The current inflation of the United States is a concern to the whole world’s economy, and many believe that the scenario will only get worse. In order to contain the situation, the Fed is constantly raising interest rates. James Rickards, an economist and investment banker, believes that the interest rate could get as high as 5% in the near future. Also, the EUR/USD=x is currently at a five-year low and every time this ratio goes down, the interest rate goes up.
In opposition to a common belief that printing a lot of money equals high inflation, the government has been printing trillions of dollars in recent years even though the inflation never went further than 3%. The current inflationary type is the cost inflation. It occurs when prices rise due to increases in production costs such as wages and raw materials. In addition to this scenario, the employment rate went down to 59%.
One of the factors that have contributed to this crisis are the war sanctions against Russia. The biggest country in the world has negotiated more oil and natural gas at higher prices than before the Ukraine war, causing a slowdown in global production. Also, the BRICS is expecting Egypt, Saudi Arabia and Turkey to join their organization soon. They are working on an alternative reserve currency that would rival the IMF’s SD, the contingent Reserves Arrangement. Moreover, China is developing a new way to buy gold using the digital yuan, the Shanghai gold exchange.
Turkey also wants to ditch the dollar and start buying energy from Russia using other currencies. The same goes for India, which is now accepting rupees for payments and is activating a new shorter corridor to Russia, making it far easier to import and export.
All countries mentioned in the last two paragraphs, together with other 139 countries, are participating in the Belt and Road initiative. It is a strategy that seeks to connect Asia with Africa and Europe via land and maritime networks, looking forward to improving regional integration, increasing trade and stimulating economic growth.
If all this comes to fruition, 75% of the world’s population and 45% of the world’s GDP would be using another reserve currency, Saudi Arabia would open oil sales and all these countries would decrease their use of American dollars. With all these dollars coming back to the United States’ economy, hyperinflation would be a sure thing.
All these issues have contributed to the current recession and confirm that the world is creeping towards de-dollarisation.
As we have seen during other periods of high inflation in history, like the 1970s when it averaged 7% a year, assets with value, virtue, safety, and scarcity such as gold outperformed the stock market by a lot. The reason this metal is an excellent asset to protect your money from depreciation is because it has a positive correlation with inflation rates. In other words, the price of gold increases with inflation.
For example, from 1970 to 1974 inflation went as high as 12% a year. During that span of time, The Dow Industrial Average depreciated about 40% while gold went from $35/ounce to $180/ounce. As you can see gold is so valued that it joined the U.S. as the only tier #1 assets in the world.
Given all these facts, it is safe to say that the American dollar and the United States are losing their dominance over the world’s economy and gold is one of the best assets to protect your money from this scenario.
Text citations
● Kenton, W. (2022, March 27). Cost-push inflation. Investopedia. Retrieved July 27, 2022, from
● EBRD, E. B. for R. and D. (n.d.). Belt and road initiative (BRI). European Bank for Reconstruction and Development (EBRD). Retrieved July 29, 2022, from
● WANG, C. N. E. D. O. P. I. L. (n.d.). Countries of the belt and road initiative (BRI). Green Finance & Development Center. Retrieved July 29, 2022, from
Vancouver, British Columbia–(Newsfile Corp. – August 4, 2022) – Tudor Gold Corp. (TSXV: TUD) (FSE: TUC) (the “Company” or “Tudor Gold“) announced today that, further to its news releases dated July 13, 2021, February 1, 2022 and July 8, 2022 (the “Initial News Releases“), the Company obtained an interim order from the Supreme Court of British Columbia (the “Court“) on August 3, 2022, authorizing the holding of its annual general and special meeting (the “Meeting“) and matters relating to the conduct of the Meeting, including approval of the Arrangement (as defined below).
At the Meeting, shareholders of the Company (the “Shareholders“) as of the record date, being August 3, 2022 (the “Record Date“), will be asked, among other things, to consider and, if deemed advisable, pass a special resolution (the “Arrangement Resolution“) to approve a spin-out transaction (the “Arrangement“) in accordance with the terms of the arrangement agreement entered into by the Company and Goldstorm Metals Corp. (“Goldstorm“), its wholly-owned subsidiary, on July 6, 2021, as further amended and restated on January 31, 2022, July 8, 2022 and July 28, 2022 (the “Arrangement Agreement“) by way of a statutory plan of arrangement under section 288 of the Business Corporations Act (British Columbia).
Pursuant to the Arrangement, among other things:
Shareholders as of the Record Date will receive approximately 0.251 of a common share of Goldstorm (a “Goldstorm Share“) for every one common share of Tudor Gold held; and
Goldstorm will acquire the Company’s six contiguous Golden Triangle Area mineral properties, being the Mackie East, Mackie West, Fairweather, High North, Delta and Orion and Electrum properties in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Shareholders as of the Record Date.
For further information on the Arrangement, please refer to the Initial News Releases. Additional details of the Arrangement will be included in the Company’s information circular prepared in connection with the Meeting, which will be mailed on or before August 11, 2022 to Shareholders as of the Record Date. The Meeting will be held on September 7, 2022 at 10:00 a.m. (Vancouver time) at 10th Floor, 595 Howe Street, Vancouver, British Columbia, V6C 2T5. Assuming no adjournment or postponement to the Meeting, the cut-off time to vote by proxy will be 10:00 a.m. (Vancouver time) on September 2, 2022.
The Arrangement is anticipated to be completed during the week of September 12, 2022, subject to obtaining Court, Shareholder and regulatory approval and the satisfaction of conditions set forth in the Arrangement Agreement.
About Tudor Gold
TUDOR GOLD Corp. is a precious and base metals exploration and development company with properties in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek project (in which TUDOR GOLD has a 60% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Pretium Resources Inc.’s Brucejack property to the southeast. In April 2021 Tudor Gold published their 43-101 technical report, “Technical Report and Initial Mineral Resource Estimate of the Treaty Creek Gold Property, Skeena Mining Division, British Columbia Canada” dated March 1, 2021 on the Company’s SEDAR profile. The Company also has a 100% interest in the Crown project and a 100% interest in the Eskay North project, all located in the Golden Triangle area.
ON BEHALF OF THE BOARD OF DIRECTORS OF TUDOR GOLD CORP.
“Ken Konkin”
Ken Konkin President and Chief Executive Officer
For further information, please visit the Company’s website at www.tudor-gold.com or contact: Chris Curran Head of Corporate Development and Communications Phone: (604) 559 8092 E-Mail: chris.curran@tudor-gold.com
or
Carsten Ringler Head of Investor Relations and Communications Phone: +49 151 55362000 E-Mail: carsten.ringler@tudor-gold.com
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.
Cautionary Statement Regarding Forward-Looking Information
All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the completion of the Arrangement and the results of the Meeting are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Company’s periodic filings with Canadian securities regulators, and assumptions made with regard to: the Company’s ability to complete the proposed Arrangement on the terms and conditions contemplated, or at all; the Companies’ ability to secure the necessary shareholder, Court and regulatory approvals required to complete the Arrangement; the estimated costs associated with the Arrangement; the timing of the Meeting and the Arrangement, and the general stability of the economy and the industry in which the Company operates. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Company expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Arrangement; non-completion of the Arrangement; risks related to the Company failing to obtain the requisite shareholder approval required for the Arrangement; risks relating the number of dissenting shareholders requiring fair value for their securities in connection with the Arrangement; risks related to exploration and potential development of the Company projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; the need for cooperation of government agencies and native groups in the issuance of required permits; the need to obtain additional financing to develop properties, and uncertainty as to the availability and terms of future financing; and other risk factors as detailed from time to time and additional risks identified in the Company filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
VANCOUVER, BC / ACCESSWIRE / August 4, 2022 / Tectonic Metals Inc. (TSXV:TECT); (OTCQB:TETOF); (FSE:T15B) (the “Company” or “Tectonic”) is pleased to announce the appointment of Mr. Joseph J. Perkins to the Company’s Board of Directors as an independent director. Over the course of his 40-year legal career, Mr. Perkins, in some capacity, has been involved with every major resource project in Alaska, including the Greens Creek, Fort Knox, Red Dog, and Pogo mines and many high-profile transactions. He has represented mining companies, oil and gas companies, Alaska Native corporations, and financial institutions in connection with mining and oil and gas transactions, properties, and projects.
Joseph J. Perkins, Director, stated, “Over the course of my career I have been privileged to work with a remarkable array of individuals and organizations in Alaska’s resource sector. I was introduced to Tectonic in 2018 when I assisted the Company in the development of their initial project lease agreements with one of Alaska’s leading Native Regional Corporations. Tectonic’s approach to mineral exploration, the pedigree of its team and their vision of being a leading exploration company, creating value for both shareholders and other stakeholders, impressed me from day one. I could not be more excited to join Tectonic’s board to work alongside this highly accomplished and motivated team of professionals, all of whom are committed to executing on behalf of shareholders.”
Allison Rippin Armstrong, Chair of the Board, commented, “On behalf of the Board of Directors, I am pleased to welcome Joe to the Tectonic Board. Joe brings a wealth of knowledge and legal experience and is highly respected in the Alaska resource sector. Joe’s unique perspective will make a significant contribution to the Board, and the growth of the Company.“
About Mr. Perkins
Joe has practiced natural resources law in Alaska since 1979-first with Guess & Rudd P.C. and then, for the last 14 years, with Stoel Rives LLP. He has represented mining companies, oil and gas companies, Alaska Native corporations, and financial institutions in connection with natural resource transactions, properties, and projects. Joe has worked in some capacity on every major resource project in Alaska (including the Greens Creek, Fort Knox, Red Dog, and Pogo mines), on many major transactions, and hundreds of smaller transactions.
Throughout his career, Joe has devoted significant time and energy to the Foundation for Natural Resources and Energy Law (formerly the Rocky Mountain Mineral Law Foundation). He is co-author of Title VI (“Alaska Lands and Mineral Interests”) of the American Law of Mining (2d ed. 1984 and regular updates), is the author or co-author of eight papers presented at continuing legal education programs offered by the Foundation and has served as a trustee of the Foundation and on the Scholarship Committee of the Foundation.
Joe received his law degree (J.D., 1979) from the University of Denver College of Law (now the Sturm College of Law) and his undergraduate degree (B.S.E. in Geological Engineering, 1976) from Princeton University. After more than 40 years in Alaska, Joe now resides in Portland, Oregon, where he is in his last year as senior counsel to Stoel Rives LLP.
Stock Option Grant
The Company announces that it has granted Mr. Perkins an aggregate of 500,000 incentive stock options to purchase up to 500,000 common shares in the capital of Tectonic. The incentive stock options have a term of five years from the date of grant and an exercise price of $0.10 per share.
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Bill Stormont, Investor Relations, at toll-free 1.888.685.8558 or by email at info@tectonicmetals.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
11m* Zone of Massive and Brecciated Semi-Massive Nickel/Copper Sulphides Intersected
VANCOUVER, BC, Aug. 3, 2022 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO), (“Bravo” or the “Company“) today announced that a diamond drill hole at its Luanga Project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil, intersected massive sulphide and semi-massive sulphide mineralization. Based on visual inspection by experienced geologists the core is interpreted to contain pyrrhotite, pentlandite (a primary nickel sulphide mineral) and chalcopyrite (a primary copper sulphide mineral). This style of sulphide mineralization, in these concentrations, has not previously been observed at the Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project. Likewise, primary copper mineralization (interpreted as chalcopyrite) has previously only been observed in trace amounts at Luanga.
DDH22LU047: Massive sulphide mineralization interpreted as pyrrhotite + lesser pentlandite (a nickel mineral) and chalcopyrite (a copper mineral), from 136.0 to 137.6m* (CNW Group/Bravo Mining Corp.)
“Intersecting this style of massive sulphide mineralization for what we believe to be the first time at Luanga is a potentially material development,” said Luis Azevedo, Chairman and CEO of Bravo. “The drill hole has already been cased with PVC for planned downhole electromagnetic survey (DHTEM), and we will shortly be commencing a detailed ground gravity survey. Both geophysical techniques could help guide follow-up drill holes. We believe that further discovery potential exists at Luanga, particularly regarding prospective zones below the PGM mineralization and the geophysics could help direct that work.”
Highlights
Subsequent to executing the remaining land access agreements, the first of the planned northern drill holes (DDH22LU047) intersected massive and semi-massive sulphides that are interpreted to contain both pentlandite (a primary nickel mineral) and chalcopyrite (a primary copper mineral). PGM+Au+Ni assays are pending.
DDH22LU047 is already PVC cased ready for DHTEM, a highly successfully geophysical tool for defining and targeting conductors generated by massive sulphides.
Bravo plans to commence a detailed ground gravity survey. Gravity surveys are ideally suited to detecting differences in density, such as the high densities native to massive sulphides.
Luanga Drill Program
The Phase 1 diamond drill program continues as planned at Luanga. With six drill rigs on site, drilling is now in progress in various locations along the entire 7km strike length of the project, including to the north where the latest and final surface access agreements were recently signed.
Phase 1 drilling is designed to confirm, infill and step out from the previously defined mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates. Additionally, deeper drilling will target extensions and exploration targets at Luanga.
DDH22LU047: Breccia sulphide interpreted as pyrrhotite + pentlandite (a nickel mineral) + chalcopyrite (a copper mineral), from 137.0 to 137.5m* (CNW Group/Bravo Mining Corp.)
DDH22LU047: Drill core showing massive and brecciated semi massive sulphides, from 131.1m to 142.1m* (CNW Group/Bravo Mining Corp.)
* Depths and widths are downhole
About Bravo Mining Corp.
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, and ensuring protection of the environment during its exploration activities.
Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.
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.
For further information about Bravo, please visit www.bravomining.com or contact:
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 “confirm”, “designed”, “increase confidence”, “interpreted”, “pending”, and other similar words, phrases or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs; the expected arrival of additional drill rigs and delivery of historic core; 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 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.
VANCOUVER, BC / ACCESSWIRE / August 3, 2022 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the appointment of Mr. Geordan Clark as an Independent Director.
Granite Creek Copper Ltd., Wednesday, August 3, 2022, Press release picture
Geordan Clark is a Yukon-based entrepreneur with extensive project management and business development experience including an MBA from Cape Breton University. A citizen of the Kluane First Nation from Burwash Landing, Geordan worked as a business consultant with the Kluane First Nation, Tr’ondëk Hwëch’in, Na-Cho Nyäk Dun Development Corporation, Carcross Tagish First Nation, Chu Níikwän LP (Kwanlin Dun), Champagne Aishihik Community Development Corporation, as well as providing consulting services to many other Yukon First Nations small business owners. Mr. Clark was formerly the Executive Director of the Kluane Development Corporation and is currently General Manager and co-owner of Vision Quest Explorations, a Yukon First Nation drilling and exploration company. With a passion for Community Economic Development, Geordan is dedicated to supporting the progression of Yukon First Nation’s business and advancement of the Yukon’s economy.
Geordan Clark, Director, stated, “I am very pleased to be joining Granite Creek Copper and look forward to working with the team to further advance the project including developing and strengthening relationships within the local communities and First Nations in Yukon.”
Tim Johnson, President & CEO, stated, “Geordan is a well-known and respected Yukon businessman and leader. It is an absolute pleasure to have him join our team and we very much look forward to his involvement and guidance as we continue to advance the Carmacks Copper project. Our goal is to continue to develop and build on our relationships with First Nations, including Little Salmon/Carmacks First Nation on whose Traditional Territory the project is located, and to have a positive impact within local communities, as well as the Yukon at large. We look forward to providing additional updates on both the project and other initiatives in the coming weeks, including the updated Preliminary Economic Assessment (“PEA”) which remains on track for completion in Q4.”
Granite Creek further announces it has granted 360,000 incentive stock options (the “Options”) to certain Directors, Officers, employees and consultants of the Company. Each Option will allow the holder to purchase one common share of the Company at a price of $0.10 per share and is exercisable for up to five years, expiring on August 3, 2027.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. The project is located within the Traditional Territory of Little Salmon/Carmacks First Nation. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a Canadian mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district of Montana, USA.
Highlights include 11.0m @ 6.50g/t PGM + Au (including 0.34g/t Rhodium), and 0.32% Ni Sulphide, and 8.6m @ 6.45g/t PGM + Au (including 0.36g/t Rhodium)
VANCOUVER, BC, July 26, 2022 /CNW/ – Bravo Mining Corp. (TSXV: BRVO), (“Bravo” or the “Company“) today announced it has received assay results from a further five diamond drill holes (“DDH”) (four infill drill holes and one twin drill hole), bringing the total to 42 drill holes (including four twin drill holes) completed to date at its wholly owned Luanga platinum group metals (palladium + platinum + rhodium) + gold + nickel (PGM+Au+Ni) project (“Luanga“), located in the Carajás Mineral Province, state of Pará, Brazil. Samples for a further 15 drill holes are already at the laboratory for analysis.
“We are very pleased with the successful launch of Bravo Mining on the TSXV, especially given current market conditions, and believe this underscores the quality of the Luanga Project and its management team. Results from our Luanga Phase 1 (25,500m) confirmation, infill, step out and twin hole drill program continue to both support the historical results and build our ongoing confidence in the Luanga deposit”, said Luis Azevedo, Chairman and CEO of Bravo. “We look forward to providing regular updates as our drilling and re-assay programs continue to ramp up, and our metallurgical and environmental baseline programs get underway.”
Highlights
42 DDH drilled to date, including 4 twin holes, for a total of 6,678m out of Phase 1 25,500m drilling program;
5,833 samples submitted for assay and results pending for 15 DDH;
5 drill rigs onsite; to be increased to 6 in August 2022;
Assay results of the twin hole (the third of seven planned twin holes) closely correlate with the immediately adjacent VALE SA historic (“historic” or “historical”) drill hole in both tenor and mineralized thickness, while assays from the four planned drill holes aimed at infilling the existing wide spaced drilling, confirm the tenor, widths and continuity of mineralization seen in adjacent historic drill sections;
Highlights of Bravo’s intercepts are tabulated below, with details attached.
HOLE-ID
From(m)
To(m)
Thickness (m)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
DDH22LU003
33.2
70.0
36.8
1.53
0.70
0.10
0.30
0.17
2.64
FR
And
89.0
94.2
5.2
1.51
0.72
0.11
0.17
0.15
2.52
FR
DDH22LU004
78.6
91.6
13.0
1.63
0.77
0.14
0.06
0.13
2.60
FR
DDH22LU007
105.6
131.0
25.4
2.17
1.11
0.19
0.17
0.20
3.64
FR
Including
120.0
131.0
11.0
3.84
1.98
0.34
0.33
0.32
6.50
FR
DDH22LU008
0.0
8.6
8.6
3.39
2.66
0.36
0.03
NA
6.45
Ox
And
27.6
42.6
15.0
0.82
0.34
0.07
0.03
NA
1.25
Ox
Including
32.6
42.6
10.0
1.09
0.41
0.07
0.04
NA
1.60
Ox
All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole.Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.Ox = Oxide. FR = Fresh Rock. 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.
Luanga Drill Program
The Phase 1 drill program at Luanga is designed to confirm, infill and step out from the previously defined mineralization in order to increase confidence in the geological model and provide the basis for future mineral resource estimates.
As part of the Phase 1 program, Bravo has received final assay results (including palladium, platinum, rhodium, gold and nickel sulphide) for the third twin hole and the first four infill drill holes (shown below and listed in Schedule 1). Samples were submitted to ALS Brasil Limitada’s (“ALS“) preparatory laboratory in Parauapebas, located approximately 72km from Luanga, and then sent to their laboratories in Peru and Vancouver for assaying (Schedule 2).
Drilling by Bravo on new infill sections has, in several parts of the Luanga deposit, intersected zones containing significant amounts of coarser disseminated sulphides not previously observed in historic drilling. An example is shown in the photo below of samples from drill hole DDH22LU039 (assays pending). In some cases, these zones also include narrow bands of semi-massive sulphides. Pending assay results will determine how these zones correlate to grades.
Drill Core from DDH22LU039 – Selected samples from between 128.80m and 131.50m (CNW Group/Bravo Mining Corp.)
Location of Bravo Drilling Reported in this Document (CNW Group/Bravo Mining Corp.)
A comparison of the original historic intercept with the Bravo twin hole intercept is tabulated below. Bravo’s twin hole intercept closely correlates with the adjacent historic drill hole in both thicknesses and grade, noting that Bravo nickel grades are for sulphide nickel which is representative of actual potentially recoverable (by froth flotation treatment) nickel, and does not include non-recoverable silicate nickel whereas VALE’s assays were total nickel, including both sulphide and non-recoverable silicate nickel.
Comparison of assay results from Bravo twin diamond drill hole of historic VALE SA diamond drill hole
TWIN of Historic Hole PPT-LUAN-FD0069
HOLE-ID
From(m)
To(m)
Thickness (m)
HISTORIC SGSPGM + Au (g/t)
BRAVO ALSPGM + Au (g/t)
DDH22LU007
105.6
131.0
25.35
3.64
PPT-LUAN-FD0036
99.0
124.0
25.00
3.88
All From/To depths, and Thicknesses are downhole.Given the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.
Drilling Progress
Bravo now has five diamond drill rigs operating at Luanga, with the sixth rig off site for servicing. The Phase 1 drill program is focused on confirming the results of the extensive historic drilling that included 252 core holes aggregating 50,353m completed by the previous owner in the early 2000s. The footprint of the Luanga deposit encompasses 238 of these holes. Bravo has now completed 42 holes (aggregating 6,678m of drilling) including four twin holes. Holes are being systematically logged, sampled and sent for assay. To date, 5,833 samples have been submitted for assay. Assay results are currently pending for 15 drill holes.
Drill holes DDH22LU003, 004, 007 and 008 all successfully intersected the main Luanga mineralized zone, which lies at the contact between the mafic and ultramafic rock sequences, confirming the tenor, width and continuation of mineralization seen in nearby wide spaced historic drill sections. DDH22LU008 was collared on top of the main mineralized zone, intersecting grade from surface, while DDH22LU002 was drilled too far north, intersecting the mafic sequence in the hangingwall, which still contains low grade zones of mineralization.
Complete Table of Assay Results
HOLE-ID
From(m)
To(m)
Thickness (m)
Pd(g/t)
Pt(g/t)
Rh(g/t)
Au (g/t)
Ni % (Sulphide)
PGM + Au (g/t)
TYPE
DDH22LU002
99.6
131.0
32.4
0.24
0.27
0.03
<0.01
<0.01
0.54
FR
DDH22LU003
0.0
2.4
2.4
0.71
0.28
0.05
0.07
NA
0.92
Ox
And
25.4
28.2
2.8
0.57
0.25
0.04
0.07
NA
0.92
Ox
And
33.2
70.0
36.8
1.53
0.70
0.10
0.30
0.17
2.64
FR
And
75.0
82.0
7.0
0.20
0.09
0.02
0.06
0.13
0.37
FR
And
89.0
94.2
5.2
1.51
0.72
0.11
0.17
0.15
2.52
FR
And
115.5
138.0
22.5
0.24
0.21
0.01
<0.01
<0.01
0.47
FR
DDH22LU004
78.6
91.6
13.0
1.63
0.77
0.14
0.06
0.13
2.60
FR
And
60.6
76.6
16.0
0.24
0.13
0.02
0.04
0.06
0.42
FR
And
126.6
130.2
3.6
0.24
0.75
0.12
<0.01
<0.01
1.11
FR
DDH22LU007
100.6
131.0
30.4
1.90
0.97
0.17
0.14
0.20
3.19
FR
Including
105.6
131.0
25.4
2.17
1.11
0.19
0.17
0.20
3.64
FR
Including
120.0
131.0
11.0
3.84
1.98
0.34
0.33
0.32
6.50
FR
DDH22LU008
0.0
8.6
8.6
3.39
2.66
0.36
0.03
NA
6.45
Ox
And
27.6
42.6
15.0
0.82
0.34
0.07
0.03
NA
1.25
Ox
Including
32.6
42.6
10.0
1.09
0.41
0.07
0.04
NA
1.60
Ox
All From To depths, and Thicknesses are downholeGiven the orientation of the holes and the mineralization, the intercepts are estimated to range from ~75 to 90% of true thickness.Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralizationNA: Not Applicable as intercept is oxide or a mix of oxide and fresh rock mineralization.
About Bravo Mining Corp.
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, and ensuring protection of the environment during its exploration activities.
Bravo was founded by a management team and board with extensive Brazilian and PGM exploration, permitting, project financing, construction and operating experience. This includes Luis Azevedo, Executive Chairman & CEO; Simon Mottram, President; Alex Penha, EVP Corporate Development; and Independent Directors, Dr. Nicole Adshead-Bell (Lead Director), Stuart Comline, Tony Polglase and Stephen Quin.
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.
Historical Information
This news release includes historical drilling and historical assay results generated by the prior owner of Luanga that have been reviewed by the Company’s geological team. The Company’s review of the historical records and information reasonably substantiate the validity of the historical information presented in this news release; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors to exercise appropriate caution when evaluating the historical results. Further data review, drilling of twin holes and infill drilling is underway in order to verify the validity of the data for use, alongside Bravo’s new drilling and re-assay data, in any future NI 43-101 compliant mineral resource estimate.
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 “closely”, “confirm”, “continuity”, “correlate”, “designed”, “determine”, “increase confidence”, “look forward”, “pending”, “ramp up” and other similar words, phrases or statements that certain events or conditions “may” or “will” occur. In particular, this news release contains forward-looking information pertaining to the Company’s ongoing re-assay and drill programs; the expected arrival of additional drill rigs and delivery of historic core; 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 additional drill rigs and historic core will arrive within the anticipated timeframe; final drill and assay results will be in line with management’s expectations; 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
DDH22LU002
Bravo
657099.99
9339714.97
277.355
SIRGAS2000 UTM22S
152.35
360.00
-60.00
DDH22LU003
Bravo
657199.98
9339715.45
254.52
SIRGAS2000 UTM22S
150.50
360.00
-60.00
DDH22LU004
Bravo
657300.03
9339777.59
252.05
SIRGAS2000 UTM22S
203.40
360.00
-60.00
DDH22LU007
Bravo
659092.89
9341002.10
241.231
SIRGAS2000 UTM22S
230.40
330.00
-60.00
DDH22LU008
Bravo
659827.13
9341623.78
242.572
SIRGAS2000 UTM22S
150.60
330.00
-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 half 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 ALS global website (ALS) in the 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.
VANCOUVER, British Columbia, Aug. 01, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that Felix Gold (ASX: FXG, “Felix Gold” or “Felix”) has disclosed results from the first nine holes they have drilled on the Treasure Creek gold project this year. Treasure Creek lies just north of the City of Fairbanks, Alaska. Since commencement of drilling in May 2022, Felix has already drilled more than 100 reverse circulation drill holes and drilling continues more. Assay results are being released in batches as they become available from the laboratory.
A highlight intersection of 89.9 meters grading 1.20 grams per tonne gold starting from 32.0 meters downhole has been reported by Felix Gold from Hole 22TCRC008. All nine holes reported so far are from the NW Array prospect, and intersected gold mineralization. The full results published by Felix Gold can be seen in their two most recent press releases available on their website. Note that Millrock has not independently verified the results reported by Felix Gold.
Millrock President & CEO Gregory Beischer commented: “This is a great start to the drilling program that Felix Gold has undertaken. Millrock owns 9,957,157 shares of Felix Gold or about 5.8% of the company. Additionally, Millrock is to be granted a net smelter return royalty on the project that ranges from 1.0% to 2.0%. We hope that these first drill intersections are indications of a new gold deposit discovery that significantly increases Millrock’s share price and market capitalization. More and more discoveries of gold are being made in Fairbanks and the district should soon be recognized as a globally-significant gold mining camp.”
The Treasure Creek gold project is situated 20 kilometers north and west of Kinross’ Fort Knox gold mine, and 10 kilometers west of Freegold Ventures Ltd new discovery at Golden Summit. Alluvial gold deposits in gravels of Treasure Creek point to a bedrock source on the Felix Gold claims where large, strong soil geochemical anomalies are known from historical work and a major soil sampling program done in 2021.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. 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, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. 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, Coeur Explorations, 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 may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration including drilling on the Treasure Creek project. 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.
KELOWNA, BC / ACCESSWIRE / July 29, 2022 / Diamcor Mining Inc. (TSXV.DMI / OTCQB-DMIFF / FRA-DC3A), (the “Company“) announces that due to ongoing delays in South Africa noted below, the Company will be unable to file its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2022 (collectively, the “Financial Disclosure“) on or before the prescribed filing deadline of July 29, 2022 as required by National Instrument 51-102 – Continuous Disclosure Obligations.
The Company’s mining operations are located in South Africa, which has been experiencing Stage 6 load-shedding (also known as rolling blackouts) this month by the state-owned electricity utility, Eskom. The reasons for the delay in filing include the inability to complete the South African portion of the Company’s annual audit in normal time frames as a result of ongoing delays relating to the power load-shedding implemented by Eskom, and the Canadian auditors’ inability to complete their audit due to reliance on the finalization of audit work in South Africa.
The Company is working with its auditors on the remaining items to allow for the audit of the financial statements for the year ended March 31, 2022 to be completed. The Company anticipates that it will be in a position to file its Financial Disclosure before August 31, 2022. The Company confirms that it will comply with the alternative information guidelines included in National Policy 12-203 – Management Cease Trade Orders, for so long as it remains in default of a specified requirement.
The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a management cease trade order against the Company’s Directors, Officers and Insiders instead of a cease trade order against the Company and all of its securityholders.
As has been widely reported, South Africa’s state-owned power supplier Eskom was forced to implement significant load-shedding measures over a period of several weeks. The load-shedding measures were varied depending on power reduction requirements, but resulted in power blackouts several times per day over a period of weeks. The frequency of these power blackouts limited the ability of the majority of businesses in South Africa to operate as normal, and resulted in various operational and administrative delays for the Company.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522South_Africa%253BTiffany_%2526_Co.%253BCompany%253BFinancial_statement%253BTSX_Venture_Exchange%253BFinancial_disclosure_of_public_servants%253BEskom%253BAlberta_Securities_Commission%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%25227fe2adb3-eb6e-3a3b-b496-4fe5d107cf3c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments 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.
Forward-looking statements in this document include statements concerning the Company’s intent to file the Financial Disclosure before August 31, 2022 and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; COVID-19 and other assumptions, risks and uncertainties.
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.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Toronto, Ontario–(Newsfile Corp. – July 27, 2022) – DNI Metals Inc. (OTC: SMNKF) (“DNI” or the “Company”).
Decision of Madagascar Supreme Court
On February 15, 2022, the Cassation (Supreme Court, “the Court”) of Madagascar held a trial (see Background to the case below). Neither Mr. Goertz nor his lawyers attended the trial.
On March 15, 2022, the Court rendered its decision, which cannot be appealed according to our counsel in Madagascar. The Court upheld the original sentencing of two years in prison for Mr. Goertz and he will be banned from staying in Madagascar for a period of three years after he has served his sentence. The Court also ordered Mr. Goertz to pay DNI 65,000,000 Ariary (sixty five million Ariary) in damages. All charges against Mr. Weir, that Mr. Goertz had brought forward to the police in Madagascar, were dropped in their entirety.
Mr. Goertz had already been removed as Gerant of DNIM Holding No.1 Sarl and DNI has applied to remove him as Gerant of DNI Metals Madagascar Sarl. Now that Mr. Goertz has been criminally convicted, he cannot serve as a Gerant of any company in Madagascar. His continued claims of having control of the DNI assets are baseless. DNI has also filed a civil lawsuit against Mr. Goertz for U$2.5 Million in Madagascar representing some of the losses that he has caused DNI and its shareholders.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221996000%253B2051500%253B2054000%253B18857489%253B18858989%2522%252C%2522hashtag%2522%253A%25221996000%253B2051500%253B2054000%253B18857489%253B18858989%2522%252C%2522wiki_topics%2522%253A%2522Madagascar%253BPrime_Minister_of_Madagascar%253BMalagasy_ariary%253BSentence_(law)%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522bd2dae3b-c38a-35d5-88a8-b41b316962a8%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Background
Under Malagasy law, if a person becomes aware of a crime it must be reported to the police. Therefore, Mr. Daniel Weir, Chairman of DNI Metals Inc. reported the fraud to the police. The fraud being, that the former DNI Madagascar team led, by Mr. Steven Goertz, had apparently forged government documents and misappropriated funds.
On February 19, 2020, a trial was held. On March 5, 2020, the judgement and sentencing were released to us. The court found Mr. Goertz guilty of fraud and forgery of official government documents. He was sentenced to two years in prison and Mr. Goertz will be banned from staying in Madagascar for a period of three years after he has served his sentence. The same court also ordered Mr. Goertz to pay DNI, 60,000,000 Ariary (sixty million Ariary) in damages.
On October 6, 2020, an opposition trial was held for Mr. Goertz. Since Mr. Goertz nor his lawyers attended the original trial in February of 2020, he was entitled to oppose the length of the sentencing but not the fraud and forgery charges themselves. The court upheld the original sentencing of two years in prison and Mr. Goertz will be banned from staying in Madagascar for a period of three years after he has served his sentence. The same court also ordered Mr. Goertz to pay DNI, 60,000,000 Ariary (sixty million Ariary) in damages, plus court costs of 5,000,000 Ariary (five million Ariary)
On February 12, 2021, an appeal trial was held. The court upheld the original sentencing of two years in prison and Mr. Goertz will be banned from staying in Madagascar for a period of three years after he has served his sentence. The same court also ordered Mr. Goertz to pay DNI, 65,000,000 Ariary (sixty million Ariary) in damages.
Status of Mining Permits in Madagascar
According to Mining Review Africa, in an article dated November 4, 2020;
“Since assuming office in January 2019, President Andry Rajoelina has made reform of the mining sector one of his top priorities, yet his approach has drawn criticism from industry players.”
“Approval of a new mining code by the government council on 20 November 2019, after no prior consultation with stakeholders, sent shock waves through the industry.”
“Although the provisions were rejected at a subsequent cabinet meeting on 27 November 2019, the government’s approach served to fuel distrust between Rajoelina’s administration and mining operators.”
“At the time, there were mounting frustrations within the government that big asset operators such as Rio Tinto, which had accumulated significant debts at QIT Madagascar Minerals, were under-performing.”
“Pressure from the World Bank and the Chamber of Mines eventually led the Ministry of Mines to initiate a proper consultation process involving all stakeholders.”
“The COVID-19 pandemic has stalled this review process.”
The government of Madagascar continues to have the issuing of all licenses, permits and title cards on hold as they are still considering changes to some of the mining laws.
On August 15, 2021, a new Mines Minister was appointed in Madagascar, he then resigned 4 days later on August 19, 2021. The Prime Minister of Madagascar temporary held the position of Mines Minister.
On March 16, 2022, a new Mines Minister, Oliver Rakotomalala, was appointed. DNI has congratulated Mr. Rakotomalala on his appointment. Mr. Rakotomalala understands the Canadian public markets as he previously worked for a company that was listed on the TSX Venture Exchange.
Cougar Metals
On September 24, 2018, a Settlement Agreement (the “Agreement“) was reached between DNI and Cougar Metals NL (“Cougar“) with respect to the DNI Vohitsara Property in Madagascar.
On July 23, 2019, DNI issued Cougar a default notice claiming that Cougar had breached the non-disparagement provision in the Agreement. Cougar requested an arbitration to dispute the default. A hearing was held on November 18, 2019, in Toronto.
On December 2, 2019, a decision was handed down by the arbitrator in which it was decided that;
Cougar had breached the non-disparagement provisions of the Agreement;
The DNI notice of breach was justified and the Cougar claim was dismissed;
DNI was unable to prove that it had incurred financial damages as a result of the Cougar breach;
DNI’s request for a set off against, or cancellation of, the payment to be made by DNI to Cougar under the Agreement was dismissed; and
The original payment that was due to Cougar on July 25, 2019, was now due two days after the date of the decision and the regular payment schedule under the Agreement was to commence thereafter.
However, on November 5, 2019 (prior to the arbitrator decision dated December 2nd) DNI was forced to issue Cougar a second default notice for continued failure to observe the non-disparagement and confidentiality obligations of the Agreement. As applicable with the first default notice, the Agreement provides that DNI is entitled to suspend payment of the balance of the amount owing under the Agreement pending determination of any dispute regarding Cougar’s breach by an arbitrator.
On December 10, 2019, DNI was forced to issue Cougar a third default notice, a fourth notice was issued to Cougar on May 4, 2020, a fifth and sixth notice on March 16, 2021, a seventh notice on July 30, 2021, an eighth notice on October 18, 2021, and a ninth notice was issued on March 28, 2022.
Again, under the Agreement, DNI is entitled to suspend payment of the balance of the amount owing under the Agreement pending determination of any dispute regarding Cougar’s breach by an arbitrator.
According to a news Bulletin from the ASX, dated Oct 5, 2021, Cougar Metals NL (‘CGM’) was removed from the Official List from the commencement of trading on Tuesday, 5 October 2021 in accordance with Listing Rule 17.12. The securities of CGM have been suspended from trading for a continuous period of 2 years. The removal has been undertaken in accordance with the policy set out in section 3.4 of ASX Listing Rules Guidance Note 33 Removal of Entities from the ASX Official List.
