TORONTO, June 07, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from seven drill holes, including the first hole drilled at the Golden Glove Target in the south end of its 100% owned Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.
Hole K-22-150 intersected 6.22 g/t Au over 4 metres that included 10.31 g/t Au over 2m at a vertical depth of 246 metres. This intersection is located approximately 160 m south of the Golden Glove discovery outcrop where six grab samples, three of which contained visible gold, assayed between 2.99 g/t and 338.1 g/t Au (see news release dated September 21, 2021). This intersection at Golden Glove is the fourth of four targets drilled by LabGold to return significant gold intercepts.
While there are many similarities between the mineralization observed at Golden Glove and that at Big Vein, a significant difference is that while Big Vein occurs on the west side of the Appleton Fault Zone, Golden Glove is situated on the East Side. This is the first drilling on the east side of the fault at the Kingsway Property.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%2522Labrador%253BFault_(geology)%253BGold%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%252256728853-316a-31bc-a98d-be02627be93e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Six holes drilled at the Pristine target intersected near surface gold mineralization over significant widths in the Doyle Zone, including 1.86 g/t Au over 8m in hole K-22-144 and 1.75 g/t over 20.2m that included 2.76 g/t Au over 6.2m in Hole K-22-139.
“We are very pleased with the results from the first hole drilled at Golden Glove especially considering that the intersection is approximately 160m south of the discovery outcrop. This indicates excellent potential for the area between this hole and the outcrop and we are certainly looking forward to the results from the remaining five holes drilled there to date,” said Roger Moss, President and CEO of LabGold. “The continued near surface gold intercepts extending the strike length of the Doyle Zone are nice to see especially those with wider intersections. We are encouraged by the successful drilling of our four initial targets, all of which have delivered significant gold mineralization. We will continue to test the new targets developed along the Appleton Fault Zone through the summer, starting with the CSAMT target approximately eight kilometres northeast of Big Vein.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
K-22-152
66
70.24
4.24
1.78
Doyle
87
90
3
2.24
93
96
3
1.17
K-22-150
348
352
4
6.22
Golden Glove
including
348
350
2
10.31
K-22-149
13
14
1
1.27
Doyle
K-22-146
57
57.95
0.95
1.12
Doyle
K-22-144
64
72
8
1.86
Doyle
including
69
71
2
3.32
K-22-143
92.2
93
0.8
1.42
Doyle
K-22-139
57.2
77.4
20.2
1.75
Doyle
including
62.2
68.4
6.2
2.76
89.4
92.4
3
1.59
Table 1. Summary of Assay Results. All intersections are downhole length as there is insufficient Information to calculate true width.
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 159,199,026 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.
High-grade intercepts from TUG-141 include:
20.86 g/t Au over 75.9m from 443.4-519.3m
including 35.25 g/t Au over 37.5m from 471.3-508.8m
including 43.62 g/t Au over 30.0m from 477.6-507.6m
including 90.35 g/t Au over 7.2m from 494.4-501.6m
and notable individual high-grade assay intervals including:
– 138.15 g/t Au over 0.30m from 450.9-451.2m
– 396.16 g/t Au over 0.30m from 479.1-479.4m
– 103.54 g/t Au over 0.30m from 498.6-498.9m
– 340.07 g/t Au over 0.30m from 498.9-499.2m
– 600.42 g/t Au over 0.30m from 499.5-499.8m
– 244.37 g/t Au over 0.30m from 502.5- 503.1m
– 230.18 g/t Au over 0.30m from 507.3-507.6m
– 105.58 g/t Au over 0.30m from 518.7-519.0m
Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”
Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”
Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”
TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.
Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.
Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:
24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;
87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;
and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.
The area remains open at depth. This target has now become of utmost importance for follow up drilling.
In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:
Above the high-grade intercept
3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m
Below the high-grade intercept
3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m
In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.
Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.
Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.
Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).
Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.
Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.
Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.
Sample ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUG08584
71.7
72
0.3
0.96
TUG08535
101.7
102
0.3
3.96
TUG08536
102
102.3
0.3
12.17
TUG08537
102.3
102.6
0.3
5.35
TUG08538
102.6
102.9
0.3
1.42
TUG08539
102.9
103.2
0.3
3.09
TUG08541
103.5
103.8
0.3
1.19
TUG08542
103.8
104.1
0.3
8.64
TUG08543
104.1
104.4
0.3
7.67
TUG08544
104.4
104.7
0.3
7.56
TUG08545
104.7
105
0.3
7.90
TUG08546
105
105.3
0.3
3.53
TUG08548
105.6
105.9
0.3
0.60
TUG08549
105.9
106.5
0.6
4.83
TUG08452
107.1
107.4
0.3
1.42
TUG08456
109.8
110.1
0.3
15.41
TUG08457
110.1
110.4
0.3
0.74
TUG08458
110.4
110.7
0.3
1.12
TUG08459
110.7
111
0.3
5.28
TUG08460
111
111.3
0.3
0.80
TUG08462
111.6
111.9
0.3
2.66
TUG08463
111.9
112.2
0.3
1.45
TUG08464
112.2
112.5
0.3
1.22
TUG08466
112.5
112.8
0.3
1.50
TUG08467
112.8
113.1
0.3
2.67
TUG08468
113.1
113.4
0.3
3.47
TUG08469
113.4
113.7
0.3
2.92
TUG08470
113.7
114
0.3
2.93
TUG08471
114
114.3
0.3
8.74
TUG08473
114.6
114.9
0.3
7.36
TUG08474
114.9
115.5
0.6
0.90
TUG08475
115.5
115.8
0.3
7.20
TUG08476
115.8
116.1
0.3
3.14
TUG08477
116.1
116.4
0.3
0.92
TUG08479
116.7
117
0.3
3.62
TUG08481
117
117.3
0.3
15.85
TUG08482
117.3
117.6
0.3
2.06
TUG08483
117.6
117.9
0.3
1.95
TUG08484
117.9
118.2
0.3
0.58
TUG08485
118.2
118.5
0.3
5.51
TUG08486
118.5
118.8
0.3
6.35
TUG08487
118.8
119.1
0.3
38.27
TUG08488
119.1
119.4
0.3
3.02
TUG08489
119.4
119.7
0.3
1.41
TUG08490
119.7
120
0.3
2.19
TUG08494
122.4
122.7
0.3
1.35
TUG08946
213.6
213.9
0.3
2.11
TUG08947
213.9
214.2
0.3
0.97
TUG08948
214.2
214.5
0.3
3.03
TUG09446
214.5
214.8
0.3
0.82
TUG08949
214.8
215.1
0.3
1.50
TUG09401
215.1
215.4
0.3
1.61
TUG09402
215.4
215.7
0.3
1.75
TUG09407
216.9
217.2
0.3
3.22
TUG09408
217.2
217.5
0.3
0.18
TUG09409
217.5
217.8
0.3
0.62
TUG09423
222.9
223.2
0.3
0.72
TUG09432
226.5
226.8
0.3
1.41
TUG09444
233.4
233.7
0.3
1.32
TUG09445
233.7
234
0.3
3.13
TUG09447
234
234.3
0.3
6.30
TUG09448
234.3
234.6
0.3
2.08
TUG09529
274.8
275.1
0.3
0.77
TUG09536
276.6
276.9
0.3
0.59
TUG09540
277.8
278.1
0.3
0.64
TUG09566
291.3
291.6
0.3
14.77
TUG09567
291.6
291.9
0.3
4.01
TUG09568
291.9
292.2
0.3
16.55
TUG09569
292.2
292.5
0.3
17.85
TUG09570
292.5
292.8
0.3
1.75
TUG09582
299.1
299.4
0.3
2.12
TUG09583
299.4
299.7
0.3
1.94
TUG09584
299.7
300
0.3
0.63
TUG09585
300
300.3
0.3
1.13
TUG09586
300.3
300.6
0.3
0.99
TUG09587
300.6
300.9
0.3
0.79
TUG09588
300.9
301.2
0.3
4.31
TUG09591
301.8
302.1
0.3
1.58
TUG09594
302.7
303
0.3
0.92
TUG09595
303
303.3
0.3
0.78
TUG09605
308.1
308.4
0.3
1.28
TUG09614
311.7
312
0.3
1.35
TUG09616
312
312.3
0.3
2.61
TUG09617
312.3
312.6
0.3
0.08
TUG09619
313.2
313.5
0.3
4.56
TUG09620
313.5
313.8
0.3
3.54
TUG09621
313.8
314.1
0.3
2.47
TUG09622
314.1
314.4
0.3
1.65
TUG09625
315.3
315.6
0.3
1.25
TUG09626
315.6
315.9
0.3
7.71
TUG09628
316.8
317.1
0.3
0.54
TUG09629
317.1
317.4
0.3
2.57
TUG09631
317.4
317.7
0.3
1.00
TUG09633
318
318.3
0.3
1.42
TUG09634
318.3
318.6
0.3
3.11
TUG09635
318.6
318.9
0.3
5.42
TUG09636
318.9
319.2
0.3
4.25
TUG09637
319.2
319.5
0.3
7.68
TUG09638
319.5
319.8
0.3
5.78
TUG09639
319.8
320.1
0.3
0.85
TUG09641
320.4
320.7
0.3
3.19
TUG09642
320.7
321
0.3
3.49
TUG09643
321
321.3
0.3
7.93
TUG09644
321.3
321.6
0.3
2.40
TUG09645
321.6
321.9
0.3
2.04
TUG09646
321.9
322.2
0.3
7.42
TUG09647
322.2
322.5
0.3
18.75
TUG09648
322.5
322.8
0.3
12.75
TUG09650
322.8
323.1
0.3
12.55
TUG09651
323.1
323.4
0.3
15.64
TUG09652
323.4
323.7
0.3
19.67
TUG09653
323.7
324
0.3
13.55
TUG09654
324
324.3
0.3
15.18
TUG09655
324.3
324.6
0.3
11.27
TUG09656
324.6
324.9
0.3
14.62
TUG09657
324.9
325.2
0.3
71.01
TUG09658
325.2
325.5
0.3
5.61
TUG09659
325.5
326.4
0.9
0.60
TUG09660
326.4
326.7
0.3
3.97
TUG09661
326.7
327
0.3
4.93
TUG09662
327
327.3
0.3
11.64
TUG09663
327.3
327.6
0.3
15.86
TUG09667
328.5
329.4
0.9
0.98
TUG09668
329.4
329.7
0.3
2.77
TUG09669
329.7
330
0.3
2.58
TUG09670
330
330.3
0.3
6.51
TUG09671
330.3
330.6
0.3
4.28
TUG09672
330.6
330.9
0.3
6.21
TUG09694
345.3
345.6
0.3
0.60
TUG09695
345.6
345.9
0.3
4.62
TUG09696
345.9
346.2
0.3
4.07
TUG09697
346.2
346.5
0.3
1.76
TUG09699
346.8
347.1
0.3
2.13
TUG09703
348.3
348.6
0.3
33.25
TUG09704
348.6
348.9
0.3
3.52
TUG09703
348.3
348.6
0.3
33.25
TUG09707
350.1
350.4
0.3
12.62
TUG09710
351.3
351.6
0.3
3.20
TUG09711
351.6
351.9
0.3
0.51
TUG09733
366.3
366.6
0.3
1.26
TUG09734
366.6
366.9
0.3
2.37
TUG09736
367.5
367.8
0.3
0.80
TUG09737
367.8
368.1
0.3
11.02
TUG09738
368.1
368.4
0.3
7.96
TUG09739
368.4
368.7
0.3
3.68
TUG09740
368.7
369
0.3
6.95
TUG09741
369
369.3
0.3
1.82
TUG09742
369.3
369.6
0.3
1.29
TUG09744
369.9
370.2
0.3
4.11
TUG09745
370.2
370.5
0.3
3.89
TUG09746
370.5
370.8
0.3
4.54
TUG09759
380.7
381
0.3
2.63
TUG09760
381
381.6
0.6
23.15
TUG09761
381.6
381.9
0.3
20.60
TUG09762
381.9
382.2
0.3
6.13
TUG09763
382.2
382.5
0.3
3.37
TUG09764
382.5
382.8
0.3
0.64
TUG09777
391.8
392.1
0.3
1.08
TUG09778
392.1
392.4
0.3
1.08
TUG09779
392.4
392.7
0.3
0.89
TUG09781
392.7
393
0.3
0.55
TUG09783
393.6
393.9
0.3
0.65
TUG09784
393.9
394.2
0.3
0.54
TUG09785
394.2
394.5
0.3
2.90
TUG09786
394.5
394.8
0.3
2.34
TUG09787
394.8
395.1
0.3
3.74
TUG09788
395.1
395.4
0.3
2.82
TUG09789
395.4
395.7
0.3
1.98
TUG09790
395.7
396
0.3
1.55
TUG09792
396.3
396.6
0.3
2.25
TUG09794
396.9
397.2
0.3
0.44
TUG09795
397.2
397.5
0.3
1.78
TUG09796
397.5
397.8
0.3
3.20
TUG09797
397.8
398.1
0.3
1.27
TUG09798
398.1
398.4
0.3
15.27
TUG09799
398.4
398.7
0.3
2.96
TUG09801
398.7
399
0.3
5.34
TUG09802
399
399.3
0.3
2.38
TUG09803
399.3
399.6
0.3
2.93
TUG09804
399.6
400.5
0.9
4.00
TUG09805
400.5
400.8
0.3
0.68
TUG09806
400.8
401.1
0.3
2.41
TUG09807
401.1
401.4
0.3
2.06
TUG09808
401.4
401.7
0.3
1.61
TUG09809
401.7
402
0.3
1.67
TUG09811
402.3
402.6
0.3
1.46
TUG09812
402.6
402.9
0.3
0.91
TUG09814
403.2
403.5
0.3
3.71
TUG09817
403.8
404.1
0.3
0.77
TUG09819
405
405.3
0.3
1.56
TUG09811
402.3
402.6
0.3
1.40
TUG09812
402.6
402.9
0.3
0.95
TUG09814
403.2
403.5
0.3
3.57
TUG09817
403.8
404.1
0.3
0.83
TUG09819
405
405.3
0.3
1.61
TUG09824
406.8
407.1
0.3
2.78
TUG09827
408
408.3
0.3
1.21
TUG09828
408.3
408.6
0.3
0.72
TUG09829
408.6
409.2
0.6
1.14
TUG09831
409.2
409.5
0.3
3.27
TUG09832
409.5
409.8
0.3
0.90
TUG09836
410.7
411
0.3
1.86
TUG09837
411
411.3
0.3
2.11
TUG09838
411.3
411.6
0.3
3.40
TUG09839
411.6
411.9
0.3
0.70
TUG09842
412.8
413.1
0.3
0.93
TUG09843
413.1
413.4
0.3
0.76
TUG09848
416.1
417
0.9
0.63
TUG10354
418.8
419.1
0.3
0.82
TUG10355
419.1
419.4
0.3
0.65
TUG10360
420.6
420.9
0.3
0.75
TUG10361
420.9
421.2
0.3
1.05
TUG10362
421.2
421.5
0.3
1.59
TUG10363
421.5
421.8
0.3
1.23
TUG10367
422.7
423
0.3
0.68
TUG10368
423
423.3
0.3
0.72
TUG10373
425.1
425.4
0.3
2.48
TUG10374
425.4
425.7
0.3
2.83
TUG10375
425.7
426
0.3
3.52
TUG10376
426
426.3
0.3
3.77
TUG10377
426.3
426.6
0.3
8.47
TUG10378
426.6
426.9
0.3
1.64
TUG10379
426.9
427.2
0.3
1.53
TUG10381
427.2
427.8
0.6
4.11
TUG10382
427.8
428.1
0.3
1.65
TUG10383
428.1
429
0.9
0.86
TUG10387
429.9
430.2
0.3
0.72
TUG10393
433.2
433.5
0.3
2.04
TUG10394
433.5
433.8
0.3
0.85
TUG10395
433.8
434.1
0.3
0.76
TUG10408
440.4
440.7
0.3
2.36
TUG10413
443.1
443.4
0.3
1.02
TUG10414
443.4
443.7
0.3
6.82
TUG10417
444.9
445.2
0.3
17.94
TUG10418
445.2
445.5
0.3
5.83
TUG10423
447
447.3
0.3
1.16
TUG10425
448.2
448.5
0.3
4.54
TUG10426
448.5
448.8
0.3
0.76
TUG10428
450
450.3
0.3
4.94
TUG10429
450.3
450.6
0.3
1.53
TUG10431
450.6
450.9
0.3
0.97
TUG10432
450.9
451.2
0.3
138.15
TUG10434
451.5
451.8
0.3
0.76
TUG10435
451.8
452.1
0.3
1.25
TUG10436
452.1
452.4
0.3
1.35
TUG10438
452.7
453
0.3
1.65
TUG10439
453
453.3
0.3
4.70
TUG10440
453.3
453.6
0.3
2.57
TUG10441
453.6
453.9
0.3
4.99
TUG10444
454.8
455.1
0.3
14.02
TUG10445
455.1
455.4
0.3
2.07
TUG10446
455.4
455.7
0.3
1.09
TUG10447
455.7
456
0.3
1.28
TUG10448
456
456.3
0.3
2.55
TUG10453
459
460.2
1.2
1.14
TUG10454
460.2
460.8
0.6
1.00
TUG10455
460.8
462
1.2
1.74
TUG10456
462
462.3
0.3
1.28
TUG10457
462.3
462.6
0.3
24.98
TUG10458
462.6
462.9
0.3
87.13
TUG10459
462.9
463.8
0.9
11.34
TUG10461
464.4
465
0.6
0.67
TUG10463
465.9
466.2
0.3
0.91
TUG10464
466.2
466.5
0.3
1.36
TUG10466
466.5
466.8
0.3
1.27
TUG10467
466.8
467.1
0.3
1.28
TUG10468
467.1
467.4
0.3
3.79
TUG10469
467.4
467.7
0.3
20.93
TUG10470
467.7
468
0.3
20.64
TUG10471
468
468.3
0.3
19.40
TUG10473
468.6
468.9
0.3
3.46
TUG10474
468.9
469.2
0.3
2.78
TUG10475
469.2
469.5
0.3
2.10
TUG10482
471.3
471.6
0.3
0.81
TUG10483
471.6
471.9
0.3
1.03
TUG10484
471.9
472.2
0.3
6.72
TUG10485
472.2
472.5
0.3
0.88
TUG10486
472.5
472.8
0.3
1.45
TUG10487
472.8
473.1
0.3
9.05
TUG10488
473.1
473.4
0.3
1.35
TUG10490
473.7
474
0.3
0.48
TUG10492
474.3
474.6
0.3
0.78
TUG10493
474.6
474.9
0.3
1.37
TUG10494
474.9
475.2
0.3
1.43
TUG10496
475.5
475.8
0.3
1.67
TUG10497
475.8
477
1.2
1.80
TUG10498
477
477.6
0.6
2.64
TUG10500
477.6
477.9
0.3
93.49
TUG10501
477.9
478.2
0.3
1.01
TUG10502
478.2
478.5
0.3
34.17
TUG10503
478.5
478.8
0.3
94.57
TUG10504
478.8
479.1
0.3
35.04
TUG10505
479.1
479.4
0.3
396.16
TUG10506
479.4
479.7
0.3
25.06
TUG10507
479.7
480
0.3
7.09
TUG10508
480
480.3
0.3
4.06
TUG10509
480.3
480.6
0.3
31.63
TUG10510
480.6
480.9
0.3
5.3
TUG10511
480.9
481.2
0.3
114.95
TUG10512
481.2
481.5
0.3
1.90
TUG10513
481.5
481.8
0.3
0.83
TUG10514
481.8
482.1
0.3
9.99
TUG10516
482.1
482.4
0.3
0.71
TUG10517
482.4
482.7
0.3
6.64
TUG10518
482.7
483
0.3
6.05
TUG10519
483
483.3
0.3
6.64
TUG10520
483.3
483.6
0.3
2.47
TUG10521
483.6
483.9
0.3
0.93
TUG10522
483.9
484.2
0.3
5.15
TUG10523
484.2
484.5
0.3
10.90
TUG10524
484.5
484.8
0.3
14.76
TUG10525
484.8
485.1
0.3
20.24
TUG10526
485.1
485.4
0.3
21.93
TUG10527
485.4
485.7
0.3
20.79
TUG10528
485.7
486
0.3
32.89
TUG10529
486
486.3
0.3
16.13
TUG10531
486.3
486.6
0.3
2.55
TUG10532
486.6
486.9
0.3
13.04
TUG10533
486.9
487.2
0.3
5.42
TUG10534
487.2
487.5
0.3
3.95
TUG10535
487.5
487.8
0.3
4.89
TUG10536
487.8
488.1
0.3
4.24
TUG10537
488.1
488.4
0.3
4.41
TUG10538
488.4
488.7
0.3
5.21
TUG10539
488.7
489
0.3
1.80
TUG10540
489
489.3
0.3
16.42
TUG10541
489.3
489.6
0.3
7.17
TUG10542
489.6
489.9
0.3
6.47
TUG10543
489.9
490.2
0.3
4.07
TUG10544
490.2
490.5
0.3
4.75
TUG10545
490.5
490.8
0.3
4.86
TUG10546
490.8
491.1
0.3
7.13
TUG10547
491.1
491.4
0.3
11.64
TUG10548
491.4
491.7
0.3
35.68
TUG10549
491.7
492
0.3
22.53
TUG10551
492
492.3
0.3
10.72
TUG10552
492.3
492.6
0.3
25.23
TUG10553
492.6
492.9
0.3
16.77
TUG10554
492.9
493.2
0.3
20.86
TUG10555
493.2
493.5
0.3
23.61
TUG10556
493.5
493.8
0.3
5.85
TUG10557
493.8
494.1
0.3
6.41
TUG10558
494.1
494.4
0.3
4.25
TUG10559
494.4
494.7
0.3
36.13
TUG10560
494.7
495
0.3
19.66
TUG10561
495
495.3
0.3
72.65
TUG10562
495.3
495.6
0.3
241.21
TUG10563
495.6
495.9
0.3
31.77
TUG10564
495.9
496.2
0.3
51.52
TUG10566
496.2
496.5
0.3
25.17
TUG10567
496.5
496.8
0.3
100.35
TUG10568
496.8
497.1
0.3
12.86
TUG10569
497.1
497.4
0.3
4.68
TUG10570
497.4
497.7
0.3
33.81
TUG10571
497.7
498
0.3
37.11
TUG10572
498
498.3
0.3
20.74
TUG10573
498.3
498.6
0.3
26.29
TUG10574
498.6
498.9
0.3
103.54
TUG10575
498.9
499.2
0.3
340.07
TUG10576
499.2
499.5
0.3
269.25
TUG10577
499.5
499.8
0.3
600.42
TUG10578
499.8
500.1
0.3
73.02
TUG10579
500.1
500.4
0.3
13.41
TUG10581
500.4
500.7
0.3
1.85
TUG10582
500.7
501.3
0.6
13.32
TUG10583
501.3
501.6
0.3
26.54
TUG10584
501.6
501.9
0.3
9.04
TUG10585
501.9
502.2
0.3
4.79
TUG10586
502.2
502.5
0.3
3.93
TUG10587
502.5
502.8
0.3
126.85
TUG10588
502.8
503.1
0.3
361.90
TUG10589
503.1
503.4
0.3
1.95
TUG10590
503.4
503.7
0.3
3.27
TUG10591
503.7
504
0.3
32.78
TUG10592
504
504.3
0.3
23.63
TUG10596
505.2
505.5
0.3
8.07
TUG10598
505.8
506.1
0.3
18.51
TUG10599
506.1
506.4
0.3
53.78
TUG10602
506.7
507
0.3
7.50
TUG10604
507.3
507.6
0.3
234.39
TUG10605
507.6
507.9
0.3
2.22
TUG10606
507.9
508.8
0.9
0.58
TUG10612
510.3
510.6
0.3
3.37
TUG10613
510.6
510.9
0.3
1.32
TUG10614
510.9
511.2
0.3
5.53
TUG10616
511.2
511.5
0.3
24.91
TUG10617
511.5
511.8
0.3
64.47
TUG10618
511.8
512.1
0.3
72.56
TUG10619
512.1
512.4
0.3
13.35
TUG10620
512.4
512.7
0.3
2.08
TUG10621
512.7
513
0.3
1.59
TUG10622
513
513.3
0.3
0.74
TUG10623
513.3
513.6
0.3
0.94
TUG10624
513.6
513.9
0.3
0.53
TUG10625
513.9
514.2
0.3
1.17
TUG10626
514.2
514.5
0.3
23.17
TUG10627
514.5
514.8
0.3
0.85
TUG10628
514.8
515.1
0.3
2.39
TUG10629
515.1
515.4
0.3
1.03
TUG10631
515.4
515.7
0.3
0.83
TUG10632
515.7
516
0.3
1.74
TUG10633
516
516.3
0.3
3.50
TUG10634
516.3
516.6
0.3
0.59
TUG10636
516.9
517.2
0.3
0.80
TUG10637
517.2
517.5
0.3
2.99
TUG10638
517.5
517.8
0.3
0.76
TUG10639
517.8
518.1
0.3
3.34
TUG10640
518.1
518.4
0.3
8.94
TUG10641
518.4
518.7
0.3
12.80
TUG10642
518.7
519
0.3
105.58
TUG10643
519
519.3
0.3
34.42
TUG10644
519.3
519.6
0.3
0.55
TUG10645
519.6
519.9
0.3
0.80
TUG10656
522.6
522.9
0.3
0.59
TUG10657
522.9
523.2
0.3
0.88
TUG10658
523.2
523.5
0.3
0.76
TUG10659
523.5
523.8
0.3
1.09
TUG10660
523.8
524.1
0.3
0.61
TUG10661
524.1
524.4
0.3
2.11
TUG10664
525
525.3
0.3
5.56
TUG10666
525.3
525.6
0.3
7.50
TUG10667
525.6
525.9
0.3
0.87
TUG10668
525.9
526.2
0.3
0.78
TUG10693
543.9
544.2
0.3
0.63
TUG10695
544.5
544.8
0.3
0.75
TUG10696
544.8
545.1
0.3
0.59
TUG10699
545.7
546
0.3
0.81
TUG10701
546
546.3
0.3
0.63
TUG10702
546.3
546.6
0.3
0.59
TUG10706
547.5
547.8
0.3
0.52
TUG10719
554.1
554.4
0.3
0.84
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)
TUG-135
3920759
1876459
139.2
689.4
-64
149
TUG-136
3920759
1876459
139.2
617.4
-58
151
TUG-138
3920759
1876459
139.2
746.4
-64
163
TUG-141
3920759
1876459
139.2
633.0 *
-55°
162°
* Current depth, hole is still drilling
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.
Despite the growing hype around electric vehicles, conventional gas-powered vehicles are expected to be on the road well into the future.
As a result, exhaust systems will continue to be a critical tool in reducing harmful air pollution.
The Power of Palladium
Today’s infographic comes to us from North American Palladium, and it demonstrates the unique properties of the precious metal, and how it’s used in catalytic converters around the world.
In fact, palladium enables car manufacturers to meet stricter emission standards, making it a secret weapon for fighting pollution going forward.
The world is in critical need of palladium today.
It’s the crucial metal in reducing harmful emissions from gas powered vehicles—as environmental standards tighten, cars are using more and more palladium, straining global supplies.
What is Palladium?
Palladium is one of six platinum group metals which share similar chemical, physical, and structural features. Palladium has many uses, but the majority of global consumption comes from the autocatalyst industry.
In 2018, total gross demand for the metal was 10,121 million ounces (Moz), of which 8,655 Moz went to autocatalysts. These were the leading regions by demand:
North America: 2,041 Moz
Europe: 1,883 Moz
China: 2,117 Moz
Japan: 859 Moz
Rest of the World: 1,755 Moz
Catalytic Converters: Palladium vs. Platinum
The combustion of gasoline creates three primary pollutants: hydrocarbons, nitrogen oxides, and carbon monoxide. Catalytic converters work to alter these poisonous and often dangerous chemicals into safer compounds.
In order to control emissions, countries around the world have come up with strict emissions standards that auto manufacturers must meet, but these are far from the reality of how much pollutants are emitted by drivers every day.
Since no one drives in a straight line or in perfect conditions, stricter emissions testing is coming into effect. Known as Real Driving Emissions (RDE), these tests reveal that palladium performs much better than platinum in a typical driving situation.
In addition, the revelation of the Volkswagen emission scandal (known as Dieselgate) further undermines platinum use in vehicles. As a result, diesel engines are being phased out in favor of gas-powered vehicles that use palladium.
Where does Palladium Come From?
If the world is using all this palladium, where is it coming from?
Approximately, 90% of the world’s palladium production comes as a byproduct of mining other metals, with the remaining 10% coming from primary production.
In 2018, there was a total of 6.88 million ounces of mine supply primarily coming from Russia and South Africa. Conflicts in these jurisdictions present significant risks to the global supply chain. There are few North American jurisdictions, such as Ontario and Montana, which present an opportunity for more stable primary production of palladium.
Long Road to Extinction
The current price of palladium is driven by fundamental supply and demand issues, not investor speculation. Between 2012 and 2018, an accumulated deficit of five million ounces has placed pressures on readily available supplies of above-ground palladium.
Vehicles with internal combustion engines (ICE) will continue to dominate the roads well into the future. According to Bloomberg New Energy Finance, it will not be until 2040 that ICE vehicles will dip below 50% of new car sales market, in favor of plug-in and hybrid vehicles. Stricter emissions standards will further bolster palladium demand.
The world needs stable and steady supplies of palladium today, and well into the future.
My colleague Paul Wong wrote about silver’s recent flat performance in his recent monthly, April Pressures Risk Assets. Wong aptly explained silver’s interesting role: “Silver has a distinct duality pricing function that, at times, may be contradictory due to its industrial component and its monetary role.”
In this report, we provide our current outlook for silver. Ultimately, we believe recent market dynamics are creating short-term headwinds for precious metals from a monetary standpoint, but those trends could reverse – and silver supply constraints are likely to become more relevant in the face of sustained demand, with notable momentum in silver’s industrial uses related to the green energy transition.The strength of silver’s fundamentals has been fueled by strong gains across all demand components.
Silver’s Behavior Since COVID
Silver bullion1 posted a 47% gain in 2020 (see red oval in Figure 1) and has recently been in a holding pattern. Despite this, silver traded in the range of $22-$28 in 2021, and its average price for the year reached a nine-year high of $25.14.
Since silver’s outperformance in 2020, the global macroeconomic environment has changed dramatically and become increasingly volatile. Markets continue to grapple with the impacts of the COVID pandemic, geopolitical concerns have increased substantially, and the recent sell-off of stocks has not yet found a stopping point. Rising interest rates have created a headwind for precious metals assets, particularly gold and silver.
Silver is More Volatile than Gold
Silver’s response to current macroeconomic challenges has been to follow its traditional pattern of reacting with more volatility than gold. Silver is down modestly YTD; priced at $23.35 per ounce on December 31, 2021, it was $21.72 as of May 23, 2022, a decline of 7.02%. Gold, by contrast, gained 1.38% YTD2 through May 23. Both are strong showings, given the S&P 5003 declined 16.65% in the same period.
Figure 1. Silver Price vs. Gold Price (2000-2022)
Source: Bloomberg. Data as of 4/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
But to fully understand our current positive outlook for silver, we should revisit the supply-demand dynamics of the silver market — the fundamental relationship that directs long-term pricing trends. To assess these dynamics, we looked to the annual silver outlook published by the Silver Institute and Metals Focus in April, the World Silver Survey 2022.
Although the risk-off tenor of the moment may be a headwind for short-term silver pricing trends, over the longer term, we believe silver supply constraints will become more relevant in the face of sustained, growing demand.
Silver Supply Headwinds in the Post-COVID Era
As expected on the back of silver’s price rise in 2020, silver mining rebounded in 2021 — but to a lesser degree than forecasted. Mine production was up about 5% in 2021 from 2020 levels. Recycling volumes grew by 7% as higher pricing attracted more scrap to the market. Still, Metals Focus analysts had predicted growth for mining supply to be higher, in the range of 8%. As shown in Figure 2, silver supplies have dropped into a deficit since last year, and Metals Focus analysts predict another sizeable deficit of 72 million ounces in 2022.
Figure 2. Silver Supply Dives into Deficit in 2021
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
In addition to tighter silver supply, silver grades have been declining for several years. Ore grades depend on several things, including rising silver prices (which make it profitable to accept lower grades) and how the silver is mined. Going forward, mining companies will likely have to invest more in exploration and development in order to increase or even maintain supply.
Figure 3. Grades of Mined Silver Ore have Declined ~55% Since 2005
Byproduct prices are also a big input for total silver mining activity. More than 70% of silver mining supply is a result of byproduct mining. Higher prices for byproduct metals — lead, zinc and copper, for instance — drive higher mining activity for those metals, essentially subsidizing silver mining in the process. That impact has contributed to supply in recent quarters. But, it’s a tailwind to supply that is potentially at risk. If macroeconomic conditions soften in the medium-term and price support eases for those byproduct metals, silver mining supply is also vulnerable. Without the subsidy effect of higher byproduct prices, the outlook for silver supply could be even weaker than expected.
Figure 4. Higher Prices for Byproduct Metals have Helped Silver Mining Output
Source: Bloomberg, as of 5/13/2022. Orange = Copper Futures. Green = Zinc Futures (3 month contracts). Blue = Silver Spot. Gold = Gold Spot. Included for illustrative purposes only. Past performance is no guarantee of future results.
Miners must also contend with inflation, which directly impacts their fuel costs in production and exploration. If costs are expected to increase and silver miners aren’t sufficiently confident in higher silver prices, it’s difficult to envision a scenario where they are likely to ramp up mining activity substantially. There are also continued reports of worker shortages in silver mining as the tight labor market and waves of COVID outbreaks hamper operations in some locations.
These supply trends have already resulted in a drop in global silver reserves. In 2021, 122 million ounces (Moz) of silver were added to reserves, but 270 Moz were taken in production, as shown in Figure 5. Reserves dropped by about 4% to 3,412 Moz at yearend. Exploration and discoveries were also underwhelming in 2021. Globally, total identified silver resources (excluding reserves) only grew 1% last year. At the same time, there was subdued merger and acquisition activity in 2021 in the primary silver sector, with only eight deals totaling just US$11 million.
Figure 5. Global Silver Mine Reserves Drop in 2021
Primary silver reserves declined as mining depletion exceeded additions.
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
Silver Demand: Green Technologies Support Sustained Growth
While silver supply faces some constricting trends, the rebound in demand could prove sustainable, thanks to silver’s critical role in growing green energy initiatives.
Photovoltaic demand — silver inputs for solar panel production — is a prime example, growing 13% as a category in 2021 and contributing to a new record high for global silver demand in 2021. This rebound, even in the face of the supply-chain constraints that have plagued global manufacturing since COVID began, reflects the substantial green-energy investment that is underway.
We believe this trend could drive continued demand growth even if other manufacturing activity softens incrementally. Industrial demand overall accounts for about half of annual silver demand, and photovoltaic demand is about a fifth of all industrial offtake (and growing in share, since photovoltaic is growing faster than overall industrial use at large).
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
The outlook for green energy investment has only strengthened in the face of the Russia-Ukraine conflict, which is pushing global sentiment towards energy security and renewables. Vehicle electrification and renewable energy demand could have more staying power in an environment where developed economies are turning a corner toward weaker growth or even recession. Industry forecasts project that silver demand for electric vehicles is likely to eventually surpass the volume of silver used in photovoltaics. As Paul Wong discussed last month, silver prices have demonstrated a growing correlation to energy transition equities. According to Wong, “Silver pricing has become highly correlated (R-square4 of 0.82) with energy transition equities, as illustrated in Figure 7. This Energy Transition Index is comprised of 12 large ETFs in the energy transition space (solar, renewables, wind, carbon, infrastructure, uranium, etc.).”
Figure 7. Silver Correlates with Energy Transition Equities
Source: Bloomberg and Sprott Asset Management LP. Data as of 4/30/2022. Included for illustrative purposes only. You cannot invest directly in an index. Past performance is no guarantee of future results.
The Energy Transition Story is a Large Force for Silver
The current environment may be dominated by risk-off behavior, but that’s not the primary factor for longer-term silver demand, particularly given its dual nature as a precious metal and an industrial metal.
We see the energy transition story as a large force for silver demand — this year and in future years. The geopolitical issues dominating the current environment only strengthen that trend, even as they weaken other components of silver demand. The pandemic and the war in Ukraine have both served to reinforce investment in energy-transition initiatives.
Silver is a critical component of electric vehicles (EVs), which are experiencing strong demand growth globally. EV sales are slated to represent >30% of total light-vehicle sales by 2030, mainly stemming from China, Europe and the U.S. EVs are going to require a new set of manufacturing materials versus traditional ICE (internal combustion vehicles) vehicles. Silver’s high conductivity and ductility make EVs more efficient by establishing lightweight but strong electrical connections between batteries and other car components. Battery electric vehicles use between ~25-50 grams of silver per vehicle.
At present, EV inventories remain backlogged. Ford announced in January that it would double production of its electric F-150 pickup truck to work through a three-year backlog. Tesla reported that some models were backlogged until 2023, even after price increases. Solar panels have also been backlogged in recent months, according to some reports.
Figure 8. A Surge in EVs
Source: BMO Capital Markets, HIS, CAAM, InsideEVs, Industry Reports as of 2/07/2022.
Positive Non-Industrial Demand Trends
Looking at non-industrial demand for silver, trends have been milder but positive. In photography — which represents a small and declining share of silver demand — there was a small post-COVID rebound related to the catch-up trend of X-rays in healthcare after lockdowns subsided. Jewelry and silverware are more closely tied to economic growth, and both rebounded substantially in 2021. The return of weddings and social events in India supported higher jewelry production. Italy and China also accounted for healthy rebounding demand for jewelry amid economic recoveries. Silverware also reflected these trends. However, jewelry and silverware purchases both remained below pre-COVID levels.
Physical demand for silver coins and bars is the most volatile category of demand (and hard to get real-time data for mid-year). Physical demand grew 36% in 2021 over the year prior, driving the category up to represent a full quarter of global demand for the year. Bar and coin investments have not retreated since 2016/17.
Figure 9. Silver Bar and Coin Investment Surged by 36% in 2021
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
Why We Remain Bullish on Silver
From a pricing standpoint, silver is historically undervalued relative to gold right now, and offers an attractive investment opportunity. We see a picture of silver fundamentals where supply trends cannot keep up with longer-term demand. Overall, the silver market has been in a physical deficit since 2019, and silver mine supply has been in decline since 2016. There has been a lack of funds going into silver mine development and the timelines from discovery to production have gotten longer. On the demand side, all segments of silver demand are rebounding, led by industrial, jewelry and physical investment. We continue to believe that silver is likely to benefit from supply constraints in the face of growing demand. We expect green technology and de-carbonization trends to continue and increase, even if economic growth slows globally.
1
Silver bullion is measured by Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
2
Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
3
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
4
R-squared values range from 0 to 1 and are commonly stated as percentages from 0% to 100%. An R-squared of 100% means that all movements of a security (or another dependent variable) are completely explained by movements in the index (or the independent variable(s) you are interested in). Source: Investopedia.
Maria Smirnova, MBA, CFA Managing Director, Sprott Inc.; Senior Portfolio Manager & Chief Investment Officer, Sprott Asset Management
Past performance is no guarantee of future results. You cannot invest directly in an index. Investments, commentary and statements are that of the author and may not be reflective of investments and commentary in other strategies managed by Sprott Asset Management USA, Inc., Sprott Asset Management LP, Sprott Inc., or any other Sprott entity or affiliate. Opinions expressed in this commentary are those of the author and may vary widely from opinions of other Sprott affiliated Portfolio Managers or investment professionals.
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VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to report the final set of assay results from its 2021 drilling completed at the Company’s 100%-owned, 166-square-kilometer Keno Silver Project located within the historic, high-grade Keno Hill silver district in Canada’s Yukon Territory. These drill tests were targeted at extending high-grade silver-gold-lead-zinc mineralization at the Formo deposit in the West Keno target area, one of several advanced stage targets moving toward an initial NI 43-101 mineral resource estimate for the Keno Silver project.
Highlights
Drilling in 2021 and 2020 by Metallic Minerals at the Formo deposit intercepted both high-grade Keno-style Ag-Au-Pb-Zn veins and broader zones of potentially bulk mineable mineralization.
FOR21-05 returned three intervals at over 1,000 g/t silver equivalent (“Ag Eq”) from 92.7 m to 115.5 m for a total of 22.8 m grading 219.5 g/t Ag Eq including 0.5 m of 1,657.8 g/t Ag Eq with up to 17 g/t Au, 0.7 m of 1,408.8 g/t Ag Eq and 0.5 m of 1,649.9 g/t Ag Eq.
FOR21-06 intercepted multiple zones of mineralization with 4.6 m of 938.3 g/t Ag Eq including 3,229.9 g/t Ag Eq over 1.0 m within a broader zone of 11.4 m grading 413.7 g/t Ag Eq.
The Formo target area hosts multiple parallel vein structures and mineralized zones within a broader structural envelope that remains open to expansion and shows excellent opportunities for resource delineation. Results from 2021 drilling intercepted extremely high grades, including FOR21-05 returning three intervals over 1,000 g/t silver Ag Eq and FOR21-06 with 3,229.9 g/t Ag Eq over 1.0 m within an interval of 4.6 m of 938.3 g/t Ag Eq (see Table 1 below). Both zones were encountered at shallow depths of less than 150 m down hole and these intersections extend high-grade silver mineralization below the 2020 drilling and the historically productive Formo mine. Geophysical and geochemical surveys, enhanced by the 2021 fieldwork, demonstrate significant resource potential opportunities in the Formo target area.
The Formo vein structure lies at the intersection of a north-easterly extension of the Bermingham-Calumet and the Elsa vein system, which are hosts to the some of the largest historic producing mines and current resources and reserves in the Keno Hill silver district (see Figure 1). The Formo Target remains open for expansion along trend and down dip and has several untested surface targets.
Metallic Minerals President, Scott Petsel, stated, “These exciting results from this most recent follow-up drilling program at the Formo target area in the western Keno Hill District, combined with the exceptional 2020 drill results, demonstrate the potential to delineate significant, high-grade resources at the Keno Silver project. Our team has done remarkable work to build on our understanding of the geology and the important controls to mineralization in the highly productive Keno Hill silver district.”
“As we prepare to embark on our upcoming exploration campaign, we recognize the importance of moving toward the definition of an inaugural resource estimates at Keno Silver, with Formo and Caribou being the two most advanced in that regard. We are also very focused on and enthusiastic about conducting robust follow-up work on our recent discoveries of both high-grade silver veins and bulk mineable mineralization in the East Keno area. We expect to provide updates with respect to planned programs at both Keno Silver and the La Plata project in Colorado over the coming weeks and look forward to meeting with investors during the upcoming Prospectors and Developers Conference in Toronto in mid-June.”
Upcoming Events
PDAC 2022 – Metallic will join fellow Metallic Group members at PDAC in Toronto, May 13-15 (Booth IE2851).
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
West Keno Exploration Program and Formo Target
The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2). The historic Formo mine produced silver at various times since the 1930s from high-grade vein structures that graded an average of over 5,000 g/t silver1. The majority of this historic production came from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City.
Metallic Minerals’ exploration efforts at the Formo target area have integrated recent drilling with surface and underground sampling into a 3D geologic model, along with multi-spectral studies and geophysical surveys covering the area (see Figure 3). In addition to the mineralization at the known Formo deposit, two new surface targets have been identified through surface soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Au-Pb-Zn. The opportunity to significantly expand the known mineralization defined from underground sampling and surface drilling, as well as the potential to define new high-grade deposits along the main mineralized structural corridor, positions Formo as a top priority target for near-term resource definition at the Keno Silver project.
Table 1 – Significant Drill Results from 2020-2021 at the Formo Target Area
DDH Hole ID
From (m)
To (m)
Width (m)
Ag Eq (g/t)
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
FOR21-05
92.7
115.5
22.8
219.5
69
0.4
0.30
2.07
94.6
95.1
0.5
1,657.8
25
17.0
0.01
0.44
98.8
108
9.2
430.5
164
0.1
0.69
4.85
102.4
103.1
0.7
1,408.8
361
0.0
2.17
20.09
107
107.5
0.5
1,649.9
421
0.1
1.53
24.20
FOR21-06
96
97
1.0
221.8
155
0.0
0.45
1.03
111.6
123
11.4
413.7
234
0.0
1.97
2.07
114.4
119
4.6
938.3
528
0.1
4.48
4.82
116
117
1.0
3,229.9
1,978
0.4
13.09
14.97
121.2
123
1.8
202.8
128
0.0
1.00
0.76
FOR-20-001
50.9
57
6.1
284.5
218
0.0
0.3
1.14
including
50.9
53.95
3.05
447.5
369
0.0
0.11
1.52
FOR-20-002
49.45
52.3
2.85
48
22
0.0
0.18
0.39
FOR-20-003
96
100.1
4.1
2,536.0
1,165
0.0
21.74
11.32
including
96
99
3.0
3,425.9
1,568
0.0
29.45
15.35
FOR-20-004
89.8
95.9
6.1
367.6
225
0.0
2.04
1.35
including
91.8
93.7
1.9
698.4
454
0.0
3.48
2.32
including
93.2
93.7
0.5
1,083.6
601
0.0
7.33
4.25
FOR-20-005
104.76
105.45
0.69
365.0
146
0.0
1.32
3.52
152.17
152.67
0.5
85.5
6
0.4
0.01
0.76
FOR-20-006
137.63
139.78
2.15
740.6
332
0.0
3.06
6.04
including
139.13
139.78
0.65
2,255.9
1,001
0.1
8.92
18.92
FOR-20-007
98.1
98.65
0.55
77
12
0.0
0.12
1.2
107.65
108.15
0.5
86.1
46
0.2
0.24
0.34
125.55
126.05
0.5
75.5
1
0.2
0
1.23
FOR-20-008
116.45
116.95
0.5
289.2
178
0.1
2.2
0.42
including
168.6
169.6
1.0
79.2
57
0.0
0.25
0.25
FOR-20-009
69.7
70.14
0.44
67.4
15
0.0
0.21
0.91
113.2
113.7
0.5
211.6
26
0.4
0.06
3
FOR-20-011
55.3
59.7
4.4
75.6
3
0.0
0.05
0.04
including
57.7
58.6
0.9
307.7
195
0.0
2.79
0.1
Silver equivalent (Ag Eq) values assume Ag $19/oz, Pb $1.05/lb, Zn $1.30/lb, Au $1,800/oz and 100% metallurgical recovery. Sample intervals are based on measured drill intersect lengths and are believed to be representative of true widths.
Figure 2 – West Keno Plan Map
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
Figure 3 – Formo Vein Long Section (Looking NW)
Metallic Minerals Corp., Wednesday, May 25, 2022, Press release picture
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Scott Petsel, P.Geo., President, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / May 26, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-71 (PH-10) and release of the final assay results. The Company completed core hole CVZ-71 at a depth of 453.5 feet (138.2 m). Sampling for assay began at 30 ft (9.1 m) and continued to the bottom of the hole. An interval thickness of 280 ft (85.3 m) was intersected from 140 ft (42.7 m) to 420 ft (128.0 m). The hole ended in mineralization and the weighted average lithium values present were as follows:
Noram Lithium Corp., Thursday, May 26, 2022, Press release pictureNoram Lithium Corp., Thursday, May 26, 2022, Press release pictureNoram Lithium Corp., Thursday, May 26, 2022, Press release picture
“As Noram moves toward completion of the Zeus property’s PFS, now on schedule for completion in October 2022, the assay results from CVZ-71 provide another long, high-grade intercept to the list of drillholes that is expected to upgrade a major portion of the deposit from an inferred resource to the indicated resource category” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Noram Lithium Corp., Thursday, May 26, 2022, Press release picture
Table 1 – Sample results from CVZ-71 from 30 ft (9.1 m) to depth of 453.5 ft (138.2 m).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%2522Clayton_Valley_Charter_High_School%253BLithium_carbonate%253BNor-Am_Cup%253BMineral_resource_classification%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25221869a662-45fa-37a9-a47a-ba4e81a1165c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The samples were analyzed by the ALS laboratory in Reno, Nevada. Certified reference standard samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM),(OTCQB: NRVTF),(Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.
Sandy MacDougall Chief Executive Officer and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Vancouver, British Columbia–(Newsfile Corp. – May 18, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that it is working with Dr. Russell Birrell of Globex on implementing his innovative ionic leach soil sampling technique that will enable the Company to detect bedrock anomalies beneath muskeg swamp and glacial till. Initial sampling will be conducted across known mineralization at the QES Zone to calibrate the geochemical response and enable a more accurate assessment of results in new areas.
Peter Flindell, Vice President Exploration, comments: “I have worked with Dr. Birrell and the ionic leach technique in Scotland where we successfully identified several mineralized targets. This technique is well suited to the type of cover at Moss Lake and I look forward to reviewing the first results over the QES Zone. The ionic leach program will continue throughout the 2022 summer field season and focus on the targets developed from last year’s VTEM/magnetics survey. This will help us to rank and rate all targets, and to prioritize the scout drilling program, outside the historical Moss Lake deposit.”
Dr. Birrell was part of the team that developed the Mobile Metal Ion (MMI) sampling technique at CSIRO. The MMI technique has been widely used in exploration programs for the past three decades. His work on ionic leach marks an order of magnitude increase in sensitivity that has mapped several concealed mineralized targets in similar terranes.
Closing of Non-Brokered Financing
The Company is also pleased to announce that it has closed a non-brokered private placement of 1,000,000 units (each, a “Unit“) at a price of $0.50 per Unit for gross proceeds of $500,000 (the “Financing“). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share“) and one-half common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.75, for a period of 24 months following the date hereof, subject to acceleration if the Common Shares trade above $1.10 on the TSX Venture Exchange (the “Exchange“) for twenty (20) consecutive days.
The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.
The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to final approval by the Exchange.
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 strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
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.
Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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 1: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Deposit1 (2013 resource 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 Deposit2 (2011 resource 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., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.
(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.
(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.
Table 2: 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, 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, the use of proceeds from the Financing, 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.
VANCOUVER, BC / ACCESSWIRE / May 18, 2022 / Metallic Minerals Corp. (TSX-V:MMG) (OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce a non-brokered private placement offering of 9,600,000 flow-through units (“Units”) at a price of $0.42 per Unit for aggregate gross proceeds of $4,032,000 (the “Offering”), which represents a premium to the May 17th closing price of the Company’s common shares on the TSX Venture Exchange (the “Exchange”). The Units consist of a flow-through share and a half warrant and are being issued as part of a charity arrangement structured by Peartree Securities Inc.
All net proceeds from the Offering are planned to be used to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada) primarily at Metallic Minerals’ Keno Silver project in the historic, high-grade Keno Hill Silver District in Canada’s Yukon Territory.
Greg Johnson, CEO & Chairman, stated, “We are very pleased to add these new investors to our supportive shareholder base and are in a position to complete important follow-up programs at the Company’s Keno Silver and the La Plata projects, using a combination of existing funding and new flow-through funds. We remain positive on the underlying fundamentals for commodities as the current cycle continues to build and look forward to providing additional project updates as our exploration programs get underway.”
Each whole share purchase warrant is exercisable into one additional common share of the Company at a price of $0.50 per share for a period of 30 months from the date of closing. Subject to approval by the Exchange, if the closing share price five (5) trading days prior to the end of the 30-month warrant period is at or below $0.50, the Company shall, upon written request by a warrant holder, extend expiry of such warrants for an additional six (6) months.
Closing of the Offering is expected on or about June 8, 2022, subject to certain customary conditions, including, but not limited to, acceptance of the Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months plus a day following the date of closing.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Metallic Minerals
Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. In addition, the Company recently announced the inaugural resource estimate for the La Plata silver-gold-copper project in southwestern Colorado. All of the districts in which the Company works have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding the completion of the financing and the gross proceeds raised therefrom, the use of proceeds from the financing and their qualification as CEE, the date of closing of the financing, potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, trends in commodities prices and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
10 HIGH-VALUE GOLD PROJECTS: Ten properties cover a total of 1091 km² and 106 historic gold mines and prospects within the highly mineralized but relatively under explored New England Orogenic Terrane and prolifically mineralized Lachlan Orogenic Belt. Mineralizaton is mostly of an orogenic type associated with large scale structures making for large attractive targets and lesser intrusion related types. Potential for listwanite hosted gold mineralization of the Bralorne and Motherlode type along the Peel-Manning suture zone.
4 HIGH-VALUE SILVER PROJECTS: Four properties cover a total of 289 km² and 31 historic gold-silver mines and prospects within the prolifically mineralized but relatively under explored New England Orogenic Terrane. All properties remain largely under explored since their discovery in the early 1900’s. Little to no historic drilling and almost no exploration Several styles of mineralization present including intrusion related vein stock work targets and low sulphidation epithermal types.
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com. Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.
Source: Bloomberg. Data as of 4/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
