|To: LoneClone who wrote (162387)||12/21/2021 4:30:07 PM|
|Osisko Mining Recaps Windfall Drill Program Results With Top 21 Intercepts of 2021|
Osisko Mining Inc.
Tue., December 21, 2021, 5:00 a.m.·3 min read
TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Osisko Mining Inc. (OSK:TSX. "Osisko" or the "Corporation") is pleased to provide a recap of the 2021 drill program and the top 21 intercepts of the year from its 100% owned Windfall gold project located in the Abitibi greenstone belt, Urban Township, Eeyou Istchee James Bay, Québec.
The 2021 drill program at Windfall included over 360,000 metres in over 900 drill holes from surface and underground. The drilling focused on infill and expansion of the mineralized zones defined in the February 2021 mineral resource estimate (see Osisko news release dated February 17, 2021) with the objectives of converting inferred resources into the measured and indicated categories in support of the upcoming feasibility study, expanding known zones, and defining new zones.
This year’s top intercepts demonstrate once again the high-grade nature of the Lynx zones, with some of the best intervals of the project. However, Caribou zone ranks first overall this year with 3,979 g/t Au over 2.3 metres. The table below presents the "Top 21 intercepts" from this year’s drill program based on metal factor (grade*length).
WINDFALL 2021 TOP 21 INTERCEPTS BY METAL FACTOR
|Rank||Hole No.||From (m)||To (m)||Interval (m)||Au (g/t) uncut||g*metres uncut||Zone|
The scientific and technical content of this news release has been reviewed, prepared and approved by Mr. Louis Grenier, M.Sc.A., P.Geo. (OGQ 800), Director of Exploration for Osisko's Windfall gold project, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Quality Control and Reporting Protocols
True width determination is estimated at 55-80% of the reported core length interval for the zone. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.5 g/t Au diluted over core lengths of at least 2.0 metres. NQ core assays were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at (i) ALS Laboratories in Val d'Or, Québec, Vancouver, British Colombia, Lima, Peru or Vientiane, Laos (ii) Bureau Veritas in Timmins, Ontario. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using a Four Acid Digestion-ICP-MS method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
About the Windfall Gold Deposit
The Windfall gold deposit is located between Val-d'Or and Chibougamau in the Abitibi region of Québec, Canada. The Mineral Resource Estimate (“MRE“) defined by Osisko, as disclosed in the news release dated February 17, 2021 is supported by the technical report entitled “Preliminary Economic Assessment Update for the Windfall Project” dated April 26, 2021 (that includes Windfall Mineral Resource Estimate with an effective date of November 30, 2020), and assuming a cut-off grade of 3.50 g/t Au, comprises 521,000 tonnes at 11.3 g/t Au (189,000 ounces) in the measured mineral resource category, 5,502,000 tonnes at 9.4 g/t Au (1,668,000 ounces) in the indicated mineral resource category and 16,401,000 tonnes at 8.0 g/t Au (4,244,000 ounces) in the inferred mineral resource category. The key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in the February 17, 2021 news release are further described in the full technical report prepared by BBA Inc. in accordance with NI 43-101 and is available on SEDAR ( www.sedar.com) under the Corporation's issuer profile. The Windfall gold deposit is currently one of the highest-grade resource-stage gold projects in Canada and has world-class scale. Mineralization occurs in three principal zones: Lynx, Main Zone, and Underdog. Mineralization is generally comprised of sub-vertical zones following intrusive porphyry contacts plunging to the northeast. The resources are defined from surface to a depth of 1,600 metres as it now includes the Triple 8 (T8) zone. The resources excluding T8 are defined from surface to a depth of 1,200 metres. The deposit remains open along strike and at depth. Mineralization has been identified at surface in some areas and as deep as 2,625 metres in others with significant potential to extend mineralization down-plunge and at depth.
About Osisko Mining Inc.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of gold resource properties in Canada. Osisko holds a 100% interest in the high-grade Windfall gold deposit located between Val-d'Or and Chibougamau in Québec and holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area and nearby Quévillon area (over 2,600 square kilometres).
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains the forward-looking information pertaining to, among other things: the Windfall gold deposit being one of the highest-grade resource-stage gold projects in Canada and having world-class scale; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Windfall gold deposit; timing and ability of Osisko to file a technical report for the mineral resource estimate disclosed in this news release; the timing and ability of Osisko, if at all, to publish a feasibility study for the Windfall gold deposit; the amount and type of drilling to be completed and the timing to complete such drilling; the focus of the remaining infill drilling; the trend of grade increase; the Lynx zone remaining open to expansion down plunge; upgrading a inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling at the Windfall gold deposit; the significance of historic exploration activities and results. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management's geological modelling; the ability of Osisko to complete further exploration activities, including (infill) drilling; property and royalty interests in the Windfall gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Osisko cannot assure shareholders and prospective purchasers of securities of the Corporation that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Osisko nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Osisko does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
Chief Executive Officer
Telephone (416) 363-8653
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|To: LoneClone who wrote (162388)||12/21/2021 4:34:19 PM|
|Apollo Receives Drill Permit for Waterloo Project and Provides Activity Update|
Apollo Gold & Silver Corp.
Mon., December 20, 2021, 4:00 a.m.·9 min read
VANCOUVER, British Columbia, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Apollo Silver Corp. (TSX.V:APGO, OTCQB:APGOF, FSE:6ZF) (“Apollo” or the “Company”) is pleased to announce that it has received its Conditional Temporary Use Permit (the “Drill Permit”) from the County of San Bernardino (“the County”) authorising the 2022 proposed drilling activities at the Waterloo Silver-Barite Project. (the “Waterloo Project”).
2022 Drill Permit for the Waterloo Project received from the County;
Maiden resource declaration for Waterloo and Langtry on track for completion in the first quarter of 2022;
3-D induced polarization survey underway, acquisition at Waterloo complete; and
2021 geological mapping program completed.
“2022 will be a defining year for the Company,” Apollo CEO, Tom Peregoodoff, commented. “Our maiden resource estimation work program at the Waterloo and Langtry silver-barite projects is well advanced with results expected in the first quarter of 2022. With the receipt of the Drill Permit from the County, we are well placed to deliver against the stated objectives of our 2022 proposed drill program. The permit took less than six weeks to process and issue and I believe this is indicative of the supportive view of mining activities within the County and the relationship we are building with key stakeholders.”
2022 Waterloo Drill Permit and Proposed Program
The County issued Drill Permit is effective from February 1, 2022, for a one-year period, subject to annual renewal by written request for up to five years. The Drill Permit is subject to a number of conditions as provided by the County, one of which is the submission of a required reclamation bond totalling US$113,757, which has been posted by Apollo. The Drill Permit as granted allows as much flexibility in the final drill program design as possible.
As previously reported (see news release December 6, 2021) the now permitted 2022 drill program will focus on four primary objectives:
Refine the understanding of the distribution of high-grade silver mineralization;
Expand silver mineralization and test for other styles of mineralization;
Test newly identified targets; and
Obtain relevant geotechnical data and samples for the planned metallurgical testing program.
The proposed 2022 drill program will utilize existing infrastructure (access roads and drill pads) on private lands. Updates on final drill program design and drill collar locations can be expected in early 2022.
Waterloo and Langtry Technical Program Update
The on-the-ground technical program at the Waterloo and Langtry projects began mid-November with a rolling three-dimensional (“3D”) ground induced polarization (“IP”) and resistivity survey. The ground IP survey is being conducted across both the Waterloo and Langtry properties (covering 16 km2) by Dias Geophysical of Saskatoon, Saskatchewan, Canada. The goal of the survey is to provide a detailed 3D model of chargeability and resistivity across the projects to discern important structural and lithological features and identify possible extensions to mineralisation down to a depth of 400 m. At time of writing the survey was complete at Waterloo, with Langtry anticipated to be finished in late January 2022. Preliminary results of the 3D inversion of Waterloo are expected to be made available in January. Results from the complete survey will be incorporated into the definition of the 2022 drill program.
Detailed geological field mapping was recently completed by Dr. Warren Pratt, a renowned geologist with over 30 years experience exploring and mapping mineralized systems worldwide. His work was focused on the Langtry project which had never before been mapped in detail. Follow up work was completed at Waterloo where he previously completed detailed mapping for the previous operator Pan American Minerals (a wholly-owned subsidiary of Pan American Silver Corp.), in 2008 and 2012. This is the first time that both Langtry and Waterloo have been mapped simultaneously and will allow for a better understanding of the underlying mineral system in the broader context. The results of Dr. Pratt’s work will be incorporated into 3D geology models and will be part of the foundational work of the maiden resource estimate currently being undertaken by Stantec.
The scientific and technical data contained in this news release was reviewed and approved under the supervision of Cathy Fitzgerald, P.Geo., Vice President Exploration and Resource Development, a Qualified Person as defined by National Instrument 43- 101 Standards of Disclosure for Minerals Projects. Ms. Fitzgerald is a registered Professional Geoscientist in British Columbia, Canada.
For further information about the Waterloo Project please see the 2021 N.I. 43-101 technical report “NI 43-101 Technical Report Waterloo Project, California, USA” with an effective date of May 12, 2021, and about the Langtry Project please see the 2021 N.I. 43-101 technical report “NI 43-101 Technical Report Langtry Project, California, USA” with an effective date of December 1, 2021. Both reports are prepared by H. Samari and L. Breckenridge of Global Resource Engineering, Ltd., and are available on www.sedar.com and www.apollosilver.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Chief Executive Officer
For further information, please contact:
Chief Executive Officer
Telephone: +1 (604) 428-6128
About Apollo Silver Corp.
Apollo Silver Corp. has assembled an experienced and technically strong leadership team who have joined to advance world class precious metals projects in tier-one jurisdictions. The Company is focused on advancing its portfolio of three significant pure silver exploration and resource development projects, the historical Waterloo and Langtry projects, in San Bernardino California and Silver District Project in Arizona.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Company’s properties; the timing and completion of the anticipated declaration of resource estimates at the Company’s silver-barite projects; the evaluation of the quality of the historical data collection, historical estimates, geological models, drilling and assay data, data sets prepared by and acquired from previous operators; timing, execution and cost of future exploration, drilling, metallurgical testing and geophysical program plans and targets; success of exploration activities; the estimation of mineral resources; and conclusions of economic evaluations. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is inherently subject to known and unknown risks, significant operational, economic, and competitive uncertainties, contingencies and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to risks related to the Company’s goal of creating shareholder value by concentrating on the development of the Waterloo project, the Langtry project, or the AZ Silver District project (the “Properties”); believing that the Properties have the potential to contain economic silver deposits; the Company’s assessment of future plans for the Properties; managements’ economic outlook regarding future trends; the Company’s exploration budget for the Properties; and in particular, the availability of equipment, skilled labour and services needed, timing and the amount of the expected budget; the Company’s ability to meet its working capital needs at the current level in the short term; expectations with respect to raising capital; sensitivity analysis on financial instruments may vary from the amounts disclosed; government regulation and environmental liability; relations with local stakeholders and the surrounding communities; general business and economic conditions; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration results, interpretation of exploration results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 pandemic, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those discussed or referred to in the Company’s continuous disclosure filings with the securities regulatory authorities in Canada, available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, other factors could also cause materially different results. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162389)||12/21/2021 4:36:30 PM|
|Fortuna receives San Jose Mine environmental impact authorization |
December 20, 2021 05:00 ET | Source: Fortuna Silver Mines Inc.
VANCOUVER, British Columbia, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce that the Secretaría de Medio Ambiente y Recursos Naturales (“SEMARNAT”) has granted a twelve (12) year extension of the environmental impact authorization (“EIA”) at the San Jose Mine, located in Oaxaca, Mexico.
Fortuna appealed the decision of the authority which denied the San Jose Mine EIA extension application (refer to Fortuna news release dated November 11, 2021). After continued dialogue and technical evaluation, SEMARNAT confirmed operations at the San Jose Mine are conducted in accordance with all environmental obligations under the EIA. Following confirmation of compliance, SEMARNAT reassessed Fortuna’s application and granted the extension on the existing EIA terms.
The San Jose Mine has been the subject of 13 environmental audits by Procuraduría Federal de Protección al Ambiente (“PROFEPA”), most recently in early December 2021, and has never been cited for pollution or environmental damage. The operation sources its industrial water requirements from the Ocotlán Sewage Treatment Plant and the capture and storage of rainfall. The mine, the single largest employer in the region of Valles Centrales, provides direct employment to over 1,200 people which includes approximately 15 percent women. The Company has sustainable development initiatives with various neighboring communities and works with over 150 small local enterprises. Fortuna continues to maintain transparent and constructive dialogue with local stakeholders and authorities and operates adhering to strict environmental standards.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian precious metals mining company with four operating mines in Argentina, Burkina Faso, Mexico and Peru, and a fifth mine under construction in Côte d'Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Carlos Baca | firstname.lastname@example.org
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; expenditures; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include among others, changes in general economic conditions and financial markets; the impact of the COVID-19 pandemic on the Company’s mining operations and construction activities; the duration and impacts of COVID-19 on the Company’s production, workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained could cause a slowdown in global economic growth; uncertainties related to the impacts of COVID-19 which may include: changing market conditions, changing restrictions on the mining industry in the countries in which the Company operates, the ability to operate as a result of government imposed restrictions, including restrictions on travel, the transportation of concentrates and doré, access to refineries, the impact of additional waves of the pandemic or increases of incidents of COVID-19 in the countries in which we operate; the duration of any suspension of operations at the Company’s mines as a result of COVID-19 which may affect production and the Company’ business operations and financial condition; the easing of travel restrictions imposed in Argentina which were put in place to curb the spread of COVID-19; changes in prices for gold, silver and other metals; changes in the prices of key supplies; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; the ability of the current exploration programs to identify and or expand mineral resources, operational risks in exploration and development; delays or changes in plans with respect to exploration or development projects; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources; changes to production and cost estimates; governmental and other approvals; changes in government, political unrest or instability in countries where Fortuna is active; fluctuations in currencies and exchange rates; the imposition of capital control in countries in which the Company operates; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that the reconciliation of mineral reserves at the Company’s mines remains consistent with the mineral reserve model; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and impacts of COVID-19 on the Company’s production, workforce, business, operations and financial condition, and the risks relating to a global pandemic, which unless contained could cause a slowdown in global economic growth; government mandates in Peru, Mexico, Argentina, Burkina Faso and Côte d’Ivoire with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations; government and the Company’s attempts to reduce the spread of COVID-19 which may affect many aspects of the Company’s operations, including transportation of personnel to and from site, contractor and supplier availability and the ability to sell or deliver concentrate and doré; the expected trends in mineral prices and currency exchange rates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals and permits will be obtained for the Company’s business and operations; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162390)||12/21/2021 4:41:15 PM|
|Sonoro Announces Commencement of 10,000 Meter Drilling Program and Closing of $3,000,000 Private Placement |
Sonoro Gold Corp.
Tue., December 21, 2021, 6:00 a.m.
“THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES”
VANCOUVER, British Columbia, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce the closing of its previously announced non-brokered private placement of 16,666,667 units (the “Units”) at $0.18 per unit, for aggregate gross proceeds of $3,000,000 (the “Offering”). Each Unit consists of one Sonoro Common Share and one Share Purchase Warrant. Each warrant entitles the holder to purchase one additional Sonoro Common Share for a period of two years from the closing date at an exercise price of $0.30 per share.
All securities issued and issuable in connection with the Offering will be subject to a 4-month plus one day hold period ending April 21, 2022. The Offering has received conditional acceptance from the TSX Venture Exchange but remains subject to receipt of final approval from the TSX Venture Exchange.
In connection with the Offering, the Company entered into finder’s fee agreements with iA Capital Markets, PI Financial Corp., Haywood Securities Inc., IBK Capital Corp. and GloRes Securities Inc. (collectively, the “Finders” and each, a “Finder”) pursuant to which the Company paid to each Finder:
at the election of the Finder, either a cash finder’s fee or Units equal to a maximum 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder, and
non-transferable finder’s warrants (the “Finder’s Warrants”) equal in number to 7% of the gross proceeds raised from subscribers introduced to the Company by the Finder. Each Finder’s Warrant entitles the Finder to purchase one common share in the capital of the Company at a price of $0.30 for a period of two years following the closing of the Offering.
In total, the Company paid $47,420.30 in Finder’s fees and 263,447 in non-transferable Finder’s Warrants.
Directors and Officers of the Company participated in the Offering by subscribing for 3,011,461 Units, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company’s market capitalization.
The net proceeds from the Offering will be used primarily to fund a 10,000-meter drilling campaign now underway at the Company’s Cerro Caliche Gold Project in Sonora, Mexico and will also be used for concession maintenance and general working capital.
As announced on October 25, 2021, the drilling program will focus on expanding the project’s oxide gold mineralization included in the updated Resource Estimate announced September 15, 2021, as well as the potential higher-grade targets recently identified by a surface sampling program. Previously announced sample assay results returned grades between 2.5 and 14.3 grams of gold per tonne and revealed multiple oxide gold mineralized “windows” with strong stockwork quartz veining and broad zones of gold and silver mineralization. Drilling will also focus on extending mineralization in the southeast region of the concession that was excluded from the updated resource estimate due to lack of required drilling density.
Sonoro’s President and CEO, Kenneth MacLeod, stated, “We are excited to have commenced the next phase of drilling and anticipate another successful program. The wealth of technical data amassed to date suggests the potential to increase the resource within the project’s known mineralized structures as well as the potential for higher grade and extended mineralized structures identified through scout drilling and surface sampling.”
Sonoro’s Chairman of the Board, John Darch, added, “I believe participation by Sonoro’s directors and officers for over 18% of the current financing is a clear demonstration of our confidence in the success of the Cerro Caliche Project. I am also very pleased we have resumed drilling and are assessing the potential for higher-grade near-surface gold and silver mineralization. Increasing the size and grade of the resource could potentially extend the life of the proposed Heap Leach Mining Operation (HLMO) thereby materially improving the economics for the conceptual 15,000 tonnes per day HLMO.”
About Sonoro Gold Corp.
Sonoro Gold Corp. is a publicly listed exploration and development Company holding the near-development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.
|On behalf of the Board of SONORO GOLD CORP.|
|President & CEO|
For further information, please contact:
Sonoro Gold Corp. - Tel: (604) 632-1764
Forward-Looking Statement Cautions:
This press release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the Cerro Caliche project, and future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties, including statements regarding the amount of financing proposed to be raised, intended use of the financing proceeds, and outlook for the results of the contemplated drilling program. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective" and similar expressions, or that events or conditions "will", "would", "may", "can”, "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavorable exploration and test results, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs. 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.
“This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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|To: LoneClone who wrote (162391)||12/22/2021 12:44:30 PM|
|Mineros Acquires Legal Ownership of 20% Interest in La Pepa Project Joint Venture |
Mineros S.A. Dec 22, 2021, 07:41 ET
MEDELLIN, Colombia, Dec. 22, 2021 /CNW/ - Mineros S.A. (TSX: MSA) (CB: MINEROS) ("Mineros" or the "Company") is pleased to announce that it has, through its subsidiary, Mineros Chile SpA ("Mineros Chile"), acquired shares representing 20% of the issued capital of Minera Cavancha SpA ("Minera Cavancha"), a joint venture entity that holds a 100% interest in the La Pepa Project (the "Share Acquisition"). Concurrently with such acquisition, Mineros Chile, Minera Yamana Chile SpA ("Minera Yamana"), a subsidiary of Yamana Gold Inc. ("Yamana"), and Minera Cavancha entered into a shareholder agreement dated December 20, 2021, pertaining to Minera Cavancha and operations at the La Pepa Project (the "La Pepa Shareholder Agreement").
The Share Acquisition and entry into the La Pepa Shareholder Agreement follow the Company's exercise on June 25, 2021, of its option to acquire a 20% beneficial interest in the La Pepa Project under an option agreement dated December 14, 2018, and effective as of July 2, 2019, between the Company, Mineros Chile, Yamana, and Minera Cavancha (the "La Pepa Option Agreement"). Under the La Pepa Option Agreement, the Company has the option to earn an additional 31% interest (for an aggregate 51% interest) in the La Pepa Project subject to incurring certain expenditures and other conditions, and thereafter to acquire Yamana's remaining 49% interest in Minera Cavancha at fair market value. For further information, see the final prospectus of the Company dated November 11, 2021, available on SEDAR at www.sedar.com.
ABOUT THE LA PEPA PROJECT
The La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt in northern Chile. Mineros is exploring the La Pepa Project with the objective of developing and expanding a porphyry-style gold system, similar to other gold systems in the Maricunga Gold Belt.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia, Nicaragua and Argentina and a pipeline of development and exploration projects throughout the region.
The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all our operations.
Mineros' common shares are listed on the Toronto Stock Exchange under the symbol "MSA", and on the Colombia Stock Exchange under the symbol "MINEROS".
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes, but is not limited to, information relating to exploration of the La Pepa Project, and any future exercise of rights under the La Pepa Option Agreement.
Forward-looking information is necessarily based on opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the results of mineral exploration, market conditions, the price of gold, currency fluctuations, and the factors discussed under "Risk Factors" in the final prospectus of the Company dated November 11, 2021 (the "Final Prospectus"), available on SEDAR at www.sedar.com. In addition, there may be other risk factors not presently known to the Company or that the Company presently believes is not material. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary differ materially from those expressed in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE Mineros S.A.
For further information: Fiona Childe, Investor Relations, (647) 496-3011, Investor.email@example.com; Patricia Ospina, Investor Relations Manager, (+57) 42665757, firstname.lastname@example.org
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162392)||12/22/2021 12:46:26 PM|
|Marathon Gold Reports Additional Berry Infill Drill Results|
Marathon Gold Corporation
Wed., December 22, 2021, 4:30 a.m.
Results include 7.77 g/t Au over 8m, 83.07 g/t Au over 1m, 1.57 g/t Au over 39m, 2.19 g/t Au over 17m
Location Map, Valentine Gold Project
Location Map, Valentine Gold ProjectFigure 2
Location of Berry Deposit Exploration Drill Hole Collars VL-21-1074 to VL-21-1088
Location of Berry Deposit Exploration Drill Hole Collars VL-21-1074 to VL-21-1088Figure 3
Long Section of the Berry Deposit (View NW) Incorporating all Drilling up to and Including VL-21-1088 and Assays Above 0.3 g/t Au
Long Section of the Berry Deposit (View NW) Incorporating all Drilling up to and Including VL-21-1088 and Assays Above 0.3 g/t AuFigure 4
Cross Section 14050E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project
Cross Section 14050E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold ProjectFigure 5
Cross Section 14050E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project
TORONTO, Dec. 22, 2021 (GLOBE NEWSWIRE) -- Marathon Gold Corporation (“Marathon” or the “Company”; TSX: MOZ) is pleased to report the latest drill assay results from the Valentine Gold Project in central Newfoundland (the “Project”; Figure 1). These latest results represent fire assay data from the latest fifteen diamond drill holes completed as part of the ongoing in-fill drill campaign at the 1.5 kilometre long Berry Deposit, and the last Berry drill results to be received from the assay laboratory prior to the year-end. Highlights include:
VL-21-1083 intersected 7.77 g/t Au over 8 metres including 28.68 g/t Au over 1 metre;
VL-21-1088 intersected 83.07 g/t over 1 metre, and 22.13 g/t Au over 1 metre, and 2.27 g/t Au over 10 metres;
VL-21-1075 intersected 1.57 g/t Au over 39 metres including 10.06 g/t Au over 1 metre and including 11.93 g/t Au over 1 metre, and 4.21 g/t Au over 3 metres including 11.64 g/t Au over 1 metre; and
VL-21-1081 intersected 2.19 g/t Au over 17 metres including 15.95 over 1 metre, and 21.28 g/t Au over 1 metre; and
VL-21-1076 intersected 2.05 g/t Au over 8 metres, and 3.74 g/t Au over 4 metres including 13.36 g/t Au over 1 metre;
All quoted intersections comprise uncut gold assays in core lengths. All significant assay intervals are reported in Table 1.
Matt Manson, President and CEO, commented: “We are releasing today the latest results from the 2021 infill drill program at the Berry Deposit. We continue to see the steady bulking-up of this important new discovery over its full 1.5 kilometre length. These results represent the last batch of Berry sample assays expected to be received prior to the year end. We are awaiting results from an additional 80 drill holes from Berry completed as part of the 2021 drill program. These will be released in the new year as they are received, along with 44 drill holes completed in 2021 at the Sprite and Victory Deposits. As a reminder, the initial Berry Mineral Resource estimate published in April 2021 comprised 0.64 Moz classified as Inferred Mineral Resources in 11.33 Mtonnes at 1.75 g/t Au. This estimate was based on 42,000 metres of Berry drilling completed as of November 2020. The next Berry estimate will be based on over 100,000 metres of drilling completed to the end of November 2021, and is expected to be completed in the second quarter of next year.”
Matt Manson continued: ”Guidance on our 2022 exploration program at the Valentine Gold Project will be provided in January upon its approval by the Board of Directors, but we expect another vigorous year of drilling focussed on both Mineral Resource growth and new discovery.”
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. Please see the National Instrument 43-101 Technical Report dated April 23, 2021 for a summary of the Mineral Reserves and Mineral Resources at the Valentine Gold Project.
Gold mineralization at the Valentine Gold Project is contained predominantly within shallowly southwest dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veins. At the Leprechaun, Marathon and Berry Deposits, these QTP-Au veins form densely stacked and northwest plunging “Main Zone” envelopes within intrusive host rocks on the hanging wall (northwest) side of the Valentine Lake Shear Zone (“VLSZ”; Figure 1). The extent of mineralization appears related to the size and frequency of sheared mafic dykes which extend northeast-southwest within the hanging wall, parallel to the shear zone.
Figure 1: Location Map, Valentine Gold Project
The results released today are derived from fifteen drill holes located broadly between section 13750E within the western conceptual pit shell utilized in the April 2021 Berry Mineral Resource estimate and section 14680E within the eastern conceptual put shell (Figures 2 and 3). All fifteen holes were oriented steeply down to the northwest testing for Main Zone-type stacked QTP-Au mineralization in “Set 1” vein orientations progressively further out into Berry’s hanging wall rocks (Figures 4 and 5).
All of the fifteen drill holes returned “significant” drill intercepts of greater than 0.7 g/t Au (Table 1), and all returned additional intercepts with gold grades above the 0.3 g/t Au cut-off used in the April 2021 Berry Mineral Resource estimate.
Figure 2: Location of Berry Deposit Exploration Drill Hole Collars VL-21-1074 to VL-21-1088
Figure 3: Long Section of the Berry Deposit (View NW) Incorporating all Drilling up to and Including VL-21-1088 and Assays Above 0.3 g/t Au
Table 1: Significant Assay Intervals from Drill Hole Collars VL-21-1074 to VL-21-1088, Berry Deposit, Valentine Gold Project
|Gold g/t||Gold g/t|
Notes on the Calculation of Assay Intervals
“Significant” assay intervals are defined as 1m core length or more of mineralization with an average fire assay result of greater than 0.7 g/t Au, representing the bottom cut-off for high-grade mill feed in the Marathon April 2021 Feasibility Study mine plan. Assay intervals with an average fire assay result of between 0.3 g/t Au and 0.7 g/t Au are above the cut-off used in the April 2021 Mineral Resource estimate for the Berry Deposit but are not considered “significant” for the purposes of this news release.
Cut gold grades are calculated at 30 g/t Au.
Figure 4: Cross Section 14050E (View NE) with Significant (>0.7 g/t Au) Intercepts, Berry Deposit, Valentine Gold Project
Figure 5: Cross Section 14050E (View NE) with all Fire Assay Data, Berry Deposit, Valentine Gold Project
Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Nicholas Capps, P.Geo. (NL), Manager of Exploration for Marathon Gold Corporation. Exploration data quality assurance and control for Marathon is under the supervision of Jessica Borysenko, P.Geo (NL), GIS Manager for Marathon Gold Corporation. Both Mr. Capps and Ms. Borysenko are qualified persons under National Instrument (“NI”) 43-101. The Qualified Person responsible for the preparation of the April 2021 Mineral Resource estimate for the Berry Deposit is Robert Farmer, P.Eng. of John T Boyd Company. Mr. Farmer is considered to be “independent” of Marathon and the Valentine Gold Project for purposes of NI 43-101.
Quality Assurance-Quality Control (“QA/QC”)
QA/QC protocols followed at the Valentine Gold Project include the insertion of blanks and standards at regular intervals in each sample batch. Drill core is cut in half with one half retained at site, the other half tagged and sent to Eastern Analytical Limited in Springdale, NL. All reported core samples are analyzed for Au by fire assay (30g) with AA finish. All samples above 0.30 g/t Au in economically interesting intervals are further assayed using metallic screen to mitigate the presence of coarse gold. Significant mineralized intervals are reported in Table 1 as core lengths and estimated true thickness (70 - 95% of core length), and reported with and without a top-cut of 30 g/t Au applied.
Marathon (TSX:MOZ) is a Toronto based gold company advancing its 100%-owned Valentine Gold Project located in the central region of Newfoundland and Labrador, one of the top mining jurisdictions in the world. The Project comprises a series of five mineralized deposits along a 20-kilometre system. An April 2021 Feasibility Study outlined an open pit mining and conventional milling operation over a thirteen-year mine life with a 31.5% after-tax rate of return. The Project has estimated Proven Mineral Reserves of 1.40 Moz (29.68 Mt at 1.46 g/t) and Probable Mineral Reserves of 0.65 Moz (17.38 Mt at 1.17 g/t). Total Measured Mineral Resources (inclusive of the Mineral Reserves) comprise 1.92 Moz (32.59 Mt at 1.83 g/t) with Indicated Mineral Resources (inclusive of the Mineral Reserves) of 1.22 Moz (24.07 Mt at 1.57 g/t). Additional Inferred Mineral Resources are 1.64 Moz (29.59 Mt at 1.72 g/t Au). Please see Marathon’s Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities and available at www.sedar.com for further details and assumptions relating to the Valentine Gold Project.
For more information, please contact:
To find out more information on Marathon Gold Corporation and the Valentine Gold Project, please visit www.marathon-gold.com.
Cautionary Statement Regarding Forward-Looking Information
Certain information contained in this news release, constitutes forward-looking information within the meaning of Canadian securities laws (“forward-looking statements”). All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that Marathon expects to occur are forward-looking statements. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “considers”, “intends”, “targets”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. We provide forward-looking statements for the purpose of conveying information about our current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. More particularly and without restriction, this news release contains forward-looking statements and information about the FS and the results therefrom (including IRR, NPV5%, Capex, FCF, AISC and other financial metrics), the realization of mineral reserve and mineral resource estimates, the future financial or operating performance of the Company and the Project, capital and operating costs, the ability of the Company to obtain all government approvals, permits and third-party consents in connection with the Company’s exploration, development and operating activities, the potential impact of COVID-19 on the Company, the Company’s ability to successfully advance the Project and anticipated benefits thereof, economic analyses for the Valentine Gold Project, processing and recovery estimates and strategies, future exploration and mine plans, objectives and expectations and corporate planning of Marathon, future environmental impact statements and the timetable for completion and content thereof and statements as to management's expectations with respect to, among other things, the matters and activities contemplated in this news release.
Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. In respect of the forward-looking statements concerning the interpretation of exploration results and the impact on the Project’s mineral resource estimate, the Company has provided such statements in reliance on certain assumptions it believes are reasonable at this time, including assumptions as to the continuity of mineralization between drill holes. A mineral resource that is classified as “inferred” or “indicated” has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of mineral resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into proven and probable mineral reserves.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; uncertainty as to estimation of mineral resources; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources); the potential for delays or changes in plans in exploration or development projects or capital expenditures, or the completion of feasibility studies due to changes in logistical, technical or other factors; the possibility that future exploration, development, construction or mining results will not be consistent with the Company’s expectations; risks related to the ability of the current exploration program to identify and expand mineral resources; risks relating to possible variations in grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; operational mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity and power prices, foreign exchange rate fluctuations and changes in interest rates; the uncertainty of profitability based upon the cyclical nature of the mining industry; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or other stakeholder approvals or in the completion of development or construction activities; risks related to environmental regulation and liability, government regulation and permitting; risks relating to the Company’s ability to attract and retain skilled staff; risks relating to the timing of the receipt of regulatory and governmental approvals for continued operations and future development projects; political and regulatory risks associated with mining and exploration; risks relating to the potential impacts of the COVID-19 pandemic on the Company and the mining industry; changes in general economic conditions or conditions in the financial markets; and other risks described in Marathon’s documents filed with Canadian securities regulatory authorities, including the Annual Information Form for the year ended December 31, 2020.
You can find further information with respect to these and other risks in Marathon’s Amended and Restated Annual Information Form for the year ended December 31, 2020 and other filings made with Canadian securities regulatory authorities available at www.sedar.com. Other than as specifically required by law, Marathon undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results otherwise.
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|To: LoneClone who wrote (162393)||12/22/2021 12:47:25 PM|
|Silver Dollar Updates Exploration Drilling at the La Joya Silver Project in Durango, Mexico The Company is fully funded for 2022 exploration |
Vancouver, British Columbia--(Newsfile Corp. - December 22, 2021) - Silver Dollar Resources Inc. (CSE: SLV) (OTCQB: SLVDF) ("Silver Dollar" or the "Company") is pleased to report that a total of 1,134 metres of core drilling has been completed through five holes at the La Joya silver project located in the state of Durango, Mexico (See Figure 1).
The initial drilling program is focused on target development on the Noria portion of the La Joya property with an emphasis on testing for possible structural extensions of known mineralized zones identified in historical drilling. Results from this program are expected to provide valuable information regarding two possible high-grade concepts and will assist in guiding future phases of drilling.
Figure 1: Click on the image above to view a two-minute video introducing the La Joya Project
If you cannot view the video above, please visit:
Image Source: newsfilecorp.com
Drill hole statistics are presented below in Table 1 and drill hole target descriptions are as follows:
The first two holes, NOR-21-001 and NOR-21-002, targeted possible westward and downward extensions of the resource shell related to the past-producing Embotelladora mine, the largest of the historic mines on the La Joya property. Both holes cut limestone for almost their entire length but with more intense skarn alteration and mineralization from 70-110 metres (m) and 90-160 m, respectively.
Hole NOR-21-003 was drilled to test the historical 1993 Luismin hole S-5 that had a shallow interval of 3.86 grams per tonne (g/t) gold (Au) over 15.24 m starting at 42 m but was not included in the historical resource wireframes. This short 69 m hole was designed to confirm the reported mineralization and advance it to National Instrument (NI) 43-101 standards.
Hole NOR-21-004 was drilled to test the deep high-grade "San Martin" type mineralization intercepted in historical hole LB96-04 (starting at 401.65m with 406 g/t silver equivalent [AgEq] over 8.65 m and 302 g/t AgEq over 3.5 m, including 812 g/t AgEq over 3 m) and was expected to cut mineralization between 360-400 m. The direction of this hole significantly deviated to the south and failed to intercept the expected mineralization but was extended down to 558 m to test mineralization near the main intrusive contact.
Hole NOR-21-005 is a 100 m step out to test the northward extension of mineralization in historical hole LJ-DD12-96 which intercepted 0.31 g/t Au over 17 m.
|Drill Hole #||Target |
|Target Depth (m)||X|
Table 1: Drill hole details
"The drilling campaign at La Joya is progressing well, and our crew will take a well-deserved two-week break over the holidays," said Mike Romanik, president of Silver Dollar. "We expect 2022 to be a big year for our Company, thank all our shareholders for their support this past year, and wish everyone a safe and happy holiday season."
Logging and sampling of the drill core is in progress and core samples are being submitted on a hole-by-hole basis for analysis. Results will be reported as they are received.
Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the contents of this news release on behalf of the Company.
About Silver Dollar Resources Inc.
Silver Dollar is a mineral exploration company that completed its initial public offering in May 2020 and is fully funded for 2021 with approximately $10 million in the treasury. The Company's projects are located in two of the prolific mining jurisdictions in the world and include the advanced exploration and development stage La Joya Silver Project in the state of Durango, Mexico; and the discovery-stage Pakwash Lake and the Longlegged Lake properties in the Red Lake Mining District of Ontario, Canada. The Company has an aggressive growth strategy and is actively reviewing potentially accretive acquisitions with a focus on drill-ready projects in mining-friendly jurisdictions internationally.
For additional information, you can download our latest presentation by clicking here and you can follow us on Twitter by clicking here.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
President, CEO & Director
Silver Dollar Resources Inc.
Direct line: (204) 724-0613
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9
This news release may contain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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|To: LoneClone who wrote (162394)||12/22/2021 12:49:21 PM|
|Commerce Resources Intersects 2.19% REO over 302.0 m, including 2.94% REO over 35.5 m at the Ashram Deposit, Quebec |
Wednesday, December 22, 2021 3:05 AM
VANCOUVER, BC / ACCESSWIRE / December 22, 2021 / Commerce Resources Corp. (TSX-V:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce assay results received for the first four (4) holes completed at the Ashram Rare Earth and Fluorspar Deposit ("Ashram Deposit") as part of the 2021 drill program. The field program, completed in July-August 2021 in support of the Ashram Project's Prefeasibility Study, included twelve (12) drill holes totalling 2,814 m focused on resource infill within the planned open-pit shell.
Core sample assay highlights include:
The primary objective of the 2021 drill program at Ashram was to improve the confidence of the mineral resource (inferred -> indicated -> measured) in support of an updated mineral resource estimate to be completed as part of the ongoing Prefeasibility Study, which will also determine the initial mineral reserve estimate for the Ashram Project. Based on the drilling to date, the Company anticipates a large portion of Ashram's current inferred and indicated resources will be converted to indicated and measured resources.
- 2.19% rare earth oxide ("REO") over 302.0 m (EC21-187), including,
- 2.14% REO over 222.7 m (EC21-185), including,
- 1.71% REO over 297.6 m (EC21-183), including,
- 2.44% REO over 24.0 m (EC21-182)
All four (4) drill holes collared in mineralization starting at depths of 1.4 - 4.7 m (core length), consistent with previous drilling, with three (3) of the drill holes remaining mineralized over their entire length. The grades of the infill drilling at Ashram continue to remain strong compared to the current resources' head grades, with wide intervals of greater than 2% REO common.
In addition, the NdPr oxide distribution (i.e. % of Nd+Pr oxide of the total REO) continues to remain very strong compared to active global producers, and commonly ranges from 19 - 24+%, including a 21% NdPr oxide distribution in EC21-187's 302.0 m interval of 2.19% REO. The high distribution of NdPr oxide at Ashram is a result of the monazite dominate rare earth mineralogy and unique chemistry and equates to a relatively high-value end-product that Ashram could supply the market with over the long-term. Grade over width and corresponding NdPr oxide distributions are presented in Table 1, with drill hole highlights and locations presented in Figure 1.
Table 1: 2021 drill hole results for infill drill holes at the Ashram Deposit
Drill hole EC21-182 was completed as a vertical step-out at the northern margin of the deposit. The hole collared in mineralization before trending out of and back into at depth, indicating the geometry of the deposit in this location flares out near surface. The northern margin of the deposit remains open with mineralization continuing to be intersected in step-out holes, as is evidenced by EC21-182.
Drill holes EC21-183 and 187, were part of a group of four (4) holes (EC21-183, 184, 187, and 193) which targeted the region beneath the shallow bay (<1.5 m water depth) on Centre Pond, in the north-central area of the deposit. These drill holes were completed at various orientations, resulting in the drill holes crossing the deposit at different oblique angles, and were primarily completed to help constrain the geological model. The drill holes continue to re-enforce the strong mineralization (and NdPr distribution) in this area of the deposit.
Drill hole EC21-185 was completed in the central area of the deposit and returned strong mineralization, as expected, at 2.14% REO (20.3% NdPr oxide distribution) over 222.7 m, including 2.35% over 93.5 m. This drill hole ended in strong mineralization with the last 15 m of the hole averaging 2.88% REO, and the last sample assaying 2.69% REO.
As the Ashram Deposit is known to continue for more than 600 m in depth, and remains open, the 2021 drill holes were ended at pre-determined depths below the anticipated pit shell, and therefore, most holes completed as part of the infill drilling at Ashram ended in mineralization, including EC21-182, 183, 185, and 187.
The Company notes that it carried out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. The Company successfully navigated the process to enter Nunavik with authorization obtained to complete its planned field activities. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec. The Company is also pleased to report that no cases of COVID-19 were documented related to the 2021 exploration program.
Quality Assurance / Quality Control (QAQC)
A quality assurance / quality control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Drill holes were sampled from top to bottom and shipped to Activation Laboratories in Ancaster, ON, for analysis.
Lab analysis included major oxides and multi-element, including the rare earth elements, by ICP-OES/MS following a lithium borate fusion (package 8-REE) and fluorine by Fusion Specific Ion Electrode-ISE (Code 4F-F). Standard drill core sample preparation was completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1).
About the Ashram Deposit
The Ashram Deposit ranks as one of the largest REE (and fluorspar) deposits globally, consisting of a monazite dominated, single mineralized body outcropping at surface, and has a footprint approximately 600 m along strike, over 300 m across, and 600 m deep, remaining open in several directions. The deposit hosts a measured resource of 1.6 million tonnes (Mt) at 1.77% rare earth oxide (REO) and 3.8% F, an indicated resource of 27.7 Mt at 1.90% REO and 2.9% F, and an inferred resource of 219.8 Mt at 1.88% REO and 2.2% F, at a cut-off grade of 1.25% REO (Effective Date July 5th, 2012). Note, mineral resources are not mineral reserves as they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.
Figure 1: 2021 drill assay highlights - Ashram Deposit
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and ‘Qualified Person' as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, supervised the preparation of the technical information in this news release.
About Commerce Resources Corp.
Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located in Quebec, Canada. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (>45% REO) mineral concentrates at high recovery (>70%) in line with active global producers. In addition to being one of the largest rare earth deposits globally, Ashram is also one of the largest fluorspar deposits globally and has the potential to be a long-term supplier to the met-spar and acid-spar markets.
For more information, please visit the corporate website at www.commerceresources.com or email email@example.com.
On Behalf of the Board of Directors
COMMERCE RESOURCES CORP.
President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that we expect to complete an updated mineral resource estimate and a prefeasibility study for the Ashram Project, that we anticipate that certain of Ashram's inferred and indicated resources will be converted to indicate and measured resources; that an open-pit shell is planned for the Ashram Project; and that the Company is positioning to be one of the lowest cost rare earth producers globally. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include: that we may not be able to fully finance any additional exploration on the Ashram Project; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful and even if such tests are successful, the economic and other outcomes may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; the required permits to build and operate the envisaged open-pit shell may not be obtained in a timely or cost-effective manner, or at all; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable; The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
SOURCE: Commerce Resources Corp.
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|To: LoneClone who wrote (162395)||12/22/2021 12:55:13 PM|
|Ivanhoe Mines: Kamoa-Kakula Surpasses Annual Copper Guidance, with More than 100,000 Tonnes Produced |
2021 copper production and 2022 guidance to be published in January 2022
Phase 2 remains on track for early start-up in Q2 2022
Toronto, Ontario--(Newsfile Corp. - December 22, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun are pleased to announce that Kamoa-Kakula's Phase 1, 3.8 million-tonne-per-annum (Mtpa) concentrator plant in the Democratic Republic of Congo (DRC) has exceeded the upper end of annual copper production guidance with more than 100,000 tonnes of copper in concentrate produced year-to-date, as at December 22, 2021. The figures are on a 100%-project basis and metal reported in concentrate is prior to refining losses or deductions associated with smelter terms.
Ivanhoe's 2021 production guidance for contained copper in concentrate produced from Kamoa-Kakula was 92,500 to 100,000 tonnes, which was originally projected to be 80,000 to 95,000 tonnes. The annual production guidance was also previously increased in November, reflecting the successful completion of ramp-up of the Kakula Phase 1 concentrator.
Kamoa-Kakula's 2021 copper production to the end of the year, as well as guidance for 2022 copper production, cost of sales and cash costs, including the start of Phase 2 operations, will be provided in January 2022.
"Kamoa Copper's performance marks an excellent end to what has truly been a banner year for Ivanhoe Mines," commented Founder and Executive Co-Chair Robert Friedland. "We would like to extend heartfelt congratulations to the team at Kamoa-Kakula, who consistently exceeded expectations during the construction and development of the world's newest world-scale copper mine, and have continued that outperformance as we have moved through ramp-up and into full production.
"The Phase 2 expansion remains significantly ahead of schedule, and we are well on the way to doubling annual copper production to approximately 400,000 tonnes starting early in Q2 2022. So far in December, we have seen feed grades in excess of 6% copper and recoveries have also been exceeding our design recovery of 86%, which bodes well for our ability to efficiently ramp-up future expansions at Kamoa-Kakula. Our management team now envisions the Phase 3 concentrator will enter production by the end of 2024.
"Finally, we would like to extend warmest wishes for a peaceful holiday season and a happy and prosperous New Year to all our employees, partners, stakeholders and shareholders. We look forward to an exciting 2022 as we continue to build Ivanhoe Mines into the next major, carbon-neutral global miner by doing things differently … our team is re-inventing the responsible supply chain of the 'electric metals' that the world desperately requires for the energy transition."
A side-by-side aerial of the Phase 1 and Phase 2 (foreground) concentrator plants. The Phase 2 plant is expected to double annual copper production to approximately 400,000 tonnes.
To view an enhanced version of this graphic, please visit:
Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Kamoa Copper's Head of Projects. Mr. Amos has verified the technical data disclosed in this news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc., and Wood plc. The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper joint-venture in the Democratic Republic of Congo and at the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula began producing copper concentrates in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula are being powered by clean, renewable hydro-generated electricity and are projected to be among the world's lowest greenhouse gas emitters per unit of metal produced. Ivanhoe Mines has pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula Copper Mine. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the Democratic Republic of Congo, near the Kamoa-Kakula Project.
Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, the timing and results of: (i) statements regarding the expectation that the Phase 2 concentrator is expected to begin operations in Q2 2022; ii) statements regarding Kamoa-Kakula's Phases 1 and 2 combined are forecast to produce approximately 400,000 tonnes of copper per year; and (iii) statements regarding the expectation to start up the Phase 3 concentrator in Q4 2024.
As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko pre-feasibility study and the Kamoa-Kakula preliminary economic assessment, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the Kamoa-Kakula Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) political factors; (xviii) unforeseen delays or stoppages in shipping and transportation of goods and equipment; (xix) water inflow into the mine and its potential effect on mining operations; and (xx) the consistency and availability of electric power.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the "Risk Factors" section in the company's 2021 Q3 MD&A and its current annual information form.
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|To: LoneClone who wrote (162396)||12/22/2021 1:06:16 PM|
|MLK Gold (CSE: MLK) announces assay results from 2021 Golden Eye and Manuels properties |
MLK Gold Ltd. Dec 22, 2021, 09:00 ET
Company to shift exploration to promising East Zone in 2022.
WINDSOR, NS, Dec. 22, 2021 /CNW/ - MLK Gold Ltd. ( CSE: MLK) ("MLK" or the "Company"), a growth-oriented gold exploration company headquartered in Windsor, Nova Scotia, is pleased to announce assay results from its 2021 fall exploration program at its 100 percent owned Golden Eye Property at Little River in southern Newfoundland and the Manuels low sulphidation epithermal gold occurrence on the Avalon Peninsula.
Golden Eye Au Project mlkgold.com (CNW Group/MLK Gold Ltd.)
MLK President & CEO, Paul Smith, stated: "The results of the 2021 exploration program continue to warrant further exploration as a thick glacial drift is present in both areas and historical exploration has been minimal, especially at the Manuels property. This provides a significant opportunity to further increase MLK's mineralized envelope, which remains a prime objective of our exploration program. We look forward to initiating our Q1/2022 to Q4/2022 agenda which will include a 1,000-metre drilling plan, evaluation of alteration and geological surveys, and establish better controls on structure setting towards the end of 2022."
Golden Eye Highlights:
- The Company is reporting assay results from a total of 90 rock samples of quartz vein material (both bedrock and glacially derived) consisting of several different morphological vein types.
- The highest assay was 8.95 g/t Au with all other assays considered insignificant.
- Samples were collected from the West Zone covering a strike length of approximately 3.1 kilometers.
- Associated mineralogy of the samples included, arsenopyrite, pyrite, chalcopyrite, bornite, chlorite, plagioclase, and muscovite/sericite in addition to quartz.
- Historical grab sample assay results on the property have returned values up to 18.9 g/t Au while diamond drill core assayed up to 2.95 g/t Au over 0.7 metres (DDH: LR-10-02) at the West Zone.
- Map can be found HERE.
The West Zone consists of a series of large, north-south trending, en echelon tension gashes filled with quartz and represent one major veining event with two younger vein emplacement events. Individual veins are up to two-plus metres thick and display multiple injection of silica-rich fluids. The en echelon arrays are up to 20 metres wide with a strike length up to 75 metres. These arrays are spaced at both regular and semi-predictable intervals (200-300 metres) and form a hanging wall sequence to the mineralization in the East Zone.
The Company is encouraged by mineralization occurring along a strike of the Canstar Resources Golden Baie Project where grab samples assayed up to 4,485 g/t Au. This has resulted in the East Zone being a strong focus of the Company's 2022 exploration at the Golden Eye property.
Outlook for 2022:
- The Company carried out soil sampling and a six-hole diamond drilling program on its 100 percent owned low sulphidation, epithermal Manuels gold property near the Town of Conception Bay South on the Avalon Peninsula of Newfoundland.
- Soil sampling on the property returned silver values up to 12.2 g/t Ag over a significant area, but gold values did not correspond with anomalous silver. The soil sample grid will be expanded in 2022 and further evaluate the anomalous silver geochemistry discovered on the property.
- The drill program was focused on depth continuity of two low-grade (~0.5 g/t Au) gold occurrences hosted in deep red coloured silicified rhyolite. At the Boxcar breccia occurrence, assay results from drill core returned up to 0.21 g/t Au with the width of the mineralized zone increased from approximately one metre to more than 11 metres.
- Drilling efforts to intersect deeper mineralization under both the Boxcar and the Farmers Field occurrence resulted in drilling difficulties from block-faulting and both areas were abandoned following a total of 594 metres being drilled.
With a drilling exploration plan initiated for 2022, the Company also engaged Ottawa-based heavy mineral geochemistry and exploration firm, Overburden Drilling Management Ltd. (ODM), to undertake glacial till sampling programs on selected portions of the Company's Caledonia Brook property. With MLK's earlier collection of 23 samples along the northwestern portion of the property, ODM has now collected an additional 111 samples, each weighing approximately 11 kilograms. Results are expected to be reported on all 134 samples in late January once mineral separation and identification has been completed by ODM.
Executive Chairman & Director, Bill Fleming, says the Company's plan to increase exploration efforts and improve target delineation as part of an aggressive 2022 agenda.
"We expect to demonstrate the strength of our operations and proven operating model as we enter a period of significant investment in our exploration plan. In 2022, our focus will be on delivering long-term value to all of our stakeholders and staff through our ongoing commitment to sustainable, inclusive, and responsible mining."
Qualified Persons and 43-101 Disclosure
Paul Smith, P. Geo., President & CEO for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
Golden Eye Au Project
About MLK Gold Ltd.
Founded in 2018, MLK Gold Ltd. is quickly emerging as one of Atlantic Canada's premiere resource exploration companies offering exposure to gold and the strategic metal representing a unique mix of discovery and resource development potential. Invested in a portfolio of gold projects in mining and mineral-rich Newfoundland, MLK's plan is to capitalize on the province's ranking as one of the world's top 10 mining jurisdictions and expand into a long-life, financially sound gold-mining company.
Additional information about the Company and its activities may be found on the Company's website at www.mlkgold.com and under the Company's profile at www.sedar.com.
To view the Company's recent promotional video, please click HERE.
This news release contains certain forward-looking statements. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE MLK Gold Ltd.
For further information: or to arrange an interview, please contact: Michael Kydd, Media & Investor Relations Advisor, Principal, Kydder Group Inc., Phone: (902) 880 6121, Email: firstname.lastname@example.org
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