Vancouver, British Columbia–(Newsfile Corp. – February 24, 2022) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to report it has signed an agreement with Agnico Eagle Mines Limited (TSX:AEM) for the sale of the Pima Property located in Sonora, Mexico, where Riverside will receive cash and completes the pass through royalty transfer with Millrock Resources Inc (TSV:MRO). The Pima Project is part of the Santa Teresa Gold Mining District which includes the Santa Gertrudis Gold Mine owned by Agnico Eagle.
The Pima mineral concession is located inside Agnico’s property tenure and south of the known mine operation. Acquiring the Pima project allows Agnico to consolidate another part of its property concession and provides cash to Riverside. As a reminder, this project was originally added to Riverside’s portfolio as part of the 2019 purchase of the Millrock’s set of 5 (five) assets that included the Cuarentas and La Union projects (see press release September 11, 2019). This current transaction with Agnico allows Riverside to recover the amount of the Millrock transaction with profit and pass on the royalty to Millrock who has been a positive partner with the Company in Mexico.
Riverside is now focusing on its 100% owned projects within its portfolio, including the Cuarentas Gold Project, which is located southeast of Agnico’s property and where drilling in 2021 discovered gold in intermediate sulfidation veins. Riverside plans to progress further work at the Cuarentas project in 2022.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4.5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / February 14, 2022 / Granite Creek Copper Ltd. (TSX.V:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce that GoldSpot Discoveries Corp. (TSX.V: SPOT) (“GoldSpot”) has completed work for Granite Creek Copper’s Carmacks project. GoldSpot was engaged to apply their proprietary machine learning technology and geoscience expertise on the Company’s Carmacks deposit and Carmacks North target area, located in the high-grade Minto copper belt of Canada ‘s Yukon Territory.
GoldSpot is a mining-focused technology company that is working with some of the leading exploration and mining names in the industry to apply cutting edge Artificial Intelligence (“AI”) algorithms to significantly increase the efficiency and success rate of mineral exploration. Recent successes by GoldSpot with leading projects in exploration, development, and production-phases have demonstrated the potential to expand resources and make new discoveries using their advanced analytical technology.
Highlights of the Granite Creek-GoldSpot collaboration include:
Re-interpretation of geophysical data, and the use of GoldSpot’s in-house image processing approach GeoFEZ™, to produce new priority exploration targets
Statistical analysis of multi-element geochemical data to develop geochemical signatures of ‘mineralized lenses (rafts)’
Development of Machine Learning products to help vector towards previously unidentified mineralized horizons (rafts)
Generation of a revamped 3D geological model on the Carmacks deposit
Preliminary analysis of historic drill-core photos using GoldSpot’s LithoLens
Granite Creek’s collaboration with GoldSpot produced several potential new targets (see figure 1), including sub- parallel zones adjacent to zones 147, 2000S and 13 at the Carmacks deposit identified by an analysis of the drillhole database. The spatial relationship between the geochemical signature of mineralization and associated depleted areas haloing mineralization identifies targets areas where a depletion halo occurs with no known associated mineralization. In addition to the target areas in and around the Carmacks deposit, new targets were developed in the Carmacks North area, based on a review of multiple geophysical techniques, including aeromagnetic surveys and induced polarity surveys with the interplay between the survey types generating and confirming the anomalies.
The outcome of this high-quality work provides the technical team at Granite Creek Copper with extremely valuable and necessary tools to assist in drill hole targeting for the 2022 campaign, including resource expansion, early-stage prospects, and exploratory targets on the highly prospective 176 square kilometer Carmacks copper-gold project.
Granite Creek President & CEO, Tim Johnson, stated, “The prospectively of the Carmacks project has been confirmed and expanded on by the excellent work completed by Goldspot. The number of new targets combined with the existing targets developed from historical data continues to support our assertion that there is a lot of discovery yet to be made on the property. Goldspot’s work has advanced our understanding of the property and will become an integral part in our planning for our 2022 exploration program. We look forward to discussing our plans for the upcoming field season and we are on track to deliver a significant update to the existing NI 43-101 mineral resource estimate in Q1, as expected.
Figure 1: Carmacks Project with GoldSpot defined target areas and excising targets and zones
Figure 2: Granite Creek geologist’s review core with Goldspot team at Carmacks Project
Options
Granite Creek also wises to announce that, subject to TSX Venture Exchange approval, it has granted 1,100,000 incentive stock options to directors, officers, employees, and consultants of the Company, under its long-term incentive plan. The options are exercisable for up to five years, expiring on February 14th, 2027, and each option will allow the holder to purchase one common share of the company at a price of $0.20 per share.
Shares for Debt
Further to its news release of December 23, 2021, the Company has completed the settlement of $86,162 of outstanding debt through the issuance of a total of 344,648 common shares of the Company at a deemed price of $0.25 per share. The shares issued are subject to a statutory hold period of four months and one day from the date of issuance, under applicable Canadian securities laws.
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. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Timothy Johnson, President & CEO Telephone: 1 (604) 235-1982 Toll-Free: 1 (888) 361-3494 E-mail: info@gcxcopper.com
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Eureka Zone, where disseminated, magmatic sulfide minerals contain potentially economically recoverable nickel – copper – chromium – cobalt – platinum group elements over broad core lengths reported from historical drilling. The mineralization can be intermittently traced over a fifteen-kilometer-long strike length, and the historical intersections are up to 319.7 meters wide. If continuity can be proven, a very large tonnage deposit with high contained metal could result.
Canwell Zone, where very high grades of nickel, copper, and platinum group elements, including the rarer metals osmium, iridium, ruthenium, and rhodium are known from historical surface rock sampling and drilling.
VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports that it has assembled (by staking and an option agreement) an extensive land package in the Delta River Mining District in Alaska. The Nikolai Project (previously known by some as the MAN project) hosts nickel (Ni) – copper (Cu) – chromium (Cr) – cobalt (Co) – platinum group element (PGE) prospects. The claims show potential for delineation and development of a large tonnage deposit rich in Ni and other critical and strategic metals.
Millrock President and CEO Gregory Beischer commented: “Millrock is very pleased to have generated this nickel-dominant project which also has a variety of accompanying critical and strategic metals. Other companies such as Canada Nickel (current share price ~$2.33) and Group Ten Metals (current share price ~$0.36) have had strong market success by working on the development of geologically similar metal accumulations. Millrock aims to have similar success with the Nikolai project.”
One of the claim blocks covers the highly prospective and underexplored Eureka zone. At this location, a zone of disseminated Ni-Cu-Cr-Co-PGE mineralization was initially discovered by a subsidiary of Inco, and further expanded by Pure Nickel Inc. (now Galleon Gold Corp.) as reported in their press releases issued between 2007 and 2014. The claims had become open for staking and Millrock re-staked the land position.
Additionally, Millrock has entered into an option agreement on the Canwell claims where very high grades of nickel, copper and platinum group elements, including the rare platinum group metals osmium, iridium, ruthenium, and rhodium are known from historical surface rock sampling and drilling.
In total, Millrock’s Nikolai Project now consists of 146 State of Alaska Mining Claims covering 9,454 hectares in a highly prospective, underexplored ultramafic Ni-Cu-PGE mineralized belt (Figure 1). The claims are proximal to paved highways, and a network of gravel roads and trails afford ready access to the Canwell claim block. The City of Fairbanks lies approximately 200 kilometers to the northwest. The city of Delta Junction lies 130 km to the north of the project and has many services and amenities that support the Alaska mining community. The main Alaska power line and railway lie 150 kilometers to the west along the Denali Highway.
Remobilized high-grade Ni-Cu-PGE mineralization (typical in large Ni camps)
Volcanogenic Massive Sulfide (VMS – Besshi style) Cu (Zn-Pb) Au, Ag (analogy = Windy Craggy deposit, Canada)
Geologically, the project is located within the underexplored Wrangellia Terrane of Central Alaska. A characteristic component of this terrane is the Nikolai Greenstone, an extensive sequence of Late Triassic flood basalt rocks. Mafic and ultramafic intrusions, the source for the Nikolai Greenstone, along with Permian and Cretaceous felsic plutons, intruded Permian volcanic and volcaniclastic rocks. Wrangellia holds high potential for the discovery of economic magmatic sulfide deposits containing nickel, copper, cobalt, platinum, palladium, iridium, rhodium, osmium, ruthenium, gold, silver, lead, and zinc. Past producing mines and known deposits within the Wrangellia include Kennecott Copper Mines, Windy Craggy, Wellgreen-Nickel Shaw, and White River.
At the Eureka claim block, 104 State of Alaska mining claims were staked and are 100% owned by Millrock. Previously discovered Ni-Cu-PGE prospects form a northwest trend of soil and rock anomalies that contain elevated nickel, copper, platinum, palladium, and gold. After an initial discovery by Inco Ltd. in 1997, drilling by Pure Nickel Inc. and ITOCHU Corporation between 2008 and 2013 resulted in the discovery of a mineralized corridor called the Eureka Zone. More than fifteen kilometers in length, the disseminated Ni-Cu-PGE mineralization is associated with serpentinized mafic and ultramafic rocks (Table 1, Pure Nickel Inc., News Release, October 29th, 2013).
Based on these historical drill hole results, Millrock has identified a zone of mineralization (1,700m x 600m x 300m) that contains potentially economic concentrations of nickel, copper, cobalt, platinum, palladium, and gold. Additionally, Millrock postulates that higher grade mineralization may occur in embayment features at the base of the Eureka Zone, where heavy metals may accumulate during fractionation and crystallization of the ultramafic intrusion. Further drilling is warranted to confirm this hypothesis, along with in-fill drilling on the identified zone of mineralization, with the goal of defining a NI 43-101/JORC compliant resource. The company cautions they have not yet done sufficient exploration to test these hypotheses and there is no certainty that exploration will be successful in confirming these hypotheses.
Table 1. Historical Eureka Zone drillhole intersections reported by Pure Nickel (Press Release, October 29th, 2013)
Drill Hole
From (m)
To (m)
Estimated True Width (m)2
Ni (%)
Cu (%)
Co (%)
Pt (ppb)
Pd (ppb)
Au (ppb)
Ag (g/t)
MAN05-01A1,3
35.0
136.8
99.9
0.25
0.08
0.017
79
49
23
N/A
PNI-07-0021
100.6
388.0
246.4
0.21
0.02
0.016
54
37
11
0.20
FL-0041,3
108.8
242.6
114.7
0.20
0.05
0.015
52
35
24
0.00
PNI-10-028
201.0
488.4
226.4
0.21
0.07
0.016
38
82
10
0.41
PNI-10-029
172.1
399.0
211.8
0.21
0.04
0.015
34
77
6
0.36
PNI-10-030
377.7
729.5
284.6
0.20
0.06
0.016
39
74
11
0.44
PNI-10-0331
210.2
496.0
231.2
0.21
0.05
0.017
36
62
20
0.37
PNI-10-0351
192.4
471.0
224.6
0.23
0.06
0.017
39
81
8
0.40
PNI-12-0631
146.6
241.7
94.8
0.24
0.15
0.018
97
156
31
1.11
PNI-07-0011
397.5
659.1
211.6
0.24
0.08
0.018
50
114
10
0.56
PNI-10-0361
163.2
559.9
319.7
0.25
0.09
0.018
54
121
13
0.59
FL-0061,3
185.0
382.8
160.0
0.24
0.09
0.019
57
115
14
N/A
FL-0031,3
60.2
393.2
269.4
0.21
0.08
0.017
54
117
12
N/A
PNI-09-201,3
192.5
394.0
200.4
0.24
0.02
0.014
N/A
N/A
7
0.11
PNI-13-0691
160.3
373.7
205.2
0.24
0.09
0.017
61
122
19
0.72
PNI-13-071
99.4
247.0
146.8
0.17
0.08
0.015
46
76
14
0.57
And
328.0
342.7
14.6
0.19
0.16
0.016
64
127
21
1.19
PNI-13-072
217.0
432.5
162.6
0.20
0.08
0.017
49
104
13
0.45
PNI-13-0731
245.5
376.7
130.5
0.22
0.07
0.016
52
118
16
0.36
PNI-13-0741
198.0
453.2
253.9
0.20
0.06
0.016
38
91
11
0.34
PNI-13-0751
73.0
116.7
43.4
0.23
0.06
0.016
46
105
11
0.34
And
254.0
377.0
122.4
0.17
0.05
0.015
33
80
11
0.18
1 Incomplete intersection of the Eureka Zone
2 True widths estimated from hole angle and average dip of mineralization (46˚)
3 Not Continuously Sampled
N/A No Assays Reported
m = meters, ppb = parts per billion, g/t = grams per tonne
Note: The Millrock Qualified Person (QP) does not have access to all the drill logs and assay results and has no way to verify the results that were published by Pure Nickel. The Millrock QP was responsible for the team that drilled holes beginning with the “FL” prefix in his prior role as Exploration Manager for Inco Ltd. subsidiary company American Copper & Nickel Company. The Millrock QP has access to the drill logs and original assay certificates for these holes.
At the Canwell claim block, Millrock has entered into an agreement under which it has been granted the option to purchase the Canwell Ni-Cu-PGE project from property owner David Johnson. The property covers 42 State of Alaska mining claims (2,720 hectares). Millrock may purchase a 100% interest in the property by performing exploration work totaling US$5.0 million in value, making cash payments of US$500,000 and incremental payments of Millrock shares (5.0 million in total), and granting a buyable royalty. Millrock is making an initial share issuance of 1,000,000 Millrock shares and US$25,000 as the signing payment. The agreement with the owner is subject to approval by the TSX Venture Exchange.
Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes/sills at Canwell and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the Canwell property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie, and Canwell Ridge. Millrock due diligence samples collected in 2020 and 2021 from the Forbes prospect returned results ranging from 0.36% to 4.05% copper, 0.14% to 2.87% nickel, 44 to 716.4 ppm cobalt, 0.051 to 0.114 ppm gold, 3.774 to 7.745 ppm silver, 0.471 to 0.848 ppm palladium, 0.179 to 0.373 ppm platinum, 0.023 to 0.074 ppm iridium, 0.010 to 0.060 ppm osmium, 0.017 to 0.054 ppm rhodium and below detection to 0.110 ppm ruthenium (Table 2).
Table 2. 2020-2021 Due diligence sample assay results from the Forbes prospect
Sample
Prospect
Ni (%)
Cu (%)
Co (ppm)
Pt (ppb)
Pd (ppb)
Au (ppb)
Ag (ppb)
Ir (ppb)
Os (ppb)
Rh (ppb)
Ru (ppb)
701325
Forbes
2.87
4.05
716.4
373
848
51.8
7745
23
10
17
<50
701326
Forbes
0.14
0.36
44
179
471
114.5
3774
74
60
54
110
The potential for Besshi-type Volcanic Massive Sulfides (VMS) also occurs on the property in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence. VMS prospects located by previous explorers include Silver, Red Knob, Plateau, Canyon, Verona Pick, and Woody. Millrock due diligence samples collected in 2020 and 2021 on the Plateau and Woody prospects returned results ranging from 0.01 to10.74% copper, 1.51 to 5450.48 ppm lead, 20.1 to 3989.8 ppm zinc, below detection to 11.856 ppm gold, 0.116 to 189 ppm silver, and below detection to 0.177 ppm palladium (Table 3).
Table 3. 2020-2021 Due diligence sample assay results from the Plateau and Woody prospects
Sample
Prospect
Cu (%)
Pb (ppm)
Zn (ppm)
Au (ppb)
Ag (ppb)
Pd (ppb)
701333
Plateau
0.01
1376.18
675.0
10.5
919
24
701334
Plateau
10.74
37.02
95.3
561.3
82933
<10
701335
Plateau
4.12
22.16
190.9
14.7
16978
<10
701320
Woody
0.01
53.23
146.0
2.7
283
<10
701321
Woody
5.37
5450.48
3989.8
11855.8
53916
177
701322
Woody
3.56
596.68
971.6
332.4
189000
32
701323
Woody
4.85
2456.93
758.6
2317.3
37418
46
701410
Woody
0.01
4.30
65.1
16.7
241
<10
967701
Woody
0.01
2.64
20.1
1.3
116
<10
967702
Woody
0.08
1.51
44.4
<0.2
178
14
967703
Woody
0.02
6.70
83.8
2.7
337
<10
The assay results reported in Table 2 and 3 were collected by the Millrock QP and analyzed in 2021. The samples were analyzed at the Bureau Veritas Laboratory in Vancouver and Ontario, Canada using methods AQ252, MA404, and NA-PGE-S. The assay results confirm similar grades to those reported by historical workers.
Millrock has reviewed existing data and built a comprehensive exploration plan. The Company will seek joint venture partners to fund exploration and thereby earn an interest in the project.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Rock samples are kept in a secure location at all times. Rock samples are 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 rock sampling program was PRP70-250. Analysis methods used include AQ252-EXT (Aqua Regia – ICP-ES/MS) for all samples, MA404 (Aqua Regia and Multi-Acid – AAS) for overlimit samples (>10,000 ppm Cu, >10,000 ppm Ni & >100,000 ppb Ag), and NA-PGE-S for rare PGE’s. For every 20 rock samples, a standard sample (Certified Reference Materials) of known copper concentration was analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.
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 Resolution Minerals 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 form joint ventures and to perform further exploration. 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.
VANCOUVER, British Columbia, Feb. 14, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4XO) (“Rover” or the “Company”) is pleased to announce that Fundamental Research Corp. (“FRC”) has published their updated analyst report on Rover, dated January 2022. The report can be accessed here: https://www.researchfrc.com/company/rover-metals-corp/
FRC is one of the largest issuer-paid independent stock market research firms in the world, with a 17-year track record of covering 550+ companies. As of December 14, 2020, FRC’s top picks were up 55.6% on average since the initiation of coverage.
Judson Culter, CEO at Rover Metals, states “Rover Metals operates in a prolific mining jurisdiction in the southern Northwest Territories (“NT”). Three weeks ago, our neighbour, Fortune Minerals, announced its intent to acquire a refinery location north of Edmonton, AB. The infrastructure needed to bring the NT’s next gold mine into production, looks to soon be in place. The proposed location for Fortune’s NICO processing facility is located 40km northwest of Rover’s Cabin Gold Project, along the recently constructed Tlicho All Season Road (“TASR”). TASR opened to the public in November 2021. Rover plans to send samples of its drill core, from its Cabin Gold Project, to the lab for metallurgic testing in H1 of this year. The goal of the testing will be to determine the recovery flotation rates for the ore at Cabin. The next step, after receiving the metallurgical results, would be to work with Fortune to determine the possible economics of a processing agreement.
Winter Phase 3 Exploration, at our Cabin Gold Project, is expected to commence soon. The Company will be issuing an updating release in the coming days.”
Advisory Agreements The Company has issued 218,840 common shares, for the settlement of $12,500 in trade payables, for consulting services provided in Q4-2021, pursuant to pre-approved shares for services agreements. The services were provided by two advisors to the Company. Only one of these shares for services agreements will continue into 2022. The shares bear the minimum four-month regulatory hold period from the date of issuance.
Investor Relations The Company has renewed its agreement with Momentum Public Relations Inc. (“Momentum PR”) for investor relations services for another six months through to July 31, 2022. Pursuant to the renewal agreement, Momentum PR will be granted 600,000 incentive stock options, pursuant to the Company’s shareholder approved Stock Option Plan. The incentive stock options have been granted in three tranches as follows: 200,000 options with an exercise price of $0.06, 200,000 options with an exercise price of $0.075, and 200,000 options with an exercise price of $0.09.
About Rover Metals Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in Q3-2021, and the analysis and reporting of the Phase 2 Exploration work at Cabin Gold continues through to the date of this release. The Company anticipates commencing its Phase 3 Exploration Program at Cabin in March of this year.
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
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Right out of the box this year, gold, silver, and mining stocks were extremely volatile. One day gold rose $25 an ounce and silver a dollar. Next gold dropped $35 and silver $1.20.
Is it worth holding metal and putting up with such dysfunctional price gyrations? My answer is an unequivocal “Yes”!
Now for the “Why?”
One of The Morgan Report’s long-time colleagues, US Global Investors’ Frank Holmes, in his column “Frank Talk,” writes that India spent a record amount on gold in 2021 ($55.7 billion) surpassing the $54 billion record set in 2011.
“Weak-handed” investors are emotionally swayed by the daily price swing “noise” -0 which is more often the result of paper “chart painting” than fundamentals.
It’s easy to become discouraged and postpone a rational physical gold – silver strategic acquisition plan for yourself and your loved ones. This U.S. Global chart should help assure you that over the long run (and in the intermediate term too) “sticking with the plan” is a solid gold approach.
The World Gold Council reports that the third most liquid asset after the S&P 500 and U.S. Treasuries is gold. When held yourself or in allocated form, no one else but you has a claim to it.
Add that contrary to the public’s perception – it has surprisingly low volatility over time – and you’ve got a winning hand.
Doug Casey is the doyen of investment letter writers. His book, Crisis Investing: Opportunities and Profits in the Coming Great Depression (1980) is considered a classic in the genre.
In the 1970’s, along with Harry Browne, Jerome Smith and Jim Sinclair (“Mr. Gold”), Casey sounded the alarm on a decade that came to be known for slow growth and high inflation – “stagflation” – leading to a massive gold and silver bull market which peaked in 1980 at $850 and $50, respectively.
The background is recounted here because the 2020’s are shaping up as a stagflation mirror image – only this time, by the metrics of Federal debt, socio-political discord, the Covid response, central bank mismanagement, and inflation, things are much worse.
The silver market is only about 1/10th the size of its gold cousin. When investors get concerned about inflation – as they are now – money flooding into the metal’s market can cause an energetic impulse leg to get underway posthaste.
David Morgan says that in markets, “change takes place on the margin.” With about 15% of silver supply dedicated to investment, that “change” can happen in a heartbeat.
The problem for most of us is that silver can remain deceptively calm for lengthy periods before exploding to the upside. Even experienced traders find themselves doubting the staying power of a new run, as many did in 2016 and 2019. Trying to trade “resistance” lines on the charts, leaves investors on the sidelines as the price deftly slices through them.
Doug Casey notes:
It’s the most reckless monetary action in the history of the US. Moreover, it has set the stage for an explosion in inflation—notwithstanding any token moves to tighten. I expect it to kick off a crisis-driven mania into silver like what happened in 1980. Adjusted for today’s prices, that could mean silver soaring above $190 an ounce—many multiples of the current price.
Hugo Salinas Price, one of Mexico’s wealthiest businessmen, speaks to the wisdom of holding precious metals – as well as the probable outcome from doing so:
At the present time, it is clear that there is only a minimal interest in owning gold on the part of most investors focused on maximizing their ownership of Dollars or Euros.
However, when the King of Fiat – the Dollar – suffers a sudden loss of value in terms of other currencies… at some point, it will dawn upon investors that owning Dollars (and other fiat currencies) is a losing proposition, and they will rush in mass, to acquire whatever they can of the yellow metal.
Official selling to break the price will, at best, only slow its rise, allowing for panicked investors to acquire some gold – but far less than had they not been so blind to the danger. At this point, the price will be rising by hundreds of Dollars an hour…
The motto of holding gold and silver: First as insurance against a decline in your other assets, and only Secondarily for possible investment gains, has never been more relevant than it is today as markets across the board -including the metals – gyrate, on a metaphorical tightrope over an abyss!
The insurance aspect has become critical. And the asymmetric potential of risking a modest amount of depreciating currency for the possibility of gaining a lot more depreciating currency (!) has never been greater.
After all, if you do get a big win on your metal, you can sell some and diversify into another strong asset like land, collectibles, or food storage… before inflation still further erodes your purchasing power.
Shouldn’t you follow the advice of these wise men, and Stake Your Claim to enough gold and silver to fit your circumstance as a Player rather than a “Watcher”?
David Smith is Senior Analyst for TheMorganReport.com and a regular contributor to Money Metals, GoldSeek.com & SilverSeek.com
For the past 15 years, he has investigated precious metals’ mines and exploration sites in Argentina, Chile, Mexico, Bolivia, China, Canada, and the U.S. He shares his resource sector findings with readers, the media, and North American investment conference attendees.
Fundamental Research has just issued their updated Analyst Report based on the Phase 2 Exploration Results at Rover’s Cabin Gold project. For a copy of the report click here.
Joining us for a conversation is Rauno Perttu, the CEO of Provenance Gold (CSE: PAU | OTC: PVVDF), which has some very compelling gold and silver projects throughout Nevada and Oregon. Before we delve into company specifics, Mr. Perttu, please introduce us to Provenance Gold and the exciting opportunity the company presents to shareholders.
Rauno Perttu:
Provenance Gold has three projects in Nevada that I think are all individually exciting, and one in Oregon that I believe is a game-changer. We have a project called White Rock in the North-Eastern corner in Nevada that I think is going to become a very serious major deposit. We have a project called Mineral Hill, which is a silver project that is potentially a large bulk mineable silver target. We have the Silver Bow in Southern Central Nevada that has a flow dome complex that I think is going to be a gold surface mine with deep potential for high-grade as well. And then we have the recently acquired Eldorado Project in Oregon, which has a proven drilled resource of multimillion ounce build right now at a higher-than-average grade for open-pit mines.
Maurice Jackson:
Let’s find out more. Mr. Perttu, please introduce us to your property bank, which is strategically located throughout Elephant country, regarded as the top jurisdiction for exploration and mining which is Nevada. Sir, take us to Nevada and introduce us to the flagship White Rock gold project.
Rauno Perttu:
The White Rock project was brought to us by Jerry Baughman of Desert Ventures, and it’s a royalty company, a very successful royalty company. We looked at the project. The reason we took it on was that Steve Craig, our project manager and expert for Nevada had drilled it for Kennecott years ago and loved the project. In that work that we did from historic data that we had acquired, we recognized that the property was much bigger than what was brought to us. So we expanded it to 258 claims, about 5,160 acres. In that acreage, we have an area of 3.2 kilometers by 1.6 kilometers that are virtually continuously surface-mineralized.
Rauno Perttu:
We started drilling on the White Rock in the spring of 2021. We put in 35 holes that added to 65 holes that were drilled historically, which all showed a bulk-tonnage, half a gram per ton gold system that appears to be continuous in sedimentary rocks. We are looking not only at the bulk tonnage potential, but we think at the end of our drilling program, we found first the feeder structure that will bring higher grades and increase the overall grade as we move forward.
Maurice Jackson:
Provenance Gold believes the geology of the White Rock mineral system has similarities to the geology of the nearby Black Pine gold system in Southern Idaho. Can you expand on that for us?
Rauno Perttu:
That is what intrigued me right off the bat. I’ve had a lot of background in thrust folding and thrust complexes. When I looked at the geology of the Black Pine of Liberty Gold there about 50 miles to the east, it was virtually identical. Their mineralization is within a thrust zone package. That thrust package is gold-mineralized. We are in, I believe the same thrust package, but we’re higher in the system, so we’re looking at a structure that is our arch dome. A dome is a structure that has been faulted as part of the doming and it’s formed by the thrusting underneath. So what we’re looking at is the same age rocks, the same lithology as the Black Pine. I believe a system that is going to repeat, as well as another area that we have to the west. We have two potential Black Pine-type deposits under control right now.
Maurice Jackson:
Speaking of lithology, can you share the historic exploration work?
Rauno Perttu:
The White Rock project was looked at by several companies, including Kennecott and they drilled widely spaced holes. The widely spaced holes had up to over 300 feet of continuous gold mineralization, and nobody ever put it together. The reason they never put it together is company A would come in and they would look at one part of the project. Company B would come in and look at a different one. When Steve Craig’s company, Kennecott, in which I was in senior management years in the past, came and looked at it, they were looking for a higher-grade system, which was in vogue at that time. They wanted at least several grams of gold per ton.
Rauno Perttu:
Today, by the way, the average grade of the Nevada mines is about half a gram, which is what the White Rock project is. So they left the project, even though Steve was intrigued and he hit one of his holes. It went 5.7 grams in one of the zones that we have not yet followed upon. The White Rock Project is going to continue to expand as we drill to the south, because the best surface shores, we have not yet reached with our drill rig. We began at the north end, towards the southeast until the weather drove us south.
Maurice Jackson:
May I ask this as well, you referenced that you began your inaugural drill campaign. How many pending assays are there still?
Rauno Perttu:
We have gotten all the assays for this season back already. That was 35 holes. We had a terrible problem with drilling that will not be a problem with a mine. As we came into the main gold area, we would run into open fractures, big cracks in the rock. The reason that becomes a problem is with the drill rig and the cracks in the rock, you can lose your drill steel, which we did on more than one occasion. We can also get stuck and back out because you don’t want to drill any further. We worked around that problem and we ended up with a solution going forward. But what we have outlined now is a gold area that is going to extend. We have extended it right now for about a kilometer and a half and we are planning on extending it another kilometer and a half heading southward into an area that has the best surface shores of any part of the property not yet drilled.
Maurice Jackson:
Well, before we leave the White Rock, what work is currently being conducted there, sir?
Rauno Perttu:
We are right now having Steve and a couple of his assistants working on getting a 43-101 presentation to show the resource as it stands at the moment. Beyond that, we are also putting together a detailed structural picture. What we’ve found is that the dome itself is mineralized in sedimentary rocks, but the higher grade portions are in the feeder structures that bring the mineralization into those dome structures. The detailed geology is starting to fall into place when they go back in and look at the chip tray.
Maurice Jackson:
Leaving Nevada, let’s visit Oregon where Provenance Gold has announced that it has expanded its footprint with the newly acquired Eldorado property, which hosts not one, not two but three historic resource estimates. Mr. Perttu, congratulations.
Rauno Perttu:
Thank you.
Maurice Jackson:
Please acquaint us with the Eldorado property beginning with the location. And what can you share with us about the historic resource estimates?
Rauno Perttu:
The reason that we got into the Eldorado Project was A, because Jerry Baughman impressed with our work on White Rock. And so he offered the Eldorado Project, which was being looked at hard by a major, and we got first rights ahead of the major, which I was very pleased with. The Eldorado Project is in Harnett County, in the Eastern part of the state, near Nevada. It’s in the county that contrary to Western Oregon is very friendly to mining and is treated separately from the permitting difficulties that you hear about in Western Oregon. Allow me to back up. I have a good friend who’s the chief regulator for Oregon who has now just retired, unfortunately. But he told me that Oregon was misconstrued by the outside world.
Rauno Perttu:
He said you can permit a mine in Eastern Oregon, and that there is one that is being mined or permitted successfully right now. And he said we should be tackling this before everybody recognizes the error or their ways and this is a great area to be in. So we tackled the project. We were stunned to find out that it had three estimates by Billiton Minerals and ICan Minerals in the past. They had drilled 142 holes done trenching and testing historically, maybe 30 years ago. Those results originally on 150 holes were on the order of about 800,000 ounces. Then Ican took the data and drilled 50 more holes and expanded the resource to about 2 million ounces at a grade of 0.22, better than half a gram by considerable.
Rauno Perttu:
And then they did one more re-estimate on the Eldorado Project a little bit later that jumped the area that they were comfortable with to 4 million ounces at a grade of 0.22 ounce per ton. The geologist who worked on that project told us, because he’s still around and still working, he was surprised to find that it was open in every direction. That resource is not going to stay at 4 million ounces in his estimation. It’s going to expand considerably.
Maurice Jackson:
That’s encouraging to hear. Well, that may answer my next question. But what has your team excited the most about the Eldorado property?
Rauno Perttu:
Two things. First of all, it has higher-grade portions. It has places that go to as high as an ounce per ton. It’s a system that when they drilled it, they cut off most of the holes at 500 feet. They were not looking for feeder structures. What has happened since then is we have seen that the mineralization continues on down. It continues outward. We have a property where we can start at a much higher grade but have an overall grade that’s better than, 0.2 ounce per ton, which is unusually high for an open-pit these days.
Maurice Jackson:
All right. You have three historic resource estimates. Does Provenance Gold have a timeline on when the Eldorado property will become 43-101 compliant? And how will this come to fruition?
Rauno Perttu:
We recently had a record snowpack in the Northwest, so that’s going to possibly slow us down a few weeks. But as soon as the snow is out and we can get it permitted, the permitting process will be no longer than 30 days. But we will be putting a drill rig on site. That drill rig will focus on twinning some of these historic holes so that we can make those holes compliant. As you may know, 43-101s have a different set of rules than they did before, 43-101s. All of these holes were drilled before 43-101 requirements. What we plan to do is to verify those holes, even though they were drilled for internal use by very reputable companies using very good labs, so we’re comfortable with the results. We’re planning on drilling possibly 15 to 20 confirmation holes and using that data to then compile a 43-101 that will verify those resource estimates that were done in the past.
Maurice Jackson:
And maybe this is too early to tell, but how many meters will that be sir, of drilling?
Rauno Perttu:
It’s a little early off the top of my head, but take 20 holes at an average depth of 600 feet, and there’s your number.
Maurice Jackson:
Leaving the Eldorado property, sir, please introduce us to the third compelling project in your portfolio, Mineral Hill, which looks to be endowed with tons of silver.
Rauno Perttu:
Mineral Hill is an odd property. I wasn’t taking it very seriously until I went out and saw it and we acquired it because it’s a ridge that was mined for high-grade silver starting in 1868. That mining continued until the 1930s. When they started it, they were getting silver at the grades of about 140 ounces per ton, which is remarkable. As they ended mining, they were in 25 ounces per ton material, which by the way, the reason for the high grade was because it was secondarily enriched, which silver does. When they got out of that secondary enrichment zone, the average grade of that zone was about 25 ounces per ton. Well, their waste rock, and there’s a copious volume of waste rock on the property, a stunning amount of waste rock on that property, averages about 120 grams between three and four-ounce of silver per ton on bulk testing that was done before our coming in.
Rauno Perttu:
If one compares that to a project like Coeur’s Rochester Mine, which is mining a half-ounce silver per ton, and you can see where three, four-ounce silver per ton is a very economic number on a bulk tonnage situation. We have a road that needs to be widened and improved, and we’re going to get a drill rig in there probably toward the end of this coming summer because our priorities are the two aforementioned projects, and putting some confirmation holes into that silver structure. The reason I like Mineral Hill is the mineralization is focused on a thrust fault that’s standing on its end. That thrust fault has a zone of mineralization about 300 feet, a 100 meters wide, a lot associated with it. That zone is about a kilometer north, south. We think that there’s no reason to have chopped off the mining in the old days, other than the fact that they ran into groundwater problems, which would not be a problem today.
Maurice Jackson:
I’m assuming that you’ll be twinning these holes as well.
Rauno Perttu:
Actually, in that area, we don’t need to. When you see that property, it looks like Swiss cheese. There are huge workings in there and the twinning holes isn’t going to do us any good. What we’re going to do is put angle holes across that thrust fault working our way downhill. The deposit is on a funny little Hog’s back ridge like this, which actually for mining is going to be wonderful because of the strip ratios. But anyway, we’re going to drill from the side holes coming on in through the thrust zone and chase it down that way.
Maurice Jackson:
Interesting. Leaving Mineral Hill, sir, introduce us to your fourth and final project, the Silver Bow, which seems to be the perfect compliment to Mineral Hill.
Rauno Perttu:
The Silver Bow is about 50 miles east of Tonapah, Central South Nevada. Its gold system has been looked at by a lot of companies, but nobody put it together. We came in there and recognized that the whole district, which is about 4 miles long and a couple of miles wide, is part of the same system associated with the Caldera. When we looked at it, we recognized that the geologists that had drilled it in the past in one spot or another spot had never put the package together because they didn’t understand the geology. The geology is a Caldera complex. Within it, there are flow domes, which are piles of rhyolitic volcanics that are associated with a lot of the gold discoveries in Nevada, big discoveries. What we are going to look at is going too a flow dome complex that we’ve identified that has surface sampling of a breccia zone that is all economic potential for open-pit grade up to multi-gram for an open pit potential.
Rauno Perttu:
Yet at the same time, there are swarms of veins that cross this flow dome, this volcanic pile. Those flow dome structures, the veins, are associated with the boiling zone. Those boiling zones in Nevada have been the host for some very high-grade and elsewhere in the world, very high-grade gold discoveries. We’re excited to test the boiling zones of these vein structures as well as look at the bulk tonnage of the breccia zone that already has economic surface numbers across the big area.
Maurice Jackson:
Have drill targets been identified and what is the plan moving forward?
Rauno Perttu:
Drill targets have been very much identified. We’ve done the geology on Silver Bow. We know where the main structures are. We’re planning on setting up and drilling across those vein structures. If we can do it right, we’re going to be drilling some of those holes through that breccia zone that we already know is gold-mineralized and into the veins’ forms, hopefully at their boiling zones. That’s going to be a fun, exciting program.
Maurice Jackson:
I’m looking forward to it. Now, before we leave the property bank, multi-layered question, what is the next unanswered question for Provenance Gold? When can we expect a response? What determines success? And when can we expect news flow?
Rauno Perttu:
First of all, on news flow, the two news stories that are coming up are going to be the 43-101s that are going to take the next two, three months to complete. The next major news flow that we’re going to get is going to be when we start doing the twinning at Eldorado because that’s going to, I think, get eyes on us. When you have holes that you can drill that are up to multi-gram for several hundred feet and continuously in gold, which the historic holes had, then that’s going to catch attention. Especially because we’re confirming a potentially a multimillion ounce resource.
Rauno Perttu:
I think you have to wonder what is our long-term plan? Well, obviously for a junior to advance major projects like this, we need help or partnership or takeover. And being as we already appear to have snatched Eldorado from the jaws of a major, I think we’re going to have an interest as we move forward in that takeover. Our goal is to make as much money for the shareholders as we can in the nearer term, which means the next year to two years, not long-term.
Maurice Jackson:
Now leaving the project site, let’s discuss some important topics germane to your projects. Are your projects 100% owned or do they have earning options?
Rauno Perttu:
Right now we have an option on Eldorado. That means that we will be paying $2 million over five years. And we have a hundred percent ownership with the retained royalty. On White Rock, we are paying $250,000 over five years and we will own a hundred percent with a retained royalty. For Mineral Hill and Silver Bow, we have very cheap deals that will result in us taking them over the next seven years and five years.
Maurice Jackson:
Now we’re going to get into some numbers later in this discussion, but from a capital expenditure standpoint, how is infrastructure on your projects?
Rauno Perttu:
They all have by standards elsewhere in the world, good infrastructure. By Nevada standards, you go off paved roads onto a dirt road for a distance and you’re there. So they’re accessible by drillers and by drill rigs right now. There are motels within driving distance, the whole package. So access is not a problem compared to working for instance, in Northern Canada.
Maurice Jackson:
Are you fully permitted?
Rauno Perttu:
We are fully permitted as we need to be. Our permitting will take place as soon as the snow is gone at Eldorado. We have confirmed that there will be no problem in permitting our drilling program there. On White Rock, we are permitted and we are adjusting the permits now for the next round drilling, which is not going to be any hurdle whatsoever. So there’s no hurdle that we see in permitting on any of the four projects.
Maurice Jackson:
Speaking of hurdles, we’ve discussed the good, let’s address the bad. What can go wrong and what are your action plans to mitigate that wrong?
Rauno Perttu:
The worst thing that can go wrong is gold price can go in the toilet, which I don’t believe. The other thing that we can run into is any changes in the national regulatory system regarding mining. I don’t know if that’s a risk, but that’s a risk anywhere in the world. As far as our projects, I don’t see any major downside because we have the funding to drill these projects. We understand the geology. And overall, it’s about as good a bet as you’re going to get. I think a far safer bet than somebody like Bitcoin.
Maurice Jackson:
Switching gears, let’s introduce your board of directors and management team who run the majority of the company’s operations on a day to day basis, beginning with your board of directors.
Rauno Perttu:
The two people that have been doing most of the work within the board of directors are Rob Clark, our president, and myself.
Maurice Jackson:
On the technical side you have Steve Craig what skillsets does he bring to the table?
Rauno Perttu:
He’s an outside consultant, but he’s an integral part of the company. I’ve known Steve for 30-plus years. When he was exploration manager for Nevada and Kennecott, I was director of business development. We got to be friends. I trust him. He does really good work. He’s been involved in discoveries across Nevada. I think that he will agree with me a hundred percent that we have two discoveries in the making right here.
Maurice Jackson:
Who is Rauno Perttu, and what makes him qualified for the task at hand?
Rauno Perttu:
I have my degree’s in Geology, and I began my career in my early 20s. I am now an old fart and I have been working in Geology my entire career in various positions. I’ve made discoveries, including a major gold system in Montana. I have served in senior positions including director of business development for Kennecott. I have looked at properties around the world. My forte, I think, is actually in deciding whether a project is going to be economically developable. That’s because I have had training from my first boss who was a geological engineer, who said that your position as a geologist for Pacific Power, is not to be a geologist but to make money for the company. I’ve always remembered that. And he taught me how to evaluate from a mining standpoint projects.
Rauno Perttu:
I have always followed up on that. If you’re going to have a mine, you have to cover all the red flags. You can’t hide them. You have to face them. That will be your first way of deciding whether it’s a good or bad project. If you have a great project, but it’s in the middle of Yellowstone Park, you’re not going to do anything with it. So we went down that road and we have used those criteria in our company. If we have a project, we know it’s developable, we learned from the Yukon that even though everything else was right, if the cost is going to be prohibitive and the season is going to be short for a junior, that’s not the place to be. Therefore, we switched immediately when we made that discovery and are in a place you can work year-round. The costs are very good on a development and exploration basis.
Maurice Jackson:
Well, I admire the veracity and the perfect blend of that geological and business acumen. It all comes together right here in Provenance Gold. How about the boots on the ground? Who do you have on your technical team?
Rauno Perttu:
Right now, our main technical is Steve Craig and myself. We have brought in other geologists as we need to on a part-time hiring basis. When we were drilling, we had two geologists that we brought in to sit on the drill rigs with Steve’s supervision and my supervision of Steve. The two of us, by the way, have a combined history in the mining business of more than a hundred years. We have both had extensive experience in both discovery and property development in Nevada.
Maurice Jackson:
Well, let’s get into some more numbers here. Please provide us with the capital structure for Provenance Gold.
Rauno Perttu:
Provenance right now, we have about $1.3 million in cash. That is all we want to take in right now because we are very concerned about not diluting the company to maximize share value. We have little less than 80 million shares outstanding right now and about 33 million warrants. We’re trying to keep that number in that kind of a very manageable level moving forward. We’ve been offered a lot more money, but we don’t want to take it until we need it. And by the way, one of the main reasons we don’t want to take it is we think our company is highly undervalued. When you have two potential multimillion ounce projects, two other promising projects, and you’re trading at what we’re trading at right now, there’s something wrong with that picture. I think it’s going to be corrected when we do our confirmation drilling at Eldorado.
Maurice Jackson:
I have a Rolodex of names in the space here that are very well recognized. That’s the very reason why I we are speaking with you because they feel the same way.
Rauno Perttu:
Oh, good.
Maurice Jackson:
All right, sir. How much debt do you have?
Rauno Perttu:
Zero.
Maurice Jackson:
And what is your burn rate?
Rauno Perttu:
When we are not drilling, our burn rate is less than about $20,000 to $30,000 a month. The reason it’s a hard number is you have payments on claims. You have all these other things that come up. So our burn rate is, call it $30,000 a month, but it fluctuates completely with what’s going on with the program and the timing for paying our claims. In the United States, you pay claims on the first day of August. It’s not a large number, but it’s a number that hits once a year.
Maurice Jackson:
What percentage ownership does management have and who are the major shareholders?
Rauno Perttu:
Management owns about 15%. But not only do we have that ownership, but a lot of the early stock is also in friendly hands. We are very comfortable that we are in control of the company until we decide that we want to make a deal with a major.
Maurice Jackson:
What is the float? I believe it was around $58 million. Is that correct?
Rauno Perttu:
Maurice Jackson:
And are there any redundant assets on the books that we should know about?
Rauno Perttu:
No.
Maurice Jackson:
Are there any change of control fees and if yes, what is the compensation?
Rauno Perttu:
No, there aren’t.
Maurice Jackson:
That’s impressive. If readers is not aware, that’s quite impressive. Very commendable, sir. And is management charging a consulting fee for any services?
Rauno Perttu:
No. Rob and I are taking modest salaries as of recently. But other than that, no fees other than paying the consulting fees for Steve Craig as a regular outside consultant.
Maurice Jackson:
In closing, sir, what keeps you up at night that we don’t know about?
Rauno Perttu:
I sleep very well.
Maurice Jackson:
Good to hear.
Rauno Perttu:
But what is frustrating to me right now is the fact that we have not gotten the recognition that I thought would be coming our way for having the package that we have and for the higher quality package we have.
Maurice Jackson:
Well, I remember offline, you were talking about your desire to leave a legacy. Do you want to expand on that?
Rauno Perttu:
I am, as I said an old fart and great health and all the rest of that. Nevertheless, I want to leave something that is worthwhile, that I can be remembered for and I can feel very happy about. So to me, Provenance is that vehicle. I think if we can make Provenance a very successful company, I will die happy. And Steve Craig, by the way, who’s almost as old as I am, has the same feeling, that this is our last hurrah. I hate that term, but that’s what it is. And we’re going to make it a good one.
Maurice Jackson:
Last question, sir. What did I forget to ask?
Rauno Perttu:
Probably any embarrassing questions and I can’t think of anything embarrassing, so I think you did a good job. I would encourage readers to visit our website: www.provenancegold.comand or please call Rob Clark for additional inquiries at 1-250-516-2455.
Maurice Jackson:
Mr. Perttu, it’s been a pleasure speaking with you today. Wishing you and Provenance Gold the absolute best, sir.
And as a reminder, I’m a licensed representative for Miles Franklin Precious Metals Investments, where we provide a number of options to expand your precious metals portfolio from physical delivery, off-shore depositories, and precious metal IRAs. Call me directly at 855-505-1900 or you may email, maurice@milesfranklin.com. And finally, please subscribe to provenandprobable.com, where we provide mining insights and bullion sales.
Oblique cross section showing mined out stopes and highlighted intercepts
Oblique cross section showing mined out stopes and highlighted intercepts
VANCOUVER, British Columbia, Jan. 26, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR/OTCQB:HAMRF) (“Silver Hammer” or the “Company”) is pleased to report results from newly acquired and previously unreleased high-grade drill intercepts from a 2002 drill program at the Silver Strand project in Idaho.
Highlights:
DDH02-001: 1,005 g/t Silver Equivalent (“AgEq”) over 2.2 metres (“m”)
DDH02-003: 1,219 g/t AgEq over 3.3 m
DDH02-003: 1,876 g/t AgEq over 1.6 m
DDH02-004: 1,609 g/t AgEq over 1.5 m (including 2,071 AgEq over 1.0 m and 2439 AgEq over 0.6 m)
“We are pleased to report these high-grade, near-surface drill results from work done on the project by our predecessor in 2002. These newly acquired results, combined with our initial 2021 drill campaign, demonstrate consistent high-grade gold and silver values immediately beneath the existing mine workings,” stated President & CEO Morgan Lekstorm. “Based on an independent report1 we now know that the nearby Lucky Friday Mine, located 63.5 kilometres west of Silver Strand, known for its significant, ongoing silver production, was once Idaho’s largest gold producer, so it’s not surprising to us that we are seeing such strong gold mineralization in these near-surface drill holes. Furthermore, we’ve obtained both the drill core and assay certificates from the 2002 program allowing us to include this new data when preparing our first NI 43-101 mineral resource estimate at Silver Strand. The repatriation of this information has extremely high return on investment adding significant value for the company and our shareholders.”
*All reported assays are downhole core lengths, uncapped and calculated using a 110 g/t Ag cut-off grade. AgEq_g/t = Ag_g/t + Au_g/t*100; True thickness unknown, est 75-85%. One hundred percent recovery utilized. AgEq shown for reference purposes.
This additional information compliments the drilling program Silver Hammer completed in 2021 and allows the Company to add more detailed information to the geological model to be used for drill targeting in 2022.
The 2002 drill program was conducted by New Jersey Mining who provided Silver Hammer with both the physical drill core and original assay certificates making the data eligible to be included in an NI 43-101 compliant resource estimate. Silver Hammer considers this information to be material in nature as this has only recently been repatriated.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.
Quality Assurance, Quality Control
The following measures were taken to ensure sample security: samples were submitted to ALS Chemex (ALS) by company personnel of New Jersey Mining Company (NJMC); only authorized personnel attended the samples; core was logged at the NJMC core processing facility and then shipped to the ALS lab in Sparks, Nevada.
Analysis Suite
All drill core samples were analyzed by ALS using conventional assay methods involving fire assaying of 50-gram charges of pulverized sample material for gold and silver, with AA (Au-AA24) and/or gravimetric finishing (Au-GRA22). In addition, some pulverized charges were collected and were entirely dissolved using 4-acid digestion (Ag-AA62), with the final solution being analyzed for ore grade Ag using AA method.
Audits or reviews
Internal review of sampling techniques, data, and drilling results by the Company’s geologist’s and management was routinely done through the course of the project.
Blanks and Duplicates
For quality assurance/quality control purposes, the batches of core samples sent to ALS for assaying and AA analyses were regularly infused with ‘duplicate’, and ‘blank’ samples. The ‘duplicates’ were created during sample preparation at ALS. The laboratory also provided analytical results for their own reference samples for further QA/QC check.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multi-mine silver producer and will focus near-term exploration and drilling plans at the Company’s Idaho and Nevada silver-gold assets.
(Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.)
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For investor relations inquiries, contact:
Kristina Pillon, High Tide Consulting Corp. T: 604.908.1695 E: investors@silverhammermining.com
For media inquiries, contact:
Adam Bello, Primoris Group Inc. T: 416.489.0092 E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
