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   Gold/Mining/EnergyMining News of Note


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To: LoneClone who wrote (162661)1/10/2022 5:27:51 PM
From: LoneClone
   of 167649
 
Basin Uranium Provides 2021 Year in Review

newsfilecorp.com

Vancouver, British Columbia--(Newsfile Corp. - January 10, 2022) - BASIN URANIUM CORP. (CSE: NCLR) ("Basin Uranium" or the "Company") is pleased to provide a summary of the Company's key accomplishments and transformational development in 2021.

"Last year was a year of significant development for the Company, from IPO through to a transformational acquisition, marking the Company's entrance into the uranium industry. This, coupled with $6.1 million raised, will allow the Company to chart a clear course through exploration and unlocking value for shareholders," commented Mike Blady, CEO of Basin Uranium. "The uranium industry is at an inflection point, with spot prices increasing over 60% from the past 24-months, as the world continues to demand 'greener' power with a smaller carbon footprint. Based on stated goals and recent public-policy developments, the demand for uranium will only continue to rise and further outstrip supply."

Mann Lake Project Acquisition

On October 18th, 2021 the Company announced it entered into an option agreement with Skyharbour Resources Ltd. to acquire a 75% interest in the Mann Lake Uranium project located in the Athabasca Basin, Northern Saskatchewan, Canada. The Mann Lake project is comprised of 3,473 hectares (8,582 acre) project is strategically located 25km southwest of the McArthur River Mine, the largest high-grade uranium deposit in the world, and 15 km to the northeast along strike of Cameco's Millennium uranium deposit. The Mann Lake project is also adjacent to the Mann Lake Joint Venture operated by Cameco (52.5%) with partners Denison Mines (30%) and AREVA (17.5%).

Successful Series of Capital Raises

During 2021, the Company successfully completed a series of financings, raising a total of $6.1 million. On November 8th, 2021 the Company completed a non-brokered private placement for $2.5 million through the issuance of 7,144,661 shares at $0.35 per share. On December 7th, 2021, the Company completed a brokered private placement of charity flow-through units for $3.6 million through the issuance of 5.64 million flow-through units at $0.64 comprised of one flow-through share plus one-half warrant exercisable at $0.75 for two years.

Management Additions

On October 28th, 2021 the Company announced the appointment of Mr. Mike Blady as the new Chief Executive Officer and Mr. Joel Leonard joined as Chief Financial Officer. Mr. Blady is an entrepreneur and geologist with over 12 years' experience in the capital markets and natural resource development and has been involved in capital raises in excess of $100 million over the course of his career. Mr. Leonard is the founding Partner of JCL Partners and has worked with public companies for over seven years providing financial reporting and compliance services in senior capacities.

Corporate Developments

In addition to the Company's primary listing on the Canadian Securities Exchange (CSE), the Company listed its shares on the OTC Markets, trading under the US OTC symbol "BURCF," and also on the Frankfurt Stock Exchange under trading symbol "6NP0."

The listing of the Company's shares on the Frankfurt Stock Exchange will broaden the Company's shareholder base in Europe and increase trading activity in its shares, while at the same time facilitating investment in Basin Uranium by the European investing community. The Frankfurt Stock Exchange is the world's third largest organized exchange trading market in terms of turnover and dealing in securities. Only the NASDAQ and the New York Stock Exchanges are larger. The electronic trading platform of the Frankfurt Stock Exchange, XETRA has made it the world's second largest fully electronic cash market.

The listing of the Company's shares on the OTC Markets will broaden the Company's shareholder base in the USA, with a strong US market appeal given the project's North American location, increasing its trading activity and facilitating participation by US-based investors. The shares are currently listed on the OTC Markets PINK sheets and seeking The Depositary Trust Company ("DTC") eligibility.

In addition, the Company is pleased to announce that the Company has engaged Think Ink Marketing Data & Email Services, Inc. ("Think Ink") to provide public relations services. The agreement is for six months at a cost of US$100,000. Services provided by Think Ink include SEM (search engine marketing), search retargeting, email campaigns, and social media optimization (e.g., using tactics such as geofencing). With the exception of the agreement to provide the foregoing services, the Company does not have any relationship with Think Ink. Think Ink does not hold, directly or indirectly, and securities of the Company or a right to acquire such securities.

About Basin Uranium Corp.

Basin Uranium Corp. is a Canadian junior exploration company focused diversified mineral resources. The Company recently acquired an option to acquire a 75% interest in the Mann Lake uranium project, located in the Athabasca basin in Northern Saskatchewan, Canada, and is also currently undertaking the CHG gold exploration project located approximately 15 kilometers northwest of the town of Clinton in south-central British Columbia. The CHG Project consists of seven contiguous mineral claims covering 3,606 hectares.

For further information, please visit newsfilecorp.com or email info@basinuranium.ca.

Mike Blady
Chief Executive Officer
info@basinuranium.ca
604-720-3474

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.

FORWARD-LOOKING STATEMENTS:

Cautionary Note Regarding Forward-Looking Statements: This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation, uncertainties affecting the expected use of proceeds. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

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To: LoneClone who wrote (162662)1/10/2022 5:36:12 PM
From: LoneClone
   of 167649
 
Column: China's lead export boom helps rebalance polarised market

reuters.com

By Andy Home

LONDON, Jan 10 (Reuters) - China's exports of refined lead continued to accelerate over the back end of last year, November's tally of 41,000 tonnes marking the highest monthly total in over a decade.

Outbound shipments started picking up in August and the cumulative total over the first 11 months of 2021 was 89,000 tonnes.

That's the highest level of exports since 2007, a historical comparison that comes with the important caveat that China imposed an export tax on refined lead in June of that year.

The 10% duty constrained outbound flows over the last decade and until last year China had been a net importer since 2016.

The rare inversion of normal trade patterns is a reflection of the abnormal polarisation of the global lead market last year.

As Chinese stocks of lead ballooned, London Metal Exchange (LME) stocks dwindled. High physical premiums for lead, particularly in the United States, signalled a super-tight supply chain resulting from resurgent demand coupled with smelter closures.

China is now coming to the rescue of beleaguered buyers everywhere else, export flows acting as the rebalancing mechanism.



China's refined lead imports highest since 2007

UNUSUAL EXPORTS

China's export volumes in November alone exceeded every yearly total since 2015, which attests to the dramatic nature of the trade inversion.

Outbound shipments have also been heading to highly unusual destinations. China hasn't exported refined lead to the United States since the 2000s but shipped a combined 37,000 tonnes over October and November, according to China's customs department.

Another 11,000 tonnes departed in November for the Netherlands, another extremely rare export destination.

The balance of China's August-November exports was largely split between Taiwan (15,000 tonnes), South Korea (14,000 tonnes) and Vietnam (6,000 tonnes).

It's worth noting that there are LME warehouses in both South Korea and Taiwan. South Korea's Busan saw 6,425 tonnes of lead put on warrant in October and another 6,050 tonnes in November, while Taiwan's Kaohsiung received 2,925 tonnes in October.

However, LME arrivals totalled just 1,100 tonnes in December, suggesting that much of what China has shipped has been absorbed into the physical supply chain or is still waiting to undock.



US physical lead premiums are still high and rising

HIGH PREMIUMS PERSIST

Port congestion and high shipping rates, particularly for containers used to ship refined metal, massively disrupted the lead market last year.

The United States has no domestic primary lead production capacity and the March 2021 closure of Clarios' secondary recycling plant blew a hole in regional supply.

U.S. buyers found themselves at the wrong end of a freight-disrupted global supply chain and paying record premiums for their metal over and above the LME price.

Those premiums are still rising. Fastmarkets' most recent assessment of the U.S. Midwest market for 99.97% lead stands at a fresh record high of 17-20 cents per lb ($375-440 per tonne), up from 15-18 cents in December.

It's clear that what has left from China has yet to improve availability in the spot market, likely reflecting continued port log-jams and trucking issues.

There's similarly little sign of alleviation in Europe's physically stressed market. Indeed, the premium for 99.97% lead in warehouse in Northern Europe currently stands at $30-50 over LME cash, up from $20-30 at the start of December, according to Fastmarkets.

Europe is still feeling the impact of the closure due to flooding of Germany's Stolberg lead smelter last July. The 155,000-tonne per year plant, owned and operated by Ecobat, remains out of action but expected to return after a rebuild in spring this year.

There are a lot of supply gaps to be filled, which is why LME inventory remains so low.

SLOW REBALANCING

LME stocks of lead closed December at 54,375 tonnes, down by 59% - 78,800 tonnes - on the year.

The LME has fulfilled its function as the market of last resort with stocks tapped by desperate buyers.

That role, however, may also mean it's the last in line to receive China's exports.

The LME benchmark cash-to-three-months time-spread remains backwardated, although the cash premium has contracted from last August's peak of $218.50 to $14.75 per tonne at Friday's close.

Despite China's hefty exports, there is still more lead in Shanghai Futures Exchange warehouses - 89,147 tonnes of it - than in the LME's global warehouse network.

Together with Chinese lead production rising by 12.4% in the first 11 months of 2021, there is potential for China to remain a net exporter for some time.

The rest of the world certainly still seems to need the metal.

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To: LoneClone who wrote (162663)1/10/2022 5:38:05 PM
From: LoneClone
   of 167649
 
Goldplay Mining: New Discoveries at the Big Frank Project in BC; Drilling Planned for Summer

accesswire.com

Monday, January 10, 2022 7:00 AM

VANCOUVER, BC / ACCESSWIRE / January 10, 2022 / Goldplay Mining Inc. (TSXV:AUC)(OTCQB:AUCCF)(Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce results from its 2021 field program on the Big Frank Project ("Big Frank", or the "Project"), located in southwestern British Columbia approximately 285 km north of Vancouver, with logging road access to the western Project area.

HIGHLIGHTS

  • 16 grams per tonne ("g/t") gold ("Au") with 1162 g/t silver ("Ag") from grab sample of a newly discovered vein south of Darlene showing
  • 37.3 g/t Au, 174 g/t Ag and 4.3% copper ("Cu") from grab samples confirming mineralization on Conductor F zone near Hannah prospect
  • expansion of copper, molybdenum in soil anomaly by 400m at the Hannah porphyry copper-molybdenum("Mo")-gold prospect
  • discovery of source area of Confederation Glacier historical gold-silver talus fine anomaly
  • initial $1.5 million to be funded from existing cash for 2022 drill program
Catalin Kilofliski, Goldplay Mining President & CEO stated: "We are extremely pleased with recent high grade gold, silver and copper discoveries and expansion of historical copper, molybdenum and gold in soil anomalies made in 2021, further confirming excellent exploration potential at Big Frank. Considering the new discoveries and significant historical results, we have already submitted a drill permit, begun communications with local First Nations and are making preparations for a drill campaign for the summer."

The Project was optioned by Goldplay in late August, 2021. The Project is a prime target for new discoveries based on more extensive exposure of favourable alteration and gossans due to rapidly diminishing glacier cover in an area with known porphyry copper and gold-bearing shear/vein type mineralization. The September 2021 field exploration program (the "Program") focused on an initial examination and evaluation of the Hoodoo North and Hannah porphyry prospects, the Discovery and Conductor F gold zones at Hannah, and the margins of the Darlene gold bearing polymetallic vein and skarn showing and follow up of a 1988 gold-silver talus fine anomaly in the Confederation Glacier area.

A total of 104 rock and 165 soil/talus fine samples were collected by 4 geologists across the 20 km long Project during the Program. Sample locations with thematically plotted gold and copper results are shown on Figures 1 and 2, with significant results from Goldplay's 2021 program labelled.

Hannah Porphyry

Soil sampling in 2021 focused mainly on newly exposed areas (due to glacial retreat) to the north and northwest of the Hannah prospect. The 1 by 1.2 km historical Hannah copper±molybdenum±gold porphyry soil anomaly was extended approximately 400m to the northwest with values ranging from negligible to 243 ppm Mo and 0.57% Cu (average of 52 ppm Mo and 0.064% Cu).

Hannah Prospect Gold Zones

2021 sampling of the Discovery zone confirmed significant previous gold results from shear/vein hosted mineralization yielding 3.06 g/t Au over 3.1m, including 5.72 g/t Au over 1m, from 1988 historical Trench 2 and grab samples of 17.1 g/t with 4.76% Cu, and 7.05 g/t Au with 1.59% Cu from the face of the exposure. Eight grab samples from similar style mineralization at the Conductor F zone, 350m to the west ranged from 1.25 to 37.3 g/t Au (with an average of 18.0 g/t Au), locally with high silver to 174 g/t and copper to 4.25%. Two chip samples from the incomplete exposure at 1988 historical Trench 3 at this location yielded lower results of 0.45 g/t Au over 1.8m. The mineralization at both zones is generally accompanied by extremely high bismuth (to 5077 ppm) and significant silver and copper. Additional conductors were obtained in the 1988 geophysical survey which remain untested.

Other quartz vein zones were grab sampled by Goldplay within the Hannah porphyry alteration zone which returned significant gold results with similar geochemistry as above ± significant to high tellurium (21.59 ppm). Values of 5.45 g/t Au, and 1.12 g/t Au were obtained 500m northwest and 800m north of the Discovery zone and another vein zone about 2 km north of the Discovery zone contained 1.96 g/t Au, 70.8 Ag, 2.75 Cu and 15 ppm bismuth.

Darlene

Goldplay discovered a 30 cm quartz-sulphide vein containing 16.0 g/t Au with 1162 g/t Ag, 0.68% lead and 0.09% zinc ("Darlene South") south of the previously known Darlene skarn/polymetallic vein showing in the northwestern Project area. Three additional samples of smaller veins along a 400m northerly trend returned 0.122 to 0.369 g/t Au with elevated silver, zinc, ± lead. This discovery may represent the southern extent of the source of polymetallic vein float from which the British Columbia Geological Survey obtained 15.5 g/t Au near the Darlene silver-lead vein showing. Additional veins were noted, having been exposed by receding glaciers, which will be sampled during the 2022 field program.

Scattered soil samples through the Darlene South area returned >0.1 to 1.46 g/t Au with anomalous silver, lead, zinc, ± bismuth. The anomalous soils may represent part of a much larger gold anomaly emerging at the edge of an ice field. A 200 by 650m >0.1 to 13.5 g/t Au soil anomaly lies about 700m to the south, with the same geochemical signature except ± tellurium. Extensive quartz veining was encountered within this soil anomaly yielding low anomalous gold values of 0.1 to 0.54 g/t Au, also accompanied by significant silver, bismuth, commonly tellurium and occasional zinc. Veins continue to the south but are less extensive with lower gold.

Confederation Glacier

Follow up of a 1988 historical three station gold-silver talus fine anomaly of 1.24 to 1.55 g/t Au with 4.8 to 11.2 g/t Ag in the Confederation Glacier area led to the discovery of a strong, variably altered zone of clay-sericite and locally strongly silicified Miocene feldspar porphyry about 250m upslope. A weakly brecciated clay-sericite altered sample with oxidized cubic pyrite yielded 5.5 g/t Au. A gold in talus fine anomaly of >0.065 to 2.68 g/t Au (average of 0.91 g/t Au from 14 samples) extends for 300m below the alteration zone and directly uphill of the historical anomaly andis open in both directions. A number of sporadic gold (>0.1 to 0.81 g/t) and copper (>0.1 to 0.33%) in soil values with 0.42 and 0.23% Cu in quartz-sulphide veins lie 400m to the west-northwest of the talus fine anomaly.

Maps are available at the end of the news release and on Company's website.

QAQC

All samples were sent to MS Analytical Laboratories ("MSALabs") in Langley, British Columbia for sample preparation and analysis. At the laboratory, rock sample preparation involved drying, fine crushing to better than 70% passing minus 2 mm, then pulverizing a 250g split to better that 85% passing 75 microns (PRP 910). Soil sample preparation involved drying and screening to minus 80 mesh (PRP-757). For the rocks the fine fraction was analyzed for gold by fire assay on a 30g aliquot with an atomic absorption spectroscopy ("AAS") finish (FAS-111), and for 48 additional elements by four acid digestion and inductively coupled plasma ("ICP") - mass spectroscopy ("MS") ultra trace level analysis (IMS-230). The fine fractions of the soils were analyzed for 39 elements, including gold, by aqua regia digestion and ICP-atomic emission spectroscopy ("AES")/MS ultra trace level analysis on a 20g aliquot (IMS-128). Quality control samples were regularly analyzed by the laboratory and include blanks, certified reference materials, and duplicates of crushed and pulverized material. MSALabs is ISO/IEC 17025:2017 accredited for the procedures performed.

Qualified Person

Jean Pautler, P.Geo., an independent consultant to the Company and a a qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects, examined the Project during the September 2021 exploration program and approved the technical information in this news release.

About Goldplay Mining

Goldplay Mining is a Canadian public company listed on TSXV and in US on OTCQB. Goldplay holds large district scale gold, and copper-gold projects located in BC's Golden Triangle and southwestern BC with potential for world class mineral discoveries. The Company also holds several brownfield gold, and copper-gold projects located in Portugal with near term mining potential.

On behalf of the Board of Directors

"Catalin Kilofliski"

Catalin Kilofliski
President, CEO & Director

For further information please contact:

Goldplay Mining Inc.

Mr. Catalin Kilofliski, President & CEO
Suite 650 - 1021 West Hastings Street
Vancouver, BC V6E 0C3
T: (604) 655-1420
E: catalin@Goldplaymining.ca
www.Goldplaymining.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the exploration potential of the Big Frank Project, including planned future exploration programs. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements involve risks and uncertainties relating to, among other things, results of exploration and development activities, management's discretion to revise proposed exploration programs, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity prices and unanticipated environmental impacts on operations. Although the Company believes current conditions and expected future developments and other factors that have been considered are appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. The statements in this press release are made as of the date of this release. Except as required by law the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

FIGURE 1: GOLD GEOCHEMISTRY

FIGURE 2: COPPER GEOCHEMISTRY

SOURCE: Goldplay Mining Inc.

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To: LoneClone who wrote (162664)1/10/2022 5:39:34 PM
From: LoneClone
   of 167649
 
FIRST ENERGY METALS PROVIDES UPDATE ON PHASE 2 DRILL PROGRAM AT AUGUSTUS LITHIUM PROPERTY

newswire.ca

First Energy Metals Limited Jan 10, 2022, 05:00 ET

VANCOUVER, BC, Jan. 10, 2022 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to provide an update on the progress of Phase 2 exploratory drill program at its Augustus Lithium Property. The drill program was commenced on December 6, 2021 at the Property by Forage Hebert Inc. Drilling of Amos, Quebec. The Phase 2 drilling is being carried out at the following three lithium prospects on the Property.

  • Augustus Lithium Prospect
  • Canadian Lithium / Beluga Lithium Prospect
  • Valor Lithium prospect
To date a total of four NQ size core drill holes have been completed with a cumulative drilling of 907 metres with two drill holes completed at Augustus and Canadian Lithium / Beluga lithium prospects each. The drill rig has been moved to Valor Prospect for further drilling. The current Phase 2 drilling is in addition to the Phase 1 drilling of 5,847.15 metres consisting of 32 drill holes which was completed in 2021.

For the Phase 2 drill program, the same B-20 drill rig has been deployed which has a capacity to drill up to 1,000-meter-deep NQ size core hole. The core shack built during Phase 1 drilling at the village of St-Dominique du Rosaire located about 50km from the Property is being used for drill core logging, sample preparation and storage.

The company is also pleased to inform that initial core inspection indicated all four drill holes intersected pegmatites of variable thicknesses. The core samples are shipped to Activation Laboratories ("ACTLABS"), Ancaster, Ontario for sample preparation and analyses using laboratories code Ultratrace 7 and sodium peroxide fusion (Na2O2). ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Afzaal Pirzada, P.Geo., Geological Consultant of the Company, and a "Qualified Person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

ON BEHALF OF THE BOARD OF
FIRST ENERGY METALS LTD.

"Gurminder Sangha"
Gurminder Sangha
CEO & Director

Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.

Forward-looking Information

Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.

The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

SOURCE First Energy Metals Limited

For further information: please contact the Company at: gsangha@firstenergymetals.com or (604) 375-6005



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From: LoneClone1/10/2022 5:43:20 PM
   of 167649
 
District Samples up to 253.0 g/t Silver, 22.8% Zinc, and 8.6% Lead on the Svardsjo Property

newsfilecorp.com

Vancouver, British Columbia--(Newsfile Corp. - January 10, 2022) - District Metals Corp. (TSXV: DMX) (FSE: DFPP); ("District" or the "Company") is pleased to report on assay results from grab and chip rock samples recovered from geological fieldwork carried out in late-2021 at its polymetallic Svärdsjö Property in the Bergslagen Mining District of south-central Sweden. This fieldwork consisted of reconnaissance prospecting and geochemical sampling at some of the historical mines and showings along a four kilometer mineralized trend within the 1,037 hectare Svärdsjö Property.

Garrett Ainsworth, CEO of District, commented: "These assay results from Svärdsjö show very high grades of polymetallic mineralization which supports the exceptional potential of the property. Significant mineralization remains open beneath and southwest of the historic Svärdsjö and Kompanigruvan Mines, which represents walk up drill targets. Also importantly, numerous other historic mines and showings are strewn across the Svärdsjö Property that appear to have seen little to no modern work. In particular, the Stormyrgruvan showing returned exceptionally high silver-zinc-lead values from a mine dump rock sample, which is especially impressive given the location and size of this showing where no records of modern exploration exist. We are keen to obtain the interpreted data from our recently flown SkyTEM 312 HP electromagnetic and magnetic survey at Svärdsjö, which will provide important layers of information to advance existing targets and identify new targets."

Rock Sample Assay Highlights

  • Chip sampling from outcrop at the Kompanigruvan Pit returned 37.3% ZnEq1 (253.0 g/t Ag, 22.8% Zn, 8.6% Pb, 0.1 g/t Au, and 0.02% Cu). Kompanigruvan is a southwest extension of the historic Svärdsjö Mine where mine maps show that polymetallic mineralization at Kompanigruvan remains open at depth and to the southwest.
  • Grab sampling from mine dumps at the Stormyrgruvan showing returned 29.0% ZnEq1 (133.0 g/t Ag, 15.7% Zn, 7.8% Pb, 0.1 g/t Au, and 1.0% Cu). Stormyrgruvan remains open in all directions with no record of historic drilling.
  • Grab sampling from a historic pit at the Hagsfallgruvan showing returned 18.3% ZnEq1 (58.2 g/t Ag, 9.8% Zn, 7.1% Pb, 0.1 g/t Au, and 0.2% Cu). Hagsfallgruvan remains open in all directions with no record of historic drilling.


  • Rock sample locations are shown in Figure 1, and rock assay results are shown in Table 1.

    Historical records show that mining on the Svärdsjö Property commenced during the 15th century, and the Svärdsjö deposit itself was mined from the mid-1700's until 1989. There is excellent potential for extensions of the known polymetallic mineralization at the Svärdsjö and Kompanigruvan mines, and for new mineralization to be discovered within the Svärdsjö Property2.

    Exploration drilling was conducted by Boliden at the Svärdsjö Mine after it closed in 1989, which revealed a continuation of the Svärdsjö deposit and Kompanigruvan at depth and to the southwest as two separate polymetallic bodies named the Fäbodgruvan and Vilnäset zones (Figure 2). The polymetallic mineralization at these zones consists of sphalerite (zinc), galena (lead and silver), and chalcopyrite (copper and gold), which remains open2.

    In November 2021, District Metals retained SkyTEM Surveys ApS based out of Denmark to undertake a detailed heliborne SkyTEM312 HP (transient electromagnetic - high power) and magnetic survey over the Svärdsjö Property. Electromagnetic and magnetic data from this airborne survey is currently being interpreted and will be reported on when completed. This is the first step of exploration at Svärdsjö that will be followed by detailed geological fieldwork in order to prioritize drill targets.



    Figure 1: Rock Sample Locations and Assays on Svärdsjö Property

    To view an enhanced version of Figure 1, please visit:
    orders.newsfilecorp.com



    Table 1: Svärdsjö Rock Assay Results

    Mine or ShowingSample TypeCommentsAg (g/t)Zn (%)Pb (%)Au (g/t)Cu (%)AgEq (g/t)ZnEq (%)
    StormyrgruvanGrabHistoric mine waste pile with massive sulphide rich boulders dominated by pyrrhotite-sphalerite-galena-chalcopyrite.133.0015.657.840.121.041,123.1228.97
    BoviksgruvanGrabHistoric pit with weak mineralization including trace/disseminated pyrite-chalcopyrite along main foliation. Host rock is skarned with some amphibole-garnets. 7.900.140.020.110.77101.612.62
    KompanigruvanGrabMassive sulphide rock with galena and pyrite-pyrrhotite disseminations/impregnations and sphalerite.54.7011.954.730.040.10694.0917.90
    KompanigruvanChipContact between fine grained felsic volcanic ash-chlorite schist/talc-mineralized zone impregnations of pyrite-chalcopyrite-skarn after limestone-marble. Mineralization is at contact with chlorite schist with massive galena-sphalerite.253.0022.808.640.110.021,446.8637.32
    KoppargruvanGrabMultiple dumps and small mine workings. Mainly magnetite-pyrrhotite dominated as semi-massive or veins. Local boulder with disseminated chalcopyrite associated with massive pyrrhotite-magnetite. 3.600.140.010.160.76101.072.61
    HagfallsgruvanGrabHistoric pit 4 m x 4 m with significant galena and lesser chalcopyrite in amphibole skarn.58.209.757.100.100.21711.1218.34
    MartengasgruvanGrabHistoric mine waste pile with disseminated pyrrhotite-chalcopyrite hosted by a mafic rock with local garnets.16.250.090.020.020.93113.722.93


    Notes:

  • Grab samples were recovered from mine dump piles, and chip samples were recovered from outcrop.
  • Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the Property.
  • Metal prices used in USD for the AgEq and ZnEq calculations were based on Ag $15.00/oz, Au $1650/oz, Cu $2.15/lb, Zn $0.85/lb, and Pb $0.75/lb.
  • AgEq equals = Ag g/t + (Au g/t × 110) + (Cu% × 98.286) + (Zn% × 38.857) + (Pb% × 34.286)
  • ZnEq = Zn% + (Ag g/t × 0.0257) + (Au g/t x 2.831) + (Cu% × 2.529) + (Pb% × 0.882)
  • The use of AgEq and ZnEq is for exploration purposes, and no adjustments were made for metal recovery.


  • Figure 2: Cross Section Facing Northeast at the Fäbodgruvan and Vilnäset Zones2

    To view an enhanced version of Figure 2, please visit:
    orders.newsfilecorp.com

    References

    1 Metal prices used in USD for the ZnEq calculation were based on Ag $15.00/oz, Au $1650/oz, Cu $2.15/lb, Zn $0.85/lb, and Pb $0.75/lb. ZnEq equals = Zn% + (Ag g/t × 0.0257) + (Au g/t x 2.831) + (Cu% × 2.529) + (Pb% × 0.882). The use of ZnEq is for exploration purposes, and no adjustments were made for metal recovery.

    2 A. Fahlvik, 2018: Hydrothermal alteration and lithogeochemical marker units at the Svärdsjö Zn-Pb-Cu deposit, Bergslagen, Sweden, and their implication for exploration.

    Technical Information

    All scientific and technical information in this news release has been prepared by, or approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

    The grab and chip samples reported in this news release were recovered from mine dump piles and outcrops, respectively. A total of seven rock samples were transported to ALS Geochemistry in Malå, Sweden for preparation, and subsequently pulps were sent to ALS Geochemistry in Ireland (an accredited mineral analysis laboratory) for analysis. Samples were analyzed using a multi-element ultra trace method combining a four-acid digestion with ICP-MS analytical package ("ME-MS61"). Over limit sample values were re-assayed for: (1) values of copper >1%; (2) values of zinc >1%; (3) values of lead >1%; and (4) values of silver >100 g/t using the high-grade material ICP-AES analytical package ("ME-OG62"). Additional over limit sample values were re-assayed for: (1) values of zinc >30%; (2) values of lead >20% using the high precision analysis of base metal ores AAS analytical package ("Zn, Pb-AAORE"). Gold, platinum, and palladium were analyzed using the 30 g lead fire assay with ICP-AES finish analytical package ("PGM-ICP23"). Certified standards, blanks, and duplicates were inserted into the sample shipment to ensure integrity of the assay process. Selected samples were chosen for duplicate assay from the coarse reject and pulps of the original sample. No QA/QC issues were noted with the results reported.

    Some of the data disclosed in this news release is related to historical drilling results. District has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. District considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.

    Mr. Ainsworth has not verified any of the information regarding any of the properties or projects referred to herein other than the Svärdsjö Property. Mineralization on any other properties referred to herein is not necessarily indicative of mineralization on the Svärdsjö Property.

    About District Metals Corp.

    District Metals Corp. is led by industry professionals with a track record of success in the mining industry. The Company's mandate is to seek out, explore, and develop prospective mineral properties through a disciplined science-based approach to create shareholder value and benefit other stakeholders.

    The advanced exploration stage Tomtebo Property is located in the Bergslagen Mining District of south-central Sweden is the Company's main focus. Tomtebo comprises 5,144 ha and is situated between the historic Falun Mine and Boliden's Garpenberg Mine that are located 25 km to the northwest and southeast, respectively. Two historic polymetallic mines and numerous polymetallic showings are located on the Tomtebo Property along an approximate 17 km trend that exhibits similar geology, structure, alteration and VMS/SedEx style mineralization as other significant mines within the district. Mineralization that is open at depth and along strike at the historic mines on the Tomtebo Property has not been followed up on, and modern systematic exploration has never been conducted on the Property.

    For further information on the Tomtebo Property, please see the technical report entitled "NI 43-101 Update Technical Report on the Tomtebo Project, Bergslagen Region of Sweden" dated effective October 15, 2020 and amended and restated on February 26, 2021, which is available on SEDAR at www.sedar.com.

    On Behalf of the Board of Directors

    "Garrett Ainsworth"
    President and Chief Executive Officer

    (604) 288-4430

    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 contains certain statements that may be considered "forward-looking information" with respect to the Company within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and any similar expressions. In addition, any statements that refer to expectations, predictions, indications, 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. Forward-looking statements in this news release relating to the Company include, among other things, statements relating to the Company's planned exploration activities, including its drill target strategy and next steps for the Tomtebo Property; the company's interpretations and expectations about the mineralization of the Tomtebo Mine; the Company's belief that the numerous gravity high anomalies identified at the historic Tomtebo Mine provide immense expansion potential; the Company's belief that the modeled gravity high anomalies at the historic Tomtebo Mine could correspond with polymetallic and/or iron sulphide mineralization, or a mafic unit; and the Company's belief that the gravity high anomaly located one kilometer to the northeast of the Tomtebo Mine represents a potential grassroots discovery opportunity with a modeled tonnage that compares with the historic production tonnage from the historic Falun Mine.

    These statements and other forward-looking information are based on opinions, assumptions and estimates made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, as of the date of this news release, including, without limitation, assumptions about the reliability of historical data and the accuracy of publicly reported information regarding past and historic mines in the Bergslagen district; the Company's ability to raise sufficient capital to fund planned exploration activities, maintain corporate capacity and satisfy the exploration expenditure requirements required by the definitive purchase agreement between the Company and the vendor of the Tomtebo Property (the "Tomtebo Purchase Agreement") by the times specified therein; and stability in financial and capital markets.

    Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date such statements are made, 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, including but not limited to risks associated with the following: the reliability of historic data regarding the Tomtebo Property; the Company's ability to raise sufficient capital to finance planned exploration (including incurring prescribed exploration expenditures required by the Tomtebo Purchase Agreement, failing which the Tomtebo Property will be forfeited without any repayment of the purchase price); the Company's limited operating history; the Company's negative operating cash flow and dependence on third-party financing; the uncertainty of additional funding; the uncertainties associated with early stage exploration activities including general economic, market and business conditions, the regulatory process, failure to obtain necessary permits and approvals, technical issues, potential delays, unexpected events and management's capacity to execute and implement its future plans; the Company's ability to identify any mineral resources and mineral reserves; the substantial expenditures required to establish mineral reserves through drilling and the estimation of mineral reserves or mineral resources; the Company's dependence on one material project, the Tomtebo Property; the uncertainty of estimates used to calculated mineralization figures; changes in governmental regulations; compliance with applicable laws and regulations; competition for future resource acquisitions and skilled industry personnel; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; the unlikelihood that shareholders will receive dividends from the Company; potential future acquisitions and joint ventures; infrastructure risks; fluctuations in demand for, and prices of gold, silver and copper; fluctuations in foreign currency exchange rates; legal proceedings and the enforceability of judgments; going concern risk; risks related to the Company's information technology systems and cyber-security risks; and risk related to the outbreak of epidemics or pandemics or other health crises, including the recent outbreak of COVID-19. For additional information regarding these risks, please see the Company's Annual Information Form, under the heading "Risk Factors", which is available at www.sedar.com. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the Company. These factors and assumptions, however, should be considered carefully. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of such factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to publicly update or revise such forward-looking information, except as required by applicable securities laws. All scientific and technical information contained in this news release has been prepared by or reviewed and approved by Garrett Ainsworth, PGeo, President and CEO of the Company. Mr. Ainsworth is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

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    To: LoneClone who wrote (162666)1/10/2022 5:50:22 PM
    From: LoneClone
       of 167649
     
    Happy Creek Intersects 6.7m of 0.43% WO3, including 1.2 m grading 1.83% WO3 at Nightcrawler Zone, Fox Tungsten Project, British Columbia

    thenewswire.com

    January 10, 2022 – TheNewswire - Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSXV:HPY) (OTC:HPYCF) (“Happy Creek” or the “Company”) is pleased to report assays from the 2021 drill and rock sampling program on the road-accessible Fox Tungsten project, located near the community of 100 Mile House in southern British Columbia.

    A total of 2052.7 m were drilled in twelve diamond drill holes. The 2021 drill pattern was designed to in-fill and step-out from previous promising results in three portions of the 3-km-long Nightcrawler – Creek zone, and to attain a pierce-point spacing of approximately 75 m or less to allow for future resource estimation.

    The 2021 drilling was successful in demonstrating the continuity of moderate- to high-grade tungsten skarn (calc-silicate) mineralization in the northern Nightcrawler, southern Nightcrawler South and eastern Creek zones, and in showing that these zones remain open for expansion in several directions. In addition, the drilling confirmed two to six stacked, mineralized horizons are present in Nightcrawler area.

    Five kilometres to the north (Figure 1), detailed prospecting and chip sampling along strike from the RC Zone deposit returned high-grade assays, showing that there is good potential for expansion of the high-grade tungsten deposit into undrilled areas beyond the limits of the current resource*.

    Drilling Results

    Assay and survey results are included in Tables 1 and 2, in plan view on Figure 2, and in cross-sections on Figure 3 and 4.

    In the northern Nightcrawler zone seven holes were drilled to infill and expand the area of near-surface tungsten mineralization. The best 2021 results are hole F21-09 which intersected 6.7 m grading 0.43% WO3, including 1.2 m grading 1.83% WO3 and hole F21-11, which intersected 1.2 m grading 0.67% WO3. The mineralized skarn horizons are now confirmed to dip shallowly south over an area of approximately 250 m east-west by 200 m on the dip. The host rocks dip south at 20 to 25 degrees. This zone has now been intersected in a total of ten holes and remains open up-dip to the north, and down-dip to the south.

    Previous drilling in the southern Nightcrawler zone includes a line of four holes drilled between 2007 and 2015, all of which intersected multiple zones of gently south-dipping tungsten mineralization at shallow depths (e.g. Hole 07F-05 intersected 2 m grading 0.75%, 3 m grading 0.34% and 0.5 m grading 1.8% WO3). 2021 hole F21-05 was collared approximately 50 m west of 07F-05 and intersected six stacked mineralized skarn horizons between 15.54 and 178.14 m down the hole, the best the best of which is 1.5 m grading 0.43 WO3.

    Four holes were drilled in the eastern Creek zone, F21-01 to -04, as step-outs around 2020 hole F20-06 which intersected 3.38 m grading 1.08% WO3 within a thick section of calc silicate (skarn) alteration (see Happy Creek News Release of January 28, 2021). The 2021 holes successfully demonstrated that the skarn-hosted tungsten mineralization extends in the up-dip direction in hole F21-02 (1.0 m grading 0.74% WO3), in the down-dip direction in hole F21-03 (2.2 m grading 0.37% WO3) and to the northwest in hole F21-04 (1.0 m grading 0.49% WO3). This near-surface mineralized zone remains open in several directions, including up-dip to surface to the north.

    Prospecting Results

    During the summer and fall of 2021, the Company conducted prospecting, geological studies and chip sampling in the area of the RC zone deposit, in the Eastern Creek zone target of the Nightcrawler – Creek Zone, and on the west side of the Fox property (Table 3).

    In the vicinity of the RC zone deposit, geological mapping, ultraviolet lamp prospecting, hand trenching, and chip-chisel sampling was performed on new exposures along strike to the north and south. Most of the outcrop in this area is covered by vegetation and talus making it challenging to expose, observe and sample the full thickness of mineralized outcrops. As such, reported sample widths are interpreted to be only a minimum. To the south of the RC deposit and towards the BN deposit, chip samples of new surface exposures 175 and 350 m south of the nearest drill hole returned 0.73% WO3 over 0.90 m, 2.32% WO3 over 1.50 m, 1.69% WO3 over 0.3 m, and 0.62% WO3 over 0.3 m. To the north of the RC deposit, chip samples returned 2.59% WO3 over 1.4 m, 1.16% WO3 over 0.60 m in areas with wide-spaced drill holes. These new outcrop discoveries will help guide future mechanized trenching and drilling to expand the current resource*.

    New trench samples along the east side of the RC deposit, where it daylights in steep bluffs, will complement the current resource model* by allowing the connection of mineralized zones in drill holes to mineralized zones at surface in several areas. Chip samples in this area returned 0.73% WO3 over 0.8 m, 0.39% WO3 over 1.5 m, and 0.90% WO3 over 3.0 m, with mineralized intervals open in width.

    In the Eastern Creek portion of the Nightcrawler - Creek zone, prospecting was done up-dip of the presumed surface projection of high-grade mineralization intersected by 2020 and 2021 drill holes. The prospecting revealed tungsten-bearing skarn boulders and outcrop of monzogranite-alaskite sills over approximately 100 m. Approximately 75% of skarn boulders in this area were observed to contain scheelite under UV light. Grab samples of three boulders returned 0.57%, 1.19% and 2.07% WO3 respectively. This newly located boulder field supports the potential for additional high-grade, near-surface mineralization in the Eastern Creek portion of the Nightcrawler – Creek zone.

    On the western side of the Fox property, multiple prospecting traverses were performed in areas of recent and on-going logging activity. The Fox West area has extensive till cover, however, one skarn boulder was located that returned 3.58% WO3. At higher elevations above the September Zone, large, angular sub-crop and boulders of marble and skarn occur near the contact with monzogranite. Chips from six different boulders returned anomalous tungsten values with up to 0.25% WO3. These results continue to point to the western side of Fox has potential for discovery of tungsten deposits. One traverse across a portion of the monzogranite stock identified abundant quartz veins with molybdenite and returned values of 0.12% molybdenum and 0.188 g/t gold.

    *For details of the current 43-101 resource estimate for the RC, BN and BK deposits at Fox see Happy Creek news release dated February 27, 2018, and the April 9, 2018, technical report, filed under the Company's profile on SEDAR, dated April 9, 2018 and entitled “NI 43-101 Resource Update For the RC and BN Zones and Maiden Resource Estimate for the BK Zone of the Fox Tungsten Project, British Columbia, by Pierre Desautels, P.Geo, AGP Mining Consultants Inc., and Paul Berndt, FAusIMM”.

    Table 1. Tungsten Intercepts for 2021 Drill Holes in the Nightcrawler - Creek Zone, Fox Project.

    Hole #

    Target Zone

    From (m)

    To (m)

    Interval (m)

    WO3 (%)

    F21-01

    Eastern Creek

    No Significant Values

    F21-02

    Eastern Creek

    128.00

    129.00

    1.00

    0.74

    F21-03

    Eastern Creek

    133.00

    135.20

    2.20

    0.37

    Incl.

    133.00

    134.00

    1.00

    0.53

    F21-04

    Eastern Creek

    132.15

    133.15

    1.00

    0.49

    F21-05

    Southern Nightcrawler

    15.54

    16.50

    0.96

    0.20

    F21-05

    35.50

    37.00

    1.50

    0.43

    F21-05

    54.90

    56.20

    1.30

    0.29

    F21-05

    141.00

    142.00

    1.00

    0.13

    F21-05

    158.00

    160.00

    2.00

    0.08

    F21-05

    176.20

    178.14

    1.94

    0.18

    F21-06

    Northern Nightcrawler

    72.04

    75.00

    2.96

    0.08

    F21-06

    90.65

    92.07

    1.42

    0.18

    F21-07

    Northern Nightcrawler

    88.18

    90.96

    2.78

    0.19

    F21-07

    92.00

    94.30

    2.30

    0.08

    F21-07

    97.26

    101.10

    3.84

    0.32

    F21-08

    Northern Nightcrawler

    62.89

    68.20

    5.31

    0.11

    Incl.

    62.89

    64.60

    1.71

    0.14

    F21-08

    95.65

    97.00

    1.35

    0.29

    F21-09

    Northern Nightcrawler

    38.00

    40.00

    2.00

    0.20

    F21-09

    118.20

    122.50

    4.30

    0.08

    F21-09

    137.30

    144.00

    6.70

    0.43

    Incl.

    142.80

    144.00

    1.20

    1.83

    F21-10

    Northern Nightcrawler

    140.00

    142.20

    2.20

    0.26

    F21-10

    151.50

    152.60

    1.10

    0.13

    F21-11

    Northern Nightcrawler

    84.75

    85.95

    1.20

    0.67

    F21-12

    Northern Nightcrawler

    92.65

    94.30

    1.65

    0.08

    Note: The true width of mineralized intervals is estimated to be 70 to 90% of intersected width.

    Table 2. 2021 Nightcrawler – Creek Diamond Drill Holes Survey, Fox Project.

    Hole

    Dip

    Azimuth

    Easting

    Northing

    Collar Elevation (m)

    Depth (m)

    F21-01

    -45

    0 671976

    5769465

    1225

    251.76

    F21-02

    -45

    0 671913

    5769541

    1200

    184.71

    F21-03

    -90

    0 671913

    5769540

    1200

    227.38

    F21-04

    -60

    310

    671912

    5769542

    1200

    155.75

    F21-05

    -65

    0 670960

    5769170

    1267

    260.91

    F21-06

    -55

    0 671353

    5769450

    1208

    107.80

    F21-07

    -80

    180

    671353

    5769452

    1208

    120.70

    F21-08

    -80

    180

    671450

    5769470

    1214

    126.80

    F21-09

    -65

    25

    671406

    5769343

    1227

    184.71

    F21-10

    -90

    0 671406

    5769343

    1227

    206.04

    F21-11

    -50

    0 671250

    5769434

    1217

    111.56

    F21-12

    -80

    180

    671250

    5769437

    1217

    114.60

    Table 3. 2021 Fox Prospecting Results.

    Sample #

    Zone

    Sample Type

    Width (m)

    WO3 (%)

    Other Elements

    F21DB-R-2

    Eastern Creek

    Boulder

    0.57

    F21DB-R-3

    Eastern Creek

    Boulder

    1.19

    F21BK-R-3

    Eastern Creek

    Boulder

    2.07

    F21DB-8

    RC North

    Chip

    1.00

    0.06

    F21DB-9

    RC North

    Chip

    0.80

    0.73

    F21DB-10

    RC North

    Chip

    1.50

    0.39

    F21DB-11

    RC North

    Chip

    0.60

    1.16

    F21DB-12

    RC North

    Boulder

    0.09

    F21DB-13

    RC North

    Chip

    1.40

    2.59

    F21BK-2

    RC North

    Chip

    1.00

    0.03

    F21BK-6

    RC North

    Chip

    3.00

    0.90

    F21DB-4

    RC South

    Chip

    0.30

    1.69

    F21DB-5

    RC South

    Chip

    0.90

    0.73

    F21DB-6

    RC South

    Chip

    1.50

    2.32

    F21BK-2

    RC South

    Chip

    0.55

    0.03

    F21DB-7

    RC South

    Chip

    0.30

    0.62

    F21BK-3

    RC South

    Chip

    1.00

    0.01

    F21BK-4

    RC South

    Chip

    0.80

    0.25

    F21BK-5

    RC South

    Chip

    0.20

    0.19

    F21BK-R-1

    September

    Grab

    0.01

    F21BK-R-2

    September

    Boulder

    0.03

    F21BK-R-4

    September

    Boulder

    0.25

    F21BK-7

    September

    Chip

    0.30

    1240 ppm Mo

    F21BK-8

    September

    Chip

    0.25

    897 ppm Mo, 0.188 g/t Au

    F21DB-R-1

    West

    Boulder

    3.58

    Mr. Peter Hughes, President and CEO of the Company commented “Management is very pleased with the results from the 2021 exploration program at Fox Tungsten. Drilling hit tungsten mineralization in eleven of twelve holes that are further defining a continuous mineralized zone at Nightcrawler and prospecting and geology continues to identify new areas of mineralization that could potentially expand the size of the existing resource. The Company has plenty of well-defined drill targets, exciting new prospects and look forward to executing additional large-scale drill and exploration programs in the future”.

    About Happy Creek Minerals Ltd.

    Happy Creek is focused on making new discoveries and building resources in proximity to infrastructure on its 100-percent-owned portfolio of diversified metals projects in British Columbia. The Company’s Management, Board of Directors and Technical Advisors have solid expertise and depth in the mineral resource sector and capital markets.

    About Fox Tungsten

    Fox Tungsten is a district-scale, high-grade critical mineral project that Happy Creek has advanced from initial discovery to the drill definition stage. The project is host to the RC, BN and RC deposits with current mineral resources (see Happy Creek news release dated Feb. 27, 2018, and the April 9, 2018, technical report filed under the company's profile on SEDAR for details) as well as the Nightcrawler - Creek, Discovery, and South Grid zones which have significant intercepts of tungsten mineralization.

    About Tungsten

    Tungsten is a rare, heavy and hard element used mainly in cemented tungsten carbide and high-speed alloy cutting tools and other high-tech applications. Tungsten has been declared a “critical mineral” by governments in Canada, USA and EU. Currently 85% of world production comes from China.

    More information on the Company’s projects can be found on the Company’s website at www.happycreekminerals.com.

    The Company operates with the principles and guidelines set out for COVID-19 that are established by provincial health and safety authorities to protect workers and the communities in which the Company operates.

    Quality Assurance / Quality Control Procedures

    NQ size diamond drill core was split and sampled over intervals ranging from 0.45 to 3.84 m and averaging approximately 2.0 m. Samples were shipped to, prepared, and analyzed at ALS Canada Ltd (ALS) in North Vancouver, British Columbia. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures. Samples are analyzed for tungsten using ALS’s fusion method W-XRF10, and for trace elements by ultra-trace aqua regia method ME-ICP41. Results for tungsten are presented by ALS in % W. For it’s own reporting, the Company converts W to WO3 (tungsten trioxide) by multiplying the reported W value 1.261 to obtain WO3, which is the compound for which tungsten concentrate and prices are quoted. In addition to ALS internal laboratory quality assurance / quality control, Happy Creek implements an internal QA/QC program that includes the insertion of sample blanks, duplicates, and certified reference standards in the string of drill core samples.

    Qualified Person Statement

    The technical and scientific contents of this release have been prepared, verified and approved by Mike Cathro, P.Geo, a director of the Company, and a qualified person pursuant to National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    On behalf of the Board of Directors,

    “Peter Hughes”

    President and Chief Executive Officer

    FOR FURTHER INFORMATION, PLEASE CONTACT:

    Peter Hughes, President and Chief Executive Officer

    Office Phone: (604) 662-8310

    Email: phughes@happycreekminerals.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The reader is cautioned that results or information from an adjacent property does not infer or indicate similar results or information will or does occur on the subject property. Historical information from the subject or adjacent property cannot not be relied upon as the Company’s QP, a term which was created and defined under NI-43-101, has not prepared nor verified the historical information.

    This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements that address capital costs, recovery, grade, and timing of work or plans at the Company’s mineral projects. Forward-looking information may be, but not always, identified by the use of words such as "seek", "anticipate", “foresee”, "plan", "planned", "continue", "expect", “thought to”, "project", "predict", "potential", "targeting", "intends", "believe", “opportunity”, “further” and others, or which describes a goal or action, event or result such as "may", "should", "could", "would", "might" or "will" be undertaken, occur or achieved. Statements also include those that address future mineral production, reserve potential, potential size or scale of a mineralized zone, potential expansion of mineralization, potential type(s) of mining, potential grades as well as to Happy Creek’s ability to fund ongoing expenditure, or assumptions about future metal or mineral prices, currency exchange rates, metallurgical recoveries and grades, favourable operating conditions, access, political stability, obtaining or renewal of existing or required mineral titles, licenses and permits, labour stability, market conditions, availability of equipment, accuracy of any mineral resources, anticipated costs and expenditures. Assumptions may be based on factors and events that are not within the control of Happy Creek and there is no assurance they will prove to be correct. Such forward-looking information involves known and unknown risks, which may cause the actual results to materially differ, and/or any future results expressed or implied by such forward-looking information. Additional information on risks and uncertainties can be found within Financial Statements, Prospectus and other materials found on the Company’s SEDAR profile at www.sedar.com. Although Happy Creek has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Happy Creek withholds any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by law.

    Figure 1. Fox Property Map, Showing Location of Tungsten Zones.


    Click Image To View Full Size

    Figure 2. Drill Plan of Nightcrawler – Creek Zone. Fox Tungsten Project.


    Click Image To View Full Size

    Figure 3. Cross-Section A-A’ Through Northern Nightcrawler Zone, Fox Tungsten Project.


    Click Image To View Full Size

    Figure 4. Cross-Section B-B’ Through Eastern Creek Zone, Fox Tungsten Project.


    Click Image To View Full Size

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    To: LoneClone who wrote (162667)1/10/2022 5:52:57 PM
    From: LoneClone
       of 167649
     
    Prospect Ridge Resources Announces Plans for 2022 and Provides Year End Recap of 2021

    Consisting of Two Major Property Acquisitions, Multiple Drill-Ready Targets, 6 Zones With Gold Grades up to 117 g/t & Silver up to 4740 g/t, Over $8.5 Million Raised to Date, Uplisting to OTCQB and Appointment of Michael Iverson as CEO & Director

    ca.finance.yahoo.com

    Prospect Ridge Resources Corp.
    Mon., January 10, 2022, 2:00 a.m.·5 min read

    VANCOUVER, British Columbia, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Prospect Ridge Resources Corp. (the "Company", "Prospect Ridge" or “we”) (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the Company’s plans for 2022 and provide a year-end recap for 2021.

    2022 has started off with the Company in a very strong position following a successful 2021 with the continuation of prospecting and compiling our data throughout the winter in preparation for drilling set to start immediately when our permits are in place. Drilling permits are expected to be received over the next couple of months, and the Company has a drill on standby for immediate execution on multiple locations that are drill-ready. The team is very excited across the board.

    Around 50% of the assays from 2021 are still pending and expected to return steadily over the coming months, with some of the samples showing visible gold. We look forward to them with great anticipation and will release them as they become available.

    In 2021, the Company completed two major acquisitions of the Holy Grail and Knauss Creek mines, creating a district size scale property located in Northern British Columbia. A total of 6 zones showing visible gold have been identified with new preliminary results of up to 117 grams per tonne gold and 4740 grams per tonne silver. The Company also appointed the co-founder and former chairman of Fortuna Silver Mines Inc., Michael Iverson, as its new CEO and director.

    The Company is primarily listed on the Canadian Securities Exchange, is quoted in the United States on the OTCQB, and is listed in Europe on the Frankfurt Stock Exchange. To date, Prospect Ridge has raised over $8.5 million and has over $5.2 million in the bank. There are currently 14 new showings in our district along with a past-producing high grade mine that is still in place. We are very excited and expect to continue to have great early success in 2022 with our inaugural drill program.

    Chronological Highlights for 2021:

  • May 31st - Trading began on Canadian Stock Exchange

  • August 27nd - Announced acquisition of the Holy Grail property in Northern British Columbia. 80,000+ hectares with historic mines and showings

  • August 27th - Michael Iverson appointed CEO and director of Prospect Ridge, former CEO and Chairman of Fortuna Silver Mines Inc.

  • September 27th - Announced closing of $6 million private placement of units of Prospect Ridge

  • October 29th - Announced new samples of up to 49.2 grams per tonne gold & 311 grams per tonne silver

  • November 5th - Announced eligibility for electronic clearing and settlement through The Depositary Trust Company (DTC) in the United States

  • November 8th - Announced acquisition of the Knauss Creek property in Northern British Columbia with historic grades of up to 57 grams per tonne gold & 205.71 grams per tonne silver

  • November 16th - Announced new samples of up to 24.8 grams per tonne gold & 252 grams per tonne silver

  • November 23rd - Announced completion of Lidar Survey of 33,000 hectares over the Holy Grail property

  • November 30th - Announced new samples of up to 117 grams per tonne Gold & 578 grams per tonne silver

  • December 2nd - Announced new samples up to 21.3 grams per tonne Gold & 38.3 grams per tonne silver from 4th confirmed zone

  • December 3rd - Announced quotation on OTCQB Venture Market in the United States

  • December 6th - Announced new samples of up to 67.3 grams per tonne gold and 116 grams per tonne silver

  • December 8th - Announced new samples of up to 30.8 grams per tonne gold & 281 grams per tonne silver

  • December 14th - Announced 6th confirmed zone with multi gram gold and silver

  • December 16th - Completed $1/unit private placement

  • Results Highlights for 2021:

  • Megalodon zone up to 117 grams per tonne gold and 578 grams per tonne silver

  • Shock & Awe zone up to 49.20 grams per tonne gold and 311.0 grams per tonne silver

  • Second pass at Mint 2B zone up to 30.8 grams per tonne gold, 281 grams per tonne silver

  • First pass at Mint 2B up to 24.8 grams per tonne gold and 252 grams per tonne silver

  • 4shore zone up to 21.3 grams per tonne gold, 38.3 grams per tonne silver

  • Michael Iverson, CEO states, “We’re very excited to be starting off 2022 in such a great position with some many zones returning high grades of gold and silver. After over 30 years in the mining industry, I am still so impressed by all the milestones we hit in an incredibly productive 2021. Our team will be continuing to prospect through winter and start drilling in early spring. We are also still waiting on 50% of the assays from this past summer and will be sharing the results as they come in.”

    Qualified Person

    All scientific or technical information included in this news release has been reviewed, verified and approved by Rein Turna, P.Geol., a consultant to the Company and a qualified person as defined by National Instrument 43-101.

    About Holy Grail

    The Holy Grail Property is 10 kilometers outside of Terrace within 45 km from a smelter and deep sea port. The property is easy-accessible bounded by two highways with CN rail, high tension power crossing the property and a network of logging roads over approximately 80% of the property which will make for a very cost-effective exploration and strong feasibility. Some of the key areas are located below tree line and can be worked nearly year-round.

    The Holy Grail district sized package now contains over 80,000 hectares. The property was selected based on regional geological, structural, and geochemical resemblances that coincide with mineralization 50 km northwest in the Golden Triangle. The Company believe the project has the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.

    About Prospect Ridge Resources Corp.

    Prospect Ridge Resources Corp. is a BC based exploration and development company focused on strategic mineral exploration in Canada concurrently with developing a location in British Columbia and Quebec. Prospect Ridge’s technical team and management with over 100 combined years of mineral exploration experience believes the Holy Grail to have the potential for a district scale hydrothermal system and will extend the boundaries of the Golden Triangle to cover this vast under-explored region.

    Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated.

    In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated.

    Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such 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 and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

    CONTACT: Contact Information Prospect Ridge Resources Corp. 
    Michael Iverson, Chief Executive Officer Email: schen@redfernconsulting.ca
    Telephone: 778-788-4836



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    To: LoneClone who wrote (162668)1/10/2022 5:54:38 PM
    From: LoneClone
       of 167649
     
    Reyna Gold Reports Multiple High-Grade Sample Results up to 93.9 Grams per Tonne Gold from First La Gloria Sampling Program

    accesswire.com

    Monday, January 10, 2022 1:30 AM

    VANCOUVER, BC and HONG KONG, CHINA / ACCESSWIRE / January 10 2022 / Reyna Gold Corp. (TSXV:REYG) ("Reyna") is pleased to announce multiple high-grade gold sample results from its ongoing surface and trench sampling program, focused on multiple targets at its 24,215 hectare La Gloria Property in Sonora, Mexico. 1,252 samples results have been received with the initial focus on the Main Zone area where drilling will commence in February 2022.

    Highlights - Main Zone

    • 93.9 grams per tonne (g/t) & 36.2 g/t gold samples at Pique Viejo, Main Zone
    • 46.1 g/t, 24.4 g/t & 20.1 g/t gold samples in Big Pit, Main Zone
    • 555 samples out of 713 (78%) at Big Pit, Main Zone greater than 0.1 g/t gold
    • 23 samples greater than 5.0 g/t gold at Big Pit, Main Zone
    Other Highlights

    • 20.1 g/t gold sample at Las Quintas
    • 15.9 g/t, 13.3 g/t & 11.1 g/t gold samples at Las Quintas West
    • 13.6 g/t gold sample at San Pedro and 9.3 g/t gold sample at Alamo Muerto
    Figure 1 Location of Phase 1 Sampling with Highlighted Results

    "The geological team is fascinated by the property. We have multiple styles of gold mineralization in the same host rocks as major deposits on the trend. The initial high-grade samples and high percentage of positive results is a great sign the team is unlocking the geological puzzle. We now have the drill permits and are really excited to start drilling at Big Pit and Pique Viejo in February." said Michael Wood, CEO of Reyna Gold

    Figure 2 Big Pit Sampling Map

    "These initial results highlight the potential of the property. The geological team really likes the potential of both the orogenic quartz veins at Pique Viejo and the Shearzone at Big Pit. It's great to find such high-grade quartz veins in our initial sampling program, the veins at Pique Viejo have great depth potential, potentially kilometers. While, the Shearzone at Big Pit is quite thick, flat lying, oxidized and exposed at surface." noted Ariel Navarro, VP Exploration of Reyna Gold.

    Drill Permits Received

    Reyna has received drill permits for the La Gloria property and is planning to commence its initial drill program at Big Pit, Main Zone and Pique Viejo, Main Zone in February 2022. More details will be provided as the company moves towards mobilizing for the drill program.

    Sampling and mapping will continue at San Pedro, Las Quintas and Las Quintas West. Sampling and mapping will start at Placeres, Main Zone, the ground between Big Pit and Pique Viejo, Main Zone, and the ground to the South West of Big Pit towards the Western target. Sampling and mapping will also start at El Sombero, La Republicana, California and Western.

    Table 1 Highlights Main Zone (Pique Viejo and Big Pit)

    Table 2 Highlights Las Quintas

    The full list of assays may be found on the following link (Ctrl + Click to open the link) on Reyna Gold's website Reynagold.com.

    Click here to watch the video

    Michael Wood

    Chief Executive Officer

    For Further Information, Please Contact:

    Reyna Gold Corp.
    Michael Wood, Chief Executive Officer
    info@reynagold.com
    www.reynagold.com

    About Reyna Reyna Corp.

    Reyna Gold Corp. is a gold exploration company focused on district-scale exploration on two major gold belts in Mexico. The Company has a portfolio of assets on the Mojave-Sonora Megashear and the Sierra Madre Gold and Silver Belt consisting of over 57,000 hectares/ 570 sq km. The Company has an experienced management team with a proven track record of wealth creation in Mexico through project discovery, advancement and monetization.

    Qualified Person

    Steve Robertson has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and supervised the preparation of the technical information in this release. Mr. Robertson has a B.Sc. in Geology and more than 30 years of relevant experience exploring in the North American Cordillera. He is a Registered Professional Geoscientist (Reg. 21201) with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Robertson is not independent as he is on the board of directors of Reyna Gold Corp. Mr. Robertson is satisfied that the results are verified based on a review of the field program details, imagery data, a review of the sampling procedures, sample results, the credentials of the professionals completing the work and the nature of the gold mineralization in a well-known district for the style of mineralization.

    QA/QC Statement

    The surface samples are delivered to the internationally certified ALS Minerals laboratory facilities in Hermosillo City where the samples are prepared and shipped to Vancouver, Canada for analysis. Assaying is done by ALS in Canada under an ISO 1702 Quality management system. Samples are fire assayed for Au (Au-AA24) and analyzed for multi-elements using method code ME-ICP41+ ME-MS42 (only to analyze tellurium), following an aqua regia digestion. Over limits are analyzed using the most appropriate method. Multi-element geochemical standards, blanks, and duplicates are inserted systematically into the rock sampling series to monitor lab performance. The control samples are inserted into each 20 samples in the case of standards, blanks, and duplicates, and for rejects and pulps duplicates each 30 samples intercalated. Referent to the chain of custody the samples are transported from the La Gloria project to the camp in Caborca City and then to ALS Chemex in Hermosillo City, by Reyna Gold personnel

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to anticipated timing and results of further sampling work and planned drill program. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's final long form non-offering prospectus dated December 6, 2021 available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

    SOURCE: Reyna Gold Corp

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    To: LoneClone who wrote (162669)1/10/2022 5:57:51 PM
    From: LoneClone
       of 167649
     
    Silver X Provides 2021 Progress Overview and Outlines Key Objectives for 2022

    accesswire.com

    Monday, January 10, 2022 8:00 AM

    VANCOUVER, BC / ACCESSWIRE / January 10, 2022 / SILVER X MINING CORP. (TSX-V:AGX)(OTCQB:WRPSF) ("Silver X" or the "Company") is pleased to provide a summary of 2021 achievements and key targets for 2022 at the Company's flagship Nueva Recuperada project (the "Project") located in Huancavelica, Peru.

    2021 Year End Highlights

    • 4,114 metres of mine development completed at the Tangana and San Antonio Mining Units
    • 8,423 metres of resource expansion, resource upgrading, and exploration drilling completed at the Nueva Recuperada project over 41 drill holes
    • 732 surface channel samples taken across outcropping silver-(gold)-polymetallic mineralized structures at the Tangana Mining Unit
    • 834 underground channel samples from pre-existing and new mine infrastructure at Tangana
    • Consolidated the Tangana Mining Unit with the acquisition of the Tangana West concessions
    • Commenced plant capacity expansion from 600 tpd to 720 tonnes per day (expected completion March 15, 2022)
    • Began updating the Company's Environmental and Social Impact Assessment (ESIA) to expand mining and processing capacity to 2,500 tpd
    2022 Objectives

    • Complete new resource estimate report in Q2 2022 to be followed by a Preliminary Economic Assessment in Q3 2022
    • Advance 9,000 metres underground to exploit multiple veins at the Tangana Mining Unit to access sufficient stoping blocks to profitably sustain commercial production
    • Complete 15,500 metres of resource expansion, resource upgrading, and exploration diamond drilling from surface and underground
    • Esperanza Project - Begin operations in this silver-polymetallic project containing several intermediate epithermal high-grade vein targets. Social permit expected for Q2, first drilling in Q3-Q4
    • Satellite Projects - Map and sample Tangana West and Pucapunta silver-(gold)-polymetallic mineralized structures
    • Ccasahuasi Project - Commence drilling of a breccia-hosted disseminated gold target located adjacent to Tangana
    Updated Resource Statement and PEA Targeted for Q2 2022

    The ongoing comprehensive exploration program at Tangana has thus far expanded the extent of silver-(gold)-polymetallic mineralization at surface and underground by over 1.7 km horizontally and 400 m vertically along the main Tangana structure. The three faceted programme that includes diamond core drilling, surface and underground channel sampling has identified two potential high-grade mineralized zones that will be the focus of immediate follow-up work (See Figure 1).

    The results from 2022 resource upgrade activities in combination with results from 834 underground channel samples, 732 surface channel samples, and 8,422.5 metres of diamond drilling completed during 2021, will contribute to a new mineral resource estimate in Q2 2022 and a Preliminary Economic Assessment (PEA) targeted for completion in Q3 2022. Surface channel sample results along the outcropping portions of the Tangana and neighbouring along-strike Morlupo veins confirm the presence of high-grade mineralization along a consistently mineralized strike length of 1.7 km (see November 30, 2021 news release). These results, along with those taken from underground channel samples in historical workings (see September 3, 2021 news release) and diamond drill core samples (see August 23, 2021 news release), support the Company's interpretation that Tangana is a potentially economically mineralized silver-(gold)-polymetallic structure with considerable resource potential.

    To provide additional support for the proposed PEA study (scheduled for reporting during Q3 2022), Silver X has budgeted 15,500 m of complementary resource extension drilling from some 16 underground drill locations, 2,000 m of underground channel sampling from accessible historical and new underground development infrastructure, as well as 2,000 metres of additional surface channel sampling.

    2022 Exploration Strategy

    Tangana Mining Unit

    As part of its exploration strategy during 2022 and following on from the positive 2021 sampling

    results, Silver X will be prioritizing underground mine development and resource expansion drilling in this extensive system of silver-(gold)-polymetallic veins to provide feed for the plant whose capacity is being increased to 720 tons per day with expected completion by March 15, 2022.

    Figure 1: Compilation long-section and plan view of the Tangana 1 & 2 silver-(gold)-polymetallic vein projects showing current underground development, past-producing mined-out stopes, locations of recently reported results from drill hole intercepts and channel samples, and AgEq (g/t) grade contours spotlighting high priority silver-(gold)-polymetallic resource extension exploration targets (blue arrows). To see the figure in full size, click here.

    Tangana 1 & 2

    Exploration and development budgeting for 2022 includes 7,500 metres of underground resource evaluation drilling on the Tangana structures (See Figure 2). The drilling is expected to facilitate the evaluation and upgrading of more than 500,000 tonnes of potentially economic silver-(gold)-polymetallic mineralization. The mentioned 7,500 metres of drilling will target underground extensions of the Tangana 1 & 2 mineralized structures by drilling from its 4590 and 4650 levels. Exploration will focus on:

    1. Resource extension diamond drilling on upper levels from surface
    2. Systematic channel sampling of approximately 2,000 metres along surface as well as planned future underground mining infrastructure within mineralized structures
    Figure 2: Map of the Tangana Mining Unit, showing the location of key veins (Tangana veins located centrally towards the North; Cauca immediately towards the North of Tangana), infrastructure, concession limits.

    Cauca

    Cauca (See Figure 2) represents a possible low-cost, rapid expansion of the Tangana Mining Unit. The Cauca silver-(gold)-polymetallic structure (aligned sub-parallel to the Tangana 1 & 2 structures and located 400 metres to the NE), is historically interpreted to be 2.2 kilometres long, average some 1.1 metres in width, and have an estimated average grade of 306.67g/t AgEq[1].

    Existing mine infrastructure includes an interconnecting 450 metre long crosscut from Tangana 1 & 2 which intersects with the Cauca structure. This crosscut will be used to facilitate i) rapid low-cost access; ii) early mining infrastructure development; iii) other preparatory mining activities; and iv) resource extension and evaluation programs. Recent analytical results from first systematic surface channel sampling of the Tangana Mining Unit's Cauca vein, which on surface extends over 1.77 kilometres of strike at an average width of 1.8 metres, include values up to 1,296 g/t AgEq with an average grade of 236 g/t AgEq (see November 2, 2021 news release).

    With the objective of advancing resource knowledge concerning the tenor of silver-(gold)-polymetallic mineralization and its potential economic viability, Silver X´s 2022 exploration strategy at Cauca incorporates:

    1. Underground systematic channel sampling of approximately 2,000 metres of accessible as well as planned future mining infrastructure
    2. 2,500 metres of underground resource extension evaluation drilling
    District Consolidation

    The recently acquired Tangana West property (see September 22, 2021 news release), lies westwards and along strike from Tangana and may be an extension of the same underlying structure. Silver X acquired the 250-hectare Tangana West silver project hosting silver-polymetallic veins with surface channel samples returning grades up to 9,379 g/t Ag, 2.7% Pb and 1% Zn over 1.5 metres (See Figure 3). The Tangana West Las Animas mineralized structure extends 1.3 kilometres along strike and based on field observation is interpreted to be vertically continuous for over 500 metres. Silver X now controls over 3.0 kilometres of the Tangana and Tangana West silver-polymetallic mineralized system which has an average vein thickness of 1.05 metres.

    Figure 3: Map of Silver X claims of the Tangana Mining Unit, identifying the newly acquired Tangana West claims and showing relationship to roads and surrounding veins.

    Processing Plant Expansion to 720 TPD

    In late October, the Company secured the environmental permit required to increase production capacity at its Recuperada polymetallic concentrate plant to 720 tonnes per day ( see October 20, 2021, press release). Installation of a new crushing circuit and flotation cells has commenced, and Silver X expects full commissioning by March 15, 2022. New mineralized zones encountered at the Tangana Mining Unit has necessitated an increase in plant capacity to keep pace with the processing of development mineralization.

    Environmental and Social Impact Assessment - ESIA

    The ESIA is a key component of a comprehensive environmental and social permitting process to further expand processing plant operations. The 4,900-ha study area covers the Tangana silver-polymetallic Mining Unit and associated mining infrastructure. The updated assessment will allow Silver X to expand the mineral processing capacity to 2,500 tpd from the current 600 tpd, and to build a new 8,000,000 m3 capacity tailings storage facility ( see October 6, 2021 news release).

    The updated ESIA of the Nueva Recuperada Project will include the following components:

    • Baseline Assessment: Initial survey to assess the environmental and social situation within the project area; commenced September 2021.
    • Project Description: Detailed summary of all project components, facilities, and associated organizations; commenced September 2021.
    • Impact Identification and Prediction: Comprehensive review of impacts and benefits from proposed expansion.
    • Environmental and Social Management Plan (ESMP): Incorporates measures and procedures for the short and long-term environmental and social management of the project.
    • Stakeholder Engagement: An ongoing process that continues throughout the ESIA. This focuses on a broad range of activities, including information sharing, consultation, negotiation, and partnership building. The initial community workshop was held in September 2021.
    Corporate Update

    Analyst Coverage

    Red Cloud Securities Inc., Echelon Capital Markets, and Fundamental Research Corp. initiated analyst coverage of the Company in December.

    OTC QB Listing

    The Company's common shares commenced trading on the OTCQB marketplace under the symbol "WRPSF" in November. Common shares will continue to trade on the TSX Venture Exchange under the symbol "AGX" and on the Frankfurt Stock Exchange under the symbol "WPZ".

    Sampling, Analytical Analysis, Quality Assurance and Quality Control (QAQC)

    Drill core from all drill holes is extracted in lengths of 1.52 meters (5 feet) and stored on-site in appropriate core trays in a secure Company core-shed. Drill hole orientation, downhole survey data, and collar coordinates are registered. When the extracted core has been measured and marked up, it is then geologically and geotechnically logged. Splitting and sampling of all silver-(gold)-polymetallic mineralized structures encountered in the drill core is done from start to finish of the mineralized structure. Minimum sample length is 30 centimeters. No sample collected through potentially economic mineralized intersections is longer than 50 centimeters. Sterile country rock hosting the mineralized structure is sampled for a minimum of 1.0 meter either side of the structure. The interval to be sampled is split by rock-saw and taking care not to allow contamination of the sample, carefully stored in a suitably prepared plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the diameter, length, and bulk density of the core sample, approximately 4-8 kg of sample are collected for analysis per one metre length of sample.

    Surface and underground channel sampling is undertaken as near as perpendicularly as possible across silver-(gold)-polymetallic structures and stored on-site in clearly labelled plastic sample-bags in a secure storage facility attached to the Company core-shed. Channel sample length and locality coordinates are registered. The geological description of the sample is recorded. Where mineralized veins and structures are fully exposed, sampling is done from one side of the mineralized structure to the other. Minimum sample length is 30 centimeters. No sample collected through the potentially economic mineralized vein exposures is longer than 0.5 meter. Each channel sample has a minimum channel thickness of 60 mm and minimum channel depth of 30 mm. Taking care not to allow contamination of the sample, the channel sample is collected with the use of either a rock-cutting saw or a hammer and chisel and rock-chips are carefully stored in a suitably prepared plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the width, length, depth, and bulk density of the channel sample, approximately 3-4 kg of sample are collected for analysis per 0.5 metre length of sample.

    All samples are shipped by Company 4x4 vehicle from the field to the certified and independent Certimin analytical laboratory facility in Lima. Certimin complies with ISO 9001, OHSAS 18001 and is a fully recognized and certified facility. After the underground channel samples have been prepared for analysis (code G0640), the sample pulps are then analyzed for gold, silver, and multi-elements using relevant Certimin analytical methodologies. All samples are analyzed using 30 g nominal weight fire assay with an ICP finish (code G0108) and multi-element four acid digest ICP-AES/ICP-MS methodology (code G0176). Where Au analytical results from G0108 are >10 g/t, the analysis is repeated with 30 g nominal weight fire assay and a gravimetric finish (code G0014). Where multi-element results from G0176 are greater than 100 ppm for Ag, the analysis is repeated with ore-grade four acid digest method (Code G0002). Where multi-element results from G0176 are greater than 10,000 ppm for Cu, Pb or Zn, the analysis is repeated with ore-grade four acid digest methods, respectively codes G0039, G0077 and G0388. Periodically, duplicate sample pulps are sent to independent umpire laboratories for review and checking of Certimin analytical analyses results.

    Silver X Mining applies a fully NI 43-101 compliant quality assurance/quality control (QAQC) protocol on all its advanced and exploration projects. Our trained QAQC staff insert both fine and coarse blank samples, field duplicates and twin samples into each batch of field samples prior to delivery to the independent certified analytical laboratory. The QAQC control samples, including the random insertion of certified reference material, are designed to test the integrity of the samples by providing an independent check on precision, accuracy, and possibilities of contamination during sample preparation and analytical procedure within the elected commercial laboratory. With the objective of assuring best practice compliance, resource and exploration related assay results are not reported until the results of internal QAQC procedures have been reviewed and approved.

    Qualified Person

    Mr. Donald McIver, B.Sc., M.Sc., who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. McIver is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as of the Society of Economic Geologists (FSEG). Donald is a Qualified Person as defined by National Instrument 43-101 and is a past member of the SEG Board of Trustees. Mr. McIver has accumulated a solid geological and resource development background over 30 years within project generation, advanced exploration, and mining programs for precious and base metals. Donald has over 20 years of experience in the Americas and since 2005 has fulfilled the positions of Vice President of Exploration (Minera IRL S.A. & Palamina Corp.), Director of Mining Consulting (Ausenco) and Mineral Resource Manager (Barrick Gold). Mr. McIver is a Senior Geological Advisor for Silver X.

    About Silver X Mining

    Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverxmining.com.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements

    ON BEHALF OF THE BOARD

    José M García
    CEO and Director

    For further information, please contact:

    Silver X Mining Corp.
    + 1 604 358 1382 | j.garcia@silverxmining.com

    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 press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Project, expected commencement of commercial production at the Project, expected completion of a resource report and the Preliminary Economic Assessment, and the expected financial performance of the Company.

    Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

    [1] Latitude Silver, "Plan Comparativo del Proyecto Tangana para Segundo Pulmón de Mineral, Setiembre de 2020" (Issue Date: September 2020).

    SOURCE: Silver X Mining Corp.

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    To: LoneClone who wrote (162670)1/10/2022 6:00:17 PM
    From: LoneClone
       of 167649
     
    Banyan Reports 72.5 M of 1.53 g/t Gold at Powerline Deposit, Aurmac Property, Yukon

    accesswire.com

    Monday, January 10, 2022 6:00 AM

    VANCOUVER, BC / ACCESSWIRE / January 10, 2022 / Banyan Gold Corp. (the "Company" or "Banyan") (TSXV:BYN) is pleased to release analytical results from the next five (5) additional diamond drill holes received from the 2021 exploration campaign at the rapidly developing Powerline Deposit at the Company's AurMac Property ?in the Yukon Territory (see Table 1 and Figures 1 and 2).

    Assay highlights from the latest batch of assays received from the 2021 exploration campaign at the Powerline Deposit include:

    • 84.5 metres ("m") of 1.32 g/t Au from surface (10 m) in DDH AX-21-151
      • Including 72.5 m of 1.53 g/t Au from 22 m
    • Including 3.1 m of 19.5 g/t Au from 76.2 m
    • 79.7 m of 0.43 g/t Au from 43.3 m in DDH AX-21-136
    • 51.8 m of 0.60 g/t Au from surface (4.2 m) in DDH AX-21-159
    "Assays from these 100 m centered drill holes continue to demonstrate the on-surface and near-surface gold mineralization potential of the Powerline Deposit, as well as the continuity of the mineralization across this growing zone." stated Tara Christie, President and CEO. "Field crews are currently preparing to resume drilling at the AurMac Property this month with a focus to follow up on the encouraging 2021 Powerline Deposit results through further expansion of the mineralized footprint."

    Results from the latest five (5) drill holes reported herein are consistent with previous exploration drill campaigns at the Powerline Deposit (see Figures 1 and 2). The areal extent of interpreted gold mineralization from surface continues to expand with every new drill hole; from the initial 250 m by 250 m of the Powerline Resource (see Table 2), to now well over 2 km x 2 km (see Figures 1 and 2).

    Image 1: Photographs of visible gold from:
    A) AX-21-136: 260.0 m to 261.6 m which assayed 1.11 g/t Au over 1.6 m;
    B) AX-21-159: 94.5 m to 95.6 m which assayed 1.47 g/t Au over 1.1 m;
    C) AX-21-159: 19.2 m to 20.1 m which assayed 0.85 g/t Au over 0.9 m; and
    D) AX-21-159: 37.3 m to 38.6 m which assayed 2.19 g/t Au over 1.3 m


    Figure 1: The Powerline Deposit and Aurex Hill Drill Program Plan Map, showing historic, completed, and proposed 2022 diamond drill holes.

    Figure 2: Powerline Drill Hole Locations and Drill Plan Map, showing historic, completed, and 2022 proposed diamond drill holes.

    Table 1: 2021 Highlighted Powerline Diamond Drill Analytical Results. Maps and full assay results are available on Banyan's website).

    Hole ID

    From (m)

    To (m)

    Interval* (m)

    Au (g/t)

    AX-21-136

    43.3

    212.4

    169.1

    0.31

    Or

    43.3

    123.0

    79.7

    0.43

    Including

    152.2

    212.4

    60.2

    0.27

    And

    260

    261.6

    1.6

    1.11






    AX-21-144

    30.6

    137.0

    106.4

    0.20

    Including

    101.6

    102.8

    1.2

    4.95






    AX-21-147

    78.9

    179.4

    100.5

    0.30

    Including

    78.9

    80.1

    1.2

    4.11

    Including

    154.1

    156.4

    2.3

    2.90






    AX-21-151

    Surface (10.0)

    94.5

    84.5

    1.32

    Or

    22.0

    94.5

    72.5

    1.53

    Including

    36.6

    47.0

    10.4

    2.12

    Including

    54.9

    56.4

    1.5

    4.82

    Including

    76.2

    79.3

    3.1

    19.50

    Including

    79.3

    80.8

    1.5

    3.32

    And

    163.3

    164.6

    1.3

    1.15

    And

    178.1

    179.7

    1.6

    1.09






    AX-21-159

    Surface (4.2)

    56.0

    51.8

    0.60

    Including

    13.5

    19.2

    5.7

    2.72

    And

    93.1

    106.7

    13.6

    0.39

    And

    127.5

    128.9

    1.4

    2.13

    And

    193.5

    194.3

    0.8

    8.50


    * True widths are estimated to be greater than 90% of the reported intervals. Azimuth is 000° and the dip is negative 60° for all holes. Detailed collar locations, azimuth and dip information is available on the Company's website.

    Figure 3: Section through Powerline Deposit, demonstrating grade continuity. Section is looking north (all holes are oriented to the north with negative 60 degree inclination and projected on to a vertical plane at 7083150N).

    Detailed maps and a spreadsheet with full drill results, locations, azimuth and dip information is available on Banyan's website. Additional sections will be made available when additional assay results from drill holes on the sections have been received.

    Exploration Update - 2022 Program

    In 2021, Banyan completed 30,091 m of drilling in 135 diamond drill holes, with assay results from 63 drill holes remaining outstanding. Assays are reported as they are received and have not been received in numerical order. Drilling activities continued until mid-December 2021, and thus drill assay results are expected to continue to be received into May 2022.

    Diamond drilling at the AurMac Property since the announcement of the maiden resource in Q1 2020 (see Table 2) is now over 40,000 m, all of which have targeted resource expansion at the Airstrip Deposit and Powerline Deposit, as well as assessment of resource potential at the Aurex Hill zone.

    The planned 2022 AurMac Property exploration campaign currently has 30,000 m of diamond drilling proposed - split between the Powerline Deposit and Aurex Hill targets, with three (3) drill rigs slated to commence activities later this month. Additional drill locations will be determined after a complete review of all analytical results is available.

    Analytical Method

    All drill core splits reported in this news release were analysed at SGS Canada in Vancouver, BC utilising their GE_IMS21B20 analytical package which comprises a two-acid aqua regia digestion followed by a 36-element ICP-MS scan, in conjunction with the GE_FAA30V5 30g Fire Assay with AAS finish for gold on all samples. Samples with gold content exceeding the analytical thresholds of this package were reanalysed utilising an additional 30g Fire Assay Gravimetric Finish (SGS Package GO_FAG30V). All core samples were split on-site at Banyan's core processing facilities. Once split, half samples were placed back in the core boxes with the other half of split samples sealed in poly bags with one part of a three-part sample tag inserted within. Samples were delivered by Banyan personnel or a dedicated expediter to the SGS, Whitehorse preparatory laboratory where samples are prepared and then shipped to SGS laboratory in Vancouver, BC for pulverization and final chemical analysis. A robust system of standards, ¼ core duplicates and blanks was implemented in the 2021 exploration drilling program and was monitored as chemical assay data became available.

    Qualified Person

    Paul D. Gray, P.Geo., Vice President of Exploration for the Company, is a "qualified person" as ?defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), and has reviewed and approved the content of this news release.? Mr. Gray has verified the data disclosed in this press release, including the sampling, ??analytical and test data underlying the information

    Upcoming Events

    • Metals Investor Forum, Virtual Conference - January 14 & 15, 2022
    • AMEBC Round-Up - January 31 to February 3, 2022
    • CEM Whistler Capital Conference - February 18 to 20, 2022
    • BMO 31st Global Metals & Mining Conference - February 27 to March 2, 2022
    • PDAC 2022 - March 7 to 9, 2022
    • Vancouver Resource Investment Conference - May 16 & 17, 2022
      • Booth and Presentation
    All events are subject to change.

    COVID-19 Update

    Banyan continues to take proactive measures to protect the health and safety of our Yukon communities, our contractors and our employees from COVID 19. Exploration activities will continue to have additional safety measures in place, regularly updated to follow and exceed all the recommendations of Yukon's Chief Medical Officer.

    About Banyan

    Banyan's primary asset, the AurMac Property is comprised of the Aurex and McQuesten properties, as well as claims staked and owned 100% by Banyan Gold, and adjacent to Victoria Gold's Eagle Gold Mine, in Canada's Yukon Territory. The AurMac Property initial resource of 903,945 oz Au (see Table 2 below) was announced in May 2020. Our major strategic shareholders include Franklin Gold and Precious Metals Fund, Osisko Development, and Victoria Gold Corporation. Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that is advantageous for a mineral project to have potential to become a mine. Our Yukon based projects both fit this model and our objective is to gain shareholder value by advancing projects in our pipeline.

    The 173 sq km AurMac Property lies 30 km from Victoria Gold's Eagle Project and adjacent to the Keno Hill Silver District operated by Alexco Resource Corp. ("Alexco") and is highly prospective for structurally controlled, intrusion related gold-silver mineralization. The property is located adjacent to the main Yukon highway and just off the main access road to the Victoria Gold open-pit, heap leach Eagle Gold mine. The AurMac Property benefits from a 3-phase powerline, existing Yukon Energy Corp. switching power station and cell phone coverage. Banyan has optioned the properties from Victoria Gold and Alexco respectively with a right to earn up to a 100% subject to royalties.

    The 2020 Initial Mineral Resource Estimate for the AurMac Property prepared in accordance with the requirements of NI 43-101 is 903,945 ?ounces of gold (see Table 2). It is a near surface, road accessible pit constrained Mineral Resource contained in two near/on-surface deposits: the Airstrip and Powerline deposits.

    Table 2: Pit-Constrained Inferred Mineral Resources at a 0.2 g/t Au Cut-Off - AurMac Property



    Deposit

    Classification

    Tonnage
    Tonnes

    Average Au Grade
    g/t

    Au Content
    oz

    Airstrip

    Inferred

    45,997,911

    0.524

    774,926

    Powerline

    Inferred

    6,578,609

    0.610

    129,019

    Total Combined

    Inferred

    52,576,520

    0.535

    903,945


    Notes: ?

    1. The effective date for the Mineral Resource is May 25, 2020.
    2. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, changes in global gold markets or other relevant issues.
    3. The CIM definitions were followed for classification of Mineral Resources. The quantity and grade of reported inferred Mineral Resources in this estimation are uncertain in nature ?and there has been insufficient exploration to define these inferred Mineral Resources as an ?indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an ?indicated or measured Mineral Resource category.
    4. Mineral Resources are reported at a cut-off grade of 0.2 g/t Au, using a US$/CAN$ exchange rate of 0.75 and constrained within an open pit shell optimized with the Lerchs-Grossman algorithm to constrain the Mineral Resources with the following estimated parameters: gold price of US$1,500/ounce, US$1.50/t mining cost, US$2.00/t processing cost, US$2.50/t G+A, 80% heap leach recoveries, and 45° pit slop.
    5. Mineral Resource Estimate prepared in accordance with 43-101 requirements by Marc Jutras, P.Eng., M.A.Sc., Principal, Ginto Consulting Inc, with technical report filed on SEDAR on July 7,2020.
    The Hyland Gold Project, located 70 km Northeast of Watson Lake, Yukon, along the Southeast end of the Tintina Gold Belt is a sediment hosted, structurally controlled, intrusion related gold deposit, with a large land package (over 125 sq km), with the resource contained in the Main Zone area (900 m x 600 m) daylighting at surface and numerous other known surface gold targets. The Main Zone oxide zone is amenable to heap leach open pit mining, with column leach recoveries of 86%. The project has an existing gravel access road.

    Table 3 shows the Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance with NI 43-101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 million tonnes grading 0.85 g/t AuEq for 236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces.

    Table 3: Hyland Main Zone Indicated Gold Resource Estimate

    Cut-off Grade

    (AuEq g/t)

    In situ Tonnes

    Au

    Ag

    AuEq

    Grade (g/t)

    Ozs

    Grade (g/t)

    Ozs

    Grade (g/t)

    Ozs

    Indicated

    0.3

    8,637,000

    0.78

    216,000

    7.04

    1,954,000

    0.85

    236,000

    Inferred

    0.3

    10,784,000

    0.77

    266,000

    5.32

    1,845,000

    0.83

    288,000


    Notes: ?

    1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
    2. All figures are rounded to reflect the relative accuracy of the estimate.
    3. Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
    4. Mineral Resource Estimate prepared in accordance with NI 43-101 by Robert Carne, Allan Armitage and Paul Gray dated and filed on SEDAR on May 1, 2018.
    Banyan trades on the TSX-Venture Exchange under the symbol "BYN". For more information, please visit the corporate website at www.BanyanGold.com or contact the Company.

    ON BEHALF OF BANYAN GOLD CORPORATION

    (signed) "Tara Christie"
    Tara Christie
    President & CEO

    For more information, please contact:

    Tara Christie • 778 928 0556 • tchristie@banyangold.com

    Jasmine Sangria • 604 312 5610 • jsangria@banyangold.com

    CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    FORWARD LOOKING INFORMATION: This news release contains forward-looking information, which is not comprised of historical facts. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the potential for the Powerline Deposit to host on-surface and near-surface gold mineralization; the future expansion of the mineralized footprint at the Powerline Deposit; the expected timing of the remaining assay results from the 2021 exploration program; future drilling at the AurMac Property and the expected timing thereof; the timing and expected scope of the planned 2022 AurMac Property exploration program; Banyan's objectives, goals or future plans; statements regarding exploration expectations, exploration or development plans; and mineral resource estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties inherent in resource estimates, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in Banyan's public documents filed on SEDAR. Although Banyan believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    SOURCE: Banyan Gold Corp.

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