|To: LoneClone who wrote (7790)||8/26/2021 12:40:04 PM|
|Nickel: Stainless steel feedstocks facing rising ESG scrutiny |
Posted 24th August 2021 in ?Industry news.
By Jack Anderson
Despite the publicity surrounding the rising nickel use in Li-ion batteries, the stainless steel sector still accounts for 70% of primary nickel consumption. Given that consumers of electric vehicles and other clean energy technologies are for the most part inherently conscious of the environmental impact of their purchase, many producers and prospective producers of nickel, destined for these markets, are aiming to improve their carbon footprints. Following Tsingshan’s announcement that it will convert the traditional stainless steel feedstock NPI to nickel matte for nickel sulphate production used in Li-ion batteries, this exposure to the battery sector has now led to producers of Class II (FeNi and NPI) nickel being judged on their emissions. Attention is now turning to the stainless steel sector amid the rising narrative surrounding ‘green steel’ and decarbonisation of the steel industry.
CO2 analysis has become an important tool for determining the true environmental impact of a given supply chain or production route. In order to calculate the CO2 emissions from NPI and FeNi production, there are several important aspects to consider:
For FeNi and NPI producers that do not have access to integrated nickel ore supply, this has a significant impact on the CO2intensity of the end product. Roskill estimates that non-integrated FeNi/NPI is 24%-34% more carbon-intensive than integrated FeNi/NPI supply. This is because a large proportion of the CO2 emissions involved in ferroalloys production comes from the shipping of laterite ores. As a result, China, South Korea and Japan demonstrate the highest emitting supply routes. For Chinese production of NPI, producers are reliant on imported laterite ores from the Philippines, New Caledonia and, prior to the reimplementation of the nickel ore export ban, historically also a considerable proportion from Indonesia. Japanese and South Korean FeNi producers are reliant on imports of ores from the Philippines and New Caledonia. The other major FeNi and NPI producers Indonesia, Brazil and New Caledonia do not have the same associated transport emissions as these production centres have access to domestic feedstocks, negating the need for CO2 heavy ore imports.
- Emissions from transporting laterite ore feedstocks
- Power/electricity consumption for powering on-site processing and refining activities
- Fuel and reagents consumed within processing and refining activities
Due to the similar rotary kiln electric furnace (RKEF) processes used in both Chinese and Indonesian markets and the fact that in both cases, coal provides the vast majority of power for production, the CO2 intensity of the NPI refining process in both countries is approximately the same. However, removing the requirement to ship nickel laterite ore to Chinese refineries means that NPI produced domestically within Indonesia carries a CO2 intensity approximately 30% lower than refining in China.
The majority of FeNi and NPI produced globally uses captive power storage, predominantly coal power, tied to refining facilities. Coal is a cost-effective and easily available fuel in areas in which refining takes place. This set up exists at Tsingshan’s Indonesian Morowali Industrial Park (IMIP) which contains captive coal power stations to power the refining facilities. In addition to power generation, the RKEF process requires coal to be used as a reducing agent within the furnace. Because not all CO2 emissions within the supply chain are produced from energy production, even if producers were to switch to more CO2 efficient fuels, coal would still likely remain the reducing agent of choice for use in the RKEF process.
While the main focus for sustainability within the nickel industry generally concerns material destined for the battery sector, investors are now beginning to look at the ESG credentials for the stainless steel feedstocks ferronickel (FeNi) and nickel pig iron (NPI) with much greater weight when deciding whether to finance a project or participate in a producing asset.
Roskill published its Nickel: Outlook to 2030 and Nickel Sulphate: Outlook to 2030 reports in April. The reports highlight the latest developments to supply and demand as well as forecasts for stainless steel and battery markets. Roskill’s array of Nickel offerings also include Roskill’s Nickel Sulphate Cost Model Service and Nickel Sulphate Sustainability Monitor.
Contact the author This article was written by Jack Anderson. Please get in touch below if you wish to discuss further:
Contact the author
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|To: LoneClone who wrote (7791)||8/26/2021 2:17:39 PM|
|Silver Elephant Announces Execution of Plan of Arrangement and Spin-Out of Nickel and Vanadium Assets|
Thursday, August 26, 2021 8:30 AM
VANCOUVER, BC / ACCESSWIRE / August 26, 2021 / Silver Elephant Mining Corp. ("Silver Elephant" or "the Company") (TSX:ELEF, OTCQX:SILEF, Frankfurt:1P2N) announces that it has executed a plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which, it shall (the "Arrangement"): (i) as disclosed in a Company press release dated August 26, 2021, transfer certain royalties presently held by the Company in certain projects of the Company to Battery Metals Royalties Corp. ("Battery Metals Royalties"), a wholly owned subsidiary of the Company; and (ii) spin-out its Manitoba based Minago Nickel project ("Minago"), its Nevada based Gibellini Vanadium project ("Gibellini"), and Battery Metals Royalties each into its own entity (each a "SpinCo"). In connection with the Arrangement, the Company shall distribute shares of each SpinCo to the Company's shareholders ("Shareholders").
Pursuant to the Arrangement, it is currently expected that each Shareholder will receive one share of the Minago SpinCo, one share of the Gibellini SpinCo, and two Battery Metals Royalties SpinCo shares for every share of Silver Elephant held by such Shareholder on the record date for the Arrangement (the "Record Date"). Subject to receipt of required Shareholder, court, regulatory, Toronto Stock Exchange and other approvals and satisfaction of other closing conditions, the Arrangement is expected to close in December, 2021.
The share distribution offers Shareholder direct participation in the growth and upside in each of the four companies' businesses (silver mining, vanadium mining, nickel mining, and royalty investments). Following completion of the Arrangement, each SpinCo is expected to aim to list on a Canadian securities exchange to enhance their respective share trading liquidity, price discovery and facilitate equity financings to support future business expansion.
The Company cautions there can be no assurance that the Arrangement will be completed on the terms described herein or that the proposed public listings of the SpinCos will be completed.
Further Details on the Plan of Arrangement
Subject to adjustment, it is presently expected that following completion of the Arrangement, Silver Elephant securityholders (common share, option, and warrant) on the Record Date shall, assuming exercise of all convertible securities (warrants and options) of Silver Elephant in accordance with their terms, collectively hold approximately 55% of the shares of the Minago SpinCo, 55% of the shares of the Gibellini SpinCo, and 70% of the shares of the Battery Metals Royalties SpinCo.
Upon completion of the Arrangement, subject to adjustment, it is expected that Silver Elephant convertible securityholders will receive, in addition to each share of Silver Elephant to be received upon exercise of their convertible security in accordance with their terms, one share of Minago SpinCo, one share of Gibellini SpinCo and two shares of Battery Metals Royalties SpinCo. Such shares of the SpinCos to be issued to the convertible securityholders of Silver Elephant shall be held in escrow for such convertible securityholders by Silver Elephant to be issued upon exercise.
The remaining non-escrowed Minago SpinCo shares (approximately 45%), and Gibellini SpinCo (approximately 45%) held by Silver Elephant will be transferred to Battery Metals Royalties in connection with the completion of the Arrangement.
All amounts referenced herein are estimates and may be subject to adjustment for changes to the capitalization of Silver Elephant securities prior to the Record Date. As of August 25, 2021, Silver Elephant has 209,477,539 shares and 26,300,250 warrants and options issued and outstanding.
The Company expects to apply for an interim order from the Supreme Court of British Columbia, authorizing the Company to call a shareholder meeting ("Meeting") to be held on or before December 10, 2021, or such other date as may be determined by the Company, to approve the Arrangement, which requires a special resolution of the Shareholders passed by at least two-thirds of the votes cast by Shareholders present in person or represented by proxy at the Meeting. Shareholders are entitled to one vote for each Silver Elephant share held.
Further details regarding the Arrangement will be contained in an information circular of the Company to be mailed to Shareholders in connection with the Meeting (the "Circular").
After careful consideration, the Board of Directors has unanimously determined that the Arrangement is in the best interest of the Company. A description of the various factors in arriving at this determination will be provided in the Circular.
Upon completion of the Arrangement, it is presently expected that:
Please refer to the Company's press release dated August 26, 2021, regarding the details of the Battery Metals Royalties 2% royalties.
- Silver Elephant will hold the Pulacayo silver and El Triunfo gold-silver projects in Bolivia, and approximately 30% of the issued and outstanding Battery Metals Royalty shares as a long-term investment.
- Gibellini SpinCo will hold the Gibellini vanadium project in Nevada.
- Minago SpinCo will hold the Minago nickel project at Thompson nickel belt in Manitoba.
- Battery Metals Royalties will hold 2% royalties of all the assets referenced above and, subject to adjustment, approximately 45% of outstanding Gibellini SpinCo and Minago SpinCo shares as long-term investments.
Following completion of the Arrangement, it is presently expected that Silver Elephant will be managed by Joaquin Merino P.Geo as VP Exploration, Robert Van Drunen as Interim COO, and John Lee as CEO. Mr Lee maintains a strong focus on silver and has spent the majority of his time in Bolivia since 2015 managing all aspects of the Company's Pulacayo project.
On October 13, 2020, Silver Elephant announced the Mineral Resource Estimate prepared by Mercator Geological Services of its 100% controlled Pulacayo project which includes an Indicated Mineral Resource of 106.7 million oz of silver, 1,384.7 million pounds of zinc, and 693.9 million pounds of lead, and an Inferred Mineral Resource of 13.1 million oz of silver, 122.8 million pounds of zinc and 61.9 million pounds of lead. The Indicated Resource is 48 million tonnes grading 69g/t silver, 1.3% zinc, 0.7% lead based on over 100,000 meters of drilling. Silver Elephant's wholly owned Bolivian subsidiary has invested over US$30 million at the Pulacayo Project on exploration, technical studies, mine development, and environmental permitting since 2006.
|Pulacayo Project Resource Estimate Oct 13, 2020|
|Deposit||Category||k Tonnes||Ag M oz||Zn M lbs||Pb M lbs|
The Pulacayo Project consists of the Pulacayo Deposit and Paca Deposit (7km north of Pulacayo deposit). Pulacayo is within driving distance from Sumitomo Corporation's San Cristobal silver mine, New Pacific's Silver Sands discovery, and Pan American Silver Corp.'s San Vicente silver mine.
The Pulacayo and Paca Deposits are interpreted to be low-to-intermediate sulphidation epithermal deposits. The Pulacayo Deposit occurs within the Tertiary age Pulacayo volcanic dome complex that consists of older sedimentary rocks of the Silurian Quenhua Formation and the intruding andesitic volcanic rocks of the Rothchild and Megacristal units. Mineralization hosted by volcanic rocks can be tens of meters in thickness and typically consists of discrete veins plus stockworks of narrow veins and veinlets that occur within argillic alteration host rock envelopes. Veins are commonly banded in texture and can contain semi-massive to massive sulphides. The primary minerals of economic importance at Pulacayo are tetrahedrite, galena and sphalerite. There are also silver sulfosalts and native silver which contribute to deposit silver grades. Mineralization is controlled by an east-west oriented normal fault system which links two northeast trending, steeply dipping, regional strike slip faults.
Pulacayo Drill Hole Highlights
|Pulacayo||from (m)||int (m)||Ag (g/t)||Pb(%)||Zn %|
|PUD005||96.2 - 108.0||11.9||689||1.9||1.4|
|PUD007||70.0 - 96.8||26.8||517||2.3||4.2|
|PUD057||374.0 - 378.0||4.0||1,184||0.8||2.3|
|PUD069||281.0 - 294.0||13.0||624||2.1||4.2|
|PUD109||293.6 - 298.4||4.8||3,607||3.8||4.1|
|PUD118||174.0 - 184.0||10.0||1,248||1.7||2.6|
|PUD134||128.2 - 151.5||23.3||514||1.3||1.9|
|PUD150||290.0 - 302.0||11.2||882||0.4||0.6|
|PUD159||343.0 - 354.0||11.0||790||0.6||0.6|
|PUD170||237.0 - 239.0||2.0||3,163||0.1||0.9|
| || || || || || || |
Reported widths are core-interval widths and not true widths. True widths have not determined.
Historic Pulacayo mine production was predominantly from the Tajo vein system (TVS) which extends over a strike length of more than 2.5 km and down dip 1,000 meters. Resource drilling spans 1.4 km mineralized strike and extends down dip 400 meters from the surface. It covered an area that's approximately 30% of TVS. There is the potential of discovering additional resources by drilling along the strike and at depth.
Silver Elephant is currently carrying out a 2,000 meter drill program at Pulacayo to test several IP anomalies with assay results expected in September 2021.
On July 13, 2020, the Company acquired the El Triunfo Gold-Silver-Lead-Zinc Project in La Paz District, Bolivia ("Triunfo Project"). The Triunfo Project area covers approximately 256 hectares which is located 75km to the east of the city of La Paz, Bolivia. On August 19, 2020, Silver Elephant received the assay results from the Company's first diamond drill program where TR007 intercepted 48.9 meters of mineralization grading 0.42 g/t gold, 35.5 g/t silver, 1.17% zinc, and 0.83% lead within 98.9 meters of mineralization grading 0.37 g/t Au, 22.7 g/t Ag, 0.74% zinc, and 0.58% lead starting 13.0 meters downhole. The company is currently conducting geological mapping and induced polarization surveys (IP). Triunfo drilling is tentatively scheduled for Q4 of 2021.
Following completion of the Arrangement, it is presently expected that Minago SpinCo will be managed by Danniel Oosterman P.Geo as interim CEO, and Robert Van Drunen as COO. Mr. Van Drunen was the senior project manager at Vale's Thompson operation. The board of directors of Minago SpinCo will consist of Mark Scott, John Lee, and Ron Espell. Mr. Scott was former head of Vale's Manitoba Operations.
The Company announced the results of a new mineral resource estimate ("MRE") by Mercator Geotechnical Services and AGP Mining Consultants for its 100% owned flagship Minago Nickel Project ("Minago Project") in Manitoba's Thompson Nickel Belt ("TNB") in Canada on July 6, 2021
The MRE includes a Measured and Indicated mineral resource of 722 million lbs of contained nickel and an Inferred mineral resource of 319 million lbs of contained nickel grading 0.74% nickel based on over 70,000 meters of drilling.
|Minago Project Mineral Resource Estimate July 2, 2021|
|Type||Category||k Tonnes||Ni %||Ni M lbs|
|Open Pit||Measured Indicated||23,940||0.71||374.3|
All resources occur within a mineral lease that is surrounded by 94 mineral claims plus a second mineral lease held by the Company, comprising a total area of 197 km2
The Minago Project has been historically the subject of over $40 million in exploration, feasibility study and environmental permitting expenditures by various previous interests since early 2000, the most recent of these being by Victory Nickel Inc.
Minago Drill Hole Highlights
|Hole No||From (m)||To (m)||Int (m)||Ni%|
Reported widths are core-interval widths and not true
widths. True widths have not determined.
In August 2011, the Minago Project achieved a major milestone when the Environment Act License ("EAL") was issued by the Province of Manitoba. The prior operator of the project subsequently filed a Notice of Alteration ("NOA") to the EAL in December 2013, related to relocation of the tailings management area to address First Nation concerns. Silver Elephant has re-engaged the Manitoba Government regarding the NOA status for the 10,000 tonne-per-day open-pit mining operation at Minago. The Agriculture and Resource Development Department ("ARDD") has confirmed that the NOA can still be completed and the Company is currently working with ARDD to finalize the NOA approval, leading to issuance of an updated Environment Act License, which is expected by the end of 2021.
A socioeconomic assessment was conducted and the prior operator signed a Memorandum of Understanding (MOU) with First Nation groups in 2008. The Company is re-engaging the First Nations with traditional territories that include the project site to work toward renewal of the MOUs in 2021.
Several initiatives are being considered or taken to minimize the carbon footprint of potential future mining operation at Minago. For mining, the Company will examine the use of a fully electric mine fleet. For ore and waste processing, the crushing, milling and flotation processes would be powered by renewable hydroelectricity, which accounts for 97% of all electricity generation in Manitoba.
The Agriculture and Resource Development Department ("ARDD") has expressed support for the Minago Project, which would supply much needed Class 1 high-purity nickel to make nickel-lithium batteries used in electric vehicles.
Following completion of the Arrangement, it is presently expected that Gibellini SpinCo will be managed by Ron Espell as CEO. Mr. Espell was the corporate environmental director of McEwen Mining Inc. where he led his team to obtain the Gold Bar project's EIS approval from the United States Bureau of Land Management ("BLM"). Mr. Espell was former regional environmental director Australia Pacific with Barrick Gold Corp., where he spent 17 years of his career.
Silver Elephant's 100% owned Gibellini Project is located in Nevada, USA, with a preliminary economic assessment study (PEA) by Wood Plc announced on May 29, 2018 which demonstrates an after-tax Internal Rate of Return of 36%, and after-tax cumulative cash flow of $333 million, assuming an average vanadium pentoxide price (V2O5) of $10.18 per pound (V2O5 price is currently $9.6/lb according to AsianMetals.com). The Gibellini Mineral Resource Estimate includes a Measured and Indicated mineral resource of 131.3 million lbs of contained V2O5 and an Inferred mineral resource of 93.8 million lbs of contained V2O5. Gibellini has received over $40million in investments since early 2000.
The Gibellini project is designed to be an open pit, heap leach operation in Nevada's Battle Mountain region (25km south of Eureka) with initial capital cost of $117 million, average annual production is 9.65 million pounds of V2O5 , at Cash Operating Cost of $4.77 per pound with strip ratio of 0.17 to 1.
|Gibellini Project Mineral Resource Estimate May 29, 2018|
|Deposit||Category||k Tons||V205 %||V205 M lb|| |
|Louie Hill||Inferred||7,520||0.28||41.5|| |
Gibellini Drill Hole Highlights
|HoleID||From (m)||To (m)||Meters||%V2O5|
Reported widths are core-interval widths and not true widths. True widths have not determined.
Highlights of 2018 PEA (after tax)
|Average annual production||9.65 million lbs V2O5|
|Operating cash cost||$4.77 per lb V2O5|
|Capex including 25% contingency||$116.76 million|
|Strip ratio||0.17 waste to leach material|
|Mining operating rate||10,000 tpd|
|V2O5 heap leach recovery rate||62%|
|Life of mine||13.5 years|
|V2O5 $/lb||After-tax IRR||After-tax NPV @7%||After-tax cashflow|| |
A Notice of Intent ("NOI") to prepare an Environmental Impact Statement ("EIS") for the Gibellini Project was published on July 14, 2020 in the Federal Register. The NOI commences the 12-month timeline according to Instructional Memorandum 2021- 022 based on Secretarial Order 3355, to complete the National Environmental Policy Act ("NEPA") review by the BLM. There was a delay due to transition to new administration and incorporating an additional alternative to the Environmental Impact Statement (EIS). The project conforms to the current US administrations green energy initiatives and the EIS Record Of Decision (ROD) is expected in early 2022. Operating permits from the State of Nevada are on track to be received on the same timeline as the ROD. The renewable energy alternative in the EIS includes 6MW of solar panels and a 10MW vanadium flow battery to provide 100% of the projects electrical power demand. If selected by the BLM, Gibellini would be the first mine in the US completely powered by renewable energy. The Gibellini mine would also be the first primary vanadium mine in the U.S.
Vanadium was designated a critical material by the U.S. government in 2018 due to its importance to the defense and energy storage sectors and there being no domestic production with all supply through imports, mostly from Russia, China, and South Africa. Vanadium alloy steel is 30% lighter with double the tensile strength of non-alloyed steel. It's used extensively in the aerospace and defense sectors, as well as skyscraper construction. A structural vanadium deficit is expected to occur by 2025 with the rising popularity of the Vanadium Redox Flow Battery which is a mature technology featuring up to an 8 hour duration discharge and is scalable to hundreds of megawatt hours. Battery life is a minimum of 20 years with no degradation of the vanadium or the charge density.
Opportunity exists to upgrade the Gibellini, Louie Hill inferred resource to higher confidence level by drilling.
Further, the acquisition of the Bisoni McKay property in September of 2020 significantly expanded the Company's land position from 7km of strike to 21km covering Woodruff Formation that is the host of vanadium mineralization. Numerous vanadium-bearing surface rocks have been sampled by the Company in areas along the strike in its 2019 reconnaissance program which may develop into future drill targets upon further investigation (see Company's press release dated May 26, 2019).
Battery Metals Royalties SpinCo
Following completion of the Arrangement, it is presently expected that Battery Metals Royalties SpinCo will be managed by John Lee, CFA. Mr. Lee brings over 20 years of experience in metals and mining. With valuations anchored by its holdings in royalties and shares of each of Gibellini SpinCo and Minago SpinCo, Battery Metals Royalties will focus on further mining investments in nickel, vanadium, silver, copper, and gold leveraging Mr. Lee's extensive network with the aim of locating opportunities before they become mainstream.
In the past decade, Mr. Lee visited well over 50 mining projects around the world and led Silver Elephant acquiring over 15 mining properties in Canada, US, Bolivia, and Asia. Mr. Lee has helped raised over $120 million in equity financings for Silver Elephant, a skill which he will apply to grow Battery Metal Royalties.
Additional management and directors will be appointed in each SpinCo as may be prudent in connection with the Arrangement.
While it is currently expected that each SpinCo will aim to list on a Canadian securities exchange following completion of the Arrangement, there is no guarantee that any such SpinCo will be able to meet initial listing requirements or that listing will be in the economic best interests of such SpinCo immediately following the Arrangement. Listing is subject to the applicable rules and policies of the respective exchange.
The technical contents of this news release have been prepared under the supervision of Danniel Oosterman, VP Exploration for Silver Elephant. Mr. Oosterman is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is not independent of the Company as this term is defined under NI 43-101.
About Silver Elephant
Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.
Further information on Silver Elephant can be found at www.silverelef.com.
SILVER ELEPHANT MINING CORP.
ON BEHALF OF THE BOARD
For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts are forward-looking information within the meaning of applicable securities laws. These forward-looking statements, may involve, but are not limited to, statements with respect to future events or future performance, the completion and structure of the Arrangement, anticipated shareholder, court and regulatory approvals, the realization of the anticipated benefits deriving by any entity from the Arrangement or from the Company's or any SpinCo's assets or investments, the general performance of the assets of the Company and any SpinCo, and the results of exploration, development and production activities as well as expansions projects relating to the properties of the Company and/or any SpinCo and/or in which the Company and/or any SpinCo will hold a royalty, stream or other interest. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, and business prospects and opportunities, are based on certain factors and assumptions, including, without limitation, management's perceptions of historical trends; current conditions; expected future developments; the ongoing operation of the properties of the Company and/or any SpinCo and/or in which the Company and/or any SpinCo will hold a royalty, stream or other interest by the operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property of the Company and/or any SpinCo and/or in which the Company and/or any SpinCo will hold a royalty, stream or other interest; the accuracy of expectations for the development of underlying properties that are not yet in production; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended, and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of performance.
These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, 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 statements, there may be other factors that cause actions, events, or results not to be as anticipated, estimated, or intended.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made in this press release, see the section entitled "Risk Factors" in the most recent Annual Information Form of the Company which is filed with the Canadian securities commissions and available electronically under the Company's issuer profile on SEDAR at www.sedar.com and the Company's Form 20-F annual report for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission and available electronically under the Company's issuer profile on EDGAR at www.sec.gov. The forward-looking statements set forth herein reflect the Company's expectations as at the date of this press release and are subject to change after such date. The Company undertakes no obligation to publicly release any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
None of the securities to be issued pursuant to the Arrangement have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
SOURCE: Silver Elephant Mining Corp.
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|To: LoneClone who wrote (7792)||8/31/2021 12:15:49 PM|
|Gungnir Drills 7.38% Nickel Within 4.25 Metres Grading 3.19% Nickel |
Tuesday, August 31, 2021 9:21 AM
SURREY, BC / ACCESSWIRE / August 31, 2021 / Gungnir Resources Inc. (TSXV:GUG)(OTC PINK:ASWRF) ("Gungnir" or the "Company") is very pleased to report high-grade nickel assays from the Company's Lappvattnet nickel deposit in Sweden. Last drilled in 2007, results reported today from hole LAP21-02 are the initial batch of assays from Gungnir's first drill program at Lappvattnet.
Drill Hole LAP21-02 Highlights:
Jari Paakki, CEO commented, "Clearly we are in a very nickel-rich system and have an opportunity to define further high-grade nickel shoots and to build upon our 2020 nickel resource. With hole LAP21-02 we have already identified nickel mineralization outside of the current resource block with the high-grade nickel intercept at just 30 metres below surface. Near-surface drilling continues at Lappvattnet and we look forward to reporting further results over the next several weeks."
- 3.19% Ni over 4.25 metres within 10.4 metre interval grading 1.51% Ni
- Peak of 7.38% Ni over 0.25 metres; highest nickel assay reported at Lappvattnet
- High-grade Nickel intercept 30 metres below surface
Results Table 1:
|Hole ID||From (m)||To (m)||Length (m)||Ni %||Cu %||Co %||PGEs (g/t)|
|PGEs (g/t) = platinum (Pt) + palladium (Pd) + gold (Au)|| || || |
The high-grade nickel intercept in hole LAP21-02 occurs within a 10.4 metre interval containing several narrow sections of massive and semi-massive sulphides, consisting of mainly pyrrhotite, local pentlandite and chalcopyrite. Mineralization is hosted at the base of a peridotite intrusion and within underlying sedimentary gneisses. LAP21-01 (assays pending) and LAP21-02 were drilled on Section 8E up-dip of previous drilling including hole 2007-02 which returned 3.21% Nickel over 4.97 metres (from 76.43 metres) and Gungnir re-sampling within this interval returned 50.91 g/t PGEs (39.0 g/t Platinum, 11.8 g/t Palladium, 0.11 g/t Gold) over 0.45 metres. Please link to accompanying attachment for a cross-section and core photo ( Figure 1).
Drilling continues with tighter spaced holes at the shallow western part of the Lappvattnet deposit. The current work plan consists of 10 or more holes for approximately 1,200 metres. Assays are pending for LAP21-01 and the upper parts of LAP21-02. To date, the Company has drilled seven holes (LAP21-01 to LAP21-07) on Sections 8E, 9E, and 10E for approximately 700 metres. All assays received to date at Lappvattnet are reported in this news release.
Holes LAP21-01 and LAP21-02 were drilled at an azimuth of 340 degrees at location 1,741,520mN and 7,165,147mE (+/- 5 metres; RT90-2.5 co-ordinates). LAP21-01, a 100.5 metre hole, was drilled at a dip of -75 degrees, and LAP21-02 was drilled 74.6 metres at a dip of -45 degrees.
Core was logged and tagged for sampling at the Company's core logging facility in Lycksele (near the Knaften project, then shipped to ALS Minerals' Core Services Laboratory also in Mala. Core was sawed on site in Mala by ALS staff and prepped sample material was sent to ALS's Lab in Ireland. Core was analyzed for multi-elements using code ME-MS41, Cu OG46 analysis for >10000 ppm Cu, NiOG46 analysis for >10000 ppm Ni, and Pt, Pd, and Au were analyzed using fire assay method PGM-ICP27. Sample lengths reported in the above table are core lengths.
Gungnir's nickel resources in Sweden include Lappvattnet and Rormyrberget. In 2020, the Company updated both resources which collectively total 177 million pounds of nickel (see Technical Report with an effective date of November 17, 2020):
The technical information in this news release has been prepared and approved by Jari Paakki, P.Geo., CEO and a director of the Company. Mr. Paakki is a Qualified Person under National Instrument 43-101.
- Lappvattnet: Inferred Resource of 780,000 tonnes grading 1.35% nickel for 23.1 million lbs (10.5 million kg) of nickel.
- Rormyrberget: Inferred Resource of 36,800,000 tonnes grading 0.19% nickel for 154 million lbs (70 million kg) of nickel.
About Gungnir Resources
Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (TSXV:GUG) with gold and base metal projects in northern Sweden. Gungnir's assets include the Knaften project which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets, all of which are open for expansion and further discovery. East of Knaften, the Company holds two nickel-copper-cobalt deposits, Lappvattnet and Rormyrberget, with updated nickel resources. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.
On behalf of the Board,
Jari Paakki, CEO and Director
For further information contact:
Head Office/Investor Relations
Jari Paakki, CEO
Chris Robbins, CFO
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.
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: the expectations that further tighter spaced drilling will define additional high-grade nickel shoots and build on the current mineral resource; planned drilling activities and the expected timing thereof; expectations of future resource upgrades and that new drilling and assays will be incorporated into any resource upgrade; the expectations of reporting additional assay results over the next several weeks, and Gungnir's plan for development of its properties and the timing thereof.
Forward-looking information is based on a number of key expectations and assumptions made by Gungnir, including, without limitation: the COVID-19 pandemic impact on the Canadian and global economy and Gungnir's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Gungnir's business; there will be a demand for Gungnir's services and products in the future; Gungnir will be able to operate its business as planned; and Gungnir's plans for future exploration and development of its properties is reasonable and will be possible within the anticipated timelines. Although the forward-looking information contained in this news release is based upon what Gungnir believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: no certainty that any economically viable mineral deposit will be located on Gungnir's properties; that Gungnir may not be able to complete its planned drilling as anticipated; the impacts of the COVID-19 pandemic; ability to access capital markets; environmental matters; changes in legislation or regulations; receipt of required licenses, permits and approvals; and resource estimates may not be accurate and may differ significantly from actual mineral resources. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. The forward-looking information contained this news release is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Gungnir. The forward-looking information is stated as of the date of this news release and Gungnir assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
SOURCE: Gungnir Resources Inc.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (7793)||8/31/2021 12:24:16 PM|
|Go Metals Samples 1.78% Ni and 3.97% Cu and AI Update |
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2021) - Go Metals Corp. (CSE: GOCO) ("Go Metals" and/or the "Company") is pleased to announce results from the HSP project, a polymetallic property with nickel, copper, and PGE mineralization in eastern Quebec.
4 New nickel-copper showings discoveredGrab samples with up to 1.78% Ni and 3.97% Cu Program showcases accuracy of the GeoDL artificial intelligence engineAverage Nickel equivalent of 0.54% over 25 samples1Anomalous to enriched cobalt, gold, silver, platinum, palladium 50 new HSP claims staked to increase total land package to 8,250 Hectares
"The discovery of several new zones of nickel and copper at surface is encouraging and we look forward to proving up these zones to their potential. HSP is an exciting property in an underexplored part of the Grenville Province. This battery metals project is the definition of low carbon footprint potential within a few kilometers of the Romain IV hydro-electric project," says Scott Sheldon, CEO of Go Metals.
Figure 1. Grab sample from Red Mountain zone contains 1.78% Ni and 0.578% Cu
To view an enhanced version of Figure 1, please visit:
Sampling results from new surface showings
Table 1. Sampling averages of sampled showings (25 grab samples).2
The four project zones are based on EM and magnetic data, geological contact, sampling, and mineralization. Prospective areas are based on individual styles of mineralization.
To view an enhanced version of this graphic, please visit:
About the HSP Nickel Copper PGE Project
The HSP Project was acquired in February 2019. The 100% owned property covers 82.5 km2 and is located approximately 135 km north of Havre-Saint-Pierre. HSP contains several mineral occurrences with elevated nickel, copper, cobalt, gold and PGE. A Quebec hydro road comes within 10 km of the Property. The 2021 spring program was Go Metals first ground program at HSP. The work was a follow up to the recent project wide airborne geophysical survey, interpretations, and artificial intelligence enhancements.
The HSP property is in the Quebec Havre St. Pierre Anorthosite Complex. All showings but the Gem showings are in structurally controlled semi- to massive sulphides in mafic- to ultramafic units that occur on the edge of the anorthosite complex.
The PGE Zone is characterized by massive to semi massive sulphides adjacent to ultramafic pyroxenite dykes and typically has higher PGE concentrations. The Chamber Zone is characterized by large pods of massive pyrrhotite and chalcopyrite within EM anomalies up to 400m wide at surface. These are interpreted as potential pockets or irregularities in the magma chamber where immiscible sulphide rich melt accumulated within the anorthosite complex. The Red Mountain showing exhibits traits of both the PGE and the chamber zones. It is characterized by a large body of massive sulphides but also seems to be related to adjacent pyroxenite dykes. The Gem showing overlies a magnetic high interpreted as a possible magmatic conduit within the anorthosite complex.
Artificial Intelligence Update
Go Metals has signed a contract with Yuichiro Sugiura to optimize the company's GeoDL deep learning powered mapping application. Mr. Sugiura is an experienced software engineer with a focus on Data Engineering and Machine Learning. At the IDEMIA Digital Lab, he worked on mission-critical back-end services for smart-watches and connected cars. At App Annie, mobile market data and analytics company, he designed and developed a large-scale data pipeline to service the company's product line. Mr. Sugiura's experience will help Go Metals incorporate bigger data sets and increase the range, resolution, and automation of future programs.
GeoDL is a proprietary deep learning program currently in closed beta. The program learns from using multiple layers of merged data layers to see combinations and patterns not readily available to the human eye. The program uses a base layer derived from structural, geophysical, geochemical, geographical and satellite data. GeoDL generates five types of enhanced maps including: lineament, bedrock, alteration, outcrop and a prospectivity heatmap.
Sampling and QAQC
Sampling was carried out by IOS Geoscientific Services and Caveman Exploration. EM geophysical targets were travelled to and explored with a beep-mat model 4. Conductive zones were identified by the equipment and were subsequently excavated and/or trenched by hand. Sampling was then carried out by chipping the bedrock with a hammer and cold-chisel. The samples were sealed in the field with zip-ties and a chain of custody was maintained by IOS. Duplicates and blanks were provided by the lab.
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
About Go Metals:
Go Metals targets Canadian battery metal projects to help meet the demand for a resource powered future. The company has championed new technologies to help lessen the footprint of mineral exploration activities. GeoDL is the company's in-house deep learning software unit focused on enhancing exploration map and data sets.
For further information, please contact:
Scott Sheldon, President
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.
 Nickel equivalent was calculated using metal prices from 08-25-2021: (Au: $80.23/gram, Pt: $41.23/gram, Pd: $75.50/gram, Ni: $18.57/kg, Cu: $9.04/kg).
 Medians of all samples: Cu: 0.19% ,Ni: 0.18%, Co:, Ag:0.5 ppm, Au:0.03 ppm, Pt:0.025ppm, Pd:0.06ppm, n:25.
Averages of all samples: Cu: 0.41%, Ni: 0.28%, Co: 358 ppm, Ag:0.564 ppm, Au:0.05 ppm, Pt:0.041 ppm, Pd: 0.071, n:25.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (7794)||8/31/2021 12:25:45 PM|
|Nickel 28 Announces Q2 2021 Financial Results|
Tue., August 31, 2021, 4:00 a.m.·4 min read
TORONTO, August 31, 2021--( BUSINESS WIRE)--Nickel 28 Capital Corp. ("Nickel 28" or the "Company") (TSXV: NKL) (FSE: 3JC) has released its results for the three-month period ended June 30, 2021.
"In addition to another exceptionally strong quarterly performance from Ramu, the Company believes it has reached a significant milestone and repaid its operating debt based on Ramu Mine’s continued exceptionally strong results," stated Anthony Milewski, chairman of the board. He continued, "we would like to thank our partners at Ramu, MCC, for their continued outstanding financial and production results from Ramu."
Q2 2021 Highlights
The Company’s principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt ("Ramu") integrated operation in Papua New Guinea, continued to have another strong quarter in terms of sales and cash flow. Highlights from Ramu during the quarter include:
- Expected repayment of the Company’s operating debt from Ramu’s quarterly results, the first of two debt tranches from Ramu, which triggers cash-flow to the Company.
- Nickel 28’s cash generation from Ramu in Q2 2021 of US$7.7 million.
- Project revenue in Q2 2021 of over US$218 million, as a result of strong nickel/cobalt commodity prices and improved payability for mixed hydroxide (MHP).
- Quarterly sales of 10,975 tonnes of contained nickel and 1,004 tonnes of contained cobalt in MHP.
- Quarterly production of 7,773 tonnes of contained nickel and 718 tonnes of contained cobalt in MHP placing Ramu as the number one producer of MHP globally.
- Average cash costs for the quarter, net of by-product credits, of US$2.83/lb. of contained nickel.
Nickel 28 Highlights:
- Strong quarter end cash balance of US$4.6 million, providing ample liquidity for the Company.
- Non-recourse joint-venture debt, as of June 30, 2021, of US$94.0 million, consisting of US$10.2 million of operating debt and US$83.8 million of construction debt. The Company’s semi-annual repayment of joint-venture debt from Ramu’s H1 2021’s cash flow generation is expected to be finalized in the next 6 weeks and the Company believes this cash flow will be in excess of the remaining operating debt of US$10.2 million.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of electric vehicles. In addition, Nickel 28 manages a portfolio of 13 nickel and cobalt royalties on development and exploration projects in Canada, Australia and Papua New Guinea.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements and figures with respect to the operational and financial results; statements with respect to the prospects of nickel and cobalt in the global electrification of vehicles; statements related to the repayment of the Company’s Ramu operating debt; statements related to the production impacts of the Covid-19 pandemic; and statements with respect to the business and assets of the Company and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company’s control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
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. No securities regulatory authority has either approved or disapproved of the contents of this news release.
View source version on businesswire.com: businesswire.com
Nickel 28 Investor Relations
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (7795)||8/31/2021 12:27:05 PM|
|Class 1 Nickel Completes Acquisition of Strategic Portfolio of Mineral Claims in Ontario and Quebec|
Class 1 Nickel and Technologies Limited
Tue., August 31, 2021, 4:30 a.m.·2 min read
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Limited (CSE: NICO/ OTCQB: NICLF) (the “Company” or “Class 1 Nickel”) is pleased to announce that it has closed its previously announced acquisition (the “Acquisition”) from Platinum Group Elements Limited (“PGEL”) of a strategic project portfolio of adjacent and adjoining claims to the Company’s Alexo Dundonald project in Timmins, Ontario, as well as adjacent and adjoining claims to the Company’s Somanike project in Quebec, and a complimentary primary PGE project in Sudbury Ontario (collectively, the “Properties”). The consideration for the Acquisition consisted of a cash payment of Cdn$550,000 and the issuance of an aggregate of 10,000,000 common shares of the Company (the “Consideration Shares”).
Pursuant to the Acquisition, the Company has acquired a 100% legal and beneficial interest in the Properties, subject to a 2% net smelter returns royalty on certain claims known as the Timmins claims, River Valley claims and Metals Creek claims, and a 2% gross metal royalty on certain claims known as the Bilson Cubric claims.
PGEL is a private company controlled by a significant shareholder of the Company. Accordingly, the Acquisition is a “related party transaction” under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the Acquisition as the Company is listed on the Canadian Securities Exchange and 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 Acquisition, insofar as it involves the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The Consideration Shares are subject to a statutory hold period expiring on December 31, 2021.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a Mineral Resource Company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near Timmins, Ontario. The Company also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.
For more information, please contact:
David Fitch, President
T: 011 +61 400.631.608
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks related to the prospective nature of the Properties, currency risk, availability of capital, permitting and land title issues, the risks inherent in mineral exploration and development activities, and such other risk factors as are set forth in the Company’s continuous disclosure documents available on SEDAR from time to time. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company disclaims any obligation to update the forward-looking statements contained herein other than as required under applicable securities laws.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (7796)||8/31/2021 12:28:26 PM|
|Churchill Enters into Option Agreements to Acquire two Properties at Taylor Brook, NL|
Churchill Resources Inc.
Mon., August 30, 2021, 1:07 p.m.·7 min read
TORONTO, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to announce that is has entered into two option agreements on properties adjacent to the known Layden Ni-Cu-Co showings at the Taylor Brook Property, NL. The two properties were covered with the VTEM-Plus™ survey flown by Geotech for CRI at Taylor Brook earlier this year, and high priority anomalies were identified on both that are on-trend with the conductors which appear to be associated with the known mineralization.
Paul Sobie, CEO of Churchill stated, “We are very pleased to complete these deals which consolidate the Layden Ni-Cu-Co area along with the Altius claims and allow for seamless exploration. We’re in the permit application process presently to undertake a drill program this fall on all of the compelling VTEM conductors in this area, and are very much looking forward to commencing this work.”
Terms of Option Agreements
Under the terms of the agreement with the first optionor, Churchill optioned four contiguous claims covering a 1.0km2 area under one mineral license. On execution of the agreement Churchill paid $7,500 and agreed to issue 43,772 common shares (“Churchill Shares”) within five days of receipt of regulatory approval for the agreement. Subsequent option payments over the next 24 months include:
(a) on or before the 12-month anniversary of the effective date of the option: payment of (i) $15,000; and (ii) issuance of 45,000 Churchill Shares; and
(b) on or before the 24-month anniversary of the effective date of the option: (i) payment of $50,000; and (ii) issuance of 100,000 Churchill Shares.
Under the terms of the agreement with the second optionor, Churchill optioned 15 contiguous claims covering a 3.75km2 area under one mineral license. On execution of the agreement Churchill paid $7,500 and agreed to issue 58,772 Churchill Shares within five days of receipt of regulatory approval for the agreement. Subsequent option payments over the next 24 months include:
(a) on or before the 12-month anniversary of the effective date of the option: payment of (i) $15,000; and (ii) issuance of 100,000 Churchill Shares; and
(b) on or before the 24-month anniversary of the effective date of the option: (i) payment of $50,000; and (ii) issuance of 200,000 Churchill Shares.
On execution of each option agreement, Churchill granted to each of the vendors a 2.0% net smelter returns royalty on the respective properties, of which 1.0% may be purchased by the Company for $1.0 million.
Churchill may also satisfy $5,000 and $20,000 of the portion of the remaining cash payments for each option, respectively, by issuing Churchill Shares in lieu of such partial cash payment. The issue price for the Churchill Shares, as and when they are issued, shall be based on the five (5) day volume weighted average trading price of Churchill Shares on the TSX Venture Exchange (the “TSXV”) or on such other recognized stock exchange in Canada on which the Churchill Shares are then listed, based on the 10 days preceding the date of the election by Churchill to issue Churchill Shares in lieu of cash.
The option agreements, including the Churchill Shares issuable thereunder, are subject to the approval of the TSXV.
About Churchill Resources Inc.
Churchill is managed by career mining industry professionals which currently holds four exploration projects, namely Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut and White River in Ontario. All projects are at the evaluation stage, with known mineralized Ni-Cu-Co showings at Taylor Brook, Florence Lake and Pelly Bay, and diamondiferous kimberlitic intrusives at White River and Pelly Bay. The primary focus of Churchill is on the continued exploration and development of the Taylor Brook and Florence Lake Nickel Projects.
For further information regarding Churchill, please contact:
Churchill Resources Inc.
Paul Sobie, Chief Executive Officer
Tel. 416.365.0930 (o)
Alec Rowlands, Consultant
Tel. 1 416 721 4732 (m)
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", “proposed”, "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s future plans, objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; receipt of the TSXV for the approval of the option agreements; receipt of all necessary regulatory and governmental approvals to conduct exploration on the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; the receipt of all applicable regulatory approvals for the Offering; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as 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 statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities 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.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (7797)||8/31/2021 12:29:51 PM|
|Fathom Nickel Reports Second Quarter Results and Share Listing on the OTC |
Calgary, Alberta--(Newsfile Corp. - August 30, 2021) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTC: FNICF) (the "Company" or "Fathom") is pleased to announce that it has filed its unaudited interim financial statements for the three and six-month periods ended June 30, 2021 ("Q2-21 interim statements") together with the accompanying Management Discussion and Analysis ("MD&A").
Highlights from Q2-21 include:
The Company obtained the Final Receipt on its non-offering prospectus from the Alberta Securities Commission on May 13, triggering the conversion of all Special Warrants into common shares and common share purchase warrants.
FNI's common shares were approved for trading on the CSE shortly thereafter and its shares began trading on May 25 under the ticker symbol FNI. The Company's shares began trading on the Frankfurt Stock Exchange on June 3 under the ticker symbol 6Q5.
Between April and June the Company completed a 9,000 line-kilometer heliborne MAG survey and initiated its field exploration program focussed on geological mapping, prospecting and soil geochemistry (1,475 soil samples were collected during Q2-21). E&E additions in the quarter totaled approximately $750,000. FNI ended the quarter with an unrestricted cash position of approximately $8.1 million and is fully financed to execute on both its fall 2021 and winter 2022 exploration programs which, together, include up to 6,000 meters of diamond drilling. The Company expects to resume drilling activities on September 7th, 2021.
Subsequent to the quarter end, on July 21, 2021, FNI's common shares were approved for trading on the OTC and began trading on that date under the ticker symbol FNICF. In early August FNI filed its application to become DTC eligible, a process that is estimated to take up to eight weeks. The Company therefore expects to receive DTC eligibility authorization during the 4th quarter of 2021.
Brad Van Den Bussche, Fathom's President & CEO also provided a brief statement on the timing of Fathom's fall 2021 exploration program, "We are very pleased to confirm that the 2,084 line-kilometer airborne Air-TEM survey will commence this week and is expected to be completed within 10 days. We expect the results of this survey will further narrow the locations of our intended drill targets in the fall 2021 and winter 2022 drill programs. We can also confirm that the contracted drill rig is currently mobilizing to the Albert Lake Project with drilling expected to begin on September 7."
"The balance of 2021 will be very busy and exciting for Fathom and its shareholders as we work to identify additional mineralized occurrences at Albert Lake", he added.
On August 26, 2021, Fathom entered into a 3-month contract with Gilcrest Advisory Inc. to provide market making services for the Company in exchange for a monthly fee of $7,000. At its sole option, the Company can extend the contract on a month-to-month basis at a flat monthly rate of $7,000 until December 31, 2022, at which time the terms may be renegotiated.
Qualified Person and Data Verification
Ian Fraser, PGeo., VP Exploration and a Director of the Company and the "qualified person" as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of the Company.
About Fathom Nickel Inc.
Fathom Nickel is a resource exploration and development company that is targeting high-grade nickel sulfide discoveries for use in the rapidly growing global electric vehicle market.
The Company is accelerating exploration on its flagship Albert Lake Project, host to the historic Rottenstone mine, which is recognized as one of the highest-grade (Nickel, Copper, Platinum group metals) deposits of its type ever mined in Canada. The Albert Lake Project consists of over 90,000 ha of mineral claims located in the Trans-Hudson Corridor of Saskatchewan, which is home to numerous world-class mining camps.
ON BEHALF OF THE BOARD
"Brad Van Den Bussche"
President and CEO, Director
For Further Information Please Contact:
Brad Van Den Bussche, President and CEO
Manish Grigo, Director of Corporate Development
Forward Looking Statements:
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the enhancement of the Company's geologic model and extending the areas of known mineralization and the Company's work towards defining a resource base. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; timing and availability of external financing on acceptable terms. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
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|To: LoneClone who wrote (7798)||8/31/2021 2:05:14 PM|
|EMX Executes Option Agreement to Sell Five Battery Metals Assets in Sweden |
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2021) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company" or "EMX") is pleased to announce the execution of an option agreement (the "Agreement") to sell five battery metals projects in Sweden (the "Projects") to Swedish Nickel Pty. Ltd. ("Swedish Nickel"), a wholly owned subsidiary of Bayrock Resources Limited ("Bayrock"). Bayrock is an Australian unlisted public company and has a pre-existing nickel mining asset in Sweden. In return for the Projects, the Agreement provides EMX with up to a 6% equity interest in Bayrock, annual advance royalty payments, 3% Net Smelter Return ("NSR") royalty interests, work commitments and other considerations.
The nickel-copper Projects are located in northeastern Sweden in the Fennoscandian Shield (see Figure 1), which is host to numerous nickel deposits in Sweden, Finland and western Russia. The Projects each contain drill-defined zones of nickel-copper sulfide mineralization developed in and around mafic to ultramafic intrusions (magmatic sulfide-style mineralization). These zones of mineralization are also variably enriched in cobalt and platinum-group-elements (PGE), key metals used in current battery technologies. Most of the Projects' occurrences and deposits were discovered in the 1970's and 1980's, with only limited and incomplete histories of follow-up exploration. See www.EMXroyalty.com for further information.
The Agreement with Swedish Nickel/Bayrock represents another example of EMX's execution of the royalty generation aspect of its business model. EMX began exploration programs for nickel-copper-cobalt-PGE deposits in the Nordic countries in 2016, at a time of lower battery metal prices and when there was little commercial interest in these types of projects. Improvements in the battery metals markets in recent years have led to a resurgence in interest in battery metals projects, especially in stable political jurisdictions such as the Nordic countries.
Commercial Terms Overview. In accordance with the Agreement, Swedish Nickel can acquire 100% interests in any or all of the Projects through the issuance of cash or shares to EMX and performance of work on individual projects during a 36 month (3 year) option period, subject to the following terms (all dollar amounts in AUD):
Upon execution of the Agreement, EMX will receive $62,184 in cash. Bayrock will raise a minimum of $6 million by the first anniversary of the Agreement and issue EMX between 5 and 6% of Bayrock shares on a fully diluted basis, subject to certain conditions. Alternatively, Swedish Nickel can make a one-time cash payment of $600,000 in lieu of the obligation for issuance of Bayrock shares to EMX.Swedish Nickel will expend a minimum of $250,000 per project in the first 18 months of the Agreement, and another $250,000 per project in the second 18 months of the Agreement; for a total of $500,000 per project by the 3rd anniversary of the Agreement.
After satisfying the work commitments and exercising the option on any or all of the Projects, Swedish Nickel will grant EMX royalty interests with annual advance royalty ("AAR") payments and other considerations on each of the Projects for which an option is exercised:
EMX will receive a 3% NSR royalty interest in each optioned project. On or before the earlier of the sixth anniversary of the Agreement or delivery of a Feasibility Study, Swedish Nickel has the option to repurchase 1% of the EMX NSR royalty on any Project by paying EMX $1,500,000.EMX will receive AAR payments of $25,000 on each optioned project commencing on the third anniversary of the Agreement, with the AAR payment increasing by 10% each year. Payments of $600,000 payable in cash or shares, will be made to EMX upon the delivery of a Feasibility Study on any of the Projects. Closing is subject to approval by the ASX Stock Exchange.
Overview of the Projects.
The Projects are situated within a belt of mafic-ultramafic intrusive complexes that straddle the Sweden-Finland border. This belt of intrusions is host to multiple nickel-sulfide deposits such as the Kevitsa and Sakatti deposits in Finland. Each of the EMX Projects included in the Agreement contain historical drill defined zones of nickel copper mineralization that also show variable enrichments in cobalt and PGE.
Kukasjarvi Project. Kukasjarvi has a geologic setting typical of many magmatic sulfide deposits, where sill-like mafic to ultramafic rocks have intruded graphitic and sulfide bearing sedimentary rocks. Magmatic sulfides at Kukasjarvi were discovered by Boliden AB in the 1970's while tracing mineralized boulders found in the area. Twelve historical diamond holes were drilled for a total of 2,400 meters, and a historical mineral resource for Kukasjarvi was defined. The deposit is believed to be hosted within a metamorphosed ultramafic cumulate rock related to larger volumes of mafic gabbros mapped in the area. The deposit remains poorly delineated (i.e. incompletely drilled), and high Cu:Ni ratios suggest that the currently defined mineralization is distal in the system(s).
Notträsk Project. Notträsk is a layered mafic intrusion of gabbro-norite-peridotite with nickel copper mineralization that was discovered in the 1970's when road construction exposed an 80 meter thick section of sulfide rich breccias and massive sulfide accumulations. The sulfide mineralization occurs near the base of the intrusive complex, but subsequent exploration programs focussed on mineralization at higher levels within the intrusive complex. Only a few of the historical holes penetrated the basal contact, which represents the primary exploration target and remains largely untested. EMX also sees considerable exploration upside in the apophyses and offshoots of the main intrusive complex which could contain "conduit" type sulfide targets.
Vuostok Project. The Vuostok project is the westernmost of the Projects, located in the Skelleftea mining region of Sweden. Nickel-copper mineralization at Vuostok was discovered in the 1940's after prospectors followed a trail of mineralized boulders that were carried by glaciers up to 55 kilometers to the southeast. Mineralization at Vuostok mainly occurs along the basal contact of a gabbro sill intruded into granitic country rocks. After discovery, several campaigns of drilling delineated shallow bodies of nickel-copper sulfide mineralization. Many step-out drill holes also intersected masses of nickel-rich sulfide mineralization which appears to be widespread in the gabbroic intrusive complexes. Multiple conductive geophysical anomalies remain untested.
Fiskelträsk Project. Similar to Kukasjarvi, Fiskelträsk is a gabrroic to gabbronorite intrusion emplaced into sulfide-bearing sedimentary rocks. The Fiskelträsk deposit was discovered by Boliden AB during the 1970's, which drilled eleven holes for a total of 1,600 meters. The drill data were utilized by Wiking Minerals AB to estimate a historical resource in 2014 that has been cited in multiple publications on nickel-copper deposits in the region. The mineralization at Fiskelträsk is enriched in cobalt, and although not analyzed during the 1970's exploration programs, subsequent studies showed anomalous PGE values which need follow-up work.
Skogträsk Project. Nickel-copper mineralization at Skogträsk was identified and drilled by the Swedish Geological Survey ("SGU") in 1969-1973. Eleven shallow diamond drill holes by the SGU intersected disseminated and "net-textured" styles of sulfide mineralization at the basal contact of a gabbro-norite-pyroxenite-peridotite intrusion. As was the case at Kukasjarvi and Fiskelträsk, the mafic-ultramafic intrusions at Skogträsk were emplaced into graphitic and sulfide-rich sediments. In 2014 Boss Resources Ltd. conducted electromagnetic geophysical surveys at Skogträsk and drilled two holes totalling 491 meters. One of the holes intersected a significant thickness (~20 meters) of nickel-copper-bearing sulfide mineralization at the basal contact of the intrusive complex, and electromagnetic geophysical data show that the mineralization may extend for several hundred meters along strike. There was no follow-up to the 2014 drill program and multiple geophysical anomalies remain untested on the property.
Comments on References to Historical Drill Results and Resource Estimates, and Nearby Mines and Deposits. EMX has not performed sufficient work to verify the Projects' historical drill results or the published historical resource estimates. The Company is not treating the historical estimates as current mineral resources but considers them as reliable and relevant based upon independent field reviews, including inspections of historical drill core. Additional work to verify or upgrade the historical estimates as current mineral resources would include a) check assaying of historical assay results, b) confirmation drilling, and c) review/updating of the geologic interpretations under the supervision of a Qualified Person. However, there is no guarantee that the historical resource estimates will be updated as current mineral resources with further work.
The nearby mines and deposits discussed in this news release provide context for EMX's Projects, which occur in similar geologic settings, but this is not necessarily indicative that the Projects host similar tonnages or grades of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX"; and on the Frankfurt exchange under the symbol "6E9". Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Director of Investor Relations
Phone: (303) 973-8585
Investor Relations (Europe)
Phone: +49 178 4909039
Neither the 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.
This news release may contain "forward-looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as "estimate," "intend," "expect," "anticipate," "will", "believe", "potential", "upside" and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&A for the year ended June 30, 2021 (the "MD&A"), and the most recently filed Annual Information Form (the "AIF") for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC's EDGAR website at www.sec.gov.
Figure 1. Location map for the Projects and Prospective Mineral Belts.
To view an enhanced version of Figure 1, please visit:
 Papunen, Heikki, and Gorbunov, eds., 1985, Nickel-Copper Deposits of the Baltic Shield and Scandinavian Caledonides, Geological Survey of Finland, Bulletin 333.
 Grip, E., 1955, Tracing of glacial boulders as an aid to ore prospecting in Sweden, Economic Geology, v. 48, p. 715-725.
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|To: LoneClone who wrote (7799)||9/2/2021 3:06:02 PM|
|Murchison Confirms Multiple Highly-Prospective Nickel-Copper-Cobalt Targets at Its 100%-Owned HPM Project |
Wednesday, September 1, 2021 8:15 AM
TORONTO, ON / ACCESSWIRE / September 1, 2021 / Murchison Minerals Ltd. ("Murchison" or the "Company") (TSXV:MUR) is pleased to announce the final assay results from its June prospecting program at the 100%-owned 138 km2 HPM property in Quebec. The assay results confirm the presence of surface nickel-copper-cobalt mineralization at the Syrah and 4048 targets, in addition to PYC and the newly discovered Dix ( see August 16, 2021 release) and SVT showings. The results from the prospecting program are considered a major success and indicate a strong likelihood that the HPM property hosts significant nickel-copper-cobalt mineralization outside of the Barre De Fer mineralized body. The prospecting program was only 13 days in length, leaving multiple prospective geophysical anomalies unexplored. Murchison anticipates completing additional prospecting programs combined with a 3,500 m drilling program on the 1.7-km-long PYC mineralized body.
The grab samples from the Syrah target assayed as high as 0.84% Nickel Equivalent or 1.70% Copper Equivalent (0.58% Ni, 0.24% Cu, 0.05% Co) from multiple short backpack drill holes collected at the southern point of a 600-metre-long electromagnetic conductor located using a Beep Mat. The mineralization consists of semi-massive pyrrhotite, like that of Barre de Fer and PYC, with observable chalcopyrite and inferred pentlandite that has been observed at Barre de Fer. The field crews only worked at Syrah for two days and were hindered by thick snow. The company plans to complete additional prospecting in the future to more fully define the surface mineralization. The Syrah target was discovered in 2008 with grab samples that assayed as high as 0.49% Ni, 0.40% Cu and 0.05% Co. Only one hole was drilled in 2008 at Syrah; based on recent geophysical interpretation, the 2008 hole missed the anomaly as it was drilled parallel to the geophysical target. Recent geophysical modelling by Condor Consulting Inc. indicates that both Syrah and Dix have a similar response to the nearby Barre de Fer mineralized body, which assayed as high as 1.74% Ni, 0.90% Cu and 904 ppm Co, over 43.15 metres from hole HPM-08-03. The Syrah target is located only 350 metres away from the Bar de Fer mineralized body and may represent satellite mineralization.
Grab samples collected during the June 2021 prospecting at the 4048 target assayed as high as 0.96% Nickel Equivalent or 1.94% Copper Equivalent (0.53% Ni, 0.36% Cu, 0.09% Co). The samples were collected from several large sulphide-rich angular boulders halfway up a large cliff, as well as a backpack drill hole into the cliff. The source of the mineralization appears to have originated from the side of the cliff. Historic grab samples from 4048 assayed as high as 0.83% Ni, 0.81% Cu, 0.14% Co. This area has never been drill tested and requires extensive follow up.
Murchison's CEO and President, Jean-Charles Potvin, commented "The results we are seeing from HPM continue to exceed our expectations. We are very eager to commence drilling on the HPM project as the team strongly feels that we will see exceptional results."
Murchison's June prospecting program ( see June 29, 2021 release) consisted of two field crews of two people, exploring recently identified VTEM conductor targets by utilizing a Beep Mat to locate near surface conductive material that was then exposed with hand tools and sampled using a backpack drill. Despite the prospecting at Syrah target being limited by abundant, deep snow, the HPM program successfully recovered multiple mineralized samples from the showings mentioned above.
Figure 1 - Map 2021 Prospecting results overlain on the 2021 EM Results
*Nickel and Copper Equivalent (NiEq, CuEq) values are based on the following metal prices from Aug 9th, 2021: $8.60/lb Ni, $4.24/lb Cu, and $23.76/lb Co. BP Core is an abbreviation for drill core collected using a backpack drill and is to be treated as grab samples.
Table 1 - HPM 2021 Prospecting Assay Highlights (excluding PYC)
Figure 2 - Map of Syrah geophysical anomaly with the 2021 prospecting results with conductor axis traces.
HPM Exploration Update
Murchison has applied for a permit to drill test the PYC mineralized body at HPM with a 3,550-metre helicopter supported program this October. It is estimated that the drill permit will arrive by mid-September. Murchison is currently in discussion with multiple contractors but has not yet awarded the drill contract for the upcoming program.
A metallurgical sample has been collected from the observed surface mineralization at PYC and was submitted to the Saskatchewan Research Council for mineral identification using QEMSCAN, and for preliminary flotation tests. The results of these preliminary tests are expected soon.
About the HPM Project
The HPM project is located east of the Manicouagan Crater, the site of a major meteorite impact estimated to be 215 million years old. The extensive water reservoir supports five hydro-power installations. The existing Quebec Cartier rail line, located 8 kilometres west of the PYC project area, links Labrador City to Port Cartier and Sept Iles, two major iron ore port facilities.
The project is within the Haut-Plateau de la Manicouagan area. The claims host prospective gabbroic, ultramafic and anorthositic bodies within the Manicouagan metamorphic complex and are associated with significant nickel-copper-cobalt mineralization identified by a total of 32 diamond drill holes (6,479 m) completed in 2001-2 and 2008-9.
The majority of the past drilling at HPM targeted the Barre de Fer geophysical conductor and confirmed the known nickel-copper-cobalt mineralization approximately 300 metres along strike and to a depth of about 280 metres. The mineralization remains open at depth and partially along strike.
Brabant Lake Project Update
The summer drill program at the Betty Zone was completed this August after drilling 877 metres. The drill core samples from the program have been submitted to the Saskatchewan Research Council Geoanalytical Lab and Murchison anticipates receiving results soon.
The foregoing scientific and technical disclosures on the HPM and Brabant Lake projects have been reviewed by John Shmyr, P.Geo., VP Exploration, a registered member of the Professional Engineers and Geoscientists of Saskatchewan and current holder of a special authorization with the Ordre des Géologues du Québec. Mr. Shmyr is a Qualified Person as defined by National Instrument 43-101.
About Murchison Minerals Ltd. (TSXV: MUR)
Murchison is a Canadian-based exploration company focused on the exploration and development of its HPM nickel-copper-cobalt project in Quebec and its 100%-owned Brabant Lake zinc-copper-silver project in north-central Saskatchewan. The Company holds an option to earn a 100%-interest in the Barraute VMS exploration project also located in Quebec, north of Val d'Or. Murchison currently has 108.9 million shares issued and outstanding.
Additional information about Murchison and its exploration projects can be found on the Company's website at www.murchisonminerals.com.
For further information, please contact:
Jean-Charles (JC) Potvin, President and CEO
Erik H Martin, CFO
Tel: (416) 350-3776
CHF Capital Markets
Thomas Do, IR Manager
Tel: 416-868-1079 x 232
Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.
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: Murchison Minerals Ltd.
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