VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of August 16, 2022, September 14, 2022, and September 22, 2022, the Company has now received approval from the Toronto Venture Exchange for the Indian Mountain Lake (“IML”) option purchase agreement, and the milestone payments contained therein.
IML VMS Project The IML VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
New Website An updated Corporate Fact Sheet, reflecting the addition of Nevada Lithium, is now available on our new website and a new corporate presentation will be available shortly.
Judson Culter, CEO at Rover Metals, states “Zinc and Copper, along with Lithium are the future, and fundamental to the growth of our company. However, we’re not abandoning our precious metals roots. Greenstone belts in northern Canada are well known for their abundance of gold and silver. The IML greenstone belt is comprised of 31,000 acres, and the historic base metal resource is coming from just three percent of the land package. The historic BB Zone and historic Kennedy Lake Zone include a historic resource of 4,900,000 ounces of high-grade silver. We believe the existing silver endowment is indicative of the potential for the remainder of the 30,000 acres of greenstone belt.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Three widely spaced reconnaissance holes up to 600 metres apart were drilled to test the Trap target (“Trap”), a north-northwest trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal (“CBM”) veins. All three holes intersected highly altered porphyry rocks with multiple sheeted and stockwork veinlets, with hole TRC-1 yielding the most robust results as follows:
Recent geological mapping and sampling has materially extended the strike length of the Trap target to 1.75 kilometres, and it remains open in both directions along strike for further expansion.
TORONTO, Sept. 27, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce diamond drill hole and rock chip assay results from reconnaissance work, which outlines a new discovery referred to as the Trap mineralized corridor (“Trap”). Trap is located approximately four kilometres to the north-northeast of the Company’s flagship Apollo discovery and is one of seven grassroots generated porphyry and porphyry-related targets at its flagship Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“This new and early-stage discovery at the Trap target highlights the immensely prospective nature of our Guayabales project. With slightly more than one year of exploration under our belt, our young Company, which is anchored by a core team of talented individuals, has drilled four new grassroot discoveries. Our priority remains the drilling and expanding of our flagship Main Breccia discovery at the Apollo target, but our reconnaissance exploration teams continue to identify new zones and targets with different styles of mineralization located within a four-kilometre by four-kilometre area hosting a cluster of porphyry and porphyry-related style targets. I am impressed with the continued drilling success at the Guayabales project. Our robust rate in making new discoveries at the project is virtually unparalleled in the mining industry and is a strong testament to the mineral endowment of this emerging mining district,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 3)
The Company recently completed three scout diamond drill holes plus additional channel chip sampling and geological mapping at the Trap target, a newly discovered structural corridor with details as follows:
Geology mapping and rock sampling highlights a north-northwest trending structural corridor superimposed on earlier porphyry related mineralization event and all hosted within quartz diorite rocks. Rock sampling of sporadic outcrops along the 1.75-kilometre mineralized corridor yielded 32 samples grading over 1 g/t gold (range 1 g/t Au to 10.7 g/t Au) with silver values up to 687 g/t and copper values up to 3.7%.
Three scout drill holes were completed in the central (TRC-1) and southern portion (VICE-1 & 2) of the trap corridor and returned the following significant intercepts:
In each hole the mineralization relates to an early gold-copper (chalcopyrite) phase linked with potassic alteration which is overprinted by a younger precious-polymetallic vein system associated with intense sericite alteration resulting in a white bleaching of the rock fabric. Veinlet systems include sheeted and stockwork forms in multiple different orientations.
Trap remains open in all directions and further reconnaissance work continues along this zone. A follow up drill program will ensue once additional data is collected, and targets are further refined.
The Company continues to prioritize the Apollo discovery due to the significant results intercepted to date with diamond drilling including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and hole APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent as announced in press releases dated August 10th, 2022, and September 13th respectively). Assay results are anticipated in the near term for four additional holes from Apollo with the following encouraging visual intercepts for two of the holes that targeted and successfully intersected the Main Breccia discovery:
Table 1: Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
AuEq (g/t) *
TRC-1
233.80
336.00
102.20
1.26
12
0.09
1.53
Incl
259.10
269.00
9.90
3.00
25
0.25
3.65
294.50
303.70
9.20
1.82
31
0.07
2.27
VICE-1
212.60
227.30
14.70
1.14
26
0.01
1.44
Incl
213.20
214.80
1.60
2.33
47
0.01
2.87
219.55
220.70
1.15
1.91
131
0.04
3.66
and
253.50
270.50
17.00
0.69
6
0.01
0.75
VICE-2
214.60
233.50
18.90
1.06
36
0.18
1.83
Incl
214.60
216.60
2.00
3.55
208
0.17
6.51
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Trap and Apollo Targets (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of Trap Highlighting Reconnaissance Drill Holes and Rock Samples Over 1 g/t AuEq (CNW Group/Collective Mining Ltd.)
Figure 3: Images of Drill Core for Trap Outlining Late Stage Porphyry Related CBM Veins in A and C, and Porphyry Mineralization in B. (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects, a total of seven major targets have been defined at Guayabales as well as another three at San Antonio. The Company has made a total of five significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg at the Apollo target and most recently, 102.2m @ 1.53 g/t AuEq at the Trap target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Highlights include: 16m @ 9.4g/t PGM + Au, with 9m @ 14.5g/t PGM + Au (with 0.5g/t Rh)
And: 6m @ 7.6g/t PGM + Au, including 2m @ 20.5*g/t PGM + Au (with >1.0*g/t Rh)
VANCOUVER, BC, Sept. 27, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO), (“Bravo” or the “Company“) today announced that it has received results from the re-analysis of samples from an additional eight historic diamond drill holes (“DDH”) from its wholly owned Luanga palladium + platinum + rhodium + gold + nickel project (“Luanga” or “Luanga PGM+Au+Ni“), located in the Carajás Mineral Province, state of Pará, Brazil.
“With re-assay results received from 36 historic drill holes to date, an emerging positive trend has been observed in respect of overall PGM+Au grades, with greater than 80% of re-assay intersections received to date returning better grades as compared to historic results of approximately 20 years ago.” said Luis Azevedo, Chairman and CEO of Bravo. “We will continue to assess this emerging grade trend as, if maintained in the remaining holes to be re-assayed, it could clearly have a positive impact on future mineral resource estimates.
Highlights
Assay results from the re-assaying of samples from historic drilling continue to correlate closely with the historic assay results, in both tenor and mineralized thicknesses, but with the grade of more than 80% of the re-assayed intercepts exceeding the historic intercepts over comparable thicknesses.
Highlights of Bravo’s most recent re-assay results are tabulated below, with details and comparisons attached:
HOLE-ID
From(m)
To(m)
Thickness (m)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
PGM + Au (g/t)
Ni % (Sulphide)
Type
PPT-LUAN-FD0035
3.0
19.0
16.0
5.78
2.79
0.35
0.47
9.39
NA
Ox
Including
6.0
15.0
9.0
8.94
4.28
0.47
0.79
14.48
NA
Ox
PPT-LUAN-FD0060
0.0
41.0
41.0
0.98
0.45
0.05
0.03
1.52
NA
Ox
Including
18.0
41.0
23.0
1.17
0.59
0.05
0.04
1.85
0.32
FR
PPT-LUAN-FD0065
21.0
27.0
6.0
0.95
6.16
0.46
0.01
7.57
NA
Ox/LS
Including
25.0
27.0
2.0
2.28
17.06
>1.00*
0.01
20.45
NA
Ox/LS
PPT-LUAN-FD0071
0.0
13.0
13.0
2.20
1.22
0.20
0.14
3.76
NA
Ox
Including
0.0
8.0
8.0
3.35
1.44
0.30
0.21
5.70
NA
Ox
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
77 drill holes have been completed, for a total of 13,051 metres (or 51% of Phase 1 Drilling Program). Currently, samples from 30 drill holes are at the laboratory pending results.
12,632 samples submitted for assay to date including 2,945 re-assay samples from historic drill core.
6 drill rigs operating onsite.
Luanga Re-Assay and Phase 1 Drilling Progress
A comparison of the historic intercepts with the Bravo re-assay results is tabulated below, with a plan showing their locations and drill sections provided for (PPT-LUAN-) FD0035, FD0053, and FD0071. Bravo’s re-assay results continue to closely correlate to the historic intercepts, in both thicknesses and grade. Importantly, the grade of the re-assayed intercepts exceeds that of the historic intercept over comparable thicknesses in over 80% of the intercepts re-assayed to date. This is most likely related to improved assay methods for PGMs versus those available over 20 years ago.
The Phase 1 diamond drill program continues as planned at Luanga. Six drill rigs are on site, with drilling progressing in various locations along the entire 7km strike length of the known Luanga mineralized envelope (as defined by historic drilling). To date, 77 drill holes have been completed, for a total of 13,051 metres of the planned 25,500 metre Phase 1 drill program.
Comparison of Re-Assayed Intercepts – Historic Intercept (SGS Laboratory) versus Bravo Intercept (ALS Laboratory)
HOLE-ID
From(m)
To(m)
Thickness (m)
HISTORIC SGSPGM + Au (g/t)
BRAVO ALSPGM + Au (g/t)
HISTORICNi % (Total)
BRAVO**Ni % (Sulphide)
TYPE
PPT-LUAN-FD0029
63.0
76.0
13.0
1.04
1.13
0.12
0.09
FR
And
91.0
120.0
29.0
0.62
0.78
0.05
0.04
FR
PPT-LUAN-FD0030
85.0
95.0
10.0
1.44
1.63
0.20
0.15
FR
PPT-LUAN-FD0035
3.0
19.0
16.0
9.32
9.39
0.14
NA
Ox
Including
6.0
15.0
9.0
14.18
14.48
0.19
NA
Ox
PPT-LUAN-FD0053
0.0
12.0
12.0
0.88
1.12
0.13
NA
Ox
And
16.0
25.0
9.0
1.65
1.93
0.05
NA
Ox
PPT-LUAN-FD0058
0.0
8.0
8.0
1.66
2.03
0.09
NA
Ox
PPT-LUAN-FD0060
0.0
41.0
41.0
1.41
1.52
0.22
NA
Ox
Including
18.0
41.0
23.0
1.66
1.85
0.26
0.32
FR
And
80.0
85.0
5.0
0.99
0.92
0.10
0.07
FR
PPT-LUAN-FD0065
21.0
27.0
6.0
7.74
7.57
0.03
NA
Ox/LS
Including
25.0
27.0
2.0
18.29
20.45*
0.04
NA
Ox/LS
And
109.0
120.0
11.0
0.85
0.85
0.09
0.09
FR
PPT-LUAN-FD0071
0.0
13.0
13.0
3.69
3.76
0.18
NA
Ox
Including
0.0
8.0
8.0
5.66
5.70
0.24
NA
Ox
And
101.0
113.0
12.0
0.64
0.75
0.03
0.02
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
** = Note that Bravo’s nickel grades are for sulphide nickel, which is representative of potentially recoverable (by froth flotation treatment) nickel, and does not include non-recoverable silicate nickel, unlike historic total nickel assays.
Complete Table of New Re-assayed Intercepts
HOLE-ID
From(m)
To(m)
Thickness (m)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
PGM + Au (g/t)
Ni % (Sulphide)
TYPE
PPT-LUAN-FD0029
63.0
76.0
13.0
0.79
0.28
0.04
0.02
1.13
0.09
FR
And
91.0
120.0
29.0
0.48
0.27
0.01
0.01
0.78
0.04
FR
PPT-LUAN-FD0030
85.0
95.0
10.0
1.17
0.40
0.05
0.02
1.63
0.15
FR
PPT-LUAN-FD0035
3.0
19.0
16.0
5.78
2.79
0.35
0.47
9.39
NA
Ox
Including
6.0
15.0
9.0
8.94
4.28
0.47
0.79
14.48
NA
Ox
PPT-LUAN-FD0053
0.0
12.0
12.0
0.68
0.38
0.05
0.01
1.12
NA
Ox
And
16.0
25.0
9.0
1.31
0.55
0.07
0.01
1.93
NA
Ox
PPT-LUAN-FD0058
0.0
8.0
8.0
0.95
0.96
0.11
0.01
2.03
NA
Ox
PPT-LUAN-FD0060
0.0
41.0
41.0
0.98
0.45
0.05
0.03
1.52
NA
Ox
Including
18.0
41.0
23.0
1.17
0.59
0.05
0.04
1.85
0.32
FR
And
80.0
85.0
5.0
0.60
0.25
0.01
0.06
0.92
0.07
FR
PPT-LUAN-FD0065
21.0
27.0
6.0
0.95
6.16
0.46
0.01
7.57
NA
Ox/LS
Including
25.0
27.0
2.0
2.28
17.06
>1.00*
0.01
20.45*
NA
Ox/LS
And
109.0
120.0
11.0
0.41
0.33
0.07
0.04
0.85
0.09
FR
PPT-LUAN-FD0071
0.0
13.0
13.0
2.20
1.22
0.20
0.14
3.76
NA
Ox
Including
0.0
8.0
8.0
3.35
1.44
0.30
0.21
5.70
NA
Ox
And
101.0
113.0
12.0
0.17
0.50
0.08
001
0.75
0.02
FR/LS
Notes:
All ‘From’, ‘To’ depths, and ‘Thicknesses‘ are downhole.
Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~80 to 95% of true thickness.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphur. Recovery methods and results will differ based on the type of mineralization.
NA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
Bravo is a Canada and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM + Au + Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail and clean and renewable hydro grid power. The project area was previously de-forested for agricultural grazing land. Bravo’s current Environmental, Social and Governance activities includes replanting trees in the project area, hiring and contracting locally, engagement with local communities, and ensuring protection of the environment during its exploration activities.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person”, as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “confident”, “highly encouraged”, “confirm”, “correlate”, “success”, “high-grade”, “estimated”, “potentially”, “emerging positive trend” and other similar words, phrases or statements that certain events or conditions “could”, “should”, or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs and the results thereof; the potential for a continued increase in grades relative to historic assays and the possible impact on future mineral resource estimates the potential for the definition of new styles of mineralization and extensions to depth and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm the interpreted mineralization contains significant values of nickel, copper and also contain PGMs and Au; final drill and assay results will be in line with management’s expectations; that re-assayed may continue to outperform historic grades; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Schedule 1: Drill Hole Collar Details
HOLE-ID
Company
East (m)
North (m)
RL (m)
Datum
Depth (m)
Azimuth
Dip
PPT-LUAN-FD0029
Vale SA
656751.12
9339445.98
264.83
SIRGAS2000 UTM22S
120.80
360.00
-60.00
PPT-LUAN-FD0030
Vale SA
656752.05
9339732.06
286.13
SIRGAS2000 UTM22S
120.15
360.00
-60.00
PPT-LUAN-FD0035
Vale SA
657150.83
9339760.87
278.36
SIRGAS2000 UTM22S
121.35
360.00
-60.00
PPT-LUAN-FD0053
Vale SA
659337.63
9341372.84
251.75
SIRGAS2000 UTM22S
221.65
330.00
-60.00
PPT-LUAN-FD0058
Vale SA
659444.35
9343173.81
269.07
SIRGAS2000 UTM22S
156.10
90.00
-60.00
PPT-LUAN-FD0060
Vale SA
659992.74
9342371.79
288.78
SIRGAS2000 UTM22S
181.25
90.00
-55.00
PPT-LUAN-FD0065
Vale SA
659497.72
9342974.99
275.80
SIRGAS2000 UTM22S
269.75
90.00
-60.00
Schedule 2: Assay Methodologies and QAQC
Samples followed chain of custody between collection, processing and delivery to the ALS laboratory in Parauapebas, state of Pará, Brazil. The drill core was delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who inserted certified reference materials, blanks and duplicates into the sampling sequence. Drill core was quarter cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas ALS laboratory by Bravo staff. Additional information about the methodology can be found on the respective ALS or SGS global websites (ALS, SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.
Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.
YERINGTON, Nev., Sept. 26, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on planned restart activities at its Pumpkin Hollow underground copper mine (the “Underground Mine”) and developments with respect to the proposed financing package that was previously announced in the Company’s news release dated August 25, 2022 (the “Prior Announcement”). The financing is expected to provide up to US$93 million of liquidity to the Company in order to support the restart and ramp-up of the Underground Mine (the “Restart Financing Package”).
Randy Buffington, President & CEO, commented: “These past few weeks the team has been focused on ensuring that we are prepared for the restart of underground operations. We have made significant progress in developing the plans, recruiting the people and implementing the systems necessary to derisk the restart. We have attracted several key technical positions and built the initial underground team to be able to execute on the first critical projects, primarily the remaining two dike crossings required to access the EN zone. We believe that taking a careful, phased approach to restarting the mine removes some of the bottlenecks the operation has faced in the past and will facilitate a rapid ramp-up to nameplate capacity once the mill restarts in mid-2023. We are looking forward to completing the capital projects and bringing the underground mine up to full operations so that we can turn our attention to development of the large open pit project. I continue to appreciate the ongoing commitment and support of our team and key stakeholders as we work diligently to close this financing and get back to operations.”
Operations and Mine Planning Activities Update
As previously announced, the Company has advanced planning for the restart of operations at its Underground Mine. The Company engaged a third-party consulting firm, John Wood Group plc, to complete a mine plan focusing on accessing the larger, higher-grade stopes in the East North Zone (EN Zone). The mine plan has been completed with an optimized stoping sequence that brings value forward in the life of mine and derisks the restart by advancing development activities and building significant underground inventory ahead of restarting the mill in mid-2023. Included in the mine plan are updated operating costs, which are not expected to be materially different from previous estimates as they have not been significantly impacted by inflationary pressures.
The restart plan, as envisaged, will be executed in three phases following the closing of the Restart Financing Package:
Phase 1 – Completion of the remaining two dike crossings and certain capital projects, workforce development
Phase 2 – Underground stope and inventory development
Phase 3 – Stope mining and mill start-up
In September, the Company entered Phase 1 by reinitiating development activities with one mining crew focused on completing the second dike crossing. It is anticipated that the crossing will be completed and well advanced beyond the geological dike feature within the next 30 days, at which time the crew will move onto the third and final dike crossing. In addition, the Company is preparing to issue bid packages to interested development contractors to perform underground development activities and for completion of the remaining capital projects, including: (i) coarse ore bin 2; (ii) vent shaft stripping and surface fans installation; and (iii) Geho dewatering system.
In early 2023, the Company plans to begin rapid development with the use of a development contractor to advance into the higher-grade stopes of the EN Zone and build significant underground ore inventory. The Company will continue to recruit additional underground personnel to prepare for stope mining in the second quarter of 2023. With a significant stockpile of ore on surface and underground inventory expected to be built up, the mill is planned to start up in the third quarter of 2023.
Restart Financing Package Update
As disclosed in the Prior Announcement, the key components of the Restart Financing Package are as follows:
Equity Investments (US$40 million): Pala Investments Limited (“Pala”), the Company’s largest shareholder, and Mercuria Energy (“Mercuria”), a significant shareholder of the Company, are each expected to provide US$20 million in exchange for common shares of the Company (“Common Shares”). Pala has already advanced US$13.5 million of such funding to the Company.
Stream and Royalty Financing (US$30 million): Triple Flag Precious Metals Corp. (“Triple Flag”) is expected to increase its existing net smelter returns royalty on the Company’s open pit project from 0.7% to 2% for a purchase price of approximately US$26.2 million, subject to a full buyback of the increased royalty percentage. In addition, Triple Flag is expected to accelerate the approximately US$3.8 million remaining to be funded under the Company’s existing metals purchase and sale agreement with Triple Flag.
KfW Facility Extension (US$15 million committed): The Company’s senior credit facility (the “KfW Facility”) with KfW IPEX-Bank GmbH (“KfW”) is expected to be amended to provide for a new tranche of up to US$25 million, of which Pala, Triple Flag and Mercuria would commit the first US$15 million as a backstop.
Deferrals under Senior Project Facility and Working Capital Facility (expected to be at least US$8 million): KfW is expected to defer three interest payments under the KfW Facility. Concord Resources Limited is expected to defer interest and principal payments under the Company’s working capital facility.
Under the Restart Financing Package, Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into an amended or new debt instrument (the “Pala Debt Instrument”), which indebtedness would be convertible into Common Shares.
Please see the Prior Announcement for additional details regarding the Restart Financing Package.
Nevada Copper reminds shareholders that the terms of the Restart Financing Package are currently non-binding and closing is subject to, among other things, finalization of the specific terms thereof, negotiation and execution of definitive documentation and the satisfaction of various regulatory requirements. The Company and its key financing partners intend to enter into definitive documents in respect of and close the Restart Financing Package concurrently on or about October 5, 2022 (the “Closing Date”). The closing of the Restart Financing Package will be subject to the approval of the Toronto Stock Exchange (the “TSX”).
As disclosed in the Prior Announcement, there can be no assurance that binding agreements will be entered into or completed (or the required regulatory approvals obtained) on terms satisfactory to the Company and within the required timeframe, or at all. In addition, there can be no assurance that the Company will be able to raise the further funding to supplement the Restart Financing Package that will be required to complete the restart and ramp-up process. The Company expects the costs of the restart and ramp-up process to be in the range of US$70 million-US$75 million. In addition, the Company needs to satisfy and/or defer various outstanding vendor payables. Together these costs and payables are expected to exceed the amount of the Restart Financing Package. As a result, the Company continues to evaluate other additional financing options, including a public offering.
The Company intends to use the available proceeds from the Restart Financing Package of approximately US$71.5 million (representing the US$93 million of liquidity less US$13.5 million already advanced by Pala and less US$8 million in deferrals under the KfW Facility and the Company’s working capital facility) to fund ramp-up costs (approximately US$15.7 million to fund capital expenditures and approximately US$29.1 million to fund operating costs), vendor payments (approximately US$23.5 million) and for general corporate purposes, such as overhead (approximately US$3.2 million).
If the Restart Financing Package is not completed, absent other financing, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.
Potential Maximum Dilution in Respect of the Restart Financing Package
Pala currently owns 167,759,110 Common Shares, representing approximately 37% of the outstanding Common Shares on a non-diluted basis. Mercuria currently owns 48,700,000 Common Shares, representing approximately 11% of the outstanding Common Shares on a non-diluted basis.
Pala is expected to fund its equity investment of US$20 million by the cancellation of approximately US$13.5 million in short-term debt advanced to the Company by Pala as interim financing and by the payment of approximately US$6.5 million on the Closing Date. The Pala Equity Investment will be at a subscription price equal to a 15% discount to the five-day volume weighted average price (the “VWAP”) of the Common Shares on the TSX as of the trading day prior to the Closing Date (the “Equity Subscription Price”). By way of illustration, if the closing of the Pala Equity Investment occurred on September 23, 2022, 120,088,496 Common Shares would be issued to Pala using a 15% discount to the five-day VWAP of C$0.266 and then converting such VWAP into U.S. dollars using the Bank of Canada exchange rate on September 23, 2022 of C$1.00=US$0.7369 (the “Illustrative Equity Subscription Price”). In addition, approximately US$1.665 million of guarantee and other fees will be satisfied by the issuance of Common Shares to Pala at the Equity Subscription Price. Based on the Illustrative Equity Subscription Price, this will result in an additional 9,999,655 Common Shares being issued to Pala. The transactions described in this paragraph together with the Pala Debt Instrument are referred to as the “Pala Equity Investment” herein.
Mercuria is expected to fund its equity investment of US$20 million in two tranches. The first tranche of US$10 million will be paid on the Closing Date. The second tranche of US$10 million will be deposited into escrow on the Closing Date and will be released upon the satisfaction or waiver of certain conditions. These conditions include the completion of certain steps in the ramp-up process that the Company expects to achieve before the end of 2022. The first tranche of the Mercuria Equity Investment will be at a subscription price equal to the Equity Subscription Price. The second tranche of the Mercuria Equity Investment will be at a subscription price equal to a 15% discount to the five-day VWAP of the Common Shares on the TSX as of the trading day prior to the applicable date of closing. By way of illustration, if the closing of both tranches of the Mercuria Equity Investment occurred today, 120,088,496 Common Shares would be issued to Mercuria using the Illustrative Equity Subscription Price.
In connection with the Mercuria Equity Investment, Mercuria is expected to receive Common Share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle Mercuria to, subject to satisfying certain vesting conditions, acquire one Common Share at an exercise price equal to a 20% premium to the Equity Subscription Price. The Warrants will vest, from time to time, in conjunction with the conversion of the Pala Debt Instrument, thereby providing Mercuria with an ability to maintain its pro rata shareholding interest. The vesting of 50% of the Warrants will also be subject to the vesting condition that the second tranche of the Mercuria Equity Investment has closed. The Warrants will expire upon maturity of the Pala Debt Instrument. By way of illustration, if all Warrants vested and were exercised today, 119,205,651 Common Shares would be issued to Mercuria assuming the illustrated conversion of the Pala Debt Instrument described below. The transactions described in the foregoing two paragraphs are referred to as the “Mercuria Equity Investment” herein (the Mercuria Equity Investment together with the Pala Equity Investment are referred to herein as the “Equity Investments”).
Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into the Pala Debt Instrument. The loans outstanding to be consolidated into the Pala Debt Instrument would include (i) the total of approximately US$53 million outstanding under the existing credit agreement entered into by Pala and the Company in November 2021; and (ii) US$20 million that was advanced to the Company under a promissory note in June and July 2022. In connection with the entering of the Pala Debt Instrument, a 4% fee on the US$20 million amount referred to above will be payable to Pala and capitalized as additional principal under the Pala Debt Instrument. Amounts owing under the Pala Debt Instrument would be convertible into Common Shares, at Pala’s option, at a conversion price equal to a 20% premium to the Equity Subscription Price. By way of illustration, if all amounts owing under the Pala Debt Instrument were converted today, 374,402,808 Common Shares would be issued to Pala using a 20% premium to the Illustrative Equity Subscription Price.
Based on the above illustrations, the number of Common Shares that will be issued as a result of the Equity Investments is set out below, assuming the conversion in full of the Pala Debt Instrument and the exercise in full of the Warrants:
Total Number of Common Shares currently held
Total Number of Common Shares that will be held after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the Warrants
Total Number of Common Shares that will be held after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants
% of Common Shares currently owned relative to Common Shares currently outstanding
% of Common Shares owned relative to Common Shares outstanding after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the Warrants
% of Common Shares owned relative to Common Shares outstanding after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants
Pala
167,759,110
297,847,261
672,250,069
37.41%
42.63%
56.39%
Mercuria
48,700,000
168,788,496
287,994,147
10.86%
24.16%
24.16%
The total number of Common Shares to be issued pursuant to the Equity Investments (excluding conversion of the Pala Debt Instrument and exercise of the Warrants) is 250,176,647, which represents approximately 56% relative to the number of Common Shares currently issued and outstanding. The total number of Common Shares to be issued pursuant to the Equity Investments (including conversion of the Pala Debt Instrument and exercise of the Warrants) is 743,785,105, which represents approximately 166% relative to the number of Common Shares currently issued and outstanding.
TSX Financial Hardship Exemption
Nevada Copper has applied to the TSX, pursuant to the provisions of Section 604(e) of the TSX Company Manual, for a “financial hardship” exemption from the requirements to obtain shareholder approval of components of the Restart Financing Package on the basis that, absent the Restart Financing Package the Company is in serious financial difficulty due to the lack of available cash and funding resources. Moreover, the Company is currently in default under its various credit facilities and the Company’s metals purchase and sale agreement with Triple Flag. The Restart Financing Package, including the Equity Investments, are designed to improve the Company’s financial situation. The entry into of each of the definitive agreements required in respect of the Restart Financing Package will occur concurrently. The application was approved by the Special Committee (as defined below) who has determined that the transactions discussed herein are reasonable for Nevada Copper in the circumstances. Under the policies of the TSX, on the basis that the Restart Financing Package was determined to be subject to the provisions of Section 607 of the TSX Company Manual for private placements, components of the Restart Financing Package would have required shareholder approval by the Company due to: (a) the number of Common Shares (including the Common Shares issuable upon the conversion of the Pala Debt Instrument and upon exercise of the Warrants) issuable in connection with the Restart Financing Package is in excess of 25% of the number of Common Shares outstanding; (b) the number of Common Shares to be issued to insiders (assuming conversion of the Pala Debt Instrument and exercise Warrants) is greater than 10% of the number of Common Shares outstanding; and (c) the consideration (being the Equity Investments) to be received by insiders is greater than 10% of the Company’s market capitalization. The Restart Financing Package will not materially affect control of the Company given Pala’s existing level of ownership in the Company.
The board of directors of the Company (the “Board”) has formed a special committee (the “Special Committee”) consisting of members of the Board who are independent of Pala, Mercuria and management of the Company, to consider the proposed terms of the Restart Financing Package, including the terms of the Equity Investments. The Special Committee has meet continuously throughout the negotiation of the proposed terms of the Restart Financing Package.
Nevada Copper expects that as a consequence of its financial hardship application, the TSX will conduct a remedial delisting review of the Company. Although Nevada Copper believes that it will be in compliance with all continued listing requirements of the TSX upon the closing of the Restart Financing Package, no assurance can be provided as to the outcome of such review or continued qualification for listing on the TSX. There can be no assurance that the TSX will accept the application for the use of the financial hardship exemption from the requirement to obtain shareholder approval described above.
The Equity Investments will be related party transactions of the Company for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and are subject to the formal valuation and minority approval requirements thereof, unless an exemption is available. It is the intention of the Company to rely on the financial hardship exemption provided for in Sections 5.5(g) and 5.7(e) of MI 61-101.
Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the completion of the funding package described above, including the terms and timing thereof, the plans and requirement for supplementary financing and the expected amounts thereof, regulatory requirements, the Company’s “financial hardship” exemption application, the use of proceeds from the Restart Financing Package, creditor protection proceedings, mine planning, the execution of the mine restart plan and expected development schedule, and the expected costs of the restart and ramp-up process. There can be no assurance that the Restart Financing Package will close or that the cost estimates or allocation thereof will be accurate.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with creditors and vendors; potential creditor protection proceedings; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
View looking east along the Eureka Zone within a large mafic-ultramafic magmatic complex. Note: Outline of the Ultramafic complex and Eureka zone are approximate.
Figure 2
Cross section view of Eureka Zone looking west, showing trace of holes FL-003 and FL-006 drilled by INCO in 1997.
VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report additional assay results from the sampling of historical core from the Eureka Zone at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) – cobalt (Co) – platinum group elements (PGE) prospects.
The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014 (see Figure 1).
The new assay results confirm the existence of low-grade Ni-Cu-Co-PGE mineralization immediately below and adjacent to the Core Eureka Zone (“CEZ”). The new zone is named the Lower Eureka Zone (“LEZ”). Along with the Upper Eureka Zone (“UEZ”), hole FL-003, drilled by INCO in 1997, intersected 346 meters of nickel mineralization, representing an approximate true width of 275 meters (Figure 2).
Millrock President and CEO Gregory Beischer commented: “From historical drilling, it is clear that a large volume of mineralized rock is present in the Eureka Zone. We believe the demand for nickel, cobalt, and other Critical and Strategic Metals will be exceptionally strong in the coming decades, making low-grade mineralization such as at Eureka of interest.”
About Eureka Zone: Based on historical drill hole results, Millrock identified a probable zone of mineralization measuring approximately 1,200 meters by 400 meters by 300 meters that contains low but potentially economic concentrations of nickel, copper, cobalt, platinum, palladium, and gold. Upon further review of the historical drill hole results, it was noted that only incomplete, non-continuous sampling was done in rocks intersected below the CEZ in hole FL-003. Drill core from this hole is preserved at the Geologic Materials Center in Anchorage, Alaska. Millrock collected and assayed samples from hole FL-003 in the suspected LEZ.
Highlights of the core sampling program include:
FL-003: 100 samples were assayed between hole depths of 273.4 meters and 412.1 meters
FL-003: mineralized interval of 135.6 meters grading 0.20% Ni, 0.05% Cu, 0.016% Co, 0.062 ppm Pd, 0.026 ppm Pt, and 0.014 ppm Au (including eight historical intervals).
Based on the newly received assays and historical assays from INCO holes FL-003 and FL-006, Millrock now interprets there to be three distinct domains (UEZ, CEZ, and LEZ) within the Eureka Zone, with an estimated true thickness at the drilled location of 275 meters (Figure 2).
These three domains consist of strongly serpentinized rocks:
1: Upper Eureka Zone (UEZ) – sulfur-poor peridotite, with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
60.2
173.7
113.5
0.20
0.05
0.014
0.101
0.046
0.007
0.32
0.65
FL-006
185.0
298.1
113.1
0.21
0.06
0.018
0.093
0.046
0.006
0.35
0.70
2: Core Eureka Zone (CEZ) – sulfur-rich peridotite and norite with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
173.7
271.9
98.2
0.22
0.12
0.019
0.141
0.064
0.018
0.42
0.85
FL-006
298.1
382.8
84.7
0.26
0.13
0.020
0.143
0.069
0.025
0.47
0.94
3: Lower Eureka Zone (LEZ) – sulfur-poor melanorite, with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
271.9
407.5
135.6
0.20
0.05
0.016
0.062
0.027
0.014
0.32
0.64
FL-006
Hole was ended prior to the LEZ
Note: NiEq% and CuEq% in this press release are calculated using the following metal prices: Nickel = $7.00/lb., Copper = $3.50/lb., Cobalt = $25.00/lb., Palladium = $1800/oz., Platinum = $900/oz. and Gold = $1600/oz.
In order to determine the deportment of nickel, copper, cobalt, and the precious metals, Millrock has submitted samples for laboratory analysis to identify which minerals are host to the valuable metals. From this information, an idea of metal recoverability can be gleaned. This will be very important information to have for a project of this type and scale.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current sampling program was PRP70-250. Analysis methods used include MA370 – 4-acid digestion ICP-ES Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. For every 10 core samples, a blank, duplicate, or standard sample (Certified Reference Materials) of known copper, nickel, platinum, palladium, and gold concentration was analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.
Historical assay results for core samples originally obtained by INCO in 1997 were used, in part, for the composite grade calculation for the LEZ in hole FL-003. Millrock has not independently verified the results. However, the drilling work completed in 1997 was done under the direct supervision of Gregory Beischer in his prior role as Exploration Manager for INCO. Mr. Beischer is the Qualified Person responsible for the contents of this disclosure. The historical samples were assayed at Chemex Lab, Inc. Appropriate quality control measures were in place.
Qualified Person The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited and Felix Gold. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of the ongoing metal deportment study, and the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“NEITHER 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.”
Regular readers are well aware of how much respect I have for the Daily Sentiment Indicator from Jake Bernstein. It is simply the most valuable tool I have come across in investing. We are at an interesting point where a number of commodities and indexes are showing extremes of emotion normally found only at tops or bottoms. This time may be different but only time will tell.
For anyone who has been awake lately the stock/bond/currency crash many have foreseen is in action right now. There is this simple issue of there being far more debt in the world than can be paid so at some point we need to settle the books. Either the borrowers pay the debt or the lenders. And obviously now it is the lenders. It is probably the worst liquidity event in history.
This is the start of the biggest financial change in five hundred years as the debt based Western financial system collapses and like a dying scorpion stings everything in range as a result. Russia and China are working with the 65% of the rest of the world who do not support either the actions of Nato and the US in Ukraine or sanctions against Russia.
There will be a new financial system. As of now Russia is still saying it will be a basket of currencies but if they have any sense, they will shave off a lot of wasted effort and just go straight to a gold and silver based currency.
The conflict in Ukraine literally is a battle between good and evil with the WEF/NATO/the EU and US on one side and the rest of the world on the other. The EU and NATO are literally committing suicide. That will be as obvious as a pimple on the tip of your nose soon this fall as Europe finds itself in a state of revolution against the massive stupidity of the EU leaders.
In the midst of an energy crisis Belgium voluntarily shut down one of their remaining nuclear power plants on Friday at a time where 64% of Belgians believe they cannot afford to pay their energy bills. That’s not Putin, that’s just basic fucking stupidity. Is it no longer just a requirement for world leaders to be sociopaths but also they must be mental midgets? With perhaps the sole exception of Oban, the rest of the flock are brain dead idiots who couldn’t lead their way out of a wet paper bag.
The dollar index has been flying lately. Readers should understand the dollar index does not have anything to do with measuring the value of the dollar except in terms of other currencies, mainly the Yen, the Euro and the British Pound. On Friday the DSI for the dollar index stood a value of 97. In the 33 years the index has been tracked by the DSI it has hit 98 only once and 97 only three times. In rational times the dollar index would be topping.
As of Friday the DSI for the British Pound was 5 along with the Canadian Dollar and the Australian Dollar. The S&P stood at 5 with the Nasdaq. I suspect the rocket higher in the DXY had more to do with the stupidity of the UK Prime Minister doing her best to destroy the value of the Pound in her rush to the bottom among currencies. There is an excellent chance we will see the continuation of the stock market crash this week, at least through Tuesday.
With the penny juniors in the mining area falling off a cliff on Friday with massive drops across the board, we are starting to see capitulation. While it is painful to watch your investments dropping by double digits daily, this is where wise investors make their fortunes. The market will rocket higher just as soon as those silly investors who used margin finish selling off the last of their investments just to meet a margin call.
These sorts of opportunities only come once in a lifetime. Prepare yourself to rake up the falling fruit. This is a quote from Basic Investing in Resource Stocks.
“Weak hands buy at tops and sell at bottoms. Strong hands buy at bottoms and sell at tops. It’s vital that investors remember that at every top there are 50 reasons to buy, and at every bottom there are 50 reasons to sell. That’s what makes them tops and bottoms.”
The DXY, S&P and Nasdaq are nearing a massive turn soon. Gold and silver will resume their climb and when the capitulation in resource stocks end, they will rocket higher.
Burlington, Ontario–(Newsfile Corp. – September 26, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) has assayed, among other elements, significant quantities of palladium and gold in the mineralized material from its Buckeye Silver Mine in Arizona. These surprise discoveries are not factored into any of the Company’s internal financial projections. This mineralized material was taken from a newly exposed section at the Buckeye.
Palladium is currently trading at roughly USD$2,100 per ounce and gold is currently trading at roughly USD$1,650 per ounce. For reference below, SBMI notes that one ppm (part per million) is equivalent to one gram per tonne. There are 28.35 grams in one ounce.
How The Gold and Palladium Were Found
The gold and palladium were discovered after SBMI initially processed roughly 60 tons of Buckeye Mine material at its 100%-owned mill, and then encountered challenges in pouring proper silver dore bars to satisfy the outstanding sample run order. An example of such challenges is in the picture below.
Recent dore bar from material bulk sampled at the Buckeye
To help identify the possible source of this, SBMI sent a sample (the “First Batch”) on September 7, 2022, from its concentrates of the 60 ton bulk sample to Lone Pine Analytical, a third-party lab, for further analysis. That analysis completed on September 11, 2022 revealed, from this sample, being an average of 2 collected concentrate samples, elevated levels of palladium and gold, as per the chart below:
Element
Unit
Concentration
Report
(Duplicates)
Limits
Au
ppm
(1) 50.8
0.05
(2) 38.1
Pd
ppm
(1) 83.8
0.05
(2) 80.0
Pt
ppm
(1) .0457
0.05
(2) .667
Rh
ppm
(1) .150
0.05
(2) .255
Ir
ppm
(1) 0.172
0.05
(2) .308
Os
ppm
(1) .572
0.05
(2) .382
Ru
ppm
(1) ND
0.05
(2) ND
In response to these unusual values, SBMI will be undertaking referee sampling with another independent third-party ISO accredited lab.
“Those are astonishing results for the gold and palladium,” said A. John Carter, SBMI’s CEO. “To the best of our knowledge the only significant producer of palladium in the United States of America is Sibanye-Stillwater in Montana, so this is a possible game-changer, not just for SBMI but for platinim group metal exploration in Arizona. We have heard anecdotal evidence of Pt-Pd production as a by-product of porphyry mining in the Globe area and have seen data from a local prospective Pt-Pd property, but we are still investigating what our results mean. At this time the Company is actively investigating the source and recovery of the anomalous palladium and gold values and are currently engaging additional technical support in this pursuit.”
The Company believes the results above are representative of the 60 tons of the material extracted from the Buckeye Mine.
Second Batch Samples From a 140 ton Bulk Sample
SBMI then took, from another larger bulk sample, a sample batch (the “Second Batch”) of a further seven samples from various locations in the mill. This bulk sample represents roughly 140 tons of material from the Buckeye Mine. SBMI’s assay team had initially assayed those samples for silver only. Subsequently, each of the following samples from this 140 ton bulk sample were labelled with unique identifiers as shown below:
Head Feed 700 oz/Ton Ag
100 gm 2503oz/Ton Ag Conc
#1 Table Cons. Original
#1 Table Cons from Mill
#2 Table Cons from Mill
Tails
Dorie Bead
Those labels were provided by SBMI’s assay team to Lone Pine Analytics by the leader of SBMI’s assay team, Mr. Robert Budd, who also collected and assayed those samples for silver. SBMI has on prior occasions and on its website made disclosure of Mr. Budd’s credentials and QAQC processes, and will include these matters below in the QA/QC for SBMI.
Second Batch Samples to Lone Pine Analytics
After being assayed for silver only by SBMI, the Second Batch was then sent to Lone Pine Analytical for further analysis of additional elements. The average values for Au and Pd of the 7 samples returned from Long Pine Analytics for the gold and the palladium were as follows:
The Company believes these results are representative of the 140 ton bulk sample. The complete assay certificates with a photo of each sample will be posted to the Company’s website.
In response to these unusual values, SBMI will be undertaking referee sampling with another independent third party ISO accredited lab.
All of the roughly 200 tons of material (combined from the 2 bulk samples) were taken directly from the vein accessed at the lower drift. All 200 tons were taken and processed in the normal course, with no selective sampling.
“We made a decision early on to build our own mill in Arizona to high standards, and as a result we have been able to immediately recognize there were significant amounts of elements other than silver in this new material” continued Mr. Carter. “Standard exploration techniques may not have found the gold or palladium without the expenditure of millions of exploration dollars. We are there now, more quickly for much less money.”
SBMI has found a potential buyer for the concentrates who is likely able to process the palladium in addition to the gold and silver, but before making final decisions SBMI is waiting on further assay data and input from metallurgists, engineers and others.
QAQC For SBMI
All the samples above were collected by Mr. Robert Budd, a Metallurgical Process Engineer who began his career in metallurgical engineering in 1972. He has held various positions with various employers including Senior Engineer, Superintendent, Engineer, Technical Assistant, Technician, and Lab Assistant. Most recently, prior to joining SBMI he was involved in designing and creating an internal assay facility in Arizona for Freeport McMorran Inc. He has also been the the Principal Process Specialist for Fluor Canada out of Vancouver, the Senior Metallurgical Engineer for Doe Run Lead, the Project Engineer for the commissioning of a copper concentrator start-up at Oz Minerals’ Prominent Hill Mine in South Australia, Senior Metallurgical Engineer for Cyprus Miami/Phelps Dodge Miami in Arizona, Metallurgical Engineer and Metallurgical Lab Supervisor for Newmont Gold in Nevada, and Chief Metallurgist for Inspiration/Cyprus Miami in Arizona among other positions.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed by Mr. Budd through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
QAQC For Lone Pine Analytics
For each batch, Lone Pine Analytical of Phoenix, Arizona sampled two distinct samples (approx 200mg), digested, filtered, diluted and analyzed. For the digestion, the lab used [1mL HF: 4.5mL Nitric Acid: 4.5mL HCI]. The samples were digested in a microwave in sealed PTFE tubes where the temperature reached 200C with a total cycle time of 40 minutes. Bismuth (Bi) was used the internal standard. A three-point calibration, plotted through zero was used with excellent linear correlation for each element. Thus, the lab used an internal and external standards (instrument calibration). Chain of custody protocols were strictly observed. Lone Pine Analytical, as of September 11, 2023, is in the process of renewing its ISO /IEC-17025 lab accreditation with a scope for metals in soils and rocks
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
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; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; 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.
Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 2
Plan View of the Main Breccia Discovery at the Apollo Target, Highlighting in Green the Newly Discovered Areas Where the Main Breccia Outcrops at Surface and Assay Results from Drill Holes Announced to Date
Figure 3
Photos of Various Surface Exposures of Angular Breccia Discovered to the North and East of Drill Pad 3
Recent geological mapping of rocks exposed by pad 3 drill access tracks have confirmed that the Main Breccia discovery at the Apollo Target daylights at surface north and east of the drill pad.
Recently completed drill hole, APC-14, which was drilled due north from pad 3, intersected the Main Breccia approximately 50 metres below the newly discovered northern outcrop. The hole cut more than 240 metres in total of favorable mineralization within the Main Breccia. Assay results for drill holes APC-11 through APC-14 are anticipated in the near term.
Visual observation of the shallow portion of drill hole APC-14, indicates a marked increase in chalcopyrite leading to the possibility that copper grades will be higher than seen elsewhere in the Main Breccia discovery. Additionally, the Company’s conviction that the porphyry source for the Main Breccia discovery lies due south has now been increased. As a result, exploratory drill holes are currently being finalized to test the southern porphyry target.
The discovery of the northern outcrop of the Main Breccia coupled with visual observations in drill hole APC-14 has extended the strike length of the system to the southwest by 35 metres. As a result, the Main Breccia discovery now measures 385 metres in strike by 100 metres across by 500 metres vertical and remains open in most directions for further expansion. With respect to the eastern outcrop, exploration drilling is required to determine its geometry and how it might connect with the Main Breccia as presently it lies outside of the current working model.
TORONTO, Sept. 22, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that visual observations from outcrop mapping and shallow diamond drill hole APC-14, confirm that the Main Breccia discovery at the Apollo target (“Apollo”) daylights at surface over significant areas located to the north and east of drill pad 3 in the southern part of the discovery. Apollo is one of eight grassroot generated porphyry related targets at the Guayabales project, located in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target with previously announced intercepts including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“Confirmation that the Main Breccia discovery at Apollo extends to surface enhances future possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near surface in the southern part of the Main Breccia discovery has our team excited that the porphyry source is nearby and is likely located beneath the robust, yet untested high-grade copper-in-soil anomaly located due south of drill pad 3. As a result, our team is busy planning exploration drill holes to test for the porphyry source with additional details to be provided shortly,” commented Ari Sussman, Executive Chairman.
Details (See Figures 1 to 3)
The Company recently completed geological mapping of new outcrop exposure created by tracks designed to service the drill rig at Pad 3 at Apollo. This work has confirmed exposure of mineralized angular breccia at surface as part of the Main Breccia discovery first announced by the Company on June 22, 2022. Logging visuals from recently completed diamond hole APC-14, which was drilled beneath a portion of the northern outcrop area, intersected mineralized angular breccia commencing at 50 metres vertically below surface. The following observations are highlighted:
During the last two weeks the surface exploration team has identified various outcrops with mineralized angular breccia locating north of Pad 3. Geological observations in all outcrop areas highlight mineralized angular breccia with iron oxides and sulfides within the matrix between the clasts with a partial overprint of sericite alteration. Two historical samples taken from a very limited exposure of breccia outcrop within this area returned 0.6 g/t gold,18 g/t silver and 0.1% copper and 4.1 g/t gold and 29.3 g/t silver respectively. The recently excavated surface exposures have been systematically sampled and assay results are pending.
Visual observations from a recently completed diamond hole, APC-14, drilled to the north from Pad 3 and directly underneath a portion of the northern outcrop area, highlighted the presence of angular breccia hosting pyrite and significant chalcopyrite mineralization in disseminations and as replacement within the breccia matrix. This hole intercepted mineralized breccia from approximately 84 metres downhole (50 metres vertical) down to 132 metres with a second zone commencing at 197 metres and finishing at approximately 391 metres downhole. Assay results for this and other holes are expected in the near term.
The Apollo target area, as defined to date by limited surface outcrops, rock sampling of CBM veins and available breccia exposures plus copper and molybdenum soil geochemistry, covers an 800-meter X 700-meter area. This Apollo target area hosts the Company’s new grassroots Main Breccia discovery which, based on recent drill results, measures up to 385 metres in strike length by 100 metres in width and 500 metres vertical. The Main Breccia discovery remains open in most directions and drill holes will continue to confirm and expand the discovery. Within the broader target there are additional, yet untested breccia, porphyry and vein targets which could facilitate further expansion at Apollo.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroots discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
NORTH VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) —
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has entered into an agreement with Eight Capital and Canaccord Genuity Corp., as co-lead underwriters and joint bookrunners (the “Underwriters“), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis,16,240,000 units of the Company (the “Units“) at a price of C$0.77 per Unit (the “Issue Price”), for total gross proceeds of C$12,504,800 (the “Offering“).
Each Unit will consist of one common share (a “Common Share”) in the capital of the Company and one-half (1/2) of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at a price per Warrant Share of C$1.05 for a period of 36 months from the closing date of the Offering.
If, following the closing of the Offering, the volume weighted average trading price of the Common Shares on the principal exchange on which the Shares are listed for any 20 consecutive trading days equals or exceeds C$1.75, the Company may, upon providing written notice to the holders of Warrants, accelerate the expiry date of the Warrants to the date that is 30 days following the date of such written notice
In addition, the Company has agreed to grant the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part, for a period of 30 days after the closing of the Offering, to purchase up to an additional 15% of the number of Units sold pursuant to the Offering, on the same terms as the Offering, to cover over-allotments and for market stabilization purposes.https://embed.fireplace.yahoo.com/embed
The net proceeds from the sale of the Units will be used for exploration and development of the Company’s Tuvatu Gold Project, as well as working capital and general corporate purposes.
The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement”) to the Company’s base shelf prospectus dated May 13, 2022. The Prospectus Supplement will be filed in Alberta, British Columbia and Ontario and, together with the related base shelf prospectus, will be available on SEDAR at www.sedar.com.
Closing of the Offering is expected to take place on or about September 28, 2022 and is subject to certain conditions including, but not limited to the receipt of all applicable regulatory approvals including approval of the TSX Venture Exchange.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff” Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
VANCOUVER, British Columbia, Sept. 20, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that it has signed a letter of intent (“LOI”) to option a 100% ownership interest in a claystone lithium project located in the state of Nevada, USA. The land package under option is a district scale lithium claystone deposit situated on Bureau of Land Management land.
Nevada Claystone Lithium Project The Company, through the vendor of the project, and through ALS Laboratories, has verified high-grade lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li. The Company has pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
Based on the results of its surface sampling campaign at the project, the Company has outlined a USD200,000 Reverse Circulation Drill Program to follow-up on the high-grade areas of the project.
The project includes green energy infrastructure of hydro power lines, direct road access, and a nearby town with a readily available work force.
Later-stage comparable claystone lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s TLC project; Spearmint Resources’ McGee project; Noram Lithium’s Zeus project, and Iconic Minerals’ Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-101 resource definition. Rover’s Nevada Lithium project is greenfields in nature, with no drilling to date.
Summary of First Year Commitments Under the LOI The Company’s earn-in to a 100% ownership of the claystone lithium project calls for USD200,000 in exploration expenditures within 24 months of the signing of a definitive agreement.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.
An updating release will be provided once the Company executes a definitive option agreement.
Tobin Gold Project The Company has made the decision to drop its acquisition plans for the Tobin Gold Project, NV, USA in light of the annual advance royalty holding costs of the Tobin project, and also as a result of today’s news with regards to the acquisition of a new Nevada Lithium project.
Judson Culter, CEO at Rover Metals, states, “The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be effective January 1, 2023. Rover’s management looked all over the U.S. and Canada and ultimately decided on Nevada as the best jurisdiction to advance a lithium project. Yes, the project is greenfields in nature, however, Rover’s management team has a proven track record in deploying millions of dollars in exploration capital into mineral resource projects. We see tremendous near-term growth at this project.
Our corporate website will be updated in the coming days to reflect the Lithium asset addition.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s existing mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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