| To: LoneClone who wrote (162211) | 12/17/2021 10:53:16 AM | | From: LoneClone | | | | Bear Creek Mining to Acquire Mercedes Mine in Sonora, Mexico
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(All dollar amounts are in United States dollars unless otherwise specified)
Vancouver, British Columbia--(Newsfile Corp. - December 17, 2021) - Bear Creek Mining Corporation (TSXV: BCM) (OTCQX: BCEKF) (BVL: BCM) ("Bear Creek" or the "Company") is very pleased to announce it has entered into a definitive agreement with Equinox Gold Corp. ("Equinox") to acquire a 100% interest in the Mercedes gold-silver mine ("Mercedes") located in Sonora, Mexico.
The Mercedes acquisition will transform Bear Creek into a precious metal producer and provide a source of funding for future construction of the Company's world class Corani silver mine.
Benefits of the Mercedes acquisition to Bear Creek shareholders
The Mercedes acquisition will:
Add a high quality, low cost, cash flowing asset to Bear Creek's project portfolioProvide a source of free cash flow to help fund development and construction of the Corani silver mineOffer excellent near-mine and regional exploration upsideDiversify Bear Creek's asset base with mix of jurisdictions, project stages and commodities while retaining a precious metals focusCreate an opportunity for re-rating of the Company's shares to align with junior precious metals producersEnhance the Company's share registry and market profile with the addition of two new strategic stakeholders
"Moving from a development stage company into a precious metals producer is an important step in Bear Creek's evolution," states Anthony Hawkshaw, President and CEO of the Company. "The acquisition of Mercedes provides our shareholders a cash flowing asset with expansion potential and participation in a land package with an exciting exploration outlook. Furthermore, the financial and technical support provided by Sandstorm reinforces management's conviction that Mercedes will be a positive contributor to each of our treasuries; a positive contribution that for Bear Creek will, in large part, be directed to the continuing development of Corani."
Strategic Rationale
The Mercedes acquisition adds an attractive operating asset that provides free cash flow, which the Company will use as a non-dilutive source of funding to develop the Company's world-class Corani silver deposit, and to explore the Mercedes property. With a strong track record of exploration success, consistent historical replacement of ore reserves, and vast areas of the property unexplored, management believes the Mercedes property offers exploration upside with the potential to expand known reserves and extend the mine life beyond current projections, with ample spare mill capacity for expansion of production.
Key Acquisition Terms
Payment to Equinox will consist of:
A cash payment of $75 million and issuance of 24,730,000 Bear Creek common shares on the closing of the acquisition (the "Closing Date")A deferred cash payment of $25 million due within six months of the Closing DateA 2% NSR payable on metal production from the Mercedes mining concessions
The $75 million cash payment on the Closing Date will be funded by $15 million from the Company's treasury and $60 million from Sandstorm Gold Ltd. ("Sandstorm") as described below.
The Mercedes acquisition is expected to close during the first quarter of 2022 subject to customary closing conditions including approval of the TSX Venture Exchange and Mexican authorities.
Sandstorm Stream and Debt Financing
Bear Creek and Sandstorm have entered into a gold purchase agreement (the "Gold Purchase Agreement ") and a debt financing agreement, each of which are subject to customary closing conditions.
Under the Gold Purchase Agreement, Sandstorm will provide the Company with $37.5 million and in exchange Bear Creek will sell to Sandstorm 600 ounces of refined gold per month for 42 months (a total of 25,200 ounces) at a price equal to 7.5% of the spot gold price at the time of delivery. Thereafter, the Company will sell to Sandstorm 4.4% of gold produced by Mercedes at a price equal to 25% of the spot price at the time of delivery. Sandstorm will also be granted a right of first refusal on any royalties, streams or similar transactions with respect to production from Mercedes.
On the Closing Date, Sandstorm will pay the Company $22.5 million (the "Principal Amount") to subscribe for a 6%, three-year Convertible Debenture. Interest will be paid quarterly on the outstanding Principal Amount. The Principal Amount may be reduced by conversion of debt to common shares of the Company during the term. Otherwise, the Principal Amount is due on the third anniversary of closing. The Principal Amount is convertible, in whole or in part, into common shares of the Company at any time prior to maturity at the greater of a 35% premium to the closing price per common share of the Company on the closing date of the acquisition or as otherwise permitted by the TSX-V.
Borden Ladner Gervais LLP is acting as legal advisor to Bear Creek in the Mercedes acquisition.
About Mercedes
The information in this section is derived from the NI 43-101 Technical Report, Mercedes Gold-Silver Mine with an effective date of December 31, 2020. Readers are urged to review the NI 43-101 Disclosure below for further details.
The Mercedes mine is located in the state of Sonora, Mexico, approximately 300 km northeast of the city of Hermosillo and 300 km south of Tucson, AZ, within the prolific Mexican epithermal gold belt. It comprises 43 mineral concessions covering 69,285 ha.
Gold-silver mineralization on the Mercedes property is hosted within epithermal, low sulphidation veins, stockwork, and breccia zones. Aside from a brief Covid-related shut down in the spring of 2020, Mercedes has been in continuous operation since commencing production in 2011. Up to December 31, 2020, 5.84 million tonnes grading 4.42 g/t gold and 49.5 g/t silver have been processed, with a total of approximately 781,800 ounces of gold and 3,356,200 ounces of silver produced.
The Mercedes mine is a ramp-access underground operation that utilizes fully mechanized cut-and-fill mining. Ore is processed by conventional milling followed by agitated leach with Merrill-Crowe recovery of gold and silver. The process plant has a capacity 2,000 tpd with an average production rate from 2016-2020 of approximately 1,450 tpd. From 2012-2020 the average gold and silver recovery rates were 95.4% and 39.2%, respectively.
Throughout Mercedes' production history, gold-silver ore has been produced from five deposit areas, of which two (Diluvio and Lupita) are currently being mined. Thirteen mineralized zones in four vein systems have been identified to date within the Mercedes property through surface and underground drilling. These mineralized zones occur in three sub-districts: Mercedes (Mercedes and Barrancas - Marianas vein systems); Klondike (Klondike - Rey de Oro vein system); and Lupita (Lupita- Diluvio vein system). Readers are referred to the Mercedes Project and Deposit maps, below.
While the geological setting of the Mercedes property is very prospective, most of the property area has seen little to no substantive exploration. Conceptually, additional vein zones with tonnages and grades similar to currently mined areas could be discovered and delineated as systematic exploration continues. District-wide studies suggest that approximately 45 km of structures remain to be tested for short-term, near-mine evaluation, as well as long-term generative exploration, which may have potential for hosting additional low sulphidation gold-silver bearing vein systems.
The Mercedes property is estimated to contain the following Mineral Reserves and Mineral Resources (1):
| Mercedes Mineral Reserves |
|
|
|
| Contained Metal | | Category | Tonnage
('000 tonnes) | Gold Grade
g/t | Silver Grade
g/t | Gold
('000 oz) | Silver
('000 oz) | | Proven | 381 | 5.47 | 41.3 | 67 | 507 | | Probable | 2,224 | 3.61 | 27.2 | 258 | 1,943 | | Proven & Probable | 2,605 | 3.89 | 29.2 | 325 | 2,450 |
| Mercedes Mineral Resources in addition to Reserves |
|
|
|
| Contained Metal | | Category | Tonnage
('000 tonnes) | Gold Grade
g/t | Silver Grade
g/t | Gold
('000 oz) | Silver
('000 oz) | | Measured | 521 | 3.59 | 31.2 | 60 | 2,633 | | Indicated | 2,220 | 3.22 | 36.9 | 230 | 641 | | Measured & Indicated | 2,742 | 3.29 | 35.8 | 290 | 3,155 | | Inferred | 1,545 | 4,73 | 44.0 | 235 | 2,186 |
(1) The effective date of these Mineral Reserve and Mineral Resource estimates is December 31, 2020. See NI 43-101 Disclosure, below, for the assumptions used in the estimation of the Mercedes Mineral Reserves and Mineral Resources.
Mercedes Project and Deposit Maps
Mercedes Location Map
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Mercedes Concession Map
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Mercedes Known Gold-Silver Deposits
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Bear Creek Mining will host a webcast presentation on the Mercedes mine acquisition as follows:
WHEN?
| Friday, December 17, 2021 at 8:00 am Pacific time / 11:00 am Eastern time
| WHERE?
| https://www.newsfilecorp.com/redirect/e4JMNcVKDV
|
Interested parties are encouraged to visit the webcast url provided above in advance of the scheduled presentation time as registration is required.
On behalf of the Board of Directors,
Anthony Hawkshaw
President and CEO
For further information contact:
Barbara Henderson - VP Corporate Communications
Direct: 604-628-1111
E-mail: barb@bearcreekmining.com
www.bearcreekmining.com
Forward-looking Statements
This news release contains forward-looking statements regarding: the structure, anticipated closing date and regulatory approval of the Acquisition; the merits and expected benefits of the Acquisition to the Company and its shareholders; the terms and conditions of the Sandstorm Gold Stream and the Sandstorm Convertible Debenture; the anticipated future operating performance, production and cash flow from the Mercedes Mine; the potential for the discovery of additional mineralized vein systems and mineralized bodies at the Mercedes property; the possibility of defining additional mineral resources within the Mercedes property, to convert known or future mineral resources to mineral reserves, and to extend the current Mercedes Mine life projection; the Company's plans to direct free cash flow from Mercedes toward the development and construction of the proposed Corani Mine; the potential benefits of the Acquisition to the Company's ongoing Corani project financing efforts; the potential for re-rating of the Company's shares; and other statements regarding future plans, expectations, guidance, projections, objectives, estimates and forecasts as well as the Company's expectations with respect to such matters. These forward-looking statements are provided as of the date of this news release, or the effective date of the documents referred to in this news release, as applicable, and reflect predictions, expectations or beliefs regarding future events based on the Company's beliefs at the time the statements were made, as well as various assumptions made by and information currently available to them. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including, but not limited to: that the terms and conditions of the Acquisition, the Sandstorm Gold Stream and the Sandstorm Convertible Debenture will not be subject to material changes; that the Acquisition will be approved by regulators; that the documents, projections and models on which the Company has relied are accurate in all material respects; and, that the Company will continue to seek financing for and develop the Corani project in accordance with its stated strategies. Although management considers these assumptions to be reasonable based on information available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions on which they are based do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the expectations expressed in them. These risk factors may be generally stated as the risk that the assumptions expressed above do not occur, but specifically include, without limitation, risks relating to general market conditions and the additional risks described in the Company's latest Annual Information Form, and other disclosure documents filed by the Company on SEDAR. The foregoing list of factors that may affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on behalf of the Company, except as required by law.
NI 43-101 Disclosure
Disclosure of a scientific or technical nature in this news release has been reviewed and approved by, Andrew Swarthout, AIPG Certified Professional Geologist, Director of the Company and a Qualified Person ("QP") as defined in NI 43-101.
Technical information regarding the Mercedes property and mining operation included in this news release is derived from a NI 43-101 Technical Report entitled "NI 43-101 Technical Report on the Mercedes Gold-Silver Mine, Sonora State, Mexico" (the "2020 Mercedes Report") dated June 30, 2021, with an effective date of December 31, 2020. The 2020 Mercedes Report is available on SEDAR under the profile of Equinox Gold Corp.
The 2020 Mercedes Report was prepared on behalf of Equinox Gold Corp. by BBA Inc. and G Mining Services Inc. and was authored by following QPs: Julie-Anaïs Debreil, P. Geo. (G Mining) responsible for Chapters 10, 11, & 12; Colin Hardie, P. Eng., (BBA) responsible for Chapters 1, 2,3,13, 17, 18, 19, 20, 21, 22, 24, 25, 26 & 27; Todd McCracken, P. Geo. (BBA) responsible for Chapters 4, 5, 6, 7, 8, 9, 14 & 23; and, David Willock, P. Eng., (BBA) responsible for Chapters 15 & 16. All of the 2020 Mercedes Report QPs contributed to Chapters 1, 25, 26 and 27, based upon their respective scope of work and the chapters/sections under their responsibility.
Mercedes Reserve estimate assumptions
- CIM Definitions Standards on Mineral Resource and Reserves (2014) have been followed.
- Mineral Reserves are minable tonnes and grades; the reference point is the mill feed at the primary crusher.
- Mineral Reserves are estimated at a cut-off of 2.10 g/t Au, except Diluvio, which is estimated at 2.00 g/t Au.
- Cut-off grade assumes a price of gold of US$1,350 per ounce, a 95.5% gold metallurgical recovery; US$45.09/t mining cost, US$19.59/t processing costs, US$13.00/t G&A and US$8.48/oz refining costs.
- A minimum mining width of 3.5 m was used in the creation of all reserve blocks.
Mercedes Resource estimate assumptions
- The CIM Definition Standards on Mineral Resource and Reserves (2014) have been followed.
- Mineral Resources are exclusive of Mineral Reserves.
- Mineral Resources that are not Mineral Reserves have not demonstrated economic viability.
- The mineral resource cut-off grade of 1.70 g/t gold was calculated using the following parameters: gold price =US$1,500/oz; metallurgical recoveries of 95.5% for gold; refining charges US$8.48/oz gold; mining costs of US$44.70, processing costs of US$21.60 and G&A costs of US$13.00 per tonne of ore.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards for Mineral Resources and Mineral Reserves 2014 ("CIM Definition Standards").
The United States Securities and Exchange Commission (the "SEC") has adopted amendments effective February 25, 2019 (the "SEC Modernization Rules") to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934. The SEC Modernization Rules have replaced SEC Industry Guide 7, which has been rescinded.
As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured mineral resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", which are defined in substantially similar terms to the corresponding CIM Definition Standards. In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to the corresponding CIM Definition Standards.
United States investors are cautioned that while the foregoing terms are "substantially similar" to corresponding definitions under the CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources" under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
United States investors are also cautioned that while the SEC will now recognize "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources", investors should not assume that any part or all of the mineral deposits in these categories would ever be converted into a higher category of Mineral Resources or into Mineral Reserves. Mineralization described by these terms has a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any "Measured Mineral Resources", "Indicated Mineral Resources", or "Inferred Mineral Resources" that the Company reports are or will be economically or legally mineable.
Further, "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the Inferred resources exist. In accordance with Canadian securities laws, estimates of "Inferred Mineral Resources" cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.
In addition, disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC has historically only permitted issuers to report mineralization as in place tonnage and grade without reference to unit measures.
Neither the TSX Venture Exchange nor its Regulatory 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. |
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| To: LoneClone who wrote (162212) | 12/17/2021 11:17:03 AM | | From: LoneClone | | | | Blue Moon Completes 2021 Drill Program; Zinc Added to US Critical Minerals List
accesswire.com
Friday, December 17, 2021 8:00 AM
VANCOUVER, BC / ACCESSWIRE / December 17, 2021 / Blue Moon Metals Inc. (TSXV:MOON)(OTCQB:BMOOF) (the "Company") is pleased to report the completion of the 2021 drill program at its property, the polymetallic Blue Moon project located in the United States containing zinc, silver, gold, and copper. The drill program consisted of 4 step-out holes totalling 5,873 feet (1,790 metres). The drill program tested a number of high impact targets including the potential for new massive sulphide lens to the south of the Blue Moon deposit. Drill core samples have been submitted to ALS Chemex in Reno, Nevada for assay.
The Company is also excited to report the United States Geological Survey (USGS) is adding zinc to its Critical Minerals List. In being added to the list, the USGS determined that zinc is critical to the well-being of the United States economy coupled with very few new domestic zinc development projects. The Blue Moon project is located in the United States and was a past zinc producer.
"We wish to thank our exploration team for completing the 2021 drill program and eagerly await the assay results. The 2021 program focused on exploring for new sulphide lens and we are particularly excited about hole-83 as this is appears to be a new sulphide lens separate from the Blue Moon deposit (see News Release dated November 8, 2021)." Stated Patrick McGrath, Chief Executive Officer "The addition of zinc to the USGS Critical Metals List also highlights the United States domestic zinc supply will be critical for a sustainable infrastructure plan and the Blue Moon project in the United States is in a great position to contribute to that plan."
About Blue Moon Metals
Blue Moon Metals (TSX.V: MOON; OTCQB: BMOOF) is currently advancing its Blue Moon polymetallic deposit which contains zinc, gold, silver and copper. The property is well located with existing local infrastructures including paved highways three miles from site; a hydroelectric power generation facility a few miles from site, three-hour drive to the Oakland port and a four-hour drive to service centre of Reno. The deposit is open at depth and along strike. The Blue Moon 43-101 Mineral Resource includes 7.8 million inferred tons at 8.07% zinc equivalent (4.95% zinc, 0.04 oz/t gold, 0.46% copper, 1.33 oz/t silver), containing 771 million pounds of zinc, 300,000 ounces of gold, 71 million pounds of copper, and 10 million ounces of silver. The 43-101 Mineral Resource report dated November 14, 2018 was authored by Gary Giroux, P. Eng., and Lawrence O'Connor, a QP, and entitled "Resource Estimate for the Blue Moon Massive Sulphide Occurrence". The 43-101 and related press release with details on the resource are available on the company's website and were filed on www.sedar.com on November 20, 2018. The Company also holds 100% of the Yava polymetallic project in Nunavut that is in the same volcanic lithologies and south of Glencore's Hackett River deposit. More information is available on the company's website ( www.bluemoonmetals.com).
Qualified Persons
John McClintock, P. Eng, a Director of the Company, is a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this press release.
For more information please contact:
Patrick McGrath, CEO
+1-832-499-6009
pmcgrath@bluemoonmining.com
Kevin Shum
Investor Relations
+1-647-725-3888 ext702
kevin@jeminicapital.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.
Resource estimates included in this news release are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions set forth in the relevant technical report and otherwise, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for commodities, the results of future exploration, uncertainties related to the ability to obtain necessary permits, licenses and titles, changes in government policies regarding mining, continued availability of capital and financing, drilling results and general economic, market or business conditions. 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. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE: Blue Moon Zinc Corp. |
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| To: LoneClone who wrote (162213) | 12/17/2021 11:21:16 AM | | From: LoneClone | | | | Black Mountain Gold USA Reports Results of Induced Polarization Survey at its Mohave Gold Project, Arizona
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Vancouver, British Columbia--(Newsfile Corp. - December 14, 2021) - Black Mountain Gold USA Corp. (TSXV: BMG) ("BMG" or the "Company") is pleased to announce that it has received the results of the Induced Polarization (IP) survey completed by Geofisica TMC S.A. de C.V. ("TMC") at its Mohave Gold Project in Mohave County, Arizona. The survey was comprised of 19 north-south lines varying from 1.17 km to 2.25 km in length for a total of approximately 38 line km. The survey focussed on the northern half of the Mohave Gold Project and covered approximately 3.7 km2 over the main gold-bearing prospects and historical mining areas on the property. Preliminary interpretations of the data indicate that most historic prospects are situated along the margin of a moderate chargeability anomaly which at depth extends under several prospects suggesting potential to extend known gold mineralization below the oxide zone.
Graham Harris, CEO and Director, commented, "BMG is encouraged by the results from the IP survey over the northern prospects on the property. The various anomalies suggest potential to expand mineralized zones at depth into the sulphide domain as well as identifying various buried targets. Detailed interpretation of the IP results and optimization for drill targeting are underway in preparation for the drill program planned for 2022."
The IP survey is situated where historical drilling, soil surveys and historic and recent rock chip sampling programmes have outlined large areas of low-sulfidation epithermal gold mineralization in mostly flat lying structural zones of quartz-calcite veins, stockworks and breccias. The IP survey was designed to detect chargeability and resistivity anomalies to a depth of approximately 250m. In general chargeability results reflect the amount of sulphide mineralization in the rock units and at 50m below surface two large chargeability anomalies of moderate strength were delineated. Anomaly 1 is oriented northwest-southeast and is 1,100m by 500m and Anomaly 2 is also oriented northwest-southeast and is 1,000m by 600m (see Figure 1). At a depth of 250m the anomalies appear to merge creating a coherent zone approx. 2,400m by 1,400m. Modelling of the historical drilling and the chargeability anomaly at a depth of 100m below surface, shown in Fig 2, indicates that this drilling was mainly shallow and did not test the deeper part of chargeability anomalies.
The resistivity data at 50m below surface outlines a ring-shaped resistivity low approximately 2,000m across with a modest-high resistivity core (see Fig.3) although in places it appears to extend beyond the survey boundaries. At depth the ring shape erodes below 100m and an area 1800m long by 800m wide of moderate-high resistivity dominates (see Fig 4). Known gold prospects are associated with both resistivity lows (Klondyke, Apex, Jim & Jerry) and small resistivity highs (Scout, Epidote Ridge, and Golden Door) at the 50m depth.
Figure 1 Chargeability plan at -50m showing the two chargeability zones main prospects situated at the anomaly edges, and the historic drilholes.
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Figure 2 3D model showing a 8-15mV moderate chargeability anomaly shell east of Klondyke from -50m to -100m and historic drillholes.
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Figure 3 Resistivity plan at -50m showing ring-shaped low resistivity anomaly
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Fig. 4 Resistivity plan at -200m showing expansion of the resistivity high at depth and the low situated primarily west of Klondyke.
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The correlation between known prospects and low chargeability at the edge of the moderate chargeability anomaly may reflect the oxide nature of the mineralized zones. The 3D model indicates low chargeability to approx. 100 m depth which is consistent with the level of the oxide-sulphide transition zone encountered in several of the deeper historic drillholes. Many of the past drill holes did not reach the deeper higher chargeability anomalies suggesting potential to expand mineralized zones at depth. The -50m depth chargeability plan reveals several buried moderate chargeability anomalies east of Klondyke and south of Epidote Ridge which will be considered for drilling in 2022.
The location of the various prospects in the low resistivity ring may be related to increased post-mineral faulting and fracturing in some of the mineralized zones. The moderate resistivity core correlates with an airborne MAG high and geologically with a diorite body identified at surface. At depth this zone expands and may represent a more extensive intrusion in the area with more extensive silicification. The 3D model in this area also indicates previous drilling was too shallow to test the moderate low resistivity zone suggesting potential to extend zones of mineralization at depth.
Detailed interpretation of the IP data is ongoing and TMC recommended four areas for drilling, all within chargeability Zones 1 and 2. BMG will incorporate these recommendations into its 2022 drill program planning as it continues to optimize and delineate drillhole locations designed to expand known prospects and to test buried targets outlined by the IP survey.
This news release has been reviewed by Peter J. MacLean, Ph.D., P. Geo, Director of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Black Mountain Gold USA Corp. please contact Investor Relations at (604) 662-8184 or email info@blackmountaingoldusa.com.
BLACK MOUNTAIN GOLD USA CORP.
"Graham Harris"
CEO, Director
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.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves
or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Arizona which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for gold/silver, changes in exploration costs and government royalties, export policies or taxes in Arizona and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Mohave Gold Project may be impacted by economic uncertainties arising out of Covid-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Mohave Gold Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations. |
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| To: LoneClone who wrote (162214) | 12/17/2021 11:22:30 AM | | From: LoneClone | | | | Baroyeca Signs LOI to Acquire 200ha Adjacent to Its High-Grade Gold Santa Barbara Project, Colombia
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Vancouver, British Columbia--(Newsfile Corp. - December 15, 2021) - BAROYECA GOLD & SILVER INC. (TSXV: BGS) (the "Company") is pleased to announce it signed a Letter of Intent to acquire 200 hectares to the south of and contiguous to its Santa Barbara gold project in Bolivar, Colombia (See Fig. 1) bringing the total of the project to 310ha (the "Transaction"). The subject property includes a past-producing artisanal gold mine.
Raul Sanabria, President of Baroyeca says: "The acquisition of this additional ground secures the southwestern extension along strike of the already identified vein sets and increases an extra 60% our land position in the area to an approximately 2,100m by 1,800m block. The new area includes a past-producing gold mine that is known for recovering high-grade gold from near surface, from a parallel vein similar to the one Baroyeca is currently developing as an exploratory tunnel, and is less than 150m from our Pilot Processing Plant."
Under the LOI, in exchange for the Vendor transferring the approx. 200ha (NE ¼ quadrant of the 0-439 mining title) upon closing of the Transaction, Baroyeca agrees to pay to the Vendors a total of USD$250,000 in cash over three payments and to issue to the Vendor USD$250,000 worth of shares in the capital of Baroyeca in three tranches with the number of shares to be determined using the average closing price for the five trading days prior to each issuance date. Payments will be based on satisfaction of the following steps by, or on behalf, of the Vendor: 1. Filing the title transfer with the Colombian Mining Agency (the "ANM") in the name of Baroyeca's Colombia subsidiary company on signing of the definitive agreement; 2.The ANM issuing the Official Resolution approving the transfer of the mining rights to Baroyeca's Colombia subsidiary company; and 3. Registering the mining title in the name of Baroyeca's Colombia subsidiary company in the Colombian Mining Registry.
The LOI is non-binding and provides an exclusivity period until February 8, 2022 for the parties to negotiate a definitive agreement. The Transaction is subject to acceptance for filing by the TSX Venture Exchange. During the period of the processing of title transfer, the Company will be allowed to operate the project by means of an autonomous exclusive operation contract.
The projected southwest extension of some of the Santa Barbera veins continues onto the 0-439C2 property. Evidence consists of a series of pits and trenches made by artisanal miners in the past, which were recently mapped and georeferenced by Baroyeca's geologists. The 0-439C2 property is host to the abandoned Mariana mine which was previously sampled by a Qualified Person in 2013-2014. Results of the historical sampling are included in the company's NI43-101 report on the Santa Barbara project under the section "Adjacent Properties" and are in line with the Santa Barbara vein style of mineralization, grades and strike direction.
Fig. 1. Location Map of the Santa Barbara project and 0-439-C2 property.
To view an enhanced version of Figure 1, please visit:
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About Baroyeca Gold & Silver Inc.
Baroyeca Gold & Silver Inc. is a mineral exploration company focused on high-grade silver and gold projects located in Colombia. Baroyeca's flagship asset is the high-grade Atocha Silver-Gold Project located in Tolima Department, Colombia. The Company also holds an option to acquire a 100% interest in the Santa Barbara Property, Bolivar Department, Colombia, which is renowned for its high-grade gold mineralization and vein density. Current exploration activities on the Santa Barbara Property involve the bulk sampling of vein structures, which material then feeds into a trial production facility which has consistently been producing gold for over a year. The revenue from the sale of produced gold defrays part of the operating costs. The Company is planning to expand these activities.
The Company's Board and senior management are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally and socially responsible mineral exploration.
Qualified Person
Raul Sanabria, M.Sc., P.Geo., President of Baroyeca Gold & Silver Inc. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.
BAROYECA GOLD & SILVER INC.
Per: "Raul Sanabria"
Raul Sanabria, President
FOR INFORMATION CONTACT:
Rick Wilson - (604) 351-3599
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release. |
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| To: LoneClone who wrote (162215) | 12/17/2021 11:24:18 AM | | From: LoneClone | | | | BMEX Gold Completes Phase 2 Drill Program on King Tut Announces Grant of Stock Options and RSUs
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Vancouver, British Columbia--(Newsfile Corp. - December 16, 2021) - BMEX Gold Inc. (TSXV: BMEX) (FSE: 8M0) ("BMEX" or the "Company") is pleased to announce the completion of a 3,000-metre Phase 2 drill program on the King Tut Project located in the Abitibi Gold Belt. The program consisted of drilling 17 holes (see Figure 1) utilizing two rigs with 3089 m of NQ-size diamond drill core being recovered from the TUT/ Audet Quest Trend and was completed ahead of schedule and under budget.
For this phase-II drilling campaign on the property, the company conducted the DDH program on the main known Tut zone but also explored 2 km of strike length between King Tut and Audet Quest (Audet Ouest deformation trend, figure 1) and 2 km of strike length of the Main King Tut deformation Trend. Both structures were interpreted using recently acquired high resolution magnetic drone survey. Several holes were drilled on the main deposit and on both interpreted deformation trend outline important quartz veining system, alteration and deformation. Assay results are pending and will be announced when received. For the location of the King Tut property see Figure 2.
Figure 1: 2021 Phase 2 Drilling Campaign on King Tut Property
To view an enhanced version of Figure 1, please visit:
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*Note drill results from Phase 1 drilling can be found here: Press Release June 14, 2021
Figure 2: Location Map of King Tut property
To view an enhanced version of Figure 2, please visit:
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*Note drill results on map for BMEX Gold are historical except TUT-21-018 which is from Phase 1 drilling Press Release June 14, 2021
Stock Options and Grant of RSUs
BMEX has granted options to acquire a total of 550,000 common shares of the Company to certain directors and officers, pursuant to the Company's Stock Option Plan, at the exercise price of $0.15 for a period of five years, from December 16, 2021.
In addition, the Company has granted a total of 1,300,000 restricted stock units ("RSUs") of the Company to certain directors and consultants, pursuant to the terms of the Company's RSU Plan, which RSUs will expire on December 16, 2023.
Qualified Person
Maxime Bouchard, Geo, M.Sc. (OGQ #1752), Consulting Geologist with Laurentia Exploration is the Qualified Person (as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects) for the Company and has approved the technical disclosure contained in this news release. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard. Core logging and sampling were completed by Laurentia Exploration. The quality assurance and quality control protocol include insertion of one blank and one standard every 20 samples, in addition to the regular insertion of blank, duplicate, and standard samples accredited by ALS Canada Ltd. during the analytical process. Additionally, sample weight is taken prior shipment to validate sample identity. Gold values are estimated by fire assay with finish by atomic absorption and values over 10 ppm Au are reanalyzed by fire assay with a finish by gravimetry. The Qualified Person has not completed sufficient work to verify the historic information on the Property, particularly in regards to historical drill results. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.
About BMEX Gold Inc.
BMEX Gold Inc. is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdiction of Quebec, Canada. BMEX has 100% interest in its two projects, both located in the prolific Abitibi greenstone belt:
King Tut Project consists of 120 contiguous claims on 5,206 hectares
Dunlop Bay Project consists of 76 mineral claims that cover 4,226 hectaresBMEX common shares trade under the symbol "BMEX" on the TSX-V and under the symbol 8M0 on the Frankfurt Exchange.
For further information please contact:
BMEX Gold Inc.
Dylan Sidoo, Business Development
Tel: 1 (604) 423 4499
Email: info@bmexgold.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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This news release contains "forward-looking statements" and "forward-looking information" (as defined under applicable securities laws), based on management's best estimates, assumptions, and current expectations. Such statements include but are not limited to, statements with respect to the plans for future exploration and development of the King Tut and Dunlop Bay properties and the acquisition of additional exploration projects. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" , "anticipates" "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those expressed or implied by such statements, including but not limited to: risks related to the King Tut and Dunlop Bay projects; risks related to general economic conditions, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; increases in market prices of mining consumables, possible variations in resource estimates, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of exploration, development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in areas in which the Company operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the date hereof and are qualified in their entirety by this cautionary statement. The Company disclaims any obligation to revise or update any such factors or to publicly announce the result of any revisions to any forward-looking statements or forward-looking information contained herein to reflect future results, events or developments, except as require by law. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to the Company's most recent filings under its profile at www.sedar.com for further information respecting the risks affecting the Company and its business. |
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| To: LoneClone who wrote (162216) | 12/17/2021 11:27:54 AM | | From: LoneClone | | | | Barksdale Intercepts 15m of 1.74% Copper, 15m of 1.46% Copper, and 67m of 0.59% Copper at San Javier in Sonora, Mexico
accesswire.com
Thursday, December 16, 2021 8:33 AM
VANCOUVER, BC / ACCESSWIRE / December 16, 2021 / Barksdale Resources Corp. ("Barksdale" or the "Company") (TSXV:BRO) (OTCQX:BRKCF) is pleased to announce completion of the Phase I, 5,000-meter drilling program at the Cerro Verde zone, San Javier project Sonora, Mexico as well as the latest assay results from 16 additional drill holes. Importantly, all 36 drill holes from the current program have intersected various concentrations of visually apparent copper mineralization and each of the 16 drill holes discussed in this press release have assay-confirmed intercepts of copper mineralization above a 0.20% copper cut-off grade. These latest results continue to confirm continuity of drilled mineralization, as well as expansion of the oxide copper footprint.
Drilling Highlights:
- Barksdale's inaugural 5,000m drilling program at Cerro Verde has successfully concluded with all 36 holes encountering copper mineralization (assay confirmed and visually estimated from core logging).
- Drilling has continued to confirm and expand the footprint of the Cerro Verde zone with key results including significant near-surface oxide mineralization including 57m grading 0.74% copper from surface (SJ21-09), which included a 15m intercept of 1.74% copper from 12-27m. Additional shallow oxide intercepts include 15m grading 1.47% copper from surface (SJ21-07), and 66m grading 0.49% copper (SJ21-15).
- Step-outs from the Cerro Verde footprint of mineralization include 12m grading 0.85% copper from 6-18m and 12m grading 0.54% copper from 33-45 (both from SJ21-08) as well as 12m of 0.45% copper from 30-42m (SJ21-18).
Rick Trotman, President and CEO of Barksdale commented: "This is a great follow-up to the initial holes that we announced in mid-October. Not only has the team demonstrated the robust nature of the supergene copper zone but we are now starting to see the results of some of the step out holes that show that Cerro Verde's footprint still has room to grow. With 15 drill holes still at the assay laboratory, including our last batch of samples which was submitted during the first week of December, we anticipate additional results to be announced during January and potentially into early February."
Geology Discussion
Iron oxide copper gold deposits ("IOCG deposits") are generally recognized as containing significant amounts of iron oxide minerals, such as magnetite and various forms of hematite. The San Javier deposit is classified as an IOCG due to the occurrence of large amounts of hematite, specularite and goethite associated with the copper ± gold mineralization, as well as its lack of porphyry-style veining. Mineralization at San Javier was likely originally deposited as sulfide minerals, principally chalcopyrite with lesser amounts of pyrite. As the deposit was exposed to oxide weathering, primary sulfides precipitated secondary (oxide) copper mineral suite consisting of malachite, azurite, chrysocolla and tenorite. In San Javier drill core these minerals are often seen as fracture coatings and breccia-fillings. Typically, as weathering progressed, acidic fluids that were generated from sulfide oxidation, then further leached and mobilized the copper until it encountered ground water. At this point leached copper participated to form zones of enriched secondary sulfide copper mineralization. At San Javier the predominant secondary sulfide mineral encountered in drill core to date is chalcocite. This suite of primary oxide and secondary sulfide copper minerals can generally be processed using industry standard heap-leach techniques.
The San Javier deposit is complex due to post-mineral faulting including numerous low-angle faults found within the deposit area. From drill evidence, the amount of displacement along these low-angle faults suggests that mineralization in the Cerro Verde zone has likely been subjected to post-mineral displacements, where blocks of mineralization have been separated from their original point of deposition. Barksdale believes that continued geologic mapping and evaluation of the surrounding district may find additional blocks of mineralization that were originally part of the same mineralizing system but subsequently were dismembered and transported by faulting.
Figure 1. Plan view of the Cerro Verde zone showing the historic mineralization footprint relative to recently completed drilling by Barksdale. The zone remains open in multiple directions.
 Based on assay data and visual copper estimates from drill core, the 2021 drilling has successfully extended mineralization laterally from previous known drilling and indicates that the Cerro Verde mineralized zone remains open particularly to the south, west, and northeast (see Figure 1). At depth, drilling has frequently encountered a sharp boundary between zones of secondary sulfide copper mineralization (chalcocite) and primary copper mineralization (dominantly chalcopyrite), again, indicating the presence of post-mineral faulting. Additionally, the primary copper mineralization zones typically exhibit weak propylitic alteration with disseminated chalcopyrite, suggesting that these zones are distal to the core of the IOCG mineralizing system.
Figure 2. Three-dimensional view of the Cerro Verde zone highlighting select drill intercepts.
 T
Table 1. Significant Drill Hole Results (Copper above 0.20%). True widths vary between 60-100% and average 80%.
From
To
Interval
Cu
Au
Type of
|
|
SJ21-06
| 183.0
| 250.0
| 67.0
| 0.59%
| 0.02
| Oxide
| SJ21-07
| 0.0
| 15.0
| 15.0
| 1.47%
| 0.04
| Oxide
|
| 45.0
| 48.0
| 3.0
| 0.68%
| 0.02
| Enriched
|
| 54.0
| 57.0
| 3.0
| 0.25%
| 0.01
| Oxide
|
| 72.0
| 84.0
| 12.0
| 0.54%
| 0.01
| Enriched/Primary
|
| 90.0
| 150.0
| 60.0
| 0.30%
| 0.03
| Primary
|
| 156.0
| 183.0
| 27.0
| 0.36%
| 0.02
| Primary
|
| 192.0
| 195.0
| 3.0
| 0.32%
| 0.00
| Primary
| SJ21-08
| 6.0
| 24.0
| 18.0
| 0.64%
| 0.03
| Oxide / Enriched
|
| 27.0
| 30.0
| 3.0
| 0.29%
| 0.02
| Primary
|
| 33.0
| 45.0
| 12.0
| 0.54%
| 0.03
| Enriched / Primary
|
| 57.0
| 66.0
| 9.0
| 0.26%
| 0.04
| Primary
| SJ21-09
| 0.0
| 57.0
| 57.0
| 0.74%
| 0.08
| Oxide
| including
| 12.0
| 27.0
| 15.0
| 1.75%
| 0.03
| Oxide / Enriched
|
| 66.0
| 72.0
| 6.0
| 0.39%
| 0.01
| Primary
|
| 114.0
| 120.0
| 6.0
| 0.25%
| 0.03
| Primary
|
| 129.0
| 132.0
| 3.0
| 0.22%
| 0.10
| Primary
|
| 135.0
| 150.0
| 15.0
| 0.32%
| 0.14
| Enriched / Primary
| SJ21-10
| 54.0
| 57.0
| 3.0
| 0.26%
| 0.04
| Enriched
|
| 60.0
| 63.0
| 3.0
| 0.26%
| 0.03
| Enriched
|
| 69.0
| 72.0
| 3.0
| 0.36%
| 0.02
| Enriched
|
| 171.0
| 216.0
| 45.0
| 0.52%
| 0.09
| Oxide /Enriched
| SJ21-11
| 15.0
| 87.0
| 72.0
| 0.36%
| 0.01
| Enriched / Primary
|
| 147.0
| 150.0
| 3.0
| 0.21%
| 0.02
| Enriched
|
| 162.0
| 165.0
| 3.0
| 0.20%
| 0.06
| Primary
|
| 171.0
| 175.5
| 4.5
| 0.33%
| 0.02
| Primary
| SJ21-12
| 90.0
| 93.0
| 3.0
| 0.21%
| 0.02
| Oxide
|
| 102.0
| 105.0
| 3.0
| 0.21%
| 0.03
| Primary
|
| 150.0
| 153.0
| 3.0
| 0.22%
| 0.06
| Enriched
|
| 159.0
| 165.0
| 6.0
| 0.20%
| 0.04
| Oxide
| SJ21-13
| 75.0
| 87.0
| 12.0
| 0.32%
| 0.14
| Oxide/Enriched
| SJ21-15
| 0.0
| 6.0
| 6.0
| 0.30%
| 0.03
| Oxide
|
| 42.0
| 108.0
| 66.0
| 0.49%
| 0.01
| Oxide
|
| 120.0
| 123.0
| 3.0
| 0.22%
| 0.06
| Enriched
| SJ21-16
| 0.0
| 6.0
| 6.0
| 0.38%
| 0.03
| Oxide / Primary
|
| 9.0
| 12.0
| 3.0
| 0.25%
| 0.74
| Primary
|
| 27.0
| 30.0
| 3.0
| 0.20%
| 0.00
| Primary
|
| 33.0
| 42.0
| 9.0
| 0.36%
| 0.03
| Primary
| SJ21-17
| 0.0
| 27.0
| 27.0
| 0.29%
| 0.04
| Oxide / Primary
|
| 42.0
| 45.0
| 3.0
| 0.27%
| 0.01
| Primary
| SJ21-18
| 30.0
| 42.0
| 12.0
| 0.45%
| 0.23
| Enriched/ Primary
| SJ21-19
| 6.0
| 7.5
| 1.5
| 0.22%
| 0.07
| Primary
|
| 24.0
| 33.0
| 9.0
| 0.63%
| 0.23
| Oxide / Enriched
| SJ21-20
| 0.0
| 12.0
| 12.0
| 0.24%
| 0.02
| Oxide
|
| 15.0
| 18.0
| 3.0
| 0.20%
| 0.01
| Primary
|
| 30.0
| 33.0
| 3.0
| 0.28%
| 0.01
| Primary
|
| 48.0
| 51.0
| 3.0
| 0.20%
| 0.02
| Primary
|
| 84.0
| 87.0
| 3.0
| 0.34%
| 0.01
| Primary
| SJ21-21
| 3.0
| 18.0
| 15.0
| 0.32%
| 0.04
| Oxide / Enriched
|
| 27.0
| 30.0
| 3.0
| 0.47%
| 0.04
| Primary
| SJ21-22
| 3.0
| 9.0
| 6.0
| 0.22%
| 0.01
| Oxide / Primary
|
| 18.0
| 21.0
| 3.0
| 0.21%
| 0.03
| Enriched
|
Resource Calculation and Economic Studies
The Company has completed logging and sampling 36 drill holes from the recently completed 5,000m drilling program and is presently working to complete an updated geologic model in early Q1 2022. Once the remainder of the assay results have been received and incorporated into the model, Barksdale will be able to calculate an initial resource for the Cerro Verde zone. The Company is looking to complete a resource calculation during the first quarter of 2022. In total, there are over 100 historic and new drill holes that define a zone of copper mineralization that has a footprint of approximately 1.2km long by 350m wide, which is exposed at surface on the eastern hillside at the Cerro Verde.
Based on the results from the planned resource calculation and ongoing metallurgical program (detailed in the next section), Barksdale would be in a position to undertake a preliminary economic assessment ("PEA") at the Cerro Verde zone in the first half of 2022. The Company is currently soliciting and reviewing bids from various leading technical consulting firms that would complete the PEA as well as the resource calculation, with oversight provided by Andrew Pooler, Barksdale's SVP of Project Development. Mr. Pooler has overseen the delivery of dozens of economic and technical studies during his career and has built and/or been responsible for the production performance of open pit and underground mines in North, Central and South America with both heap leach and mill recovery circuits.
Metallurgical Program
Barksdale currently has eight metallurgical column tests ongoing with McClelland Laboratories in Sparks, Nevada that represent material from four composite samples. Each composite has been crushed to 80% passing 25mm (1 inch) and each composite has two tests. For each composite, one column is tested using an acid agglomeration cure and the other column is tested without an acid agglomeration cure. The raffinate used for the tests contains 5 grams per liter of sulfuric acid with an irrigation rate of 6 liters/hour/m2. The column tests will provide Barksdale with metallurgical recovery data with respect to how well the copper mineralization, both oxide and sulfide, respond to heap leach processing.
The table below highlights the parameters of the ongoing tests and initial results:
Table 2. Metallurgical Program Data
Test #
| Composite #
| Total Cu (%)
| Acid Soluble Cu (%)
| NaCN Soluble Copper (%)
| Cu Extracted (%) at 40-Days
| Acid & NaCN Soluble Cu Extracted (%) at 40-Days
| 1
| 4726-001
| 0.416%
| 0.077%
| 0.147%
| 17%
| 32%
| 2 (cure)
| 4726-001
| 0.416%
| 0.077%
| 0.147%
| 14%
| 27%
| 3
| 4726-002
| 0.601%
| 0.531%
| 0.051%
| 52%
| 53%
| 4 (cure)
| 4726-002
| 0.601%
| 0.531%
| 0.051%
| 53%
| 55%
| 5
| 4726-003
| 0.388%
| 0.352%
| 0.013%
| 65%
| 69%
| 6 (cure)
| 4726-003
| 0.388%
| 0.352%
| 0.013%
| 61%
| 65%
| 7
| 4726-004
| 0.640%
| 0.519%
| 0.012%
| 50%
| 60%
| 8 (cure)
| 4726-004
| 0.640%
| 0.519%
| 0.012%
| 49%
| 60%
|
The tests are designed with a 90-day leach cycle and will conclude in late January. Based on preliminary data collected after 40 days of irrigation, copper extraction is performing very well and the impact of the acid agglomeration cure on recovery is negligible, suggesting that not only is the mineralization amenable to cost-effective heap leaching processing, but a lower capital heap leach design (with no agglomeration equipment) could be achieved.
Figure 3. Copper recovery curves from the ongoing metallurgical column testing. The graphs highlight copper extraction rates versus time under irrigation with sulfuric acid.
 Following completion of the 90-day irrigation cycle, the columns will be disassembled, and the residual material will be assayed. The breakdown process is estimated to take approximately 30-days. Results of the final metallurgical recovery data will be announced once completed.
Quality Assurance and Quality Control
Drilling was completed using HQ size diamond drill core and core was logged by geologic consultants engaged by the Company. Drill holes were logged and marked for sampling prior to being sawn in half using a diamond blade saw, with one half of the sawn core being placed in a cloth sample bag, with a unique sample tag, while the second half was returned to the wooden core box for storage on site. Sample assays are being performed by Skyline Assayers & Laboratories, which is an accredited laboratory (ISO 9001). Core samples are analyzed for total copper, acid soluble copper, cyanide soluble cooper, as well as well as a multi element ICP Analysis.
The analytical work has been and is subject to a QA/QC program that includes certified reference standards from OREAS North America. These standards are of similar composition to the rock types at San Javier. Several different standards are included in each batch of samples submitted to the lab. These controls are tracked to ensure the integrity of the assay data. Results are all within acceptable limits.
Table 3. Drill Hole Information
Hole
| Easting
| Northing
| Elevation
| Depth
| Azimuth
| Dip
| Status | SJ21-01
| 623292
| 3160798
| 942
| 100
| 0
| -90
| Met Hole | SJ21-02
| 623138
| 3160631
| 967
| 100
| 0
| -90
| Met Hole | SJ21-03
| 623140
| 3160622
| 967
| 90
| 180
| -45
| Met Hole | SJ21-04
| 623341
| 3160588
| 1007
| 61
| 0
| -90
| Met / HQ Hole (HQ announced) | SJ21-04
| 623341
| 3160602
| 1007
| 201
| 0
| -90
| Previously Announced | SJ21-05
| 623258
| 3160598
| 1006
| 260
| 90
| -72
| Announced in This Release | SJ21-06
| 623258
| 3160602
| 1019
| 250
| 45
| -50
| Announced in This Release | SJ21-07
| 623432
| 3160791
| 922
| 200
| 90
| -70
| Announced in This Release | SJ21-08
| 623554
| 3160599
| 829
| 285
| 270
| -50
| Announced in This Release | SJ21-09
| 623462
| 3160563
| 893
| 150
| 270
| -55
| Announced in This Release | SJ21-10
| 623229
| 3160482
| 960
| 231
| 45
| -50
| Announced in This Release | SJ21-11
| 623440
| 3160641
| 903
| 176
| 0
| -90
| Announced in This Release | SJ21-12
| 623016
| 3160344
| 869
| 180
| 90
| -51
| Announced in This Release | SJ21-13
| 623332
| 3160401
| 896
| 120
| 0
| -90
| Announced in This Release | SJ21-14
| 623331
| 3160401
| 896
| 140
| 270
| -55
| Assays Pending | SJ21-15
| 623129
| 3160534
| 924
| 155
| 90
| -59
| Announced in This Release | SJ21-16
| 623529
| 3160750
| 815
| 53
| 270
| -51
| Announced in This Release | SJ21-17
| 623529
| 3160750
| 815
| 55
| 0
| -55
| Announced in This Release | SJ21-18
| 623435
| 3160408
| 875
| 60
| 0
| -90
| Announced in This Release | SJ21-19
| 623435
| 3160408
| 875
| 80
| 245
| -55
| Announced in This Release | SJ21-20
| 623533
| 3160852
| 768
| 170
| 270
| -45
| Announced in This Release | SJ21-21
| 623533
| 3160852
| 768
| 30
| 0
| -45
| Announced in This Release | SJ21-22
| 623655
| 3160882
| 709
| 30
| 225
| -50
| Announced in This Release | SJ21-23
| 623584
| 3160911
| 768
| 30
| 260
| -55
| Assays Pending | SJ21-24
| 623406
| 3161005
| 853
| 120
| 90
| -64
| Assays Pending | SJ21-25
| 623602
| 3161009
| 791
| 195
| 90
| -55
| Assays Pending | SJ21-26
| 623195
| 3160750
| 962
| 120
| 270
| -80
| Assays Pending | SJ21-27
| 623200
| 3160549
| 968
| 63
| 0
| -90
| Assays Pending | SJ21-28
| 623257
| 3160557
| 1006
| 185
| 0
| -90
| Assays Pending | SJ21-29
| 623302
| 3160553
| 992
| 140
| 0
| -90
| Assays Pending | SJ21-30
| 623352
| 3160556
| 996
| 185
| 0
| -90
| Assays Pending | SJ21-31
| 623311
| 3160435
| 921
| 147
| 0
| -50
| Assays Pending | SJ21-32
| 623138
| 3160586
| 947
| 167
| 0
| -90
| Assays Pending | SJ21-33
| 623025
| 3160500
| 852
| 165
| 270
| -60
| Assays Pending | SJ21-34
| 623017
| 3160600
| 850
| 130
| 270
| -60
| Assays Pending | SJ21-35
| 623010
| 3160650
| 850
| 84
| 270
| -60
| Assays Pending | SJ21-36
| 623200
| 3160000
| 788
| 95
| 0
| -90
| Assays Pending |
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a ‘Qualified Person' as defined under Canadian National Instrument 43-101. The discussion related to the metallurgical program has been reviewed and approved by Steve Dixon, a Consultant to the Company and a ‘Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C. that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
ON BEHALF OF BARKSDALE RESOURCES CORP
Rick Trotman
President, CEO and Director
Rick@barksdaleresources.com
Terri Anne Welyki
Vice President of Communications
778-238-2333
TerriAnne@barksdaleresources.com
For more information please phone 778-238-2333, email info@barksdaleresources.com or visit www.BarksdaleResources.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 news release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable securities legislation including, but not limited to, the ability of Barksdale to verify or replace historic estimates at San Javier as current resources, the proposed technical and drill program at San Javier and the timing thereof, the prospective deposits, targets and mineralization at San Javier and the anticipated receipt and timing of necessary governmental or third party approvals and permits. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets and lack of available capital. There are no assurances that the Company will obtain the necessary permits for and successfully complete the proposed technical and drill program at San Javier as currently contemplated or at all. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Barksdale Resources Corp. |
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| To: LoneClone who wrote (162217) | 12/18/2021 2:23:32 PM | | From: LoneClone | | | | Gold Springs Announces Drill Results from the “White Point” Target
accesswire.com
Friday, December 17, 2021 6:00 AM
VANCOUVER, BC / December 17, 2021 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company" or "GRC") is pleased to announce assay results that confirm the existence of a gold system at the "White Point" target, located on the Nevada portion of its USA flagship Gold Springs project.
Highlights include:
- 0.82 g/t gold equivalent over 36.6 meters within hole WP-21-005,
- 1.40 g/t gold equivalent over 15.3 meters within hole WP-21-006,
- 0.70 g/t gold equivalent over 13.7 meters within hole WP-21-002,
- 0.56 g/t gold equivalent over 19.9 meters within hole WP-21-003.
Randall Moore, Executive Vice President of Exploration, stated: "These results confirm a significant gold system at "White Point".
Our 2021 drilling program has produced 3 significant discoveries:
- at "Tremor" highlighted by 1.00 g/t gold equivalent over 163.1 meters
- at "Charlie Ross" highlighted by 1.17 g/t gold equivalent over 45.7 meters
- at "White Point" highlighted by 0.82 g/t gold equivalent over 36.6 meters .
The Gold Springs project is developing as we hoped with 4 resources at "North Jumbo", "South Jumbo", "Grey Eagle", and "Thor" open to expansion and with new gold discoveries on 3 additional targets, where we believe we can add new resources in 2022.
We are still waiting for results in the coming weeks on 15 additional holes at "Tremor" and on 7 holes at "Charlie Ross"."
(For additional information about the "Charlie Ross" and "Tremor" drill results, please refer to GRC's press releases dated October 19 and December 3, 2021)
2021 ongoing drilling program:
The Company's 2021 drilling program has now ended as the first major snowstorm has closed access to the site. The Company will now focus on completing the detailed logging of the 2021 drill holes, updating current models and developing new ones for the new discovery areas.
Plans for 2022 include updating the resource in the first quarter and restarting the drilling program as soon as weather conditions permit, which is expected to be in late March 2022.
White Point Target
"White Point" is located 400 meters west of the "Grey Eagle" resource area and is characterized by gold-bearing sheeted veins and breccias. The holes completed at "White Point" this year are expanding the knowledge of the controls for the gold mineralization in this structurally complex area. "White Point" is situated in an area along a caldera margin that has been impacted by radial and circular fracture systems associated with the caldera. These drill results, which trace gold mineralization for over 200 meters at "White Point", will assist in the development of a model to aid in the planning of future drill programs.
Drilling highlights include
Hole
| From (m)
| To (m)
| Thickness** (m)
| Gold (g/t)
| Silver (g/t)
| Gold Equivalent*
(g/t)
| WP-21-002
| 61.0
| 74.7
| 13.7
| 0.62
| 6.0
| 0.70
| WP-21-003
| 79.2
| 99.1
| 19.9
| 0.50
| 4.3
| 0.56
| and
| 121.9
| 129.5
| 7.6
| 0.56
| 3.9
| 0.61
| WP-21-004
| 54.9
| 106.7
| 51.8
| 0.32
| 3.65
| 0.37
| WP-21-005
| 27.4
| 64.0
| 36.6
| 0.74
| 5.8
| 0.82
| including
| 27.4
| 36.6
| 9.2
| 1.36
| 11.8
| 1.52
| including
| 50.3
| 59.5
| 9.2
| 1.15
| 6.9
| 1.25
| and
| 132.6
| 147.8
| 15.2
| 0.41
| 18.6
| 0.67
| WP-21-006
| 3.0
| 6.1
| 3.1
| 1.28
| 6.8
| 1.37
| and
| 15.2
| 18.3
| 3.1
| 0.77
| 13.2
| 0.95
| and
| 33.5
| 48.8
| 15.3
| 1.31
| 6.5
| 1.40
| including
| 33.5
| 44.2
| 10.7
| 1.75
| 8.4
| 1.87
|
* Gold Equivalent calculated at $1,800/oz gold and $25/oz silver
** True thickness is estimated to be 70-90% of total thickness
Drill Hole Table
Hole ID
| Easting UTM NAD 27
| Northing
| Elevation Meters
| Azimuth
| Inclination
| TD (m)
| WP-21-001
| 756410
| 4201030
| 2132
| 300
| -45
| 274.3
| WP-21-002
| 756418
| 4201000
| 2153
| 270
| -45
| 207.3
| WP-21-003
| 756451
| 4200913
| 2124
| 210
| -45
| 152.4
| WP-21-004
| 756452
| 4200916
| 2099
| 270
| -45
| 146.3
| WP-21-005
| 756380
| 4200944
| 2112
| 90
| -50
| 158.5
| WP-21-006
| 756333
| 4201006
| 2112
| 90
| -45
| 182.9
| WP-21-007
| 756372
| 4201110
| 2104
| 250
| -60
| 195.1
| WP-21-008
| 756317
| 4201023
| 2017
| 300
| -45
| 167.6
| WP-21-009
| 756333
| 4200956
| 2094
| 120
| -70
| 128.0
|
Qualified Person
The Qualified Person on the Gold Springs property is Randall Moore, Executive Vice President of Exploration of GRC, and he has reviewed and approved the content of this press release. The Qualified Person verified the data disclosed herein for its geological reasonableness, checked all the inputs and verified the analytical data through an analysis of the blanks and standards submitted with the drill-chip samples.
Quality Assurance and Quality Control
Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 meters drill interval. Standards and blanks are submitted into the sample stream at the rate of 15% for QA/QC purposes. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC sample assays are also reviewed for their geological context and checked against the drill logs.
Assay Method
Assays were performed in Sparks, Nevada by ALS Geochemistry, ISO 9001:2000 Certified and independent laboratories. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 5 g/t re-assayed using a 30-gram sample and a gravity finish. All other elements were analyzed by a four-acid leach ICP method.
Director Resignation
The Company also announces that Robert van Doorn has tendered his resignation as a director of the Company. The Company thanks Robert for his contributions and wishes him well on his future endeavours.
About Gold Springs Resource Corp.
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its PEA-stage Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Gold Springs Resource Corp. Contact:
Antonio Canton, President and CEO
acanton@goldspringsresource.com
Forward Looking Statements
Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "potential", "plan", "next", "continue", "will", and similar expressions, and include the Company's belief that it will be able to complete an updated mineral resource estimate for the Gold Springs project in 2022. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com . The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.
Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.
SOURCE: Gold Springs Resources Corporation |
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| To: LoneClone who wrote (162218) | 12/18/2021 2:27:25 PM | | From: LoneClone | | | | Star Alliance International Signs Definitive Agreement to Acquire 51% Of the Honduran Gold Mining Company
accesswire.com
Friday, December 17, 2021 9:03 AM
Star Takes Control effective January 1, 2022
WESTLAKE VILLAGE, CA / ACCESSWIRE / December 17, 2021 / Star Alliance International Corp. (OTC Pink: STAL) ("STAR"). STAR has signed definitive agreements to purchase 51% of Compania Minera Metalurgica Centro Americana S.A. ("Commsa") which owns and operates 5 gold mines in Honduras. STAR takes control effective January 1, 2022
These five operating mines are gold producing now, but production will substantially increase with the added cash we plan to invest and the use of our Genesis ore extraction process. Production costs will be considerably lower and gold recovery will increase dramatically. The cost of this acquisition, including working capital, is $7,500,000 in cash and restricted stock of STAR.
Richard Carey, Chairman and CEO of Star Alliance International, commented, "This acquisition is a major step forward in the growth of our Company. From January 1, 2022 forward, we will be consolidating the financials of Commsa and generating revenue from the operating mines. Our fantastic acquisition team has worked tirelessly to make this transaction happen. We are looking forward to 2022. Keep watching, more news will be released as it becomes available."
About Star Alliance International Corp.
Star Alliance International Corp. ("the Company", "we", "us") was incorporated in the State of Nevada on April 17, 2014 under the laws of the State of Nevada.
In August 2019, following a change in control, the Company acquired the mining claims, buildings and equipment from Troy Mining Corporation. The Project is located at the base of the "gold mother lode" in one of the three major vein belts where the greatest concentration of minerals settled over the years in California.
Since August 2019, although delayed by Covid 19 and the problems created by the fires in California last year, the Company has worked with the government departments so that a plan of operation of the mine can be submitted and approved.
Our gold estimates have been confirmed by geologists showing significant reserves of gold located in veins within the areas that are covered by our mining leases.
While primarily a gold recovery project, the geologist and assay reports indicate the amount of recoverable silver available in quantity is equal to that of gold which adds significantly to the bottom-line profit.
The Company plans to commence mining as soon as is feasibly possible.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information, contact Richard Carey
E Mail: info@staralliancemines.com
Web Site: staralliancemines.com
Twitter: @staralliancein1
SOURCE: Star Alliance International Corp. |
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| To: LoneClone who wrote (162219) | 12/18/2021 2:37:14 PM | | From: LoneClone | | | | Galantas Gold Drills 10.1 g/t Gold and 93.5 g/t Silver Over 6.5 Metres at the Omagh Project
ca.finance.yahoo.com
Galantas Gold Corporation
Mon., December 13, 2021, 2:30 p.m.·6 min read
Figure 1
Joshua Vein long-section view showing the FR-DD-21-171 intersections and other key intersections that lie along the proposed ‘dilation zone’ trend.
Joshua Vein long-section view showing the FR-DD-21-171 intersections and other key intersections that lie along the proposed ‘dilation zone’ trend.Figure 2
Kearney Vein long-section view showing part of the resource model, the FR-DD-21-UG-172 intersections and other key vein intersections.
TORONTO, Dec. 13, 2021 (GLOBE NEWSWIRE) -- Galantas Gold Corporation (TSX-V & AIM: GAL; OTCQX: GALKF) (“Galantas” or the “Company”) is pleased to announce results from its ongoing 4,000-metre drilling program at the Omagh Project in Northern Ireland.
Drilling highlights:
Hole FR-DD-21-171 intersected 10.1 grams per tonne (g/t) gold (Au), 93.5 g/t silver (Ag) and 3.4% lead (Pb) over 6.5 metres (see Table 1 for details). This hole, drilled from surface, successfully targeted a potential ‘dilation zone’ within the Joshua Vein and is located approximately 120 metres from hole OM-DD-15-155 drilled in 2015 which intersected 9.9 g/t Au over 21.6 metres (estimated true width of 13 metres) (see Figure 1).
Hole FR-DD-21-UG-172 drilled from the underground at the Kearney Vein intersected two zones of mineralization including 10.4 g/t Au, 50.5 g/t Ag and 2.4% Pb over 2.8 metres (see Figure 2).
Mario Stifano, CEO of Galantas, commented: “We are very pleased with the continued success of our exploration program which continues to demonstrate high-grade mineralization at Omagh, particularly high-grade gold in wider dilation zones at both Kearney and Joshua veins. We look forward to providing further updates on drill results and our mine production plan in the near future as we advance this unique opportunity to significantly grow high-grade resources at Joshua and Kearney, which remain open on strike and to depth, while also producing gold.”
Dilation zones which have potential for higher widths of mineralization have previously been identified within the Kearney underground development and are believed to be linked on shallow north-dipping planes (see press release on May 6, 2020). Figure 1 illustrates the location of hole FR-DD-21-171 on a potential dilation trend within the Joshua Vein, relative to other key intersections, including hole OM-DD15-155 drilled in 2015, which returned 9.9 g/t Au over 21.6 metres (estimated true width of 13 metres).
The dilation zones identified at the Joshua Vein, located approximately 400 metres from the main Kearney Vein, are expected to be incorporated into mine planning and future mine development, including potential plans to drill Joshua from underground to advance mining and resource expansion. The underground development in Kearney is 370 metres from the Joshua Vein, of which 152 metres have already been advanced in the cross cut, with 218 metres of development remaining to reach the Joshua Vein.
Table 1: Summary of drill results.
Hole ID
| Azimuth/
Dip (degrees)
| Intersect (m) (downhole)
| Est. true width (m)
| Intersect vertical depth (m)
| Gold (g/t)
| Silver
(g/t)
| Lead
(%)
| Core loss (%)
| FR-DD-21-UG-172
| 287.7/66.1
| 1.6
| 0.5
| 117
| 4.1
| 17.9
| 0.9
| 1.9
| and
| 287.7/66.1
| 2.8
| 1.0
| 121
| 10.4
| 50.5
| 2.4
| 8
| FR-DD-21-171
| 258.6/47.4
| 0.5
| 0.3
| 35
| 4
| 10.3
| 0.6
| 0
| and
| 258.7/48.4
| 6.5
| 4.3
| 73
| 10.1
| 93.5
| 3.4
| 12
| FR-DD-21-169
| No significant mineralization
| FR-DD-21-167
| No significant mineralization
| FR-DD-21-166
| 277.3/48.6
| 0.9
| 0.6
| 88
| 5.3
| 35.5
| 0
| 0
| FR-DD-21-165
| 260.5/72
| 1.1
| 0.3
| 104
| 2.4
| 6.2
| 0
| 0
| and
| 260.5/72
| 0.9
| 0.3
| 107
| 1.4
| 13.2
| 0
| 0
|
Notes:
Drill holes were HQ size and drilled using a triple tube method to maximize core recovery. The samples were analyzed (gold by fire assay and other metals by ICP-ORE) at ALS Laboratory Ltd (ISO 17025) of Galway, Ireland.
Intersect vertical depths intervals are from ground surface to the top of the mineralized zone.
Data has been rounded to 1 decimal place.
Figure 1: Joshua Vein long-section view showing the FR-DD-21-171 intersections and other key intersections that lie along the proposed ‘dilation zone’ trend.
globenewswire.com
Figure 2: Kearney Vein long-section view showing part of the resource model, the FR-DD-21-UG-172 intersections and other key vein intersections.
globenewswire.com
Qualified Person & QA/QC
Scientific or technical disclosures in this press release have been reviewed and approved by Dr Sarah Coulter, who is considered, by virtue of her education, experience and professional association, a Qualified Person under the terms of NI 43-101. Dr Coulter is not considered independent under NI 43-101 as she is the Chief Geologist of Galantas Gold Corporation.
The Company systematically submits standards, duplicates and blanks as part of a QA/QC program. Verification of the data by the QP includes a review of the QA/QC results, with no issues being revealed.
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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
About Galantas Gold Corporation
Galantas Gold Corporation is a Canadian public company that trades on the TSX-Venture Exchange and the London Stock Exchange AIM market, both under the symbol GAL. It also trades on the OTCQX Exchange under the symbol GALKF. The Company's strategy is to create shareholder value by operating and expanding Northern Ireland's first gold mine.
Enquiries
Galantas Gold Corporation
Mario Stifano: Chief Executive Officer
Email: info@galantas.com
Website: www.galantas.com
Telephone: +44 (0)28 8224 1100
Grant Thornton UK LLP (AIM Nomad)
Philip Secrett, Harrison Clarke, George Grainger
Telephone: +44(0)20 7383 5100
Panmure Gordon & Co (AIM Broker & Corporate Adviser)
Nick Lovering, Hugh Rich
Telephone: +44(0)20 7886 2500
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including the results of exploration programs and mine development planning for the Omagh Gold Project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas’ actual results, the performance or achievements to differ materially from those expressed or implied by the forward looking statements or strategy, including: gold price volatility; discrepancies between actual and estimated production, actual and estimated metallurgical recoveries and throughputs; mining operational risk, geological uncertainties; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of or availability of key employees; additional funding requirements; uncertainties regarding planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas’ forward-looking statements are discussed in greater detail in the section entitled “Risk Factors” in Galantas’ Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law. |
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| To: LoneClone who wrote (162220) | 12/18/2021 2:41:13 PM | | From: LoneClone | | | | Galane Gold Commences Commercial Production at Galaxy
ca.finance.yahoo.com
Galane Gold Ltd
Wed., December 15, 2021, 5:00 a.m.·5 min read
TORONTO, Dec. 15, 2021 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG; OTCQB: GGGOF) is pleased to announce that it has commenced commercial production at its Galaxy operations.
During the final quarter of 2021, production at Galaxy has continued to increase and as a result, the operation is considered to have started commercial production. This is in line with the Company’s expectations and represents a significant milestone for Galane.
Galane’s management has also carried out an extensive reforecast of production for the next two years and can provide the following guidance:
2022 – Payable gold ounces of between 15,500 to 18,500 at an all-in sustaining cost of between $900 to $1,000(1)(2)
2023 – Payable gold ounces of between 24,000 to 27,000 at an all-in sustaining cost of between $750 to $850(1)(2)
Management has now started a comprehensive review of options to increase production through the exploitation of the 21 other mineralised bodies at Galaxy. Based on the current forecasted production, as at the end of 2023, Galaxy will still be operating at 70% of the current plant capacity.(1)(2)
Galane Gold CEO, Nick Brodie commented: “The results at Galaxy continue to exceed our expectations and we intend to provide the market with an update in the second quarter of 2022 on the impressive results we are seeing from our grade control drilling at the Galaxy ore body on the initial 22 level.”(1)
About Galane Gold
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana, South Africa and New Mexico. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange under the symbol “GG” and the OTCQB under the symbol “GGGOF”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane Gold is committed to operating at world-class standards and is focused on the safety of its employees, respecting the environment, and contributing to the communities in which it operates.
Notes:
| (1)
| This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes”.
| (2)
| The all-in sustaining cost and deposits at Galaxy are supported by a technical report entitled “NI 43-101 Technical Report on the Galaxy Gold Mine, South Africa” which was issued on July 3, 2020 (the “Technical Report”), with an effective date of June 29, 2020, a copy of which is available under the Company’s profile on www.sedar.com. The Technical Report was prepared by Minxcon (Pty) Ltd and approved by Mr. Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.) Pr.Sci.Nat., MGSSA, and Mr. Daniel (Daan) van Heerden, B Eng (Min.), MCom (Bus. Admin.), MMC, Pr.Eng., FSAIMM, AMMSA, both “qualified persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and independent of the Company for the purposes of NI 43-101.
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Cautionary Notes
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding Company’s ability to make up for lost production at Mupane, the projected increase in production as the Company starts to mine at Galaxy, the recommencement of production at the Summit mine, the Company’s future financial position and results of operations, strategy, proposed acquisitions, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements.
Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to: the Company’s dependence on three mineral projects; gold price volatility; risks associated with the conduct of the Company’s mining activities in Botswana, South Africa and New Mexico; regulatory, consent or permitting delays; risks relating to the Company’s exploration, development and mining activities being situated in Botswana, South Africa and New Mexico; risks relating to reliance on the Company’s management team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks arising from the Company’s fair value estimates with respect to the carrying amount of mineral interests; mining tax regimes; risks arising from holding derivative instruments; the Company’s need to replace reserves depleted by production; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or development activities; lack of infrastructure; employee relations, labour unrest or unavailability; health risks in Africa; the Company’s interactions with surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; risks related to restarting production; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; development of the Company’s exploration properties into commercially viable mines; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; risks related to the market perception of junior gold companies; and litigation risk. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.
Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been prepared and approved by Kevin Crossling Pr. Sci. Nat., MAusIMM. and Business Development Manager for Galane Gold, and a “qualified person” as defined by NI 43-101. Mr. Crossling has verified the technical and scientific data disclosed herein and has conducted appropriate verification on the underlying data.
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.
For further information please contact:
Nick Brodie
CEO, Galane Gold Ltd.
+ 44 7905 089878
Nick.Brodie@GalaneGold.com
www.GalaneGold.com |
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