Tag: #ProvenAndProbable

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Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Step-Out Drilling Confirms a Significant Southern Zone of Near Surface High-Grade Mineralization Including 32 Metres at 10.48 g/t Gold Equivalent

Drill hole APC-29 intercepted the highest grade near-surface copper-silver-gold mineralization encountered to date at the Main Breccia system at the Apollo target (“Apollo”) yielding 32 metres @ 10.48 g/t gold equivalent from 80 metres vertical. This hole was designed to test directly below where the Main Breccia system daylights at surface in the southern part of the system and to follow up on recently announced results for hole APC-22, which intersected 47.25 metres @ 5.45 g/t gold equivalent (see press release dated January 11, 2023). Further down-hole in APC-29, a broad zone of mineralization was encountered averaging 214.4 metres @ 1.04 g/t gold equivalent. APC-29 had to be abandoned short of target depth due to a fault while still in mineralization with the final 0.5 metre sample assaying 1.72 g/t gold, 39 g/t silver and 0.1% copper.

Drill hole APC-25 was designed as a step out hole along strike of the near surface high-grade zone of mineralization and intersected 106.85 metres @ 2.31 g/t gold equivalent starting at 65 metres vertical below surface. As a result, APC-25 has confirmed a shallow, westward expansion to the Main Breccia system and an apparent thickening to the high-grade near surface mineralized zone as the system is traced to the west.

Hole APC-26 was drilled to the northeast from Pad 4 and confirmed continuity of mineralization in that direction returning 136.9 metres @ 1.51 g/t gold equivalent contained within 311.2 metres at 1.04 g/t gold.

The phase II drilling program is underway with three rigs currently operating focused on testing near surface mineralization and expanding the dimensions of the Main Breccia system. Assay results are expected in the near term for the final three holes of the 2022 program, including westwards step-out hole APC-28, which cut more than 600 metres of continuous mineralization. Additionally, the first hole of the Phase II program is now complete, and core has been dispatched to the lab for assaying.

Ari Sussman, Executive Chairman commented: “Not only is the Main Breccia system at Apollo a large, bulk tonnage deposit but it now appears to host an outcropping and shallow zone of high-grade mineralization, which clearly enhances the value of this exciting discovery. Based on surface sampling, the system appears to daylight over an area measuring approximately 150 metres in diameter and remains open for expansion. The Main Breccia system is truly evolving into a brand-new world-class discovery right in the heart of a prolific mining camp with continuous precious metal production dating back more than 500 years.”

TORONTO, Jan. 31, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further three holes drilled into the Main Breccia discovery at the Apollo target (“Apollo”), which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems.

Details (See Table 1 and Figures 1–6)

Assay results for twenty-eight diamond drill holes have now been announced at Apollo with results for additional holes expected in the near term. This press release announces results of three diamond drill holes with results summarized below.

APC-25 was drilled to the northwest from Pad 3 to a maximum depth of 215.80 metres and intersected a shallow, western extension to the Main Breccia discovery averaging:

  • 106.85 metres @ 2.31 g/t gold equivalent consisting of 0.81 g/t Au, 30 g/t Ag, 0.62% Cu and 30 ppm Mo beginning at 73 metres downhole (65 metres vertical).

The mineralized angular breccia of this intercept contains a sulphide matrix which includes 1.5% to 2.5% chalcopyrite and between 1% and 3% pyrite plus pyrrhotite. The breccia has been overprinted by a zone of carbonate and base metal (sphalerite and galena) veins, which host higher gold grades and returned an interval of 14 metres grading 3.65 g/t gold equivalent. APC-25 is the westernmost hole drilled into the Main Breccia discovery and demonstrates that the mineralization is open and is thickening in this direction. Drill holes have been designed to continue to step-out to the west to expand upon this high grade and near surface mineralization.

APC-26 was drilled northeast from pad 4 and confirms continuity within the Northern Extension Zone of the Main Breccia system, as previously defined in holes APC-17 and APC-22. The hole was drilled to a maximum downhole length of 813.7 metres and intercepted:

  • 311.2 metres @ 1.04 g/t gold equivalent consisting of 0.74 g/t Au, 16 g/t Ag, 0.05% Cu and 10 ppm Mo from 415 metres down hole.

Gold and silver mineralization relates to sulphides hosted within the angular breccia matrix including pyrite (1%-3%), pyrrhotite (1%-2%) and chalcopyrite (0.5%-1%). A higher-grade sub-zone was encountered within the mineralized intercept averaging 136.9 metres at 1.51 g/t gold equivalent and is characterized by an increase in overprinting low and intermediate sulphidation, carbonate base metal (“CBM”) vein material including visible sphalerite and galena.

APC-29 was drilled to the north-northeast from Pad 3 to a maximum depth of 644.8 metres and intercepted three mineralized zones before the hole was abandoned short of target depth due to a complicated fault structure. The two shallow zones within this hole are located directly beneath mineralized surface outcrops with the initial 32.0 metre intercept of mineralization beginning at 111.3 metres downhole (80 metres vertical), and the second 8.65 metre mineralized zone starting at 194.8 metres downhole (143 metres vertical). These high-grade gold, silver, and copper shallow zones of mineralization are hosted within a matrix of angular quartz diorite breccia with the sulphide component consisting of chalcopyrite (0.5%-2%), pyrite (0.5%-2%) and pyrrhotite (0.5-1%). Finally, the third zone, which starts at 343.8 metres downhole (318 metres vertical) intersected more 301 metres of continuous mineralization including a higher-grade subzone over 214.4 metres. The sulphide mineralization within the breccia matrix of this intercept contained pyrrhotite (0.5%-2.5%), pyrite (1%-3%) and multiple zones of sheeted CBM vein material, which are predominantly sphalerite rich with minor galena. The following intercepts are summarized from APC-29:

  • 32.00 metres @ 10.48 g/t gold equivalent consisting of 9.23 g/t Au, 60 g/t Ag, 0.44% Cu and 30 ppm Mo from 89.25 metres downhole (80 metres vertical depth).
  • 8.65 metres @ 2.26 g/t gold equivalent consisting of 0.57 g/t Au, 82 g/t Ag, 0.27% Cu and 10 ppm Mo from 194.80 metres downhole (143 metres vertical depth).
  • 214.40 metres @ 1.04 gold equivalent consisting of 0.77 g/t Au, 14 g/t Ag, 0.05% Cu and 10 ppm Mo from 343.80 metres downhole (318 metres vertical depth), which includes 98.20 metres @ 1.26 g/t gold equivalent.

The Company’s Phase II, 2023 program is well underway with two rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system while simultaneously targeting expansion to the overall dimensions of the system to the west, northwest, north and northeast. Furthermore, a new drill pad (pad 8) has been constructed 150 south of the southernmost modelled boundary of the Main Breccia system at Apollo and reconnaissance drilling is underway to test a recently discovered porphyry target.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s Main Breccia discovery and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.

Table 1: Apollo Target Assays Results for Holes APC-25, APC-26 and APC-29

HoleIDFrom
(m)		To
 (m)		Intercept
(m)		Au
(g/t)		Ag
(g/t)		Cu
%		Mo
%		AuEq(g/t) *CuEq(%) *
APC-2573.00179.85106.850.81300.620.0032.311.26
Incl.111.00125.0014.002.00350.750.0053.652.00
APC-26415.00726.20311.200.74160.050.0011.04
incl.415.00551.90136.901.14200.060.0011.51
APC-29111.30143.3032.009.23600.440.00310.48
and194.80203.458.650.57820.270.0012.26
and343.80644.80301.000.63140.050.0010.90
Incl.343.80558.20214.400.77140.050.0011.04
Incl.460.00558.2098.201.26150.040.0011.51
* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-25, APC-26 and APC-29 (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Main Breccia System at Apollo Highlighting Drill Holes APC-25, APC-26 and APC-29 (CNW Group/Collective Mining Ltd.)
Figure 2: Up Close View of Drill Holes Intersecting the Shallow, High-Grade Southern Zone Within the Main Breccia System at Apollo (CNW Group/Collective Mining Ltd.)
Figure 2: Up Close View of Drill Holes Intersecting the Shallow, High-Grade Southern Zone Within the Main Breccia System at Apollo (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photo Highlights from Drill Hole APC-25 (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photo Highlights from Drill Hole APC-25 (CNW Group/Collective Mining Ltd.)
Figure 5: Core Photo Highlights from Drill Hole APC-26 (CNW Group/Collective Mining Ltd.)
Figure 5: Core Photo Highlights from Drill Hole APC-26 (CNW Group/Collective Mining Ltd.)
Figure 6: Core Photo Highlights from Drill Hole APC-29 (CNW Group/Collective Mining Ltd.)
Figure 6: Core Photo Highlights from Drill Hole APC-29 (CNW Group/Collective Mining Ltd.)

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company based in Canada, with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper, silver and gold Main Breccia discovery. The Company’s near-term objective is to continue with expansion drilling of the Main Breccia discovery while increasing confidence in the highest-grade portions of the system.

Management, insiders and close family and friends own nearly 35% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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

SOURCE Collective Mining Ltd.

Categories
Base Metals Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Seeks to Extend Warrants

Silver Bullet Mines, Proven and Probable

Burlington, Ontario–(Newsfile Corp. – January 30, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces it is applying to the TSX Venture Exchange to extend all warrants related to the Company’s $0.30 round of financing (the “Warrants”). The Warrants have a two-year term, are exercisable at $0.50 (fifty cents) and were issued in various tranches from February 6, 2021 to July 8, 2021.

The Company is seeking regulatory approval to extend all Warrants for one additional year from their original expiry dates.

With respect to the Arizona mining and milling operations, SBMI expects to be able to make further disclosure within two weeks.

For further information, please contact:

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

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

Cautionary and Forward-Looking Statements

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

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

The Issuer has not based its production decision on current resources or the results of a pre-feasibility study of mineral resources to establish mineral reserves demonstrating technical and economic viability. Significant uncertainty exists on the presence of any economic mineable material.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152930

Categories
Base Metals Dolly Varden Silver Junior Mining Precious Metals

Dolly Varden Silver Reports Multiple Gold and Silver Intersections at Homestake Ridge, with 46.31 g/t Au and 70 g/t Ag over 25m, Including 1,145 g/t Au and 826 g/t Ag over 0.48m

Vancouver, British Columbia–(Newsfile Corp. – January 30, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from the 100%-owned Homestake Ridge property in BC’s Golden Triangle.

Highlights from the Homestake Main Deposit include*:

  • HR22-324: 4.32 g/t Au and 76 g/t Ag over 22.50 meters including 19.42 g/t Au and 375 g/t Ag over 4.50 meters
  • HR22-333: 46.31 g/t Au, 70 g/t Ag and 0.19% Cu over 25.00 meters including 1,145 g/t Au, 826 g/t Ag and 0.51% Cu over 0.48 meters
  • HR22-336: 6.19 g/t Au and 1,844 g/t Ag over 3.90 meters and 6.37 g/t Au, 29 g/t Ag and 1.51% Cu over 6.00 meters
  • HR22-338: 4.16 g/t Au, 21 g/t Ag and 1.42% Cu over 5.10 meters including 20.80 g/t Au, 115 g/t Ag and 11.60% Cu over 0.50 meters
  • HR22-345: 8.73 g/t Au and 12 g/t Ag over 29.54 meters, including 260 g/t Au, 102 g/t Ag over 0.70 meters
  • HR22-359: Three individual higher grade zones grading; 49.49 g/t Au over 1.52m, 24.00 g/t Au over 0.70m and 46.20 g/t Au over 0.50m within a 40.50 meter interval

* Intervals are core length; estimated true widths vary from 80 to 90% of core length interval, assays are uncut

Highlights from the Homestake Silver Deposit include*:

  • HR22-349: 211 g/t Ag over 3.50 meters, and 688 g/t Ag over 0.80 meters
  • HR22-357: Three individual higher grade silver intersects grading; 1,185 g/t Ag over 0.50m, 816 g/t Ag over 0.50m and 1,085 g/t Ag over 0.50m within a 129m wide structural corridor
  • HR22-361: 2,500 g/t Ag, 15.04 g/t Au and 0.17% Cu over 1.20 meters
  • HR22-362: 1,252 g/t Ag, 0.81 g/t Au and 0.14% Cu over 2.50 meters, including 3,330 g/t Ag, 0.75 g/t Au and 0.38% Cu over 0.75m
  • HR22-365: 469 g/t Ag over 2.70 meters including 1,040 g/t Ag over 0.65 meters

* Intervals are core length; estimated true widths vary from 70 to 90% of core length interval, assays are uncut

“Dolly Varden Silver’s initial drilling at the Homestake Main Deposit has returned consistent mineralized intervals with some of the highest grades of gold with silver reported from the Property to date, but also the entire Golden Triangle during the 2022 drilling season,” said Shawn Khunkhun, President and CEO. “Coupled with the exceptional grades and thicknesses of silver mineralization encountered in step-out holes at the Wolf and Kitsol Deposits, we are demonstrating the impressive precious metal endowment and potential of the Kitsault Valley trend.”

The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources. A total of 41 holes for 10,472 meters were completed at the Homestake Main Deposit, 12 holes for 6,076 meters were completed at the Homestake Silver Deposit and 3 additional exploration holes for 1,900 meters were completed along the Homestake Ridge Trend during the 2022 season.


 
Figure 1. Homestake Ridge Deposits within Dolly Varden’s Kitsault Valley Trend.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_002full.jpg

The Homestake Ridge deposits are interpreted as structurally-controlled, multi-phase epithermal vein and breccia systems hosted in early Jurassic-age Hazelton Group volcanic rocks. Mineralization consists primarily of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system, locally with native gold, silver and electrum. (see Figure 3). The northwestern strike of the main Homestake structural trend hosts multiple, subparallel internal structures that are interpreted to form the controls for high-grade gold shoots within a broader interval of mineralization at the Homestake Main deposit. The main structural corridor dips steeply to the northeast (see Figure 4 to 6).


 
Figure 2. Homestake Main and Homestake Silver Long Section (looking west) with 2022 drilling highlighted.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_003full.jpg

Homestake Main

The results from Homestake Main are primarily infill drilling from areas of current Inferred Mineral Resources and suggest that the higher-grade gold-silver shoots may be more extensive than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Oriented core was used on all drill holes on the project and this detailed structural data is also being integrated in to the geological model to further increase confidence.

Four of the drill holes at Homestake Main were drilled below the Mineral Resource domains to test for down dip extensions. Drill holes HR22-326, 329, 351 and 354 all intersected the structures that host gold mineralization below the resource.

One step out drill hole, HR22-355, was drilled along trend and approximately 250m north of Homestake Main. Alteration associated with the main deposit was encountered with minor brecciation returning anomalous pathfinder elements as seen in the upper levels of the mineralization system at the Homestake Main Deposit indicating the system continues to the north.

Complete Assay results for the second batch of drilling results from Homestake Main are in Table 1.


 
Figure 3. Drill hole HR22-333 from the Homestake Main deposit showing breccia vein style mineralization.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_004full.jpg

Homestake Silver

The 2022 drilling at the Homestake Silver Deposit area was a combination of step out holes below the primarily Inferred Mineral Resource as well as some infill drilling designed to convert Inferred resources to Indicated classification. Six infill drill holes, HR22-340, 344, 349, 353, 358 and 361, were collared off three drill pads at the southern end of the deposit (see Figure 8). The mineralization encountered in these holes is consistent with previous drilling.

Expansion drill Holes HR22-364, 365 and 366 targeted the south end while HR22-357 and 360 in the northern end of Homestake Silver testing below several of the resource domains. Drilling intersected silver mineralization (see figure 4) within multiple vein stockwork zones extending the zones to depth. These areas remain open down dip.


 
Figure 4. Drill hole HR22-366, 473m depth, down dip step out from the Homestake Silver deposit showing Native Silver in breccia vein style mineralization.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_005full.jpg

Step out drill hole HR22-362, located approximately 200m down dip and along the targeted projection of a Homestake Silver resource domain intersected vein breccia over 2.50m core length grading 1,252 g/t Ag, including 0.75m grading 3,330 g/t Ag. Relatively little drilling has been completed at Homestake Silver and with these step out mineralized intersections the expansion potential to depth and along strike has been demonstrated.

Complete Assay results for the 2022 Homestake Silver drilling are in Table 2.

Homestake Trend Exploration

Two new areas within the Homestake Trend were tested with three drill holes. Drill holes HR22-311 and 312 were collared 425m to the south of the Homestake Silver Deposit to test below sedimentary cover rocks (see Figure 2). Although alteration of the volcanic rock below the sediment cover was present, no significant mineralization was encountered. Further geophysics will be completed over this area to aid in targeting the southern projection of the Homestake Ridge structural corridor below the sediment cover.

Drill hole HR22-363 was drilled 1.2 kilometers to the east of Homestake Main to test a dominant Northeast trending controlling structure within the centre of the valley. No significant mineralization was encountered within the structure in that area.

Plans, Sections and Tables


 
 Figure 5. Homestake Main Plan View highlighting 2022 Infill and Step out drilling (red collars) with Current Mineral Resource block model, primarily of Inferred Classification.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_006full.jpg


 
Figure 6. Homestake Main Cross Section 300NW (A-B) with completed 2022 intersects.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_007full.jpg


 
Figure 7. Homestake Main Cross Section 250NW (C-D) with 2022 and previous drill holes.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_008full.jpg


 
 Figure 8. Homestake Silver Plan View highlighting 2022 Step out and Infill drilling (red collars) with Current Mineral Resource block model, primarily of Inferred Classification.
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/152849_bf40b273347ffa2d_009full.jpg

Table 1. Complete Drill Hole Assays from the Homestake Main Deposit Infill drilling

Hole IDFrom (m)To (m)Length* (m)Au (g/t)**Ag (g/t)**Cu (%)
HR22-324152.00174.5022.504.3276NSV
including170.00174.504.5019.42375NSV
including171.96172.400.44166984NSV
HR22-326451.00472.8021.800.47NSVNSV
including461.00463.002.003.00NSVNSV
HR22-329413.46450.5537.090.73NSVNSV
including418.00422.004.004.036NSV
including423.00424.001.001.629NSV
HR22-332252.40265.2012.800.33NSV0.18
including256.50258.001.500.81111.09
including344.50345.501.001.3916NSV
and393.00403.2510.250.79NSVNSV
including397.50400.503.002.3040NSV
HR22-33392.00105.0013.001.0521NSV
including98.3099.080.7813.95196NSV
and117.00142.0025.0046.31700.19
including120.26130.109.84111.941620.37
including124.67125.150.481,1458260.51
HR22-33696.30100.203.906.191,844NSV
including96.6297.000.383.7813,8550.49
and132.00157.0025.001.95NSV0.38
including133.00139.006.006.37291.51
HR22-338120.90126.005.104.16211.42
including120.90121.400.5020.8011511.60
including128.60129.841.248.92521.38
and150.50159.008.500.6350.21
including150.50151.300.804.89281.43
and175.50178.503.000.61170.45
including177.00177.650.651.17431.55
HR22-34184.00113.0029.002.2850.13
including96.00107.0011.005.2790.33
including102.00104.002.0014.85200.73
HR22-34279.32102.0022.680.8057NSV
including88.3192.003.692.958NSV
and120.00140.4420.440.57NSVNSV
including121.13123.702.572.3950.29
HR22-34384.50115.0030.501.15NSVNSV
including92.2796.804.531.59NSVNSV
including99.19103.304.112.675NSV
including107.00109.002.004.45150.35
HR22-34595.00124.5429.548.73120.13
including115.12124.549.4226.25280.37
including120.00120.700.70260102NSV
HR22-346111.00126.0515.051.04NSVNSV
including119.75122.753.003.4790.37
HR22-347135.00156.0021.001.88NSV0.04
including135.00147.0012.002.57NSV0.07
HR22-34863.0071.008.000.16NSVNSV
and80.00111.0031.001.63NSVNSV
including88.00100.0012.003.24NSV0.14
HR22-35066.00128.0062.000.87NSVNSV
including77.0094.0017.002.05NSVNSV
HR22-351436.00438.002.000.36NSVNSV
and473.70477.503.800.30NSVNSV
HR22-352172.00227.0055.001.3740.20
including178.81179.811.0053.75542.03
including202.33203.331.003.65634.68
including211.00212.451.451.2290.16
HR22-354495.00498.903.900.12NSVNSV
HR22-355 (step out)645.00648.503.500.12NSVNSV
and662.00666.754.750.18NSVNSV
HR22-356212.00218.006.000.38NSVNSV
and221.00221.500.504.32NSVNSV
and291.50308.0016.500.21NSVNSV
HR22-35949.7050.200.500.746,4200.11
and111.63113.151.5249.49500.96
and136.85137.550.7024.00760.38
and141.00141.500.5046.206NSV

*Estimated true widths vary depending on intersection angles and range from 80% to 90% of core lengths
** Assays reported are uncut

Table 2. Completed Drill Hole Assays from the Homestake Silver Deposit step out and Infill drilling

Hole IDFrom (m)To (m)Length* (m)Au (g/t)**Ag (g/t)**Cu (%)
HR22-34046.0056.0010.00NSV97NSV
HR22-34481.0082.001.00NSV112NSV
and152.00153.001.00NSV103NSV
and166.00167.001.000.39NSVNSV
and197.75204.757.000.1365NSV
including197.75198.500.750.13146NSV
and408.00410.002.000.1472NSV
HR22-349153.00156.503.50NSV2110.12
and159.20160.000.80NSV688NSV
and325.80329.003.200.12210NSV
and337.00341.004.000.50287NSV
and355.47356.180.710.10434NSV
and361.50362.801.30NSV151NSV
HR22-353239.22256.0016.78NSV119NSV
including239.22243.274.05NSV242NSV
including253.79256.002.210.17154NSV
HR22-357194.38195.501.120.16318NSV
and200.00200.500.50NSV151NSV
and206.60209.302.700.08506NSV
including206.60207.100.500.111,185NSV
and239.00239.500.500.11816NSV
and298.70299.200.50NSV1,0850.18
and315.60316.150.550.17585NSV
and335.10335.900.800.30351NSV
HR22-358110.27111.921.65NSV132NSV
and136.69137.100.41NSV192NSV
and250.77251.170.400.08386NSV
and326.61327.120.510.63161NSV
and331.00332.001.000.07215NSV
HR22-360205.40206.000.600.08339NSV
and229.00229.500.500.07425NSV
and243.75244.250.50NSV136NSV
and278.25279.251.00NSV148NSV
and315.00317.002.00NSV310NSV
and328.50329.501.000.10488NSV
and331.00332.701.700.13690NSV
and336.00336.500.500.601,270NSV
and337.45341.704.250.40251NSV
and396.00399.003.002.3139NSV
and444.00446.002.000.68NSVNSV
HR22-361165.17165.630.46NSV599NSV
and213.33213.650.320.3799NSV
and226.10227.301.2015.042,5000.17
and317.01317.410.402.07450.44
HR22-362633.00635.502.500.811,2520.14
including634.00634.750.752.243,3300.38
HR22-364486.75488.601.850.1615NSV
HR22-365184.70186.852.15NSV187NSV
and190.75193.452.70NSV469NSV
including192.30192.950.65NSV1,040NSV
and512.00512.850.850.3198NSV
HR22-366472.70473.270.570.702,7600.06

*Estimated true widths vary depending on intersection angles and range from 70% to 90% of core lengths
** Assays reported are uncut

Table 3. Drill Hole Collars for 2022 Homestake Main Deposit Area Drilling (this release)

Hole IDEasting
UTM83 (m)		Northing
UTM83 (m)		Elev.
(m)		AzimuthDipLength
(m)
HR22-3244629566179462956225-80201.00
HR22-3264631266179555903215-72472.50
HR22-3294631266179555903232-72495.00
HR22-3324629656179544922240-73402.00
HR22-3334630896179383982225-47210.00
HR22-33646303461793631009225-76186.00
HR22-33846303461793631009240-56186.00
HR22-3414629026179443961220-48120.00
HR22-3424629956179395996225-65198.00
HR22-3434629026179443961220-50150.00
HR22-34546291961793891007225-66132.00
HR22-3464628666179514943225-50180.00
HR22-3474628666179514943225-60192.00
HR22-34846291961793891007225-50111.00
HR22-35046291961793891007200-45132.00
HR22-3514633236179506854225-45522.00
HR22-3524631326179416949200-55351.00
HR22-3544633146179608842226-45502.00
HR22-35546286561799221066245-60682.00
HR22-3564630506179452956255-74399.00
HR22-35946291961793891007160-45288.00

Table 4. Drill Hole Collars for 2022 Homestake Silver Deposit Area Drilling

Hole IDEasting
UTM83 (m)		Northing
UTM83 (m)		Elev.
(m)		AzimuthDipLength
(m)
HR223404638026178573801223-46360.00
HR223444638026178573801223-56435.00
HR223494638056178612793223-45435.00
HR223534638056178612793223-57477.00
HR223584637806178621803223-50467.00
HR223614637806178621803223-56390.00
HR223574635786179147834220-55528.00
HR223604635786179147834230-50600.00
HR223624641806178462716235-50681.00
HR223644638336178779763223-50600.00
HR223654639126178711749223-50531.00
HR223664639646178647745220-53570.00

Table 5. Drill Hole Collars for 2022 Homestake Exploration Drilling

Hole IDEasting
UTM83 (m)		Northing
UTM83 (m)		Elev.
(m)		AzimuthDipLength
(m)
HR223114644606177976714250-50903.00
HR223124644606177976714230-55520.00
HR223634642176179802840190-75471.00

The Company Engages Gold Standard Media LLC

The Company has engaged internet marketing and advertising company, Gold Standard Media, LLC (“GSM”), to prepare email marketing campaigns, landing pages, advertisements, and other related services to assist the Company in raising public awareness of the Company and enhance its online presence.

GSM is a limited liability company existing under the laws of the State of Texas with an office at 723 W, University Ave. #110-283 Georgetown Texas. GSM uses affiliated entities such as Future Money Trends and Portfolio Wealth Global LLC for the purpose of these marketing activities. Under the terms of the agreement GSM will be paid US$125,000 for a 12 month period.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program for Dolly Varden on the Kitsault Valley Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152849

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Drills 1,540 g/t Ag Eq over 1.63 meters within 20.9 meters of 230 g/t Ag Eq at Keno Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / January 30, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce additional results from the 2022 field program at the Keno Silver project in the historic Keno Hill silver district of the Yukon: Canada’s most important silver mining district. These results cover the West Keno area and represent the second in a series of results to be released from the Company’s 2022 exploration program, which included 3,265 meters (“m”) of diamond core drilling in 23 drill holes focused on expansion of advanced stage, “resource-ready” targets in anticipation of an inaugural NI 43-101 mineral resource estimate in 2023.

Exploration in 2022 at West Keno focused on drilling at the advanced-stage Formo target, which produced silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver1. Formo is a significant inholding within the neighbouring Hecla Mining property and is on trend with the historic Hector-Calumet Mine, which produced nearly 100 million ounces of silver making it the largest individual mine in the district1.

2022 West Keno Exploration highlights

  • High-grade silver (“Ag”), lead (“Pb”) and zinc (“Zn”) mineralization was encountered in five of seven holes (See Table 1). Both high-grade Ag-Pb-Zn vein-style mineralization and broader zones of moderate grade Ag-Pb-Zn mineralization were encountered.
  • A total of 40 high-grade samples of over 100 g/t silver equivalent (“Ag Eq”) were intercepted in the 2022 West Keno drilling, including:
    • FOR22-01, 0.54 m @ 2,291 g/t Ag Eq (1,139 g/t Ag, 18.32% Pb, 14.79% Zn)
    • FOR22-02, 0.5 m @ 1,025.1 g/t Ag Eq (14 g/t Ag, 0.07% Pb, 23.36% Zn)
    • FOR22-04, 1.63 m @ 1,536.2 g/t Ag Eq (1,049.5 g/t Ag, 4.21% Pb, 9.45% Zn)
    • FOR22-04, 0.64 m @ 2,127.9 g/t Ag Eq (1,358 g/t Ag, 4.16% Pb, 16.42% Zn)
    • FOR22-05, 0.5 m @ 1,215.3 g/t Ag Eq (850 g/t Ag, 7.65% Pb, 3.97% Zn)
  • All five holes encountering significant silver mineralization in 2022 also intercepted broad bulk-tonnage zones averaging 26.2 m @ 85.6 g/t Ag Eq comprised of multiple high-grade vein intervals with associated stringers and stockwork veining.

Metallic Minerals President, Scott Petsel, stated, “Impressive drill results, year over year, have consistently demonstrated that Formo is one of Metallics’ highest-grade targets and have cemented it as a priority for a planned, near-term NI 43-101 resource estimate. The strategic location of the Formo deposit along the Silver Trail Highway provides easy access and adjacent electrical power and it is only two kilometers from the largest individual silver deposit in the district and less than five kilometers from both Hecla’s active mine development operations at Bermingham and the Keno operations mill at Keno City. This new step-out drilling continues to show that the deposit remains open to further testing along trend and down dip with room for significant expansion of the mineralized footprint and additional new discoveries. With these results complete we have initiated resource modelling work with SGS Geological Services on the Formo deposit.

“The Company expects to announce additional drill results from both the Keno Silver Project (primarily at the advanced-stage Caribou target), and from follow up expansion drilling at the La Plata Project over the coming weeks.”

Upcoming Events

Vancouver Resource Investment Conference – Metallic Minerals will be participating in the Vancouver Resource Investment Conference at the Yukon Pavilion on Monday January 30th. For more information, visit here.

GCFF Virtual Conference – Scott Petsel will be presenting during the GCFF Metals Investing Virtual Conference on February 23rd at 10am PT | 1pm ET. To register, click here.

OTC Markets Battery & Precious Metals Virtual Investor Conference – Metallic will be participating in the upcoming OTC Markets Battery & Precious Metals Investor Conference on Wednesday, February 15 at 10am PT | 1pm ET. To register, click here.

2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack

Metallic Minerals will be attending PDAC 2023 in Booth IE3024. Additionally, President Scott Petsel will be providing a corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in Toronto Monday March 6th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.

Figure 1. Keno Silver District Geology and Deposits

Metallic Minerals Corp., Monday, January 30, 2023, Press release picture
Metallic Minerals Corp., Monday, January 30, 2023, Press release picture

West Keno 2022 Drilling Program

Drilling at West Keno focused on the advanced-stage “resource-ready” Formo target area. A total of seven holes were completed over 1,145.6 meters on known projections of mineralization with the goal of expanding the potential resource footprint of the deposit in anticipation of an inaugural 43-101 mineral resource estimate in 2023. Previous drilling has recognized at least three separate parallel high-grade Ag-Pb-Zn vein structures and results of the 2022 drilling continue to demonstrate multiple vein zones in each hole with individual grades commonly more than 1,000 g/t Ag Eq (See Table 1). The Formo target represents one of the highest-grade areas drilled to date on Metallic’s Keno Silver Property with 4.1 m of 2,536 g/t Ag Eq (FOR20-03) and 1 m of 2,961.6 g/t Ag Eq (FOR21-06) as examples of drill results from previous years efforts.

Table 1 – Highlights of 2022 Drill Results from the West Keno – Formo Target Area

DDH Hole IDFrom (m)To (m)Length (m)Ag Eq (g/t)Ag (g/t)Au (g/t)Pb (%)Zn (%)
FOR22-0172.3103.9531.6586.541.10.010.540.70
incl72.372.80.5496.43490.003.701.17
And incl97.3103.956.65324.6148.40.022.072.73
And incl98.899.340.54229111390.0618.3214.79
FOR22-0291119.228.269.811.60.020.111.25
incl91105.514.512317.10.010.162.34
And incl91921744.4740.020.3115.35
And incl95.395.80.51,025.1140.010.0723.36
FOR22-0377814154.293.60.010.830.90
incl7777.810.81489.63860.003.540.31
and125141.616.666.4360.010.370.45
incl126.81347.2107.858.40.000.650.74
FOR22-04125.1314620.87228.8144.60.010.701.59
incl126.75127.50.71,168.53450.073.5216.81
And incl137.61446.4557.7395.90.021.652.99
And incl141.81143.441.631,536.21,049.50.114.219.45
And incl142.8143.440.642,127.91,3580.004.1616.42
FOR22-0560.961.620.72293.53.53.340.010.10
and131.5164.9533.4567.942.10.050.370.28
incl1471514283195.30.001.810.96
And incl148.8149.30.51,215.38500.007.653.97
And incl164.45164.950.52801.93.250.000.00
FOR22-0675.777.151.4541.821.30.010.440.17
and131.52132.070.5542.815.30.020.120.53
FOR22-0793.493.90.544.922.30.010.200.39
and123.45124.040.5943.831.10.000.210.18

Notes to reported values:

  1. Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20.0/oz silver (Ag), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
  2. Rcovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
  3. In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
  4. The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
  5. Intervals are reported as measured drill intersect lengths and may not represent true width.

West Keno and the Formo Area Target

The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).

The Formo property, which include the Formo Mine, also known as the Yukeno Mine, was acquired by Metallic Minerals in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver1. Significant underground exploration drifts were developed in the 1950s with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City and last mined in the 1980s.

Figure 2 – West Keno Plan Map

Metallic Minerals Corp., Monday, January 30, 2023, Press release picture
Metallic Minerals Corp., Monday, January 30, 2023, Press release picture

Figure 3 – Formo Vein Long Section (looking NW)

Metallic Minerals Corp., Monday, January 30, 2023, Press release picture
Metallic Minerals Corp., Monday, January 30, 2023, Press release picture

The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the target area that demonstrate an association with Triassic greenstones in the Earn group schist, similar to the Sadie Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag1. In addition to the mineralization at the known Formo deposit, two new surface targets have been identified through soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Pb-Zn veins on the Formo property.

Since 2020 Metallic Minerals has drilled 22 holes (3,306.9 m) at the Formo Target to compliment the six core holes and 54 percussion holes drilled by previous owners between 1980 and 1981. The Formo Target is open to significant expansion opportunities and is poised to lead the Company’s efforts to establish resources on the Keno Silver Project.

Grant of Long-Term Performance Incentives

Metallic Minerals further announces that, subject to the approval of the TSX Venture Exchange, it has granted 1,490,000 stock options (each, an “Option”) to certain directors, officers and employees of the Company in accordance with the Company’s Long-Term Performance Incentive Plan. Each Option is exercisable into one common share in the capital of the Company (“Share”) at a price of $0.23 per share, being the closing price of the Shares on the TSX Venture Exchange on January 27, 2023, for a period of five years from the date of grant. The Options are subject to certain vesting requirements in accordance with the shareholder approved plan.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company, focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators. At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource with results from the 2022 expansion drill program pending. All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

Footnotes:

  1. Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Qualified Person

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

Quality Assurance / Quality Control

All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.

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, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessrul operations, 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 Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Metallic Minerals Corp.

Categories
Base Metals Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources – Potential Tier 1 Gold Deposit + Battery Metals

Flagship Project: The Moss Lake Property located in Ontario, Canada has 1.47 M oz of Indicated and 2.51 M oz of Inferred historical gold resources, along with a robust Preliminary Economic Assessment conducted in 2020.

Goldshore Resources – (TSX.V: GSHR | OTCQB: GSHRF)
CEO: Brett Richards
Website: https://goldshoreresources.com/
3D Deck: https://goldshoreresources.com/investors/#corporate-presentation
Company Filings: https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00030293

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Stillwater Critical Minerals Expands Resource 62% to 1.6 Blbs Battery Metals and 3.8 Moz PGE+Gold at Stillwater West Project in Montana, USA

VANCOUVER, BC / ACCESSWIRE / January 25, 2023 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to report a 62% increase in the updated independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate (the “2023 Resource”) for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA. The study, which was completed by SGS Geological Services (“SGS”), showed significant increases in tonnage and contained metal at both a bulk tonnage 0.20% nickel equivalent (“NiEq”) cut-off (“Base Case”) and a 0.35% NiEq higher grade bulk tonnage cut-off. A high-grade, selective mining component at a 0.70% NiEq cut-off is presented for the first time.

The Company will host a live webcast on January 31, 2023, at 10am PT | 1pm ET to discuss the Stillwater West project and the 2023 Resource. To register, click here.

2023 Resource Highlights

  • Base Case Inferred mineral resources of 1.6 billion pounds (“Blbs”) of nickel, copper and cobalt and 3.8 million ounces (“Moz”) palladium, platinum, rhodium, and gold (“4E”) in a constrained model totaling 255 million tonnes (“Mt”) at an average grade of 0.39% total estimated recovered NiEq (or 1.19 g/t Palladium Equivalent “PdEq”). See detailed breakdown in Tables 1 and 2, below.
  • Significant increases in contained metals over the 2021 study at the Base Case 0.20% NiEq cut-off:
Tonnage: 255Mt (62% increase)Palladium: 2.05Moz (56% increase)
Nickel: 1.05Blbs (52% increase)Platinum: 1.26Moz (66% increase)
Copper: 499Mlbs (44% increase)Gold: 395Koz (30% increase)
Cobalt: 91Mlbs (31% increase)Rhodium: 115Koz (76% increase)
  • The selective mining high-grade component yielded 11.6Mt at 1.05% Total NiEq (or 3.24 g/t Total PdEq) as 0.56% Ni, 0.33% Cu, 0.03% Co with 0.54 g/t Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh. Expansion of this high-grade component results from the addition of high-grade mineralization encountered in the 2021 drill campaign.
  • Sulphur grades of 1.13% to 6.16% indicate desirable high nickel tenor in sulphide, supporting effective recovery via conventional flotation techniques.
  • 2.27Blbs of chromium has been inventoried. Chromium is defined by the US government as a critical mineral.
  • Deposits in the 2023 Resource are defined by 156 drill holes from a total of 230 holes drilled on the Stillwater West property and include all holes from the Company’s three campaigns to date.
  • The 2023 Resource is contained within five deposits in the 9-kilometer central area of the project, all of which are open along strike and at depth. Multi-kilometer scale geophysical targets (Figure 1) and metal-in-soil anomalies indicate excellent expansion potential (Figures 2 to 4). Untested anomalies and earlier stage targets extend across much of the 32-kilometer-long Stillwater West project.

An NI 43-101-compliant technical report on the 2023 Resource for the Stillwater West project will be filed on Sedar.com within 45 days.

Michael Rowley, President and CEO stated, “We are very pleased with the expanded 2023 resource, which returned substantial increases in tonnage and contained metals while also increasing the high-grade component. Overall, these increases speak to the fantastic growth potential and under-explored nature of the Stillwater West project, and to our ability to rapidly increase resources in these wide-open deposits with targeted expansion drilling at low discovery costs. Our Stillwater West project, with its world-class endowment of eight critical minerals, is unique in the United States as a district-scale asset located in an active, producing district that has a long history of large-scale critical mineral production. The US government has recognized the importance of critical minerals to both economic and national security interests and is taking increasing action to secure domestic supply of these key metals at a time when we are advancing Stillwater West and demonstrating its potential. Our exceptional team, with multi-decades of experience at both Stillwater and in the parallel layered geology of the Bushveld Igneous Complex, is well-positioned to advance the asset. We look forward to continuing to build on our success and low discovery costs as we finalize our follow up expansion programs for 2023.”

Dr. Danie Grobler, Vice-President of Exploration, commented, “The 2022 field season, with a renewed focus on geology and structure, has contributed to the understanding of the multi-target geometry and mineralization controls within the Ultramafic Series of the Stillwater Complex, as an analogue to the Platreef of the Bushveld Complex. Our advanced understanding of Platreef-style mineralization and ore mineralogy, and our collaboration with Professor Wolfgang Maier at Cardiff University United Kingdom, as well as key staff at the US Geological Survey, has increased our confidence in the stratigraphic and structural models guiding resource estimation. Enhanced continuity and a significant tonnage increase, as well as increased medium and higher-grade categories, is a direct result of this effort. Our 2023 exploration programs will be focused on expansion of these thick zones of mineralized pegmatoidal pyroxenite/peridotite and associated chromites, as well as broad zones of massive to net-textured sulphides near the base of the layered sequence. We are seeing similar metal distribution characteristics when compared to the Platreef, as well as sulfur contents in relation to distance from the footwall contact. Our direct application of the detailed controls to mineralization in the Platreef-style models is guiding us along an exciting path of discovery.”

TABLE 1 – Grade and Contained Metal at Various NiEq Cut-off Grades

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Stillwater West Inferred Mineral Resource Estimate, January 20, 2023

Notes: 1) In-Pit Inferred Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Values in this table reported above and below the cut-off grades are only presented to show the sensitivity of the block model estimates to the selection of cut-off grade. Equivalent grade and contained metal calculations do not include Rhodium values; 2) All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add or calculate exactly due to rounding.

TABLE 2 – BASE CASE – Grade and Contained Metal by Deposit at 0.20% NiEq Cut-Off (Equals 0.62 g/t PdEq) Stillwater West 2023 Inferred Mineral Resource Estimate, January 20, 2023

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Notes: 1) No assays shown as – ; 2) equivalent contained metal and grades do not include Rh. See additional notes on page 4.

2023 Exploration Planning

The Company is finalizing 2023 exploration plans with work expected to include extension of the highly effective geophysical surveys and completion of expansion drilling, focused on large, thick zones of mineralized pegmatoidal pyroxenite and peridotite within the resource areas. These zones show direct parallels to the thick Flatreef-style mineralized zones discovered in recent years by Ivanhoe Mines on the Platreef. A second focus for drilling will be to expand on the nickel-rich massive sulphide zones, as well as the very high-grade gold-PGE mineralization within structurally controlled zones.

Metallurgy

Preliminary metallurgical assessments by SWCM returned strong nickel tenor in sulphides drilled by the Company to date. In addition, favorable historic bench-scale metallurgical results completed historically by AMAX at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery. Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies.

Carbon Capture at Stillwater West

All five deposits in the 2023 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of SWCM’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.

Preliminary results demonstrate the presence of certain ultramafic minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation. As announced in a news release on September 23, 2021, the Company is continuing its research with Dr. Greg Dipple and his team at ARCA (formerly based at the University of British Columbia, Canada), to assess the capacity of rock samples from Stillwater West to bind carbon dioxide for permanent disposal as part of a potential mining operation. The Company has partnered with Cornell University for more active carbon sequestration methods, as well as hydrometallurgical processing.

This work strongly aligns with SWCM’s Environmental, Social and Governance guidelines and principles, and the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US.

About Stillwater West

Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s operating PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update announced in January 2023.

Stillwater Critical Minerals’ Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario is currently under an earn-in agreement with Heritage Mining and the Company also holds the Kluane PGE-Ni-Cu-Co project on trend in Canada‘s Yukon Territory.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075

Resource estimate notes for Tables 1 and 2:

  1. The classification of the current Mineral Resource Estimate into Inferred is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
  2. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add or calculate exactly due to rounding.
  3. All Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
  4. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  5. The update MRE is based on data for 156 surface drill holes representing 29,392 m of drilling, including data for 14 surface drill holes for 5,143 m completed by Stillwater in 2021.
  6. The mineral resource estimate is based on 6 three-dimensional (“3D”) resource models representing the Chrome Mountain (Hybrid and DR), Camp, HGR, Central and Crescent Zones.
  7. Composites of 1.2 to 3.0 m have been capped where appropriate.
  8. Fixed specific gravity values of 2.90 – 3.10 g/cm3 (depending on deposit) were used to estimate the Mineral Resource tonnage from block model volumes (% block model). Waste in all areas was given a fixed density of 2.9 g/cm3.
  9. Cu, Ni, Co, Pt, Pd, Au and Cr are estimated for each mineralized zone; S and Rh for the majority of the zones. Blocks (5x5x5) within each resource model were interpolated using 1.2 to 3.0 m capped composites assigned to that resource model. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
  10. Based on a review of the project location, size, geometry, continuity of mineralization and proximity to surface of the Deposits, and spatial distribution of the five main deposits of interest (all within a 8.7 km strike length), it is envisioned that the Deposits may be mined by open pit.
  11. In-pit Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Pit optimization and Cut-off grades are based on metal prices of $9.00/lb Ni, $3.75/lb Cu, $24.00/lb Co, $1,000/oz Pt, $2,000/oz Pd and $1,800/oz Au, assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.50/t rock and processing and G&A cost of US$18.00/t mineralized material.
  12. The in-pit Mineral Resource grade blocks were quantified above the base case cut-off grade. At this base case cut-off grade the deposits show excellent geologic and grade continuity. The project is at an early stage of exploration and all deposits are open along strike and down dip. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
  13. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade. Pit optimization does not represent an economic study.
  14. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
  15. The Author is not aware of any known mining, processing, metallurgical, environmental, infrastructure, economic, permitting, legal, title, taxation, socio-political, or marketing issues, or any other relevant factors not reported in this technical report, that could materially affect the current Mineral Resource Estimate.

Qualified Person

The Stillwater West PGE-Ni-Cu-Co + Au project 2023 Resource estimate was prepared by Allan Armitage, Ph.D., P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of January 20, 2023. Armitage conducted a recent site visit to the property on June 29 and 30, 2022. Mr. Armitage reviewed and approved the technical content of this news release with respect to the 2023 Resource estimate.

Mr. Mike Ostenson, P.Geo., is the Qualified Person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure outside of the 2023 Resource estimate that is contained in this news release.

Forward-Looking Statements

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

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

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Figure 1 2023 DEPOSIT MODELS WITH SELECT DRILL RESULTS OVER 3D INDUCED POLARIZATION (IP) GEOPHYSICAL SURVEY RESULTS

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Figure 2 2023 DEPOSIT OUTLINES WITH DRILL DATA OVER PRECIOUS AND BASE METALS IN SOILS

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Figure 3 2023 DEPOSIT OUTLINES WITH DRILL DATA OVER GEOPHYSICS (CONDUCTIVITY)

Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture
Stillwater Critical Minerals, Wednesday, January 25, 2023, Press release picture

Figure 4 14 TARGET AREAS ACROSS MAIN CLAIM BLOCK INCLUDING PICKET PIN (UPDATED JANUARY 2023)

SOURCE: Stillwater Critical Minerals

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Base Metals Energy Metallic Minerals Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Reports up to 0.396 g/t Rhodium in Drill Results from the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA

VANCOUVER, BC / ACCESSWIRE / January 18, 2023 / Stillwater Critical Minerals Corp. (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce results of rhodium assays conducted on core from resource expansion drilling on its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA, adjacent to Sibanye-Stillwater’s world-class critical minerals mining operations.

These results, along with the integration of deposit models from South Africa’s Bushveld complex, provide the Company and SGS Geological Services (“SGS”) with the remaining components necessary to finalize an update of the Company’s inaugural October 2021 resource estimate (the “2021 Resource”), which delineated five Platreef-style deposits totaling 1.1 billion pounds of nickel, copper and cobalt, and 2.4 million ounces of palladium, platinum, rhodium and gold (see Figure 1).

Rhodium intercept highlights from resource expansion drilling include:

  • Widespread rhodium in drill results at potentially significant co-product grades including:
    • 0.122 g/t Rh over 7.2 meters in CM2021-01 starting at 304.8 meters;
    • 0.104 g/t Rh over 8.3 meters in CM2021-03 starting at 252.2 meters; and
    • 0.396 g/t Rh over 1.2 meters in CM2021-01 starting at 411.6 meters.
  • Current results expand upon similar results in past campaigns which returned 0.103 g/t Rh over 7.9 meters in hole CM2020-05, and 0.100 g/t Rh over 6.1 meters in hole CM2007-02.
  • Rhodium is mined solely as a co-product at grades that are often below 0.1 g/t. South Africa dominates global production, and there is very little mine supply in North America. Sibanye-Stillwater, adjacent to SWCM’s Stillwater West project, is the primary US producer.
  • Supply constraints have resulted in elevated rhodium prices since 2017. At its current spot price of more than USD 12,000/oz, 0.1 g/t rhodium equates to more than 0.6 g/t gold or palladium equivalent, and more than 1.2 g/t platinum equivalent.
  • Rhodium has a high melting point, is highly corrosion resistant, and is critical in catalytic converters, along with platinum and palladium, for cleaner vehicle emissions.
  • Complete results from the 14-hole expansion drill campaign, which consisted of wide step-outs at three of the five deposits defined by the 2021 Resource, are being incorporated into the updated block models by SGS. As shown in Table 1, results continue to demonstrate impressive grade and scale with wide intervals at successively higher grades contained within very wide bulk-tonnage grade intervals, including:
    • 13.2 meters of 2.31% Ni, 0.35% Cu, 0.115% Co, and 1.51 g/t 4E (Pt+Pd+Au+Rh) starting at 37.6 meters and within 400.8 meters of continuous mineralization in hole CM2021-05;
    • 44.1 meters of 0.57% Ni, 0.34% Cu, 0.045% Co, and 0.74 g/t 4E starting at 32.8 meters and within 367.6 meters of continuous mineralization in hole CZ2021-01; and
    • 50.2 meters of 1.05 g/t 4E plus 0.19% Ni and other values within 728.1 meters of continuous mineralization in hole CM2021-01.
  • Metallurgical testing completed by AMAX confirmed recovery of rhodium along with palladium and platinum in preliminary bench-scale flotation testing at the CZ deposit area in the early 1970s.
  • Past work previously reported by the Company included surface sample results of up to 5.78 g/t Rh at the HGR target in the Iron Mountain area, and 1.07 g/t Rh at Chrome Mountain in reconnaissance-scale rock sample programs (see June 11, 2020, news release).
  • Early results for other rare Platinum Group Elements (“PGE”) show potential for additional value from iridium, osmium, and ruthenium which often occur along with platinum, palladium, and rhodium at Stillwater West.

Table 1 – Final results from resource expansion drilling including recent rhodium assay results.

INTERVALPRECIOUS METALSBASE METALSTOTAL METALEQUIVALENTS
HOLE IDFrom(m)To(m)Width(m)Pt(g/t)Pd(g/t)Au(g/t)Rh(g/t)4E(g/t)Ni(%)Cu(%)Co(%)NiEq*(%)NiEq*(%)PdEq*(g/t)
DR / HYBRID DEPOSIT AREA – RESOURCE EXPANSION DRILLING
CM2021-010.0728.1728.10.120.170.020.0130.320.130.030.0130.160.260.66
including230.5583.4352.90.210.270.030.0220.540.170.040.0150.200.380.95
including304.8312.07.20.630.640.030.1221.430.110.020.0080.130.671.68
including324.0385.261.20.190.170.020.0390.420.200.040.0150.230.390.98
including397.2556.4159.20.310.410.050.0250.790.180.030.0170.220.471.17
including397.2447.450.20.480.480.040.0501.050.190.030.0150.220.561.40
including423.4430.67.20.931.330.050.0272.340.240.030.0180.270.962.39
including479.8549.269.40.270.470.060.0170.820.180.040.0170.220.481.20
including530.0543.213.20.260.810.060.0391.170.210.060.0170.250.671.67
including530.0537.27.20.331.070.080.0491.540.210.050.0170.240.791.97
including687.4728.140.70.070.200.020.0080.290.180.070.0210.240.340.84
CM-2021-020.0333.0333.00.080.100.020.0060.200.110.040.0110.140.210.52
including118.7232.8114.10.070.120.040.0070.240.190.090.0150.240.320.79
including131.5148.417.00.160.250.050.0240.490.190.100.0220.270.441.11
including256.9267.010.20.140.380.070.0160.610.250.130.0140.310.521.29
CM-2021-030.0428.2428.20.080.130.020.0090.240.100.030.0150.140.220.56
including106.0115.29.20.020.030.060.0080.120.280.110.0450.410.461.14
including165.0215.450.40.060.060.030.0050.150.130.040.0170.170.220.55
including165.0172.27.20.010.050.040.0020.100.290.100.0440.410.451.11
including240.1270.430.30.310.650.050.0481.060.140.030.0130.170.551.37
including252.2260.58.30.491.060.050.1041.700.130.030.0130.160.812.02
CM-2021-040.0208.8208.80.050.080.020.0040.140.110.050.0150.160.200.50
including0.067.267.20.100.170.020.0100.300.130.050.0160.180.280.69
including3.616.813.20.170.520.030.0250.750.150.040.0150.190.461.14
including198.0208.810.80.020.040.030.0020.100.250.220.0260.380.411.02
CM-2021-0536.4437.2400.80.060.120.040.0080.220.170.030.0150.200.270.68
including36.4132.496.00.060.120.120.0020.300.400.050.0240.430.521.30
including37.650.813.20.250.430.820.0151.512.310.350.1152.432.897.21
including37.643.66.00.500.771.340.0242.633.470.240.1953.584.3810.92
including190.0208.018.00.180.580.040.0250.820.160.050.0150.200.491.22
including191.2196.04.80.401.410.090.0711.980.210.070.0160.260.982.43
including345.7364.018.30.210.430.050.0340.720.160.060.0140.200.461.14
CM-2021-060.0376.8376.80.080.130.020.0090.240.120.030.0140.150.230.57
including123.0150.827.80.150.410.040.0300.630.160.050.0150.200.431.07
including125.1129.44.30.280.990.070.0961.440.230.070.0200.280.862.15
including254.0264.810.80.050.120.030.0040.210.270.060.0300.330.401.01
including303.4376.873.40.200.260.030.0200.510.140.020.0170.170.340.84
including305.8328.422.60.320.440.020.0350.810.110.010.0170.140.421.04
including315.4327.211.80.420.630.020.0481.120.100.010.0170.140.521.29
CZ DEPOSIT AREA – RESOURCE EXPANSION DRILLING
CZ2021-0110.8378.4367.60.060.170.020.0090.260.150.060.0150.200.290.72
including13.276.963.70.120.420.070.0270.640.470.270.0400.620.862.15
including32.876.944.10.120.490.090.0350.740.570.340.0450.751.042.58
CZ-2021-0287.694.87.20.030.100.080.0020.210.170.110.0180.240.310.78
HGR DEPOSIT AREA – RESOURCE EXPANSION DRILLING
IM-2021-01Did not reach target depth due to bad ground conditions
IM-2021-02Did not reach target depth due to bad ground conditions, repeated as IM-2021-03
IM-2021-03Did not reach target depth due to bad ground conditions
115.0118.63.60.321.170.060.0671.620.140.020.0120.160.761.90
IM-2021-040.0306.5306.50.050.090.020.0050.150.130.080.0130.180.230.57
including92.2207.6115.40.090.160.030.0090.280.190.100.0150.250.340.85
including92.2102.09.80.391.020.060.0691.540.190.060.0180.240.802.00
including147.6200.452.80.070.110.040.0030.220.230.160.0140.310.370.93
including256.0260.84.80.000.150.090.0550.300.740.650.0701.111.283.19
IM-2021-050.0379.2379.20.070.130.020.0060.220.170.090.0140.220.290.74
including66.899.232.40.150.300.040.0170.500.220.110.0160.280.451.12
including310.2378.067.80.060.160.030.0060.260.250.140.0160.320.401.01
including313.4334.921.50.070.240.040.0130.350.380.130.0240.450.581.43
including313.4315.82.40.000.650.110.0860.851.550.170.0871.632.045.08
including327.7334.97.30.130.340.040.0070.510.450.170.0260.530.701.74
including346.8347.81.00.030.310.110.0900.552.520.310.0972.542.847.09
including354.3364.810.50.070.220.040.0030.330.340.330.0180.490.591.48
including354.3355.51.20.070.820.060.0010.951.330.710.0551.601.924.79
IM-2021-060.0333.0333.00.080.140.020.0080.250.130.040.0120.160.240.60
including70.8164.894.00.140.320.050.0160.530.200.090.0140.250.431.06
including82.8109.226.40.190.410.080.0130.690.270.140.0160.340.561.40
including298.6314.215.60.160.330.020.0310.550.140.030.0160.180.380.95
including299.8304.64.80.420.830.050.0771.380.160.030.0160.190.701.75

*Notes to reported values:

  1. Ni and Pd equivalents are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh).
  2. Recovered Nickel Equivalent in Table 1 is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]
  3. Palladium Equivalent is determined as follows: PdEq g/t = NiEq x 0.401
  4. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t.
  5. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
  6. Intervals are reported as drilled widths and are believed to be representative of the true width of mineralization.

Dr. Danie Grobler, Vice-President of Exploration, commented, “We see an overall trend of increasing PGE content up-sequence within the Ultramafic Series of the Stillwater Complex (“SWC”), like that observed within ultramafic portions of the Bushveld Complex (South Africa), as well as the Great Dyke in Zimbabwe. Scientific studies have shown that the Ultramafic Series of the SWC are enriched in PGE relative to most mafic magmas. Furthermore, the chromitite layers correlate with and are particularly enriched in rhodium and the lesser PGEs osmium, iridium, and ruthenium. More importantly, the reported high-grade rhodium results correlate with specific chromite seams and correspond to geochemical and geophysical anomalies associated with our existing resource areas defined during 2021, highlighting our rapidly advancing understanding of their occurrence, and our ability to effectively target new areas.”

Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “Our 2022 programs built on the success of past campaigns, continuing to return rhodium at significant potential co-product values at a time when the U.S. is looking to increase domestic supplies of this very rare element, alongside 49 other critical minerals. We look forward to reporting our updated and expanded resource models in the near term as we advance Stillwater West towards its potential to become a primary low-carbon source of eight of the minerals listed as critical by the US government, effectively ushering in the next phase of critical mineral supply from the iconic and productive Stillwater Complex.”

Upcoming Events

The Company at is pleased to advise it will be presenting at the Emerging Growth Conference: January 25th at 9:30am PT | 12:30pm ET (virtual). To register, click here.

For a full list of upcoming events, visit our website: https://criticalminerals.com/investors/events/

About Stillwater West

Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.

Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director

Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Rhodium was analyzed by fire assay (1C-Rhodium). Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking Statements

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

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

SOURCE: Stillwater Critical Minerals Corp.



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Stillwater Critical Minerals (TSX.V: PGE | OTC: PGEZF)
Website | https://criticalminerals.com/
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Stillwater Critical Minerals
Suite 904 – 409 Granville Street
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Tel: +1 (604) 357-4790
Toll Free: +1 (888) 432-0075
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