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Lion One Metals Precious Metals

Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – February 23, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is very pleased to announce additional results from its recently completed Phase 1 infill drill program on the Zone 2 portion of the Tuvatu high-grade alkaline Au deposit located on the island of Viti Levu in Fiji. The infill program began in June, 2021 and was completed last week with the termination of hole TUDDH576, bringing the total drilled to 7475.2m and total drill core resampled to 955.4m, for a program total of 8430.6m.

 7475m of drilling completed in 42 holes and 955m of resampling of 28 historic drillholes as part of Phase 1 infill program

Top Intercepts from Latest Infill Drilling Include

77.11 g/t Au over 3.90m from 30.8-34.7m, inc. 162.22 g/t Au over 1.8m from TUDDH 571
12.56 g/t Au over 7.80m from 87.1-94.9m, inc. 54.43 g/t Au over 1.2m from TUDDH 572
16.08 g/t Au over 7.80m from 30.1-37.9m, inc. 62.22 g/t Au over 1.8m from TUDDH 573
15.10 g/t Au over 3.60m
 from 121.1-124.7m, inc. 95.06 g/t Au over 0.3m from TUDDH 575

Infill Drilling Program

The consistent bonanza-grade results from many of the drill holes that are part of the Phase 1 infill drill program continue to suggest higher-than-expected continuity of high-grade mineralization as well as higher absolute grades between modelled lodes (Figure 1, Table 1). Analysis of historic drill core material to eliminate sample gaps in areas where the current resource model lacked adequate data density has also yielded positive results, and in several instances, gold grades well above the resource average (Table 2). These factors should result in additional ounces in the portion of the deposit earmarked for earliest production. The re-modelling of Zone 2 lodes will begin as soon as all new data has been received and compiled and all holes have been properly surveyed.

The next (Phase 2) infill program planned for ~5000m of diamond drilling from surface and ~2500m of grade control diamond drilling from underground is aimed at upgrading the resource database in Zone 5 which is scheduled for production within the initial 3 years of operation. This second infill drill program began February 17, 2022 with drill hole TUDDH577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.

Highlights from Latest Phase 1 Infill Drilling Results

TUDDH570

  • 16.13 g/t Au over 0.5m from 132.1-132.6m
  • 39.36 g/t Au over 0.3m from 142.0-142.3m
  • 8.99 g/t Au over 3.6m from 154.0-157.6m, including

11.79 g/t Au over 0.9m from 155.2-156.1m,

30.28 g/t Au over 0.6m from 157.0-157.6m,

TUDDH571

  • 77.11 g/t Au over 3.90m from 30.8-34.7m, including

162.22 g/t Au over 1.8m from 30.8-32.6m, which includes

179.0 g/t Au over 0.3m from 30.8-31.1, and

61.86 g/t Au over 0.3m from 31.1-31.4m, and

210.3 g/t Au over 0.3m from 31.4-31.7m, and

190.0 g/t Au over 0.3m from 31.7-32.0m, and

261.0 g/t Au over 0.3m from 32.0-32.3m, and

71.13 g/t Au over 0.3m from 32.3-32.6m, and including

16.96 g/t Au over 0.3m from 34.4-34.7m

TUDDH572

  • 12.56 g/t Au over 7.80m from 87.1-94.9m, including

54.43 g/t Au over 1.2m from 87.1-88.3m, which includes

19.67 g/t Au over 0.3m from 87.1-87.4m, and also includes

196.0 g/t Au over 0.3m from 88.0-88.3m, and also includes

16.04 g/t Au over 1.5m from 89.8-91.3m, which includes

34.92 g/t Au over 0.6m from 89.8-90.4m

  • 26.19 g/t Au over 0.6m from 105.1-105.7m, including

21.39 g/t Au over 0.3m from 105.1-105.4m, and

30.97 g/t au over 0.3m from 105.4-105.7m

TUDDH573

  • 9.98 g/t Au over 1.60m from 27.5-29.1m, including

16.54 g/t Au over 0.9m from 27.5-28.4m, which includes

31.58 g/t Au over 0.3m from 27.8-28.1m

  • 16.08 g/t Au over 7.80m from 30.1-37.9m, including

62.22 g/t Au over 1.8m from 35.5-37.3m, which includes

89.02 g/t Au over 0.3m from 35.5-35.8m, and

52.18 g/t Au over 0.3m from 35.8-36.1m, and

201.0 g/t Au over 0.3m from 36.1-36.4m

  • 10.70 g/t Au over 0.6m from 269.9-270.5m, including

15.41 g/t Au over 0.3m from 269.9-270.2m

TUDDH574

  • 11.19 g/t Au over 0.3m from 81.2-81.5m
  • 29.53 g/t Au over 0.9m from 106.1-107.0m, including

21.11 g/t Au over 0.3m from 106.1-106.4m, and

33.74 g/t Au over 0.6m from 106.4-107.0m

TUDDH575

  • 12.07 g/t Au over 0.3m from 77.3-77.6m
  • 16.11 g/t Au over 0.6m from 109.7-110.3m, including

26.24 g/t Au over 0.3m from 110.0-110.3m

  • 5.99 g/t Au over 10.50m from 114.2-124.7m, including

18.53 g/t Au over 1.80m from 119.6-121.4m, and

15.10 g/t Au over 3.60m from 121.1-124.7m, which include

95.06 g/t Au over 0.3m from 121.1-121.4m, and

55.71 g/t Au over 0.3m from 124.4-124.7m


Figure1: 
Schematic vertical section showing selected infill drilling, Tuvatu. Some of the drillholes shown are off section (e.g. TUDDH571 is N of section, and TUDDH 568 is S of section) and are projected onto the section for clarity.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/2178/114492_f9f1259c345cc90f_001full.jpg


Table 1: Drilling Intervals >0.5 g/t Au Reported (intervals > 3.0 g/t Au cutoff and wider than 2.0m are bolded)

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-56762.965.82.92.13
including64.164.40.37.85
67.067.60.60.5
69.470.00.61.49
72.172.80.72.25
78.378.60.30.76
79.984.84.91.59
including83.583.80.35.03
88.192.24.10.89
93.497.33.90.62
103.1103.70.61.13
106.1107.31.22.32
110.0112.52.56.09
including111.9112.50.621.28
115.3116.20.95.43
136.1137.31.22.87
TUDDH-568no significant results
TUDDH-56958.359.20.96.12
including58.859.20.48.9
78.478.70.31.78
82.082.60.60.93
93.193.70.66.79
101.8103.01.20.96
105.4106.91.50.82
132.4134.42.03.64
including133.61340.415.78
155.9156.30.41.32
TUDDH-57033.535.21.71.71
39.740.40.712.78
41.642.20.62.53
46.049.93.91.41
53.556.42.90.89
60.360.90.60.95
65.466.00.61
72.773.30.63.51
84.484.70.33.29
88.190.52.40.72
91.795.84.11.35
99.399.60.30.68
102.6104.41.81.21
107.0114.77.74.09
including110.1110.80.715.96
including111.1111.70.66.87
also including113.8114.70.96.26
115.91171.13.41
118.8121.32.54.8
including118.8119.10.813.17
which also includes119.1119.60.515.87
130.0132.62.66.4
including130.0130.90.99.3
including132.1132.60.516.13
135.6136.50.90.86
137.7143.55.83.13
including142.0142.30.339.36
147.5149.31.80.77
151.4152.30.92.62
including151.4151.70.35.54
154.0157.63.68.99
including154.0154.30.37.3
and including155.2156.10.911.79
which also includes157.0157.60.630.28
161.5163.62.14.38
including161.5162.10.67.49
including162.7163.00.39.59
165.1166.31.21.44
TUDDH-57130.834.73.977.11
including30.832.61.8162.22
including30.831.10.3179.0
including31.131.40.361.86
including31.431.70.3210.3
including31.732.00.3190.0
including32.032.30.3261.0
including32.332.60.371.13
including34.434.70.316.96
75.576.10.60.64
TUDDH-57229.830.40.60.85
35.536.10.65.1
37.342.45.10.58
44.247.234.94
including44.245.41.28.04
which includes44.244.50.320.4
48.449.61.20.61
63.463.70.32.75
66.167.31.20.55
73.675.41.81.13
82.683.20.65.66
including82.682.90.37.85
85.085.30.36.78
87.194.97.812.56
including87.188.31.254.43
which includes87.187.40.319.67
and88.088.30.3196.0
and also includes89.891.31.516.04
which includes89.890.40.634.92
103.3106.63.35.86
including105.1105.70.626.18
which includes105.1105.40.321.39
and includes105.4105.70.330.97
121.9122.20.30.51
128.2128.50.30.5
TUDDH-5737.48.30.90.7
10.210.50.32.44
12.616.553.950.62
23.023.30.30.52
27.529.11.69.98
including27.528.40.916.54
which also includes27.828.10.331.58
30.137.97.816.08
including35.537.31.862.22
including35.535.80.389.02
including35.836.10.352.18
which also includes36.136.40.3201.0
41.543.01.55.05
including41.541.80.38.86
51.7520.32.14
58.759.91.21.62
185.3185.60.36.68
205.4206.91.54.06
including206.6206.90.39.2
216.5217.40.90.8
225.5225.80.36.34
249.0249.30.32.06
269.9271.71.84.23
including269.9270.50.610.7
which includes269.9270.20.315.41
TUDDH-57423.324.20.90.58
41.043.72.71.66
49.150.61.52.62
59.359.60.31.33
70.171.31.22.78
81.281.50.311.19
92.993.20.33.69
106.1107.00.929.53
including106.1106.40.321.11
and106.4107.00.633.74
TUDDH-57532.332.60.30.66
33.834.10.30.76
41.944.32.41.29
including41.942.20.34.74
and42.543.10.60.56
and43.443.70.30.62
and44.044.30.30.75
46.447.00.60.68
48.248.50.30.55
66.567.10.60.53
77.079.12.12.18
including77.077.30.30.57
and77.377.60.312.07
78.578.80.31.00
78.879.10.30.83
83.683.90.33.30
85.186.31.21.63
90.290.50.31.19
99.299.80.60.79
106.1107.00.93.42
including106.1106.40.34.08
and106.4106.70.31.93
and106.7107.00.34.24
109.1110.31.28.39
including109.1109.40.30.54
and109.4109.70.30.79
and109.7110.00.35.97
and110.0110.30.326.24
114.2124.710.55.98
including114.2114.50.31.32
and115.4115.70.34.35
and116.0116.30.30.50
and117.2117.50.31.08
and117.5117.80.33.30
and118.7119.00.30.52
and119.6121.41.818.53
which includes119.6119.90.36.94
and includes119.9120.20.34.59
and includes120.2120.50.34.45
and includes121.1121.40.395.06
or121.1124.73.615.1
which includes121.1121.40.395.06
and includes121.7122.00.30.57
and includes122.0123.21.22.77
and includes123.2123.50.33.05
and includes123.5123.80.30.73
and includes123.8124.40.67.47
and includes124.4124.70.355.71
129.5131.31.81.21
including129.5130.10.62.81
and131.0131.30.30.67
132.5132.80.34.97
135.5135.80.30.93
137.6137.90.31.41
143.3144.51.21.59
including143.3143.60.31.05
and143.6144.20.61.97
and144.2144.50.31.35
162.2162.50.31.45
TUDDH-57622.923.50.61.49
25.025.60.60.63
29.229.50.31.1
36.738.51.88.25
including36.737.00.32.60
and37.037.60.60.56
and37.638.50.915.26
39.740.00.30.57
43.044.21.20.77
including43.043.60.60.55
and43.644.20.60.98

Table 2: Summary of results from selected sample gap intervals from historic drill core

Hole IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUDDH-212448.1448.40.301.25
TUDDH-22552.7053.350.3514.10
54.2554.850.601.06
89.089.60.600.71
91.192.00.9010.98
94.394.60.303.22
102.0103.41.400.68
TUDDH-35660.0560.350.300.61
72.272.50.304.21
77.677.90.300.53
81.582.260.761.81
TUDDH-36284.8185.110.300.56
85.4185.710.300.69
85.7186.010.301.47
86.3186.610.3074.58
86.9187.40.490.53
TUDDH-40843.2343.740.510.54
44.6545.250.601.28
79.2779.870.602.21
79.8780.470.601.80
TUDDH-41073.273.80.603.38
118.2118.80.601.81
TUDDH-525466.6466.90.300.95
TUDDH-539131.1131.70.606.88
TUDDH-54062.9363.230.304.22
64.664.90.300.61
64.965.20.303.87
69.870.40.602.20
77.377.60.300.97
90.791.00.304.11

Table 3: Survey details of diamond drill holes referenced in this release

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUDDH56739207791876395219.9183.8-40255
TUDDH56839206861876364255.1112.9-75258
TUDDH56939207791876396219.9191.7-69252
TUDDH57039207801876396220.0233.3-44270
TUDDH57139209321876510236.1847.6-62147
TUDDH57239207791876396219.9203.5-60270
TUDDH57339207961876351209.7779.2-66131
TUDDH57439207791876396219.9182.6-70270
TUDDH57539207791876396219.9164.3-47285
TUDDH57639207791876396219.9200.5-60285
TUDDH57739204351876513348.0in progress-40270
TUDDH-21239206641876757281.3600.5-58245
TUDDH-22539207371876336222.8300.3-60330
TUDDH-35639207601876260205.5112.9-61010
TUDDH-36239207751876303219.6132.0-65360
TUDDH-40839207671876337225.0140.6-70330
TUDDH-41039207311876309228.9143.6-65340
TUDDH-52539207961876351209.4350.6-57123
TUDDH-53939207331876297225.1186.2-72004
TUDDH-54039207331876297225.1168.2-60001

Qualified Person

The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

About Tuvatu

The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, and subsequently updated in January 2018 as disclosed in the technical report and PEA by Tetra Tech “Technical Report and Preliminary Economic Assessment Update for the Tuvatu Gold Project, The Republic of Fiji” dated September 2020, comprises 1,007,000 tonnes Indicated at 8.48 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

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 volcanic edifice of alkaline affinity. 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

For further information
Contact Investor Relations

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114492

Categories
Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Operational Activity Update

YERINGTON, Nev., Dec. 09, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today provided an operations update and overview of the H2 2021 milestones achieved at its underground mine at the Company’s Pumpkin Hollow Project (the “Underground Mine”).

The Company has experienced a significant reset and demonstrated significant operational and corporate improvements in H2 2021. These milestones provide a foundation for an accelerating pace of operational ramp-up.

“I am very pleased with the progress the Company has made in H2 of this year,” stated Randy Buffington, President and Chief Executive Officer. “Our mining rates, a key metric for ramp-up production advancement, have been increasing month over month. We are now seeing the efficiencies generated from the advanced management systems implemented in Q3 of this year. The building blocks are in place for increased mining rates and production as we move into H1 of next year.”

Operations

  • Equipment availabilities materially improved: 14% improvement from 65% to 74% in total fleet availability since the beginning of Q4, 2021. Additional equipment expected to be added in Q4, 2021.
  • Contractor performance improved: Productivity increased by 31% from 1.75 to 2.29ft per person shift between October and November resulting in substantial improvement in operating efficiency as well as cost reductions.
  • Increased mining development rates: Sequential monthly increases in development rates, a key leading indicator of production ramp-up, delivered since management changes in August 2021. Rates achieved in December are currently 50% higher than August. Commissioning of additional bolters planned to deliver a further 50% increase in development rates in the coming weeks.
  • Consistent mill performance: Milling operations have performed well throughout 2021, with batch processing reaching 4700tpd, recoveries over 90% and concentrate quality performing in-line with design specifications.
  • Dike crossing completion: First crossing of the water bearing dike was completed in August 2021, and the second crossing is anticipated to occur later this year. No further crossings are required during the ramp up to 3ktpd expected in H1, 2022.
  • Ventilation infrastructure in place: All underground ventilation infrastructure was completed in H1 2021. Final addition of surface ventilation fans remains on schedule, with commissioning planned to be completed in January, 2022, with ventilation no longer expected to be a constraint to production rates thereafter.

Corporate

  • Transformational financing completed:
    • Closed C$125m public equity offering in November 2021, with a significant portion of the funds provided by select mining sector corporates. This was further complemented by broad participation from other new and existing institutional investors.
    • The upsized financing provides additional liquidity to fund exploration and expansion studies at the Company’s open pit project (the “Open Pit Project”) in addition to the ramp-up of Underground Mine.
  • Significantly enhanced balance sheet flexibility:
    • Long term debt reduced by approximately 30% during Q4, 2021.
    • First debt repayment under the Company’s senior credit facility with KfW-IPEX Bank deferred by 2 years to July 2024.
  • Hiring of key management positions:
    • Joining as Chief Executive Officer on October 6, 2021, Randy Buffington brings substantial operational and development experience in both underground and open pit mines in Nevada and internationally.
    • 8 key operational management positions added in H2 2021, resulting in operational improvement and enhanced planning and execution systems.
  • Development
    • Developed program for Open Pit Project resource extension and feasibility study: The budget and execution plan have been defined and the Company expects that drilling to support the updated open pit feasibility study will commence in Q2 2022, potentially sooner depending on drill rig availability.
    • Open Pit Project Decarbonization Program Advanced:
      • Solar power studies were completed in 2021, which show:
        • Pumpkin Hollow benefits from ample sun and land to support a large solar project with the capacity to meet a significant portion of the Open Pit Project’s power requirements;
        • The solar potential at the site is up to 200MW;
        • The already low grid power costs in Nevada could be further reduced through an on-site solar plant; and
        • A third-party solar project provides an option to remove upfront power infrastructure costs from the Open Pit Project.
      • Electric fleet study for mobile mining equipment fleet electrification at the Open Pit Project was completed by US-based energy and sustainability consultant Sprout Energy, which concluded:
        • Scope 1 carbon emissions over the life of mine could be reduced by approximately 10% of total estimated emissions; and
        • Fuel and maintenance costs could be reduced by up to approximately US$200m over the life of mine.
  • Exploration
    • Undertook further property reconnaissance on the Copper Ridge Area, which is located to the northeast of the Open Pit.
    • Defined target exploration plan: Initiated further refinement and interpretation of the newer geophysics in key areas such as Tedeboy, Tedeboy porphyry and Copper Ridge.
    • Initial grab sampling and mapping of these areas have resulted in areas with high grade copper samples. Surface mapping and sampling are planned for Q1 of 2022, supporting the commencement of drilling in Q2 2022.

Qualified Persons
The technical information and data in this news release was reviewed by Greg French, C.P.G., VP Head of Exploration of Nevada Copper, and Neil Schunke, P.Eng., a consultant to Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale Open Pit Project, which is advancing towards feasibility status.

NEVADA COPPER CORP.
www.nevadacopper.com

Randy Buffington, President and CEO

For further information contact:
Rich Matthews, Investor Relations
Integrous Communications
rmatthews@integcom.us
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Cautionary Language

This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development, production and ramp-up objectives, exploration activities, equipment installation and the completion of a new feasibility study.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. The forward-looking information or statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.

Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Hotchili Junior Mining

Hot Chili Commences TSXV
Dual Listing Process

Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) is pleased to announce its intention to list in Canada on the TSX Venture Exchange (TSXV) by end of 2021.

Hot Chili’s move to dual list in Canada is a key step toward the future funding and development of the Company’s large-scale Costa Fuego copper-gold project in Chile.

The Company has paid application fees, appointed legal advisors and commenced the formal application process for dual listing.

The Canadian market has a proven track record in supporting large-scale exploration and development companies in the copper and gold space with the transformative dual listings from Equinox Minerals (C$7.3Bn takeover by Barrick Gold Corp) and Andean Resources Limited (C$3.6Bn takeover by Goldcorp Inc) the stand-outs.

Costa Fuego’s current resource stands at 724Mt grading 0.48% CuEq for 3.5Mt CuEq metal (2.9Mt copper, 2.7Moz gold, 9.9Moz silver and 64kt molybdenum). Continued drilling success at the Company’s flagship Cortadera porphyry discovery looks set to deliver another significant resource upgrade this year.

A TSXV dual listing would position Hot Chili favourably amongst its Canadian peers which trade at significantly higher valuation multiples and who control the other leading copper developments in South America such as Marimaca Copper Corp. (Chile, TSXV:MARI), Filo Mining Corp. (Argentina, TSXV:FIL), Solaris Resources Inc (Ecuador, TSX: SLS), Josemaria Resources Inc. (Chile, TSX: JOSE) and SolGold Plc (Ecuador, TSX: SOLG).

The Directors look forward to announcing key advisory appointments in relation to its TSXV dual listing process.
A listing on the TSXV is subject to all necessary approvals of the TSXV, and there can be no guarantee that Hot Chili will be accepted for listing pending completion of the application process.

Further news flow is expected shortly, with three drill rigs in operation, pre-feasibility studies underway and multiple exploration programmes advancing across the Company’s Cortadera and Santiago Z coastal copper projects.

This announcement is authorised by the Board of Directors for release to ASX.

For more information please contact:

Christian Easterday
Managing Director
Tel: +618 9315 9009

Email: christian@hotchili.net.au

or visit Hot Chili’s website at www.hotchili.net.au

Figure 1 Location of Cortadera and Productora in relation to the coastal range infrastructure of Hot Chili’s combined Costa Fuego copper project, located 600km north of Santiago

Refer to ASX Announcement “Costa Fuego Becomes a Leading Global Copper Project” (12th October 2020) for JORC Table 1 information related to the Cortadera JORC compliant Mineral Resource estimate by Wood and the Productora re-stated JORC compliant Mineral Resource estimate by AMC Consultants

* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne).  The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz.  For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%.  For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%.  For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%. ** Reported on a 100% Basis – combining Cortadera and Productora Mineral Resources using a +0.25% CuEq reporting cut-off grade

Qualifying Statements

Independent JORC Code Costa Fuego Combined Mineral Resource (Reported 12th October 2020)

Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with the JORC Code – Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Metal rounded to nearest thousand, or if less, to the nearest hundred. * * Copper Equivalent (CuEq) reported for the resource were calculated using the following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.

** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate

Competent Person’s Statement- Exploration Results
Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.


Competent Person’s Statement- Productora Mineral Resources
The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by Mr N Ingvar Kirchner. Mr Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide independent technical advice and final audit for the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of the Australian Institute of Geoscientists (AIG). Mr Kirchner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on the source information in the form and context in which it appears.


Competent Person’s Statement- Cortadera and Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for the Cortadera and combined Costa Fuego Project is based on information compiled by Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears.

Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.


Forward Looking Statements
This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties and may differ materially from results ultimately achieved.


The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person

To read the full announcement click on the below link.