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Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at La Plata Silver-Gold-Copper Project

VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of 2021 exploration activities at the La Plata silver-gold-copper project in the prolific Colorado Mineral Belt of southwest Colorado. The multi-faceted program included 1,980 meters of diamond drilling, resampling of historical drill core, and underground sampling from the Allard Tunnel, along with surface mapping and sampling across the broader property.

In addition, the Company engaged the team at Goldspot Discoveries (“GoldSpot”) to apply their proprietary Artificial Intelligence (“AI”), machine learning technology and specialized geoscience expertise in porphyry and epithermal systems to the La Plata project. GoldSpot completed their first phase analysis work on geological, geochemical, geophysical, and remote sensing data developing 16 new porphyry and high-grade epithermal priority targets for follow up work and future drilling.

2021 La Plata Exploration Program

The 2021 La Plata project work program was designed to achieve a number of important objectives:

  • Completion of confirmatory drilling and underground sampling within the main Allard porphyry target to confirm historical drill results from Rio Tinto, Freeport and others totaling 14,400 meters (“m”) in 54 drill holes drilled from the 1950s to the 1970s. This confirmatory drilling is an important step towards upgrading of the historical resource to a NI 43-101 compliant mineral resource estimate for the project;
  • Conduct surface exploration and follow-up sampling to further define the scale of mineralization along multiple identified trends that comprise multi-kilometer-scale soil and geophysical targets;
  • Undertake field confirmation of deep-penetrating Induced Polarization (“IP”) and airborne electromagnetic (“EM”) geophysical targets developed in the 2020 surveys; and
  • Initiate work with GoldSpot Discoveries to apply AI technology towards definition of priority targets to potentially accelerate the discovery process on the project.

Drilling and resampling of core in the main Allard porphyry system, along with underground sampling from the Allard Tunnel, has confirmed the tenor of copper, silver and gold mineralization from previous exploration on the property. The 3 kilometer (“km”) by 1 km mineralized system remains open to expansion at depth and along trend. This year’s work has also shown significant potential for palladium, platinum and gold associated with the porphyry system. Highlight historical drill intercepts include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) in drill hole LP-03 starting from surface. Final assay results for drill samples are pending.

Surface sampling has also expanded the main mineralized zone to 6 km in length and up to 1.5 km in width with anomalous copper, silver and gold in soils and rock samples. In addition, a second 4 km by 1 km target, which may represent a new porphyry and epithermal center, has been identified based on geophysics, remote sensing, and surface sampling with rock sample values in porphyry related mineralization up to 1.1% copper with 0.9 g/t gold and multi-gram silver. Rock samples of epithermal related mineralization included values up to 95 g/t silver and 10 g/t Au.

Metallic Minerals’ CEO and Chairman, Greg Johnson, stated, “We are pleased to have completed our first drill campaign at La Plata, and the first on the project in nearly 50 years, as we apply new thinking to this historic American high-grade silver, gold and copper district. Our work is confirming the potential for a multi-kilometer-scale mineralized porphyry and epithermal system – a much larger system than previously recognized – with excellent potential to expand known mineralization and to make new discoveries. Drilling, underground and surface sampling, geophysics, and satellite based remote sensing data for La Plata demonstrate real potential to become a strategic, US-based sourced of both precious and base metals, including silver necessary for solar power, and copper necessary for carbon-free energy and broader electrification of the global economy. Our 2021 work program has successfully advanced our understanding of the projects potential and is a major step towards the delineation of an inaugural mineral resource estimate. We look forward to providing additional updates including drill results from both our La Plata and Keno projects, as well as updates from our on-going work on the high-grade alluvial projects in the Klondike Gold district.”

About La Plata Silver-Gold-Copper Project

The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold1.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m has been drilled on the property since the 1950s which confirm the presence of large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration.

Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years, applying modern technologies and deposit modeling techniques. The Company sees the potential to rapidly extend the size of the known mineralized system and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones.

Foot notes: 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard deposit, La Plata Mining District, Durango, Colorado, 2005.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past-production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Jeff Cary, P.Geo., who is Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.



View source version on accesswire.com:
https://www.accesswire.com/677761/Metallic-Minerals-Announces-Completion-of-Exploration-Programs-at-La-Plata-Silver-Gold-Copper-Project

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Junior Mining Precious Metals Silver Hammer

Silver Hammer Reports Phase I Drill Results and Confirms Significant Gold-Silver Mineralization Below Old Mine Workings at Silver Strand

Figure 1

Long section showing mined out stopes and highlighted intercepts
Long section showing mined out stopes and highlighted intercepts
Long section showing mined out stopes and highlighted intercepts

Figure 2

Oblique cross section highlighting 2021 assay results
Oblique cross section highlighting 2021 assay results
Oblique cross section highlighting 2021 assay results

VANCOUVER, British Columbia, Dec. 14, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR / OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report results from the Company’s recently completed initial Phase I drill campaign at the past-producing Silver Strand Mine located in Idaho, USA. Historical records at Silver Strand indicate the potential for both significant gold (“Au”) and silver (“Ag”) mineralization within the upper part of the system, directly below the lowest surface level. All six drillholes (first drilling in ~20 years at Silver Strand) cut through a 25 metre (m) wide zone of intensely silicified quartzite with locally higher-grade Au-Ag mineralization and confirmed the Company’s thesis that the mineralized body extends beneath the old mine workings.

Highlights:

  • SS21-003: 1.13 g/t Au and 89.76 g/t Ag over 4.57 m (202.76 g/t Silver Equivalent) (“AgEq”) (AgEq silver:gold ratio 100:1) shown for reference purposes
  • SS21-004: 5.17 g/t Au and 18.07 g/t Ag over 1.24 m (535.07 g/t AgEq), followed by 4.96 g/t Au and 85.10 g/t Ag over 0.91 m (581.10 g/t AgEq)
  • SS21-005: 5.80 g/t Au and 13 g/t Ag over 1.83 m (593.93 g/t AgEq)
  • SS21-006: 1.29 g/t Au and 80.85 g/t Ag over 7.93M (209.85 g/t AgEq), Including 0.61 g/t Au and 392.00 g/t Ag over 0.61 m (456.00 g/t AgEq) and 2.48 g/t Au and 284.00 g/t Ag over 0.92 m (532.00 g/t AgEq)
  • SS21-007: 4.12 g/t Au and 130.00 g/t Ag over 1.53 m (542.00 g/t AgEq)

“We are very encouraged that all six drillholes from our initial drill campaign at Silver Strand cut significant Au-Ag mineralization. Quickly and cost effectively rehabilitating and utilizing the existing underground allowed us to create a new drilling station accessed from the surface level 3 portal,” stated President and CEO, Morgan Lekstrom.

Lekstrom added, “Other large high-grade silver mines in the same Revett Formation rocks within the Coeur d’Alene district extend to 1,800 m or greater, often with the highest silver grades starting 100’s of metres below surface. Our shallow confirmatory drilling has successfully delivered proof-of-concept and we look forward to testing the system at greater depth and targeting potential additional high-grade chutes along strike in 2022.”

Figure 1: Long section showing mined out stopes and highlighted intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0f03e87-c4b2-494c-bbad-d80a01476417

The Company recently completed mine rehabilitation work within the level 3 portal (see Figure 1 above and press release September 1, 2021) and established a new underground drill station stepped out from the old mine workings. This station is on the same plane as surface and will allow for an expedited, focused, and cost-effective way to continue drilling at greater depths and along strike.

Table 1: Summary of significant gold (Au) and silver (Ag) assay results

Hole_IDFrom (m)To (m)INTVL (m)Au_g/tAg_g/tAgEq_g/t*
SS21-00319.6624.084.421.1389.76202.76
24.0825.211.13No samples obtained
and25.2127.742.531.0412.29116.29
SS21-00441.7643.011.255.1718.07535.07
43.0146.333.32Post mineral Dyke
and46.3347.240.914.9685.10581.10
SS21-00526.2128.041.835.8013.93593.93
Including26.2127.130.928.80<3880.00
And31.3936.274.881.049.95113.95
SS21-00635.0542.987.931.2980.85209.85
Including38.7139.320.610.64392.00456.00
Including40.8441.760.922.48284.00532.00
SS21-00729.5731.391.821.9888.45286.45
Including30.4831.390.912.36111.00347.00
and34.4435.971.534.12130.00542.00
SS21-00815.5417.782.240.4784.40131.40

*Notes: All reported assays are downhole core lengths, uncapped and calculated using a 110 g/t Ag cut-off grade. AgEq_g/t = Ag_g/t + Au_g/t*100; True thickness unknown. One hundred percent recovery utilized. AgEq shown for reference purposes.

Background and Interpretation of Results

The Company’s initial targeted pierce points would have required approximately 3,000 m of drilling from surface as well as a more extensive surface permitting process, but by utilizing an underground drill method, the equivalent drilling was completed with only ~290 m in six core holes. Drillholes were positioned to evaluate presumed extensions of mineralization beneath the lowest production level of the mine (see Figure 2 below).

Figure 2: Oblique cross section highlighting 2021 assay results
https://www.globenewswire.com/NewsRoom/AttachmentNg/1737c57e-f045-4011-a7e4-1219a894a84a

The six drillholes completed from the underground drilling all passed through a 25 m wide zone of intensely silicified quartzite with extensive, highly fractured quartz veining which hosts at its core the Au-Ag mineralization being reported (see Table 1 above). This zone of pervasive hydrothermal alteration and lower grade halo precious metal mineralization (e.g. SS21-005 cut 1.36 g/t Au over 15.5 m and SS21-007 cut 1.38 g/t Au over 9.41 m) is also intruded by a post-mineral mafic dyke, as noted for drillhole SS21-004. The extent and intensity of the silica alteration supports the Company’s view that the Silver Strand project represents a compelling exploration target with potential for increased gold-silver values across broader intervals at greater depths and along strike.

Confirming the association of the quartz to the mafic dyke, allows the Company to extend its exploration plans not only underground, but to understand the UAV MAG survey anomalies with potential for exploration surface drilling as well.

Quality Assurance, Quality Control

Sample Security

The following measures were taken to ensure sample security: samples were submitted to the American Analytical Services (AAS) by company personnel following the guidelines and procedures of Silver Hammer Mining Company; only authorized personnel have attended the samples; core was logged at the Silver Hammer core processing facility and then transferred to the AAS lab in Osburn, Idaho.

Analysis Suite

All drill core samples were analyzed by AAS using conventional assay methods involving the fire assaying of 30 gram charges of pulverized sample material for gold and silver, with ICP finishing. Gravimetric analyses were to be applied to any samples that yielded Au values greater than 10 g/t Au and 10 g/t Ag. In addition, pulverized charges were collected for all core samples and were entirely dissolved using 4-acid digestion, with the final solution being analyzed for 35 elements using the ICP-MS method.

Audits or reviews

Internal review of sampling techniques, data, and drilling results by the Company’s management is routinely done through the course of the project.

Standards, Blanks and Duplicates

For quality assurance/quality control purposes, the batches of core samples sent to AAS for assaying and ICP analyses were regularly infused with ‘duplicate’, ‘standard’ and ‘blank’ samples. So-called ‘standard’ samples consisted of certified reference material (OREAS 611) of pulverized rock obtained from OREAS, a company that provides certified reference materials. The ‘blank’ samples consisted of barren landscaping gravel, while the ‘duplicates’ were in fact laboratory duplicates created during sample preparation at the labs of AAS. The laboratory also provided analytical results for their own reference samples for further a QA/QC check. The standards and blanks were inserted into the assay stream by Silver Hammer geologists.

Qualified Person

Technical aspects of this press release have been reviewed and approved by Philip Mulholland, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company exploring mineral claims covering the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA as well as the Eliza Silver Project and the Silverton Silver Mine, both located in Nevada, one of the world’s most prolific mining jurisdictions, and the Lacy Gold Project in British Columbia, Canada. The Company recently completed its initial drill program at Silver Strand that was designed to test for silver and gold mineralization immediately below the mine’s lowest level some 90 metres below surface. Silver Hammer strives to become a multi-mine silver producer and will focus near-term exploration and drilling programs at its Idaho and Nevada silver-gold assets.

*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom, President and CEO

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For further information contact:
Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact: Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

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Junior Mining

Provenance Gold Signs Option Agreement for a Historical near Surface Gold Resource and Provides Assays from the Project Which Include 69 Meters of 3.05 g/t Gold

Vancouver, British Columbia–(Newsfile Corp. – December 13, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that it has signed a binding option to purchase the Eldorado Property in eastern Oregon from Nevada Select Royalty, Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY), a leading growth and Americas-focused precious metals royalty company. Provenance has completed the first year’s payment of the option to purchase. The Eldorado Property hosts a significant historical gold resource in eastern Oregon. The project area is located on top of a large gold placer area and is located in the mining friendly part of the state.

The Eldorado property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and lastly North Limited. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and 6 core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and resource modeling.

Assay intervals from selected core holes show the overall tenor of the deposit, for example:

HoleWidthg/t AuFromTo
R96-C1185m (607 ft)1.57 g/t (.046 oz/t)21m206m
RA-136101m (331 ft)2.02 g/t (.063 oz/t)55m156m
RA-9069m (226 ft)3.05 g/t (.095 oz/t)0m69m
RA-15255m (180 ft)2.33 g/t (.072 oz/t)41m96m

Mineralization remains open to depth and peripheral extensions of the deposit.

The project hosts three different historical resource estimates done by reputable engineering firms based in Denver. The first was done by Billiton Minerals USA after 150 holes had been drilled. Billiton estimated an open-ended resource of 776,000 ounces contained in 36,000,000 tons at 0.75 grams per ton (0.0219 ounces per ton) gold. The second resource estimate was calculated by Ican Minerals after they completed an additional 49 drill holes. Their resource estimate was 1,860,000 ounces contained in 90,000,000 tons at 0.76 grams per ton (0.022 ounces per ton) gold. Ican then subsequently projected the resource to contain 4,000,000 ounces of gold at an average grade of 0.76 grams per ton gold (0.022 ounces per ton) gold.

Provenance believes the shallow gold resource would be amenable to open-pit mining and anticipates this acquisition will place the Company on a substantially more advanced footing.



Figure 1: Historic Placer Gold Trenches Expose Impressive Bedrock Mineralization

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_001full.jpg

The Company plans to move the project forward as quickly as possible with confirmation drilling beginning within the first quarter of 2022.

Rauno Perttu, Provenance’s CEO stated, “We have three exceptional Nevada projects that we will continue to advance, but this acquisition is significant for our Company. My site inspection made it clear the property is very open-ended. I am an Oregon registered engineering geologist familiar with both the improving positive regulatory climate in that part of Oregon and with Oregon geology. I was reassured by a veteran Oregon regulator that this project is very feasible.

I personally am excited about this project because, while I believe that with continued drilling, our Nevada projects will advance significantly and become large deposits of their own, this is already a major deposit, with average grades higher than many current open-pit gold operations. I am pleased that Nevada Select Royalties allowed us to undertake this opportunity, which they said was awarded to us because of our excellent track record in advancing the White Rock project that we acquired from them earlier. An exciting bonus of the Eldorado acquisition is that the historic drilling intersected several high-grade zones and our inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold, and we already have a major deposit drilled prior to our continued work.”



Figure 2: Steve Craig, Project Manager Studies Mineralized Granodiorite and
Metasedimentary Host Rocks

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_002full.jpg

The Company has been granted an option to acquire the project for total consideration of US$2,000,000, which is payable as follows:

  • $75,000 upon entering into of the option agreement (Paid)
  • $125,000 upon the first anniversary
  • $400,000 upon the second anniversary
  • $400,000 upon the third anniversary
  • $500,000 upon the fourth anniversary
  • $500,000 upon the fifth anniversary

Upon exercise of the option, the Company will grant to Nevada Select a 3% royalty on net smelter returns from the project.

The above referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Officer of the Company, 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 resources within North America. The Company currently holds interests in three properties in Nevada, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107503

Categories
Junior Mining Precious Metals

Strikepoint Gold’s Step-out Drilling at Willoughby Intersects 10.24g/t Gold-Equivalent over 6.16 Meters

Vancouver, British Columbia–(Newsfile Corp. – December 9, 2021) – StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce the initial drill results from the 2021 exploration program at the 100%-owned Willoughby gold-silver property, located east of Stewart in British Columbia’s prolific Golden Triangle.

Results have been received from the first of four areas drilled during the 2021 season targeting extensions to mineralization along strike identified during the 2020 drilling program. Gold-silver mineralization was encountered in all holes. Highlights include:

  • 7.34 g/t Au and 202.85 g/t Ag or 10.24 g/t AuEq over 6.16 meters in W21-109
  • 3.78 g/t Au and 10.45 g/t Ag or 3.93 g/t AuEq over 4.0 meters in W21-110
  • 4.18 g/t Au and 3.47 g/t Ag or 4.23 g/t AuEq over 7.0 meters in W21-110

High-grade gold-silver mineralization encountered in drill hole W21-109 is a step-out of approximately 25 meters down-dip from 2020 intercept W20-106 which intersected 10.04 g/t Au and 5.61 g/t Ag or 10.12 g/t AuEq over 7.72 meters within a broader interval of 4.19 g/t Au and 18.28 g/t Ag over 27.78 meters.

“Willoughby continues to deliver wide, high-grade intervals of gold-silver mineralization in multiple areas. We are building continuity of structurally-controlled and intrusive-related mineralization and are excited for further incoming results from the rest of the 2021 Willoughby program as well as drill results from our Porter Silver project,” said Shawn Khunkhun, President and CEO of Strikepoint Gold.

During the 2021 program, 4,050 meters of core drilling in seventeen holes were completed at the Willoughby Property as well as extensive surface chip-channel sampling and mapping of well-exposed, gold-silver mineralization within disseminated to massive sulphides that were follow up to 2020 surface results and in-field observations. The objective of the program was to targets gaps between previously drilled high-grade zones at Willoughby as well as the Willow zone one-kilometer to the north that hosts analogous high-grade mineralization. Assays are currently pending for the remaining 13-holes, as well as all surface sampling results.

Drill holes W20-108 to W20-111 were collared from the same site, testing extensions of the mineralization identified during the 2020 drill program. Drill hole W21-109 intersected 7.34 g/t Au and 202.85 g/t Ag or 10.24 g/t AuEq over 6.16 meters and W21-110 intersected 2.48 g/t Au and 5.30 g/t Ag or 4.23 g/t AuEq over 4.0 meters and 4.18 g/t Au and 3.47 g/t Ag or 4.23 g/t AuEq over 7.0 meters. These holes are interpreted to occurs within the hanging wall of a shear structure with steep southwest dip associated with dominant sulphide mineralization including semi-massive to sheeted pyrite-galena-sphalerite-chalcopyrite. Holes W21-108 & W21-111 stayed in the footwall to the zone, however sheeted vein sets were observed at depth and are interpreted to indicate close proximity to the mineralized structure which is consistent with surface observation.



Figure 1. 2021 & historic Willoughby Drillhole plan view map with gold assay results for the 2021 drill results

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5044/107177_0e5c81a9e4471b00_001full.jpg

The causative, diorite intrusive rocks at Willoughby are considered comparable to, and potentially co-magmatic with, the Goldslide intrusive suite associated with mineralization at Ascot’s Red Mountain deposit, located seven kilometers west of the property. These intrusive sills are interpreted to have pooled gold bearing-sulphides in permissive Jurassic-aged volcanic rock package below the intrusion creating wide areas of disseminated gold-silver mineralization. This was encountered in the following intercepts: W21-108 1.24 g/t Au and 1.51 g/t Ag over 15-meters, W21-109 2.66 g/t Au and 13.18 g/t Ag over 4.7 meters, W21-110 1.60 g/t Au and 3.19 g/t Ag over 8.5 meters, and W21-111 0.86 g/t Au and 1.70 g/t Ag over 11.0 meters.

Complete results are as follows:

Hole-IDAzimuth/DipFrom (metres)To (metres)Length (metres)Gold (g/t)Silver (g/t)Gold Equivalent (g/t)
W21-10879/-68183.00186.003.000.9611.251.12
210.00225.0015.001.241.701.26
incl.210.00217.007.001.950.891.96
235.00241.006.002.576.522.66
incl.235.00238.003.003.836.833.93
257.50258.501.003.662.403.69
314.00315.001.002.3511.502.51
W21-10945/-70171.30176.004.702.6613.182.84
184.00188.004.001.062.431.09
271.00272.501.500.892.60.89
285.34291.506.167.34202.8410.24
306.50308.001.502.003.002.04
W21-11045/-73188.00192.004.003.7810.453.93
199.50208.008.501.603.191.65
incl.199.50203.504.002.645.212.71
237.00241.004.002.484.12.54
284.00291.007.004.183.474.23
W21-11163/-74202.00213.0011.000.861.700.88
incl.202.00204.002.002.414.102.47
incl.212.00213.001.001.102.201.13
223.50225.001.500.949.801.08
243.00249.006.000.7010.60.85

Table 1: Highlight drill intercepts from oriented core diamond drilling at the Willoughby project. Gold equivalent calculated using a 70:1 Ag:Au ratio.
**True widths are not known at this time. All widths reported are drilled length.

StrikePoint also announces that it has adopted a new stock option plan (the “Fixed Stock Option Plan Up To 10%”). The Plan is subject to TSX Venture Exchange approval and can be viewed in its entirety on SEDAR.

Willoughby Gold-Silver Project

Willoughby is located along the eastern margin of the Cambria Icefield, approximately seven kilometres east of Ascot Resources advanced-staged Red Mountain deposit. The property is underlain by Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks that have been intruded by an early Jurassic-aged hornblende-feldspar porphyry, potentially comagmatic with the Goldslide Intrusive suite at Red Mountain deposit. Intrusive-related, structurally-controlled and replacement-style mineralized linked consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, native gold. Eight gold and silver mineralized zones have been identified to-date over a one-kilometre strike-length mineralization trend.

QA/QC

Samples for the 2021 exploration program were all NQ sized (47.6mm diameter) drill core labelled, sawn in half, with one-half placed in sealed bags and shipped with a chain of custody controls to the laboratory. The remaining drill core is subsequently securely stored in Stewart, BC. The company implements a rigorous Quality Control/Quality Assurance program, including the insertion of standards, blanks, and duplicates at regular intervals in the sample stream to monitor laboratory performance.

Drill core samples are submitted to the ALS Geochemistry facility in Terrace, British Columbia, for preparation and subsequently to the ALS Geochemistry facility in North Vancouver for analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into a representative sub-sample using a riffle splitter, and subsequently, 250 g is pulverized. Analysis for gold is by 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and an upper limit of 10ppm. Samples with gold assays greater than 10ppm are re-analyzed using a 30g fire assay fusion with a gravimetric finish. Analysis for silver is by 30 g fire assay fusion with gravimetric finish with a lower limit of 0.5 ppm and an upper limit of 100 ppm. Samples with silver assays greater than 100 ppm are re-analyzed using a gravimetric silver concentrate method. All samples are also analyzed using a 33 multi-elemental geochemical package by 4-acid digestion (ICP-AES).

Qualified Person

The Qualified Person for this news release for the purposes of National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to Strikepoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter project and the high-grade gold Willoughby property, adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

“Shawn Khunkhun”

Shawn Khunkhun
Chief Executive Officer and Director

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

For more information, please contact
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 602-1440
E: sk@strikepointgold.com
W: www.strikepointgold.com

Categories
Base Metals Energy Junior Mining Noram Lithium

Noram Lithium Corp: Zeus PEA shows 31% After-Tax IRR USD$1.299 Billion After-Tax NPV

VANCOUVER, BC / ACCESSWIRE / December 8, 2021 / Noram Lithium Corp. (“Noram” or the “Company”) (TSX – Venture: NRM / Frankfurt:N7R / OTCQB:NRVTF) today announced the summary results of a National Instrument 43-101 compliant Preliminary Economic Assessment (“PEA”) for the high-grade lithium deposit at its wholly-owned Zeus Lithium Project (“Zeus” or the “Project”) located less than 1 mile from Albermarle’s Silver Peak Mine, which is currently the only lithium production facility in the United States. The PEA was prepared by ABH Engineering (“ABH”,) an independent engineering services firm with extensive experience in mining and mineral processing. All dollar values are in US dollars.

PEA Highlights

  • Robust Economics.
    • $1.299 Billion Net Present Value (“NPV”). Base case after-tax Net Present Value (“NPV”) of $1.299 billion (8% discount rate).
    • 31% Internal Rate of Return (“IRR”). Base case after-tax IRR of 31%.
    • Capital Costs(“CAPEX”). Estimated initial CAPEX of $528M with after-tax payback period of 3.23 years.
    • Gross Revenue of $303.4 Million/year
    • Low Operating Cost. Operating Cost (“OPEX”) of $3,355.30/tonne Lithium Carbonate Equivalent (“LCE”) with a break-even price of $4016.6/tonne LCE LOM.
  • Long Mine Life (“LOM). The mine production rate during full operation is set at 17,000 tpd. The production schedule uses ore from the first 11 phases, which results in 40-year mine life (“LOM”). The mine production schedule results in 245.4 million tonnes averaging 1,093 ppm Li.
  • Very Low Strip Ratio. Mining strip ratios are very low, averaging 0.07:1 for LOM. Mining consists of a truck and shovel method, with blasting being unnecessary due to the ore softness.
  • Low Environmental Impact. The leaching and filtration flowsheet includes dry stack tailings, thus, eliminating the environmental risk and long-term management issues associated with tailings ponds.
  • LCE market Price. Base case market price of $9500/tonne LCE is well below long term forecasted rate of $14,000/tonne[1].
  • Price Sensitivity. As noted in the sensitivity chart below, the after-tax NPV reaches $2.665 billion at $14,250/Tonne LCE (8% discount rate).

“We are thrilled with the results of this PEA,” stated Sandy MacDougall, Noram’s Chief Executive Officer and Director. “This study represents the most significant milestone to date for Noram and establishes us among limited peers as the newest low cost, high-grade, near-term lithium producer in North America. I am very pleased with what our team has achieved quickly, on schedule, and at the opportune time considering current and forecasted demand for Lithium Carbonate. This initial economic assessment is the most significant step to date towards our goal of lithium production and provides the market with a benchmark to evaluate our project’s viability and value compared with other lithium developers. We are excited as we enter 2022 pushing aggressively towards the completion of a Pre-Feasibility Study.”

Net Present Value (“NPV”)US$1.299 Billion
Internal Rate of Return (“IRR”)31%
Life of Mine (“LOM”)40 years
Operating Cost (“OPEX”)US$3355.30/tonne
Capital Cost EstimateUS$528 Million
Average Annual Production Lithium Carbonate Equivalent (“LCE”)31,900 tonnes
Average Daily Mine Production Rate LOM17,000 tpd
LOM Production245.4 MT @ 1093 ppm Li
LCE Market Price used in PEA Study*US$9500/tonne
Strip Ratio0.07 : 1.00
Pay Back Period3.23 years
Gross Revenue per YearUS$303.4 Million

PEA Summary

Infrastructure

The project is located next to the Cypress Development’s Clayton Valley Lithium Project and within 1 mile of Albermarle’s Silver Peak Lithium Mine. The Project is accessible via the Silver Peak Road, a two-lane road that connects the Silver Peak mine with Highway 95 to the east. General site infrastructure includes administration, laboratory, warehouse, reagent, comminution plant, and lithium recovery plant. Tailings are to be conveyed to the tailings storage areas for final spreading and contouring by dozers.

Metallurgical Testing

The objective of the metallurgical test program conducted on the Zeus Lithium deposit was to develop a viable process flowsheet to produce lithium carbonate. Information generated during the test program was used to define the process variables. Metallurgical testing began in 2018 at Actlabs Ltd (Actlabs) and AuTec Innovative Extractive Solutions Ltd (AuTec). This PEA report includes metallurgical test work conducted by SGS Canada Inc. in collaboration with ABH Engineering.

The following observations, conclusions and interpretations were obtained from the metallurgical test program:

  • Zeus Lithium deposit ore is soft and disintegrates easily if agitated in water.
  • Sulfuric acid solution effectively leaches lithium at high extraction.
  • Test work achieved 90% lithium extraction at 65°C, 30% solids density and 2 hours residence time.

Mine Option Selection

An ultimate pit of processable material will be created, consuming most of the property area. The ultimate pit has been divided into phases of which the first 11 contain enough resources for 40 years of production at a 17,000 tpd production rate. Resources contained within the entire ultimate pit limits provide enough ore for over 190 years of production at 17,000 tpd. All resources regardless of the material classification are treated equally for the purpose of this study.

An optimized cut-off grade of 850 ppm was used to schedule the processed feed, compared to the economic cut-off grade of 400 ppm. Low-grade ore with grades between the economic cut-off of 400 ppm and optimized cut-off of 850 ppm are scheduled to be deposited in the low-grade ore stockpile. This is done to initially increase the average processed ore grade and improve the overall economics of the project by accelerating higher grade material to earlier years.

CategoryUnitsValue
Gross Revenue$M303.4
Operating Cost$/tonne LCE3,355.3
Capital Cost$M528.0
Property tax% of Capex1.05%
State Tax%Up to 5%
Federal Tax% of net income21%
Discount Rate%8%
Pre-Tax NPV (8%)$M1,675.1
After-Tax NPV (8%)$M1,299.9
Pre-Tax IRR%36%
After-Tax IRR%31%
Payback Periodyears3.23
Break-even Price (0% IRR)$/tonne LCE4,016.6

Economic Analysis for Zeus Lithium Project

Sensitivity Analysis at 8% NPV with Varying Conditions

Measured
Li Cutoff (ppm)Tonnes x 1,000,000Li Grade (ppm)Contained Li (tonnes)LCE (tonnes)
40066.7492761,863329,299
60061.3496459,128314,738
80046.47105148,840259,975
100027.70115031,854169,558
Indicated
Li Cutoff (ppm)Tonnes x 1,000,000Li Grade (ppm)Contained Li (tonnes)LCE (tonnes)
400296.42922272,2971,454,762
600279.66947264,8371,409,728
800221.641007223,1931,188,059
1000103.761128117,044623,023
Measured + Indicated
Li Cutoff (ppm)Tonnes x 1,000,000Li Grade (ppm)Contained Li (tonnes)LCE (tonnes)
400363.15923335,1911,784,222
600341.00950323,9451,724,361
800268.111014271,8651,447,135
1000131.461133148,945792,836
Inferred
Li Cutoff (ppm)Tonnes x 1,000,000Li Grade (ppm)Contained Li (tonnes)LCE (tonnes)
400827.22884731,2613,892,501
600715.91942674,3833,589,743
800546.481013553,5882,946,750
1000265.471134301,0431,602,452

Final Tonnages and Grades of the Classes of Mineral Resources

Qualified Person

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.

Noram Lithium Corp (TSX – Venture: NRM / Frankfurt: N7R / OTCQB: NRVTF) is a Canadian based junior exploration company, with a goal of developing lithium deposits and becoming a low – cost supplier. The Company’s primary business is the Zeus Lithium Project (“Zeus”) in Clayton Valley, Nevada. The Zeus Project has a recently updated resource estimate of 363 million tonnes at 923 ppm lithium measured + indicated resources, and 827 million tonnes lithium at 884 ppm lithium inferred resources (400 ppm Li cut-off).

Noram’s long term strategy is to build a multi-national lithium minerals company to produce and sell lithium into the markets of North America, Europe, and Asia.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
CEO, Director

Investor Relations Contact:
Rich Matthews
Managing Partner
Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

[1] Lithium Carbonate Price (2015-2040) (Lane, T.; Harvey, J. T.; Fayram, T.; Samari, H.; Brown, J. J.;, 2018)

SOURCE: Noram Lithium Corp.



View source version on accesswire.com:
https://www.accesswire.com/676501/Noram-Lithium-Corp-Zeus-PEA-shows-31-After-Tax-IRR-USD1299-Billion-After-Tax-NPV

Categories
Junior Mining Precious Metals Rover Metals

Rover Metals Announces Infill And Delineation of Historic Beaver Zone at Cabin Gold, NT, Canada

Beaver Zone – Drill Plan View

Beaver Zone - Drill Plan View
Beaver Zone – Drill Plan View
Beaver Zone – Drill Plan View

VANCOUVER, British Columbia, Dec. 07, 2021 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) is pleased to report on the Phase 2 Exploration Program at its 100% owned Cabin Gold Project, NT, Canada. The focus of the Phase 2 Exploration Program was to discover and delineate new gold zones along the Bugow Iron Formation, the controlling structure for gold at the Cabin Gold Project. The Company is pleased to announce that it has been able to achieve expansion of the economic gold grades at the historic Beaver Zone. The Beaver Zone is situated roughly 400 meters northwest of the Arrow Zone, which was the focus of the Company’s exploration efforts in 2020. In November 2020, the Arrow Zone was delineated as a near surface, 120-meter high-grade ore shoot, open at depth. The Beaver Zone, currently defined as approximately 90 meters in near surface length, is showing potential to extend south-east into the high-grade Arrow Zone, as well as being open to the northwest, and at depth.

Beaver Zone Expansion
The Company is reporting multiple near-surface intercepts of economic gold grades at the Beaver Zone. Highlights of Phase 2 drilling include: new drill hole CL-21-10 which reported 6.4 meters of 4.63 g/t Au (from 42.6m to 49.0m), including 2.6 meters of 7.80 g/t Au; new drill hole CL-21-15 which reported 5.8 meters of 2.13 g/t Au (from 50.0m to 55.8m); new drill hole CL-21-39 which reported 4.6 meters of 2.21 g/t Au (from 11.0m to 15.6m); and new drill hole CL-21-40 which reported 4.5 meters of 0.84 g/t Au (from 13.8m to 18.3m). The results, both confirm and expand upon, historical drilling at Beaver in the 1980s, and have returned higher grades than historical results. The historical drill holes and new holes can be referenced in the drill plan for the Beaver Zone below. A table of significant Beaver Zone drill results greater than 0.5 g/t Au listed by hole and interval can be found at the bottom of this release.

Drill Plan View – Beaver Zone

CL-21-10/11 Cross Sections
CL-21-13/14 Cross Sections
CL-21-15 Cross Section
CL-21-16 Cross Section
CL-21-39/40 Cross Sections

The Company’s working hypothesis is that there is a conceptual ore shoot at Beaver trending, and dipping to the northwest in a similar fashion and direction as the Arrow Zone, which lies 400 meters to the southeast of Beaver. The Company commenced an IP ground survey on November 28th, 2021, across the Beaver and Arrow Zones to assist in 3D modelling of the gold mineralization for the delineation of the Phase 3 drill targets for Q1-2022.

Map of Beaver Zone and Arrow Zone IP Survey Lines

Judson Culter, CEO at Rover Metals, states: “We are very pleased to have the workings of a new medium-to-high grade ore shoot at Beaver. The goal of the Phase 2 Program at Cabin was to open-up the 15 km of near surface iron formation at the project, and to delineate additional zones for a deeper Phase 3 drill program in Q1-2022. We believe that in addition to our success in the Beaver Zone we are poised for significant expansion of gold mineralization at the historic Andrew Zone as well. Based on the initial sampling results received from the Andrew Zone, we have sent more samples to the lab as we believe the mineralized intervals are longer than what initially sampled in the field at the start of the program. A map of the Bugow Iron Formation, showing the current understanding and interpretation of the delineated zones as well as new 2021 IP anomaly discoveries can be found below.”

Map of the Bugow Iron Formation

Tables of Significant Drill Results

Hole IDEasting83z11Northing83z11Elevation (m)Total DepthDipAzimuth
CL-21-10559060700577017674-45230
CL-21-115590617005770176146-65230
CL-21-12559062700576917693.75-55195
CL-21-13559020700580017562-45230
CL-21-14559020700580017595-65230
CL-21-15559020700580017583-45190
CL-21-16559020700580017580-45260
CL-21-39559067700575517753-45230
CL-21-40559067700575517777-55250
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-10V74921242.643.10.51.17
CL-21-10V74921343.143.60.51.62
CL-21-10V74921443.644.10.50.95
CL-21-10V74921544.144.60.52.88
CL-21-10V74921644.645.10.57.32
CL-21-10V74921845.145.60.56.51
CL-21-10V74921945.645.90.322.40
CL-21-10V74921745.946.40.55.40
CL-21-10V74922146.446.70.38.33
CL-21-10V74922246.747.20.51.43
CL-21-10V74922347.247.70.50.42
CL-21-10V74922447.748.20.51.45
CL-21-10V74922548.249.00.87.30
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-13V74942141.5741.970.400.51
CL-21-13V74942241.9742.380.410.20
CL-21-13V74942342.3842.750.373.39
CL-21-13V74942442.7543.090.340.31
CL-21-13V74942543.0943.590.500.04
CL-21-13V74942643.5944.000.411.78
CL-21-13V74942744.0044.530.530.76
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-14V74946770.7071.000.300.62
CL-21-14V74946871.0071.430.430.51
CL-21-14V74946971.4371.810.381.52
CL-21-14V74947071.8172.160.350.41
CL-21-14V74947172.1672.560.401.59
CL-21-14V74947272.5672.90.345.48
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-15V74950750.0050.500.500.70
CL-21-15V74950850.5051.030.531.10
CL-21-15V74950951.0351.480.450.41
CL-21-15V74951051.4852.160.680.39
CL-21-15V74951152.1652.870.715.05
CL-21-15V74951252.8753.230.369.64
CL-21-15V74951353.2353.630.404.29
CL-21-15V74951453.6353.970.341.54
CL-21-15V74951553.9754.290.320.45
CL-21-15V74951654.2954.620.332.79
CL-21-15V74951754.6255.360.740.21
CL-21-15V74951855.3655.750.390.83
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-39V74841811.0011.900.901.39
CL-21-39V74841911.9012.200.300.96
CL-21-39V74842012.2012.940.740.61
CL-21-39V74842112.9413.360.421.13
CL-21-39V74842213.3614.000.647.96
CL-21-39V74842314.0014.520.522.72
CL-21-39V74842414.5215.000.481.60
CL-21-39V74842515.0015.620.620.74
Hole IDSample IDFrom (m)To (m)Interval (m)Au (g/t)
CL-21-40V74839243.5343.830.304.09
CL-21-40V74839343.8344.290.463.17
CL-21-40V74839444.2944.570.281.71
CL-21-40V74839544.5745.100.531.03
CL-21-40V74839645.1045.470.371.43
CL-21-40V74839745.4745.930.462.99
CL-21-40V74839845.9346.600.670.25
CL-21-40V74839946.6047.150.550.69

Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.

About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in the summer of 2021, and Phase 2 Exploration work continues at Cabin Gold through to the date of this release.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements be 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/65eb889b-c20a-41f7-a720-8d6868e69274

Categories
Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Commences Trading and Provides Updates on Arizona and Idaho

Burlington, Ontario–(Newsfile Corp. – December 6, 2021) – Following the closing of its Qualifying Transaction and the listing of its common shares on the TSX Venture Exchange under the symbol SBMI, Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is excited to provide its first operational update.

SBMI’s flagship asset is the Black Diamond Project located in the major mining camp of Globe, Arizona. Black Diamond is a massive project, covering 4900 acres and hosting five former producing silver mines. SBMI also owns the George Washington Mine, a former silver and gold producer in Idaho on patented lands.

SBMI’s goals are:

  1. Put the Buckeye Silver Mine in pilot production in Q1/22, followed by full-scale production;
  2. Finalize plans to have the McMorris Silver Mine back in production within 24 months;
  3. Carry out exploration programs elsewhere on Black Diamond to enable a decision on the order in which the remaining former producers will be put back in production;
  4. Investigate the waste rock on surface at the George Washington Mine in Idaho; and
  5. Defend the treasury.

“The team has made astonishing progress in mining-friendly Arizona,” said A. John Carter, SBMI’s CEO. “In a short period of time we have gone from an empty field to having a mill pad and an assay lab. Having our own lab means we can be nimble underground and not waste time waiting for third party labs to get around to processing our samples. Our goal of positive cash flow is closer every day.”

Some parts for SBMI’s mill have been installed onsite at the Buckeye Silver Mine after navigating through the port of Long Beach. Other parts are still in the supply chain and are beyond SBMI’s control for the time being. If those parts are significantly delayed, SBMI can choose to accelerate the program at the George Washington Mine in Idaho. Once finalized, the mill will have the capacity to process 125 tonnes of ore per day.

Concerning that program in Idaho, Mr. Carter continued, “We have taken grab samples from the waste rock at surface and expect assay results shortly. If, as we anticipate, the results justify further investigation, we would expect to process a bulk sample to test historical results and to determine ore characteristics including representative grades of silver and gold.”

The Company also plans to investigate Black Diamond’s potential to host a copper porphyry, as referenced in the Company’s January 8, 2021 Technical Report. The mill is not needed for this task. See page 7 at https://www.silverbulletmines.com/technical-documents for the technical reference to the possible copper porphyry, and see SBMI’s new website for site video, photos, maps, historical reports and leadership team biographies at www.silverbulletmines.com.

Because almost all of Black Diamond consists of BLM claims or patented lands owned by SBMI, SBMI does not have expensive annual payments or advanced royalty payments to make. Relative to the large size of the land package, the annual carrying costs are quite small.

SBMI has roughly 55,000,000 shares outstanding of which approximately 29,000,000 are in escrow. Almost all of the outstanding warrants and options have a strike price equal to or greater than the price in the recent over-subscribed financing. The Company has no debt outstanding other than normal trade payables.

SBMI expects to disseminate technical information in the near future, in compliance with NI43-101. It is possible the first technical disclosure will be on the assay results from the surface rock in Idaho.

To introduce itself to individual and institutional investors as well as advisors and analysts, SBMI will be carrying out a real-time, interactive presentation at the Emerging Growth Conference this Wednesday, December 8 at 11:00 am EST. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with Mr. Peter M. Clausi, SBMI’s VP, Capital Markets, in real time.

Mr. Clausi will provide a general overview of SBMI, its capital structure, its achievements in the field, and its plans for the future. The floor will then be open for questions.

Please register here to ensure attendance at the conference and to receive any updates that are released.

https://goto.webcasts.com/starthere.jsp?ei=1512636&tp_key=b542885e5a&sti=silver

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com.

About the Emerging Growth Conference

The Emerging Growth Conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.

The Conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts. All sessions are conducted through video webcasts.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the Property; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106709

Categories
Junior Mining Precious Metals Uncategorized

Dolly Varden Silver and Fury to Consolidate Emerging Canadian Silver-Gold District in the Golden Triangle

VANCOUVER, BC / ACCESSWIRE / December 6, 2021 /Dolly Varden Silver Corporation (“Dolly Varden“) (TSXV:DV) (OTCQX:DOLLF) and Fury Gold Mines Ltd (“Fury“) (TSX:FURY) (NYSE American:FURY) are pleased to announce that the companies have entered into a definitive agreement dated December 6, 2021 (the “Purchase Agreement“) pursuant to which Dolly Varden will acquire from Fury, through the acquisition of Fury’s wholly-owned subsidiary, a 100% interest in the Homestake Ridge gold-silver project (“Homestake Project“), located adjacent to the Dolly Varden Project (“DV Project” and together with the Homestake Project, the “Kitsault Valley Project“) in the Golden Triangle, British Columbia (the “Transaction“).

The Homestake Project hosts a resource estimated to contain 165,993 ounces of gold and 1.8 million ounces of silver in the Indicated category and 816,719 ounces of gold and 17.8 million ounces of silver in the Inferred category (refer to further resource disclosure at the end of this release) within a 7,500 hectare land package located contiguous to and northwest of the DV Project. The close proximity of the deposits that make up the current mineral resource estimates, combined with common infrastructure in the region, is expected to generate substantial co-development synergies as these deposits are advanced in combination. The Transaction values the Homestake Project at CAD$50 million for which Dolly Varden will pay $5 million in cash and issue 76,504,590 Dolly Varden common shares to Fury, as further described below.

Transaction Highlights

  • Combined mineral resource base of 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category, solidifying the Kitsault Valley Project as among the largest high-grade, undeveloped precious metal assets in Western Canada.
  • Consolidation of two adjacent projects, allowing for numerous potential co-development opportunities with capital and operating synergies.
  • Exposure to a large and highly prospective land package, with potential to further expand resources through additional exploration along a combined 15 km strike-length within a 163 km2 consolidated land package.
  • Transformative scale to enhance investor visibility and peer group positioning.
  • Previous stand-alone Homestake Project preliminary economic assessment produced an after-tax net present value of USD$173 million and an internal rate of return of 32% at US$1,620 per ounce gold price and US$14.40 per ounce silver price. The study estimated a total of 590,040 ounces of gold equivalent production over a 13 years initial mine life at an all-in sustaining costs per ounce gold of US$670.
  • Fury to have board representation in Dolly Varden and agrees to voluntary share sale restrictions.

Shawn Khunkhun, CEO & Director of Dolly Varden, commented “We are excited to combine two adjacent precious metals projects located in one of the world’s top mining jurisdictions. We expect that this combination will result in significant synergies in the areas of exploration, development, permitting and production. Upon completion of the Transaction, we look forward to continued engagement with Indigenous and community partners to ensure the responsible development of this compelling new project.”

Tim Clark, CEO & Director of Fury, further added “The commercial logic behind the combination of these two adjacent assets is very strong. We are delighted to cooperate with the Dolly Varden team and are very excited to be part of this regional consolidation in British Columbia. Combining our Homestake Project with the DV Project creates an attractive opportunity to immediately establish shareholder value through the potential synergies that result from their regional proximity. We look forward to having our shareholders benefit from the exciting growth and development of the Kitsault Valley Project, and to Fury becoming a partner and significant shareholder of Dolly Varden.”

Ivan Bebek, Chair and Director of Fury commented “The decision to vend Homestake is a difficult one given the exploration upside and our positive outlook for the commodity markets. However, we feel that bringing the two projects together is clearly the best path forward and are very excited to be partnering with the team at Dolly Varden. This transaction also simplifies Fury’s portfolio which coincides with recent positive drill results from both of Fury’s Quebec and Nunavut assets.”

Transaction Details

Under to the Purchase Agreement, Dolly Varden has agreed to acquire Fury’s wholly-owned subsidiary, Homestake Resource Corporation, which owns a 100% interest in the Homestake Project in exchange for a $5 million cash payment and the issuance of 76,504,590 common shares of Dolly Varden. Upon completion of the Transaction, Fury will own approximately 36.9% of Dolly Varden on an outstanding basis. The Transaction is subject to a number of closing conditions, including the receipt of TSX Venture Exchange (“TSXV“) approval and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction is also subject to approval by a simple majority of the votes cast by Dolly Varden shareholders at a Dolly Varden shareholders meeting. Dolly Varden expects to hold a special meeting of shareholders in February 2022 to consider the Transaction. The Transaction is an arm’s-length transaction under the rules of the TSXV.

Dolly Varden and Fury will enter into an investor rights agreement (the “Investor Rights Agreement“) on completion of the Transaction pursuant to which Fury shall have the right to appoint two nominees to the Dolly Varden board so long as Fury owns greater than 20% of the Dolly Varden shares outstanding. Should Fury own greater than 10% of the Dolly Varden shares outstanding, Fury shall have the right to appoint one nominee to the Dolly Varden board. Additionally, the shares issued to Fury shall be subject to a one-year hold period. The Investor Rights Agreement shall also contain certain customary re-sale restrictions, voting and standstill conditions, and participation rights as agreed between Dolly Varden and Fury.

The Purchase Agreement also includes certain representations, warranties, covenants, indemnities and conditions that are customary for a transaction of this nature. A termination fee of $2 million may be payable by Dolly Varden to Fury if the Transaction is not approved by Dolly Varden shareholders due to a competing proposal being made or announced before the Dolly Varden shareholder meeting and Dolly Varden is subsequently acquired by the third party under such competing proposal.

Further information regarding the Transaction will be contained in a management information circular to be prepared by Dolly Varden and mailed to shareholders of Dolly Varden in connection with the special meeting of shareholders to be held by Dolly Varden to consider the Transaction and related matters. All shareholders of Dolly Varden are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.

Dolly Varden Board Recommendations and Voting Support

The Purchase Agreement has been unanimously approved by the board of directors of both Dolly Varden and Fury. The Dolly Varden board of directors recommend that Dolly Varden shareholders vote in favour of the Transaction.

All of the directors and officers of Dolly Varden and certain shareholders of Dolly Varden, including Eric Sprott, holding in aggregate 18.2% of the issued and outstanding common shares of Dolly Varden, have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

Haywood Securities Inc. has provided a fairness opinion to the board of directors of Dolly Varden that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be paid by Dolly Varden to Fury under the Agreement is fair, from a financial point of view, to Dolly Varden.

Conference Call and Webcast

A joint webcast will be held by management of both Dolly Varden and Fury to discuss the Transaction on Monday, December 6th, 2021 at 10 a.m. Pacific time / 1 p.m. Eastern time. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: http://services.choruscall.ca/links/dollyvardensilver20211206.html

A presentation to accompany the conference call and webcast can be accessed via either the Dolly Varden or Fury websites at www.dollyvardensilver.com or www.furygoldmines.com. A replay of the joint webcast will be available on both websites following the conclusion of the call.

Advisors and Counsel

Haywood Securities Inc. is acting as financial advisor to Dolly Varden. Stikeman Elliott LLP is acting as legal counsel to Dolly Varden.

Minvisory Corp. is acting as financial advisor to Fury. McMillan LLP is acting as legal counsel to Fury.

Qualified Persons

The technical information contained in this news release relating to Dolly Varden has been approved by [Rob van Egmond, P. Geo, Chief Geologist for Dolly Varden], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The technical information contained in this news release relating to Fury has been approved by [Michael Henrichsen, P. Geo, SVP of Exploration at Fury], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Technical Disclosure

Homestake Resource Estimate:

The Homestake resource estimate is based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, “Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia” which was filed and is available on Fury’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

Mineral resources are estimated at a cut-off grade of 2.0 g/t gold equivalent.

Gold equivalent values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The gold equivalent calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.

Dolly Varden Resource Estimate:

The Dolly Varden resource estimate is based on the technical report with an effective date of May 8, 2019, and titled, “Technical Report and Mineral Resource Update for the Dolly Varden Property, British Columbia, Canada” which was filed and is available on Dolly Varden’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

A 150 g/t silver cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.

Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a Canadian-focused exploration and development company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing and developing mining assets, Fury will aggressively grow and advance its multi-million-ounce gold platform through careful project assessment and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

Dolly Varden Contact Information

Shawn Khunkhun, CEO & Director
1-604-602-1440
www.dollyvardensilver.com

Fury Contact Information

Salisha Ilyas, Vice President, Investor Relations
1-437-500-2529
www.furygoldmines.com

Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of Dolly Varden and Fury expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Dolly Varden and Fury disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

These statements in this release include: the anticipated benefits of the Transaction to Dolly Varden, Fury and their shareholders; the timing and anticipated receipt of required regulatory and shareholder approvals for the Transaction; the ability of Dolly Varden and Fury to satisfy the conditions to, and to complete, the Transaction as proposed;the holding of the Dolly Varden shareholder meeting; the anticipated timing of the mailing of the information circular regarding the Transaction and of the closing of the Transaction; the ability to achieve synergies, the quantity and grade of the gold and silver resources and the ability to expand resources through the exploration of a combined projects.

In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Dolly Varden and Fury have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the ability of the parties to receive, in a timely manner, the necessary regulatory and shareholder approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory or other approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Purchase Agreement; the failure to obtain the necessary shareholder and regulatory approvals required in order to proceed with the Transaction; the synergies expected from the Transaction not being realized; business integration risks; operational risks in development, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward looking information.

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.

SOURCE: Fury Gold Mines



View source version on accesswire.com:
https://www.accesswire.com/676140/Dolly-Varden-and-Fury-to-Consolidate-Emerging-Canadian-Silver-Gold-District-in-the-Golden-Triangle

Categories
Junior Mining Precious Metals Silver Hammer

Silver Hammer Mining Reports High-Grade Assays from Eliza

Table 1

Eliza - Significant Mineralized Rock Samples
Eliza – Significant Mineralized Rock Samples
Eliza – Significant Mineralized Rock Samples

Table 2

Eliza - Mineral Correlations to Silver
Eliza – Mineral Correlations to Silver
Eliza – Mineral Correlations to Silver

Figure 1

Eliza Property Rock Sample Location Map
Eliza Property Rock Sample Location Map
Eliza Property Rock Sample Location Map

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR, OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assays for a number of rock samples collected during its first sampling program at the Company’s Eliza Silver Project in Eastern Nevada.

A total of 73 rock-chip samples were collected in the vicinity of the historic Passynak Mine within the Eliza project area which lies on trend of the Hamilton mining district, Nevada’s highest grade silver mining camp. An estimated over 30 million ounces of silver was produced, valued at $22 million between 1865 and 1888, from the Treasure Hill Mining area which extends onto the Eliza property.1

In addition to the assayed samples, another 35 geochemical survey samples were collected from outcrops in the northern sector of the property, south of the Eberhardt Fault which separates the Eliza Project from the abandoned Hamilton mines to the north. The assay results confirm the existence of a well-developed silver-rich mineral system that also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn). Other trace elements conventionally viewed as indicators of epithermal precious metal mineralization, such as antimony (Sb) and arsenic (As), are also present in geochemically anomalous amounts.

“We are very pleased with the results obtained by our first sampling program at Eliza. The high-grade mineralized samples provide evidence that the near-surface silver mineralization exploited by the former 30 Moz Treasure Hill Mine extends onto the Eliza property and may continue beneath a shale unit south of the Eberhardt Fault,” stated President and CEO Morgan Lekstrom. “We are also encouraged by the association of silver with base metals (Cu, Pb, Zn), as this type of mineralization may be an outer zone expression of a ‘blind’ porphyry copper system. We intend to use modern technology, including hyperspectral imaging to expand our knowledge of the geologic model and define its size potential. In addition, we intend to define drill targets for 2022.”

In addition to the targeted rock sampling that was done, the Company has undertaken hyperspectral imaging analysis of the Eliza property area. Interpretation of the imagery shows a correlation between secondary silver mineralization, mainly chloraryrite, and areas where hydrocarbon decay are outlined. This innovative exploration technology will be further employed on the property.

Plans are underway for additional geological and geochemical investigations, with the objective of defining high-potential drill targets early in 2022.

Table 1. Eliza – Significant Mineralized Rock Samples
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdcfc422-9e67-4d00-afcc-0a5863af54bd

Table 2. Eliza – Mineral Correlations to Silver
https://www.globenewswire.com/NewsRoom/AttachmentNg/6ee72663-e5aa-4126-b651-f393351b3051

Figure 1. Eliza Property Rock Sample Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/a05f7c20-6393-4cb1-b00d-3789c90937ae

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multiple-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.

*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

On Behalf of the Board of Silver Hammer Mining Corp..

Morgan Lekstrom, President and CEO

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For further information contact: Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact: Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

___________________________________
1 USGD: https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10310457