| To: LoneClone who wrote (159440) | 9/30/2021 11:44:39 AM | | From: LoneClone | | | | Ivanhoe Mines: Kamoa-Kakula Phase 1 Concentrator Mills Approximately 320,000 Tonnes of Ore Grading 6.0% Copper in September, Exceeding Steady-State Design Throughput
A record 16,010 tonnes of copper produced in the month ended September 20
More than 46,750 tonnes of copper produced year-to-date to September 20
2021 production guidance range for copper in concentrate raised to 85,000 to 95,000 tonnes
Floated concentrate grade improved to 55.7% copper; average plant flotation recovery increased to 85.1%; both nearing nameplate design
Phase 2 concentrator construction now more than 50% complete
Mining crews delivered 384,000 tonnes of ore grading 5.58% copper in September, including 141,000 tonnes grading 7.32% copper from the centre of the Kakula Mine
Surface ore stockpiles continue to grow; now hold 3.66 million tonnes grading 4.73% copper, containing more than 173,000 tonnes of copper
newsfilecorp.com
Kolwezi, Democratic Republic of Congo--(Newsfile Corp. - September 30, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun announced that ramp-up of Kamoa-Kakula's Phase 1, 3.8 million-tonne-per-annum (Mtpa) concentrator plant continues to advance ahead of schedule, with 319,795 tonnes of ore milled in September, exceeding the monthly design run rate of 316,667 tonnes at an average feed grade of 6.0% copper.
A total of 16,010 tonnes of copper in concentrate were produced (filtered product) and a total of 16,503 tonnes floated in the reporting month ended September 20th - Kamoa Copper's fourth full month of production - establishing a new monthly record and nearing the Phase 1 target output of 16,666 tonnes per month, or 200,000 tonnes per annum. The difference between filtered and floated copper is approximately 500 tonnes in inventory in the concentrate thickener and the filter feed tank.
The average floated concentrate copper grade in September improved to 55.7%, up from approximately 48% in August. A total of 46,764 tonnes of copper in concentrate had been produced year-to-date as of September 20, 2021, for delivery to either the Lualaba Copper Smelter near Kolwezi, or to international markets.
Copper flotation recoveries improved to an average of 85.1% during September, up from an average of 83% during August. The Phase 1, steady-state-design copper recovery is approximately 86%, depending on ore feed grade.
A daily record copper recovery of 88.3% was achieved on September 12th and a daily floated copper production of 721 tonnes was achieved on September 15th. Subsequent to the reporting period, a daily milling record of 12,596 tonnes and a daily crushing record of 14,778 tonnes were achieved on September 27th.
Chart 1: Cumulative tonnes of copper produced May 2021 to September 20, 2021. The August total has been adjusted to reflect cumulative copper produced to August 20, 2021 (the new monthly reporting cut-off date).
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Mark Farren, Kamoa Copper's CEO, commented on September's operating performance: "The Kamoa-Kakula team has worked tirelessly to bring the Phase 1 concentrator to steady-state performance. We are very pleased with the September results, where we exceeded steady-state design parameters for ore throughput and were close to achieving steady-state design copper recovery and monthly copper production.
"There are a number of additional adjustments being incorporated into the Phase 1 processing circuit, which will enable the concentrator to achieve better results in the next quarter. These adjustments, which also will be incorporated into the Phase 2 processing circuit, should position us to achieve 2021 copper production in the upper end of our previous guidance of 80,000 to 95,000 tonnes. This gives us the confidence to raise the range to 85,000 to 95,000 tonnes.
"Mining production was steady at 384,000 tonnes produced from the Kakula and Kansoko mines. The mining teams now are well established and are able to consistently outperform our internal budget. We have established a solid base of skilled and motivated Congolese workers, who no doubt will carry us through the ramp-up of Phase 2 and subsequent expansions of our mining footprint. It also is encouraging to note that the Phase 2 concentrator construction remains solidly ahead of schedule and on budget."
Ivanhoe's production guidance for contained copper in concentrate at Kamoa-Kakula in 2021 has been raised to 85,000 to 95,000 tonnes. The figures are on a 100%-project basis and metal reported in concentrate is prior to refining losses or deductions associated with smelter terms. The guidance assumes ramp-up continues in line with published technical disclosures.
Performance guarantee tests were successfully completed on the Phase 1 concentrator plant during the first three days of September. The performance tests involved a 72-hour continuous run at steady-state design, or above, ore throughput and grind.
Kamoa-Kakula is fast tracking the commissioning of an additional concentrate filter, which has been installed alongside the Phase 1 filter, to be able to take advantage of copper feed grades and milling rates in excess of design parameters. The additional concentrate filter is expected to be fully operational in early October 2021, enabling the Phase 1 concentrator to produce more copper than its design capacity of approximately 200,000 tonnes per year.
Watch a new video showcasing the ramp-up of copper production at Kamoa-Kakula and the production of blister copper at the local Lualaba Copper Smelter: newsfilecorp.com
Phase 2 concentrator plant overall construction more than 50% complete, with the current focus on structural steel, mechanical, piping and platework (SMPP) erection and installation
Construction of the second 3.8-Mtpa concentrator plant (Phase 2) is progressing well, with the overall project more than 50% complete; engineering and procurement activities are effectively complete with fabrication at 86% complete. Civil construction works also are effectively complete, with the focus now on erection of structural steel and the installation of platework and equipment. A 400-tonne crane (the largest in the DRC) has arrived on site and has been used to lift the tailings thickener rake into position. The crane also will shortly be used to install the ball mills, the ball mill shells, girth gear and ball mill ends, all of which are on site.
The bulk of the 2,193 tonnes of structural steel and the 570 tonnes of platework is on site and the bulk of the 18,644 metres of piping is en route to site. The six-kilometre tailings return water piping has been delivered to site and installation is nearing completion. More than 418 truckloads of Phase 2 construction equipment and materials already have been delivered to site and another 49 truckloads are en-route. The Phase 2 concentrator remains on track for completion in Q3 2022.
Commissioning of the Phase 1 backfill is advancing well with C4 (hot commissioning) activities. More than 7,250 cubic metres of paste backfill have been pumped to an underground trial stope in the Kakula Mine.
The two time-lapsed videos below highlight Kamoa-Kakula's Phase 2 construction efforts, including lifting the ball mills, flotation cells and the tailings thickener.
Video 1: https://vimeo.com/616144971/c0c90f41cf
Video 2: https://vimeo.com/616147092/a718a29b98
Installation of the Phase 2 ball mills is advancing quickly.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
The first six flotation cells for the Phase 2 concentrator have been installed, with installation of the Phase 2 ball mills underway in the background.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Members of the construction team with a section of a Phase 2 ball mill shell.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Lifting the Phase 2 secondary screen pan feeder into place.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Mechanic Kabuanga Clement installing a safety railing inside the Phase 2 high-pressure-grinding-rolls (HPGR) stockpile tunnel.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Nadege Santos, Construction Secretary (left), and Doralie Kona, Construction Engineer in training, at the Phase 2 concentrator plant.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
A 3D rendering of the Phase 2 flotation cells under construction alongside the Phase 1 flotation cells. The picture below shows current construction progress of the Phase 2 cells, which is 52% complete.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
A 3D rendering of the Phase 2 high-pressure-grinding-rolls (HPGR) plant under construction alongside the operating Phase 1 HPGR plant. The picture below shows current construction progress of the Phase 2 plant, which is 54% complete.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
A 3D rendering of the Phase 2 high-pressure-grinding-rolls (HPGR) plant under construction alongside the operating Phase 1 HPGR plant. The picture below shows current construction progress of the Phase 2 plant, which is 71% complete.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Mining continues ahead of schedule, adding to the surface ore stockpiles
A total of 384,000 tonnes grading 5.58% copper was mined during the period from August 21 to September 20, including 141,000 tonnes grading 7.32% copper from the Kakula Mine's high-grade centre and 36,000 tonnes grading 4.89% copper from the Kansoko Mine.
The project's surface stockpiles now contain approximately 3.66 million tonnes of high-grade and medium-grade ore at an estimated, blended average of 4.73% copper. Contained copper in the stockpiles at the end of August now totals more than 173,000 tonnes (the current copper price is approximately US$9,200 per tonne).
In September, crews began transporting high-grade ore from the surface stockpile near the Kakula southern decline directly to the Phase 1 concentrator plant or to the main surface stockpiles near the Kakula northern decline.
Chart 2: Cumulative tonnes and grade of ore stockpiles at the Kakula and Kansoko mines - May 2020 to September 2021.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Chart 3: Growth in contained copper in ore stockpiles at the Kakula and Kansoko mines - May 2020 to September 2021.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
The Kakula Mine, concentrator plants and main ore stockpiles at Kakula's northern declines (in red circle). The blended stockpiles currently contain approximately 1.80 million tonnes grading 5.04% copper.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
The Kakula southern decline and ore stockpiles containing a combined 1.33 million tonnes grading 4.65% copper (consisting of 602,000 high-grade tonnes @ 6.19% copper and 732,000 medium-grade tonnes @ 3.39% copper).
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
The Kansoko Mine and ore stockpiles containing a combined 521,000 tonnes grading 3.88% copper (consisting of 162,000 high-grade tonnes @ 5.82% copper and 359,000 medium-grade tonnes @ 3.00% copper).
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Figure 1: Underground development completed at Kakula Mine to September 28, 2021 (in black).
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Kakula is projected to be the world's highest-grade major copper mine, with an initial mining rate of 3.8 Mtpa at an estimated, average feed grade of more than 6.0% copper over the first five years of operations, and 5.9% copper over the initial 10 years of operations. Phase 1 is expected to produce approximately 200,000 tonnes of copper per year, while the Phase 2 expansion is forecast to increase production to approximately 400,000 tonnes of copper annually. The project is on track to complete the Phase 2 expansion in Q3 2022. Based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.
The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%). A 2020 independent audit of Kamoa-Kakula's greenhouse gas intensity metrics performed by Hatch Ltd. of Mississauga, Canada, confirmed that the project will be among the world's lowest greenhouse gas emitters per unit of copper produced.
Study work advancing to accelerate Phase 3 mine and concentrator expansion
Study work for the Phase 3 mine and concentrator expansion is underway, which includes optimization work to determine mining production capacity and costs at the various mining areas on the Kamoa-Kakula complex, including expanded facilities at the Kansoko Mine, Kamoa North (including the Bonanza Zone) and Kakula West.
This work also will determine the optimal sizing of the Phase 3 concentrator, which was outlined as a further expansion of 3.8 Mtpa in the Kamoa-Kakula Integrated Development Plan announced in September 2020. In addition, the studies will take into consideration the expected timeline for the upgrade of turbine 5 at the Inga II hydropower complex to provide 162 megawatts of renewable hydropower, as well as the construction of a direct-to-blister smelter.
Once the optimization work is completed, Kamoa Copper will advance into a more detailed phase of design and engineering work with its objective to accelerate the Phase 3 concentrator expansion.
Pipe fitters Thara Ngoie (left) and Fanfan Kapepe installing pumps in the new pumping station at the Kansoko Mine.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
(L-R) Kamoa Copper's Pontien Kalala, Jan Strydom and Mark Farren inspecting the first mined-out stope in the Kakula Mine being filled with paste backfill. Approximately 50% of the tailings are mixed with cement and pumped back underground to fill mined-out tunnels.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Mwadingusha hydropower plant fully operational and providing enough clean electricity for Kamoa-Kakula's phases 1 and 2; Kamoa Copper's green energy focus now shifting to the Inga II hydropower plant as the source of additional clean electricity for Kamoa-Kakula expansions
All six new turbines at the Mwadingusha hydropower plant now have been synchronized to the national electrical grid, with each generating unit producing approximately 13 megawatts (MW) of power, for a combined output of approximately 78 MW.
Kamoa-Kakula's energy company has agreed to assist with the maintenance of the Mwadingusha turbines and a maintenance agreement between the state-owned power company SNEL and Ivanhoe Mines Energy is being drafted.
The Mwadingusha hydropower refurbishment project was awarded the 'Best Public- Private Partnership Project of the Year' at the recent 2021 DRC Energy Conference in Lubumbashi, organized by the Federation des Enterprise du Congo (the DRC Business Federation).
Ivanhoe Mines' Louis Watum (left) and Bosco Kayombo, CEO of SNEL (right), receiving the award for the 'Best Public-Private Partnership Project of the Year' from Eve Bazaïba, Deputy DRC Prime Minister (centre).
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
In early August 2021, Kamoa-Kakula's energy company signed an extension of the existing financing agreement with SNEL to upgrade turbine 5 at the Inga II hydropower complex. Since June 2021, rehabilitation scoping works and technical visits have been conducted by Stucky Ltd., of Renens, Switzerland, and Voith Hydro of Heidenheim, Germany, a leading engineering group. Voith, the contractor for the turbine 5 upgrade, has successfully rehabilitated two turbine generators at the adjoining Inga I hydropower plant, a project that was financed by the World Bank.
Early works related to the removal of sand from area around turbine 5 is in progress, which will allow the engineering team to complete the scoping work. Ivanhoe expects to soon be in a position to provide an update on the expected upgrading costs for turbine 5 as well as the expected timeline for completion of the upgrading project.
Turbine 5 is expected to produce 162 MW of renewable hydropower, providing the Kamoa-Kakula Copper Complex and the planned, associated smelter with abundant, sustainable electricity for future expansions.
Kamoa Copper partnership continues COVID-19 vaccination efforts for employees and residents who live in host communities
Kamoa-Kakula has successfully focused on prevention, preparation, and mitigation in managing the risks associated with COVID-19. Large-scale testing, combined with focused preventative measures, ensured that positive cases were quickly identified, isolated, and treated, with cross contamination kept to a minimum. Maintaining this high standard of risk management remains the main focus to prevent future cases.
With the support of the Democratic Republic of Congo government, UNICEF and other stakeholders, Kamoa Copper SA completed its first round of COVID-19 vaccinations in June 2021. In conjunction with the DRC government's extended program of vaccinations, the second round of COVID-19 vaccinations at Kamoa-Kakula commenced in mid-August. The vaccine is available for all Kamoa Copper employees, contractors and residents living in the mine's host communities.
The Kamoa COVID-19 hospital continues to treat patients when required, as construction progresses well for the expansion and upgrade of the primary healthcare wing. Kamoa-Kakula's highly experienced medical team applies the latest medical treatments, supported by a world-leading emergency response and paramedic team.
As the pandemic evolves, the medical team at the Kamoa hospital continues to review and update risk mitigation protocols, while ensuring that new medical advances are investigated and applied to protect the health and safety of employees and community members.
A yellow-billed kite flying above the Kamoa-Kakula Mine. Kamoa Copper is focused on being responsible stewards of the environment, helping to protect the region's flora, fauna and biodiversity.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Alice Mboy, Kamoa Copper's Senior Community Relations Officer, presenting awards to students at the Muvunda primary school graduation ceremony. The new school in the village of Muvunda is a Kamoa Copper community initiative to increase education opportunities for families living near the Kamoa-Kakula Project.
To view an enhanced version of this graphic, please visit:
orders.newsfilecorp.com
Qualified Persons
Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Kamoa Copper's Head of Projects. Mr. Amos has verified the technical data disclosed in this news release.
Other disclosures of a scientific or technical nature regarding the stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43-101 as he is the Vice President, Resources of Ivanhoe Mines. Mr. Gilchrist has verified the other technical data related to the stockpiles disclosed in this news release.
The stockpile grade estimates contained in this release are based upon bulk ore sampling from material being fed to the plant from surface stockpiles, and underground vertical channel sample profiles from recent development. Channel sample profiles are cut approximately 15 metres apart in 1-metre vertical increments across the full vertical exposure using a handheld grinder, with a 100-to-150-gram sample collected. The samples are pulverized at the project's onsite laboratory and analyzed using a portable XRF (pXRF) instrument. Kamoa Copper has routinely analyzed its exploration drill core for copper using pXRF, in addition to analysis at a commercial laboratory using four acid digest and ICP-OES. This data has demonstrated that pXRF results can be relied upon for grade control and run-of-mine sampling. Due to rounding, numbers presented throughout this news release may not add up precisely.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
- Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc., and Wood plc.
The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo and at the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula began producing copper concentrates in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula and Kipushi are being powered by clean, renewable hydro-generated electricity and are projected to be among the world's lowest greenhouse gas emitters per unit of metal produced. Ivanhoe Mines has pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula Copper Mine when large-scale electric, hydrogen and hybrid underground mining equipment become commercially available. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the Democratic Republic of Congo, near the Kamoa-Kakula Project.
Information contacts
Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034
Forward-looking statements
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, the timing and results of: (i) statements regarding Ivanhoe's guidance for contained copper in concentrate expected to be produced by Kamoa-Kakula for 2021 has been tightened to 85,000 to 95,000 tonnes; (ii) statements regarding the expectation that Phase 2 of the project's development when the Kakula concentrator processing capacity doubles to 7.6 Mtpa is to be commissioned in Q3 2022; (iii) statements regarding Kakula is projected to be the world's highest-grade major copper mine, with an initial mining rate of 3.8 Mtpa at an estimated, average feed grade of more than 6.0% copper over the first five years of operations and 5.9% copper over the initial 10 years of operations; (iv) statements regarding Kamoa-Kakula's Phase 1 is expected to produce approximately 200,000 tonnes of copper per year, and Phases 1 and 2 combined are forecast to produce approximately 400,000 tonnes of copper per year; (v) statements regarding based on independent benchmarking, the project's phased expansion scenario to 19 Mtpa would position Kamoa-Kakula as the world's second largest copper mining complex, with peak annual copper production of more than 800,000 tonnes; (vi) statements regarding Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced; (vii) statements regarding the adjustments being incorporated into the Phase 1 processing circuit should position Kamoa-Kakula to achieve 2021 copper production in the upper end of the previous guidance of 80,000 to 95,000 tonnes; (viii) statements regarding approximately one half of the mine's tailings will be sent back underground; and (ix) statements regarding an upgraded turbine 5 at Inga II is expected to produce 162 megawatts of renewable hydropower, providing the Kamoa-Kakula Copper Complex and associated smelter with abundant sustainable electricity for future expansions.
As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko pre-feasibility study and the Kamoa-Kakula preliminary economic assessment, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the Kamoa-Kakula Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; and (xvii) political factors.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the "Risk Factors" section in the company's 2021 Q2 MD&A and its current annual information form. |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159441) | 9/30/2021 1:54:43 PM | | From: LoneClone | | | | United Lithium Discovers Multiple Lithium Rich Boulder Trains at Bergby – Assays up to 3.33 Li2O
ca.finance.yahoo.com
United lithium
Thu., September 30, 2021, 5:00 a.m.·9 min read
Figure 1
Bergby Lithium Project - Pegmatite Boulder Trains - Overview
Bergby Lithium Project - Pegmatite Boulder Trains - OverviewFigure 2
Bergby Lithium Project - Pegmatite Boulder Trains - North Section
Bergby Lithium Project - Pegmatite Boulder Trains - North SectionFigure 3
Bergby Lithium Project - Pegmatite Boulder Trains - North Section
Bergby Lithium Project - Pegmatite Boulder Trains - North SectionFigure 4
Original and Additional Exploration Permits, Bergby Lithium Project
Original and Additional Exploration Permits, Bergby Lithium ProjectFigure 5
Bergby Lithium Project showing Exploration Permits, drilling area, and office/core facilities on Google Earth Satellite Image
Recent boulder sampling has discovered multiple new lithium-bearing boulder trains that are not related to previously drilled lithium-bearing pegmatites. A potential source to the north and to the west of the drilled pegmatite is suggested, where sampling and mapping continues
Soil sampling has commenced, and first batch of samples have been sent for assay
Core Drilling underway – expected to continue until year end
Additional Claims added – now more than 10,458 hectares at Berby
The Swedish Prime Minister Stefan Löfven stated "Sweden needs more mines to cope with climate change"
VANCOUVER, British Columbia, Sept. 30, 2021 (GLOBE NEWSWIRE) -- United Lithium Corp. (CSE: ULTH; OTC: ULTHF; FWB: 0ULA) (“ULTH” or the “Company”) is pleased to announce the first results from ongoing boulder train mapping and sampling at the Bergby Lithium Project in central Sweden. Excellent results have been returned from an area west of the northern end of the previously drilled lithium mineralized pegmatite. These new boulder trains are not related to drilled mineralization and are believed related to new lithium mineralized bodies.
These results include 3.01% Li2O, 2.82% Li2O and 2.12% Li2O (see Table 1 and Figures 1 and 2). 300m to 500m northwest of the southwestern end of the previously drilled lithium mineralized pegmatite, values returned include 1,71% Li2O, 1.72% Li2O, and 1.46% Li2O (see Table 1 and Figures 1 and 3). And 600m west of the previously drilled southwestern end of the previously drilled lithium mineralized pegmatite, values returned include 3.33% Li2O (see Table 1 and Figures 1 and 3).
The success of this boulder sampling program has encouraged United Lithium to expand the mapping and sampling program. Additional boulder samples have been sent for analysis to ALS Limited and field work is on-going.
Furthermore, a soil sampling program has been completed in the vicinity of the interpreted source of the northern spodumene boulder train. Samples were dried and sieved with -63 m fraction sent to ALS Limited for analysis including Li-Ta-Cs-Rb.
“Recent mapping and sampling has greatly expanded the footprint of lithium mineralized pegmatite at our Bergby Project” states Michael Dehn, President and CEO. “An extensive area has been identified with spodumene bearing boulders, and we see significant potential to find multiple lithium bearing pegmatite dykes. We have consequently expanded the claim holding at Bergby to secure additional targets. Our mapping and sampling shall continue as long as weather permits, and drilling is expected to continue at least until year end.”
In an interview last week with Olov Abrahamsson, Swedish Prime Minister Stefan Löfven, stated:
"Sweden needs more mines to cope with climate change," says Löfven. "Employment and business policy need to be intertwined with the climate issue." We at United Lithium see this as positive support from the Swedish Government for future mine development in Sweden for lithium minerals.
Figure 1 Bergby Lithium Project - Pegmatite Boulder Trains - Overview
Core drilling is also well underway. A core logging and cutting facility has been established at the Port of Norrsundet, only 4km SW of the where drilling is occurring. Logistics are excellent, with infrastructure in place at the Port for most potential industrial applications. (see Figure 5.)
Figure 2 Bergby Lithium Project - Pegmatite Boulder Trains - North Section
Bergby was discovered by the Leading Edge Materials team early in 2016, and has already thrown up both high grades and a high hit rate of potentially mineralized pegmatite.
Bergby lies in central Sweden, 25km north of the town of Gavle, initially secured by three exploration permits that covered a total of 1,903 hectares (Bergby nr 1, 2, and 3).
The site is close to infrastructure, with major roads, rail and power supply passing immediately adjacent to the Bergby project.
The Bergby Project was acquired by United Lithium from Leading Edge Materials in April 2021 when the property consisted of four exploration permits (Bergby nr 1, 2, 3 and 5) for a total of 3,155 hectares.
Recently the company applied for and was granted Bergby nr 4, 6, and 7 contiguous to the initial four exploration permits based the United Lithium suspicion that the mineralizing system at Bergby in much larger than previously thought. The total Bergby Project area is now 10,458 hectares (see figures 4 and 5.)
Figure 3 Bergby Lithium Project - Pegmatite Boulder Trains - North Section
Figure 4 Original and Additional Exploration Permits, Bergby Lithium Project
Figure 5 Bergby Lithium Project showing Exploration Permits, drilling area, and office/core facilities on Google Earth Satellite Image
Table 1 Boulder Train assay results, Bergby Lithium Project
Sample
Number
| SWEREF99TM
Easting (m)
| SWEREF99TM
Northing (m)
| Rock
code
| Lithium
Bearing
Mineral
Observed
| Li2O
(%)
| Ta
(ppm)
| Cs
(ppm)
| Rb
(ppm)
| Be
(ppm)
| Sn
(ppm)
| BBYB012
| 613001
| 6761182
| PEGS
| SPOD
| 3.01
| 14.75
| 23.30
| 107.50
| 17.80
| 85.00
| BBYB017
| 612945
| 6761160
| PEGS
| SPOD
| 0.90
| 32.50
| 15.30
| 177.00
| 174.00
| 44.00
| BBYB018
| 612958
| 6761174
| PEGS
| SPOD
| 2.12
| 6.95
| 11.10
| 76.80
| 45.60
| 73.00
| BBYB019
| 612988
| 6761203
| PEGS
| SPOD
| 2.82
| 26.20
| 32.30
| 147.00
| 74.60
| 93.00
| BBYB020
| 612899
| 6761220
| PEGS
| SPOD
| 1.88
| 56.20
| 52.60
| 458.00
| 147.50
| 59.00
| BBYB021
| 613004
| 6761227
| PEGS
| SPOD
| 1.19
| 35.90
| 34.10
| 367.00
| 76.50
| 38.00
| BBYB022
| 612914
| 6761211
| PEGS
| SPOD
| 0.01
| 128.50
| 2.70
| 76.60
| 30.60
| 29.00
| BBYB023
| 612921
| 6761356
| PEGS
| SPOD
| 0.13
| 38.70
| 69.50
| 470.00
| 125.50
| 16.00
| BBYB024
| 613057
| 6761073
| PEGS
| SPOD
| 0.70
| 33.40
| 19.30
| 160.00
| 33.50
| 47.00
| BBYB028
| 613125
| 6761007
| PEGS
| SPOD
| 1.18
| 13.25
| 23.90
| 239.00
| 40.60
| 81.00
| BBYB106
| 614305
| 6756964
| APL
|
| 1.53
| 62.70
| 203.00
| 598.00
| 102.00
| 114.00
| BBYH071
| 613305
| 6755809
| GRA
|
| 0.01
| 0.67
| 2.90
| 150.50
| 3.90
| 3.00
| BBYH084
| 608482
| 6755987
| PEG
|
| 0.01
| 5.94
| 17.00
| 354.00
| 59.70
| 18.00
| ´060801
| 613122
| 6761481
| PEG
|
| 0.00
| 0.40
| 1.70
| 103.50
| 3.30
| BDL
| ´060803
| 612879
| 6761213
| PEG
|
| 0.00
| 5.69
| 0.90
| 211.00
| 8.90
| 3.00
| ´060805
| 613149
| 6760992
| PEGS
| SPOD
| 1.92
| 21.60
| 21.40
| 68.20
| 30.70
| 71.00
| ´062201
| 612113
| 6760285
| PEG
|
| 0.07
| 12.45
| 27.00
| 248.00
| 330.00
| 168.00
| ´062202
| 612110
| 6760315
| PEG
|
| 0.05
| 13.90
| 28.50
| 148.00
| 800.00
| 69.00
| ´062203
| 612114
| 6760328
| PEG
|
| 0.05
| 14.65
| 36.40
| 514.00
| 1210.00
| 101.00
| ´062206
| 612123
| 6760241
| QTZ/PEG
|
| 0.08
| 13.30
| 27.60
| 279.00
| 310.00
| 154.00
| ´062207
| 612030
| 6760197
| QTZ/PEG
|
| 0.02
| 83.20
| 25.10
| 341.00
| 370.00
| 89.00
| ´062306
| 612500
| 6759978
| PEG
|
| 1.11
| 93.50
| 138.50
| 469.00
| 240.00
| 266.00
| ´062312
| 612380
| 6759951
| PEGS
| SPOD
| 0.49
| 8.73
| 40.00
| 477.00
| 156.50
| 22.00
| ´070702
| 613329
| 6761102
| PEGS
| SPOD
| 0.75
| 18.90
| 17.00
| 214.00
| 202.00
| 62.00
| ´070707
| 612568
| 6761606
| QTZ/PEG
|
| 0.01
| 18.15
| 43.00
| 450.00
| 202.00
| 85.00
| ´070708
| 612101
| 6761326
| QTZ/PEG
|
| 0.01
| 69.20
| 35.80
| 247.00
| 171.50
| 36.00
| ´070801
| 613130
| 6761011
| PEGS
| SPOD
| 1.07
| 17.30
| 25.40
| 247.00
| 50.80
| 71.00
| ´070803
| 612117
| 6760765
| PEG
|
| 0.02
| 78.10
| 16.60
| 174.00
| 600.00
| 52.00
| ´070802
| 612191
| 6760723
| PEGS
| SPOD
| 1.72
| 19.35
| 21.70
| 304.00
| 230.00
| 53.00
| ´070802
| 612191
| 6760723
| PEGS
| SPOD
| 1.71
| 3.17
| 14.40
| 190.50
| 183.50
| 45.00
| ´071001
| 612264
| 6760328
| PEGS
| SPOD
| 1.46
| 64.40
| 20.20
| 233.00
| 156.00
| 127.00
| ´071002
| 612145
| 6760254
| QTZ/PEG
|
| 0.03
| 23.10
| 57.00
| 481.00
| 920.00
| 219.00
| ´071002B
| 612145
| 6760254
| QTZ/PEG
|
| 0.02
| 19.75
| 32.50
| 348.00
| 310.00
| 556.00
| ´071004
| 612003
| 6760274
| PEG
|
| 0.00
| 5.58
| 12.50
| 377.00
| 230.00
| 81.00
| ´071408
| 611674
| 6760447
| PEG
|
| 0.01
| 2.36
| 24.10
| 216.00
| 17.90
| 6.00
| ´071409
| 611863
| 6760306
| PEGS
| SPOD
| 3.33
| 5.48
| 21.20
| 106.00
| 320.00
| 94.00
| ´071410
| 611870
| 6760312
| PEG
|
| 0.03
| 5.80
| 18.70
| 312.00
| 146.50
| 73.00
| ´071411
| 611867
| 6760313
| PEG
|
| 0.04
| 6.72
| 18.20
| 248.00
| 183.50
| 23.00
| ´071412
| 611665
| 6760492
| QTZ/PEG
|
| 0.03
| 4.71
| 20.90
| 519.00
| 175.50
| 42.00
| ´071417
| 616011
| 6761901
| PEG
|
| 0.00
| 5.87
| 6.30
| 298.00
| 92.60
| 21.00
| ´071510
| 612150
| 6760469
| PEGS
| SPOD
| 0.99
| 4.93
| 21.60
| 209.00
| 380.00
| 87.00
| ´071511
| 612164
| 6760446
| PEGS
| SPOD
| 0.15
| 11.70
| 30.20
| 359.00
| 310.00
| 98.00
| ´071512
| 611930
| 6760346
| PEG
|
| 0.02
| 18.70
| 16.10
| 306.00
| 310.00
| 619.00
| ´071514
| 611922
| 6760336
| PEG
|
| 0.03
| 18.95
| 22.70
| 455.00
| 184.00
| 331.00
| ´071601
| 612137
| 6760605
| PEGS
| SPOD
| 0.88
| 6.31
| 43.40
| 240.00
| 176.50
| 71.00
|
|
|
|
|
|
|
|
|
|
|
| LEGEND
| BDL
| Below Detection Limit
| SPOD
| Spodumene
| PEG
| Pegmatite
| PEGS
| Spodumene Bearing Pegmatite (observed)
| QTZ
| Quartzite
| GRA
| Granite
| APL
| Aplite
|
Samples submitted by United Lithium were analyzed by the ME-MS81 and Li-OG63 technique by ALS Limited laboratories in Pitea, Sweden and Loughrea, Ireland.
Mark Saxon (FAusMM), Technical Advisor to the Company, is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure or Mineral Projects) and has prepared or reviewed the preparation of the scientific and technical information in this press release.
On Behalf of The Board of Directors
Michael Dehn
Chief Executive Officer
Investor Relations
(604) 259-0889
ir@unitedlithium.com
Forward-Looking Statements Caution. This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company’s business, its product offerings and plans for marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward- looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
Photos accompanying this announcement are available at
globenewswire.com |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159442) | 9/30/2021 1:56:14 PM | | From: LoneClone | | | | Sirios to conduct a Structural Geology Study on its Aquilon Gold Project, Quebec
ca.finance.yahoo.com
Sirios Resources Inc.
Thu., September 30, 2021, 6:00 a.m.·4 min read
MONTREAL, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The management of Sirios Resources Inc. (TSXV: SOI) is pleased to announce that InnovExplo Inc. of Val-d'Or has been awarded the mandate to conduct a structural geology study of the Aquilon gold property in Eeyou Istchee James Bay, Quebec. The study will be initiated in the coming days by an InnovExplo structural specialist accompanied by Sirios’ geologists. The field work on the property will also allow Sirios' geologists to examine the logistics required to carry out an overburden stripping program on the sectors where the gold in soil anomalies, as recently announced (press release 13/09/2021), have been identified.
Corrections to press releases dated September 1 and September 17, 2021
In Sirios' press release dated September 1, 2021 regarding the closing of the first tranche of a flow-through private placement, the amount of finder's fees paid to intermediaries for the first tranche should have read $30,000 instead of $14,000. In addition, in the press release dated September 17, 2021 regarding the closing of the second and final tranche, the total amount of finder's fees paid to intermediaries for the first and second tranches should have read $30,280 instead of $16,280.
About the Aquilon Property
The property includes more than thirty gold showings on surface, including some with very high grades, most notably 560 g/t Au over 0.49m, 834 g/t Au over 1.71m and 3,230.89 g/t Au over 0.8m (ref.: press releases 02/12/2014; 01/01/2011; 26/06/2008). The property has been drilled extensively over the years, however the vast majority of these holes averaged less than 60 metres and were focused directly on four main showings when the project was managed by its partner at the time. Sirios has completed a recompilation of all available data and is proposing a new exploration program for the property which is considered to have excellent potential.
The Aquilon property, held 100% by Sirios, is comprised of 140 claims covering nearly 70 km2. It is located about 490 km east of Radisson and is easily accessible by an all season road via the Trans-Taiga highway through the Eeyou Istchee James Bay region.
More information on the property is available in the Sirios corporate presentation, available at the following link: Présentation corporative Sirios - Septembre 2021.
Roger Moar, P.Geo. and Dominique Doucet, P.Eng. qualified persons under NI 43-101 prepared and verified the technical information in this press release and reviewed the final version of the text.
About Sirios
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, Canada, Sirios Resources Inc. is focusing primarily on its Cheechoo gold discovery, while actively exploring the gold potential of its other properties.
About InnovExplo
InnovExplo Inc. is a consulting firm providing services in mineral exploration and mining engineering. Since its founding in 2003, InnovExplo has carried out multiple projects in an innovative way in Canada and internationally. Its knowledge of geology and mining engineering has been developed based on the field experience of a multidisciplinary team combined with the use of state-of-the-art software technology.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to: capital and operating costs that differ materially from estimates; the tentative nature of metallurgical test results; delays or failures in obtaining required governmental, environmental or other approvals; uncertainties related to the availability and cost of necessary financing in the future changes in financial markets; inflation; fluctuations in metal prices; delays in project development; other risks relating to the mineral exploration and development industry; and risks disclosed in public filings of the Company on SEDAR at www. sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such events will occur or occur within the time periods presented. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Rules of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact :
Dominique Doucet, President, CEO, Eng.
Tel.: (514) 918-2867
ddoucet@sirios.com
website : www.sirios.com |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159443) | 9/30/2021 2:05:48 PM | | From: LoneClone | | | | Energy Transition Faces Metal Supply Deficit, Canada Miners Say
ca.finance.yahoo.com
Yvonne Yue Li
Wed., September 29, 2021, 8:56 a.m.·2 min read
(Bloomberg) -- The world needs more mines to meet demand for copper and other battery metals required to shift to less polluting energy sources -- even if such moves are seen as environmentally unappealing, according to Hudbay Minerals Inc. financial chief.
Any credible prognosis shows that copper faces a structural deficit of five to seven million tons starting in the next three or four years, Hudbay Chief Financial Officer Steve Douglas said Wednesday at Bloomberg’s Canadian Fixed Income Conference. And yet, any energy transition can’t happen without copper, he said.
“The table is being set at least for those metals that will contribute to the decarbonization of the world,” Douglas said. “You’re going to have to either stimulate or allow to be built an awful lot of the extractive-type industries that would get the scarlet letter in the environmental side -- you’re not going to decarbonize the world without it.”
The ability to build mines in a world where extractive resource industries has become more challenging as investors put greater weight on the environmental credentials of metals producers, while social issues including dealing with local communities have also been under the spotlight. That adds to industry challenges that include supply disruptions and rising costs of raw materials.
“We certainly have seen it in some of the commodities that have gone up and reached peak highs earlier this year, such as lumber, such as steel and such as iron ore that have since come down,” Iamgold Chief Financial Officer Daniella Dimitrov said during the panel. “Certainly that would suggest that the inflation that we’re seeing is supply-chain driven, disruption driven.”
Rising costs are affecting efforts by Toronto-based Iamgold to build a mine in northern Ontario, Canada.
“We started construction in July of 2020 and we certainly have seen some of the cost pressures that we’ve just talked about in copper, in steel, particularly also in labor,” she said, noting that Covid-19 impacts on productivity led to higher labor costs. “We’ve certainly seen it in energy as well, not just in Canada but in our operations in South America and in Africa as well.”
Shipping has also been a problem, an issue Hudbay is experiencing firsthand.
“We’ve had a couple of occasions where you’ve had to push folks to honor their contracts because of the costs of global shipping have just gone through the roof,” Hudbay’s Douglas said, adding that he’s heard stories of three and fourfold increases in global shipping. Shipping delays even affected Hudbay’s mill refurbishment at its Snow Lake operation in Manitoba, Canada.
“Delays cost money,” he said. “These delays definitely put a kink and add additional costs to what it is you’re trying to do.” |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159444) | 9/30/2021 2:07:54 PM | | From: LoneClone | | | | Golden Dawn Receives Airborne Geophysics Results, Phoenix Drill Targets Now Being Identified
Historic Copper Gold Mining Camp, Greenwood BC
accesswire.com
Wednesday, September 29, 2021 3:05 AM
VANCOUVER, BC / ACCESSWIRE / September 29, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRA:3G8C)(OTC PINK:GDMRF), ("Golden Dawn" or the "Company"), announces that it has now received the results of its airborne geophysical survey over it's Greenwood Precious Metals project in southeastern British Columbia.
"The contractor, Geotech Ltd., reports that numerous geophysical anomalies have been identified across the survey area, including conductive zones that do not correlate with magnetic lineaments. These features indicate multiple high priority targets not previously recognized and possibly mineralized. With drill permits now in place, incorporating this new data will finalize plans for the October drill program." States: Mr. Christopher R Anderson CEO
 Map of the Greenwood Precious Metal Project properties.
The results have been received for the 2021 helicopter-borne VTEM™ (versatile time-domain electromagnetic system) and combined magnetic survey over the historic Phoenix mine and surrounding areas, including the Golden Crown, Lexington and Tam O'Shanter properties, which all contain defined gold resources.
 Map showing flight lines for 2021 survey areas.
Golden Dawn will now begin to review the results and select targets for follow-up ground surveys and surface drilling. The main thrust of the exploration program is targeting a major copper-gold skarn deposit and/or an intrusion-related porphyry-type copper-gold deposit that could be the roots of the world-class Phoenix copper-gold skarn deposit. The Phoenix deposit is interpreted to be the upper part of a large copper-gold system that has been displaced westward from its roots by the Snowshoe fault.
Survey results for the Golden Crown, Lexington and Tam O'Shanter properties will be used to guide exploration for extensions of these deposits. The Golden Crown deposit consists of a series of parallel sulphide-rich gold-copper veins and gold soil anomalies that stretch over 3.5 km by 1 km area. The Lexington deposit consists of sulphide-rich gold-copper veins concentrated within the No. 7 Fault zone, which is a district-scale, early-stage (Jurassic?) thrust fault. There is over 5 km of strike length containing gold-copper mineralization and geochemical anomalies to explore along the No. 7 fault zone on the Lexington property. The Tam O'Shanter property covers the Deadwood deposit, which consists of sub-parallel quartz veins in a wide zone of intense shearing and alteration along a 1 km strike length of the Wild Rose Fault, which is also an early-stage thrust fault.
Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,
For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.
On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.
Per: "Christopher R. Anderson"
Christopher R. Anderson CEO
For further information, please contact:
Golden Dawn Minerals Inc. - Corporate Communications: Tel: 604-221-8936
Email: Office@goldendawnminerals.com
Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Dawn Minerals Inc.
Golden Dawn Minerals Inc.
 |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159445) | 9/30/2021 2:09:27 PM | | From: LoneClone | | | | Ethos Provides Perk-Rocky Copper-Gold Porphyry Exploration Update
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) (FSE: 1ET) ("Ethos" or the "Company") is pleased to announce drill results from the Company's first reconnaissance, wide-spaced drill program at the Perk-Rocky Copper-Gold Porphyry Project ("Perk-Rocky") 200 kilometres west of Williams Lake. Perk-Rocky contains an extensive 8 by 5-kilometer highly prospective porphyry-style alteration footprint that contains widespread copper sulphides at surface and may be related to one or more porphyry centers. This program is the first time the property has ever been drill-tested.
Highlights of Perk-Rocky Copper-Gold Porphyry Project
Six widely spaced diamond drill holes totaling 2,050 m across three target areas were completed. The drill holes cover an east-west span of approximately 6 km, with hole lengths ranging from 235 to 437 m (Table 1, Figure 1).Drilling focused on three target areas identified during previous sampling and mapping programs and characterized by prospective surface alteration, anomalous Cu and Au in grab samples (at surface) and coincident geophysical anomalies (Figure 1).Five of the six holes contain intense alteration and intervals of anomalous Cu (above 100 ppm) with PK21-01 returning 113.87 ppm Cu over 27.83m, PK21-02 returning 121.34 ppm Cu over 33.60m, PK21-04 returning 134.54 ppm Cu over 25.60m, PK21-05 returning 113.23 ppm Cu over 137.25 m and 119.82 ppm Cu over 26.26m, and PK21-06 returning 120.36 ppm Cu over 36.67 and 126.94 ppm Cu over 9.63m (Table 2). Shortwave Infrared (SWIR) analysis identified alteration minerals including abundant pyrophyllite and topaz, consistent with an advanced argillic (AA) assemblage. The advanced argillic zones are nested within domains dominated by quartz-sericite± illite-pyrite (QSP). All QSP and AA alteration is surrounded by more distal chlorite-albite-epidote-magnetite-pyrite altered rock. Low grade or barren QSP and AA alteration zones are typically present in the upper parts of porphyry Cu-Au deposits.Follow-up work to focus on re-interpretation of geophysical datasets incorporating the new drill hole information.
Stated Dr. Alan Wainwright, Technical Advisor: "We are encouraged by the strong textural destruction and alteration styles encountered to depth in the first-pass drill holes at Perk-Rocky. The new datasets from the drilling will constrain our upcoming geological work and mineralization vectors within this large system."
Figure 1. 2021 DDH locations with copper in rocks/talus and target areas at the Perk-Rocky Project
To view an enhanced version of Figure 1, please visit:
orders.newsfilecorp.com
Table 1. 2021 Perk-Rocky Diamond Drill Holes
| Hole ID | Target | UTM Easting | UTM Northing | UTM Elevation | Azimuth | Dip | Length | | PK21-01 | Briton | 356690 | 5740528 | 2242.0 | 0 | -60 | 371.0 | | PK21-02 | Briton | 356690 | 5740524 | 2241.5 | 180 | -65 | 235.0 | | PK21-03 | East IP | 359298 | 5741192 | 2011.5 | 15 | -65 | 282.0 | | PK21-04 | East - PIN 2 | 360064 | 5741169 | 1993.5 | 0 | -60 | 309.0 | | PK21-05 | Chilco Cu | 354178 | 5739330 | 2346.5 | 348 | -61 | 415.0 | | PK21-06 | Briton | 356725 | 5740333 | 2212.4 | 220 | -70 | 437.7 |
Table 2. Weighted Cu intervals for PK21-01 through PK21-06
| Hole ID | From (m) | To (m) | Interval (m) | Cu ppm | | PK21-01 | 11.62 | 39.45 | 27.83 | 113.9 | | and | 101.85 | 115.10 | 13.25 | 108.7 | | and | 148.05 | 185.05 | 10.00 | 183.2 | | inc | 157.50 | 158.05 | 0.55 | 1180.0 | | and | 180.80 | 190.85 | 10.05 | 165.6 | | PK21-02 | 11.00 | 25.00 | 14.00 | 170.0 | | and | 76.60 | 110.20 | 33.60 | 121.3 | | and | 158.48 | 180.60 | 22.12 | 112.8 | | PK21-03 | 11.00 | 42.30 | 31.30 | 88.9 | | and | 231.65 | 232.08 | 0.43 | 581.0 | | PK21-04 | 133.00 | 158.60 | 25.60 | 134.5 | | PK21-05 | 37.00 | 174.25 | 137.25 | 113.2 | | inc | 79.55 | 81.00 | 1.45 | 586.0 | | and | 180.95 | 353.58 | 172.63 | 92.2 | | inc | 180.95 | 190.60 | 9.65 | 113.5 | | inc | 327.32 | 353.58 | 26.26 | 119.8 | | PK21-06 | 7.00 | 34.00 | 27.00 | 104.2 | | and | 150.50 | 187.17 | 36.67 | 120.4 | | and | 200.00 | 389.00 | 189.00 | 70.3 | | inc | 217.12 | 257.00 | 39.88 | 97.9 | | inc | 259.24 | 268.87 | 9.63 | 126.9 |
*True widths are unknown.
PK21-01
PK21-01, located near the head of Chromium Creek, approximately 100 m south of the Briton hematite showing, intersected moderate to strong advanced argillic (pyrophyllite-topaz-dickite-tourmaline-pyrite-hematite) alteration from 5.6 m (start of core) to 101.9 m where the altered zone is in fault contact with fresher, chlorite-epidote altered volcaniclastic rocks of the Upper Triassic Mosley Formation. The advanced argillic alteration is consistent through this interval except where cut by post-alteration mafic dykes or sills. The hole stayed in variably chlorite-epidote altered volcanic flows and volcaniclastic rocks to termination. Significant Cu and Au results are summarized in Table 1; however, the strongest Cu results of 1180 pm (157.5 - 158.1 m) and 762 ppm Cu (185.3- 185.8 m) are associated with narrow quartz-carbonate-epidote veins located in the less altered volcanic rocks.
PK21-02
PK21-02 was collared from the same setup as PK21-01 and drilled to the south at -65° and to a depth of 235 m. The hole intersected the same moderate to strong advanced argillic alteration assemblage to a depth of 172 m. However, modest alteration comprising carbonate- kaolinite-chlorite dominated from 8 m to 50 m and truncated by mafic dykes or sills from approximately 98 m to 150 m. The alteration is in fault contact with less altered, chlorite-epidote altered Upper Triassic Mosley Formation volcaniclastic rocks at approximately 178 m which persist to the bottom of the hole. Anomalous Cu results include 170 ppm Cu between 11-25 m and is associated with limonitic, sheared volcanic rocks.
PK21-03
PK21-03 was collared 2.7 km east-northeast of PK21-01 and drilled to the north to cut an untested, historic IP chargeability anomaly. From top of the hole to approximately 109 m, the hole intersected strongly broken and sheared, sericite-pyrite altered volcanic rocks with a zone of moderate advanced argillic (pyrophyllite-dickite-tourmaline-pyrite) alteration from 36 m to 48 m. The historic chargeability anomaly is believed to be caused by the strongly pyritic rocks above 109 m. Significant Cu in this hole is 581 ppm from 231.65 m to 232.08 m in a bleached and sheared mafic dyke. A 2 m sample from 22.4 m in gouged, sheared volcanic rocks assayed 121 g/t Ag with no other associated metals except 180 ppm Cu. The highest Mo value from the project to date (120 ppm) was returned from 9 m to 11 m in broken, quartz-veined volcanic rocks.
PK21-04
PK21-04 is located 765 m east of PK21-03 and was drilled to the north to a depth of 309 m to test an area of copper-bearing float samples (proximal to the PIN 2 showing) and to test the depth of widespread phyllic alteration. From the top of the hole to approximately 104 m, the drill hole intersected a sequence of weakly chlorite-clay-carbonate-pyrite altered volcaniclastic rocks (Mosley Formation). The core is moderately to strongly fractured and sheared from 104 m to approximately 220 m with moderate to strong sericite-clay-chlorite-pyrite alteration. Within this interval, from 154 m to 172 m, is a zone of moderate to strong advanced argillic alteration (pyrophyllite-topaz-kaolinite-dickite-pyrite). The bottom of the hole (220 m to 309 m) is more competent, green and maroon Mosley Formation volcaniclastic units. Significant anomalous Cu was intersected between 133 and 158.60 m returning 135 ppm Cu in sericite-pyrite altered volcanic rocks.
PK21-05
PK21-05 is located 2.8 km west-southwest of PK21-01 and was drilled to the north to a depth of 415 m to test copper mineralization identified in 2020 along the nearby ridge crest. The hole intersected a meta-diorite from 23.6 m to 89 m and generally weakly altered, competent hornfelsed volcaniclastic rocks from 89 m to 158 m. From 158 m to approximately 199 m, the core is strongly sheared and fractured within a fault zone. From 199 m to the end of the hole at 415 m, the core is more competent, chlorite-epidote altered hornfelsed volcanic units which are locally bleached. Two significant samples occur within the meta-diorite: 1.62 g/t Au (with 1.69 g/t Te) from 62 m to 63.15 m and 586 Cu from 79.55 m to 81 m. The gold value is associated with some quartz veining at the margin of porphyritic dyke and the copper value with a narrow zone of silicification. Additional anomalous Cu intervals occur between 37-174.25 m and 327.32-353.58 m returning 113 and 120 ppm Cu respectively.
PK21-06
PK21-06 was collared 200 m south of PK21-01 and drill to the southwest at -70° to a depth of 437.7 m. The hole was planned to test the advanced argillic alteration identified in PK21-01 and 02 and to better delineate the geology. PK21-06 intersected moderate to strong advanced argillic alteration (pyrophyllite-topaz-kaolinite-tourmaline-pyrite) from surface to a down-hole depth of 178 m. The advanced argillic alteration is locally strongly sheared and foliated with up to 20% pyrite and is cut by a post-alteration mafic dyke or sill from 32.2 m to 47.9 m. From 178 m to approximately 291 m the rock is still strongly sheared but alteration is mainly weaker kaolinite-sericite-carbonate-pyrite and volcaniclastic textures are locally visible. From 291 m to the end of hole at 437.7 m the hole is more competent green to greenish-grey, weakly chlorite-epidote altered volcaniclastic rocks of the Upper Triassic Mosley Formation. Anomalous Cu intervals occur between 150.50-187.17 m and 259.24-268.87 m returning 120 and 127 ppm Cu respectively.
Next Steps
The targeting campaign by Ethos going forward includes additional evaluation of geochemical and alteration data as well as re-interpretation of geophysical datasets in light of the new drill hole contributions to the model.
Logging, geochemical and spectral SWIR analysis of the drill core suggest several key geological interpretations that require follow up:
The variety of alteration assemblages defined in the drill core suggest differing erosion levels at Perk-Rocky.The dimensions of the alteration footprint have been extended significantly to depth. Pyrophyllite was encountered in all drill holes except PK21-05. The QSP + AA footprint now measures approximately 5,000 m by 600 m by >200 m while the AA alteration within the QSP has been identified over an area approximately 3,500 m by 600 m by 200 m vertically. Pyrophyllite was encountered in all drill holes except PK21-05.The QSP and AA altered geological units occur within moderate south dipping panels which are bound by low-angle faults. Overview of Perk-Rocky
Ethos is earning a 100% interest in Perk-Rocky, a copper-gold porphyry target located in South-Central BC, largely within Upper Triassic volcaniclastic rocks assigned to the Stikine Terrane. In 2019 and 2020, the Company completed mapping and sampling programs confirming a large, telescoped porphyry Cu-Au mineralized system over an 8 km x 5 km alteration footprint (Figure 1). Extensive copper-gold mineralization coincides with geophysical signatures suggestive of multiple porphyry centers within a large alteration halo. Further analysis and rigorous reinterpretation of the Ethos VTEM survey conducted in 2019 contributed to the identification of robust drill targets. In addition, the presence of reactive mafic to intermediate host rocks, porphyry dikes, extensive copper mineralisation at surface with intense alteration, development of stockwork-style veins locally suggest a large, strong, telescoped Cu-Au porphyry system may be centred at Perk-Rocky.
QA/QC Procedures
NQ size core was sampled over approximately two metre intervals. All core samples were sent to ALS Canada Ltd. (ALS) in Kamloops, BC for preparation and analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples were analyzed using ALS's Fire Assay 30g ICP-AES method (Au-ICP21) and by a 48-element four acid digest ICP-MS analysis (ME-ICP61). In addition to ALS Laboratory quality assurance / quality control (QA/QC) protocols, Ethos implements an internal QA/QC program that includes the insertion of sample blanks, duplicates and standards into the sample stream.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., VP Exploration of Ethos, and a Qualified Person as defined under National Instrument 43-101 ("NI 43-101").
About Ethos Gold Corp.
Ethos Gold, a Discovery Group company, has accumulated a portfolio of district-scale projects in British Columbia, Ontario, Quebec, and Newfoundland that we believe have large scale discovery potential. Ethos engages proactively with Indigenous rightsholders and seeks to develop relationships and agreements that are mutually beneficial. The Company has a solid technical team led by Dr. Rob Carpenter, formerly the CEO of Kaminak Gold Corporation. Rob led the Kaminak team from initial listing in 2005 through acquisition and discovery of the multiple-million-ounce Coffee Gold Project. In Ethos, he has assembled a senior geologic team with a strong record of discovery success including Dr. Robert Brozdowski, P.Geo., Dan MacNeil, M.Sc., P. Geo., Dr. Alan Wainwright, P.Geo., Jodie Gibson, M.Sc., P.Geo., and Dr. Quinton Hennigh, an economic geologist with 25 years of exploration experience formerly with Homestake Mining Company, Newcrest Mining and Newmont Mining Corp. With working capital of approximately C$8.5 million, the Company is well funded to advance its projects.
Ethos Gold Corp.
Per: "Alex Heath"
Alex Heath, CFA, President and CEO
For further information about Ethos Gold Corp. or this news release, please visit our website at ethosgold.com or contact Alex Heath at 604-354-2491 or by email at alexh@ethosgold.com.
Ethos Gold Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, the Private Placements, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic, risks and uncertainties related to the Company's ability to complete the Private Placements and the size of the Private Placements, and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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. |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159446) | 9/30/2021 2:44:26 PM | | From: LoneClone | | | | Fabled Increase Mineralized Diorite Dike To +1,000 Meters in Strike Length and To -400 Meters Vertically, Remains Open in All Directions
accesswire.com
Thursday, September 30, 2021 7:00 AM
VANCOUVER, BC / ACCESSWIRE / September 30, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTCQB:FBSGF)(FRA:7NQ) announces the results of surface diamond drilling from the upgraded 14,200-meter drill program on the "Santa Maria" Property in Parral, Mexico.
Peter J. Hawley, CEO and President, remarks, "We are pleased to announce additional drill assay results for surface diamond drill holes SM20-31, SM20-32 and SM20-33, which continue to intercept the gold bearing sheeted vein structures with the grade and amount of sulphides increasing with depth. See Figure 1 below."
Preamble
A sheeted vein structure is a hydrothermal, intrusive related sets of parallel quartz sulphide veins spatially associated with a nearby intrusive. They are closely spaced, distinct parallel fractures or veins filled with mineralization and separated from one another by thin screens or areas of barren country rock. Typically, they will become closer and closer together and mineralization with an increase in silification will be seen as one approaches the intrusive body, which is the source of the mineralization.
Given these new assay results from this new sheeted gold domain system, we once again find ourselves refining the interpretation of structural controls as seen in Figure 1, which is an isopac contour of gold grade multiplied by thickness. The new results have yet to be added.
Figure 1 - Longitudinal View of Area of Current Drilling
 The fence of drill holes SM20-31,32 and 33 are located 75 meters to the west of drill collars SM20-28, 29 and 30, last reported, and were designed to tighten up the interpretation of the boundaries once again of the new Santa Maria gold domain structure with respect to the highly auriferous sheeted vein intersected to the east in the previous fence of hole.
The drill holes targeted intercepting the main gold trend at vertical depths of -100, -150, and -175 meters, respectively. As one can see, the interpreted mineral / structural thesis which includes gold mineralization is plunging 45 degrees to the west and continues to validate the interpretation. The gold domain remains open in all directions, especially at depth. See Figure 2, below.
Figure 2 - Cross Section for Drill Hole SM20-31,32,33
 As previously mentioned in press releases, any vein sheet, micro or macro in size, grading greater than 0.50 g/t gold is highly anomalous and of potential economic interest. Of the 3 holes being reported in this release, 31, 32 and 33 reported approximately 98% of sampled intervals above the gold detection limit. To continue to explain the significance of this hydrothermal gold domain system, the holes and sections below will report all values greater than 0.10 g/t Au cut-off to demonstrate the gold population in the sheeted veins, hydrothermal breccias and mineralized diorite. We apologize that each hole results will be plotted on a duplicate section as there are too many intercepts to plot on one section.
SM20 - 31
A gray to green in color layered limestone containing 15% disseminated sulphides with occasional sheeted quartz veins with 1% sphalerite was intersected from the collar to approximately 90 meters, this was followed by a quartz oxidized cemented hydrothermal breccia with oxidized pyrite, followed by a green to gray in color, massive to locally brecciated, porphyritic diorite dike with semi-massive sulphides in local breccias.
A total of 17 intercepts of 0.10 g/t gold or greater were intersect in the hole either in sheeted vein structures, hydrothermal breccias or in the diorite dike including 1.30 meters of 12.05 g/t Au or 650.85 g/t Ag Eq.
See Table 1, Photo 1 and Figure 3 below.
Table 1- Drill hole SM20- 31 Assay Results
Drill Hole
| From m
| To m
| Width m
| Au g/t
| Ag g/t
| AgEq* g/t
| Pb %
| Zn %
| Cu %
| SM20-31
| 57.00
| 58.00
| 1.00
| 0.10
| 9.60
| 14.74
| 0.23
| 0.50
| 0.01
| | | 59.70
| 60.00
| 0.30
| 0.12
| 5.80
| 11.97
| 0.02
| 0.01
| 0.01
| | | 63.30
| 64.50
| 1.20
| 0.14
| 5.50
| 12.70
| 0.02
| 0.01
| 0.01
| | | 64.50
| 65.20
| 0.70
| 0.18
| 10.30
| 19.56
| 0.18
| 0.49
| 0.01
| | | 81.60
| 93.90
| 12.30
| 1.42
| 8.04
| 81.08
| 0.06
| 0.16
| 0.01
| Including
| 84.00
| 85.50
| 1.50
| 0.10
| 3.80
| 8.94
| 0.02
| 0.05
| 0.01
| Including
| 85.50
| 86.00
| 0.50
| 0.13
| 8.70
| 15.39
| 0.01
| 0.04
| 0.01
| Including
| 86.00
| 87.30
| 1.30
| 0.21
| 4.50
| 15.30
| 0.00
| 0.02
| 0.02
| Including
| 87.30
| 89.50
| 2.20
| 0.33
| 3.90
| 20.88
| 0.00
| 0.01
| 0.01
| Including
| 89.50
| 91.20
| 1.70
| 0.12
| 3.90
| 10.07
| 0.02
| 0.01
| 0.01
| Including
| 91.20
| 92.50
| 1.30
| 12.05
| 31.00
| 650.85
| 0.10
| 0.02
| 0.02
| Including
| 92.50
| 93.19
| 1.40
| 0.17
| 6.10
| 14.84
| 0.08
| 0.02
| 0.02
| | | 100.80
| 102.00
| 1.20
| 0.25
| 3.70
| 16.56
| 0.10
| 0.11
| 0.02
| | | 161.70
| 162.60
| 0.90
| 0.16
| 14.50
| 22.73
| 0.34
| 0.49
| 0.01
| | | 162.60
| 164.10
| 1.50
| 0.10
| 5.50
| 10.64
| 0.03
| 0.09
| 0.00
| | | 164.80
| 166.00
| 1.20
| 0.21
| 27.65
| 38.45
| 0.07
| 0.26
| 0.02
| Including
| 164.80
| 165.70
| 0.90
| 0.24
| 15.40
| 27.75
| 0.09
| 0.29
| 0.02
| | | 165.70
| 166.00
| 0.30
| 0.11
| 64.40
| 70.06
| 0.03
| 0.14
| 0.01
| | | 177.90
| 178.90
| 1.00
| 0.55
| 13.80
| 42.09
| 0.01
| 0.02
| 0.00
|
- ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au
Photo 1 - SM20-31
 Figure 3 - Cross Section for Drill Hole SM20-31
 SM20-32
Surface diamond drill hole SM20-32 was drilled underneath hole 31 at -55 degrees to target an intercept at -150 meters and was successful.
A gray to green in color layered limestone containing 10 - 15% disseminated sulphides with occasional sheeted quartz veins with 1% sphalerite was intersected from the collar to approximately 84 meters, followed by 27 meters of greenish limestone, with strong to moderate alteration consisting of oxidation with sericite and chlorite, locally brecciated and 10 meters of oxidized hyrothermal breccia, quartz cemented with 5-10% disseminated pyrite, followed by 10 meters of mineralized diorite dike and finally layered limestone.
This time a total of 13 intercepts of 0.10 g/t gold were intersect in the hole either in sheeted vein structures, hydrothermal breccias or diorite dike. In particular 2.9 meters grading 2.16 g/t Au containing 0.6 meters of 9.14 g/t Au. This correlates to hole 31, +50 meters above intercept of 12.30 meters grading 1.42 g/t Au which contained 1.30 meters of 12.05 g/t Au.
See Table 2, Photo 2 and Figure 4 below.
Table 2- Drill hole SM20-32 Assay Results
Drill Hole
| From m
| To m
| Width m
| Au g/t
| Ag g/t
| Ag Eq* g/t
| Pb %
| Zn %
| Cu %
| SM20-32
| 40.20
| 40.80
| 0.60
| 0.16
| 13.90
| 22.13
| 0.09
| 0.60
| 0.02
| | | 78.40
| 78.90
| 0.50
| 0.43
| 29.90
| 52.02
| 0.30
| 0.32
| 0.17
| | | 83.55
| 83.70
| 0.15
| 0.15
| 6.00
| 13.72
| 0.00
| 0.00
| 0.00
| | | 89.90
| 90.60
| 0.70
| 0.11
| 11.00
| 16.66
| 0.13
| 0.09
| 0.01
| | | 90.60
| 90.90
| 0.30
| 0.54
| 32.10
| 59.88
| 0.98
| 2.80
| 0.15
| | | 94.00
| 94.20
| 0.20
| 0.12
| 1.00
| 7.17
| 0.03
| 0.03
| 0.00
| | | 108.20
| 109.00
| 0.80
| 0.17
| 3.60
| 12.34
| 0.02
| 0.07
| 0.01
| | | 112.00
| 114.90
| 2.90
| 2.16
| 21.68
| 132.29
| 0.23
| 0.24
| 0.08
| Including
| 112.00
| 113.00
| 1.00
| 0.53
| 24.80
| 52.11
| 0.33
| 0.43
| 0.10
| Including
| 113.00
| 114.30
| 1.30
| 0.20
| 20.60
| 30.89
| 0.20
| 0.15
| 0.09
| Including
| 114.30
| 114.90
| 0.60
| 9.14
| 18.80
| 488.96
| 0.12
| 0.11
| 0.04
| | | 120.00
| 120.80
| 0.80
| 0.40
| 2.90
| 23.48
| 0.03
| 0.04
| 0.01
| | | 124.40
| 124.80
| 0.30
| 0.10
| 9.60
| 14.74
| 0.15
| 0.51
| 0.02
| | | 129.20
| 130.50
| 1.30
| 0.17
| 2.30
| 11.04
| 0.02
| 0.09
| 0.01
|
- ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au
Photo 2- Hole SM20-32
 Figure 4 - Cross Section for Drill Hole SM20-32
 SM20-33
Surface diamond drill hole SM20-33 was drilled underneath hole 32 at -65 degrees to target an intercept at -175 meters and was again successful.
A green layered limestone containing oxidized micro fractures with 10 - 15% disseminated sulphides was intersected from the collar to approximately 93 meters, followed by 60.5 meters of greenish limestone, strong to moderate alteration consisting of oxidation with sericite and chlorite, locally brecciated and 10 meters oxidized hyrothermal breccia, quartz cemented with 5-10% disseminated pyrite, followed by 50 meters of gray to green in color mineralized porphyritic diorite dike with sphalerite, chalcopyrite and lesser pyrite in the matrix and in fractures.
A total of 17 intercepts in the hole reported greater than 0.10 g/t gold. Also intersected was the base metal feeder type mineralization seen in hole 29 with 0.20 meters 0f 85.83 g/t Ag Eq with 0.67% copper and 0.60 meters of 1% lead and 2.65 % zinc.
See Table 3, Photos 3, 4, 5 and Figure 5 below.
Table 3- Drill hole SM20-33 Assay Results
Drill Hole
| From m
| To m
| Width m
| Au g/t
| Ag g/t
| Ag Eq* g/t
| Pb %
| Zn %
| Cu %
| SM20-33
| 80.40
| 95.60
| 15.20
| 0.10
| 5.31
| 10.45
| 0.07
| 0.10
| 0.02
| Including
| 80.40
| 81.70
| 1.30
| 0.15
| 11.50
| 19.22
| 0.14
| 0.22
| 0.01
| Including
| 89.20
| 93.30
| 4.10
| 0.15
| 6.29
| 14.01
| 0.11
| 0.12
| 0.01
| Including
| 89.20
| 89.70
| 0.50
| 0.20
| 7.10
| 17.39
| 0.21
| 0.10
| 0.03
| Including
| 90.50
| 91.50
| 1.00
| 0.18
| 6.00
| 15.26
| 0.15
| 0.17
| 0.01
| Including
| 91.50
| 93.30
| 1.80
| 0.16
| 7.10
| 15.33
| 0.08
| 0.12
| 0.01
| | | 98.80
| 100.40
| 1.60
| 0.54
| 4.10
| 31.88
| 0.09
| 0.06
| 0.01
| Including
| 98.80
| 99.60
| 0.80
| 0.15
| 1.60
| 9.32
| 0.01
| 0.01
| 0.00
| Including
| 99.60
| 100.40
| 0.80
| 0.92
| 6.60
| 53.92
| 0.16
| 0.10
| 0.01
| | | 116.25
| 116.60
| 0.35
| 0.10
| 1.80
| 6.94
| 0.01
| 0.09
| 0.00
| | | 119.50
| 123.40
| 3.90
| 0.15
| 2.01
| 9.73
| 0.01
| 0.02
| 0.01
| Including
| 119.50
| 121.00
| 1.50
| 0.10
| 2.00
| 7.14
| 0.01
| 0.02
| 0.01
| Including
| 121.00
| 121.20
| 0.20
| 0.37
| 8.90
| 27.93
| 0.01
| 0.01
| 0.05
| Including
| 121.20
| 121.50
| 0.30
| 0.23
| 3.70
| 15.53
| 0.01
| 0.02
| 0.04
| Including
| 122.00
| 123.40
| 1.40
| 0.20
| 1.10
| 11.39
| 0.01
| 0.01
| 0.01
| | | 171.30
| 171.50
| 0.20
| 0.16
| 77.60
| 85.83
| 0.02
| 0.03
| 0.67
| | | 205.30
| 206.60
| 1.30
| 0.17
| 5.40
| 14.14
| 0.27
| 0.23
| 0.02
| | | 217.40
| 218.00
| 0.60
| 0.16
| 3.50
| 11.73
| 0.02
| 0.18
| 0.00
| | | 218.00
| 218.70
| 0.70
| 0.15
| 1.60
| 9.32
| 0.02
| 0.02
| 0.00
| | | 220.10
| 220.70
| 0.60
| 0.05
| 20.00
| 22.57
| 1.00
| 2.65
| 0.02
|
- ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au
Photo 3- Hole SM20-33; Limestone with sheeted veining
 Photo 4- Hole SM20-33;
 Photo 5- Hole SM20-33;
 Figure 5 - Cross Section for Drill Hole SM20-33
 Discussion
It now is the belief, that the mineralized diorite dike being encountered in present drilling or re-logged in past historical drilling is the direct cause of the hydrothermal gold domain system and increases with mineralization at depth. The emplacement of the dike caused breccias and sheeted veins to the sides of the walls over considerable widths. The sheeted veins may have been shatter veins replaced with quartz, carbonate and mineralization. The previous modeled diorite dike over a distance of 440 meters has now been modeled to extend at least 1,000 meters in length and 400 meters at depth, open in all directions. Modelling is ongoing.
Figure 6 - Mineralized Diorite Dike Model
 FUTURE DRILLING UPDATE
The fence of drill holes SM20-34, 35 and 36 are located another 75 meters to the west of drill collars SM20-31, 32 and 33 and are the last fence of holes to be drilled near our western boundary. This last fence of holes have been designed once again to again tighten up the interpretation or boundaries of the new Santa Maria gold structure and its relationship to the diorite dike system, see Figure 1 and Figure 6 above.
Drill holes SM20-34 - 36 have been completed and submitted for assay. Hole SM20-37 is in progress and is located at collar location of holes SM 20 - 28., 29 30 and has been designed to make a deep cut at depth under hole 30. Sites for other holes are being planned, subject to assays results and structural / dike interpretation.
QA QC Procedure
Analytical results of sampling reported by Fabled Silver Gold represent core samples that have been sawn in half with half of the core sampled and submitted by Fabled Silver Gold staff directly to ALS Chemex, Chihuahua, Chihuahua, Mexico. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
Over Limit Methods
For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Silver Gold monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
About Fabled Silver Gold Corp.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company's mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.
The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
peter@fabledfco.com
For further information please contact:
info@fabledfco.com
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Silver Gold Corp. |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159447) | 9/30/2021 2:46:34 PM | | From: LoneClone | | | | Element 29 Provides an Exploration Update and Announces AGM Results
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - September 30, 2021) - Element 29 Resources Inc. (TSXV: ECU) (OTCQB: EMTRF) ("Element 29" or the "Company") announces the results of its Annual General Meeting, provides an update on the current 4,000 metre ("m") drill program at its Elida Copper Project ("Elida") located in central Perú, and announces Richard Osmond, Element 29's Chairman, as Interim CEO.
Annual General Meeting Results
All matters submitted to the shareholders for approval as set out in the Company's Notice of Meeting and Information Circular, dated August 24, 2021, were approved by the requisite majority of votes cast at the Annual General Meeting of Shareholders held on September 29, 2021 at 1:00 pm PST in virtual format, including:
Election of nominees Richard Osmond, Peter Espig, Patrick Elliott and Michael Doggett to the Board of Directors of the Company;Re-appointment of Davidson & Company LLP, Chartered Accountants as auditor for the ensuing year and authorization of directors to fix their remuneration;Ratification and Approval of the Stock Option Plan; andApproval of the Share Unit Plan.
The Company would like to thank shareholders for their continued support.
Elida Drill Program
The Phase 1 diamond drill program at Elida (as announced on August 4, 2021) is in progress with the first two holes, totalling 980 m, already completed on Target 1. Assay results from these holes are pending and will be released as soon as they are available. Currently, there are two drill rigs operating at Elida focused on drilling the next two holes into Target 1 (see Figure 1). The second drill rig was mobilized to site and began drilling on September 8, 2021 to help the Company meet its objective of completing the proposed drill program by the middle of Q4, 2021 (see Image 1).
The 4,000 m drill program at Elida is focused on Target 1 and was designed to supplement data from 18 historical drill holes, with the following program objectives:
- Achieve a drill hole spacing that is appropriate for estimating a potential mineral resource for a portion of Target 1;
- Investigate the vertical continuity and zonation of mineralization in Target 1, and;
- Improve the confidence of mineralization boundaries at Target 1 interpreted from previous drilling and outcrops.
Interim CEO Appointment
With the retirement of Brian Booth on September 25, 2021, the Company's Chairman, Richard Osmond, has stepped in to assume the role of Interim CEO. The Board of Directors believes that Mr. Osmond is the best person to steer the Company through this transition given his close knowledge of the projects as well as the Company's strategic objectives.
The search for a new CEO is ongoing and progressing well.
Richard Osmond, Chairman and Interim CEO, states, "We continue to work hard on creating shareholder value from our work programs. We are pleased to report that the drill program at Elida remains on budget and on time with assay results expected in Q4 2021. Likewise, the drill permits for Flor de Cobre, our other highly prospective copper project in Perú, are progressing very well with drilling expected to begin soon after completion of the drill program at Elida."
About Elida
Elida is a porphyry copper-molybdenum exploration project within a property composed of 28 mining concessions totaling 19,210 hectares that are 100% owned by Elida Resources S.A.C., a Peruvian subsidiary of Element 29. The property contains a large, 2 x 2 kilometre ("km") alteration system enclosing a cluster of porphyry centres that represent five distinct exploration targets. A first-pass drill program consisting of 18 diamond drill holes totaling 9,880 m completed in 2014/15 identified significant copper, molybdenum, and silver mineralization associated with a quartz monzonite porphyry stock at Target 1. The remaining four large targets are untested. Under the current drill permit, the Company can elect to drill test all identified targets.
The Elida project is located in central Perú, approximately 85 km inland from the Pacific coast at moderate elevations between 1,500 and 2,000 m and close to transportation and power infrastructure, including a 45 mega-watt hydroelectric generation facility situated 15 km from the project.
Technical information contained in this news release has been reviewed and approved by Dr. Paul Johnston (P.Geo.), the Company's Vice President of Exploration, who is Element 29's Qualified Person under National Instrument 43-101 and responsible for technical matters of this press release.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
About Element 29 Resources Inc.
Element 29 Resources Inc. is an emerging copper exploration and development company focused on advancing its portfolio of Peruvian projects towards development in one of the lowest-risk mining jurisdictions in the world. Element 29's growth strategy is led by our strong board and management, who have a proven track record of discovery and delivering significant value to our shareholders.
The Company's principal objective is to explore and develop its flagship Flor de Cobre porphyry Cu-Mo project located in southern Perú, 26 km southeast from Freeport-McMoRan's Cerro Verde Cu-Mo mine. At the same time, the Company intends to build on its potential copper inventory with continued exploration on its Flor de Cobre project as well as its remaining 22,000 ha of mining concessions in Perú including the recently discovered Elida porphyry Cu-Mo-Ag system located in central Perú and 85 km from the coast. Both projects are well located for future mine development and will benefit from nearby infrastructure including roads, powerlines, ports, water, and a skilled workforce.
More information is available at www.e29copper.com.
For more information:
David Jan
Investor Relations
1-888-246-7881
info@e29copper.com
Forward Looking Statements
This press release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related the Company's resource properties, and the Company's plans, focus and objectives.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties related to fluctuations in copper and other commodity prices, uncertainties inherent in the exploration of mineral properties, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company's prospectus under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Element 29 to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
Figure 1: Target 1 showing existing and planned drill holes. The horizontal projection of mineralized intervals is shown as grey bands on the existing drill holes.
To view an enhanced version of Figure 1, please visit:
orders.newsfilecorp.com
Image 1. Two drill rigs operating on Target 1 at Element 29's Elida copper project.
To view an enhanced version of Image 1, please visit:
orders.newsfilecorp.com |
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159448) | 9/30/2021 2:59:21 PM | | From: LoneClone | | | | Millennial Intersects 2.31 g/t Oxide Au Over 20.49m, Including 4.05 g/t Oxide Au Over 7.62m at Mountain View Project
newswire.ca
Millennial Precious Metals Corp. Sep 29, 2021, 07:00 ET
TSXV | MPM
/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Sept. 29, 2021 /CNW/ - Millennial Precious Metals Corp. (TSXV: MPM) ("Millennial" or the "Company") is pleased to provide results from the ongoing resource conversion and exploration drill program currently being conducted at its Mountain View project located in Nevada, USA, as a part of the fully funded 20,000m maiden drill program. The 2021 Phase 1 Mountain View drill program consists of 30 holes, totaling 7,250m and is approximately 60% complete. Millennial expects to continue to release drill results from the program every 2-3 weeks moving forward.
Highlights:
Figure 1: Cross Section from B – B’. Mineralization Hosted Within the Rhyolite (purple) and Andesite (brown). (CNW Group/Millennial Precious Metals Corp.)
- Drillhole MVCD-0003 returned an intercept of 2.31 g/t oxide Au over 20.49m, including 4.05 g/t oxide Au over 7.62m
- MVCD-0003 was designed to convert resources within the current block model from Inferred to Indicated in support of an updated mineral resource in H1 2022 and PEA in H2 2022. MVCD-0001 and MVCD-0002 drill holes were abandoned in overburden.
- The existing block model at Mountain View is based on historical results, drilled primarily with RC (reverse circulation) rigs. Millennial's program is being completed principally with DDH (diamond drill hole) rigs.
- MVCD-0003 intercept sits 70m outside the current proposed pit shell.
- Grade observed in MVCD-0003 was ~2.9x higher than expected from the block model.
- Based on Millennial's interpretation, it appears that the mineralized rhyolite is situated directly below the alluvium, which is composed of sand, gravels and boulders as seen in Figure 1. As a result, it is expected that pre-stripping for open-pit mining will not require conventional drilling and blasting, potentially reducing mining costs.
- Gold mineralization at Mountain View is hosted by flow banded rhyolite with strong oxidation persisting throughout the hole.
- Minor, post-mineral faulting has broken the host rock which is expected to have a positive impact on gold leaching and reduce processing costs.
Jason Kosec, President, CEO & Director of Millennial stated, "we are extremely pleased with the outcome of drillhole MVCD-0003 with grades significantly higher than the block model predicted. If a pattern of higher grade persists in other core drill holes at Mountain View, it could be a game changer. We note that the previous owner of Mountain View drilled using 90% RC, however we are focused on drilling with oriented core. This will allow us to gain a better understanding of both the lithological and structural controls, as well as the historical gold grade values. In turn, this will provide the next phase of drilling at Mountain View a substantially higher chance of success."
Mountain View Project Overview:
Mountain View is located within the Deep Hole mining district in Nevada, 24km north of the town of Gerlach within Washoe County. The project area is covered by a 2,460-acre land package consisting of 127 unpatented claims, located on federally owned lands administered by the U.S. Bureau of Land Management (BLM). Gold-dominated mineralization at Mountain View consists of low sulfidation epithermal veins and disseminated oxide and sulphide mineralization hosted in Cenozoic volcanic rocks. Mountain View has an Inferred mineral resource estimate containing 427,000 ounces of Au (oxide) (23.2 million tonnes at 0.57 g/t Au; effective date of November 15, 2020).
ABOUT MILLENNIAL PRECIOUS METALS CORP.
Millennial Precious Metals (TSX.V:MPM) is a Nevada-based exploration and development company focused on unlocking quality ounces through the responsible expansion of its seven gold projects. The Company plans to accelerate the development of its two flagship projects, Wildcat and Mountain View. The Wildcat Inferred Mineral Resource estimate contains 776,000 ounces of Au oxide (60.8 million tonnes at 0.40 g/t Au; effective date of November 18, 2020) and the Mountain View Inferred Mineral Resource estimate contains 427,000 ounces of Au oxide (23.2 million tonnes at 0.57 g/t Au; effective date of November 15, 2020). Each of the technical report titled "NI 43-101 Technical Report Resource Estimate for the Wildcat Project, Pershing County, Nevada, United States", dated November 20, 2020 with an effective date of November 18, 2020 prepared by William J. Lewis, B.Sc., P.Geo., Rodrigo Calles-Montijo, MSc., CPG, and Leonardo de Souza, MAusIMM (CP) and the technical report titled "NI 43-101 Technical Report for the Mountain View Project, Washoe Country, Nevada, USA", dated November 25, 2020 with an effective date of November 15, 2020, prepared by William J. Lewis, B.Sc., P.Geo., Rodrigo Calles-Montijo, MSc., CPG, and Leonardo de Souza, MAusIMM (CP) is available on Millennial's issuer profile on SEDAR at www.sedar.com.
Millennial Precious Metals is led by an experienced management team and board of directors with a proven track record of success in financing and developing mining assets. The Company is well positioned to create value for all stakeholders by applying a systematic strategy to develop all seven gold projects over the next few years.
QUALIFIED PERSON
Leonardo De Souza, P. Geo., is the Qualified Person for the scientific and technical information contained in this press release and is an independent Qualified Person within the meaning of National Instrument 43- 101.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this news release are forward-looking statements, which reflect the expectations of management regarding the business development objectives and plans of Millennial.
Forward-looking information contained in this news release are based on certain factors and assumptions. While Millennial considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to health pandemics and the outbreak of communicable diseases, such as the current outbreak of the novel coronavirus, COVID-19.
Further, these forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for precious metals, (4) any number of events or causes which may delay exploration and development of the property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, (7) inability to obtain all necessary permitting and financing, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and Millennial does not assume an obligation to update these forward looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider, as that term is defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.
SOURCE Millennial Precious Metals Corp.
 For further information: Jason Kosec, President & CEO, jason.kosec@millennialpm.com, Dir.: 250-552-7424
|
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| To: LoneClone who wrote (159449) | 9/30/2021 3:07:49 PM | | From: LoneClone | | | | Etruscus Commences Initial Exploration Program at Lewis Gold Project, Newfoundland
newswire.ca
Etruscus Resources Corp. Sep 29, 2021, 09:00 ET
VANCOUVER, BC, Sept. 29, 2021 /CNW/ - Etruscus Resources Corp. (CSE: ETR) (OTC: ETRUF) (FSE: ERR) (the "Company" or "Etruscus"), is pleased to announce that the Company has commenced its first exploration program (the "Program") on the recently acquired Lewis Property (the "Property") in central Newfoundland. The Property is centrally located amongst a number of highly active exploration companies with multi-million dollar programs currently underway, including New Found Gold with an approximate 200,000 m drill campaign 10 kms to the east of the Lewis Property border. The Program followed a recently completed analysis of available historic information, including regional geophysics, sampling, and drilling data from work on and adjacent to the Property claims. The Property saw successful but limited historic exploration in the early 1990's by companies such as Noranda, which targeted the southern extent of the Company's current claims.
Map 1: Lewis Property Historic Rock Samples & Current Soil Sample Lines (CNW Group/Etruscus Resources Corp.)
Exploration Plan Details
The first phase of the program currently underway involves rock and soil sampling, including the systematic collection of over 2,000 samples across the Property. Historic work in the area focused on easily accessible outcrop and was highly successful at identifying showings such as the Corsair and Sabre where historic samples up to 1,347 g/t Ag and 3.2 g/t Au were reported. Additional clusters of compelling historic gold assays further demonstrate the exploration potential of the Property (See Map 1 Below). Of the 72 historic rock samples taken across the Property, 32 of them graded above 1 g/t gold with 8 rock samples grading above 5 g/t gold. The program will also include work in areas of the Property which are underexplored and have never been systematically sampled.
Following the analysis of the results of this sampling program, an IP survey will be planned for areas of particular interest. High levels of arsenopyrite and stibnite that are associated with gold mineralization are expected to generate strong geophysical anomalies for drill target identification. We are confident that using exploration techniques that have proven successful in the past will generate compelling drill targets across the largely underexplored areas of the Property, including the Mount Peyton Linear Trend that runs north-northwest along significant portions of the Property.
Stephen Wetherup, Etruscus VP of Exploration, comments: "The historic exploration on the Lewis Property utilized established exploration techniques and successfully demonstrated gold mineralization in nearly all previous drill holes. Etruscus is now expanding these techniques to underexplored and highly prospective areas on the Property with poor outcrop exposure. The proximity to nearby gold discoveries, numerous gold showings on the property, and the location within the underexplored Mount Peyton Intrusive Suite provides Etruscus with significant opportunity to make new discoveries."
About the Lewis Gold Property
The Lewis Gold Property consists of 103 claims in two claim blocks totaling 2,568 hectares, located approximately 32 km from Gander, Newfoundland ( Click Here to View Map). It can be accessed by highway and a network of unsealed forestry roads and trails. Rail access is within 8 km of the claims and a powerline traverses the Property. The Property lies within the tectonostratigraphic Dunnage Zone and the Exploits Sub-zone which is host to numerous orogenic gold showings and deposits, such as those on New Found Gold's Queensway Project. Gold mineralization in the region is mainly hosted in ENE and NNW striking orogenic shear zones with much of the exploration focused on shears in sedimentary sequences and not in intrusive hosted shear zones. The Property is underlain by the Mt. Peyton Batholith which is also cut by these ENE and NNW structures, including the NNW oriented "Mt. Peyton Trend" and remains an underexplored area within the Exploits Sub-Zone.
Drilling programs, on and adjacent to the Property, have confirmed gold mineralization and drill intercepts have included 8.83 g/t Au over 0.7 meters and 5.3 meters of 3.25 g/t Au. Prospecting on property has also returned numerous boulders containing high grade gold including 25.8 g/t Au and up to 1,347 g/t Ag. Just off the Property, down ice direction, 164 g/t Au has also been assayed.
The Property has seen limited but successful historical exploration along recognized regional structures. The Lewis Gold Property is a largely unexplored land package located within an area that has recently seen robust financing and exploration activity from neighbouring companies to the east, west and south of the Property.
Qualified Person
Technical aspects of this news release have been reviewed and approved by Stephen Wetherup, BSc., P.Geo., who is a Qualified Person as defined under National Instrument 43-101.
The foregoing historical assays are not National Instrument (NI) 43-101 compliant and the reliability of such historical assays is unknown. While historic information is based upon the sampling and analytical methods used at the relevant time, a Qualified Person has not completed sufficient work to classify historical results and assays as current.
About Etruscus
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the acquisition and development of precious metal mineral properties. The Company's assets also include the 100%-owned Rock & Roll and Sugar properties comprising 27,880 hectares near the past producing Snip mine in Northwest B.C.'s prolific Golden Triangle. As a new entrant in the very active Newfoundland exploration play, Etruscus is expanding its focus to include exploration activity in two of Canada's most active gold camps.
Etruscus is traded under the symbol "ETR" on the Canadian Securities Exchange, "ETRUF" on the OTC and "ERR" on the Frankfurt Stock Exchange. Etruscus has 37,386,622 common shares issued and outstanding.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This Press Release may contain statements which constitute 'forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Etruscus Resources Corp.
 For further information: Company Contact: Jason Leikam, President & CEO, E: info@etruscusresources.com, T: 604-336-9088, W: www.etruscusresources.com; Investor Relations Contact: Derek Wood, E: dwood@conduitir.com, T: 403-668-7855
|
| | Mining News of Note | Stock Discussion ForumsShare | RecommendKeepReplyMark as Last ReadRead Replies (1) |
|
| |
