Drill hole APC-20 was drilled on the north-eastern side of the Main Breccia discovery at the Apollo target into an open area without any prior drilling and intersected a broad zone of mineralization with an abundance of gold-rich, carbonate base metal veins overprinting angular, gold-silver-copper bearing breccia. This intercept represents the highest-grade intersection over 100 metres drilled to date at Apollo with results as follows:
Drill hole APC-19 was drilled in the centre of the system in order to expand the vertical dimension in this location. The hole intercepted a broad and continuous zone of copper-silver-gold mineralization and includes a copper-rich subzone with results including:
Based on a newly revised model of the Main Breccia system, the Company has identified two high-grade subzones of mineralization and as a result, will be drill tested in 2023 and are outlined as follows:
Three rigs continue to drill at Apollo with holes APC-22 through APC-27 completed and holes APC-28 through APC-30 underway. Additional assay results are anticipated in the near term.
TORONTO, Dec. 7, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from three additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
Executive Chairman, Ari Sussman stated: “Drilling into the Main Breccia system at the Apollo target continues to expand the total volume while delivering long and high-grade intercepts. The discovery of the two new high-grade subzones through detailed geological modelling is exciting as both the copper rich zone and the gold rich zone appear to be open for expansion in multiple directions. Additionally, we believe that the two subzones will coalesce within the system, thereby enhancing the potential for the discovery of even higher grades than we have discovered to date. These areas will be a key target for drilling in early 2023. Without question there is a lot more metal to be found at the Apollo target and we will remain aggressive in unlocking the potential of this remarkable discovery.”
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here
Details (See Table 1 and Figures 1–4)
Twenty-two diamond drill holes with accompanying assay results have now been announced at Apollo and a further nine holes are outstanding. Results of three drill holes are announced below:
Drill hole APC-20 was drilled south from pad 5 to a maximum depth of 445.4 metres and successfully expanded the eastern area of the Main Breccia system at depth. The hole intersected 102.2 metres of continuous gold-silver-copper mineralization beginning at 298.2 metres down hole and ending at 400.40 metres. The hole is characterized by mineralized angular porphyry related breccia with a matrix infill of pyrite, some chalcopyrite and carbonate which is overprinted by zones of sheeted carbonate base metal veins (“CBM”) and veinlets which are associated with disseminated sphalerite and carry higher gold grades. These higher grade CBM zones can now be traced and mapped in multiple drill holes and three have been identified with drilling to date; within the lower, upper and central portions of the main breccia body The following results are highlighted:
102.20 metres @ 3.38 g/t AuEq consisting of 2.72 g/t Au, 28 g/t Ag, 0.08% Cu and includes a higher-grade zone of 33.60 metres @ 7.30 g/t AuEq.
Drill hole APC-19 was drilled in a southeast direction from pad 4 to a maximum depth of 582.3 metres. The hole intersected continuous copper-silver-gold mineralization from 199.20 metres (178m vertical) to 497.80 metres (470 metres vertical). The mineralized breccia contains a matrix of abundant chalcopyrite and some pyrite particularly from the beginning of the hole down to 323.50 metres which is associated with higher silver values and averaged 0.63% copper and 64 g/t silver over this interval. This newly identified shallow plunging high-grade copper zone has been intersected in six of the holes drilled to date and future drilling will target extensions of this zone within the main breccia body. Assay results for APC-19 are as follows:
298.60 metres @ 1.54 g/t AuEq consisting of 0.48 g/t Au, 34 g/t Ag and 0.31% Cu and includes 124.30 metres 2.72 g/t AuEq consisting of 0.62 g/t Au, 64 g/t Ag and 0.63% Cu.
Hole APC-21 was drilled at a steep angle towards the north from pad 3 but unfortunately undercut the northerly dipping main breccia body.
With the recently announced assay results for APC-17 and previously announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with additional assay results from holes APC-22 through APC-30 anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
Zn %
Pb %
AuEq (g/t) *
CuEq (%) *
APC-19
199.20
497.80
298.60
0.48
34
0.31
0.002
–
–
1.54
0.79
Incl.
199.20
323.50
124.30
0.62
64
0.63
0.002
–
–
2.72
1.39
APC-20**
298.20
400.40
102.20
2.72
28
0.08
0.001
0.21
0.15
3.38
–
Incl.
324.25
357.85
33.60
6.30
45
0.08
0.001
0.42
0.33
7.30
–
APC-21
No Significant Values
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** In APC-20, Zn and Pb were including for the AuEq calculation using metal prices of Zn – US$1.75/lb, Pb – $0.95/lb and recovery rates of 95%.
*** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC19 & APC-20 and the Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-19 (CNW Group/Collective Mining Ltd.)
Figure 4: Apollo Target: Core Photo Highlights from APC-20 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide a corporate update to shareholders and to share its most recent analyst report from Fundamental Research.
Corporate Update Click here for a pre-recorded corporate update between Judson Culter, CEO at Rover, and U.S. stock-commodity TV journalist personality, Maurice Jackson, of Proven and Probable.
Analyst Report Fundamental Research Corp. (“FRC”) has published their updated analyst report on Rover, including a positive rating, dated December 1, 2022. The report can be accessed here.
FRC is one of the largest issuer-paid independent stock market research firms in the world, with a 19-year track record of covering 650+ companies. As of November 28, 2022, FRC’s top picks were up 41% on average since the initiation of coverage*. FRC provides fee-based coverage. Their analysts are sought after by the media and at conferences to give their opinions on the market, current topics of interest such as the direction of commodity prices, and top stock picks.
*Past performance is not indicative of future performance.
Judson Culter, CEO at Rover Metals, states “we are developing a lithium mining project in Nevada that has the potential to help fill-in the major supply shortage coming for lithium beginning in H2-2026*. Development of critical mineral projects here in North America is a matter of national security. Mining stocks and the mining sector need to get a second look from domestic investors right now given the global geopolitical climate we’re living in. We welcome due diligence calls on our mining resource development projects. Companies like Rover are subject to naked-short selling and potential malicious trading practises that can be orchestrated by hostile foreign regimes. Rover relies on the support of domestic investors to help sustain uninterrupted development of its resource projects. China’s battery companies are targeting Europe and are forecasted to account for approximately 30% of Europe’s battery production by 2030*.”
*Source: Benchmark Mineral Intelligence, U.K.
New Office Phone Number Our main office number has recently changed to +1-778-754-2855.
U.S. Trading Ticker The Company now trades under the ticker ROVMF on the OTCQB.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a 1,200-meter reverse circulation drill program at the Let’s Go Lithium project.
The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2855
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. (“Fresnillo”) a wholly owned subsidiary of Fresnillo PLC for the sale of Riverside’s Tajitos Gold Project (“Tajitos”) located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR (“Royalty”).
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo’s Noche Buena mining operations. Riverside’s Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering 45 km² of prospective ground next to Fresnillo’s property (also named Tajitos).
Riverside’s President and CEO, John-Mark Staude, stated: “This transaction adds another quality NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal with a high caliber international mining company, which is a testament to the quality of projects our team has generated and Riverside maintains in our property portfolio.”
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term, the Royalty will no longer be subject to any buy back provisions. The NSR covers the entire Riverside land package and a full NSR Agreement has been agreed upon and included in the signed contract between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and its alliance with BHP. The Company is also always working towards potential incoming additional alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce it has recently completed rock chip sampling and other field work at its Eldorado property in Eastern Oregon. Sampling focused on areas that had exposures of available rock for sampling in areas of significant soil cover. In addition, the Company is also in the process of reviewing, compiling and evaluating all previous historic sampling programs at Eldorado including soil sampling, rock chip sampling, trench sampling and drill hole sampling.
The Eldorado area has been the focus of considerable historic placer mining and modern era exploration by at least five mining companies. All this activity is extensive, and evidence of both placer mining and drilling / trenching remains in every corner of the property. The attached Figure below shows a seamed 1998 aerial photograph over recent satellite imagery which validates the considerable work that has been done to date on the property.
Figure 1 – Shows a Seamed 1998 Aerial Photograph Over Recent Satellite Imagery
The Company’s current field work has focused on collecting 38 rock outcrop samples to assess gold and silver values over a broad area to both confirm anomalies previously identified by past operators and to give the Company its own data base of surface sampling results. The new sampling along with integration of historic rock chip assays, trenching assays and soil auger assays should help define the full potential of the project. This work should better define the project’s footprint and will provide valuable guidance in planning future drill programs once fully permitted.
The Company has in its possession, a large amount of historic assay information that was obtained from several of the past operators, which includes rock chip samples, 43 trenches and 1,081 auger soil samples. These samples, along with results from our current sampling and “top of bedrock” assay samples from the drill holes, will provide a significant gold anomaly map to be used for future drilling.
Cross-section studies of the historic drill holes have identified areas within the historically identified gold system that were missed by the historic drilling. Confirmation drilling of these areas could add mineralized tonnage to the overall gold inventory. Some of the outcrop sampling is focusing on these untested areas.
Additionally, rock outcrops are not abundant on the property, which is mostly covered by soil. The outcrops that have been sampled are all strongly altered. Provenance believes these exposures may represent extensions of the mineral system and sampling these outcrops should verify that interpretation.
The Company expects assay results from this program in the coming weeks and completion of the full assay compilation will be released to the public as it becomes available.
Rauno Perttu, Provenance Chairman said, “I look forward to drilling to confirm the historic work, and also to begin to expand the size and likely the grade of the system. With in-fill drilling and deeper drilling, I believe we can significantly increase the magnitude of the system.”
“Eldorado already holds a significant historical inventory of gold as calculated by a reputable engineering firm in 1990,” stated Steve Craig, project manager. “We believe we will be ready to drill with target confidence in 2023 following our extensive compilation and evaluation of all of the historic data that the Company has in its possession.”
Qualified Person
Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.
About Provenance Gold Corp.
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.
On behalf of the Board, Provenance Gold Corp. Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
Vancouver, British Columbia–(Newsfile Corp. – November 29, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources.
Highlights include (intervals shown are core length):
HR22-314: 4.27 g/t Au and 64 g/t Ag (5.10 g/t AuEq*) over 16.06 meters including 18.76 g/t Au and 193 g/t Ag (21.49 g/t AuEq*) over 3.08 meters
HR22-322: 6.47 g/t Au and 27 g/t Ag (5.83 g/t AuEq*) over 6.00 meters
HR22-325: 7.18g/t Au and 30 g/t Ag, 0.49% Cu (8.26 g/t AuEq*) over 10.00 meters including 20.20 g/t Au and 68 g/t Ag (21.13 g/t AuEq*) over 1.47 meters
HR22-328: 27.44 g/t Au and 463 g/t Ag (33.34 g/t AuEq*) over 9.16 meters including 0.50 meters 216.00 g/t Au and 113 g/t Ag, 0.48% Cu (218.06 AuEq*) over 0.50 meters
HR22-330: 5.68 g/t Au and 147 g/t Ag (7.48 g/t AuEq*) over 15.00 meters, including 54.10 g/t Au, 4,890 g/t Ag and 0.11% Cu (113.25 g/t AuEq*) over 0.39 meters
HR22-337: 3.79 g/t Au and 2 g/t Ag (3.84 g/t AuEq*) over 21.00 meters including 11.15 g/t Au and 5.00 g/t Ag (11.22 AuEq*) over 2.00 meters
HR22-339: 14.56 g/t Au and 4.00 g/t Ag (14.63 g/t AuEq*) over 2.50 meters
“Our 2022 drill program has truly been exceptional. The recently acquired Homestake Ridge Deposit has delivered more high-grade gold and silver values, commonly with strong copper mineralization. These intercepts demonstrate strong continuity of mineralization over wide intervals, similar to the recently announced high-grade results at the Wolf and Kitsol Deposits, located six kilometers to the south. We eagerly anticipate additional assays from all of Dolly Varden’s Deposits, as well as new exploration targets drilled during the 2022 program,” said Shawn Khunkhun, President and CEO.
These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence. Additional assays from the Homestake Main and Silver Deposits are pending
Complete Assay results for the first batch of drilling results at Homestake Main are in Table 1.
Figure 1. Location along Dolly Varden’s Kitsault Valley trend of Deposits
The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia system hosted in Jurassic aged Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold shoots within a broader low grade zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 3 and 4).
Figure 2. Drill hole HR22-330 from the Homestake Main deposit showing breccia vein style mineralization.
Table 1. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-313
107.00
148.00
41.00
0.85
12
0.10
1.13
93
including
125.08
127.00
1.92
3.13
42
NSV
3.64
300
including
141.00
146.10
5.10
3.10
11
0.72
4.28
353
HR22-314
149.66
165.72
16.06
4.27
64
NSV
5.10
421
including
159.92
163.00
3.08
18.76
193
0.28
21.49
1,773
and
168.23
169.19
0.96
10.55
50
4.14
17.17
1,417
HR22-315
174.70
175.22
0.52
2.07
25
1.37
4.36
360
HR22-316
124.00
152.50
28.50
0.88
3
NSV
0.97
80
including
142.50
144.00
1.50
2.47
3
NSV
2.58
213
including
150.00
151.50
1.50
3.11
13
0.49
3.97
328
HR22-317
200.00
205.00
5.00
0.25
NSV
NSV
0.03
21
and
232.00
235.60
3.60
0.21
NSV
NSV
0.21
17
HR22-318
129.00
181.00
52.00
1.19
23
NSV
1.54
127
including
148.88
149.38
0.50
19.90
1990
0.39
44.47
3,669
including
152.00
160.20
8.20
2.57
8
0.19
2.95
243
including
172.00
177.00
5.00
3.23
3
0.09
3.39
280
HR22-319
200.34
207.00
6.66
1.16
3
NSV
1.26
104
HR22-320
108.50
125.50
17.00
0.83
6
NSV
0.91
75
including
123.87
124.60
0.73
5.98
17
NSV
6.21
512
HR22-321
179.00
192.00
13.00
1.16
4
0.12
1.38
114
including
189.00
190.55
1.55
5.18
10
0.15
5.52
455
HR22-322
83.00
143.12
60.12
1.69
21
NSV
2.01
166
including
113.00
119.00
6.00
6.47
27
NSV
6.83
563
including
134.13
138.71
4.58
5.23
17
0.50
6.15
508
HR22-323
190.30
222.00
31.70
0.91
6
0.37
1.52
125
including
198.00
203.00
5.00
2.36
5
0.08
2.53
208
including
207.60
209.56
1.96
0.49
37
3.50
6.03
497
including
214.00
214.55
0.55
0.52
16
1.97
3.57
295
HR22-325
174.00
201.00
27.00
3.11
12
0.20
3.54
292
including
174.00
184.00
10.00
7.18
30
0.49
8.26
681
including
175.00
175.50
0.50
18.00
23
1.92
21.06
1,738
including
177.30
177.80
0.50
15.60
92
2.95
21.00
1,733
including
180.00
181.47
1.47
20.20
68
0.08
21.13
1,743
HR22-327
217.28
227.50
10.22
1.01
17
1.43
3.29
271
including
220.75
223.23
2.48
2.15
35
3.98
8.36
689
and
231.00
274.00
43.00
0.35
5
0.10
0.56
46
including
248.55
251.48
2.93
1.85
65
1.13
4.28
353
Table 1 con’t. Completed Drill Hole Assays from the Homestake Main Deposit
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR22-328
160.81
169.97
9.16
27.44
463
0.21
33.34
2,751
including
163.13
164.90
1.77
75.13
2337
0.23
103.66
8,552
including
168.00
168.50
0.50
216.00
113
0.48
218.06
17,991
HR22-330
111.00
126.00
15.00
5.68
147
NSV
7.48
617
including
112.00
112.39
0.39
54.10
4890
0.11
113.25
9,344
including
116.30
116.69
0.39
74.80
20
NSV
75.05
6,192
including
118.00
118.81
0.81
33.80
14
NSV
33.98
2,803
and
131.00
143.00
12.00
0.24
8
NSV
0.38
31
HR22-331
101.00
113.00
12.00
0.92
63
NSV
1.70
140
including
111.00
111.80
0.80
9.43
224
0.10
12.27
1,013
and
130.00
144.00
14.00
1.02
5
0.15
1.30
107
including
134.10
134.82
0.72
11.95
70
2.45
16.36
1,349
HR22-334
123.00
154.61
31.61
1.75
15
0.27
2.32
191
including
131.00
139.20
8.20
3.66
30
0.27
4.42
364
including
131.00
132.00
1.00
7.67
198
0.04
10.11
834
including
138.70
139.20
0.50
19.55
50
4.26
26.35
2,174
including
145.13
147.39
2.26
5.38
19
1.09
7.19
593
including
152.06
152.41
0.35
6.92
48
7.27
18.07
1,491
HR22-335
177.00
202.55
25.55
0.55
1
NSV
0.57
47
including
184.50
190.00
5.50
1.40
1
NSV
1.42
117
and
220.00
245.50
25.50
0.34
2
NSV
0.43
35
HR22-337
145.00
175.84
30.84
2.74
2
NSV
2.79
230
including
151.00
172.00
21.00
3.79
2
NSV
3.84
317
including
151.00
152.64
1.64
12.90
4
NSV
12.95
1,069
including
161.00
163.00
2.00
11.15
5
NSV
11.22
926
including
171.00
172.00
1.00
6.58
3
NSV
6.65
548
HR22-339
148.25
172.50
24.25
2.33
2
NSV
2.37
195
including
156.50
159.00
2.50
14.56
4
NSV
14.63
1,207
including
156.50
157.50
1.00
33.40
7
NSV
33.52
2,765
and
164.75
165.60
0.85
5.05
3
NSV
5.11
422
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag, $US3.50/lb Cu
**Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths
Table 2. Drill Hole Collars for 2022 Homestake Main Deposit Drilling
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR22-313
463002
6179472
954
225
-47
201.00
HR22-314
463050
6179452
956
226
-50
180.00
HR22-315
463050
6179452
956
226
-59
228.00
HR22-316
463002
6179472
954
225
-57
201.00
HR22-318
463002
6179472
954
245
-50
207.00
HR22-317
463050
6179452
956
226
-68
237.00
HR22-319
463050
6179452
956
250
-68
237.00
HR22-320
462956
6179462
956
225
-45
165.00
HR22-321
463113
6179429
953
229
-53
210.00
HR22-322
462956
6179462
956
225
-60
180.00
HR22-323
463113
6179429
953
229
-62
231.00
HR22-325
463132
6179416
949
228
-51
220.00
HR22-327
463132
6179416
949
228
-70
276.00
HR22-328
463052
6179417
973
225
-68
255.00
HR22-330
463052
6179417
973
225
-59
220.00
HR22-331
463052
6179417
973
220
-50
216.00
HR22-334
463089
6179383
982
230
-58
250.00
HR22-335
462965
6179544
922
250
-54
252.00
HR22-337
462937
6179513
935
225
-50
192.00
HR22-339
462937
6179513
935
215
-65
210.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Drill hole APC-17, a significant step-out hole to the north, intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The shallow zone, which was intersected directly below where the Main Breccia daylights at surface cut the following interval:
The second zone encountered in hole APC-17 cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with results as follows:
Drill hole APC-17, which was terminated at 912.8 metres due to rig capacity, bottomed in strong mineralization with the final 2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03% copper.
Drill hole APC-18 intersected near surface and high-grade copper-silver-gold mineralization approximately 300 metres to the north of the near surface intercept in APC-17. The mineralized breccia in this zone is strongly overprinted by numerous zones of carbonate, base metal veins with assay results as follows:
With the result of step out hole APC-17 and recently announced visuals from step out hole APC-22, the Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width (previously 190 metres) and has been extended down to a vertical depth of 825 metres below surface (previously 500 metres). The discovery remains wide open for expansion and further step-out holes are currently being designed.
Three rigs continue to drill at Apollo with holes APC-19 through APC-26 completed and holes APC-27 through APC-29 underway. Additional assay results are anticipated in the near term.
TORONTO, Nov. 29, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from four additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“The intersection of high-grade and shallow mineralization at Apollo demonstrates the excellent metal endowment of the Main Breccia and most importantly, the dimensions of the system continue to expand and clearly point to the fact that we are dealing with a large-scale discovery. It is truly remarkable to drill a 912-metre-long hole that bottoms in mineralization. Finally, the shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300 metres apart and confirms that the southern portion of the deposit is where the system comes to surface. As a result, we are about to start construction of a new drill pad located between the two shallow intercepts in order to start defining the shallow portion of the Main Breccia mineralized system,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1–3)
Nineteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed four drill holes; one northerly directed, step out hole (APC-17), to test for mineralized extensions to the Main Breccia discovery, a second shallow hole drilled southwesterly to define extensions of newly discovered mineralized breccia outcrops located in the southern portion of the deposit and two fringe holes drilled at shallow angles to the west of the Main Breccia discovery.
Drill hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected three mineralized zones: 72.3 metres of mineralization beginning at 118.20 metres down hole (100m vertical), 11.65 metres of mineralized breccia from 252.6 metres (220m vertical) and another 547.65 metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at 912.80m (825m vertical). The hole terminated while still in mineralized breccia due to limitations of the drill rig. Total cumulative mineralization in this diamond drill hole was 628.3 metres and is the most mineralization drilled in a single hole to date into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at surface. The deeper and longer intercept is also hosted within angular porphyry related breccia with the matrix filled with pyrite, some chalcopyrite and overprinting carbonate base metal veins (“CBM”). The following results are highlighted:
11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80 g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper (330m vertical).
Drill hole APC-18 was drilled in a southwest direction and intersected shallow, copper-silver-gold mineralization from 136.05 metres to 304.65 metres with the hole terminating at a final depth of 499.05 metres. The mineralized breccia contains a matrix of chalcopyrite and pyrite is strongly overprinted by numerous zones of CBM veins hosting sphalerite and galena. The hole was drilled below outcrops of breccia mineralization in the south-central portion of the deposit with assay results as follows:
With the result of APC-17 and recently announced visuals from APC-22, the potential total volume of rock hosting the Main Breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 metres along strike by 350 metres width by 825 metres depth versus prior dimensions of 385 metres x 190 metres x 500 metres. The discovery remains wide open for expansion and further step-out holes are currently being designed.
Holes APC-15 and APC-16 were drilled at shallow angles on the western periphery of the main breccia body. APC-15 was drilled to the northwest and intersected mineralized crackle breccia returning 56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres vertical). This is a new mineralized area outside of the Main Breccia discovery at Apollo. APC-16 was also drilled outside the Main Breccia discovery to the southwest and intersected 500 parts per million copper in crackle breccia from 200 metres and until the end of the hole at 303.35 metres. The Company believes that both APC-15 and APC-16 may have drilled over the top of the Main Breccia discovery in these locations.
Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.
Table 1: Apollo Target Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
CuEq (%)*
APC-18
136.05
304.65
168.60
0.98
69
0.50
0.002
2.91
1.48
Incl
149.20
157.00
7.80
5.08
35
0.52
0.002
6.34
3.23
193.20
205.10
11.90
2.18
154
0.77
0.001
5.81
2.97
233.90
251.50
17.60
1.49
56
0.74
0.002
3.63
1.85
291.65
297.00
5.35
3.26
10
0.11
0.001
3.47
1.77
APC-17
118.20
190.50
72.30
1.00
28
0.63
0.004
2.57
1.31
Incl
121.90
130.40
8.50
2.42
30
0.61
0.005
3.91
2.00
APC-17
252.60
264.25
11.65
1.80
4
0.05
0.002
1.88
–
and
365.15
912.80
547.65
0.76
14
0.04
0.001
1.03
–
Incl
527.80
561.10
33.30
3.01
19
0.05
0.002
3.23
–
579.20
596.80
17.60
2.37
25
0.06
0.001
2.74
–
816.00
837.50
21.50
1.53
28
0.09
0.001
2.04
–
APC-16
NSV*
APC-15
54.20
110.25
56.05
0.37
5
–
–
0.57
–
Incl
68.60
69.10
0.50
6.26
15
–
–
6.27
–
77.85
79.20
1.35
4.17
20
–
–
4.41
–
and
180.95
181.65
0.70
13.29
9
–
–
12.81
–
206.95
207.50
0.55
7.87
5
–
–
7.61
–
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
*** NSV: No significant values
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery (CNW Group/Collective Mining Ltd.)
Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for seven holes, drilled to expand the coverage of the high-grade shears in the QES Zone, have confirmed higher-grade shear-hosted gold mineralization within a large volume of well mineralized diorites. These results are all within the $1500 Whittle pit that constrains the current resource and identifies new high-grade shears. Best intercepts include:
1.51 g/t Au over 6.0m from 502.0m depth in MQD-22-075 and
1.47 g/t Au over 30.1m from 530.0m
8.45 g/t Au over 5.0m from 576m depth in MQD-22-076 including
36.9 g/t Au over 1.0m from 577m
1.87 g/t Au over 6.75m from 602.25m
1.31 g/t Au over 14.15m from 544.0m depth in MQD-22-080
2.07 g/t Au over 6.0m from 422.0m depth in MQD-22-085 and
1.07 g/t Au over 15.0m from 457.0m
1.26 g/t Au over 7.15m from 573.85m
1.07 g/t Au over 24.7m from 369.0m depth in MQD-22-087 and
2.15 g/t Au over 5.0m from 489.0m
1.75 g/t Au over 8.05m from 513.95m
2.11 g/t Au over 30.75m from 536.9m including
11.5 g/t Au over 3.1m from 555.2m
1.31 g/t Au over 63.6m from 427.0m depth in MQD-22-090A
2.07 g/t Au over 32.0m from 439.0m
A new parallel mineralized shear structure has been discovered 150m south of the main QES system containing high grade mineralization within a sheared intermediate volcanic package with best intercepts of:
3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080
1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087
1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A
President and CEO Brett Richards stated: “The results from these drill holes in the QES Zone are part of a 52-hole data set that was not included in the recent mineral resource estimate. They confirm our belief that there are additional high-grade shear zones within the deposit that will potentially add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we move towards conducting a preliminary economic analysis next year.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MQD-22-087. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to shear and intrusion domains
Results have been received for six holes that have infilled areas of the QES Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
A seventh hole was drilled to the southeast of the QES Zone to investigate two historical showing along a parallel structure of the QES Zone but did not intersect significant mineralization.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.77 g/t Au over 83m from 493m depth in MQD-22-075; 0.41 g/t Au over 32.45m from 437.55m and 0.71 g/t Au over 131.1m from 493m in MQD-22-076; 0.54 g/t Au over 102m from 476m and 0.39 g/t Au over 27.95m from 643m in MQD-22-080; 0.78 g/t Au over 70m from 419m and 0.50 g/t Au over 28.75m from 521.25m in MQD-22-085; 0.50 g/t Au over 115.9m from 408.1m in MQD-22-087; and 0.48 g/t Au over 27.45m from 552.05m in MQD-22-090A.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.31 g/t Au over 63.6m from 427m depth in MQD-22-090A) and several narrow high-grade intervals, including 10.1 g/t Au over 0.7m from 545.8m and 36.9 g/t Au over 1m from 577m in MQD-22-076; 10.0 g/t Au over 1m from 427m in MQD-22-085; 20.6 g/t Au over 0.9m from 370.65m, 28.3 g/t Au over 0.3m from 540.3m and 11.5 g/t Au over 3.1m from 555.2m in MQD-22-087; and 19.4 g/t Au over 1.15m from 455.85m in MQD-22-090A.
An additional parallel shear was discovered within the intermediate volcanic package approximately 150m south of the main QES system which contains broad intercepts of low-grade mineralization including 0.91 g/t over 24.8m from 246.4m in MQD-22-080; 0.33 g/t over 45.7m from 150.0m in MQD-22-085; 0.42 g/t over 39.0m from 189.0m in MQD-22-087 containing internal higher grade intercepts including 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080; 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087; 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A.
Importantly, these intercepts have identified additional high-grade shears not modelled in the recent Mineral Resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm high-grade shears that we have modelled at the QES Zone and confirmed additional shears that we expect to include in the next mineral resource update early next year.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MQD-22-075
243.00
264.00
21.00
15.4
0.47
0.47
including
254.00
256.40
2.40
1.8
1.54
1.54
468.00
476.90
8.90
6.8
0.45
0.45
493.00
576.00
83.00
64.6
0.77
0.77
including
502.00
508.00
6.00
4.6
1.51
1.51
and
530.00
560.10
30.10
23.5
1.47
1.47
595.25
610.00
14.75
11.7
0.54
0.54
including
596.00
599.00
3.00
2.4
1.13
1.13
MQD-22-076
192.00
196.00
4.00
2.8
0.46
0.46
214.00
216.00
2.00
1.4
0.39
0.39
355.00
358.15
3.15
2.4
0.38
0.38
437.55
470.00
32.45
25.0
0.41
0.41
including
453.00
456.70
3.70
2.9
1.52
1.52
483.50
489.40
5.90
4.6
0.35
0.35
493.00
624.10
131.10
103.8
0.71
0.77
including
545.80
546.50
0.70
0.6
10.1
10.1
and
576.00
581.00
5.00
4.0
7.07
8.45
including
577.00
578.00
1.00
0.8
30.0
36.9
and
602.25
609.00
6.75
5.4
1.87
1.87
641.00
644.00
3.00
2.4
0.46
0.46
MQD-22-080
82.75
86.60
3.85
2.6
0.35
0.35
131.40
143.75
12.35
8.5
0.63
0.63
181.30
187.80
6.50
4.6
0.40
0.40
209.90
220.85
10.95
7.7
0.57
0.57
246.40
271.20
24.80
17.7
0.91
0.91
including
246.40
252.20
5.80
4.1
3.44
3.44
355.00
369.00
14.00
10.2
0.57
0.57
including
361.70
363.70
2.00
1.5
1.67
1.67
382.00
385.45
3.45
2.5
0.63
0.63
398.50
401.30
2.80
2.1
0.58
0.58
418.00
421.00
3.00
2.2
0.54
0.54
429.20
434.00
4.80
3.6
0.35
0.35
458.00
460.70
2.70
2.0
0.59
0.59
476.00
578.00
102.00
79.7
0.54
0.54
including
524.00
528.00
4.00
3.1
1.32
1.32
and
544.00
558.15
14.15
11.2
1.31
1.31
613.00
616.00
3.00
2.4
0.37
0.37
624.10
633.00
8.90
7.3
0.30
0.30
643.00
670.95
27.95
23.1
0.39
0.39
MQD-22-085
63.60
74.10
10.50
7.1
0.38
0.38
116.15
118.35
2.20
1.5
1.57
1.57
150.00
195.70
45.70
32.2
0.33
0.33
248.00
250.00
2.00
1.4
0.39
0.39
256.00
258.00
2.00
1.4
0.41
0.41
284.80
288.05
3.25
2.4
0.91
0.91
including
286.00
288.05
2.05
1.5
1.30
1.30
337.00
342.00
5.00
3.7
0.30
0.30
362.00
371.65
9.65
7.2
0.31
0.31
382.45
388.00
5.55
4.1
0.30
0.30
390.80
410.90
20.10
15.0
0.31
0.31
419.00
489.00
70.00
53.1
0.78
0.78
including
422.00
428.00
6.00
4.5
2.07
2.07
including
427.00
428.00
1.00
0.8
10.0
10.0
and
443.00
446.00
3.00
2.3
1.09
1.09
and
457.00
472.00
15.00
11.4
1.07
1.07
and
481.00
485.00
4.00
3.1
2.10
2.10
506.00
508.00
2.00
1.5
0.67
0.67
521.25
550.00
28.75
22.4
0.50
0.50
573.85
581.00
7.15
5.7
1.26
1.26
665.20
671.55
6.35
5.1
0.35
0.35
MQD-22-087
78.00
81.55
3.55
2.4
0.43
0.43
92.00
109.00
17.00
11.6
0.33
0.33
189.00
228.00
39.00
27.3
0.42
0.42
including
206.00
210.00
4.00
2.8
1.22
1.22
249.75
261.00
11.25
8.0
0.49
0.49
289.50
298.70
9.20
6.6
0.42
0.42
including
294.50
296.65
2.15
1.6
1.07
1.07
342.00
349.65
7.65
5.6
0.40
0.40
369.00
393.70
24.70
18.2
1.07
1.09
including
370.65
371.55
0.90
0.7
20.6
20.6
408.10
524.00
115.90
87.3
0.50
0.50
including
425.30
429.50
4.20
3.1
1.28
1.28
and
489.00
494.00
5.00
3.8
2.15
2.15
and
513.95
522.00
8.05
6.1
1.75
1.75
536.90
567.65
30.75
23.6
2.11
2.11
including
539.55
567.65
28.10
21.6
2.23
2.23
including
540.30
540.60
0.30
0.2
28.3
28.3
and
555.20
558.30
3.10
2.4
11.5
11.5
579.00
592.00
13.00
10.1
0.37
0.37
628.65
634.00
5.35
4.2
0.48
0.48
MQD-22-090A
75.00
82.30
7.30
3.8
1.15
1.15
including
78.00
81.55
3.55
1.8
2.05
2.05
94.00
98.00
4.00
2.1
0.54
0.54
133.00
146.00
13.00
7.0
0.35
0.35
193.00
196.00
3.00
1.6
0.39
0.39
227.70
230.60
2.90
1.6
0.53
0.53
238.55
240.85
2.30
1.3
0.42
0.42
245.00
252.25
7.25
4.0
0.35
0.35
287.35
292.75
5.40
3.0
0.44
0.44
427.00
490.60
63.60
37.7
1.31
1.31
including
427.00
429.00
2.00
1.2
1.10
1.10
and
439.00
471.00
32.00
19.0
2.07
2.07
including
455.85
457.00
1.15
0.7
19.4
19.4
503.85
508.00
4.15
2.5
0.73
0.73
519.00
541.00
22.00
13.3
0.35
0.35
including
525.00
527.00
2.00
1.2
1.47
1.47
552.05
579.50
27.45
16.8
0.48
0.48
including
574.00
576.00
2.00
1.2
1.14
1.14
Intersections calculated above at 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MQD-22-075
670,308
5,379,250
443
336°
-47°
675.1
MQD-22-076
670,379
5,379,296
442
338°
-47°
651.0
MQD-22-080
670,462
5,379,398
450
335°
-50°
675.05
MQD-22-083
670,667
5,379,431
433
156°
-50°
630.1
MQD-22-085
670,636
5,379,537
441
336°
-49°
675.0
MQD-22-087
670,546
5,379,463
449
336°
-49°
675.0
MQD-22-090A
670,654
5,379,625
429
346°
-60°
606.0
Approximate collar coordinates in NAD 83, Zone 15N
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit (Table 3), the East Coldstream Deposit (Table 4), the historically producing North Coldstream Mine (Table 5), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.
The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101“) and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Mineral Resource Estimate (Moss Lake Deposit) 1
Inferred Resources (Domains)
Tonnes (Mt)
Grade (g/t Au)
Contained Metal (Moz AU)
Shear
34.7
2.0
2.20
Intrusion
87
0.7
1.97
TOTAL
121.7
1.1
4.17
Notes:
(1) The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with NI 43-101 and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.
Table 4: Historical Mineral Resources (East Coldstream Deposit) 2,3
INDICATED
INFERRED
Tonnes
Grade (g/t Au)
Oz Au
Tonnes
Grade (g/t Au)
Oz Au
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Notes: (2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the East Coldstream Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined this historical resource is reliable, and relevant to be included here in that it demonstrates simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the East Coldstream Historical Estimate as a current resource and Goldshore is not treating the East Coldstream Historical Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the East Coldstream Historical Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The East Coldstream Historical Estimate relating to inferred mineral resources was calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 5: Reported Historical Production (North Coldstream Deposit) 4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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, plans to conduct a preliminary economic assessment and timing thereof, updating the mineral resource estimates, the filing of a technical report to support the mineral resource estimate at the Moss Lake Deposit, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
TORONTO, Nov. 28, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of the drilling include an intersection of 8.60g/t Au over 4.41 metres from 326.89 metres that included 53.52g/t Au over 0.31 metres in Hole K-22-211 that contains visible gold, and 1.31g/t Au over 7 metres from 270 metres including 8.49g/t Au over 0.91 metres in Hole K-22-207 from Big Vein Southwest. Hole K-22-202, drilled at the northeast end of Big Vein, intersected 5.68g/t Au over 2.65 metres from 189.7 metres that included 18.27g/t Au over 0.78 metres.
Hole K-22-211 was collared 40 metres southwest of Hole K-22-174 that intersected 284.1 g/t Au over 0.58 metres and 15.05g/t Au over 1.11 metres (see News Release dated July 7, 2022) and extends the mineralized zone further to the Southwest.
“We continue to have drilling success at both ends of Big Vein which has now been drilled over a strike length of approximately 520 metres and remains open in both directions. In particular, the high grade zone containing visible gold at Big Vein Southwest continues to expand,” said Roger Moss, President and CEO. “Two drill rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions. Drilling will continue through the winter.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
K-22-211
326.89
331.3
4.41
8.6
Big Vein SW
including
326.89
328.16
1.27
23.44
including
327.19
327.5
0.31
53.52
333.71
334.71
1
1.52
K-22-207
270
277
7
1.31
Big Vein SW
including
273.57
274.48
0.91
8.49
K-22-202
189.7
192.35
2.65
5.68
Big Vein
including
189.7
190.48
0.78
18.27
245.3
246.2
0.9
1
354.7
358.8
4.1
1.06
including
354.7
355.65
0.95
2.06
K-22-201
262
263
1
1.56
Big Vein SW
K-22-199
nsv
CSAMT
K-22-198
214
215
1
2.2
Big Vein
266
268
2
2.5
K-22-197
356.87
357.97
1.1
1.34
Big Vein SW
K-22-196
nsv
Golden Glove
K-22-195
nsv
CSAMT
Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.
A total of 61,404 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 4,263 metres of core (11.4% of the total submitted).
The Company has $20 million in cash and is well funded to carry out the remaining 39,000 metres of the planned drill program as well as further exploration to add to the pipeline of drill targets on the property.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Total Depth
K-22-211
661396
5434973
42
130
55
350
K-22-207
661366
5434937
38
140
50
317.52
K-22-202
661594
5435327
45.7
155
55
422
K-22-201
661366
5434937
38
130
55
315
K-22-199
666712
5443699
44
295
45
300
K-22-198
661594
5435327
45.7
155
45
368
K-22-197
661366
5434937
38
130
50
389
K-22-196
660700
5432008
33.5
355
45
476.13
K-22-195
666712
5443699
44
140
45
454.11
Table 2. Drill hole collar details
QA/QC
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.
Labrador Gold’s flagship property is the 100% owned 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 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $20 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt 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 169,189,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
For more information please contact: Roger Moss, President and CEO Tel: 416-704-8291
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.
Check out this great interview with Judson Culter the CEO of Rover Metals, as the company is expanding its portfolio onto critical minerals. Will shareholders have a positive reaction to the new portfolio diversification? Find out right here!
A CRITICAL MINERALS EXPLORATION COMPANY Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.
Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.
Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).
The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.
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