
0.3
11.41
Incl.
218
218.3
0.3
33.30
Incl.
222.5
222.8
0.3
7.21
Incl.
223.7
224
0.3
15.34
TUDDH-591
73.4
74.0
0.6
1.04
102.3
102.6
0.3
9.28
103.7
104.6
0.9
0.93
106.1
106.6
0.5
2.01
107.5
110.5
3.0
7.14
Incl.
107.5
107.8
0.3
28.56
Incl.
108.1
108.4
0.3
10.54
Incl.
109.0
109.3
0.3
28.74
112.0
112.6
0.6
0.73
113.2
113.5
0.3
0.84
117.7
118.6
0.9
2.02
126.3
127.8
1.5
1.29
129.0
130.2
1.2
0.65
132.9
134.1
1.2
0.88
142.7
143.6
0.9
1.71
TUDDH-592
14.6
14.9
0.3
1.83
18.5
18.8
0.3
0.55
75.2
75.5
0.3
0.55
101.6
102.2
0.6
15.24
147.5
148.7
1.2
0.74
158.9
159.2
0.3
7.76
184.1
184.7
0.6
8.32
Incl.
184.4
184.7
0.3
10.36
TUDDH-593
9.9
11.7
1.8
4.49
Incl.
10.5
11.1
0.6
8.98
28.2
29.4
1.2
0.54
34.5
34.8
0.3
0.69
88.5
89.7
1.2
4.31
140.1
140.4
0.3
3.50
152.7
154.2
1.5
0.78
168.9
170.4
1.5
1.42
TUDDH-594
105.0
105.3
0.3
13.10
189.9
191.1
1.2
8.01
195.0
195.3
0.3
1.80
203.4
207.6
4.2
0.85
203.4
203.7
0.3
3.67
TUDDH-595
54.9
56.1
1.2
0.64
112.2
112.8
0.6
0.85
114.0
114.3
0.3
80.65
121.8
123.9
2.1
1.61
190.2
191.1
0.9
2.20
194.4
194.7
0.3
3.75
201.3
201.6
0.3
1.31
209.7
211.5
1.8
1.88
213.6
213.9
0.3
2.18
224.4
225.9
1.5
1.46
234.9
235.5
0.6
0.52
236.7
238.2
1.5
3.19
247.5
247.8
0.3
1.10
TUDDH-596
77.1
77.4
0.3
0.8
88.8
91.2
2.4
1.35
92.1
96.3
4.2
6.8
Incl.
92.1
92.4
0.3
10.39
Incl.
93.3
93.9
0.6
24.57
Incl.
94.8
95.4
0.6
9.62
102.3
102.9
0.6
7.77
TUDDH-597
91.1
91.7
0.6
1.24
137.9
138.5
0.6
8.59
Incl.
137.9
138.2
0.3
16.50
152.9
153.5
0.6
1.37
176.6
178.4
1.8
0.81
189.5
190.4
0.9
0.55
194.9
195.8
0.9
8.89
TUDDH-598
96.7
97
0.3
0.84
139.6
140.5
0.9
1.85
144.1
144.7
0.6
9.19
170.2
173.8
3.6
4.68
Incl.
170.2
170.5
0.3
12.89
Incl.
171.4
172.6
1.2
8.37
209.5
209.8
0.3
0.65
TUDDH-600
65
65.3
0.3
0.55
73.4
77
3.6
2.66
Incl.
74
74.3
0.3
5.75
Incl.
74.9
75.2
0.3
10.95
78.8
79.4
0.6
0.96
147.8
148.7
0.9
1.26
TUDDH-602
127.4
127.7
0.3
2.73
152
153.2
1.2
0.79
182.3
182.6
0.3
1.03
209.6
210.5
0.9
3.12
Incl.
210.2
210.5
0.3
7.45
214.4
214.7
0.3
1.10
225.2
225.5
0.3
7.12
TUDDH-603
28.7
30.5
1.8
1.64
TUDDH-604
84.6
84.9
0.3
0.64
144.6
146.4
1.8
56.90
Incl.
144.6
145.2
0.6
163.19
167.1
170.7
3.6
8.75
Incl.
167.1
167.7
0.6
45.36
TUDDH-605
127.9
128.5
0.6
17.85
Incl.
127.9
128.2
0.3
26.79
Incl.
128.2
128.5
0.3
8.90
157.6
158.5
0.9
4.10
Incl.
158.2
158.5
0.3
10.21
161.8
164.5
2.7
5.52
Incl.
164.2
164.5
0.3
36.81
190
190.6
0.6
1.21
193.9
194.5
0.6
0.71
197.2
199
1.8
0.64
201.1
201.7
0.6
2.05
214
214.3
0.3
1.09
TUDDH-606
66.0
66.6
0.6
0.88
98.4
98.7
0.3
1.00
TUDDH-609
53.0
54.8
1.8
35.98
Incl.
53.9
54.2
0.3
194.0
Incl.
54.2
54.8
0.6
9.32
TUG-143
14.7
15.3
0.6
2.96
17.1
17.7
0.6
0.89
30.3
30.9
0.6
0.93
32.4
33.0
0.6
1.29
54.9
58.2
3.3
12.22
Incl.
54.9
55.5
0.6
32.08
Incl.
57
57.6
0.6
24.08
Incl.
57.6
58.2
0.6
8.82
60.9
61.2
0.3
17.23
66.6
67
0.4
2.26
67.8
68.4
0.6
1.24
71.1
73.2
2.1
0.86
74.4
74.7
0.3
7.19
80.4
80.7
0.3
2.2
89.4
89.7
0.3
8.48
TUG-144
6.9
8.4
1.5
6.82
Incl.
6.9
7.5
0.6
8.07
Incl.
7.5
7.8
0.3
9.77
10.5
12.0
1.5
9.33
Incl.
11.1
11.4
0.3
37.42
30.6
31.5
0.9
4.25
Incl.
30.6
31.2
0.6
5.77
43.5
43.8
0.3
0.9
45.6
45.9
0.3
0.9
51
51.6
0.6
0.95
52.8
54
1.2
2.03
64.2
66.6
2.4
0.81
68.4
69.9
1.5
3.93
Incl.
68.4
68.7
0.3
8.35
Incl.
69.6
69.9
0.3
11.08
75.3
76.2
0.9
1.83
77.7
78.3
0.6
0.78
84.3
86.7
2.4
1.52
93.9
95.1
1.2
8.3
Incl.
93.9
94.5
0.6
12.48
98.4
102.3
3.9
20.59
Incl.
98.4
99.9
1.5
52.89
which includes
98.4
98.7
0.3
11.35
and
99.0
99.3
0.3
171.5
and
99.6
99.9
0.3
79.18
103.8
106.8
3.0
4.76
Incl.
104.4
104.9
0.5
17.11
Incl.
105.3
105.9
0.6
5.80
115.5
115.8
0.3
0.64
119.1
121.5
2.4
1.46
TUG-146
3.3
3.6
0.3
3.86
10.8
11.4
0.6
1.73
12.9
13.5
0.6
6.30
38.4
39.3
0.9
5.48
Incl.
38.4
38.7
0.3
10.97
60.3
63.6
3.3
9.13
Incl.
60.3
60.9
0.6
44.85
68.4
70.8
2.4
1.41
97.5
102.6
5.1
8.15
which includes
99.3
101.7
1.8
19.70
Incl.
99.3
99.9
0.6
13.28
and
99.9
100.5
0.6
11.73
and
101.1
101.7
0.6
34.08
105
109.5
4.5
3.95
Incl.
106.5
107.1
0.6
8.29
Incl.
107.7
108
0.3
7.62
110.7
111
0.3
9.37
111.9
113.1
1.2
1.44
114.3
119.4
5.1
2.76
Incl.
115.5
115.8
0.3
8.27
144.3
145.2
0.9
5.59
Incl.
144.3
144.6
0.3
14.63
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-589
1876513
3920435
348.5
266.6
-65
255
TUDDH-591
1876442
3920520
314.0
149.3
-65
297
TUDDH-592
1876513
3920435
348.6
221.6
-55
220
TUDDH-593
1876513
3920435
348.6
224.4
-45
220
TUDDH-594
1876527
3920502
309.6
239.3
-45
200
TUDDH-595
1876527
3920502
309.6
265.9
-56
225
TUDDH-596
1876442
3920520
314.0
132.0
-55
297
TUDDH-597
1876527
3920502
309.6
227.3
-42
200
TUDDH-598
1876527
3920502
309.6
296.3
-52
280
TUDDH-600
1876442
3920519
311.1
150.8
-71
251
TUDDH-602
1876530
3920503
309.8
251.4
-54
275
TUDDH-603
1876529
3920503
309.8
234.6
-40
290
TUDDH-604
1876529
3920503
309.9
212.4
-45
291
TUDDH-605
1876530
3920503
309.7
254.5
-57
288
TUDDH-606
1876442
3920519
311.1
142.5
-65
249
TUDDH-609
1876442
3920519
311.4
in progress
-54
250
TUG-142
3920486
1876411
102.0
85.8
-12
090
TUG-143
3920486
1876412
103.7
97.7
+30
087
TUG-144
3920486
1876411
101.3
156.3
-40
089
TUG-146
3920486
1876411
101.3
163.9
-45
089
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. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed 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-analysed 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. For samples with multiple fire assay runs, the average of duplicate runs is presented. 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 analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 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
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.
VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of August 16, 2022, Rover is pleased to announce the launch of its new website showcasing the pivot by the Company into critical minerals. On August 16, 2022, the Company announced its intent to option a 90% ownership interest in the Indian Mountain Lake VMS project, NT, Canada.
Indian Mountain Lake VMS Project The Indian Mountain Lake VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the project from Thompson Landing in the 1970s. If this right of way were to be brushed out it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Indian_Mountain_Lake%252C_Pennsylvania%253BCompany%253BGreat_Slave_Lake%253BTSX_Venture_Exchange%253BGovernment_of_Canada%253BYellowknife%253BCanada%253BVancouver%253BMetal%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522536092c9-1665-3bdf-9dc6-31420ca7ae8e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
An updating release will be provided once the Company has executed its Definitive Option Agreement for the Indian Mountain Lake project.
Judson Culter, CEO at Rover Metals, states “We see tremendous growth coming for critical minerals fueled by domestic EV demand in the U.S. and Canada. We are also excited to see initiatives being put in place by the securities regulators to help publicly traded junior mining companies succeed, this includes enforcing rules against manipulative stock trading practices, such as naked short selling.”
Corporate Update A Q&A interview with Rover’s CEO, Judson Culter, is now also available for viewing here.
Upcoming Conference Rover Metals will be presenting at the Redefining Electric Metals Conference in Calgary, AB, on September 19th and 20th. Registration is at www.redefiningelectricalmetals.com
Shares for Services Agreement The Toronto Venture Exchange (TSXV) has approved a shares for services agreement with one of the Company’s Advisors (the “Services Agreement”). The Services Agreement calls for monthly advisory services of $7,500 to be settled through the issuance of common shares in the Company for a three-month period beginning July 1, 2022 and ending on September 30, 2022. Thereafter, for the final three months of the contract, the monthly fee shall revert to $5,000 per month, with up to 50% of the $5,000 monthly fee to be settled in common shares of the Company, at the option of the Company. The share issuances shall be made on a quarterly basis, and the conversion price shall be the higher of: (1) closing price on the last trading day of the calendar business quarter, or (2) the five day VWAP at the end of the quarter. In connection with TSXV policy, the conversion price shall not be lower then $0.05 per share.
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, and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
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.
Vancouver, British Columbia–(Newsfile Corp. – September 8, 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 eight holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed high-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045, including
13.5m @ 6.08 g/t Au from 481.25m
16.4m @ 1.87 g/t Au from 415.6m depth in MMD-22-033, including
6.65m @ 4.09 g/t Au from 416.15m
5.85m @ 3.47 g/t Au from 110m depthin MMD-22-034
17.0m @ 1.44 g/t Au from 58m depth in MMD-22-039, including
14.45m @ 1.63 g/t Au from 58.55m
18.0m @ 1.43 g/t Au from 354m depth, including
6.7m @ 3.37 g/t Au from 365.3m
22.65m @ 1.59 g/t Au from 344.15m depth in MMD-22-040
The better intercepts are all centered around twelve very high-grade gold zones that represent the axis of the shear network, including:
1.0m @ 22.0 g/t Au from 418m in MMD-22-033,
1.0m @ 17.7 g/t Au from 349m in MMD-22-040, and
0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045
President and CEO Brett Richards stated: “We continue to intersect wide zones of +1 g/t Au mineralization that underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to expand upon these exploration results, as we continue with our program.”
The Goldshore team has obtained sufficient quality drill information, along with oriented core data, to generate working models of the grade distribution using implicit modelling algorithms. These show coherent high grade structural zones that reflect the three dimensional anastomosing shear network, which are projected to surface in the following figures.
Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations. Figure 2 shows the better intercepts and Figure 3 is a typical section through holes MMD-22-040 and -045.
Figure 1: Drill plan showing drill holes relative to implicit modelled grade shells
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-033
669,348
5,379,506
427
152°
-62°
675.25m
MMD-22-034
668,868
5,379,279
441
155°
-56°
236.9m
MMD-22-037
668,587
5,379,078
430
154°
-59°
654m
MMD-22-038
669,160
5,379,417
428
154°
-59°
602m
MMD-22-039
669,256
5,379,456
429
155°
-60°
605m
MMD-22-040
668,790
5,379,260
438
153°
-70°
609m
MMD-22-043
668,791
5,379,259
438
155°
-55°
22m
MMD-22-045
668,815
5,379,285
435
165°
-54°
717m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for eight holes that have infilled areas of the Main 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.
MMD-22-043 was terminated early as it hit the old underground exploration decline. MMD-22-045 was drilled at slightly different azimuth to intersect the volume targeted by hole -043.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 105m @ 0.43 g/t Au from 329m depth and 63.0m @ 0.42 g/t Au from 539m depth in MMD-22-038; 58.05m @ 0.86 g/t Au from 319.45m depth in MMD-22-040; 20.8m @ 0.97 g/t Au from 130.2m depth and 93.05m @ 0.49 g/t Au from 256.3m depth in MMD-22-044; and 67.5m @ 0.44 g/t Au from 243m depth and 41.0m @ 0.70 g/t Au from 656m depth in MMD-22-045.
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., 29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045) and several narrow high-grade intervals, including 0.5m @ 18.5 g/t Au from 34m and 1.0m @ 22.0 g/t Au from 418m in MMD-22-033; 0.6m @ 21.0 g/t Au from 113.4m in MMD-22-034; 0.9m @ 10.6 g/t Au from 332.85m in MMD-22-038; 0.4m @ 25.2 g/t Au from 366.2m in MMD-22-039; 1.0m @ 17.7 g/t Au from 349m in MMD-22-040; 0.35m @ 10.3 g/t Au from 261.95m and 0.55m @ 10.6 g/t Au from 395.7m in MMD-22-042; 0.5m @ 15.2 g/t Au from 24m, 1.0m @ 12.3 g/t Au from 138.8m and 0.85m @ 15.6 g/t Au from 260.8m in MMD-22-044; and 0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045.
Geological modelling of the altered diorite host rock and anastomosing shear network has commenced. It will continue for the next three months as we continue with our campaigns of active drilling and relogging of historic drill core. The final model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which should provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm the excellent results that we are receiving from our 100,000-meter drill program. All results received to date confirm our improved understanding of geological controls, which shows grade decreasing away from a network of anastomosing shears. This has enabled us to more accurately model high-grade gold zones within the deposit using an implicit modelling algorithm.”
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, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. 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 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
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: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, 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 Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. 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.
(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 Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are 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 them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates 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 Historical Estimates relating to inferred mineral resources were 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 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
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.
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, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Highlights include 16.9m @ 2.82g/t PGM + Au, plus 0.23% Ni Sulphide, and
13.6m @ 2.67g/t PGM + Au, plus 0.23% Ni Sulphide
VANCOUVER, BC, Sept. 7, 2022 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO), (“Bravo” or the “Company“) today announced that it has received assay results from a further twelve infill diamond drill holes (“DDH”), from its wholly owned Luanga PGM (palladium + platinum + rhodium) + gold + nickel project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil. Samples for a further 34 drill holes (including 18 re-assay holes) are already at the laboratory for analysis with results pending. Both downhole and surface electromagnetic (“EM”) programs are also underway to follow up on the previously announced massive sulphide intercept.
“The infill drilling and historic core re-assay programs continue to advance rapidly. As we receive more assay results, we continue to see results comparable to the historic grades and thicknesses, increasing our confidence in the prior work completed at Luanga,” said Luis Azevedo, Chairman and CEO of Bravo. “The Company is also following up on the recently discovered nickel and copper massive sulphide mineralization that had not been previously identified at Luanga. Downhole EM assisted with the placement of the two follow-up holes (results pending) and the design for drilling on the next drill section. Surface EM will also start shortly, which we hope will greatly assist in vectoring-in and following these potential feeder zone(s).”
Highlights
Assay results from infill drilling continue to compare well with the drill holes on their neighbouring historic drill sections in both tenor and mineralized thicknesses.
Highlights of Bravo’s recent intercepts are tabulated below, with details attached:
HOLE-ID
From(m)
To(m)
Thickness (m)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
DDH22LU005
93.0
124.0
31.0
1.19
0.59
0.09
0.11
0.16
1.98
FR
DDH22LU018
90.8
107.7
16.9
1.60
0.89
0.22
0.10
0.23
2.82
FR
DDH22LU019
0.0
64.2
64.2
0.58
0.29
0.04
0.07
NA
0.99
Ox/FR
Including
50.6
64.2
13.6
1.58
0.80
0.14
0.16
0.22
2.67
FR
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 95% of true thickness.
Type: Ox = Oxide. 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.
Additional results from historic drill hole re-assaying are expected in the following weeks.
Following DHTEM, two new drill holes on the same section have been completed (results pending);
Drilling on the next section to the north is expected to start soon; and
Surface Fixed Loop TEM (FLTEM) surveying is expected to commence shortly.
67 drill holes have been completed, for a total of 11,091 metres (or 43% of Phase 1 Drilling Program), including 5 twin holes and 6 metallurgical holes.
9,621 samples submitted for assay to date including 2,943 re-assay samples from historic drill core.
6 drill rigs operating onsite.
Luanga Drill Program
The Phase 1 diamond drill program continues as planned at Luanga. With six drill rigs on site, drilling is now progressing in various locations along the entire 7km strike length of the known Luanga mineralized envelope (defined by historic drilling), including to the north where high-grade massive sulphide nickel/copper mineralization was intersected (see August 16rd, 2022 news release). DHTEM has been completed on this hole (see picture below), and two more drill holes have been completed on the same drill section (results pending), with two more holes about to commence on the section to the north. Surface FLTEM surveying is expected to start soon, to the south of the massive sulphide intercept. To date, 67 DDH have been completed for a total of 11,091m from the planned 25,500m Phase 1 drill program.
Phase 1 drilling is primarily designed to confirm, infill, and step out from the previously defined PGM+Au+Ni mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates. Additionally, drilling will target potential extensions to the mineralization at depth and, given the more recent discovery of massive sulphides, evaluate the potential of this new style of mineralization.
Commencement of DHTEM Surveying at Luanga – DDH22LU049 (CNW Group/Bravo Mining Corp.)
Location of Bravo Drilling Reported in this Document (CNW Group/Bravo Mining Corp.)
Complete Table of Assay Results
HOLE-ID
From(m)
To(m)
Thickness (m)(1)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
DDH22LU005
93.0
124.0
31.0
1.19
0.59
0.09
0.11
0.16
1.98
FR
DDH22LU009
47.6
62.4
14.8
1.01
0.55
0.08
0.02
0.20
1.67
FR
DDH22LU010
29.7
33.0
3.3
0.71
0.45
0.13
0.01
0.08
1.30
FR
And
47.9
55.0
7.1
0.65
0.33
0.05
0.01
0.08
1.04
FR
And
64.0
73.1
9.1
0.77
0.35
0.06
0.01
0.10
1.19
FR
And
87.4
98.4
11.0
0.60
0.34
0.06
0.01
0.08
1.02
FR
DDH22LU011
84.2
88.2
4.0
0.98
0.46
0.09
0.03
0.14
1.56
FR
DDH22LU012
No Significant Result
DDH22LU013
0.0
5.9
5.9
0.49
0.30
0.05
0.01
NA
0.86
Ox
And
98.9
EOH
1.3
1.01
0.18
0.05
001
0.13
1.25
FR
DDH22LU014
25.3
31.7
6.4
0.77
0.29
0.05
0.01
NA
1.12
Ox
And
43.4
61.4
18.0
0.55
0.22
0.04
0.03
0.09
0.83
FR
And
66.0
70.0
4.0
0.85
0.32
0.05
0.02
0.14
1.23
FR
And
81.0
90.0
9.0
0.89
0.35
0.05
0.02
0.15
1.31
FR
And
102.0
111.6
9.6
1.07
0.39
0.06
0.03
0.08
1.55
FR
DDH22LU015
0.0
28.0
28.0
0.31
0.14
0.02
0.04
NA
0.52
Ox
And
57.8
71.0
13.2
0.59
0.23
0.05
0.01
0.36
0.88
FR
And
88.5
100.5
12.0
0.25
0.13
0.02
0.03
0.31
0.42
FR
DDH22LU017
0.0
11.2
11.2
0.81
0.47
0.09
0.02
NA
1.39
Ox
And
18.2
23.2
5.0
0.52
0.51
0.08
0.01
NA
1.12
Ox
And
85.9
88.9
3.0
1.15
0.44
0.06
0.01
0.05
1.66
FR
And
126.0
141.0
15.0
1.22
0.54
0.10
0.08
0.17
1.95
FR
DDH22LU018
59.9
71.9
12.0
0.55
0.26
0.08
0.04
0.19
0.93
FR
And
90.8
107.7
16.9
1.60
0.89
0.22
0.10
0.23
2.82
FR
DDH22LU019
0.0
64.2
64.2
0.58
0.29
0.04
0.07
NA
0.99
Ox/FR
Including
50.6
64.2
13.6
1.58
0.80
0.14
0.16
0.22
2.67
FR
And
74.2
78.8
4.6
0.60
0.52
0.07
0.02
0.10
1.21
FR
DDH22LU020
0.0
9.0
9.0
1.38
0.52
0.10
0.02
NA
2.02
Ox
And
13.0
31.7
18.7
0.98
0.38
0.07
0.04
NA
1.46
Ox/FR
And
55.4
117.4
62.0
0.35
0.25
0.01
0.01
0.01
0.61
FR
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 95% of true thickness.
Type: Ox = Oxide. 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.
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, and ensuring protection of the environment during its exploration activities.
Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.
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.
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 as “expectations”, “confirm”, “hope”, “potential”, “designed”, “increase confidence”, “interpreted”, “pending”, and other similar words, phrases or statements that certain events or conditions “should”, or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs and the results thereof; the expected arrival of geophysical equipment and the results of such surveys; the potential for the definition o 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, 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 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-ID
Company
East (m)
North (m)
RL (m)
Datum
Depth (m)
Azimuth
Dip
DDH22LU005
Bravo
657399.97
9339804.76
259.36
SIRGAS2000 UTM22S
152.35
360.00
-60.00
DDH22LU009
Bravo
659101.84
9341075.30
232.45
SIRGAS2000 UTM22S
200.50
360.00
-60.00
DDH22LU010
Bravo
659852.14
9341580.93
221.61
SIRGAS2000 UTM22S
160.25
330.00
-60.00
DDH22LU011
Bravo
659028.75
9341007.34
241.87
SIRGAS2000 UTM22S
100.20
330.00
-60.00
DDH22LU012
Bravo
659850.54
9341825.16
255.78
SIRGAS2000 UTM22S
200.10
330.00
-60.00
DDH22LU013
Bravo
659938.89
9341630.21
219.39
SIRGAS2000 UTM22S
151.10
90.00
-60.00
DDH22LU014
Bravo
656999.90
9339580.01
270.50
SIRGAS2000 UTM22S
100.15
330.00
-60.00
DDH22LU015
Bravo
659925.01
9341825.05
265.24
SIRGAS2000 UTM22S
151.35
360.00
-60.00
DDH22LU017
Bravo
659913.93
9341673.10
231.91
SIRGAS2000 UTM22S
199.05
90.00
-60.00
DDH22LU018
Bravo
659164.67
9341072.65
235.07
SIRGAS2000 UTM22S
150.30
330.00
-60.00
DDH22LU019
Bravo
659924.98
9341725.04
239.05
SIRGAS2000 UTM22S
150.25
330.00
-60.00
DDH22LU020
Bravo
657000.03
9339654.43
288.60
SIRGAS2000 UTM22S
150.00
330.00
-60.00
Schedule 2: Assay Methodologies and QAQC
Samples follow a chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who insert certified reference materials, blanks and duplicates into the sampling sequence. Drill core is half 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 ALS global website (ALS) in the analytical guides.
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.
