Tag: #ProvenAndProbable

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Base Metals Energy Junior Mining

Nevada Copper Receives US$20 Million from Closing of Second Tranche of Restart Financing Package and Provides Update

Nevada Copper, Proven and Probable

YERINGTON, Nev., Dec. 29, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce that the second tranche of funding of an aggregate of US$20 million provided by Mercuria Energy (“Mercuria”) and Triple Flag Precious Metals Corp. (“Triple Flag”) has been released from escrow to Nevada Copper as part of the Company’s restart financing package (the “Restart Financing Package”), the first tranche of which closed on October 28, 2022. In exchange for its US$10 million portion of the second tranche of funding, Mercuria received 63,411,540 common shares of the Company. The US$10 million portion of the second tranche of funding provided by Triple Flag resulted in the completion of the increase of its existing net smelter returns royalty on the Company’s open pit project from 0.7% to 2%. In connection with the closing conditions relating to the second tranche, the Company and Mercuria have determined that certain informational and other matters will be addressed post-closing. Please see the Company’s prior press releases on October 28, 2022 and October 25, 2022 for additional details regarding the Restart Financing Package, including the use of proceeds therefrom.

The Company continues to progress restart activities at its Pumpkin Hollow underground copper mine (the “Underground Mine”), including:

  • Development mining contractor – the Company is finalizing its selection of a development mining contractor and expects to award a contract in Q1 2023.
  • Capital projects – the Company is finalizing contract conditions with a capital projects contractor to complete the installation of the Geho dewatering system and coarse ore bin and rehabilitation of the vent shaft. Authorization to proceed with mobilization planning has been given to allow for an expedient ramp-up once the contract has been awarded.
  • Underground development work – hoisting of material to surface recently commenced at the Underground Mine and other development activities, such as advancing through the final dike crossing, completion of the maintenance shop and rehabilitation of ore passes, continue in preparation for mobilization of a development mining contractor in 2023.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit PFS stage project.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to development and ramp-up plans and activities at the Underground Mine and the timing in respect thereof.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with vendors; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended September 30, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended September 30, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Junior Mining Precious Metals

Labrador Gold Reviews Successful Year of Discovery at Kingsway

Labrador Gold, Proven and Probable

TORONTO, Dec. 30, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to share a year end review of exploration at its 100% owned Kingsway Project. Exploration during 2022 was focussed on the prospective Appleton Fault Zone that trends over a 12km strike length at Kingsway.

Discovery highlights of 2022 exploration include:

  • Extended Big Vein discovery to over 520 metres NE-SW strike length; mineralization remains open in both directions
  • Both the highest-grade intersection of 284.1 g/t Au over 0.58 metres and the longest intersection of 2.02 g/t Au over 32 metres on the property to date were uncovered at Big Vein
  • Additional high-grade mineralization (479.5 g/t Au) found in outcrop at Golden Glove where initial drilling during 2022 intersected 6.22 g/t Au over 4m and 20.07 g/t Au over 1m
  • Made two brand new discoveries of near surface gold mineralization under cover at the Pristine and Midway targets.
    • Initial drilling at Pristine identified a mineralized zone (Doyle Zone) that currently extends over 135 metres as well as a second parallel zone approximately 25m east
    • Limited drilling at Midway indicates near surface gold disseminated within an altered gabbroic intrusion, a separate mineralization style with significant potential for expansion along strike
  • Drilled 36,000 metres in 2022 after doubling the size of the planned drill program to 100,000 metres.

The company is fully funded for the remaining 37,496 metres of the planned 100,000 metre program with approximately $18 million in cash. Assays are pending for samples from 3,903 metres of core (10.3% of the total submitted).

“LabGold’s exploration at Kingsway over the past two and a half years has resulted in the discovery of four new gold occurrences. Three of these, Golden Glove, Big Vein and Pristine, are located along the Appleton Fault Zone which continues to be our primary exploration target,” said Roger Moss, President and CEO of Labrador Gold. “With only about 2km of the 12km strike length of the Appleton Fault Zone tested by drilling, we anticipate additional discoveries as we test the remaining 10km of this very prospective structure. We would like to thank our investors for their continued support during the recent market downturn and hope you will join us as we look forward to another exciting year of exploration and discovery at Kingsway.”

Figure 1. Kingsway gold occurrences showing highlights of 2022 drilling
https://www.globenewswire.com/NewsRoom/AttachmentNg/73b26bf4-ce4d-482c-8e30-47c1f500654c

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $18 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 170,009,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:     

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

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

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Categories
Diamcor Mining Junior Mining

Diamcor Announces Results of Annual General Meeting

Diamcor Mining, Proven and Probable

KELOWNA, BC / ACCESSWIRE / December 29, 2022 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) announced today that shareholders passed each of the resolutions described in the Company’s proxy materials by the required majority of voting at the Company’s Annual General Meeting (the “AGM”) held on December 21, 2022.

The total number of votes cast for each resolution is set out in the table below.

MOTIONSNUMBER OF SHARESPERCENTAGE OF VOTES CAST
FORAGAINSTWITHHELD/ ABSTAINSPOILEDNON VOTEFORAGAINSTWITHHELD/ ABSTAIN
Number of Directors56,149,661187,685009,009,76299.67%0.33%0.00%
Dean H. Taylor55,990,6610346,68509,009,76299.38%0.00%0.62%
Darren Vucurevich55,990,5610346,78509,009,76299.38%0.00%0.62%
Sheldon Nelson56,139,2610198,08509,009,76299.65%0.00%0.35%
Dr. Stephen Haggerty56,327,311010,03509,009,76299.98%0.00%0.02%
Appointment of Auditors65,159,3510187,7570099.71%0.00%0.29%

TOTAL SHAREHOLDERS VOTED BY PROXY: 59

TOTAL SHARES ISSUED & OUTSTANDING: 122,492,174

TOTAL SHARES VOTED: 65,347,108

TOTAL % OF SHARES VOTED: 53.35%

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) -757-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

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

SOURCE: Diamcor Mining Inc.

Categories
Energy Junior Mining Precious Metals

Collective Mining Reviews 2022 Achievements & Provides Preliminary Plans for 2023

TORONTO, Dec. 28, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to provide an overview of its achievements in 2022 and a preliminary outline of its plans for 2023.

The Company enjoyed an outstanding year exploring in the field as well as building relationships and related sustainability efforts off the field with its employees and stakeholders. Importantly, buy-in by employees of the Company’s health and safety program has resulted in a record low Total Recordable Injury Frequency Rate (“TRIFR”) of 1.44 (Dec. 2021 – Nov. 2022) and as of December 19, 2022, the Company’s employees have gone 333 days without recording a safety incident.

Exploration efforts in 2022 were directed at the Company’s flagship Guayabales project (“Guayabales”) where a major grassroot discovery was drilled at the Apollo target along with two additional earlier stage drilling discoveries at the Olympus and Trap targets. Guayabales is located in an established mining camp with 10 fully permitted and operating mines located within a three-kilometre radius and enjoys excellent infrastructure with abundant labor in close proximity. Additionally, Guayabales is contiguous to the Aris Mining’s multi-million-ounce Marmato project, which was awarded its PTO by the national government of Colombia in November 2022.

2022 Highlights

Guayabales Project

  • Drilling: In 2022, the Company drilled a total of 22,907 metres on schedule and on budget, of which 14,975 metres (30 holes) were drilled at the Apollo target.
  • Discovery 1: Apollo Target Main Breccia Discovery: The Company announced a significant grassroots discovery of a new bulk tonnage and high-grade, copper-silver-gold porphyry-related breccia system named the Main Breccia. The discovery hole for the Main Breccia system was announced on June 22, 2022, and since that time a total of 21 holes have been announced with an additional 9 holes awaiting assay results in the near term. From only a limited number of holes, the maximum known dimensions of the volume of rock, within which the Main Breccia system is hosted, measures 385 metres along strike by 350 metres across by 825 metres vertical. The system remains open for expansion in all directions. Apollo owes its excellent metal endowment to multiple phases of mineralization which include earlier gold-silver-copper breccia matrix mineralization derived from a porphyry source and younger, overprinting, sheeted carbonate base metal vein systems. Highlight assay results for drill holes into the Main Breccia system include:

Table 1: Select Assay Results of Holes Drilled into the Main Breccia Discovery at Apollo

Hole #From
(m)		To (m)Intercept
(m)		Au
(g/t)		Ag
(g/t)		Cu%Zn %Pb%Mo %AuEq
(g/t)*		CuEq
(%)*
APC-2154.75361.90207.151.46450.310.0750.050.0022.681.37
Incl192.50209.9017.406.57440.080.2850.230.0037.33
270.65291.6020.953.67680.410.0340.030.0025.21
APC-8202.00467.75265.751.26550.220.070.050.0452.441.24
Incl202.00215.2013.203.68270.030.320.240.2384.29
239.05257.5018.453.48530.120.240.220.2164.55
279.40307.8528.453.70240.160.030.020.0164.18
342.60358.1015.502.151580.470.130.100.1045.21
APC-12191.35429.05237.71.15720.380.080.070.0012.881.47
Incl209.70224.0014.304.01770.210.270.260.0015.58
339.55361.3021.753.842100.680.370.450.0018.27
416.90429.0512.153.64840.220.040.060.0015.09
APC-1484.25131.7047.450.81130.200.010.000.0031.360.7
197.00391.30194.300.39560.440.030.010.0022.001.02
APC-18136.05304.65168.600.98690.500.040.030.0022.911.48
Incl149.20157.007.805.08350.520.02–0.0026.343.23
193.20205.1011.902.181540.770.180.200.0015.812.97
233.90251.5017.601.49560.740.050.020.0023.631.85
291.65297.005.353.26100.110.01–0.0013.471.77
APC-19199.20497.80298.60.48340.310.040.020.0021.540.79
Incl199.20323.50124.300.62640.630.050.020.0022.721.39
491.30497.806.502.33260.040.080.060.0012.69
APC-20298.20400.40102.202.72280.080.210.150.0013.38
Incl324.25357.8533.606.30450.080.420.330.0017.30
Figure 1: Plan View of the Main Breccia Discovery at Apollo (CNW Group/Collective Mining Ltd.)
Figure 1: Plan View of the Main Breccia Discovery at Apollo (CNW Group/Collective Mining Ltd.)
  • Apollo Target: New Undrilled Porphyry Target: On December 14, 2022, the Company announced the discovery of a significant high-grade copper and molybdenum soil anomaly located only 150 metres south of the southernmost edge of the Main Breccia discovery. Drilling is planned for early 2023 to test the target, which could be the source of the porphyry copper mineralization found in the Main Breccia system.  
  • Apollo Target: Metallurgy: The Company successfully completed cyanide leach, bottle-roll test on three representative composite sulphide samples from the Main Breccia discovery. Importantly, the samples covered all major styles of mineralization hosted within the Main Breccia discovery and yielded excellent recovery rates for gold up to 97%.
  • Discovery #2: Olympus: The Company made its second grassroots discovery on March 25, 2022, at the Olympus target. The discovery is characterized by broad drilling intercepts of medium grade gold and silver with minor associated base metal credits. The Olympus discovery covers an area measuring 1.0 km by 0.9 km and remains open in most directions. A three-hole, phase II program was recently completed with assay results expected in Q1, 2023.  Highlight Phase I assay results for drill holes at Olympus include:

Table 2: Select Assay Results from Drilling at the Olympus Target

Hole #From (m)To (m)Intercept
(m)		Au (g/t)Ag (g/t)Cu%Zn %Pb%Mo %AuEq (g/t)*
OLCC-361.70363.60301.900.8911.820.030.030.030.0021.11
OLCC-473.00289.70216.700.7913.840.040.020.030.0041.08
  • Discovery #3: Trap: The Company announced its third grassroots discovery at the Trap target on September 27, 2022. Trap is a north to northwest trending, structurally controlled corridor with evidence of overprinting porphyry B veins and late-stage carbonate base metals veins. Highlights from the reconnaissance drill program at Trap include:

Table 3: Select Assay Results from Drilling at the Trap Target

Hole #From
(m)		To (m)Intercept
(m)		Au
(g/t)		Ag
(g/t)		Cu%Zn %Pb%Mo %AuEq
(g/t)*		CuEq
(%)*
TRC-1233.8336.0102.201.26120.090.080.010.0031.530.90
VICE-2214.6233.5018.901.06360.180.180.120.0051.831.13

Corporate & Sustainability, Strategic Alliances

  • Financing: In October, the Company closed a $10.7 million bought deal financing comprised of 4,783,400 units at $2.25 per unit, including one half of one common share purchase warrant at $3.25, excisable until April 25, 2024.
  • OTC Listing: The Company upgraded its US-based listing to the OTCQX exchange from the Pink® market, trading under the symbol CNLMF. 
  • Strategic Alliances:

2023 Preliminary Plans

  • Equipped with a strong balance sheet, the Company will continue to actively drill the Apollo target. The program will focus on targeting the high-grade subzones within the Main Breccia system while simultaneously expanding the size of the system. Additionally, the Company will remain aggressive in testing new targets including the newly generated copper and molybdenum porphyry target located 150 metres south of the Main Breccia system. Drilling will resume in early January 2023.       
  • Assays for the remaining and completed 2022 drill holes at Apollo remain outstanding and will be announced throughout early 2023.

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.

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.

Cision
Cision

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Categories
Dolly Varden Silver Junior Mining Precious Metals Uncategorized

Dolly Varden Silver Announces Closing of $22.6 Million Private Placement with Participation by Hecla Mining

Vancouver, British Columbia–(Newsfile Corp. – December 22, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that it has closed its previously announced brokered private placement offering (the “Offering“) for gross proceeds of approximately $20.7 million, including the full exercise of the agents’ option, and also received $1.9 million from Hecla Canada Ltd.’s pro-rata participation to maintain its 10.21% ownership on a fully diluted basis, for aggregate gross proceeds of $22.6 million to the Company. The Company issued: (i) 5,634,516 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) (the “FT Offered Shares“) at a price of $0.90 per FT Offered Share; (ii) 14,884,700 common shares of the Company that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) that will be issued as part of a charity arrangement (the “Charity Offered Shares” and together with the FT Offered Shares, the “Offered Shares“) at a price of $1.05 per Charity Offered Share; and (iii) 2,334,114 non flow-through common shares to Hecla Canada Ltd.

The Offering was led by Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners, on behalf of a syndicate of agents, including Haywood Securities Inc. (collectively, the “Agents“).

“2022 has been the most successful year to date in the history of Dolly Varden Silver. By consolidating seven high-grade silver and gold deposits and historic mines with potential development synergies as well as exploration upside, we have created a preeminent silver gold company within an accessible and stable region of BC’s prolific Golden Triangle. Drill results received and released to date have exceeded expectations and we eagerly await the remaining 50 drill holes from our 2022 exploration season. We are grateful to existing and new shareholders who have provided us with the capital to continue to unlock the potential of the Kitsault Valley,” commented Shawn Khunkhun, Chief Executive Officer of the Company.

The gross proceeds of the Offering will be used for further exploration, mineral resource expansion and drilling in Kitsault Valley located in northwestern British Columbia, Canada, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Income Tax Act (Canada) and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act (Canada) that will qualify as “flow-through mining expenditures,” which will be incurred on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Offered Shares and Charity Offered Shares.

The Offered Shares were issued under the Offering by way of applicable prospectus exemptions in accordance with NI 45-106 to “accredited investors” only.

Pursuant to the ancillary rights agreement between Hecla Canada Ltd. (“Hecla“) and the Company dated September 4, 2012, Hecla exercised its anti-dilution right in respect of the Offering to acquire 2,334,114 common shares of the Company (“Common Shares“) at a price per Common Share of $0.83 for gross proceeds of $1.9 million. The Common Shares issued to Hecla are in addition to those issued as part of the Offering.

The Offered Shares and Common Shares issued to Hecla are subject to a hold period in Canada expiring on April 23, 2022.

In connection with the Offering, the Agents received an aggregate cash fee equal to $1,191,600 and REDPLUG Inc. received a cash finder’s fee equal to $50,400.

This release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Projects (which include 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. projects host the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. They are 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 Projects also contain 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 use of proceeds with respect to the Offering, 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 projects, the potential to expand the mineralization and our beliefs about the unexplored portion of the properties.

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 Information Form (“AIF“) dated September 23, 2022, which is available on SEDAR at www.sedar.com. The risk factors identified in the AIF 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, 1-604-602-1440, www.dollyvardensilver.com.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Categories
Junior Mining Precious Metals

Goldshore Announces Private Placement of up to $1 Million

Vancouver, British Columbia–(Newsfile Corp. – December 23, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a non-brokered private placement of up to 4,000,000 units (each, a “Unit”) at a price of $0.25 per Unit for gross proceeds of up to $1,000,000 (the “Financing”). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share”) and one-half common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.40 at any time up to 24 months from the closing of the Offering.

The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.

The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to approval by the TSX Venture Exchange.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 23% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the expectation that the Offering will close in the timeframe and on the terms as anticipated by management. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof. These forward‐looking statements or information relate to, among other things: closing of the Financing and the timing thereof; receipt of approvals required to close the Financing; and the intended use of proceeds from the Financing.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company will complete Offering in the timeframe and on the terms as anticipated by management. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the failure to complete the Offering in the timeframe and on the terms as anticipated by management, market conditions and timeliness regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149314

Categories
Uncategorized

Goldshore Announces Closing of $5.75 Million Public Offering

VANCOUVER, B.C., December 22, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTC Markets: GSHRF / FSE: 8X00) (“Goldshore” or the “Company”) is pleased to announce that it has closed its previously announced public offering (the “Offering”), for aggregate gross proceeds of approximately $5.75 million, including the full exercise of the over-allotment option. The Offering was led by Research Capital Corporation as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Laurentian Bank Securities, Canaccord Genuity Corp., Gravitas Securities Inc., and Red Cloud Securities Inc. (collectively, the “Agents”). The Company issued the following combination of securities (the “Offered Securities”):

(i) 11,650,280 conventional units of the Company (“Conventional Units”) at a price of $0.25 per Conventional Unit. Each Conventional Unit consists of one common share (each, a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”); and

(ii) 9,458,100 flow-through units of the Company (the “FT Units”) at a price of $0.30 per FT Unit. Each FT Unit consists of one Common Share that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one-half of one Warrant.

Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.40 per Warrant Share until December 22, 2024.

The net proceeds from the Offering of the Conventional Units will be used for working capital and general corporate purposes. The gross proceeds from the sale of FT Units will be used for exploration expenses on the Company’s Moss Lake property, located in Ontario, as Canadian exploration expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures” (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2023 and renounced with an effective date no later than December 31, 2022 to the initial purchasers of FT Units. For additional details regarding the use of proceeds, please see the prospectus supplement of the Company dated December 16, 2022, which is available under the Company’s profile on SEDAR at www.sedar.com.

In connection with the Offering, the Agents received a cash fee equal to $282,500.

Eventus Capital Corp. has been appointed as a special advisor to the Company.

Certain insiders of the Company participated in the Offering and purchased an aggregate of 40,000 Conventional Units and 118,400 FT Units. The insider participation in the Offering constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-

101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Offering as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved related parties, exceeded 25% of the Company’s market capitalization as determined under MI 61-101.

This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

For More Information – Please Contact:

Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500 E. brichards@goldshoreresources.com W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including final approval from the TSX Venture Exchange. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof. These forward‐looking statements or information relate to, among other things: the intended use of proceeds from the Offering, and the incurrence of Qualifying Expenditures.

Such forward-looking information and statements are based on numerous assumptions. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to market conditions and timeliness regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Lion One Metals

Lion One Announces Results of Annual and Special General Meeting

North Vancouver, British Columbia–(Newsfile Corp. – December 16, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results of the Company’s annual and special general meeting of shareholders (the “Meeting“) held on December 15, 2022.

At the Meeting, the number of directors of the Company was set at four (4) with the following directors re-elected at the Meeting: Walter H. Berukoff, Richard J. Meli, Kevin Puil and David R. Tretbar. In addition, shareholders of the Company approved the Company’s Omnibus Equity Incentive Compensation Plan as described in the management information circular dated November 1, 2022 (the “Circular“) as well as the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditor of the Company for the ensuing fiscal year.

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
e: info@liononemetals.com web: www.liononemetals.com

Neither the TSX-V Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Base Metals Energy Junior Mining Precious Metals Uncategorized

Collective Mining Discovers a High-Grade Copper and Molybdenum Porphyry Related Soil Anomaly 150 metres South of the Main Breccia Discovery at Apollo 

  • New assay results from detailed soil geochemistry sampling have outlined a high-grade porphyry anomaly averaging greater than 500 parts per million (“ppm”) copper and 30 ppm molybdenum with highest values up to 1,125 ppm copper and 163 ppm molybdenum.  
  • Located only approximately 150 metres south of the southernmost modelled boundary of the Main Breccia discovery at Apollo, this new high-grade anomaly covers an area measuring 250 metres by 150 metres and remains completely open for expansion to the west, east and south. 
  • Follow-up reconnaissance geological work at surface has identified a potassic altered porphyry diorite hosting quartz, molybdenum, and chalcopyrite veins. Surface rock chip sampling from limited weathered (leached) outcrop has returned grades of up to 0.28% copper and 0.13% molybdenum. 
  • The soil anomaly compares favorably in grade and is slightly larger than the soil anomaly covering the southern portion of the Main Breccia discovery at Apollo where recent assay results from drilling have intercepted the highest copper grades to date including drill hole APC-18 which averaged 168.6 metres at 0.98 g/t gold, 69 g/t silver and 0.5% copper. 
  • Immediate plans are underway to test the porphyry target with the first drill hole expected to begin in early Q1, 2023. 
  • Three rigs continue to drill the Main Breccia at Apollo with holes APC-22 through APC-27 awaiting assay results and holes APC-28 through APC-30 nearing completion ahead of a short break for the seasonal holiday.  

Toronto, Ontario, December 14, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from soil and rock chip sampling undertaken south of the Main Breccia discovery at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.  The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia system with previously announced assay results including:  

Hole  Intercept (m)  Au (g/t)  Ag (g/t)  Cu %  Zn %  Pb %  Mo %  AuEq (g/t) *  
APC-2  207.15  1.46  45  0.31  0.08  0.05  0.002  2.68  
APC-8  265.75  1.26  55  0.22  0.07  0.05  0.045  2.44  
APC-12  237.70  1.15  72  0.38  0.08  0.07  0.001  2.88  

* See press releases dated August 10th, September 13th and October 6th respectively.   

Executive Chairman, Ari Sussman stated: “The discovery of a high-grade copper and molybdenum soil anomaly associated with a mineralized porphyry body just south of our Main Breccia discovery at Apollo is exciting. As drilling continues to expand the Main Breccia discovery at Apollo, our early-stage exploration team has been focused on prospecting the rest of the Apollo target area to determine if a possible source exists for the copper mineralization found within the breccia discovery. Given the proximity to our Main Breccia discovery, this new high-grade porphyry target suggests we may have found the source. We are eager to test the new target and plan to initiate drilling in January as part of our upcoming 2023 drilling program. We are looking forward to an exciting 2023 as we continue to drive shareholder value through aggressive expansion drilling of the Main Breccia discovery while testing new targets.” 

Details (See Figures 1–3) 

The Company’s exploration teams have recently undertaken outcrop mapping and soil sampling within the Apollo area with the objective of outlining new targets for drilling. This work has outlined a coherent and well-defined soil anomaly for copper and molybdenum covering dimensions of 250 metres east-west by 150 metres north-south. The anomaly is defined by over 70 soil samples with copper values ranging from 310-1,125pmm and Molybdenum values up to 163ppm. Gold in soil within the anomaly has also returned numerous samples (n=12) ranging from 0.1 to 0.4 g/t. The soil anomaly locates only 150 metres south of the southernmost outcropping portion of the northerly dipping Main Breccia discovery at Apollo as defined by drilling and surface outcrop sampling. The southern copper and molybdenum anomaly is still open at surface to the west, east and to the south. 

Reconnaissance geological mapping and rock chip sampling within the anomalous soil area has identified porphyry diorites with secondary biotite alteration hosting porphyry “B” veins with center and border lines of chalcopyrite and molybdenum. Disseminated chalcopyrite was also observed within the limited outcrop exposures with rock chip sampling reporting grades up to 0.28% of copper, 0.13% of molybdenum and 0.8 g/t gold. 

The Company is currently organizing and constructing a new drill pad to test the target with diamond drilling in January 2023. 

The larger Apollo target area, which includes the Main Breccia discovery and other breccia and porphyry targets, is defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry and covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the Company’s new Main Breccia discovery plus multiple CBM vein systems located within and above and below the mineralized angular breccia. Additional untested breccia discoveries locate to the NE and SE of the main breccia discovery. The newly defined porphyry target, as outlined in this press release, is located 150 metres due south of the southernmost end the Main Breccia discovery and is flanked to the southeast by outcrops hosting a high density of porphyry quartz veins associated with early biotite veins in diorite porphyry.  The larger Apollo target area also remains open for further expansion. 

Figure 1: Plan View of the New Porphyry Target Soil Anomaly in Relation to the Main Breccia Discovery at Apollo  

Figure 2: Detailed View of the Soil Anomaly Covering the New Porphyry Target with Photos and Assay Results for Rock Samples 

Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Location 

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. 

Contact Information 

Collective Mining Ltd.  

Steven Gold, Vice President, Corporate Development and Investor Relations 

Tel. (416) 648-4065 

  

FORWARD-LOOKING STATEMENTS   

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

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A Diamond In The Rough

  • A profitable quarter and more on the horizon
  • A strategic joint venture suggests continued success
  • Rising interest in diamonds- A hard asset
  • Dubai is a buyer of the unpolished stones
  • Diamcor Mining (DMIFF) and undervalued OTC stock

A diamond is a solid form of the element carbon, with its atoms arranged in a crystal structure called a diamond cube. Most natural diamonds form over one billion years in the earth’s mantle, between 93 and 155 miles below the surface, and pressure transforms the carbon into stones.  

An unpolished diamond is in the stone’s natural state while polishing processes the stone into the jewels that are a “girl’s best friend.” De Beer’s iconic slogan, “A diamond is forever,” dates to 1947 and has become a symbol of love as engagement, wedding, and anniversary jewelry contains the stones. Aside from its use in jewelry, diamonds are critical for industrial cutting and polishing tools. In today’s markets, the case for investing in diamonds has become compelling.

Diamcor Mining Inc (DMIFF) is a Canadian producer with significant ties with the international diamond industry. The company recently reported a profitable quarter, which could lead to a higher stock price over the coming months and years.

A profitable quarter and more on the horizon

Diamcor Mining, Inc. reported third-quarter results showing growth and profits in late October. Operating results improved quarter-over-quarter with the sale of 3,776.33 carats of rough diamonds, up from 3,061.70 in Q2 2022. Third quarter revenue of around $2.1 million was higher than the $557.6 thousand in Q2.

Meanwhile, the company sales averaged $556.08 per carat in Q3 compared with $182.11 in Q2. The jump in the per-carat price came from selling a 59.35-carat gem quality unique rough diamond to a Middle Eastern investor.

Diamcor’s CEO, Dean Taylor, said, “We are very pleased with the continued quarterly growth achieved again for the period ending September 30, 2022, and remain optimistic given the recent announcement of the delivery of 5,833 carats for the first tender and sale of this quarter (Q4 2022).” The Q4 sale is already 54.5% above the carats sold in Q3 and could result in another profitable quarter when Diamcor reports results in early 2023.  

A strategic alliance suggests continued success

Anyone with even slight knowledge of the worldwide diamond business knows two names, Tiffany and De Beers. Tiffany is synonymous with diamonds, and De Beers is the South African mining and marketing giant.

Diamcor has established a long-term strategic alliance and the first right of refusal with Tiffany & Co. Canada, a subsidiary of the parent Tiffany & Co. headquartered in New York. The agreement is for Tiffany to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at the current prices determined by the parties on an ongoing basis. Tiffany provided Diamcor with financing to advance the project. Moet Hennessy Louis Vuitton (LVMH) is a publicly traded company listed on the Paris Stock Exchange (Euronext) which owns Tiffany & Co.

Meanwhile, the Krone-Endora at Venetia Project comprises approximately 5,888 hectares directly adjacent to De Beer’s flagship Venetia Diamond Mine in South Africa. In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited. In September 2014, the South African Department of Mineral Resources granted a Mining Right for the Krone-Endora at Venetia Project for 657.71 hectares of the Projects total area of 5,888 hectares. Diamcor has applied for additional mining rights for the remaining hectares.

Tiffany is a high-end retail leader in diamonds, and De Beers is a wholesale giant. Diamcor has established a joint venture with the retail leader and is a neighbor of a producing leader.

Rising interest in diamonds- A hard asset

Bain & Company is a US management consulting company headquartered in Boston, Massachusetts. The company provides advice to public, private, and non-profit organizations. In Bain’s report on The Global Diamond Industry 2021-2022, the consulting company said, “A brilliant recovery shapes up.” Some of the report’s highlights include:

  • Revenues recovered across the diamond supply chain in 2021, exceeding pre-pandemic levels.
  • Profit margins in every segment recovered, including in mining and retail sales.
  • Rough diamond sales rebounded by over 60% in 2021, surpassing pre-pandemic levels.
  • Rough and polished diamond prices reached the historical average in 2021 but lagged industry peaks.
  • Prices for higher-quality polished diamonds outperformed lower-quality diamonds.
  • In 2020, rough diamond production declined, falling to 111 million carats. In 2021, output grew to 116 million carats, still 20% below the level in 2019.
  • Rough diamond sales grew by 62% in 2021. Strong demand from cutters and polishers caused miners to increase production volumes and release diamonds from inventories.

While diamond prices have come down since April 2022, they have remained at the highest since April 2012.

Source: Diamondse.info

The index does not differentiate between the qualities of diamonds, but it presents an overall picture of price trends in the sector.

The following factors have increased interest in diamonds as an investment or keepsake over the past months:

  • The leading stock market indices have declined in 2022, leading investors to seek other asset sectors.
  • Inflation has been at its highest level since the early 1980s. Diamonds are a hard asset with a long history as a store of value.
  • While the US dollar has appreciated against other world currencies, faith in fiat foreign exchange instruments has declined.
  • Russia is, by far, the world’s leading producer of diamonds. The war in Ukraine, sanctions on Russia and Moscow’s retaliation against “unfriendly” countries supporting Ukraine have increased supply concerns, improving the outlook for diamond prices.
  • Companies like the Diamond Standard Fund are tokenizing, managing, storing, securing diamonds for investors, and have IRA-eligible investment programs.

Markets across all asset classes reflect the geopolitical and economic landscapes. In late 2022, the events and trends continue to favor higher diamond prices, even though they are sitting at the highest price level in a decade.

The Middle East is a buyer of the unpolished stones

In 2021, the countries that imported the most diamonds were:

Source: Worldsstopexports.com

These fifteen countries imported 96.5% of all diamonds in 2021. The United Arab Emirates was the fifth leading diamond-importing country, and the UAE imported more diamonds than the world’s second-leading economy, China. Diamcor’s recent sale of a 59.35-carat unpolished diamond was to a buyer in Dubai.

The rise in crude oil prices has filled the coffers of Middle Eastern producers with cash. With crude oil prices at the highest level in years, revenues continue to flow to the oil-rich area, providing the funds for diamond and other hard asset purchases.

Diamcor Mining (DMIFF), an undervalued OTC stock

At 15.24 cents per share on November 18, Diamcor Mining shares on the over-the-counter market reflect a $17.711 market cap. An average of 86,040 shares trades daily.

Source: Barchart

The chart highlights DMIFF shares reached a low of 4.60 cents in December 2020 and a high of 43.0 cents in October 2021. In 2022, the shares traded between 10.76 and 29.81 cents. At 15.24 cents, DMIFF shares were below the midpoint of this year’s trading range on November 18.

While DMIFF is a penny stock with associated risks, the following factors favor a rise in the share price over the coming months:

  • Diamcor is profitable and its production, and revenues are growing.
  • The interest in the diamond market is robust as investors look for hard assets to combat the highest inflationary pressures in decades.
  • The war in Ukraine continues to cause supply concerns for the international diamond market.
  • The strategic alliance with Tiffany & Co. and mining assets next to De Beers increase Diamcor’s odds of future success.
  • Mining companies have not had a positive beta with the overall stock market. Oil, metals, and other mining companies have outperformed the stock market in 2022, a trend that will likely continue.

At 15.24 cents per share, DMIFF could be a diamond in the rough as the company’s recent Q2 report justifies a higher share price.

Written By: Andrew Hecht, on behalf of Maurice Jackson of Proven and Probable.

Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.