| To: LoneClone who wrote (162124) | 12/15/2021 12:48:51 PM | | From: LoneClone | | | | Mineros and Royal Road Intersect 303.7 Metres of 1.1 Grams Per Tonne Gold Equivalent in Newly Discovered Porphyry Copper-Gold System at the Guintar-Niverengo Margaritas Exploration Target, Colombia
newswire.ca
Mineros S.A. Dec 14, 2021, 15:00 ET
Includes 62.0 metres at 3.3 grams per tonne gold equivalent
MEDELLIN, Colombia, Dec. 14, 2021 /CNW/ - Mineros S.A. (TSX: MSA) (MINEROS: CB) ("Mineros" or the "Company") is pleased to announce results from the first three drill holes of a follow-up drilling program undertaken by the Company's partner at the Guintar-Niverengo Margaritas Exploration Target (the "GNM Exploration Target") in Colombia.
Figure 1. Geological map and cross section of diamond drill holes GUI-DD-11 to GUI-DD-13, Guintar Target Area, Colombia (Source: Royal Road). (CNW Group/Mineros S.A.)
The GNM Exploration Target is comprised of the contiguous Guintar and Niverengo concessions (the "Guintar Target Area" and "Niverengo Target Area", respectively) and the neighboring Margaritas concessions (the "Margaritas Target Area"), located in the Middle Cacua Metallogenic belt, within the Anza mining district, approximately 50 kilometres west of Medellin, Antioquia, Colombia. The GNM Exploration Target was acquired by Royal Road Minerals (TSXV: RYR; "Royal Road") through their purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited. The GNM Exploration Target is subject to a strategic alliance agreement (the "Agreement") between the Company and Royal Road. Under the terms of the Agreement, Royal Road are operators and Mineros has earned a 25% interest in the GNM Exploration Target by funding initial exploration expenditures of US$1 million. Mineros may acquire a further 25% interest, bringing its interest to 50%, by paying a further US$1.5 million to fund exploration expenditures. For further information on the Agreement see the final prospectus of the Company dated November 11, 2021, available on SEDAR at www.sedar.com.
Andrés Restrepo, President and CEO of Mineros, commented "Although the exploration of the GNM Exploration Target is in its early stages, the drill results from the Guintar Target Area announced today are very promising. We look forward to continuing to update the market on the results of our work with partner Royal Road Minerals on this exciting new Colombian copper-gold porphyry target."
The Company has received results from the first three diamond drill holes at the Guintar Target Area. Significant intercepts are presented in Table 1 and highlights include:
GUI-DD-011:
- 17.9 metres1 ("m") of 0.9 grams per tonne gold ("g/t Au"), starting at a downhole depth of 99.7 m
GUI-DD-012:
- 303.7 m1 of 1.1 grams per tonne gold equivalent ("g/t AuEq"), starting at a downhole depth of 17.0 m and continuing to the end of the hole, including 62.0 m of 3.3 g/t AuEq, starting at a downhole depth of 143.0 m
GUI-DD-013:
- 126.0 m1 of 1.4 g/t AuEq2, starting at a downhole depth of 68.0 m, including 55.0 m of 2.6 g/t AuEq, starting at a downhole depth of 120.0 m, and
- 44.0 m1 of 1.1 g/t Au, starting at a downhole depth of 351.0 m
1 Not true width; sufficient information is not yet available to make a determination of the true widths of the drill hole intersections.
| 2 Gold equivalent calculation based on USD $1790/ounce gold, USD $22/ounce silver and USD $4.30/pound copper.
|
Drill hole GUI-DD-011 intersected gold mineralized basement rocks belonging to the early-Cretaceous Barroso Formation with low-grade gold (entire drill hole returned 0.2 g/t Au over 400.56 m) disseminated through the hornfels-altered sequence and higher grade intervals (9.8 g/t Au over 1.6 m) related to lithological contacts and more porous conglomerate units. No porphyritic intrusive rocks were intercepted in drill hole GUI-DD-011.
Drill hole GUI-DD-012 was collared in lower-grade, gold and copper mineralized mostly chloritic hornfels to 93 m downhole depth, at which point the drill hole passed into a porphyritic intrusive suite, strongly altered with biotite alteration related to quartz-chalcopyrite-pyrrhotite mineralized stockwork veinlets and albite related to chalcopyrite-pyrrhotite mineralized sheeted veinlets (Figure 1). Gold, copper and silver are related to both stockwork and sheeted veinlet styles of mineralization. Not applying a cut off, the entire drill hole GUI-DD-012 returned 320.7 m at 1.1 g/t AuEq from surface. This intersection is the first indication of significant porphyry-style copper and gold mineralization on the Guintar Target Area.
Drill hole GUI-DD-013 was drilled below GUI-DD-012 (Figure 1) and intersected the biotite-altered intrusive suite with associated mineralization at a down hole depth of 118.0 m. The entire drill hole returned 588.3 m at 0.7 g/t AuEq. Deeper gold-only mineralization (44.0 m at 1.1 g/t Au from 351.0 m) may be related to a more amphibole-rich intrusive suite.
Table 1. Significant Diamond Drill Results for GUI-DD-011 to GUI-DD-013.
Drill
| Easting
| Northing
| Elevation
| Dip
| Azimuth
| Depth
| From
| To
| Interval
| Au
| Ag
| Cu
| AuEq
| Hole ID
|
|
| (m)
|
|
| (m)
| (m)
| (m)
| (m)
| (g/t)
| (g/t)
| (%)
| (g/t)
| GUI-DD-011
| 391643
| 698953
| 2244
| -75
| 180
| 400.6
| 8.0
| 18.0
| 10.0
| 1.0
| 4.4
|
| 1.1
|
|
|
| 99.7
| 117.6
| 17.9
| 0.9
| 1.9
|
| 0.9
|
|
|
| 238.9
| 242.0
| 3.2
| 1.3
| 2.4
|
| 1.3
|
|
|
| 291.7
| 296.1
| 4.4
| 0.9
| 1.7
|
| 0.9
| GUI-DD-012
| 391870
| 698821
| 2185
| -60
| 360
| 320.7
| 17.0
| 320.7
| 303.7
| 0.7
| 4.3
| 0.22
| 1.1
|
|
|
|
|
|
|
| incl.
|
|
|
|
|
|
|
|
|
|
|
|
|
| 143.0
| 205.0
| 62.0
| 2.1
| 12.4
| 0.62
| 3.3
| GUI-DD-013
| 391870
| 698821
| 2185
| -80
| 360
| 588.3
| 68.0
| 194.0
| 126.0
| 0.8
| 5.5
| 0.34
| 1.4
|
|
|
| incl.
|
|
|
|
|
|
|
|
|
| 120.0
| 175.0
| 55.0
| 1.5
| 10.8
| 0.60
| 2.6
|
|
|
| 311.0
| 314.0
| 3.0
| 2.4
|
|
| 2.4
|
|
|
| 351.0
| 395.0
| 44.0
| 1.1
| 2.1
|
| 1.1
|
|
|
| 441.0
| 447.0
| 6.0
| 1.0
|
|
| 1.0
|
|
|
| 510.5
| 516.5
| 6.0
| 1.2
| 3.9
|
| 1.3
|
The current drill campaign on the Guintar concession is planned to comprise approximately 5,000 m of diamond drilling aimed at testing the deeper parts of the mineralized system. A total of 3,422 m in nine diamond drill holes has been completed as of November 30, 2021.
QUALIFIED PERSON
The scientific and technical information in this news release has been reviewed and approved by Jorge Aceituno, a Registered Member of the Chilean Mining Commission and the Planning Manager, Resources and Reserves for Mineros. Mr. Aceituno is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Properties ("NI 43-101").
QUALITY ASSURANCE AND QUALITY CONTROL
Royal Road employees working on the GNM Exploration Target are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards.
Sample preparation and analyses are conducted according to standard industry procedures. Soil samples are taken dry, sieved to -180 micron (80 mesh) and analyzed for gold by fire assay and ICP-AES and multi-elements by ICP-MS after aqua regia digestion. Analytical performance is monitored by means of certified reference materials, fine blanks, and laboratory duplicate samples. Soil samples have been prepared in ALS Chemex preparation lab in Colombia and analyses have been completed in ALS Chemex Lima, using the PREP-41, Au-ICP 21 and ME-MS61 package.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes, without limitation, statements with respect to the Company's option to acquire a further 25% interest in the GNM Exploration Target, future drilling at the GNM Exploration Target, and the nature, location, and quality of potential gold mineralization at the GNM Exploration Target.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, market conditions, the price of gold, currency fluctuations, and the factors discussed under "Risk Factors" in the final prospectus of the Company dated November 11, 2021 (the "Final Prospectus"), available on SEDAR at www.sedar.com.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information.
Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia, Nicaragua and Argentina and a pipeline of development and exploration projects throughout the region.
The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all our operations.
Mineros' common shares are listed on the Toronto Stock Exchange under the symbol "MSA", and on the Colombia Stock Exchange under the symbol "MINEROS".
SOURCE Mineros S.A.
 For further information: Fiona Childe, Investor Relations, (647) 496-3011, Investor.relations@mineros.com.co; Patricia Ospina, Investor Relations Manager, (+57) 42665757, relacion.inversionistas@mineros.com.co
|
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| To: LoneClone who wrote (162125) | 12/15/2021 12:51:11 PM | | From: LoneClone | | | | Torex Gold Reports Results From the 2021 Drill Program at ELG Underground
ca.finance.yahoo.com
Torex Gold Resources Inc.
Tue., December 14, 2021, 3:00 a.m.
Infill Drilling Reinforces Potential to Extend Underground Mine Life Beyond Current Reserves
Figure 1
Long-Section Through Northern Area of the ELD Deposit
Long-Section Through Northern Area of the ELD DepositFigure 2
Long-Section Through Central Area of the ELD Deposit
Long-Section Through Central Area of the ELD DepositFigure 3
Long-Section Through Southern Area of the ELD Deposit
Long-Section Through Southern Area of the ELD DepositFigure 4
Long-Section Through Sub-Sill
Long-Section Through Sub-SillFigure 5
Cross-Section Through Sub-Sill Deposit
TORONTO, Dec. 14, 2021 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) announces initial results from the 2021 drilling program at the El Limón Guajes underground mine, including zones referred to as Sub-Sill and El Limón Deep (“ELD”) (collectively the “ELG Underground”).
Jody Kuzenko, President & CEO stated:
“A key pillar of the Torex strategy moving forward includes a fresh focus on exploration and we are pleased with the results from the 2021 drill program at the ELG Underground. Infill drilling conducted under the first phase of the 2021 program reinforces our positive outlook on the ability to extend the mine life of the ELG Underground beyond current reserves and complement future production from Media Luna, which remains on track to begin in Q1 2024.
“The 2021 ELG Underground drill program is divided into two phases. The first phase, for which final assays are still being received, was focused on upgrading Inferred mineral resources to the Measured and Indicated categories with a view to extending the mine life of the ELG Underground. The second phase, which commenced this summer, is focused on step-out drilling to grow the overall resource base. Initial results from step-out holes targeting a previously identified area under the El Limón Sur open pit are encouraging. Further drilling is required to better understand the geology and potential of this area, which is located approximately 300 metres southwest of Sub-Sill.
“Overall, the ELG Underground has been a key value driver for Torex as reserves have been expanded and the mining rate has increased to well over 1,200 tonnes per day – substantially higher than the 830 tonnes per day originally anticipated from the Sub-Sill deposit. Based on the drill results seen to date, we believe we are well positioned to unlock further value from the ELG Underground.”
Key highlights from the 2021 ELG underground drill program are outlined in Table 1.
TABLE 1: HIGHLIGHTS FROM 2021 ELG UNDERGROUND DRILL PROGRAM
Drill-Hole
| Deposit
(purpose)
| From
(m)
| To
(m)
| Core Length
(m)
| Au
(g/t)
| Ag
(g/t)
| Cu
(%)
| LDUG-149
| ELD (infill)
| 36.0
| 70.0
| 34.0
| 15.04
| 14.7
| 0.66
| LDUG-152
| ELD (infill)
| 40.2
| 62.7
| 22.5
| 21.52
| 12.7
| 0.53
| LDUG-148
| ELD (infill)
| 33.0
| 76.5
| 43.5
| 9.65
| 4.4
| 0.18
| LDUG-164
| ELD (infill)
| 52.0
| 80.9
| 28.9
| 13.53
| 16.2
| 0.86
| LDUG-166
| ELD (infill)
| 91.0
| 132.0
| 41.0
| 8.92
| 4.0
| 0.21
| LDUG-139
| ELD (infill)
| 133.4
| 158.5
| 25.1
| 9.21
| 19.4
| 0.40
| LDUG-165
| ELD (infill)
| 126.0
| 154.7
| 28.7
| 6.95
| 6.2
| 0.27
| LDUG-126
| ELD (infill)
| 40.5
| 44.0
| 3.5
| 56.25
| 9.4
| 0.18
| LDUG-146
| ELD (infill)
| 28.0
| 54.4
| 26.4
| 7.02
| 4.4
| 0.16
| LDUG-159
| ELD (infill)
| 29.2
| 47.0
| 17.8
| 10.10
| 1.7
| 0.12
| LDUG-153
| ELD (infill)
| 70.3
| 78.0
| 7.7
| 19.79
| 4.8
| 0.52
| SST-244
| Sub-Sill (infill)
| 275.2
| 300.0
| 24.8
| 5.72
| 1.6
| 0.16
| SST-216
| Sub-Sill (infill)
| 190.0
| 194.0
| 4.0
| 30.02
| 2.8
| 0.00
| SST-232
| Sub-Sill (step-out)
| 75.2
| 86.5
| 11.3
| 10.21
| 156.2
| 1.82
| SST-226
| Sub-Sill (infill)
| 328.5
| 336.3
| 7.8
| 10.71
| 10.7
| 0.44
|
Notes to Table 1:
Intersections do not represent true thickness of mineralized zones
Core lengths subject to rounding
Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 m
Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 m
Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data
2021 ELG UNDERGROUND DRILL PROGRAM
Torex is expecting to conclude a 25,000 metres (“m”) drill program at the ELG Underground in 2021 (excluding 9,000 m of definition drilling and approximately 2,000 m of drilling related to the El Limón pushback), with most of the program focused on infill drilling (Phase 1) and the remainder on step-out drilling (Phase 2). The greater focus on infill drilling is aimed at upgrading Inferred mineral resources to the Measured and Indicated categories, so that a greater level of mineral resources can be included in a new mine plan for the ELG Underground. The new mine plan will be included in an updated Technical Report scheduled for release in Q1 2022.
To date, the Company has drilled and received assay results for 69 drill holes associated with the 2021 program representing approximately 14,200 m of drilling. Of the assay results received to date, approximately 5,800 m (43 drill holes) have been drilled at ELD with an additional 8,400 m (26 holes) drilled at Sub-Sill. Infill drilling at Sub-Sill has ramped up through the back half of the year. There are currently 8 rigs actively drilling off the ELG Underground, including 3 rigs from surface and 5 rigs underground.
Assay results for the initial drill holes under the 2021 drill program are outlined in Table 2 (ELD deposit) and Table 3 (Sub-Sill deposit).
Drilling at ELD is focused on upgrading mineral resources, primarily within the southern portion of the deposit (Figure 3). Assay results received to date have been positive and increase our confidence in extending reserves within ELD.
At Sub-Sill, infill drilling is targeting to upgrade mineral resources in order to further extend reserves both vertically and laterally (Figure 4 and 5). Step-out drilling completed to date has been focused on a previously identified area of mineralization below the El Limón Sur open pit, approximately 300 m southwest of Sub-Sill. Further study is required to understand the geology and underlying potential of this area.
Exploration drilling at the ELG Underground is expected to remain a key focus for Torex as the Company looks to test the lateral and vertical extents of both Sub-Sill and ELD. Completion of Portal # 3 in mid-2022 is expected to support the Company’s efforts to test the vertical extent of both deposits and determine if Sub-Sill and ELD meet up at depth. While the primary role of Portal #3 is to reduce haul distances and improve ventilation, development of the portal will allow for the construction of drill platforms to target deeper extensions of the deposits more efficiently than is currently achievable from current underground and surface-based drilling.
Intersections reported in this press release are not reported as true thickness. Interval lengths for holes dipping between 45º and -90º have been selected to represent a minimum mining height of 3.5 m. Interval lengths for holes dipping between 0º and -45º have been selected to represent a minimum horizontal length of 3.5 m.
Currently, reported intersections from ELD and Sub-Sill also demonstrate the continuity of potentially economic gold mineralization for at least 350 m along strike at ELD and 300 m down-dip below current development levels at Sub-Sill; apparent widths vary from 3.5 m to 46 m.
ELG UNDERGROUND MINE
The ELG Underground consists of the higher-grade Sub-Sill and ELD deposits. At year-end 2020, the combined Proven & Probable Reserve for the two deposits was estimated at 413,000 ounces of gold (2.03 million tonnes at an average grade of 6.32 g/t gold). The 2020 year-end reserve update reflected a 15% year-over-year increase in reserves (50% after accounting for depletion).
Since underground mining commenced in late-2017, the ELG Underground has produced approximately 196,000 ounces of gold (222,400 ounces mined prior to process plant recoveries at an average gold grade of 7.64 g/t) through year-end 2020. Cumulative gold mined plus year-end 2020 reserves is more than 3-fold the initial underground gold reserves of 183,000 ounces as estimated as of December 31, 2017.
The ELG Underground is on track for another strong year of production in 2021 with 74,000 ounces of gold produced (83,500 ounces of gold mined prior to process recoveries at 7.10 g/t gold) through the third quarter. Annual production from the ELG Underground averaged approximately 82,000 ounces between 2019 and 2020 (92,700 ounces prior to process recoveries at an average gold grade of 7.53 g/t).
ELG UNDERGROUND GEOLOGY
The ELD and Sub-Sill deposits are distinct portions of the larger El Limón Guajes mineralized skarn system. The two deposits occur in different locations relative to a granodiorite sill prevalent in the deposit area and are approximately 300 m apart.
The El Limón Guajes mining complex, located in the central part of the Guerrero Gold Belt in Southwest Mexico, is hosted in the Mesozoic carbonate-rich Morelos Platform, which has been intruded by Paleocene granodiorite stocks, sills, and dikes. Skarn-hosted gold mineralization is developed along the contacts of the intrusive rocks and the enclosing carbonate-rich sedimentary rocks of the Cuautla and Morelos formations as well as along the footwall contact of the Mezcala Formation.
ELD represents the down-dip extension of the skarn that hosts the gold mineralization at El Limón open pit, where the skarn is developed immediately above a large granodiorite sill intruded along the contact of the Cuautla and the Mezcala formations. The mineralized skarn forms a single and continuous package that strikes approximately 25° to the north-northeast and dips between 20° and 40° to the northwest. To the northwest, the strike of the skarn package changes to approximately 30° to the north-northwest and the dip steepens to approximately 60°. The change in the geometry of the skarn package is interpreted to be related to the northeast striking and southeast dipping La Flaca Fault; parallel structures are locally represented by post mineral dykes.
Mineralization in the Sub-Sill area formed along contacts between marbles of the Morelos formation and granodiorite sills, which is interpreted as late-stage porphyritic intrusions that branch off the main body of granodiorite. The best developed skarn zones at the Sub-Sill area strikes approximately 40° northeast and dip between 35° and 45° to the northwest. Deep drilling has identified a steeply dipping, 65° to 75° northwest, extension of the Sub-Sill skarn zone with high grade mineralization. This zone is currently interpreted as the structurally controlled feeder of the mineralization that developed along the lithological contacts between the hornfels, the marbles, and the sills. The skarn zone hosts multiple horizons with high-grade gold mineralization that vary in strike length from 50 m up to 240 m, with apparent widths varying from 2 m to 46 m. The trend of the overall skarn body in the Sub-Sill area is north-south to northeast-southwest.
The style of mineralization at both deposits is characterized by gold, which is strongly associated with bismuth and variable amounts of silver and copper. Gold occurs in variably sulfidized, pyrrhotite-rich skarn, while silver and copper mineralization is controlled primarily by the degree of sulfidation of the host skarn. Mineralization is associated with retrograde alteration characterized by the occurrence of phlogopite, amphibole, chlorite, calcite and lesser amounts of quartz and epidote, and local magnetite.
QA/QC AND QUALIFIED PERSON
Torex maintains an industry-standard analytical quality assurance and quality control (QA/QC) and data verification program to monitor laboratory performance and ensure high quality assays. Results from this program confirm reliability of the assay results. All sampling and analytical work for the mine exploration program is performed by SGS de Mexico S.A. de C.V. (“SGS”) in Durango, and by SGS in Nuevo Balsas, Mexico. Gold analyses comprise fire assays with atomic absorption or gravimetric finish. External check assays for QA/QC purposes are performed at ALS Chemex de Mexico S.A. de C.V.
The analytical QA/QC program is currently overseen by Carlo Nasi, Chief Mine Geologist for Minera Media Luna, S.A. de C.V.
The scientific and technical data contained in this news release pertaining to the ELG underground exploration program have been reviewed and approved by John Makin, MAIG. Mr. Makin is a member of the Australian Institute of Geoscientists (#7313), has experience relevant to the style of mineralization under consideration, and is a Consultant Geologist employed by SLR (Canada) Consulting Ltd. Mr. Makin has verified the data disclosed, including sampling, analytical, and test data underlying the drill results, and he consents to the inclusion in this release of said data in the form and context in which they appear.
Additional information on the Sub-Sill and ELD deposits, sampling and analyses, analytical labs, and methods used for data verification is available in the Company’s most recent annual information form and the technical report (the “Technical Report”) entitled “Morelos Property, NI 43-101 Technical Report, ELG Mine Complex, Life of Mine Plan and Media Luna Preliminary Economic Assessment, Guerrero State, Mexico ” with an effective date of March 31, 2018 (filing date September 4, 2018) filed on SEDAR at www.sedar.com and the Company’s website at www.torexgold.com.
ABOUT TOREX
Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometres southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”), comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and ELD, and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued the updated PEA in September 2018 (see the 2018 Technical Report). The property remains 75% unexplored.
FOR FURTHER INFORMATION, PLEASE CONTACT:
TOREX GOLD RESOURCES INC.
| Jody Kuzenko
| Dan Rollins
| President and CEO
| Vice President, Corporate Development & Investor Relations
| Direct: (647) 725-9982
| Direct: (647) 260-1503
| jody.kuzenko@torexgold.com
| dan.rollins@torexgold.com
|
CAUTIONARY NOTES
FORWARD LOOKING INFORMATION
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information also includes, but is not limited to, statements that:. infill drilling conducted under the first phase of the 2021 program reinforces our positive outlook on the ability to extend the mine life of the ELG Underground beyond current reserves and complement future production from Media Luna, which remains on track to begin in Q1 2024; the first phase of the drill program was focused on upgrading Inferred mineral resources to the Measured and Indicated categories with a view to extending the mine life of the ELG Underground; the second phase is focused on step-out drilling to grow the overall resource base; initial results from step-out holes targeting a previously identified area under the El Limón Sur open pit are encouraging; based on the drill results seen to date, we believe we are well positioned to unlock further value from the ELG Underground; Torex is expecting to conclude a 25,000 metres (“m”) drill program at the ELG Underground in 2021 (excluding 9,000 m of definition drilling and approximately 2,000 m of drilling related to the El Limón pushback), with most of the program focused on infill drilling (Phase 1) and the remainder on step-out drilling (Phase 2); the greater focus on infill drilling is aimed at upgrading Inferred mineral resources to the Measured and Indicated categories, so that a greater level of mineral resources can be included in a new mine plan for the ELG Underground; the new mine plan will be included in an updated Technical Report scheduled for release in Q1 2022; exploration drilling at the ELG Underground is expected to remain a key focus for Torex as the Company looks to test the lateral and vertical extents of both Sub-Sill and ELD; and the ELG Underground is on track for another strong year of production in 2021. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “schedule”, “continue”, and "expects" or variations of such words and phrases or statements that certain actions, events, or results “will”, “will result”, or “is expected to" occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: uncertainty involving skarns deposits; and those risk factors identified in the Technical Report and the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Forward-looking information are based on the assumptions discussed in the Technical Report and such other reasonable assumptions, estimates, analysis, and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.
TABLE 2: ASSAY RESULTS FROM 2021 ELG UNDERGROUND DRILL PROGRAM – ELD DEPOSIT
|
|
|
|
|
|
| Total
|
|
|
| Intersection
|
|
|
| Drill-Hole
| Program
| UTM-E
| UTM-N
| Elevation
| Azimuth
| Dip
| Length
|
| From
| To
| Core Length
| Au
| Ag
| Cu
| Lithology
|
|
| (m)
| (m)
| (m)
| (°)
| (°)
| (m)
|
| (m)
| (m)
| (m)
| (g/t)
| (g/t)
| (%)
|
| LDUG-121
| Step-out
| 422,087.1
| 1,990,337.5
| 1,010.7
| 170
| -73
| 331.5
|
| 263.3
| 267.0
| 3.7
| 1.19
| 1.1
| 0.06
| Breccia
| LDUG-122
| Infill
| 422,114.3
| 1,990,459.3
| 1,011.8
| 65
| -32
| 114.0
|
| 81.2
| 85.2
| 4.0
| 4.33
| 14.7
| 0.56
| Skarn
| LDUG-126
| Infill
| 422,227.2
| 1,990,302.1
| 969.8
| 136
| -15
| 102.0
|
| 40.5
| 44.0
| 3.5
| 56.25
| 9.4
| 0.18
| Skarn
|
|
|
|
|
|
|
|
|
| 56.0
| 65.0
| 9.0
| 9.87
| 8.1
| 0.29
| Skarn
| LDUG-127
| Infill
| 422,114.0
| 1,990,424.7
| 1,011.2
| 65
| -26
| 111.0
|
| 101.0
| 104.7
| 3.7
| 1.43
| 50.9
| 1.39
| Skarn
| LDUG-129
| Infill
| 422,200.9
| 1,990,432.1
| 980.6
| 34
| -81
| 60.0
|
| 23.5
| 30.0
| 6.5
| 12.87
| 9.9
| 0.26
| Skarn
| LDUG-131
| Infill
| 422,114.3
| 1,990,402.9
| 1,011.2
| 61
| -24
| 117.0
|
| 112.0
| 115.8
| 3.8
| 1.69
| 23.4
| 0.56
| Skarn
| LDUG-133
| Infill
| 422,226.8
| 1,990,301.8
| 969.3
| 139
| -28
| 93.0
|
| 32.9
| 37.8
| 5.0
| 10.21
| 5.1
| 0.18
| Skarn
|
|
|
|
|
|
|
|
|
| 72.8
| 77.8
| 5.0
| 3.52
| 19.5
| 0.45
| Skarn
| LDUG-134
| Infill
| 422,100.0
| 1,990,354.7
| 1,011.1
| 63
| -33
| 255.0
|
| 140.6
| 144.2
| 3.6
| 6.16
| 5.2
| 0.14
| Skarn
|
|
|
|
|
|
|
|
|
| 244.0
| 248.0
| 4.0
| 3.10
| 8.8
| 0.13
| Skarn
| LDUG-135
| Infill
| 422,114.1
| 1,990,402.4
| 1,010.4
| 61
| -51
| 264.0
|
| 183.5
| 200.6
| 17.1
| 0.38
| 23.4
| 1.06
| Skarn
| LDUG-136
| Infill
| 422,114.5
| 1,990,393.1
| 1,011.0
| 65
| -36
| 150.0
|
| 115.2
| 121.7
| 6.4
| 8.17
| 21.9
| 0.66
| Skarn/Gdi
| LDUG-137
| Infill
| 422,226.6
| 1,990,301.6
| 969.3
| 140
| -41
| 63.0
|
| 35.0
| 40.8
| 5.8
| 4.19
| 3.3
| 0.06
| Skarn
| LDUG-138
| Infill
| 422,225.7
| 1,990,301.4
| 970.0
| 166
| -10
| 96.0
|
| 82.1
| 89.2
| 7.1
| 6.40
| 1.3
| 0.06
| Skarn
| LDUG-139
| Infill
| 422,088.7
| 1,990,338.1
| 1,010.7
| 130
| -62
| 201.0
|
| 133.4
| 158.5
| 25.1
| 9.21
| 19.4
| 0.40
| Skarn
|
|
|
|
|
|
|
|
| including
| 143.5
| 149.4
| 5.9
| 14.27
| 64.1
| 0.80
| Skarn
|
|
|
|
|
|
|
|
| & including
| 153.9
| 157.9
| 4.0
| 17.76
| 3.3
| 0.05
| Skarn
| LDUG-140
| Infill
| 422,114.5
| 1,990,393.1
| 1,011.0
| 70
| -39
| 171.0
|
| 107.0
| 110.5
| 3.5
| 5.31
| 0.9
| 0.01
| Skarn
|
|
|
|
|
|
|
|
|
| 120.2
| 129.3
| 9.1
| 0.28
| 29.6
| 1.07
| Skarn
| LDUG-141
| Infill
| 422,226.5
| 1,990,304.1
| 969.0
| 0
| -90
| 45.0
|
| 18.3
| 21.8
| 3.5
| 2.01
| 4.0
| 0.11
| Skarn
| LDUG-142
| Infill
| 422,227.4
| 1,990,302.8
| 969.9
| 116
| -16
| 102.0
|
| 50.9
| 55.0
| 4.1
| 10.97
| 19.7
| 0.42
| Skarn
|
|
|
|
|
|
|
|
|
| 61.0
| 74.0
| 13.0
| 7.29
| 38.2
| 2.34
| Skarn
| LDUG-143
| Infill
| 422,131.5
| 1,990,321.9
| 922.1
| 134
| -8
| 129.0
|
| 32.4
| 36.9
| 4.5
| 18.08
| 3.3
| 0.12
| Skarn
|
|
|
|
|
|
|
|
|
| 53.8
| 59.2
| 5.3
| 5.65
| 2.4
| 0.04
| Skarn
|
|
|
|
|
|
|
|
|
| 66.4
| 72.2
| 5.8
| 4.76
| 4.0
| 0.14
| Skarn
|
|
|
|
|
|
|
|
|
| 85.0
| 93.5
| 8.5
| 6.00
| 8.2
| 0.42
| Skarn
| LDUG-145
| Infill
| 422,227.2
| 1,990,302.3
| 969.9
| 127
| -16
| 93.0
|
| 48.0
| 60.1
| 12.1
| 9.72
| 5.0
| 0.14
| Skarn
|
|
|
|
|
|
|
|
|
| 66.0
| 79.7
| 13.7
| 5.14
| 31.9
| 1.11
| Skarn
| LDUG-146
| Infill
| 422,131.5
| 1,990,322.0
| 921.8
| 134
| -20
| 90.0
|
| 28.0
| 54.4
| 26.4
| 7.02
| 4.4
| 0.16
| Skarn
| LDUG-147
| Infill
| 422,227.0
| 1,990,302.5
| 969.4
| 123
| -43
| 63.0
|
| 47.8
| 55.7
| 7.9
| 9.95
| 22.8
| 0.29
| Skarn
| LDUG-148
| Infill
| 422,131.5
| 1,990,322.0
| 921.6
| 134
| -33
| 93.0
|
| 33.0
| 76.5
| 43.5
| 9.65
| 4.4
| 0.18
| Skarn
|
|
|
|
|
|
|
|
| including
| 39.4
| 45.0
| 5.7
| 36.75
| 22.2
| 1.07
| Skarn
| LDUG-149
| Infill
| 422,131.5
| 1,990,321.9
| 921.4
| 135
| -45
| 96.0
|
| 36.0
| 70.0
| 34.0
| 15.04
| 14.7
| 0.66
| Skarn
|
|
|
|
|
|
|
|
| including
| 46.6
| 52.9
| 6.3
| 46.95
| 12.5
| 0.49
| Skarn
| LDUG-150
| Infill
| 422,114.0
| 1,990,507.0
| 1,012.0
| 62
| -40
| 111.0
|
| 98.0
| 101.7
| 3.7
| 9.05
| 17.9
| 0.45
| Skarn
| LDUG-151
| Infill
| 422,113.9
| 1,990,492.6
| 1,012.0
| 63
| -33
| 142.0
|
| 62.8
| 69.4
| 6.6
| 6.18
| 3.9
| 0.26
| Skarn
| LDUG-152
| Infill
| 422,131.4
| 1,990,322.0
| 920.8
| 133
| -57
| 189.0
|
| 40.2
| 62.7
| 22.5
| 21.52
| 12.7
| 0.53
| Skarn
|
|
|
|
|
|
|
|
| including
| 40.2
| 47.2
| 7.0
| 31.56
| 13.8
| 0.60
| Skarn
|
|
|
|
|
|
|
|
|
| 67.0
| 74.0
| 7.0
| 6.81
| 14.2
| 0.42
| Skarn
| LDUG-153
| Infill
| 422,113.9
| 1,990,492.6
| 1,011.5
| 63
| -49
| 102.0
|
| 70.3
| 78.0
| 7.7
| 19.79
| 4.8
| 0.52
| Skarn
| LDUG-155
| Infill
| 422,160.0
| 1,990,259.1
| 929.3
| 115
| -27
| 63.0
|
| 11.8
| 27.0
| 15.2
| 8.11
| 1.3
| 0.10
| Skarn
| LDUG-158
| Infill
| 422,159.7
| 1,990,258.5
| 929.0
| 131
| -37
| 60.0
|
| 13.7
| 17.5
| 3.7
| 2.99
| 1.1
| 0.01
| Skarn
| LDUG-159
| Infill
| 422,159.4
| 1,990,258.7
| 928.4
| 131
| -75
| 60.0
|
| 29.2
| 47.0
| 17.8
| 10.10
| 1.7
| 0.12
| Skarn
|
|
|
|
|
|
|
|
| including
| 40.5
| 44.8
| 4.3
| 26.25
| 33.7
| 1.04
| Skarn
| LDUG-160
| Infill
| 422,159.1
| 1,990,257.5
| 928.5
| 157
| -50
| 60.0
|
| 8.9
| 14.5
| 5.6
| 5.04
| 2.3
| 0.11
| Skarn
|
|
|
|
|
|
|
|
|
| 22.5
| 32.0
| 9.6
| 6.77
| 1.9
| 0.08
| Skarn
|
|
|
|
|
|
|
|
|
| 43.5
| 48.2
| 4.7
| 4.18
| 3.4
| 0.15
| Skarn
|
|
|
|
|
|
|
|
|
| 54.0
| 60.0
| 6.0
| 4.44
| 1.8
| 0.04
| Gdi
| LDUG-162
| Infill
| 422,126.6
| 1,990,319.2
| 920.7
| 139
| -25
| 102.0
|
| 32.0
| 42.7
| 10.7
| 7.77
| 2.4
| 0.12
| Skarn
|
|
|
|
|
|
|
|
|
| 53.3
| 62.0
| 8.7
| 5.38
| 0.9
| 0.02
| Skarn
| LDUG-164
| Infill
| 422,125.0
| 1,990,317.3
| 922.3
| 165
| -40
| 105.0
|
| 52.0
| 80.9
| 28.9
| 13.53
| 16.2
| 0.86
| Skarn
|
|
|
|
|
|
|
|
| including
| 57.8
| 62.0
| 4.2
| 19.23
| 18.6
| 1.04
| Skarn
| LDUG-165
| Infill
| 422,128.7
| 1,990,319.8
| 920.9
| 170
| -13
| 162.0
|
| 83.0
| 89.0
| 6.0
| 4.99
| 6.3
| 0.20
| Skarn
|
|
|
|
|
|
|
|
|
| 104.0
| 113.8
| 9.8
| 7.02
| 5.1
| 0.28
| Skarn
|
|
|
|
|
|
|
|
|
| 126.0
| 154.7
| 28.7
| 6.95
| 6.2
| 0.27
| Skarn
| LDUG-166
| Infill
| 422,128.7
| 1,990,319.8
| 921.0
| 170
| -20
| 162.0
|
| 91.0
| 132.0
| 41.0
| 8.92
| 4.0
| 0.21
| Skarn
|
|
|
|
|
|
|
|
| including
| 112.4
| 125.0
| 12.6
| 15.98
| 8.8
| 0.52
| Skarn
| LDUG-168
| Infill
| 422,128.7
| 1,990,319.4
| 921.0
| 170
| -28
| 150.0
|
| 65.0
| 71.4
| 6.4
| 4.66
| 5.4
| 0.24
| Skarn
|
|
|
|
|
|
|
|
|
| 111.2
| 117.6
| 6.4
| 12.90
| 2.3
| 0.26
| Skarn/Gdi
| LDUG-169
| Infill
| 422,125.4
| 1,990,317.0
| 921.7
| 174
| -17
| 171.0
|
| 106.0
| 110.0
| 4.0
| 5.70
| 1.8
| 0.07
| Skarn
| LDUG-171
| Infill
| 422,125.3
| 1,990,317.0
| 921.5
| 177
| -24
| 180.0
|
| 111.6
| 117.0
| 5.4
| 4.16
| 3.5
| 0.14
| Skarn
|
|
|
|
|
|
|
|
|
| 124.0
| 128.0
| 4.0
| 4.20
| 3.7
| 0.33
| Skarn
|
|
|
|
|
|
|
|
|
| 157.6
| 161.8
| 4.2
| 4.47
| 8.3
| 0.57
| Skarn
| LDUG-173
| Infill
| 422,125.1
| 1,990,316.8
| 921.5
| 185
| -20
| 243.0
|
| 129.6
| 134.1
| 4.5
| 6.62
| 10.9
| 0.69
| Skarn
|
|
|
|
|
|
|
|
|
| 143.0
| 153.0
| 10.0
| 8.14
| 13.1
| 0.63
| Skarn
|
|
|
|
|
|
|
|
|
| 159.0
| 165.8
| 6.8
| 9.40
| 5.7
| 0.26
| Skarn
|
|
|
|
|
|
|
|
|
| 171.1
| 179.6
| 8.5
| 9.76
| 12.0
| 0.53
| Skarn
|
|
|
|
|
|
|
|
|
| 195.0
| 199.9
| 4.9
| 9.06
| 13.1
| 0.41
| Skarn
| LDUG-176
| Infill
| 422,125.1
| 1,990,316.9
| 921.3
| 185
| -27
| 198.0
|
| 90.9
| 95.4
| 4.5
| 4.58
| 14.6
| 2.13
| Skarn
| LDUG-178
| Infill
| 422,124.6
| 1,990,317.5
| 921.4
| 194
| -26
| 150.0
|
| 91.6
| 97.2
| 5.6
| 0.36
| 0.5
| 0.01
| Skarn
| LDUG-179
| Infill
| 422,124.8
| 1,990,316.9
| 921.0
| 194
| -35
| 207.0
|
| 117.7
| 123.0
| 5.3
| 8.37
| 2.3
| 0.08
| Skarn
| LDUG-180
| Infill
| 422,124.9
| 1,990,317.1
| 920.8
| 191
| -43
| 162.0
|
| 87.0
| 91.7
| 4.7
| 3.49
| 3.7
| 0.18
| Skarn
| LDUG-181
| Infill
| 422,125.1
| 1,990,317.1
| 921.0
| 185
| -35
| 165.0
|
| 93.0
| 102.4
| 9.4
| 8.59
| 9.4
| 0.46
| Skarn
|
|
|
|
|
|
|
|
|
| 110.9
| 139.0
| 28.1
| 6.03
| 11.5
| 0.65
| Skarn
|
|
|
|
|
|
|
|
| Including
| 132.7
| 137.0
| 4.3
| 14.97
| 60.7
| 4.08
| Skarn
|
Notes to Table 2:
Intersections do not represent true thickness of mineralized zones
Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 m
Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 m
Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data
Gdi stands for granodiorite
TABLE 3: ASSAY RESULTS FROM 2021 ELG UNDERGROUND DRILL PROGRAM – SUB-SILL DEPOSIT
|
|
|
|
|
|
| Total
|
|
|
| Intersection
|
|
|
| Drill-Hole
| Program
| UTM-E
| UTM-N
| Elevation
| Azimuth
| Dip
| Length
|
| From
| To
| Core Length
| Au
| Ag
| Cu
| Lithology
|
|
| (m)
| (m)
| (m)
| (°)
| (°)
| (m)
|
| (m)
| (m)
| (m)
| (g/t)
| (g/t)
| (%)
|
| SST-213
| Infill
| 422,325.8
| 1,990,064.4
| 986.7
| 119
| -70
| 360.0
|
| 343.9
| 349.4
| 5.5
| 9.54
| 5.1
| 0.14
| Skarn
| SST-214
| Infill
| 422,167.0
| 1,990,095.5
| 955.0
| 136
| -51
| 303.0
|
| 134.5
| 138.0
| 3.5
| 1.06
| 22.6
| 1.70
| Skarn
| SST-215
| Infill
| 422,166.9
| 1,990,095.6
| 955.1
| 139
| -39
| 282.0
|
| 177.8
| 183.2
| 5.5
| 3.78
| 0.5
| 0.01
| Skarn
| SST-216
| Infill
| 422,166.8
| 1,990,095.2
| 955.5
| 137
| -26
| 222.0
|
| 190.0
| 194.0
| 4.0
| 30.02
| 2.8
| 0.00
| Skarn
|
|
|
|
|
|
|
|
|
| 202.0
| 206.0
| 4.0
| 7.21
| 1.0
| 0.00
| Skarn
| SST-217
| Infill
| 422,167.0
| 1,990,095.7
| 955.1
| 136
| -46
| 169.3
|
| 132.7
| 137.5
| 4.8
| 1.16
| 23.7
| 0.49
| Skarn
| SST-218
| Infill
| 422,167.2
| 1,990,096.0
| 955.1
| 119
| -59
| 336.0
|
| 280.0
| 284.5
| 4.5
| 6.54
| 2.7
| 0.01
| Skarn
|
|
|
|
|
|
|
|
|
| 295.3
| 299.5
| 4.1
| 4.52
| 1.0
| 0.00
| Gdi
| SST-219
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 98
| -72
| 364.0
|
| 346.7
| 352.5
| 5.8
| 0.16
| 1.4
| 0.07
| Skarn
| SST-220
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 299
| -81
| 330.0
|
|
|
| No skarn intercepted in the target zone
|
| SST-221
| Infill
| 422,366.0
| 1,989,980.0
| 1,007.0
| 131
| -6
| 180.0
|
| 153.0
| 159.8
| 6.8
| 10.64
| 30.2
| 1.24
| Skarn
| SST-222
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 216
| -87
| 464.7
|
| 258.0
| 265.7
| 7.7
| 4.74
| 4.3
| 0.10
| Skarn
| SST-223
| Infill
| 422,366.0
| 1,989,980.0
| 1,007.0
| 131
| -14
| 180.0
|
| 151.0
| 155.1
| 4.1
| 1.49
| 5.1
| 0.17
| Skarn
| SST-224
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 134
| -78
| 312.0
|
| 293.0
| 297.5
| 4.5
| 1.66
| 3.5
| 0.13
| Skarn
| SST-225
| Infill
| 422,366.3
| 1,989,980.7
| 1,007.4
| 126
| -19
| 153.0
|
|
|
| No skarn intercepted in the target zone
|
| SST-226
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 112
| -71
| 384.0
|
| 328.5
| 336.3
| 7.8
| 10.71
| 10.7
| 0.44
| Skarn
| SST-227
| Step-Out
| 422,190.6
| 1,989,393.6
| 956.9
| 131
| -61
| 150.0
|
|
|
| No skarn intercepted in the target zone
|
| SST-228
| Step-Out
| 422,138.7
| 1,989,355.6
| 953.0
| 128
| -54
| 207.0
|
| 163.7
| 167.7
| 4.0
| 1.53
| 5.6
| 0.07
| Skarn
| SST-229
| Infill
| 422,323.0
| 1,990,067.0
| 986.0
| 118
| -73
| 360.0
|
| 291.8
| 296.0
| 4.2
| 1.99
| 23.6
| 1.58
| Skarn
| SST-231
| Step-Out
| 422,139.4
| 1,989,355.1
| 953.1
| 128
| -70
| 305.0
|
| 188.8
| 194.4
| 5.6
| 4.15
| 38.8
| 2.35
| Skarn
| SST-232
| Step-Out
| 422,141.4
| 1,989,394.5
| 955.0
| 136
| -71
| 405.0
|
| 75.2
| 86.5
| 11.3
| 10.21
| 156.2
| 1.82
| Skarn
|
|
|
|
|
|
|
|
|
| 105.5
| 112.7
| 7.2
| 7.53
| 19.9
| 0.05
| Skarn
| SST-233
| Infill
| 422,325.0
| 1,990,067.0
| 986.7
| 111
| -74
| 363.0
|
| 307.2
| 311.7
| 4.4
| 3.64
| 11.2
| 0.58
| Skarn
|
|
|
|
|
|
|
|
|
| 320.9
| 327.0
| 6.1
| 4.83
| 12.2
| 0.74
| Skarn
|
|
|
|
|
|
|
|
|
| 350.7
| 355.2
| 4.5
| 6.78
| 0.8
| 0.02
| Skarn
| SST-234
| Step-Out
| 422,141.8
| 1,989,465.7
| 987.9
| 124
| -57
| 573.0
|
| 97.5
| 101.8
| 4.3
| 4.18
| 5.9
| 0.17
| Skarn
| SST-235
| Step-Out
| 422,086.2
| 1,989,397.5
| 944.4
| 150
| -70
| 501.0
|
| 336.0
| 340.3
| 4.2
| 2.54
| 2.5
| 0.15
| Skarn
| SST-237
| Step-Out
| 422,012.3
| 1,989,300.7
| 875.2
| 120
| -60
| 435.0
|
| 29.0
| 34.0
| 5.0
| 0.04
| 0.8
| 0.12
| Skarn
| SST-238
| Infill
| 422,332.7
| 1,990,014.5
| 1,007.5
| 89
| -84
| 312.0
|
| 279.4
| 287.4
| 7.9
| 4.12
| 0.6
| 0.01
| Skarn
| SST-241
| Infill
| 422,324.9
| 1,990,067.1
| 986.6
| 107
| -76
| 396.0
|
| 294.0
| 303.0
| 9.0
| 4.63
| 2.5
| 0.07
| Skarn
| SST-244
| Infill
| 422,330.1
| 1,990,018.8
| 1,007.8
| 58
| -88
| 330.0
|
| 275.2
| 300.0
| 24.8
| 5.72
| 1.6
| 0.16
| Skarn
|
Notes to Table 3:
Intersections do not represent true thickness of mineralized zones
Interval lengths for holes dipping between -45 to -90º have been selected to represent a minimum mining height of 3.5 m
Interval lengths for holes dipping between 0 and -45º have been selected to represent a minimum horizontal length of 3.5 m
Torex is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data
Gdi stands for granodiorite
FIGURE 1 – LONG-SECTION THROUGH NORTHERN AREA OF THE ELD DEPOSIT
Figure 1 is available at globenewswire.com
FIGURE 2 – LONG-SECTION THROUGH CENTRAL AREA OF THE ELD DEPOSIT
Figure 2 is available at globenewswire.com
FIGURE 3 – LONG-SECTION THROUGH SOUTHERN AREA OF THE ELD DEPOSIT
Figure 3 is available at globenewswire.com
FIGURE 4 – LONG-SECTION THROUGH SUB-SILL
Figure 4 is available at globenewswire.com
FIGURE 5 – CROSS-SECTION THROUGH SUB-SILL DEPOSIT
Figure 5 is available at globenewswire.com |
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| To: LoneClone who wrote (162126) | 12/15/2021 12:52:38 PM | | From: LoneClone | | | | Trillium Gold Signs Definitive Agreement for Acquisition of Contiguous Confederation Lake Land Package, Red Lake, Ontario
newswire.ca
Trillium Gold Mines Inc. Dec 15, 2021, 07:00 ET
VANCOUVER, BC, Dec. 15, 2021 /CNW/ - Trillium Gold Mines Inc. (TSXV: TGM) (OTCQX: TGLDF) (FRA: 0702) ("Trillium Gold" or the "Company") is pleased to announce that it has signed a definitive agreement (the "Definitive Agreement"), following the previously announced non-binding Letter of Intent, to acquire all of Infinite Ore Corp.'s ("Infinite Ore") Eastern Vision property holdings in the Confederation Lake assemblage of the Birch-Uchi greenstone belt in the Red Lake Mining District, Ontario. (see news release of July 19, 2021.)
Trillium Gold Signs Definitive Agreement for Acquisition of Contiguous Confederation Lake Land Package, Red Lake, Ontario (CNW Group/Trillium Gold Mines Inc.)
The property covers 16,991 hectares between the Fredart, Garnet Lake, Confederation North and Confederation South properties (see Figure below), giving Trillium Gold control over a significant portion of the Confederation Lake assemblage and creating a contiguous land package covering greater than 100 km of favourable structure on trend with Great Bear Resources' Dixie Deposit.
The Definitive Agreement provides for the issuance of 4,000,000 common shares in the capital of Trillium Gold including payment of $175,000 in cash to Infinite Ore. In addition, the Company assumes all of Infinite Ore's cash payment commitments under its existing option agreements, while Infinite Ore retains its share issuance obligations.
The Definitive Agreement is considered a major step in strengthening Trillium Gold's strategic advantage to consolidate the greenstone belt and positions it as the most dominant exploration company in the Red Lake Mining District.
Visit our website at www.trilliumgold.com.
On behalf of the Board of Directors,
Trillium Gold Mines Inc.
Russell Starr, President, CEO and Director
About Trillium Gold Mines Inc.
Trillium Gold Mines Inc. is a growth focused company engaged in the business of acquisition, exploration and development of mineral properties located in the Red Lake Mining District of northwestern Ontario. The Company has assembled over 55,000 hectares of lands considered highly prospective for gold, including the Newman Todd project being advanced towards open-pit mining, and one of the most extensive property packages in the Confederation Lake assemblage of the Birch-Uchi greenstone belt.
In addition, the Company has interests in highly prospective properties in Larder Lake, Ontario and the Matagami and Chibougamou areas of Quebec.
Neither 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.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Trillium Gold Mines Inc.
 For further information: please contact Donna Yoshimatsu, VP Corporate Development and Investor Relations at dyoshimatsu@trilliumgold.com, (416) 722-2456.
Related Links trilliumgold.com |
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| To: LoneClone who wrote (162127) | 12/15/2021 12:54:29 PM | | From: LoneClone | | | | TDG Gold Completes 2021 Toodoggone Field Program, BC
accesswire.com
Wednesday, December 15, 2021 7:00 AM
WHITE ROCK, BC / ACCESSWIRE / December 15, 2021 / TDG Gold Corp. (TSXV:TDG) (the "Company" or "TDG") is pleased to announce the completion of its 2021 Toodoggone Field Program which included 8,048 metres ("m") diamond drilling in 55 holes at Shasta and 1,029 m of diamond drilling in 2 holes at the Drybrough target located on its Oxide Peak earn-in project to the north of TDG's former producing Baker mine. Samples from the Shasta drilling have been submitted to SGS Canada for analysis with final results expected to be received between January and February 2022. Other work completed included sampling and mapping at TDG's Mets and Baker mining leases and an airborne magnetic survey at TDG's Bot property located further to the north. Results have now been received for the sampling and survey work and are being compiled by TDG's technical team. TDG would like to thank its community and business partners for their support during the 2021 field season, in particular Chu Cho Industries, Chu Cho Environmental, Sasuchan LP and Falkirk Environmental Consultants. The Baker camp will be maintained in readiness for TDG's 2022 field program which may resume as soon as early spring 2022.
Shasta
All metres drilled at Shasta were located within the Permitted Mine Area (see Figure 1). Over 90% of the metres drilled were oriented core to provide additional structural geological information and to enhance the resource estimation work being undertaken for TDG by Moose Mountain Technical Services ("Moose Mountain"). Samples have been selected for metallurgical testing.
 Figure 1. Map of Shasta 2021 drill holes and historical drill collars.
The drilling completed at Shasta was aimed at confirming the historical assays and testing known extensions around the historical mine workings. Samples have been submitted to SGS Canada for analysis with final results expected to be received between January and February 2022.
TDG provided an overview of its other Shasta exploration activities in its September 07, 2021 news release (see here). Final assays have now been received from the systematic channel sampling completed at the Shasta Creek and JM pits. The purpose of the work was to enhance TDG's understanding of the geological and mineralogical setting and controls of Shasta. TDG expects to publish these results shortly.
Drybrough, Oxide Peak
The two diamond drill holes completed at Drybrough have been logged, cut and will be submitted to MSA Labs for analysis with assay results expected by the end of January 2022. Both holes were drilled at an azimuth of 300°.
Hole OP21-001 was drilled to a depth of 513 m at a dip angle of -63° and was designed to target into the centre of the magnetic anomaly (see TDG's November 16, 2021 news release) The borehole appears mainly to intersect volcaniclastic rocks with propylitic intersections and intervals with potassic alteration. Arsenopyrite was also noted in veinlets at approximately 300 metres depth. This may indicate that this drill hole is on the deeper margin of a porphyry system. The hole ended in sulphide mineralisation, which included increasing concentrations of disseminated pyrite and silicification.
Hole OP21-002 was drilled at a steeper dip of -82° to investigate the halo of magnetic relatively low at the margin of the magnetic anomaly. The borehole was drilled to 516 m and the steeper drill angle thus intersected a greater vertical slice of stratigraphy for investigation of the geology. This drill hole encountered more volcaniclastic rocks presumably the same upper units as OP21-001, with increasingly more silicification and sulphide mineralization in planar quartz-pyrite veinlets at deeper vertical depth and up to 20 % disseminated pyrite throughout and in aggregates, at deeper vertical depths.
 Image 1. Drill Hole OP21-002 from 355.85-364.31 m - banded, ash tuff, intense silicification, brecciated by quartz veining with up to 5 % disseminated pyrite and an additional 5 % pyrite replacing quartz-carbonate veins.
 Image 2. Drill Hole OP21-002 detailed photo of 358.75 m pyrite replacement in quartz veining.
The Drybrough drilling represents pioneer drill holes in an untested blind target magnetic anomaly. The drilling data (lithology, alteration and mineralization) is being compiled for a hole comparison cross section to understand the stratigraphy and better target future drilling efforts. TDG is excited to intercept porphyry associated mineralization and alteration, and has contracted MSA Labs (Langley, B.C.) to perform laboratory analysis at a faster turnaround time than average industry wait periods at this time. Subject to TDG's ongoing interpretative work and final assay results, TDG believes that the Drybrough target warrants further follow-up drilling activity.
Qualified Person
The technical content of this news release has been reviewed and approved by Steven Kramar, MSc., P.Geo., a qualified person as defined by National Instrument 43-101.
About TDG Gold Corp.
TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership or earn-in agreement. TDG's flagship projects are the former producing, high-grade gold-silver Shasta, Baker and Mets mines, which are all road accessible, produced intermittently between 1981-2012, and have over 65,000 m of historical drilling. In 2021, TDG has advanced the projects through compilation of historical data, new geological mapping, geochemical and geophysical surveys, and, for Shasta, drill testing of the known mineralization occurrences and their extensions. The Company has entered into a binding agreement to acquire the Nueva Esperanza silver-gold advanced exploration and development project located in the Maricunga Belt of northern Chile, subject to closing conditions being satisfied. TDG currently has 70,867,903 common shares issued and outstanding.
ON BEHALF OF THE BOARD
Fletcher Morgan
Chief Executive Officer
For further information contact:
TDG Gold Corp.,
Telephone: +1.604.536.2711
Email: info@tdggold.com
Neither 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.
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "ambition", "estimate", "concluded", "offers", "objective", "may", "will", "should", "potential" and similar expressions are intended to identify forward looking statements. In particular, this news release contains forward looking statements concerning the completion of the Acquisition, the completion of SR Offering and the Offering, the intended uses of the proceeds of the Offering, regulatory acceptance of the Acquisition, the SR Offering and the Offering, and the potential development of the Project and the Company's existing mineral properties, including the completion of feasibility studies or the making of production decisions in respect thereof. Although the Company believes that the expectations and assumptions on which the forward looking statements are based are reasonable, undue reliance should not be placed on the forward looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the completion of other conditions precedent to the Acquisition, including the receipt of regulatory approvals, the state of equity financing markets, and results of future exploration activities by the Company. Management has provided the above summary of risks and assumptions related to forward looking statements in this news release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward looking statements are made as of the date of this news release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward looking statements, whether as a result of new information, future events or results or otherwise.
SOURCE: TDG Gold Corp. |
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| To: LoneClone who wrote (162128) | 12/15/2021 12:56:25 PM | | From: LoneClone | | | | Lundin Gold Three Year Outlook Anticipates Continued Strong Gold Production from Fruta Del Norte
newswire.ca
Lundin Gold Inc. Dec 14, 2021, 19:00 ET
2022 production estimated between 405,000 to 445,000 ounces
VANCOUVER, BC, Dec. 14, 2021 /CNW/ - Lundin Gold Inc. (TSX: LUG); (Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to announce its 2022 guidance and three-year gold production outlook with an estimated average exceeding 400,000 oz annually. All amounts are in U.S. dollars unless otherwise indicated.
Highlights:
- 2022 production is estimated between 405,000 to 445,000 ounces ("oz").
- Cash operating costs¹ and all-in sustaining costs1 ("AISC") for 2022 are expected to range between $710 and $780 and $860 and $930 per oz gold sold, respectively.
- Total sustaining capital in 2022 is estimated at $40 to $45 million.
- 2022 regional exploration drilling program will consist of 16,500 metres of drilling at Barbasco and Puente Princesa, costing an estimated $14 million.
Ron Hochstein, President and CEO commented, "With an estimated average gold production above 400,000 oz per year for the next three years, we look forward to continuing to generate strong free cash flow at current gold prices. This increasing cash position will allow us to consider a variety of opportunities, including future growth, further debt reduction, and shareholders' distributions. We are also evaluating the potential to increase production beyond the current 4,200 tpd."
2022 Guidance and 2023-2024 Outlook
Gold production at Fruta del Norte for 2022 is estimated to be between 405,000 to 445,000 oz based on an average throughput rate of 4,200 tpd. The head grade is estimated to average 9.79 g/t, with fluctuations expected during the year as different sections of the ore body are mined. Average mill recovery for the year is estimated at 89%.
Cash operating costs are estimated to range between $710 and $780 per oz of gold sold in 2022, with variability expected during the year. AISC for 2022 is expected to range between $860 and $930 per oz of gold sold, based on an assumed gold price of $1,750 / oz and silver price of $22.50 / oz. The projected increase in AISC in 2022 can be attributed principally to the following factors:
- a decrease in head grade of the ore processed through the plant compared to 2021;
- an approximate 7% increase in operating costs compared to 2021 due to higher transportation costs, increased maintenance for mining equipment and general inflationary pressures experienced to date on various consumables: and
- higher sustaining capital, mainly due to the planned construction of the third raise of the tailings dam, which is larger than the initial two raises completed in 2021.
- These are expected to be offset by higher throughput and reduced COVID-19 related costs compared to 2021, and lower royalties based on the assumed gold price of $1,750 in 2022.
____________________
| 1 See Non-GAAP Financial Measures below.
|
Total sustaining capital in 2022 is estimated at $40 to $45 million, of which $22.9 million is for tailings dam construction, $7.4 million for surface infrastructure, inclusive of a new warehouse and an expanded ore pad to accommodate ore blending, $3.6 million for replacement mobile equipment and $2.5 million for the continuing resource expansion drilling program. The remainder is for underground infrastructure, technology, efficiency improvements and additional small projects in the plant.
The Company's outlook for production, sustaining capital and AISC for the next three years is provided in the table below.
| 2022
| 2023
| 2024
| Gold Production (oz)
| 405,000-445,000
| 390,000-430,000
| 400,000-440,000
| Sustaining Capital ($ million)
| 40 - 45
| 30 - 35
| 7 - 12
| Cash operating cost ($/oz)¹
| 710 – 780
| 700 – 775
| 675 – 745
| AISC ($/oz)¹
| 860 - 930
| 850 - 915
| 750 - 810
|
1. Gold/silver price per oz assumption, based on analyst estimates, is 2022: $1,750/$22.50; 2023: $1,715/$23.81; 2024: $1,642/$22.43
|
The variance in gold production is mainly impacted by the grade of ore mined and recoveries. Except for variations in gold price and possible continuing inflationary pressure which impact cash operating cost and AISC, the other significant factor affecting AISC is sustaining capital which is higher in the years when a tailings dam lift is planned (2022 and 2023).
Other 2022 Activities
The Company continues to expect to complete the South Ventilation Raise by the end of the second quarter of 2022, at a cost of $6.2 million.
Lundin Gold also expects to continue its regional exploration drilling program at an estimated cost of $14 million and is planning 16,500 metres of drilling at its two high priority targets, Barbasco and Puente-Princesa, which are located in the Suarez Pull-Apart Basin and are approximately seven kilometres from Fruta del Norte.
Non-GAAP Financial Measures
This news release refers to certain financial measures, such as cash operating costs, AISC and free cash flow, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company's MD&A filed on SEDAR under the Company's profile at www.sedar.com, pages 11 to 14, for the third quarter of 2021 for an explanation of non-IFRS measures used.
Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace, and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government, and the citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on December 14 2021, at 4:00 p.m. Pacific Time through the contact persons set out below.
Caution Regarding Forward-Looking Information and Statements
Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward looking statements and information involve assumptions, inherent risks, and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws.
This press release contains forward-looking information in a number of places, such as in statements relating to its 2022 production outlook, including estimates of gold production, grades and recoveries, and its expectations regarding AISC, cash operating costs, free cash flow, capital costs, the timing of completion of the South Ventilation Raise and its exploration plans. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 2, 2021, which is available at www.lundingold.com or on SEDAR.
Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: risks relating to the impacts of a pandemic virus outbreak, political and economic instability in Ecuador, production estimates, mining operations, the Company's community relationships, ability to maintain obligations or comply with debt, financing requirements, volatility in the price of gold, shortages of critical supplies, compliance with environmental laws and liability for environmental contamination, lack of availability of infrastructure, the Company's reliance on one mine, deficient or vulnerable title to concessions, easements and surface rights, uncertainty with the tax regime in Ecuador, the Company's workforce and its labour relations, inherent safety hazards and risks to the health and safety of the Company's employees and contractors, the Company's ability to obtain, maintain or renew regulatory approvals, permits and licenses, the imprecision of mineral reserve and resource estimates, key talent recruitment and retention of key personnel, volatility in the market price of the shares, the potential influence of the Company's largest shareholders, measures to protect endangered species and critical habitats, the reliance of the Company on its information systems and the risk of cyber-attacks on those systems, the cost of non-compliance and compliance costs, exploration and development risks, risks related to illegal mining, the adequacy of the Company's insurance, uncertainty as to reclamation and decommissioning, the ability of Lundin Gold to ensure compliance with anti-bribery and anti- corruption laws, the uncertainty regarding risks posed by climate change, the potential for litigation, limits of disclosure and internal controls, security risks to the Company, its assets and its personnel, conflicts of interest, risks that the Company will not declare dividends and social media and reputation.
SOURCE Lundin Gold Inc.
 For further information: Ron F. Hochstein, President and CEO, Tel (Ecuador): +593 2-299-6400, Tel (Canada): +1-604-806-3589, ron.hochstein@lundingold.com; Finlay Heppenstall, Director, Investor Relations, Tel: +1 604 806 3089, finlay.heppenstall@lundingold.com
Related Links lundingold.com |
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| To: LoneClone who wrote (162129) | 12/15/2021 12:57:48 PM | | From: LoneClone | | | | MLK Gold (CSE: MLK) Corporate Update - Company gearing up for "exciting" year ahead, plans to announce soil till sample evaluations on flagship mining projects in January 2022
newswire.ca
MLK Gold Ltd. Dec 15, 2021, 08:00 ET
Exploring Atlantic Canada promotional video released; Company ready to "stand amongst giants."
WINDSOR, NS, Dec. 15, 2021 /CNW/ - On behalf of MLK Gold Ltd. ("MLK" or the "Company") (CSE: MLK) Executive Chairman, Bill Fleming, President & CEO, Paul Smith, and the MLK Gold Ltd. management team, the Company is looking forward to sharing its corporate outlook and providing an update on the progress of its strategic initiatives.
CORPORATE UPDATE
Against a backdrop of the continuing impacts of Covid-19 on the global economy, MLK intends to accelerate implementation of its strategic exploration initiatives in 2022. The Company will build a stronger and more sustainable business and will capitalize on its pre-Covid-19 progress and adapt its multi-phase exploration plan to meet target goals.
Executive Chairman & Director, Bill Fleming, says the work undertaken by the Company in 2021 was just the start of something bigger and better to come.
"We are expecting 2022 to be a banner year for MLK Gold," added Fleming. "I speak for the entire company when I say that we are truly excited to be part of the Newfoundland and Labrador gold rush. The province has world class geology and resource potential that could allow huge returns for our shareholders."
MLK 2018-2020 Exploration Plan
As part of its 2018-2020 exploration plan, the Company continues to process rock and glacial till sampling conducted at the Caledonia Brook property and will drive discovery on known and potential targets on properties controlled by coincident anomalous overlaps with high gold values.
Preliminary analyses have demonstrated that rocks along the 300+km Victoria Lake-Grand Falls and Caledonia Brook & Crippleback Lake Shear Zones have undergone major alteration resulting in increased mineralization potential. Soil, till, and rock geochemistry now covers an area of approximately 1,295 ha (12.95 sq km), or about 18.5 per cent of MLK's flagship Au properties located in Central Newfoundland: Caledonia Brook, Golden Eye, and Manuels.
MLK President and CEO, Paul Smith, says excitement is building around the company's recent observations.
"From soil sampling and the geological mapping of alteration types to the delineation of structures on our target zones, we have really taken our time to get this right," added Smith. "Credit goes to the MLK team for being meticulous and highly observant in their pursuit of exploration excellence. We are excited about our work in 2022."
Smith is also heralding the Company's move to engage Ottawa-based heavy mineral geochemistry and exploration firm, Overburden Drilling Management Ltd. (ODM), to undertake glacial till sampling programs on selected portions of the Company's Caledonia Brook property. With MLK's earlier collection of 23 samples along the northwestern portion of the property, ODM has now collected an additional 111 samples, each weighing approximately 11 kilograms. Results are expected to be reported on all 134 samples in late January once mineral separation and identification has been completed by ODM.
Management and Board of Directors
The Company is pleased to announce it has initiated the creation of an independent Advisory Panel to provide input to both management and the Board of Directors. Seeking five highly qualified professionals from a broad spectrum of disciplines, the Panel will reflect the Company's increased awareness around diversity and inclusion within the mining industry. With three members currently appointed, management will seek two additional candidates to round out the panel's wide range of interests and expertise. Further details will be provided in January 2022 once all five members have been confirmed.
Canadian Securities Exchange (CSE) Listing
As previously filed on May 4, 2021, MLK Gold Ltd. (formerly 1167343 B.C. Ltd.) announced it had changed its name from Mountain Lake Minerals Inc. and received all mineral assets as outlined under the Plan of Arrangement with Lords & Company Worldwide Holdings Inc. (formerly Pac Roots Cannabis Corp.) facilitated on June 7, 2018. On October 28, 2021, MLK Gold Ltd. announced that its shares were approved for trading on the Canadian Securities Exchange (the "CSE") under the trading symbol ( CSE: MLK) as of market opening on October 29, 2021. The number of securities issued and outstanding is 40,076,230 with a reserved issuance of 26,326,455.
MLK Promotional Drone Video
In partnership with award-winning film production firm, Insider Content, and Halifax, Nova Scotia-based regulatory communication firm, Kydder Group Inc., the Company released its Exploring Atlantic Canada: We Believe promotional video showcasing Newfoundland's "diverse, resource-rich land of golden opportunity."
Shot with a high-definition (HD) quadcopter aerial drone over Newfoundland's picturesque mining interior, the video captures MLK's passion and commitment to "standing amongst giants" as the Company aims to grow its 2022 operations in a sustainable and inclusive way.
To view the video, please click HERE.
Forward-Looking Statements
This news release contains certain forward-looking statements, including statements regarding the expected trading date. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE MLK Gold Ltd.
 For further information: or to arrange an interview, please contact: Michael Kydd, Media & Investor Relations Advisor, Principal, Kydder Group Inc., Phone: (902) 880 6121, Email: michael@kyddergroup.com
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| To: LoneClone who wrote (162130) | 12/15/2021 1:05:49 PM | | From: LoneClone | | | | American Creek/Tudor Gold/Teuton Resources Report Infill Drilling Confirms Excellent Continuity of Mineral Domains at Treaty Creek, with a Near-Surface Intercept of 1.09 g/t Gold Eq. over 476.1m (GS-21-124 300H) and 1.22 g/t Gold Eq. over 355.15m (GS-21-122 CS600) including 1.45 g/t Gold Eq. over 247.5m
teuton.com
Vancouver, Canada –– Teuton Resources Corp. (“Teuton” or “the Company”) (“TUO”-TSX-V) (“TFE”- Frankfurt) has received a report from its joint venture partner Tudor Gold presenting the sixth set of results from the 2021 resource expansion and definition drilling program at the Treaty Creek property north of Stewart, BC. The project is located in the heart of the Golden Triangle of northwestern British Columbia and is on-trend from Seabridge’s KSM Project located five kilometers southwest of the Goldstorm Deposit.
Included in this press release are the results of four diamond drill holes that were completed at the Goldstorm Deposit along two sections (112+00 NE and 115+00 NE), 300 metres apart. These results demonstrate the excellent continuity of precious and base-metal mineralization that has been measured throughout the Goldstorm deposit and provides increased drill hole density for future resource determinations. The Copper Belle-Goldstorm Deposit (CB-GS) currently hosts a *NI 43-101 compliant Measured and Indicated Mineral Resource of 19.4 million ounces of AuEq grading 0.74 g/t AuEq and an Inferred Resource of 7.9 million ounces of AuEq grading 0.79 g/t AuEq (see Teuton Resources press release dated March 9, 2021).
Goldstorm Drilling Highlights Include:
SECTION 115+00 NE
- GS-21-122 provided closer hole spacing between previous intercepts of the deep, northwest extension of the CS600 domain. The hole averaged 0.65 g/t AuEq over 1,035.0m, which included both the 300H and CS600 domains.
- GS-21-122 encountered consistent gold and copper mineralization within the CS600 domain that returned 1.22 g/t AuEq (0.65 g/t Au and 0.45 % Cu) over 355.15m, including an enriched portion that averaged 1.45 g/t AuEq (0.79 g/t Au and 0.53 % Cu) over 247.5m.
- GS-21-122 ended at 1375m in gold mineralization, which may have been the start of the DS5 domain. The drill had reached its’ maximum depth capacity.
- GS-21-126, stepping out to the southeast, was stopped before the target due to drilling issues. This hole will be re-drilled in 2022.
SECTION 112+00 NE
- GS-21-123 was designed to provide infill resource definition for the center of the CS600 domain. Unfortunately, this hole was not completed to the target depth and ended in mineralization. A portion of the CS600 domain was intersected, which averaged 1.22 g/t AuEq (0.61 g/t Au and 0.45 % Cu) over 38.8m at the end of the hole.
- The upper portion of GS-21-123 intersected consistent gold mineralization within the 300H domain with 0.90 g/t AuEq over 201.0m that contained an enriched zone that graded 1.31 g/t AuEq over 49.9m near the center of 300H domain.
- GS-21-124 cut an intercept of the 300H domain that infilled and defined the deposit to the northwest just beneath the TTF1 thrust fault. This hole ran 0.75 g/t AuEq over 1,089.0m.
- A Near-surface, enriched section of 300H was encountered in GS-21-124, grading 1.50 g/t AuEq over 126.0m, within a 476.1 m interval that averaged 1.09 g/t AuEq.
Tudor Gold’s Vice President of Exploration and Project Development, Ken Konkin, P.Geo., stated: “We are pleased to report that the resource definition-drilling of the Goldstorm Deposit was a great success. In addition to expanding the limits of the precious and base-metal mineralization to the northwest, north and northeast, we were able to infill gaps in the resource model with carefully placed drill holes that were designed to add gold-equivalent ounces to the measured and drill indicated categories. In addition, these results demonstrate the strong consistency of the gold-copper mineralization between holes GS-21-122 and GS-21-124 that are approximately 500 meters apart; the overall results are very comparable: GS-21-122 averaged 0.65 g/t AuEq over 1,035 meters while GS-21-124 averaged 0.75 g/t AuEq over 1,089 meters. We expect to complete the final sections for the last four drill holes and combine this with our final surface sampling results for our next press release.”
The complete list of these reported composited drilling results for Goldstorm, as well as the drill hole data, including hole location, elevation, depth, dip and azimuth, are provided in Table 1 and Table 2, respectively. Please refer to the URL located at the end of this release to view a Plan Map and Cross Sections for the drilling results and surface samples reported in this news release.
Table 1: Drilling Results Goldstorm in Press Release December 15, 2021
| Section | Hole | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (ppm) | AuEQ (g/t) | | 115+00 NE | GS-21-122 | 193.00 | 1228.00 | 1035.00 | 0.42 | 2.39 | 1687 | 0.65 |
| Including (300H) | 193.00 | 346.00 | 153.00 | 0.61 | 3.37 | 111 | 0.66 |
| And including (CS600) | 872.85 | 1228.00 | 355.15 | 0.65 | 3.69 | 4453 | 1.22 |
| With | 916.00 | 1163.50 | 247.50 | 0.79 | 3.10 | 5282 | 1.45 | | 115+00 NE | GS-21-126(1) | NSV |
|
|
|
|
|
| | 112+00 NE | GS-21-123(2) | 135.50 | 878.00 | 742.50 | 0.46 | 2.16 | 500 | 0.54 |
| Including (300H) | 270.50 | 471.50 | 201.00 | 0.84 | 2.75 | 170 | 0.90 |
| With | 271.60 | 321.50 | 49.90 | 1.25 | 3.39 | 157 | 1.31 |
| And (CS600) | 839.20 | 878.00 | 38.80 | 0.61 | 7.51 | 4461 | 1.22 | | 112+00 NE | GS-21-124(3) | 33.00 | 1122.00 | 1089.00 | 0.69 | 3.18 | 195 | 0.75 |
| Including (300H) | 33.00 | 509.10 | 476.10 | 1.02 | 3.68 | 225 | 1.09 |
| With | 378.00 | 504.00 | 126.00 | 1.42 | 3.62 | 311 | 1.50 | | Hole ended prior to reaching target mineralization; no significant values (NSV).Hole ended in mineralization, shut down before reaching target depth due weather conditions.Hole ended in mineralization, shut down due to drilling issues.All assay values are uncut and intervals reflect drilled intercept lengths.HQ and NQ2 diameter core samples were sawn in half and typically sampled at standard 1.5m intervalsThe following metal prices were used to calculate the Au Eq metal content: Gold $1625/oz, Ag: $19/oz, Cu: $2.8/lb. Calculations used the formula Au Eq g/t = (Au g/t) + (Ag g/t x 0.01169) + (Cu% x 1.1815). All metals are reported in USD and calculations do not consider metal recoveries.True widths have not been determined as the mineralized body remains open in all directions. Further drilling is required to determine the mineralized body orientation and true widths. | Table 2: Drill data for holes in Press Release December 15, 2021
| Section | Hole ID | UTM E NAD 83 | UTM N NAD 83 | Elevation (m) | Azi (?) | Dip (?) | Depth (m) | | 115+00 NE | GS-21-122 | 428804.9 | 6273270.2 | 1326.1 | 285 | -62 | 1375 | | 115+00 NE | GS-21-126 | 429104.7 | 6273040.3 | 1226.8 | 295 | -85 | 318.7 | | 112+00 NE | GS-21-123 | 428658.3 | 6273196.9 | 1369.5 | 220 | -75 | 878 | | 112+00 NE | GS-21-124 | 428548.3 | 6272852.6 | 1260.0 | 310 | -45 | 1122 | Qualified Person
The Qualified Person for this news release for the purposes of National Insturment 43-101 is Tudor Gold’s Vice President of Exploration and Project Development, Ken Konkin, P. Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release. Mr. Konkin is also a director of Teuton Resources.
QA/QC
Diamond drill core samples were prepared at MSA Labs’ Preparation Laboratory in Terrace, BC and assayed at MSA Labs’ Geochemical Laboratory in Langley, BC. Analytical accuracy and precision are monitored by the submission of blanks, certified standards and duplicate samples inserted at regular intervals into the sample stream by Tudor Gold personnel. MSA Laboratories quality system complies with the requirements for the International Standards ISO 17025 and ISO 9001. MSA Labs is independent of the Company.
The Treaty Creek Project is a Joint Venture with Tudor Gold owning 60% and acting as operator. Teuton Resources and American Creek each have a 20% interest in the project. Teuton and American Creek are both fully carried until such time as a Production Notice is issued, at which time they are required to contribute their respective 20% share of development costs. Until such time, Tudor is required to fund all exploration and development costs while both Teuton and American Creek have “free rides”.
About Teuton
Teuton owns interests in more than thirty properties in the prolific “Golden Triangle” area of northwest British Columbia and was one of the first companies to adopt what has since become known as the “prospect generator” model. Teuton earned $3.9 million net income in 2020 and a further $2.4 million in the first quarter of 2021. Its income is derived from option payments.
Teuton was the original staker of the Treaty Creek property, host to the large Goldstorm deposit, assembling the core land position in 1985. It presently holds a 20% carried interest in Treaty Creek (carried until such time as a production decision is made) and a 0.98% NSR in the Goldstorm deposit area. Interested parties can access information about Teuton at the Company’s website, www.teuton.com.
Figures & Videos Accompanying News Release
Please click link to view Plan Map and Cross-Sections: http://teuton.com/GS-PVSections1221 .
On Behalf of the Board of Directors of Teuton Resources:
“Dino Cremonese, P.Eng.”
Dino Cremonese, P. Eng.,
President and Chief Executive Officer
For further information, please visit the Company’s website at www.teuton.com or contact:
Barry Holmes
Director Corporate Development and Communications
Tel. 778-430-5680
Email: barry@teuton.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements regarding Forward-Looking information
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.
All statements relating to future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. 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 plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.
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| To: LoneClone who wrote (162131) | 12/15/2021 4:19:46 PM | | From: LoneClone | | | | SolGold Announces Porvenir Update: Cacharposa Maiden Resource
accesswire.com
Wednesday, December 15, 2021 2:00 AM
BISHOPSGATE, UK / ACCESSWIRE / December 15, 2021 / SolGold plc ("SolGold" or the "Company")
Cacharposa Maiden Mineral Resource Estimate
The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to provide an independently verified update regarding the maiden Mineral Resource Estimate ("MRE") for its Cacharposa ("CAC") porphyry copper-gold deposit at the Porvenir project in southern Ecuador, held by Green Rock Resources S.A., a 100% owned and unencumbered subsidiary of SolGold.
HIGHLIGHTS
· Total Mineral Resource of 396.8Mt @ 0.44% CuEq [1] for 1.40 Mt Cu, and 1.80 Moz Au in the Indicated category, plus 96.9 Mt @ 0.37% CuEq for 0.28 Mt Cu, and 0.38 Moz Au in the Inferred category, using a cut-off grade of 0.16% CuEq.
Mineral Resource Statement (effective date 26 October 2021)
|
|
| Potential Mining Method
| Cut-off Grade
(Cu Eq %)
| Resource Category
| Tonnage (Mt)
| Grade
| Contained Metal
|
|
| Cu (%)
| Au (g/t)
| CuEq (%)
| Cu (Mt)
| Au (Moz)
| CuEq (Mt)
|
|
|
|
| Open Pit
| 0.16
| Indicated
| 396.8
| 0.35
| 0.14
| 0.44
| 1.40
| 1.80
| 1.75
|
|
| Inferred
| 96.9
| 0.29
| 0.12
| 0.37
| 0.28
| 0.38
| 0.36
|
|
|
Notes: Detailed notes on qualified person, cut-off grades, copper equivalency and compliance are provided in "Further Information".
- The Mineral Resource includes strong grades exposed at surface over a 650m long strike length.
- Open Pit Optimisation studies performed independently by Mining Plus Pty Ltd utilising Geovia WhittleTM software, show that this near-surface zone is indicative of a potential starter pit of 44.0Mt grading 0.64% CuEq (0.44% Cu, 0.34g/t Au).
- Open pit optimisation results further identify an internal, higher-grade, potentially open-pittable zone, containing 181.3Mt grading 0.52% CuEq (0.37% Cu, 0.23g/t Au).
- The full extent and tenor of the mineralised systems at the Porvenir project have not yet been tested. Drilling continues at Porvenir with one drill rig operating at the Cacharposa deposit and two drill rigs operating at the nearby Mula Muerta satellite target.
SolGold CEO, Mr Darryl Cuzzubbo, commented on today's release:
"The maiden MRE for Cacharposa and continued encouraging drilling results are a testament to the quality of the Company's regional exploration portfolio. Whilst the strong grades exposed at surface at Cacharposa attest to the economic potential, the Porvenir project continues to grow and with numerous other nearby mineralised targets identified, we believe the Porvenir project has the potential to become a very significant copper-gold porphyry camp."
[1] Copper equivalency factor of 0.632 (whereby CuEq = Cu + Au x 0.632) is based on third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining study data available from a similar deposit. Costs include mining, processing and general and administration (G&A). Net Smelter Return (NSR) includes off-site realisation (TC/RC) including royalties, metallurgical recoveries (84% for Cu and 65% for Au) and metal prices of Cu at US$3.30/lb and Au at US$1,700/oz.
References to figures relate to the version visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/6612V_1-2021-12-14.pdf
FURTHER INFORMATION
The Porvenir project lies approximately 100km north of the Ecuador-Peru border (Figure 1), approximately 100km south of the 9.48 Moz Au Fruta Del Norte deposit [2], and is held by Green Rock Resources S.A., a 100% owned and unencumbered subsidiary of SolGold.
On 26th October 2021, a data cut-off was applied to the CAC dataset for the purposes of Mineral Resource Estimation. The CAC maiden MRE dataset comprised 18,635.7m of diamond drilling from holes 1-23, 439.6m of surface rock-saw channel sampling from 23 outcrops, and 16,982.4m of final assay results from holes 1-20 (Figure 2).
A Mineral Resource has been completed for the CAC deposit, totalling 396.8Mt @ 0.44% CuEq for 1.40 Mt Cu, and 1.80 Moz Au in the Indicated category, plus 96.9 Mt @ 0.37% CuEq for 0.28 Mt Cu, and 0.38 Moz Au in the Inferred category, using a cut-off grade of 0.16% CuEq (Table 1).
Mineral Resource Statement (effective date 26 October 2021)
|
|
| Potential Mining Method
| Cut-off Grade
(Cu Eq %)
| Resource Category
| Tonnage (Mt)
| Grade
| Contained Metal
|
|
| Cu (%)
| Au (g/t)
| CuEq (%)
| Cu (Mt)
| Au (Moz)
| CuEq (Mt)
|
|
|
|
| Open Pit
| 0.16
| Indicated
| 396.8
| 0.35
| 0.14
| 0.44
| 1.40
| 1.80
| 1.75
|
|
| Inferred
| 96.9
| 0.29
| 0.12
| 0.37
| 0.28
| 0.38
| 0.36
|
|
|
Notes:
1. Dr Andrew Fowler, MAusIMM CP(Geo), Principal Geology Consultant of Mining Plus, is responsible for this Mineral Resource statement and is an "independent Qualified Person" as such term is defined in NI 43-101.
2. The Mineral Resource is reported using a cut-off grade calculated for the open pit mining method.
3. Copper equivalency factor of 0.632 (whereby CuEq = Cu + Au x 0.632) is based on third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining study data available from a similar deposit. Costs include mining, processing and general and administration (G&A). Net Smelter Return (NSR) includes off-site realisation (TC/RC) including royalties, metallurgical recoveries (84% for Cu and 65% for Au) and metal prices of Cu at US$3.30/lb and Au at US$1,700/oz. The Mineral Resource is considered to have reasonable prospects for eventual economic extraction by open pit mining methods.
4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
5. The statement uses the terminology, definitions and guidelines given in the CIM Standards on Mineral Resources and Mineral Reserves (May 2014) as required by NI 43-101.
7. Figures may not compute due to rounding.
Table 1: Cacharposa Mineral Resource Statement.
A sensitivity analysis on cut-off grades ranging from 0.10% CuEq to 1.00% CuEq is provided in Table 2.
Mineral Resource Sensitivity Analysis (Cut-off Grade)
|
|
| Potential Mining Method
| Cut-off Grade
(Cu Eq %)
| Resource Category
| Tonnage (Mt)
| Grade
| Contained Metal
|
|
| Cu (%)
| Au (g/t)
| CuEq (%)
| Cu (Mt)
| Au (Moz)
| CuEq (Mt)
|
|
|
|
| Open Pit
| 0.1
| Indicated
| 417.0
| 0.34
| 0.14
| 0.43
| 1.42
| 1.83
| 1.78
|
|
| Inferred
| 189.8
| 0.19
| 0.09
| 0.25
| 0.36
| 0.55
| 0.47
|
|
| 0.16
| Indicated
| 396.8
| 0.35
| 0.14
| 0.44
| 1.40
| 1.80
| 1.75
|
|
| Inferred
| 96.9
| 0.29
| 0.12
| 0.37
| 0.28
| 0.38
| 0.36
|
|
| 0.2
| Indicated
| 376.8
| 0.36
| 0.14
| 0.46
| 1.37
| 1.76
| 1.72
|
|
| Inferred
| 91.1
| 0.30
| 0.12
| 0.38
| 0.28
| 0.36
| 0.35
|
|
| 0.3
| Indicated
| 273.1
| 0.42
| 0.17
| 0.53
| 1.15
| 1.52
| 1.45
|
|
| Inferred
| 56.5
| 0.36
| 0.15
| 0.46
| 0.21
| 0.27
| 0.26
|
|
| 0.4
| Indicated
| 170.3
| 0.51
| 0.22
| 0.64
| 0.86
| 1.19
| 1.10
|
|
| Inferred
| 25.9
| 0.46
| 0.20
| 0.59
| 0.12
| 0.17
| 0.15
|
|
| 0.5
| Indicated
| 114.5
| 0.58
| 0.26
| 0.74
| 0.66
| 0.94
| 0.85
|
|
| Inferred
| 12.5
| 0.58
| 0.27
| 0.75
| 0.07
| 0.11
| 0.09
|
|
| 0.6
| Indicated
| 75.3
| 0.65
| 0.30
| 0.84
| 0.49
| 0.73
| 0.63
|
|
| Inferred
| 7.2
| 0.69
| 0.35
| 0.90
| 0.05
| 0.08
| 0.07
|
|
| 0.7
| Indicated
| 50.0
| 0.72
| 0.36
| 0.94
| 0.36
| 0.57
| 0.47
|
|
| Inferred
| 4.4
| 0.81
| 0.42
| 1.07
| 0.04
| 0.06
| 0.05
|
|
| 0.8
| Indicated
| 33.7
| 0.78
| 0.41
| 1.04
| 0.26
| 0.44
| 0.35
|
|
| Inferred
| 3.2
| 0.90
| 0.46
| 1.19
| 0.03
| 0.05
| 0.04
|
|
| 0.9
| Indicated
| 23.1
| 0.84
| 0.45
| 1.12
| 0.19
| 0.33
| 0.26
|
|
| Inferred
| 2.7
| 0.95
| 0.49
| 1.26
| 0.03
| 0.04
| 0.03
|
|
| 1.0
| Indicated
| 15.6
| 0.90
| 0.49
| 1.21
| 0.14
| 0.25
| 0.19
|
|
| Inferred
| 2.3
| 0.98
| 0.51
| 1.31
| 0.02
| 0.04
| 0.03
|
|
|
Table 2: Cacharposa Mineral Resource Sensitivity Analysis (Sensitivity to Cut-off Grade).
The full extent and tenor of the mineralised systems at the Porvenir project have not yet been tested, with mineralisation open at the north and south extremities of the potential pit area (Figure 2).
Drilling continues at Porvenir with one drill rig operating at the Cacharposa deposit, and two drill rigs operating at the nearby Mula Muerta satellite target, (inclusive of the Viño target).
An NI 43-101 Technical Report on the Porvenir Property is being prepared and is planned for filing at www.sedar.com in 45 days' time.
The estimation process followed the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" (CIM, 2019). The Mineral Resource Estimate is stated in accordance with CIM Definition Standards (CIM, 2014) and Canadian National Instrument 43-101 ("NI 43-101").
Ordinary Kriging ("OK") was run in three search passes and with soft boundaries using Leapfrog Edge software. The estimation of Cu and Au was confined within 3D estimation domains, which were based on the combination of two 3D wireframe interpretations:
· Grade Shell Interpretation: Low-, Medium- and High- tenor CuEq grade shells equating to CuEq cut-off grades of 0.15%, 0.40% and 0.70% respectively.
· Lithological Interpretation: Modelling of six rock groups, comprising "HR" (pre-mineral diorite and volcanic host rocks), "EM" (early-mineral diorite and quartz-monzonite), "IM" (intra-mineral intrusive breccia, diorite, quartz-monzonite and monzonite), "LM" (late-mineral diorite, quartz-monzonite and monzonite), "PM" (post-mineral hydrothermal breccia and diorite), and "SOI" (soil and oxidised rock).
Model validation tests have not exhibited any material bias between the input composite grades and the block model estimates.
The CAC MRE is constrained within a 3D Open Pit Optimised Shape ("OP") generated from an independent open pit optimisation using the conventional Lerchs-Grossman optimisation routine implemented in Whittle software, whereby the revenue factor one pit (Figure 3) was selected for reporting the Mineral Resource.
The CAC deposit shares geological characteristics with many global porphyry deposits, including the Tandayama-América porphyry copper-gold deposit, at the Company's flagship Cascabel property, from which metallurgical recoveries of 84% for Cu and 65% for Au were utilised in the determination of Reasonable Prospects for Eventual Economic Extraction ("RPEEE").
The geometry of the Cacharposa deposit is now well understood and an intimate spatial correlation is exhibited between early-stage intrusive phases, visible copper sulphide mineralisation and CuEq grade distribution (Figure 3).
Mineralisation is hosted within a complex of Jurassic diorites, monzonites, quartz-monzonites and breccias that intrude a pre-mineral package of volcanic and diorite host rocks to form a complex of stocks, dykes, and breccia pipes. The porphyry-related vein types and mineral paragenesis at CAC indicate a systematic evolution of the deposit in time and space.
The trend of mineralisation throughout the CAC deposit is dominated by a north-northeast trending (014?) intrusive complex inclined steeply (78?) towards the west-northwest. Surface mapping data is supported by structural measurements taken from orientated drill core, which includes 96 intrusive contacts and 574 B-type quartz veins.
Copper and gold mineralisation is associated with visible chalcopyrite-pyrite mineralisation, present as disseminations, fracture-fillings and within B-type quartz veins and stockworks. These mineralized elements are centred upon early-mineral causal diorite ("D10") and quartz-monzonite ("QM10") intrusions that are cut by a series of intra-mineral, late-mineral and volumetrically small, post-mineral breccia bodies and dykes of diorite, quartz-monzonite and monzonite composition.
Intrusions have been emplaced episodically such that each subsequent intrusion has introduced mineralising fluids and subsequent arrays of chalcopyrite-pyrite mineralisation into the CAC system. The early-mineralisation (EM) and intra-mineralisation (IM) intrusions have contributed the majority of copper and gold to the deposit.
The geological character of the porphyry stocks / dykes encountered through drilling to date indicate an exposed porphyry Cu-Au system with a mineralised vertical column of approximately 1,000m.
Since the effective date (26 October 2021), a further 1,501.3m of drilling has been completed at the CAC deposit for a current total of 20,137m in 25 drill holes, with drill hole 26 currently underway utilising one diamond drilling rig. Assay results from Holes 22-26 at CAC are pending. Two diamond drill rigs are operating at nearby mineralised targets at Mula Muerta (Mula Muerta and Viño targets), which lie approximately 1km west of the Cacharposa deposit.
[2] Fruta Del Norte Mineral Resources, inclusive of Mineral Reserves. https://lundingold.com/en/fruta-del-norte/reserves-and-resources.
Reasonable Prospects for Eventual Economic Extraction
The cut-off grades used for reporting have been based on up to date third party metal price research, forecasting of Cu and Au prices, and a cost structure from mining studies currently being reviewed. Costs include mining, processing and general and administration ("G&A"). Net Smelter Return ("NSR") includes metallurgical recoveries and off-site realisation ("TC/RC") including royalties and utilising metal prices of Cu at US$3.30/lb and Au at US$1,700/oz.
The cut-off grade for potentially open pittable material was calculated at 0.16% CuEq using a copper equivalency factor of 0.632.
The open pit optimisation was completed using the conventional Lerchs-Grossman optimisation routine implemented in Whittle software, and the revenue factor one pit was selected for reporting the Mineral Resource. The QP considers that the Mineral Resource, has reasonable prospects for eventual economic extraction at the specified cut-off grade.
Mineralisation inside the revenue factor one pit was subtracted from the block model, and the remaining material was then considered for underground optimisation according to open-stope, sub-level cave and block cave mining methods. Nevertheless, the mineralisation identified from this analysis was considered uneconomic given the RPEEE criteria, and the currently drilled extents of the mineralisation. Therefore, no mineralisation potentially mineable by underground mining methods is reported in the Mineral Resource statement. Further drilling may extend the mineralisation and could lead to the identification of potentially economic mineralisation by underground mining methods in the future.
An assessment of whether the project as a whole is economically viable has not been made under this analysis.
Figure 1: Location of the CAC deposit at the Porvenir project in southern Ecuador.
Figure 2: Drill plans at the CAC deposit, looking down, showing the CAC maiden MRE dataset of diamond drill holes 1-23 and surface rock-saw channel samples from 23 outcrops over the "revenue factor one" open-pit optimisation wireframe. A total of 16,982.4m of final assay results from holes 1-20 were utilised for the estimation. Holes 1-20 display downhole CuEq assay grades, whilst holes 21-23 (black) were utilised for geological data (A).
Mineralisation remains open at the north and south extremities of the "revenue factor one" open-pit area as exemplified by the limits of high-, medium-, and low- tenor CuEq grade models equating to CuEq cut-off grades of 0.15% (blue), 0.40% (green) and 0.70% (orange) respectively (B).
Figure 3: Section view, looking north-northwest, with window thickness of 100m, showing the "revenue factor one" open-pit optimisation wireframe, indicated (IND) and inferred (INF) limits over the following geometrically consistent base layers:
A: the geology group model,
B: the high- medium- and low- tenor copper estimate models at 0.45% Cu.Est, 0.25% Cu.Est and 0.10% Cu.Est cut-offs respectively. (Copper estimates (Cu.Est) or "visible copper content" is estimated from volume percent copper-sulphide mineral abundance logging of diamond drill core, utilising high-quality hand-lens and standardised modal abundance charts. Copper estimates are utilised as a spatial and geometric proxy for copper mineralisation only).
C: the high- medium- and low- tenor CuEq grade models at 0.70%, 0.40% and 0.15% cut-offs respectively, and
D: the CuEq grade distribution within the CAC Mineral Resource Block Model.
Certain information contained in this announcement would have been deemed inside information.
Qualified Person:
Information in this report relating to the exploration results is based on data reviewed by Mr Jason Ward ((CP) B.Sc. Geol.), the Chief Geologist of the Company. Mr Ward is a Fellow of the Australasian Institute of Mining and Metallurgy, holds the designation FAusIMM (CP), and has in excess of 20 years' experience in mineral exploration and is a Qualified Person for the purposes of the relevant LSE and TSX Rules. Mr Ward consents to the inclusion of the information in the form and context in which it appears.
Information in this report relating to the Mineral Resource Estimate was reviewed by Dr Andrew Fowler. Dr Fowler is a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy and has 16 years' experience in Mineral Resource Estimation, open pit mining, underground mining and mineral exploration. He is an independent Qualified Person for the purposes of the relevant LSE and TSX Rules. Dr Fowler consents to the inclusion of the information in the form and context in which it appears.
By order of the Board
Dennis Wilkins
Company Secretary
CONTACTS
Follow us on twitter @SolGold_plc
ABOUT SOLGOLD
SolGold is a leading resources company focussed on the discovery, definition and development of world-class copper and gold deposits. In 2018, SolGold's management team was recognised by the "Mines and Money" Forum as an example of excellence in the industry and continues to strive to deliver objectives efficiently and in the interests of shareholders. SolGold is aggressively exploring the length and breadth of this highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for c40% of global mined copper production.
The Company operates with transparency and in accordance with international best practices. SolGold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact.
Dedicated stakeholders
SolGold employs a staff of over 900 employees of whom 98% are Ecuadorean. This is expected to grow as the operations expand at Alpala, and in Ecuador generally. SolGold focusses its operations to be safe, reliable and environmentally responsible and maintains close relationships with its local communities. SolGold has engaged an increasingly skilled, refined and experienced team of geoscientists using state of the art geophysical and geochemical modelling applied to an extensive database to enable the delivery of ore grade intersections from nearly every drill hole at Alpala. SolGold has over 80 geologists on the ground in Ecuador exploring for economic copper and gold deposits.
SolGold's Regional Exploration Drive
SolGold is using its successful and cost-efficient blueprint established at Alpala, and Cascabel generally, to explore for additional world class copper and gold projects across Ecuador. SolGold is a large and active concessionaire in Ecuador.
The Company wholly owns four other subsidiaries active throughout the country that are now focussed on a number of high priority copper and gold resource targets, several of which the Company believes have the potential, subject to resource definition and feasibility, to be developed in close succession or even on a more accelerated basis compared to Alpala.
SolGold is listed on the London Stock Exchange and Toronto Stock Exchange (LSE/TSX: SOLG). The Company has on issue a total of 2,293,816,433 fully paid ordinary shares and 34,250,000 share options.
Quality Assurance / Quality Control on Sample Collection, Security and Assaying
SolGold operates according to its rigorous Quality Assurance and Quality Control (QA/QC) protocol, which is consistent with industry best practices.
Primary sample collection involves secure transport from SolGold's concessions in Ecuador, to the ALS certified sample preparation facility in Quito, Ecuador. Samples are then air freighted from Quito to the ALS certified laboratory in Lima, Peru where the assaying of drill core, channel samples, rock chips and soil samples is undertaken. SolGold utilises ALS certified laboratories in Canada and Australia for the analysis of metallurgical samples.
Samples are prepared and analysed using 100g 4-Acid digest ICP with MS finish for 48 elements on a 0.25g aliquot (ME-MS61). Laboratory performance is routinely monitored using umpire assays, check batches and inter-laboratory comparisons between ALS certified laboratory in Lima and the ACME certified laboratory in Cuenca, Ecuador.
In order to monitor the ongoing quality of its analytical database, SolGold's QA/QC protocol encompasses standard sampling methodologies, including the insertion of certified powder blanks, coarse chip blanks, standards, pulp duplicates and field duplicates. The blanks and standards are Certified Reference Materials supplied by Ore Research and Exploration, Australia.
SolGold's QA/QC protocol also monitors the ongoing quality of its analytical database. The Company's protocol involves Independent data validation of the digital analytical database including search for sample overlaps, duplicate or absent samples as well as anomalous assay and survey results. These are routinely performed ahead of Mineral Resource Estimates and Feasibility Studies. No material QA/QC issues have been identified with respect to sample collection, security and assaying.
Reviews of the sample preparation, chain of custody, data security procedures and assaying methods used by SolGold confirm that they are consistent with industry best practices and all results stated in this announcement have passed SolGold's QA/QC protocol.
The data aggregation method for calculating Copper Equivalent (CuEq) for down-hole drilling intercepts and rock-saw channel sampling intervals are reported using copper equivalent (CuEq) cut-off grades with up to 10m internal dilution, excluding bridging to a single sample and with minimum intersection length of 50m.
CAC potentially open-pittable resources were estimated using a Copper Equivalency (CuEq) calculated from estimated costs, including mining, processing and general and administration (G&A), whereby Net Smelter Return (NSR) includes metallurgical recoveries and off-site realisation (TC/RC) including royalties, and utilising the updated nominal copper price of US$3.30/lb and a gold price of US$1,700/oz to produce a Gold Conversion Factor of 0.632 (CuEq = Cu + Au x 0.632).
See www.solgold.com.au for more information. Follow us on twitter @SolGold plc
CAUTIONARY NOTICE
News releases, presentations and public commentary made by SolGold plc (the "Company") and its Officers may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to interpretations of exploration results to date and the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's Directors, including the plan for developing the Project currently being studied as well as the expectations of the Company as to the forward price of copper. Such forward-looking and interpretative statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such interpretations and forward-looking statements.
Accordingly, the reader should not rely on any interpretations or forward-looking statements; and save as required by the exchange rules of the TSX and LSE or by applicable laws, the Company does not accept any obligation to disseminate any updates or revisions to such interpretations or forward-looking statements. The Company may reinterpret results to date as the status of its assets and projects changes with time expenditure, metals prices and other affecting circumstances.
This release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the Company's plans for developing its properties. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: transaction risks; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, risks relating to the ability of exploration activities (including assay results) to accurately predict mineralization; errors in management's geological modelling and/or mine development plan; capital and operating costs varying significantly from estimates; the preliminary nature of visual assessments; delays in obtaining or failures to obtain required governmental, environmental or other required approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further exploration activities, including drilling; delays in the development of projects; environmental risks; community and non-governmental actions; other risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Company and its officers do not endorse, or reject or otherwise comment on the conclusions, interpretations or views expressed in press articles or third-party analysis, and where possible aims to circulate all available material on its website.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: SolGold PLC |
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| To: LoneClone who wrote (162132) | 12/15/2021 4:22:30 PM | | From: LoneClone | | | | Rockhaven Reports First Assay Results from 2021 Exploration at its Klaza Gold-Silver Project, Yukon
accesswire.com
Wednesday, December 15, 2021 8:45 AM
VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Rockhaven Resources Ltd. (TSX-V:RK) ("Rockhaven") is pleased to announce the first set of assay results from the 2021 exploration program at its 100% owned and road accessible Klaza property, located in the Dawson Range Gold Belt of southern Yukon.
During summer and fall of 2021, a total of 14,256 m of drilling was completed in 72 holes. The objectives of this drilling were: (1) expansion of existing mineral resources, (2) re-categorization of some inferred mineral resources into indicated mineral resources, and (3) evaluation of exploration targets that lie outside of the known mineral resource areas. This release reports initial results from holes in and around mineral resources at the Central BRX and Central Klaza zones, and from exploration at the Western BRX Extension, Western Chevron and Kelly Porphyry targets.
Highlight assay results in this press release include:
Central BRX Zone
- 1.37 g/t gold, 79 g/t silver, 1.2% lead, and 0.8% zinc over 13.42 m (KL-21-509)
- 1.11 g/t gold, 53 g/t silver, 0.3% lead, and 0.6% zinc over 10.38 m (KL-21-507)
- 3.14 g/t gold, 554 g/t silver, 6.0% lead and 1.4% zinc over 1.38 m (KL-21-512)
- 13.50 g/t gold, 111 g/t silver, 0.7% lead, and 1.2% zinc over 0.81 m (KL-21-511)
- 6.92 g/t gold, 172 g/t silver, 3.1% lead, and 0.8% zinc over 1.26 m (KL-21-508)
Central Klaza Zone
- 1.55 g/t gold, 10 g/t silver, 0.1% lead and 0.3% zinc over 10.05 m (KL-21-518)
- 9.56 g/t gold, 31 g/t silver, 0.1% lead and 1.2% zinc over 0.69 m and
- 3.92 g/t gold, 1,225 g/t silver, 3.8% lead and 2.7% zinc over 0.55 m (KL-21-515)
Western BRX Extension
- 1,160 g/t silver, 8.4% lead and 5.2% zinc over 0.54 m (KL-21-492)
Western Chevron
- 2.69 g/t gold, 171 g/t silver, 2.1% lead and 4.4% zinc over 0.87 m (KL-21-501)
"These initial results from 2021 drilling are a first step in achieving the objectives of the 2021 drill program, with expansion and infill drilling in and around known mineral resources consistently returning grades in line with the mineral resource estimate, while also identifying potential new discoveries at outside exploration targets," stated Matt Turner, Rockhaven's CEO. "Drilling within the planned open pit returned solid intercepts that should contribute to the confidence in the mineral resource estimate for the Klaza Deposit. Additionally, grades such as those seen in hole KL-21-512, which lie immediately adjacent to the conceptual mine plan in the Klaza PEA (see Rockhaven press release dated July 13, 2020), are highly encouraging and may provide the opportunity to expand the contemplated open pit in that direction. We will continue to update shareholders as assays are received from an additional 43 drill holes, all of which are in areas of known mineralization."
Maps showing the locations of completed drill holes and core photos from significant mineralized veins can be viewed on the Rockhaven website at www.rockhavenresources.com.
Infill and Resource Expansion Drilling
Infill and resource expansion drilling was undertaken in the Central and Western BRX zones and in the Eastern, Central and Western Klaza zones. Included in this release are results from the first nine holes completed on the Central BRX and Central Klaza zones in 2021. Of particular significance, all six holes announced from the Central BRX Zone intersected near surface mineralization that lies in a poorly defined portion of the current mineral resource. Data from 2021 holes will be incorporated into an updated mineral resource estimate, expected to be completed in the second quarter of 2022. Significant assays from early, infill and resource expansion drill holes are shown in the following table.
Zone ID
| Drill Hole
| From
(m)
| To
(m)
| Interval
(m) +
| Au
(g/t)
| Ag
(g/t)
| Pb
(%)
| Zn
(%)
| Central BRX
| KL-21-507
| 34.97
| 45.35
| 10.38
| 1.11
| 52.6
| 0.3
| 0.6
| incl.
| 34.97
| 35.77
| 0.80
| 4.91
| 444.0
| 3.1
| 4.7
| and incl.
| 43.80
| 44.58
| 0.78
| 6.86
| 87.0
| 0.1
| NSV
| Central BRX
| KL-21-508
| 36.44
| 37.70
| 1.26
| 6.92
| 172.0
| 3.1
| 0.8
| incl.
| 37.00
| 37.70
| 0.70
| 10.90
| 289.0
| 5.4
| 1.5
| Central BRX
| KL-21-509
| 33.30
| 46.72
| 13.42
| 1.37
| 78.6
| 1.2
| 0.8
| incl.
| 35.00
| 36.61
| 1.61
| 5.69
| 396.0
| 6.9
| 1.3
| and incl.
| 43.48
| 46.72
| 3.24
| 2.11
| 106.0
| 1.2
| 2.0
| Central BRX
| KL-21-510
| 33.74
| 38.50
| 4.76
| 1.47
| 37.8
| 0.5
| 0.5
| incl.
| 38.00
| 38.50
| 0.50
| 9.53
| 153.0
| 1.1
| 2.7
| Central BRX
| KL-21-511
| 54.37
| 55.18
| 0.81
| 13.50
| 111.0
| 0.7
| 1.2
| Central BRX
| KL-21-512
| 52.10
| 53.48
| 1.38
| 3.14
| 554.0
| 6.0
| 1.4
| incl.
| 52.78
| 53.48
| 0.70
| 3.67
| 1,060.0
| 11.8
| 2.8
| and
| 63.13
| 64.17
| 1.04
| 1.38
| 67.9
| 0.7
| 0.5
| Central Klaza
| KL-21-514
| 84.16
| 84.66
| 0.50
| 3.42
| 7.5
| 0.1
| 0.3
| and
| 107.00
| 109.66
| 2.66
| 1.78
| 10.4
| 0.1
| 0.8
| incl.
| 109.16
| 109.66
| 0.50
| 7.46
| 32.5
| 0.4
| 1.7
| Central Klaza
| KL-21-515
| 22.35
| 22.82
| 0.47
| 9.02
| 190.0
| 0.3
| 0.6
| and
| 124.97
| 127.76
| 2.79
| 2.46
| 3.4
| 0.1
| 0.5
| and
| 140.72
| 142.93
| 2.21
| 3.45
| 19.9
| 0.1
| 0.4
| and
| 175.38
| 176.07
| 0.69
| 9.56
| 31.3
| 0.1
| 1.2
| and
| 195.45
| 196.00
| 0.55
| 3.92
| 1,225.0
| 3.8
| 2.7
| and
| 206.83
| 207.84
| 1.01
| 1.65
| 20.6
| 0.1
| 0.5
| and
| 238.50
| 239.00
| 0.50
| 16.20
| 95.9
| 0.2
| 0.7
| Central Klaza
| KL-21-518
| 108.40
| 109.03
| 0.63
| 5.31
| 37.4
| 0.8
| 1.7
| and
| 171.95
| 182.00
| 10.05
| 1.55
| 9.8
| 0.1
| 0.3
| incl.
| 171.95
| 176.10
| 4.15
| 2.09
| 15.4
| 0.2
| 0.5
| and incl.
| 179.50
| 180.00
| 0.50
| 11.65
| 57.0
| 0.2
| 1.4
| and
| 196.30
| 196.80
| 0.50
| 4.75
| 53.2
| 0.7
| 1.0
|
+ Represents the diamond drill hole core length. True widths are estimated to be 80-90% of the interval as the majority of vein intersects had contacts that were at or near perpendicular to core axis.
Western BRX Extension Exploration Target
A total of 1,456 m of drilling was completed in seven holes that form a continuous 1,060 m long fence across the westerly projection of the Western BRX vein, the highest-grade gold zone identified on the property to date. This drilling searched for the strike extension of the vein west of a post-mineralization fault that truncates the known vein, in an overburden-covered area hosting a number of previously untested geophysical anomalies. Veining was intersected in several of the drill holes with the most notable result from KL-21-492, which returned 1,160 g/t silver, 8.41% lead and 5.15% zinc over 0.54 m. The mineralogy and the bonanza grade silver assay likely indicate a depositional setting that is more distal to the heat source than the veins comprising the current resource. Veins in this area probably lie in a silver-lead-zinc rich portion of the mineralizing system. This conclusion is supported by a single trench that was dug up-dip of the drill intersection in hole KL-21-492, which exposed a 1 m wide vein of nearly massive galena with assays still pending.
The results from this drill hole and trench are significant as they represent a step-out of 750 m from the Western BRX Zone. Future drilling and surface trenching will assess the potential of this new vein, working eastward to determine whether an area of gold enrichment is present closer to the Western BRX Zone. Significant results from this hole and others on the westerly fence are shown in the table below.
Zone ID
| Drill Hole
| From (m)
| To
(m)
| Interval (m) +
| Au
(g/t)
| Ag
(g/t)
| Pb
(%)
| Zn
(%)
| Western BRX Extension
| KL-21-491 | 5.05
| 6.00
| 0.95
| 0.29
| 144.0
| 0.6
| 1.1
| and
| 114.80
| 115.31
| 0.51
| 0.12
| 79.1
| 5.7
| NSV
| Western BRX Extension
| KL-21-492 | 176.78
| 177.32
| 0.54
| 0.01
| 1,160.0
| 8.4
| 5.2
| Western BRX Extension
| KL-21-497 | 125.50
| 126.00
| 0.50
| 1.01
| 110.0
| 1.6
| 0.6
|
+ Represents the diamond drill hole core length. True widths are unknown at this time.
Western Chevron Exploration Target
The Western Chevron target lies 800 m to the southwest of the Western BRX Zone, in the same fault block. Several previous holes drilled in this lightly explored area returned encouraging results. A total of 619.8 m of drilling was completed in 4 holes, 3 of which intersected significant mineralization. These results are shown in the table below.
Zone ID
| Drill Hole
| From (m)
| To
(m)
| Interval (m) +
| Au
(g/t)
| Ag
(g/t)
| Pb
(%)
| Zn
(%)
| | Western Chevron | KL-21-501 | 109.73
| 110.60
| 0.87
| 2.69
| 171.0
| 2.1
| 4.4
| | Western Chevron | KL-21-513 | 91.74
| 92.96
| 1.22
| 1.03
| 78.7
| 1.2
| 0.6
| | Western Chevron | KL-21-516 | 99.00
| 99.63
| 0.63
| 4.25
| 35.0
| 1.1
| 0.9
|
+ Represents the diamond drill hole core length. True widths are unknown at this time, although the majority of vein intersects had contacts that were at or near perpendicular to core axis.
Kelly Porphyry
The Kelly Porphyry target lies about 800 m southeast of the known mineral resources and is believed to core the hydrothermal system that deposited the epithermal vein system. The porphyry target is defined by a very large copper-molybdenum-gold soil geochemical anomaly with coincident magnetic lows, chargeability highs (>70 ms) and resistivity lows (<100 ohm-m). A total of 2,578 m of drilling was completed in nine drill holes on the Kelly Porphyry target in 2021. While broad, significant intercepts were not encountered in this campaign, pervasive porphyry-style stockwork veining and alteration was logged throughout the holes. Interpretation of the drill results suggests that the 2021 holes may be located within the ‘pyrite halo' that often encircles nearly all porphyry centres. Additionally, several phases of Casino Suite intrusive rocks were identified within the Kelly Porphyry target area, an important feature associated with the main mineralizing event at the Casino deposit that lies approximately 100 km to the northwest of Klaza. Lithogeochemical vectors indicate that the best potential for porphyry-style mineralization lies to the northeast of the 2021 drill holes, in an area characterized by strong chargeability highs and coincident resistivity lows.
QA/QC
All analyses for rock and core samples from the 2021 program were performed by ALS Minerals with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. Core samples were routinely analyzed for gold by fire assay followed by atomic absorption (Au-AA24) and 48 other elements by inductively coupled plasma-mass spectrometry (ME-MS61). Samples that exceeded the detection limits of the routine methods were assayed for silver, copper, lead and zinc by inductively coupled plasma-atomic emission spectroscopy (Ag/Cu/Pb/Zn - OG62) and gold by gravimetric analysis (Au-GRA22). Rigorous procedures were in place regarding sample collection, chain of custody and data entry. Certified assay standards, coarse reject duplicates, field duplicates and blanks were routinely inserted into the sample stream to ensure integrity of the assay process. All of the results reported have passed the QA/QC screening.
Qualified Persons
Technical information in this news release has been approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and qualified person for the purpose of National Instrument 43-101.
About Rockhaven
Rockhaven Resources Ltd. is a well-funded explorer focused on the exploration and development of its 100%-owned, camp-scale Klaza Property, which hosts the Klaza Deposit and numerous lightly explored exploration targets. Rockhaven has completed a mineral resource estimate and a preliminary economic assessment on the Klaza deposit (see Klaza Property Technical Report with an effective date of July 10, 2020 and titled, "Technical Report and Preliminary Economic Assessment Update for the Klaza Property, Yukon, Canada." which can be viewed at www.sedar.com under the Rockhaven profile or on the Rockhaven website at www.rockhavenresources.com).
Matthew Turner
President, CEO and Director
Rockhaven Resources Ltd.
T:604-687-2522
mturner@rockhavenresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information contained in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "achieving", "conclusion", "encouraging", "interpretation", "potential", "supported" and similar expressions, or that events or conditions "may", "should", or "probably" occur. Rockhaven cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the control of Rockhaven. Such factors include, among other things: risks and uncertainties relating to exploration and development and the results thereof, including the results of the recently completed drill program, the impact on mineral resource estimates, the potential for new discoveries including porphyry deposits, and the results of planned metallurgical programs, as well as the ability of Rockhaven to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities, operating hazards and risks, competition and other risks and uncertainties, including those described in Rockhaven's financial statements available under the Rockhaven profile at www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Rockhaven undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: Rockhaven Resources Ltd. |
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| To: LoneClone who wrote (162133) | 12/15/2021 4:24:49 PM | | From: LoneClone | | | | Amarc Resources: Freeport-McMoRan Mineral Properties Canada Continue Earn-in at JOY Copper-Gold District into 2022
accesswire.com
Wednesday, December 15, 2021 7:45 AM
VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce the continuation of its earn-in with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport") into a second drilling season at the Company's JOY Cu-Au District, (the "JOY") located in the Toodoggone region of the Golden Horseshoe trend, north-central British Columbia ("BC"). In November, Amarc announced that Freeport invested $5.94 million in 2021.
"We are excited at the opportunity to continue to advance JOY in collaboration with Freeport into 2022," said Amarc President & CEO Dr. Diane Nicolson. "The combined porphyry copper-gold exploration and discovery capabilities of our respective teams is now focused on integrating results as they are received from this year's field work into existing data sets. This work will define next season's comprehensive deposit delineation and district exploration programs and related budgets."
In addition to Amarc's collaboration with Freeport, Nicolson acknowledged the important contributions made by the Tsay Keh Dene, Kwadacha, Takla and Tahltan Nations over the course of an ambitious 2021 season, as well as by local government personnel and on-site contractors. She said the active participation of Indigenous groups and local stakeholders in Amarc's exploration program was fully supported by Freeport, which recognizes the important role of community engagement and involvement.
Results from Amarc's 2021 exploration activities will be released as they become available.
Chief Darryl McCook of the Kwadacha Nation commented: "We continue to be encouraged by the collaborative approach Amarc has taken with respect to working with First Nations on exploration activities at JOY. We will continue to work with Amarc to achieve its responsible mineral exploration goals at JOY, while developing a pathway for the sharing of future economic opportunities and benefits."
In June 2021, Amarc announced it had entered into a four-way Exploration Agreement with Takla Nation, Tsay Keh Dene Nation and Kwadacha Nation to: guide engagement and information sharing between the parties; establish a pathway for negotiating future agreements to support more advanced stages of development; and, deliver opportunities for employment, contracting and participation in environmental monitoring.
About Amarc Resources Ltd.
Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry copper-gold mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.
Amarc is advancing its 100%-owned IKE, DUKE and JOY porphyry copper±gold districts located in different prolific porphyry districts in southern, central and northern BC, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry copper±gold deposits. Importantly each of the three districts is located in proximity to industrial infrastructure - including power, highways and rail.
Amarc is associated with HDI, a diversified, global mining company with a 30-year history of porphyry discovery and development success. Previous and current HDI projects include some of BC's and the world's most important porphyry deposits - such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, IKE and Pine. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.
Amarc works closely with local governments, Indigenous groups and other stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.
Qualified Person as Defined Under National Instrument 43-101
Mark Rebagliati, P. Eng., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This news release includes certain statements that may be deemed "forward-looking statements". All such statements, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Amarc's projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc's projects will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions, as well as risks relating to the uncertainties with respect to the effects of COVID-19. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review Amarc's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE: Amarc Resources Ltd. |
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