| To: LoneClone who wrote (162682) | 1/11/2022 1:10:15 PM | | From: LoneClone | | | | TDG Gold Drills 38.0 metres of 3.04 g/t Gold and 101 g/t Silver at Shasta Creek North, Toodoggone, B.C.
accesswire.com
Tuesday, January 11, 2022 7:00 AM
WHITE ROCK, BC / ACCESSWIRE / January 11, 2022 / TDG Gold Corp. (TSXV:TDG) (the "Company" or "TDG") is pleased to announce drill results from drillholes SH21-007 and SH21-008 from its 2021 diamond drill program with both holes drilled approximately 150 metres ("m") north of the historical Shasta Creek Zone open pit. Drill intercepts include 38.0 m of 3.04 grams per tonne ("g/t") gold ("Au") with 101 g/t silver ("Ag") [4.30 g/t AuEq*] in drillhole SH21-008. Assay results were received directly from SGS Canada Inc. ("SGS") from TDG's Shasta project which is located in the Toodoggone District of north-central B.C. Results have been received directly from SGS Canada Inc. ("SGS") and whilst SGS has completed its QA/QC protocols for these results, a comprehensive internal Data Quality Analysis ("DQA") by TDG is still underway with subsequent assay results from the Shasta project still pending. Therefore, the results for the purposes of this news release are still considered preliminary.
The northern section of TDG's Shasta project consists of the northerly portions of the Creek and JM Zones and also the Upper Creek Zone. Collectively, these zones at Shasta represent an opportunity to explore and evaluate the continuity and grade of the historical ore body in an area that was under-explored. The 2021 drilling in this area was designed to step west from the Shasta Fault, test underneath the historical mine workings and confirm the grade of mineralization reported from historical results as part of data validation in anticipation of the Mineral Resource Estimate work underway by Moose Mountain Technical Services. Results presented here are for SH21-007 and SH21-008 (Table 1).
Table 1. Significant Results from Holes SH21-007 & SH21-008.
Hole
| From
| To
| Length
| Au
| Ag
| AuEq*
|
| (m)
| (m)
| (m)
| (g/t)
| (g/t)
| (g/t)
|
|
|
|
|
|
|
| SH21-07
| 67.6
| 106.0
| 38.4
| 0.71
| 32
| 1.11
| SH21-08
| 66.0
| 104.0
| 38.0
| 3.04
| 101
| 4.30
| including
| 72.0
| 79.0
| 7.0
| 7.90
| 220
| 10.64
| SH21-08
| 116.0
| 126.0
| 10.0
| 0.82
| 34
| 1.25
| | *Gold equivalent ("AuEq") calculated using 80:1 silver to gold ratio. |
|
| | ** Intervals are core-length weighted. True width is estimated between 75 to 95 % of core length. |
Historically, drilling and mining was concentrated adjacent to the Shasta Fault, and the entirety of core was not sent for assay analysis. Holes drilled in 2021 within the northern section of the Shasta project consisted of infill drilling between historical holes and to test continuity of mineralization to the north (Figure 1). Select historical results are presented in Table 2 and a cross-section in Figure 2. Results are still pending for 2021 drillholes SH21-006, SH21-013, SH21-017, SH21-019, SH21-021 and SH21-023; and also for re-assays of the 2007 drillholes SH07-13, SH07-14 and SH07-15.
SH21-007 and SH21-008 both intersected the Shasta Fault at the predicted depth. As reported in TDG's news release of September 28, 2021 ( see here), the footwall to the fault encountered a broad zone of silicified volcaniclastics with stockwork quartz veining, strong pervasive potassic alteration with a sulphide assemblage comprised of pyrite, chalcopyrite and acanthite, a package of host rocks, mineralization and alteration typical of the Shasta mineralization seen in historical holes.
 Figure 1. Plan view of the northern Shasta Creek Zone (Holes SH21-007 & SH21-008).
Table 2. Significant Results from Historical Holes Adjacent to SH21-007 & SH21-008.
Hole
| From
| To
| Length
| Au
| Ag
| AuEq**
|
| (m)
| (m)
| (m)
| (g/t)
| (g/t)
| (g/t)
|
|
|
|
|
|
|
| | SH89-040 | 71.0
| 108.0
| 37.0
| 1.84
| 106
| 3.16
| | SH89-045 | 109.6
| 138.7
| 29.1
| 0.77
| 37
| 1.23
| | SH89-039 | 56.0
| 67.0
| 11.0
| 0.85
| 42
| 1.37
| | SH91-011* | 41.8
| 44.8
| 3.1
| 0.10
| 6
| 0.18
| | SH91-012* | 46.3
| 63.1
| 16.8
| 0.51
| 18
| 0.73
| | SH87-010 | 14.2
| 84.0
| 69.8
| 0.74
| 39
| 1.22
| | *The only assayed core. |
|
| | **Gold equivalent ("AuEq") calculated using 80:1 silver to gold ratio. |
|
| | ** Intervals are core-length weighted. True width from historical core is unknown. |
|
 Figure 2. Cross-section of 6,347,550 N (Holes SH21-007 & SH21-008).
All 2021 drill holes are HQ sized drill cores. Particulars for drill holes (location, depth, etc.) are presented in Table 3. The geology of the 2021 drill holes described in TDG's September 28, 2021 news release? ( here). Assay results for remaining 2021 drillholes and 2007 re-assays are still pending at this time.
?Note, in TDG's September 28, 2021 news release, drillholes SH21-007 and SH21-008 were mis-plotted, which has been corrected in this news release. This error does not materially change the content of either news release.
Table 3. Drillhole particulars.
HOLE
| UTME (NAD83)
| UTMN (NAD83)
| Azimuth(°)
| Dip(°)
| Final Depth (m)
| SH21-007
| 620,855
| 6,347,565
| 90
| -60
| 151
| SH21-008
| 620,855
| 6,347,565
| 60
| -60
| 204
|
QA/QC
Samples for the Shasta 2021 drill program followed chain of custody between collection, processing and delivery to an SGS laboratory in Burnaby, B.C. The drill cores were delivered to the core shack at TDG's Baker Mine site, and processed by geologists who inserted certified reference materials, blanks and duplicates (pulp and coarse) into the sampling sequence. 2021 Drill core was cut in half (1/2 HQ core) and placed in zip-tied polyurethane bags, then in security-sealed rice bags before being delivered directly from the Baker Mine, to Bandstra Transportation Systems in Prince George, B.C., and ultimately to SGS laboratory Burnaby, B.C. 2007 drill core was split (mechanically). Core samples were prepared for analysis according to SGS method PRP89: dry samples to 105°C, crush to 75 % passing 2 mm, split 250 g, pulverize 85 % passing 75 microns.
Samples were analyzed following procedures summarized in Table 4, where information about methodology can be found on the SGS Canada Website, in the analytical guide ( here).
Table 4. Au and Ag Analytical Methods.
Certificate
| Hole
| Method Au
| Method Ag
| Method Au-Overlimit
| Method Ag-Overlimit
| | BBM21-13116 | SH21-07 | GO_FAI50V10
| GE_IMS40Q12
| N/A
| GO_FAG37V
| | BBM21-13135 | SH21-07 | GO_FAI50V10
| GE_IMS40Q12
| N/A
| N/A
| | BBM21-12566 | SH21-08 | GE_FAI50V5
| GE_IMS40Q12
| GO_FAG50V
| GO_ICP42Q100
| | BBM21-12567 | SH21-08 | GE_FAI50V5
| GE_IMS40Q12
| N/A
| GO_ICP42Q100
| | BBM21-12578 | SH21-08 | GE_FAI50V5
| GE_IMS40Q12
| N/A
| N/A
|
Quality assurance and control ("QAQC") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program was administered by TDG Gold through the use of certified reference materials ("CRMs"), duplicate samples and blank samples that were blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested. For the purposes of this press release, results are ‘preliminary' and thus have not undergone SGS internal QAQC or TDG's DQA investigations.
Qualified Person
The technical content of this news release has been reviewed and approved by Steven Kramar, MSc., P.Geo., a qualified person as defined by National Instrument 43-101.
This news release includes historical drilling information that has been reviewed by the Company's geological team. The Company's review of the historical records and information reasonably substantiate the validity of the information presented in this news release; however, the Company cannot directly verify the accuracy of the historical data, including the procedures used for sample collection and analysis. Therefore, the Company encourages investors to exercise appropriate caution when evaluating these results. Further data review is underway, in order to verify the validity of the data for the anticipated NI 43-101 compliant mineral resource estimate.
About TDG Gold Corp.
TDG is a major mineral claim holder in the historical Toodoggone Production Corridor of north-central British Columbia, Canada, with over 23,000 hectares of brownfield and greenfield exploration opportunities under direct ownership or earn-in agreement. TDG's flagship projects are the former producing, high-grade gold-silver Shasta, Baker and Mets mines, which are all road accessible, produced intermittently between 1981-2012, and have over 65,000 m of historical drilling. In 2021, TDG has advanced the projects through compilation of historical data, new geological mapping, geochemical and geophysical surveys, and, for Shasta, drill testing of the known mineralization occurrences and their extensions. The Company has entered into a binding agreement to acquire the Nueva Esperanza silver-gold advanced exploration and development project located in the Maricunga Belt of northern Chile, subject to closing conditions being satisfied. TDG currently has 78,361,085 common shares issued and outstanding.
ON BEHALF OF THE BOARD
Fletcher Morgan
Chief Executive Officer
For further information contact:
TDG Gold Corp.,
Telephone: +1.604.536.2711
Email: info@tdggold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: TDG Gold Corp. |
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| To: LoneClone who wrote (162683) | 1/11/2022 1:12:06 PM | | From: LoneClone | | | | Fabled's Santa Maria Structure Reports 24.50 meters 0f 110.81 g/t Ag Eq; Including 379.30 g/t Ag Eq with 1.25 g/t Au over 1.5 meters
accesswire.com
Tuesday, January 11, 2022 7:30 AM
VANCOUVER, BC / ACCESSWIRE / January 11, 2021 / Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO; OTCQB:FBSGF, and FSE:7NQ) announces the results of surface diamond drilling from the upgraded 14,400 -meter drill program on the "Santa Maria" Property in Parral, Mexico.
Peter J. Hawley, CEO and President, remarks, "As you can see below, planned definition hole SM20-48 was designed to fill in a drill poor gap in the past resource area and to follow the down dip mineralized plunge intercepted in drill hole SM20-47 which reported a broad zone of 13.10 meters grading 98.31 g/t Ag Eq with numerous higher-grade intercepts within such as 379.30 g/t Ag Eq including 1.25 g/t Au over 1.50 meters. See Figure 1 below.
Figure 1 - Longitudinal View of Area of Current Drilling
 SM20-48
Definition Diamond Drill Hole SM20-48 was drilled at a dip or angle of -72 degrees for a planned total drilled length of 325 meters but actual drilled meterage was 312 meters and was designed to hit the targeted zone at approximately -275 meters below surface.
Before intercepting the targeted Santa Maria Structure at depth, the previously newly discovered mineralized hydrothermal breccia was intersected once again from 153 - 154.50 meters which graded 59.96 g/t Ag Eq over the 1.50 meters. See Photo 1, Figure 2 and Table 1 below.
Photo 1 - SM20- 48
 As previously reported in hole SM20-47, this is the same newly discovered mineralized hydrothermal breccia that was intersected from 143.2- 144.2 meters which graded 162.08 g/t Ag Eq over the 0.95 meters.
The main target which was the the Santa Maria footwall structure was intercepted from 277.60 - 301.10 meters where the entire 24.50 meters reported 110.81 g/t Ag Eq of very consistent grade over the entire interval. This mineralized intercept correlates well with the results of exploration hole SM20-03 which previously reported 110.51 g/t Ag Eq over a width of 12.50 meters. See Figure 2, Table 1, Photo2 below.
Photo 2
 Figure 2 - Cross Section Diamond Drill Hole SM20-48
 The 24.50-meter section of the Santa Maria Footwall structure encountered was composed of alternating zones of mineralized hydrothermal breccias within a porphyritic diorite dike host rock, which has fine disseminated sulphides. See Figure 2 above, Table 1 and Photos 3, 4 below.
Photo 3
 Table 1- SM20-48 Drill Hole Assay Results
Drill Hole
| From m
| To
m
| Width m
| Au g/t
| Ag g/t
| Ag Eq* g/t
| Pb %
| Zn %
| Cu %
| SM20-48
| 153.00
| 154.50
| 1.50
| 0.04
| 57.90
| 59.96
| 0.24
| 0.25
| 0.01
|
| 277.60
| 302.10
| 24.50
| 0.40
| 90.23
| 110.81
| 0.24
| 0.52
| 0.03
| Including
| 283.50
| 300.60
| 17.10
| 0.49
| 113.30
| 138.51
| 0.31
| 0.68
| 0.04
|
| 291.00
| 298.50
| 7.50
| 0.60
| 129.00
| 159.86
| 0.38
| 0.84
| 0.05
| Including
| 291.00
| 294.00
| 3.00
| 0.83
| 210.50
| 253.20
| 0.61
| 1.41
| 0.07
|
| 291.00
| 292.50
| 1.50
| 0.42
| 106.00
| 127.60
| 0.61
| 1.59
| 0.08
|
| 292.50
| 294.00
| 1.50
| 1.25
| 315.00
| 379.30
| 0.61
| 1.23
| 0.05
| Including
| 297.00
| 297.15
| 1.50
| 0.58
| 171.00
| 200.84
| 0.58
| 1.19
| 0.10
|
- ** Ag Equivalent ("Ag Eq") grade is calculated using $20 per ounce Ag and $1,600 Au.
The purpose of planned definition hole SM20-48 was to once again fill in a drill poor gap, at depth, in the past resource area and was very successful in doing so. As seen below, the multi phased hydrothermal breccias along and within the Dike unit are well mineralized. See Photo 4 below.
Photo 4 - SM20- 48
 Summary
Hole SM20-48 was not only successful in the infill drilling of a drill poor area, but also followed the vertical down plunge of the Santa Maria structure by -175 meters from hole SM20-47 which intercepted 13.10 meters of silver mineralization.
Definition diamond drill hole SM20-49 is located approximately 50 meters to the west and designed to test the structure horizon at the -275 meters vertically depth and in-fill the lack of drill pierce points into the structure at this depth.
Holes SM20-49 - 50 have been completed and been submitted for assay. See Figure 5 below.
Figure 5
 QA QC Procedure
Analytical results of sampling reported by Fabled Silver Gold represent core samples that have been sawn in half with half of the core sampled and submitted by Fabled Silver Gold staff directly to ALS Chemex, Chihuahua, Chihuahua, Mexico. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
Over Limit Methods
For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Silver Gold monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
Agreement with Machai Capital Inc.
Fabled Silver Gold Corp. has entered into a digital awareness services agreement (the "Machai Agreement") with Machai Capital Inc. ("Machai") pursuant to which Machai will provide certain digital awareness services (including branding and content and data optimization) in compliance with the policies and guidelines of the TSX Venture Exchange ("TSXV") and other applicable legislation. The engagement is effective January 5, 2021 and has an initial term of six months. Thereafter, the engagement will automatically renew for another six month term if not cancelled within 15 days after the expiry of the first 6 month period. Under the terms of the Machai Agreement, Machai will receive $50,000 in cash for each 6 month term, plus applicable taxes.
Machai is a marketing, advertising and public awareness firm based out of Vancouver, British Columbia, specializing in the mining and metals, technology and special situation sectors. It assists companies in branding, content creation and data-optimization to create powerful marketing campaigns. Machai is able to track, organize and execute its plan through Search Engine Optimization (SEO), Search Engine Marketing (SEM), Lead Generation, Digital Marketing, Social Media Marketing, Email Marketing and Brand Marketing.
Machai does not have any interest in the Company or its securities, or any right or intent to acquire such an interest. Machai is at arm's length to the Company and has no other relationship with the Company except pursuant to the Agreement. The Agreement is subject to the approval of the TSXV.
Stock Options Post Arrangement
The Company wishes to clarify that pursuant to the closing on December 21, 2021 (the "Effective Time"), of its previously announced spin-out of its interest in the Muskwa copper project in northern British Columbia, by way of distributing the shares it held in Fabled Copper Corp. ("Fabled Copper") to the shareholders of the Company through a statutory plan of arrangement (the "Arrangement") that pursuant to the terms of the Arrangement, all existing stock options (the "Old Stock Options") of the Company have been exchanged for new stock options ("New Stock Options") of the Company. The New Stock Options have the same terms as the Old Stock Options other than the exercise price of the New Stock Options is equal to the product of the exercise price of the Old Stock Option, multiplied by the fair market value of a common share of the Company at the Effective Time, divided by the total of the fair market value of a common share of the Company and the fair market value of 1/5 of one Fabled Copper common share, each at the Effective Time.
About Fabled Silver Gold Corp.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company's mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.
The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
peter@fabledfco.com
For further information please contact:
info@fabledfco.com
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital
on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Silver Gold Corp |
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| To: LoneClone who wrote (162684) | 1/11/2022 1:15:51 PM | | From: LoneClone | | | | ECR Minerals: Creswick Exploration Licence Renewal Application EL006184
ca.finance.yahoo.com
Sun., January 9, 2022, 11:01 p.m.·4 min read
LONDON, January 10, 2022--( BUSINESS WIRE)--
ECR MINERALS plc
("ECR Minerals", "ECR" or the "Company")
Creswick Exploration Licence Renewal Application EL006184
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to announce that it has submitted an application to renew current exploration license EL006184 for an extended five-year term.
EL006184 covers land owned by one of ECR Minerals plc 100% owned Creswick projects and is operated by its subsidiary company Mercator Gold Australia Pty Ltd ("MGA").
ECR Chairman David Tang commented: "We are pleased to report that ECR has completed the application to renew Creswick exploration license EL006184 for an extended five-year term. Together with our recently approved licence EL006907 covering the Ballarat East Nerrina Goldfield, this area provides access to the Dimocks Main Shale strike zone, believed to host the source veining for much of the alluvial gold within the Creswick deep lead alluvial system."
"I look forward to providing further updates once our drill team and equipment return to Creswick"
SUMMARY:
Initial tenure of EL006184 expired on the 28th December 2021. The application renewal for the tenement for a further five-year term has been submitted.
MGA has first right in securing and applying to renew the ground covered by EL006184.
EL006184 has been a pivotal part of MGA’s exploration strategy and activities during 2021. Work undertaken includes the first ever diamond drill program conducted within the area, in addition to which MGA owns land and property at 35 Brewing Lane, Springmount sited within the tenement area. Exploration is scheduled to continue within MGA’s Creswick tenement area and will include further work along the Dimock Main Shale strike zone which is central to EL006184.
The renewal of EL006184 also complements recently approved licence EL006907 sited south and along strike of the mineralised belt towards Ballarat, Victoria, which the directors believe hosts the source veining for much of the alluvial gold within the Creswick deep lead alluvial system. Once the renewal is granted, the Company expects to return to recommence work at Creswick and within the new license area after completion of current operations at Bailieston, Victoria.
Further updates will be provided when the application has been processed.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
ECR Minerals plc
|
| Tel: +44 (0) 20 7929 1010
|
| David Tang, Non-Executive Chairman
|
|
|
|
|
|
|
| Email:
info@ecrminerals.com
|
|
|
| Website: www.ecrminerals.com
|
|
|
|
|
|
|
| WH Ireland Ltd
|
| Tel: +44 (0) 207 220 1666
|
| Nominated Adviser
Katy Mitchell / Andrew de Andrade
|
|
|
|
|
|
|
| SI Capital Ltd
|
| Tel: +44 (0) 1483 413500
|
| Broker
|
|
|
| Nick Emerson
|
|
|
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| Novum Securities Limited
|
| Tel: +44 (0) 20 7399 9425
|
| Broker
Jon Belliss
|
|
|
|
|
|
|
| Blytheweigh
|
| Tel: +44 (0) 207 138 3204
|
| Public Relations
|
|
|
| Tim Blythe
|
|
|
|
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd ("MGA") has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
cts.businesswire.com
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd ("LUX") which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.
cts.businesswire.com
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
View source version on businesswire.com: businesswire.com
Contacts
ECR Minerals plc |
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| To: LoneClone who wrote (162685) | 1/11/2022 1:16:55 PM | | From: LoneClone | | | | Emerita Reports the Environment Department in Huelva Province Has Published a Resolution Approving Drilling the West Side of the IBW Project Including Romanera Deposit
ca.finance.yahoo.com
Emerita Resources Corp.
Mon., January 10, 2022, 4:00 a.m.·4 min read
TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX – V: EMO; OTC: EMOTF) (the “Company” or “Emerita”) announces that the Andalucian Environment Department in Huelva Province has issued its resolution and published it in the official gazette approving the Company’s diamond drill plan for the west side of the Iberia Belt West (“IBW” or the “IBW Project”) project on January 7, 2022 such that the entire Project is now permitted for drilling. This portion of the IBW Project hosts the large Romanera deposit and the El Cura deposit and as such this is an important step for the ongoing evaluation of the IBW Project. The publication in the gazette marks the commencement of a 30 business day period during which the reclamation plan for the drill sites are published on the government web site and available for comment. The application process in Spain requires a comprehensive exploration plan as well as a reclamation plan for the drill pads and the reclamation plan is published on the government web site for public viewing for a period of 30 days prior to issuing the permits. Permitting the west side of the project required a more involved process than the Infanta area where the Company has been drilling. The Company completed all studies required by the process including archaeological, flora and fauna studies and has written support from the two municipalities, Pueblo de Guzman and Paymogo, that encompass the project included in the filing documents. Once issued, the permits are valid for the duration of the license.
The Company already has agreements arranged with local landowners for access to the drill sites in order that work can commence immediately upon receiving the permits. Emerita presently has a contract for five drills on the IBW Project and will add three more drills bringing the total to eight, to coincide with the issuing of this permit in order to complete the drilling required for a NI 43-101 compliant mineral resource estimate as quickly as practical.
According to David Gower, P.Geo., CEO of Emerita, “This is a very exciting development for the Company. It provides access to two additional deposits for diamond drilling and given there are already 50 drill holes in Romanera, the geological model for the deposit is well understood. Our team along with our environmental consultants and government officials have worked diligently and carefully to produce an excellent environmental plan for the responsible exploration of the area. We greatly appreciate the support of the municipalities and are already setting up facilities in Paymogo and Pueblo de Guzman to support the program.”
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Helia Bento
+1 416 566 8179 (Toronto)
info@emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the legal processes in Spain, the timing of permits for the IBW Project, the exploration of the IBW Project, the prospectivity of the IBW Project, the Company’s access to drill rigs, the timing of a NI 43-101 compliant mineral resource estimate and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita 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. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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| To: LoneClone who wrote (162686) | 1/11/2022 1:18:44 PM | | From: LoneClone | | | | Ero Copper Announces 2021 Production Guidance Beat and Provides 5-Year Outlook
ca.finance.yahoo.com
Ero Copper Corp.
Tue., January 11, 2022, 4:00 a.m.·26 min read
(all amounts in US dollars, unless otherwise noted)
VANCOUVER, British Columbia, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its 2021 production results, 2022 guidance and a five-year operating outlook through 2026.
HIGHLIGHTS
Record Copper Production Result for 2021
At the MCSA Mining Complex, total production for 2021 was 45,511 tonnes of copper in concentrate, surpassing the high-end of full-year guidance of 42,000 to 45,000 tonnes; and,
At the NX Gold Mine, total production for 2021 was 37,798 ounces of gold, surpassing high-end of full-year guidance of 34,500 to 37,500 ounces of gold.
Updated mineral reserve estimate for Deepening Extension Zone enables the creation of a two-mine system at the Pilar Mine with redesigned larger external shaft
The creation of a two-mine system at the Pilar Mine, known as "Pilar 3.0", whereby the upper levels of the mine will be serviced by the existing shaft, while the Deepening Extension Zone will utilize the new, larger external shaft, expected to result in significant growth in total production from the mine;
Annual ore production from the Pilar Mine is now forecast to achieve approximately 3.0 million tonnes by 2026 versus the current production rate of approximately 1.3 million tonnes. From 2027 onwards, annual ore production is expected to range from 2.6 million to 3.0 million tonnes; and,
Pilar 3.0 results in the deferral of capital related to the construction of higher operating cost ore- sorting projects at N8/N9 and Siriema.
2022 Production, Cost and Capital Expenditure Guidance
2022 MCSA Mining Complex production guidance of 43,000 to 46,000 tonnes of copper in concentrate at a C1 cash cost guidance range of $1.05 to $1.15 per pound of copper produced;
2022 NX Gold Mine production guidance of 39,000 to 42,000 ounces of gold at C1 cash cost and all-in sustaining ("AISC") guidance ranges of $500 to $600 and $925 to $1,025 per ounce of gold produced, respectively; and,
Capital expenditures expected to total $330 to $375 million in 2022, including $39 to $46 million in consolidated exploration spend and $70 to $80 million towards the construction of the Boa Esperança Project expected to commence in Q2 2022, subject to approval by the Board of Directors of the Company. Also reflected in the 2022 capital expenditure guidance:
Ongoing construction of the larger external shaft and completion of the Phase 2 cooling project as part of Pilar Mine 3.0; and,
Commencement of the Caraíba Mill expansion to 4.2 million tonnes per annum in preparation for expanded operations at the MCSA Mining Complex.
5-Year Operating Outlook
Copper production is forecast to more than double1 compared to the Company's 2021 results to a range of 92,000 to 102,000 tonnes of copper in concentrate in 2025, assuming contributions from the Boa Esperança Mine2;
Copper C1 cash costs are expected to average approximately $1.051 per pound of copper produced on forecasted production totaling approximately 350,0001 tonnes from 2022 to 2026;
Annual gold production is forecast to increase to a range of 55,000 to 60,000 ounces by 2024, an increase of over 50%1 compared to 2021 results;
Gold C1 cash costs and AISC are expected to average approximately $5151 and $6751, respectively, per ounce of gold produced with production totaling approximately 265,0001 ounces from 2022 through 2026; and,
Key capital projects aimed at doubling copper production, positioning the MCSA Mining Complex for expanded operations, and achieving higher sustained gold production at the NX Gold Mine include:
Approximately $300 million for the construction of the Boa Esperança Project2;
Approximately $250 million for the construction of Pilar 3.0 including the larger external shaft, associated infrastructure, ventilation, cooling and equipment plus an estimated $35 million for ancillary capital costs including contingency and third-party construction management costs;
Approximately $30 million to support expanded operations at the MCSA Mining Complex, including the expansion of mill capacity for the Caraíba Mill to 4.2 million tonnes per annum and long-term tailings storage capacity improvements to support the increased throughput and longer mine life; and,
Approximately $10 million to support higher sustained gold production of approximately 60,000 ounces at the NX Gold Mine as part of the Company's "NX 60" initiative.
1. Based on midpoint of guidance range(s).
2. Outlook assumes contributions from the Boa Esperança Mine. Construction of the Boa Esperança Project is expected to commence in Q2 2022 but remains subject to the approval of the Board of Directors of the Company.
Commenting on the results, David Strang, CEO, stated, “2021 was a pivotal year for Ero Copper. Our team delivered another year of record production results and laid the foundation for significant organic growth of copper and gold production in the years ahead. In addition to announcing the results of our optimized Feasibility Study on the Boa Esperança Project and demonstrating meaningful growth in our reserves and resources across our operating portfolio, we completed a redesign of the Pilar Mine, known as Pilar 3.0. Both projects fit with our focus on maximizing returns on invested capital ("ROIC"). In the case of Pilar 3.0, we have replaced a lower ROIC initiative, the ore sorting project, with a higher one. Likewise, at our NX Gold operations, we have initiated a project, known as NX 60, that is focused on sustaining longer term gold production of approximately 60,000 ounces per year by incorporating the new Matinha Vein into our mine plan from 2024 onwards.
"We are now well-placed to achieve the next stage of our growth — becoming a 100,000 tonne a year copper and 60,000 ounce a year gold producer by 2025 — while maintaining first quartile operating costs and industry-leading ROIC."
2021 PRODUCTION RESULTS
At the MCSA Mining Complex, approximately 2.4 million tonnes of ore grading 2.08% copper was processed during the year, resulting in 45,511 tonnes of copper in concentrate produced after average metallurgical recoveries of 92.4%;
Fourth quarter mill throughput of 646,319 tonnes of ore grading 1.99% copper resulted in 11,918 tonnes of copper in concentrate produced after average metallurgical recoveries of 92.7% during the period;
At the NX Gold Mine, 171,581 tonnes of ore grading 7.27 grams per tonne ("gpt") gold was processed during the year, producing 37,798 ounces of gold and 25,031 ounces of silver as by- product after average metallurgical recoveries of 94.2%;
Fourth quarter mill throughput of 47,159 tonnes of ore grading 6.24 gpt gold resulted in 8,544 ounces of gold produced and 5,859 ounces of silver produced as by-product after average metallurgical recoveries of 90.3% during the period;
2022 PRODUCTION GUIDANCE
Copper production guidance from the MCSA Mining Complex in 2022 of 43,000 to 46,000 tonnes of copper in concentrate is expected to come from the Pilar and Vermelhos underground mines as well the Surubim open pit mine. Total ore processed of approximately 3.0 million tonnes at a blended grade of 1.60% copper is expected to be comprised of 1.8 million tonnes at 1.50% copper from the Pilar Mine, 900,000 tonnes at 2.05% copper from the Vermelhos Mine, and 300,000 tonnes at 0.75% copper from the Surubim Mine.
Gold production guidance from the NX Gold Mine for 2022 of 39,000 to 42,000 ounces is expected to come from the Santo Antônio Vein based on total ore processed of approximately 168,000 tonnes at a gold grade of 8.00 grams per tonne.
|
| 2021 Guidance
|
| 2021 Actual Production
|
| 2022 Guidance
| MCSA Mining Complex
|
|
|
|
| Tonnes Processed
|
| 2,700,000
|
|
| 2,370,571
|
|
| 3,000,000
|
| Copper Grade (%)
|
| 1.75
| %
|
| 2.08
| %
|
| 1.60
| %
| Copper Recovery (%)
|
| 93.0
| %
|
| 92.4
| %
|
| 92.5
| %
| Copper Production (kt)
|
| 42,000 - 45,000
|
|
| 45,511
|
|
| 43,000 - 46,000
|
|
|
|
|
|
| NX Gold Mine
|
|
|
|
| Tonnes Processed
|
| 167,000
|
|
| 171,581
|
|
| 168,000
|
| Gold Grade (gpt)
|
| 7.20
|
|
| 7.27
|
|
| 8.00
|
| Gold Recovery (%)
|
| 92.0
| %
|
| 94.2
| %
|
| 93.0
| %
| Au Production (koz)
|
| 34,500 - 37,500
|
|
| 37,798
|
|
| 39,000 - 42,000
|
| Ag Production (koz)
|
| n/a
|
|
| 25,031
|
|
| n/a
|
|
Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's SEDAR and EDGAR filings, including the Company's Annual Information Form for the year ended December 31, 2020 and dated March 16, 2021 (the "AIF") for complete risk factors.
2022 COST GUIDANCE
C1 Cash Cost guidance at the MCSA Mining Complex in 2022 of $1.05 to $1.15 per pound of copper produced reflects increased mill feed from the Surubim open pit mine compared to its partial year of production in 2021. AISC per ounce of gold produced at the NX Gold Mine in 2022 reflect higher sustaining capital expenditures related to projects rescheduled from 2021 to 2022. The Company's 2022 cost guidance assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce, and a silver price of $20.00 per ounce.
| 2021 Guidance
|
|
| Original
|
| Revised
|
| 2022 Guidance
| Copper C1 Cash Cost ($/lb)
| $0.75 - $0.85
|
| no change
|
| $1.05 - $1.15
| Gold C1 Cash Cost ($/oz)
| $500 - $600
|
| no change
|
| $500 - $600
| Gold All-in Sustaining Cost ($/oz)
| $875 - $975
|
| $650 - $725
|
| $925 - $1,025
|
Note: C1 Cash Costs and AISC are non-IFRS measures. Please see the Notes section of this press release for additional information. 2021 guidance assumed a USD:BRL exchange rate of 5.00, with no change to gold and silver price assumptions.
2022 CAPITAL EXPENDITURE GUIDANCE
Forecasted capital expenditures for 2022 reflect growth investments related to expanding production at the MCSA Mining Complex (Pilar 3.0), development of the Matinha Vein (part of project NX 60), and the planned construction of the Boa Esperança Project1. Higher expected sustaining capital expenditures at the NX Gold Mine are related to the timing of certain sustaining capital projects that were deferred from 2021 into 2022. The Company's capital expenditure guidance for 2022 assumes a USD:BRL foreign exchange rate of 5.30 versus a 5.00 USD:BRL foreign exchange rate assumed in 2021. Capital expenditure guidance has been presented below in USD millions.
| 2021 Guidance
|
|
|
|
| Original
|
| Revised
|
| 2022 Guidance
| MCSA Mining Complex
|
| Growth
|
| $12.5 - $15.0
|
| $26.0 - $28.5
|
| $125 - $140
| Sustaining
|
| $69.0 - $78.0
|
| $69.0 - $78.0
|
| $80 - $90
| Exploration
|
| $30.0 - $35.0
|
| no change
|
| $25 - $30
| Total
|
| $111.5 - $128.0
|
| $125.0 - $141.5
|
| $230 - $260
|
|
|
|
|
|
|
| Boa Esperança1
|
|
|
|
|
|
| Growth
|
| $1.0 - $1.5
|
| $7.0 - $9.0
|
| $70 - $80
| Sustaining
|
| —
|
| —
|
| —
| Exploration
|
| —
|
| —
|
| $5 - $6
| Total
|
| $1.0 - $1.5
|
| $7.0 - $9.0
|
| $75 - $86
|
|
|
|
|
|
|
| NX Gold Mine
|
|
|
|
|
|
| Growth
|
| —
|
| $8.5 - $9.5
|
| $0 - $1
| Sustaining
|
| $13.0 - $15.0
|
| $4.5 - $5.5
|
| $16 - $18
| Exploration
|
| $8.0 - $10.0
|
| no change
|
| $9 - $10
| Total
|
| $21.0 - $25.0
|
| no change
|
| $25 - $29
|
|
|
|
|
|
|
| Total
|
|
|
|
|
|
| Growth
|
| $13.5 - $16.5
|
| $41.5 - $47.0
|
| $195 - $221
| Sustaining
|
| $82.0 - $93.0
|
| $73.5 - $83.5
|
| $96 - $108
| Exploration
|
| $38.0 - $45.0
|
| no change
|
| $39 - $46
| Total
|
| $133.5 - $154.5
|
| $153.0 - $175.5
|
| $330 - $375
|
1.
| Capital expenditures for the construction of the Boa Esperança Project expected to commence in Q2 2022, subject to receipt of approval by the Board of Directors of the Company. For more information on the Boa Esperança Project, including capital expenditure assumptions, please refer to the NI 43-101 compliant technical report entitled "Boa Esperança Project NI 43-101 Technical Report on Feasibility Study Update" dated November 12, 2021 with an effective date of August 31, 2021, prepared by Kevin Murray, P. Eng., Erin L. Patterson, P. Eng., and Scott C. Elfen, P.E., all of Ausenco Engineering Canada Inc., Carlos Guzmán, FAusIMM RM CMC of NCL Ingeniería y Construcción SpA, who are independent qualified persons under NI 43-101, and Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company (the “2021 Boa Esperança Technical Report”).
|
5-YEAR OPERATING OUTLOOK
The Company's five-year operating outlook reflects execution of the following strategic growth projects:
Construction of and production ramp-up at the Boa Esperança mine with construction to commence in Q2 2022, subject to receipt of approval by the Board of Directors of the Company;
Pilar 3.0 beginning with construction of the new external shaft and associated development at the Deepening Extension Zone followed by ramp-up of production volumes to 3.0 million tonnes in 2026, with longer-term (2027 onwards) volumes forecast to be between 2.6 and 3.0 million tonnes;
Investments to support expanded operations at the MCSA Mining Complex, including increasing both processing capacity of the Caraíba Mill to 4.2 million tonnes per annum and long-term tailings storage capacity to support the extended mine life; and,
The development of the Matinha Vein at the NX Gold Mine in support of project NX 60, with production from this new vein expected to commence in 2024.
The Company's 2022 cost and capital expenditure guidance assumes a USD:BRL foreign exchange rate of 5.30, while all subsequent years assume a USD:BRL foreign exchange rate of 5.00. Cost guidance assumes a gold price of $1,725 per ounce and a silver price of $20.00 per ounce for the five-year projection period. Capital expenditure guidance has been presented in the following table in USD millions.
|
| 2022
|
| 2023
|
| 2024
|
| 2025
|
| 2026
| Production Guidance
|
|
|
|
|
|
|
|
|
|
| Copper (tonnes)
|
|
|
|
|
|
|
|
|
|
| MCSA Mining Complex
|
| 43,000 - 46,000
|
| 43,000 - 47,000
|
| 45,000 - 50,000
|
| 45,000 - 50,000
|
| 47,000 - 52,000
| Boa Esperança1
|
| —
|
| —
|
| 25,000 - 30,000
|
| 47,000 - 52,000
|
| 38,000 - 43,000
| Total Copper
|
| 43,000 - 46,000
|
| 43,000 - 47,000
|
| 70,000 - 80,000
|
| 92,000 - 102,000
|
| 85,000 - 95,000
|
|
|
|
|
|
|
|
|
|
|
| Gold (ounces)
|
|
|
|
|
|
|
|
|
|
| NX Gold Mine
|
| 39,000 - 42,000
|
| 50,000 - 55,000
|
| 55,000 - 60,000
|
| 55,000 - 60,000
|
| 55,000 - 60,000
|
Cost Guidance
|
|
|
|
|
|
|
|
|
|
| Copper C1 Cash Cost ($/lb)
|
|
|
|
|
|
|
|
|
|
| MCSA Mining Complex
|
| $1.05 - $1.15
|
| $1.05 - $1.15
|
| $1.15 - $1.25
|
| $1.10 - $1.20
|
| $1.00 - $1.10
| Boa Esperança1
|
| —
|
| —
|
| $0.90 - $1.00
|
| $0.80 - $0.90
|
| $1.00 - $1.10
| Blended C1 Cash Cost ($/lb)
|
| —
|
| —
|
| $1.05 - $1.15
|
| $0.95 - $1.05
|
| $1.00 - $1.10
|
|
|
|
|
|
|
|
|
|
|
| Gold C1 Cash Cost ($/oz)
|
| $500 - $600
|
| $475 - $575
|
| $450 - $550
|
| $450 - $550
|
| $450 - $550
| Gold All-in Sustaining Cost ($/oz)
|
| $925 - $1,025
|
| $650 - $750
|
| $550 - $650
|
| $550 - $650
|
| $550 - $650
|
Capital Expenditure Guidance ($ in millions)
|
|
|
|
|
|
| MCSA Mining Complex
| Growth
|
| $125 - $140
|
| $60 - $70
|
| $60 - $70
|
| $50 - $60
|
| $30 - $40
| Sustaining
|
| $80 - $90
|
| $80 - $90
|
| $65 - $75
|
| $50 - $60
|
| $50 - $60
| Exploration
|
| $25 - $30
| future exploration expenditures dependent on exploration success
| Total
|
| $230 - $260
|
| $140 - $160
|
| $125 - $145
|
| $100 - $120
|
| $80 - $100
|
|
|
|
|
|
|
|
|
|
|
| Boa Esperança1
|
|
|
|
|
|
|
|
|
|
| Growth
|
| $70 - $80
|
| $160 - $180
|
| $45 - $55
|
| $0 - $0
|
| $0 - $0
| Sustaining
|
| $0 - $0
|
| $0 - $0
|
| $5 - $10
|
| $15 - $25
|
| $20 - $30
| Exploration
|
| $5 - $6
| future exploration expenditures dependent on exploration success
| Total
|
| $75 - $86
|
| $160 - $180
|
| $50 - $65
|
| $15 - $25
|
| $20 - $30
|
|
|
|
|
|
|
|
|
|
|
| NX Gold Mine
|
|
|
|
|
|
|
|
|
|
| Growth
|
| $0 - $1
|
| $5 - $6
|
| $5 - $6
|
| $0 - $1
|
| $0 - $1
| Sustaining
|
| $16 - $18
|
| $8 - $10
|
| $4 - $6
|
| $4 - $6
|
| $4 - $6
| Exploration
|
| $9 - $10
| future exploration expenditures dependent on exploration success
| Total
|
| $25 - $29
|
| $13 - $16
|
| $9 - $12
|
| $4 - $7
|
| $4 - $7
|
|
|
|
|
|
|
|
|
|
|
| Total
|
|
|
|
|
|
|
|
|
|
| Growth
|
| $195 - $221
|
| $225 - $256
|
| $110 - $131
|
| $50 - $61
|
| $30 - $41
| Sustaining
|
| $96 - $108
|
| $88 - $100
|
| $74 - $91
|
| $69 - $91
|
| $74 - $96
| Exploration
|
| $39 - $46
| future exploration expenditures dependent on exploration success
| Total
|
| $330 - $375
|
| $313 - $356
|
| $184 - $222
|
| $119 - $152
|
| $104 - $137
|
Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's SEDAR and EDGAR filings, including the AIF, for complete risk factors. C1 Cash Costs and AISC are non-IFRS measures. Please see the Notes section of this press release for additional information. For more information on the Boa Esperança Project, including production, cost and capital expenditure assumptions, please refer to the 2021 Boa Esperança Technical Report.
1. Outlook assumes contributions from the Boa Esperança Mine. Construction of the Boa Esperança Project is expected to commence in Q2 2022 but remains subject to the approval of the Board of Directors of the Company.
5-YEAR PRODUCTION PLAN
The Company's five-year operating outlook reflects the five-year production plan estimates provided below. Tonnes and grades are based on current mine plan assumptions and represent the midpoint of performance expectations with a range of +/- 10%.
| 2022
| 2023
| 2024
| 2025
| 2026
| Production Plan
|
|
|
|
|
| MCSA Mining Complex
|
| Pilar Mine
|
| Tonnes (kt)
| 1,800
| 2,200
| 2,700
| 2,600
| 3,000
| Grade (% Cu)
| 1.50%
| 1.30%
| 1.25%
| 1.25%
| 1.30%
| Vermelhos Mine
|
|
|
|
|
| Tonnes (kt)
| 900
| 850
| 850
| 950
| 800
| Grade (% Cu)
| 2.05%
| 1.75%
| 1.25%
| 1.15%
| 1.30%
| Surubim
|
|
|
|
|
| Tonnes (kt)
| 300
| 550
| 550
| 600
| 500
| Grade (% Cu)
| 0.75%
| 0.65%
| 0.75%
| 0.75%
| 1.10%
|
|
|
|
|
|
| Processing Operations
|
|
|
|
|
| Tonnes (kt)
| 3,000
| 3,700
| 4,200
| 4,200
| 4,200
| Grade (% Cu)
| 1.60%
| 1.35%
| 1.20%
| 1.20%
| 1.25%
| Recovery Rate
| 92.5%
| 92.5%
| 92.5%
| 92.5%
| 92.5%
|
|
|
|
|
|
| Recovered Copper (tonnes)
| 43,000 - 46,000
| 43,000 - 47,000
| 45,000 - 50,000
| 45,000 - 50,000
| 47,000 - 52,000
|
Boa Esperança1
|
|
|
|
|
| Mining Operations
|
|
|
|
|
| Tonnes (kt)
| —
| —
| 2,300
| 4,200
| 4,100
| Grade (% Cu)
| —
| —
| 1.30%
| 1.25%
| 1.05%
|
|
|
|
|
| Processing Operations
|
|
|
|
| Tonnes (kt)
| —
| —
| 2,200
| 4,000
| 4,000
| Grade (% Cu)
| —
| —
| 1.35%
| 1.35%
| 1.10%
| Recovery Rate (%)
| —
| —
| 93.0%
| 93.0%
| 92.0%
|
|
|
|
|
|
| Recovered Copper (tonnes)
| —
| —
| 25,000 - 30,000
| 47,000 - 52,000
| 38,000 - 43,000
|
|
|
|
|
|
| Total Recovered Copper (tonnes)
| 43,000 - 46,000
| 43,000 - 47,000
| 70,000 - 80,000
| 92,000 - 102,000
| 85,000 - 95,000
|
|
|
|
|
|
| NX Gold Mine
|
|
|
|
|
| Tonnes (kt)
| 167
| 190
| 220
| 230
| 230
| Grade (gpt Au)
| 8.00
| 9.50
| 8.75
| 8.25
| 8.25
| Recover Rate
| 93.0%
| 93.0%
| 93.0%
| 93.0%
| 93.0%
|
|
|
|
|
|
| Recovered Gold (ounces)
| 39,000 - 42,000
| 50,000 - 55,000
| 55,000 - 60,000
| 55,000 - 60,000
| 55,000 - 60,000
|
Note: Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company's SEDAR and EDGAR filings, including the AIF, for complete risk factors. For more information on the Boa Esperança Project, including production assumptions, please refer to the 2021 Boa Esperança Technical Report.
1. Outlook assumes contributions from the Boa Esperança Mine. Construction of the Boa Esperança Project is expected to commence in Q2 2022 but remains subject to the approval of the Board of Directors of the Company.
NOTES
Non-IFRS measures
Financial results of the Company are prepared in accordance with IFRS. The Company utilizes certain non-IFRS measures, including C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), EBITDA, Adjusted EBITDA, Adjusted net income attributable to owners of the Company, Adjusted net income per share, net debt, working capital and available liquidity, which are not measures recognized under IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
C1 cash cost of copper produced (per lb.)
C1 cash cost of copper produced (per lb) is the sum of production costs, net of capital expenditure development costs and by-product credits, divided by the copper pounds produced. C1 cash cost reported by the Company include treatment, refining charges, offsite costs, and certain tax credits relating to sales invoiced to the Company’s Brazilian customer on sales. By- product credits are calculated based on actual precious metal sales (net of treatment costs) during the period divided by the total pounds of copper produced during the period. C1 cash cost of copper produced per pound is a non-IFRS measure used by the Company to manage and evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.
C1 cash cost of gold produced (per ounce)
C1 cash cost of gold produced (per ounce) is the sum of production costs, net of capital expenditure development costs and silver by-product credits, divided by the gold ounces produced. By-product credits are calculated based on actual precious metal sales during the period divided by the total ounces of gold produced during the period. C1 cash cost of gold produced per ounce is a non-IFRS measure used by the Company to manage and evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.
All-in Sustaining Cost of gold produced (per ounce)
All-in sustaining cost of gold produced (per ounce) is the sum of production costs, site general and administrative costs, accretion of mine closure and rehabilitation provision, sustaining capital expenditures, sustaining leases, and royalties and production taxes, net of silver by- product credits, divided by the gold ounces produced. By-product credits are calculated based on actual precious metal sales during the period divided by the total ounces of gold produced during the period. All-in sustaining cost of gold produced per ounce is a non-IFRS measure used by the Company to manage and evaluate operating performance of the Company’s operating mining unit and is widely reported in the mining industry as benchmarks for performance but does not have a standardized meaning and is disclosed in addition to IFRS measures.
QUALIFIED PERSONS
The technical and scientific information in this news release has been prepared in accordance with NI 43-101 and has been reviewed, verified and approved by Mr. Emerson Ricardo Re, MSc, MBA, MAusIMM (CP) (No. 305892), Registered Member (No. 0138) (Chilean Mining Commission) and Resource Manager of the Company, who is a Qualified Person as such term is defined under NI 43-101.
ABOUT ERO COPPER CORP
Ero Copper Corp, headquartered in Vancouver, B.C., is focused on copper production growth from the MCSA Mining Complex located in Bahia State, Brazil, with over 40 years of operating history in the region. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, MCSA, 100% owner of the MCSA Mining Complex, which is comprised of operations located in the Curaçá Valley, Bahia State, Brazil, wherein the Company currently mines copper ore from the Pilar and Vermelhos underground mines, and the Boa Esperança development project, an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the MCSA Mining Complex, Boa Esperança and NX Gold properties, can be found on the Company's website ( www.erocopper.com), on SEDAR ( www.sedar.com), and on EDGAR ( www.sec.gov).
ERO COPPER CORP.
|
|
|
| /s/ David Strang
| For further information contact:
| David Strang, CEO
| Courtney Lynn, VP, Corporate Development & Investor Relations
|
| (604) 335-7504
|
| info@erocopper.com
|
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements with respect to the Company's guidance and/or outlook on future production, costs and capital expenditures; development plans, costs, timelines and/or approvals for, as well as benefits, production and/or performance expected by, growth projects including development of the Deepening Extension Zone, construction of the new external shaft, and creation of a two-mine system at the Pilar Mine, construction of the Boa Esperança mine, development of the Matinha Vein at the NX Gold Mine, expansion of the Caraíba Mill, and other infrastructure projects at the MCSA Complex; the Company’s expectations, strategies and plans for the MCSA Mining Complex, the NX Gold Property and the Boa Esperança Property, including, but not limited to, the Company’s planned exploration, development and production activities; and the significance and timing of any particular exploration program or result and the Company’s expectations for current and future exploration plans including, but not limited to, planned areas of additional exploration, further extensions and expansion of mineralization at the MCSA Mining Complex, the NX Gold Mine and the Boa Esperança Project.
Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this press release including, without limitation, assumptions about: continued effectiveness of the measures taken by the Company to mitigate the possible impact of COVID-19 on its workforce and operations; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of copper and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the MCSA Mining Complex, NX Gold Property and the Boa Esperança Property being as described in the technical reports for these properties; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force conditions to remain healthy in the face of prevailing epidemics, pandemics or other health risks (including COVID-19), political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment and critical supplies, spare parts and consumables; positive relations with local groups and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive, global health, and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Furthermore, such forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” in the AIF.
Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.
The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained herein. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
In accordance with applicable Canadian securities regulatory requirements, all mineral reserve and mineral resource estimates of the Company disclosed in this press release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 differs significantly from the disclosure requirements of the Securities and Exchange Commission (the “SEC”) generally applicable to U.S. companies. For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in NI 43-101. These definitions differ from the definitions in the disclosure requirements promulgated by the SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Pursuant to the CIM Standards, mineral resources have a higher degree of uncertainty than mineral reserves as to their existence as well as their economic and legal feasibility. Inferred mineral resources, when compared with measured or indicated mineral resources, have the least certainty as to their existence, and it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Pursuant to NI 43-101, inferred mineral resources may not form the basis of any economic analysis. Accordingly, readers are cautioned not to assume that all or any part of a mineral resource exists, will ever be converted into a mineral reserve, or is or will ever be economically or legally mineable or recovered. |
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| To: LoneClone who wrote (162687) | 1/11/2022 1:30:20 PM | | From: LoneClone | | | | Mako Mining Reports Positive Resource Reconciliation
newswire.ca
Mako Mining Corp. Jan 11, 2022, 07:00 ET
January 11th, 2022
TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, Jan. 11, 2022 /CNW/ - Mako Mining Corp. (TSXV: MKO) (OTCQX: MAKOF) ("Mako" or the "Company") is pleased to report grade and tonnage results from mining the first 12 benches of the San Albino vein at its San Albino gold project ("San Albino") in northern Nicaragua. The mined benches consisted of twelve, six-meter benches between 616 and 550 meters above sea level and contained a total of 32,208 ounces Au and 55,687 ounces Ag within 103,783 tonnes of diluted vein material grading 9.72 g/t Au and 16.69 g/t Ag.
Comparative Reconciliation (by bench) (CNW Group/Mako Mining Corp.)
The diluted vein material mined at San Albino thus far has positively reconciled on both grade and ounces by 10% and 2.5% respectively, to the mineral resource estimate prepared by Mine Development Associates ("MDA"), a division of RESPEC, out of Reno, Nevada. A technical report for the updated mineral resource estimate (the "MDA Resource") was filed in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") under the Company's SEDAR profile at www.sedar.com and is also available on the Company's website at www.makominingcorp.com (see press release dated October 19, 2020). In comparison, 110,496 tonnes at a grade of 8.85 g/t Au and 16.8 g/t Ag containing 31,424 ounces Au and 59,682 ounces Ag over the same 12 benches were modeled in the MDA Resource.
To date, areas mined in the MDA Resource contained 40% measured resources, 25% indicated resources and 35% inferred resources.
Akiba Leisman, Chief Executive Officer of Mako states that, "we are extremely happy with performance of the MDA Resource model thus far. Management and MDA intentionally used conservative assumptions to account for dilution in the resource model, so the 10% positive grade reconciliation is welcome news, but not a surprise. The information we have received from mining these twelve benches thus far have not only validated our geological model, but also, they are providing invaluable information to aid in the delineation of additional deposits at Las Conchitas and elsewhere on our 188 square kilometer district."
Sampling, Assaying, QA/QC and Grade Estimation
Diluted vein material was estimated using vertical channel samples. Vertical channel samples respecting the geology were collected on 5-meter sections at approximately 4-meter spacing using a gas-powered rock saw where the vein is competent, or a rock hammer where the rock is strongly fractured or brecciated. Special attention is applied to standardize the width and volume of material taken using the rock hammer or rock saw. The coordinates of the channel samples are surveyed using a total station surveying device. Historical dump material estimation used blast hole data in addition to vertical channel samples. Continuous 3-meter samples over the 6m bench were collected from the blast holes using a sample collection pan that traps all the blast hole material. The entire sample is then split using a Gilson splitter.
Samples for the first 3.5 benches were kept in a secured logging and storage facility until such time that they were delivered to the Managua facilities of Bureau Veritas, an independent assay lab, for sample preparation. Pulps were sent to the Bureau Veritas laboratory in Vancouver for analysis. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, Atomic Absorption Spectrometry (AAS) finish. Samples returning over 10.0 g/t Au are analyzed utilizing standard fire assay-gravimetric method. The Company follows industry standards in its quality assurance and quality control ("QA/QC") procedures. Control samples consisting of duplicates, standards and blanks were inserted into the sample stream at a ratio of 1 control sample per every 3 to 4 samples. Analytical results of control samples confirmed reliability of the assay data.
Samples from benches 592 to 550 were sent directly to San Albino Mine's on-site laboratory for preparation and assay. Gold was analyzed by standard fire assay fusion, 30-gram aliquot, with an AAS finish. The Company's onsite lab follows industry standards in its quality assurance and quality control ("QA/QC") procedures. The QA/QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of at least 1 per 20 normal samples as well as the submission of field duplicates. In addition, approximately 10% duplicate samples are sent to the Bureau Veritas laboratory in Vancouver, an ISO 9001:2008 certified laboratory on a regular basis. Analytical results of control samples confirmed reliability of the assay data.
The grade of the diluted San Albino vein and historical dump material were estimated using the inverse distance squared method ("ID2") from 1-meter composite intervals respecting the geologic boundaries. Samples were capped prior to compositing at 100 g/t Au in the San Albino vein, 7.0 g/t Au in the San Albino footwall, 4 g/t Au in the San Albino hanging wall and 25 g/t Au in the dump material. Capping values were based on analysis of previous diamond drilling results which were used in the MDA Resource. The search ellipse for the dump material was limited to 4 m for gold assays >2.5 g/t Au. The diluted grade of the San Albino vein for the first four benches was estimated using 3-D models of surveyed vein boundaries and surveyed mined surfaces where the vein boundaries were clearly defined. Within the Porcelana zone (benches 580-550), where the vein boundaries are diffuse due to fault stacking of the veins, the un-diluted grade of the San Albino vein was estimated using 3-D models derived from the surveyed channel samples defining the hanging wall, footwall, and vein boundaries. The diluted grade of the vein was estimated using daily tonnage estimates of the mined material.
Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this press release. Mr. Kowalchuk is a senior geologist and a consultant to the Company.
On behalf of the Board,
Akiba Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The Company operates the high-grade San Albino gold mine in Nueva Segovia, Nicaragua, which ranks as one of the highest-grade open pit gold mines globally. Mako's primary objective is to operate San Albino profitably and fund exploration of prospective targets on its district-scale land package.
Forward-Looking Information: Statements contained herein, other than historical fact, may be considered "forward-looking information" within the meaning of applicable securities laws. The forward-looking information contained herein is based on the Company's plans and certain expectations and assumptions, including that the information the Company has received from mining the twelve benches thus far will provide invaluable information to aid in the delineation of additional deposits at Las Conchitas and elsewhere on the 188 square kilometer district;and that the Company can operate San Albino profitably in order to fund exploration of prospective targets on its district-scale land package. Such forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking information, including, without limitation, the risk that the information does not prove useful in delineating additional deposits on the Company's land package; the Company's failure to operate San Albino profitably and/or fund its exploration of prospectus targets on its district-scale land package; political risks and uncertainties involving the Company's exploration properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as disclosed in the Company's public disclosure filings on SEDAR at www.sedar.com. Such information contained herein represents management's best judgment as of the date hereof, based on information currently available and is included for the purposes of providing investors with the Company's expectations regarding the San Albino gold project, and may not be appropriate for other purposes. Mako does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mako Mining Corp.
 For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone: 203-862-7059, E-mail: aleisman@makominingcorp.com or visit our website at www.makominingcorp.com and SEDAR www.sedar.com.
|
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| To: LoneClone who wrote (162688) | 1/11/2022 1:32:57 PM | | From: LoneClone | | | | Metalex Ventures: GEOPHYSICAL AND HEAVY MINERAL GEOCHEMICAL RESULTS PRODUCE DRILL TARGETS ON METALEX'S 100% OWNED CLAIMS SOUTH OF CHIBOUGAMAU, QUEBEC
newswire.ca
Metalex Ventures Ltd. Jan 10, 2022, 09:00 ET
KELOWNA, BC, Jan. 10, 2022 /CNW/ - Metalex Ventures Ltd. (TSXV: MTX) (the "Company") is pleased to report that the geophysical results including airborne magnetics, electromagnetics and resistivity have finally been received from three of the highest priority gold areas and two high priority diamond areas in Quebec.
In addition, heavy mineral picking results for ilmenite have been received in the strongly anomalous gold and scandium claim block located south of Chibougamau (see March 15, 2021 news release). A geological map of this area has been prepared by structural geologist Chris Buchanan.
Map 1 (CNW Group/Metalex Ventures Ltd.)
Sampling upstream on the drainage previously yielding the highest gold and scandium results consistently contains some of the highest ilmenite counts to near the headwaters of the drainage (refer to Map 1). This area is in the centre of a large airborne magnetic high anomaly and down-ice from a near-surface resistivity anomaly. According to the airborne resistivity results, the near-surface resistivity anomaly gets stronger and wider to depths greater than 450 metres. A ground resistivity survey over the area should produce targets for drill testing with increased accuracy.
The heavy mineral results for gold and 43 additional elements are expected to be received by late January. Microprobe results for scandium in ilmenite from samples containing the highest ilmenite counts should also be available at a similar time.
Summary
The Metalex directors are most encouraged by the fact that both heavy mineral sampling and airborne geophysical results have identified targets that potentially warrant drill testing. Forthcoming heavy mineral results for gold and microprobe results for scandium in ilmenite from samples collected in the strongly anomalous creek are awaited.
The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration and financing results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. In particular there is no assurance that the Offering detailed herein will complete in full or at all. Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Metalex Ventures Ltd.
 For further information: Chad Ulansky, President & CEO, +1-250-860-8599, investorinfo@metalexventures.ca
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| To: LoneClone who wrote (162689) | 1/11/2022 1:34:38 PM | | From: LoneClone | | | | Fabled Copper’s Lady Luck Reports High-Grade Copper Including 14.30 % Copper over 4.60 meters
accesswire.com
Tuesday, January 11, 2022 7:30 AM
VANCOUVER, BC / ACCESSWIRE / January 11, 2021 / Fabled Copper Corp. ("Fabled Copper" or the "Company") (CSE:FABL) announces the first results of 2021 surface field work on it's Muskwa Copper Project comprised of the Neil Property (previously referred to as the North Block) and the Toro Property (previously referred to as the South Block) in Northwestern British Columbia. The Company also holds rights to the Bronson Property. See Figure 1 below.
Figure 1 - Location Map
 Peter J Hawley, President and CEO of Fabled reports; "We start the new year with the reporting of our findings on the Lady Luck occurrence located at the southern end of the Neil Property. See Figure 2 below. As you will see, the high grade copper occurrence has certainly been well named with a total of 16 surface samples collected by the old fashioned, boots on the ground, high altitude sampling of the vein structure over a vertical distance of 444 meters starting at an altitude of 1,320 meters."
Of the 16 samples collected, 3 reported no values, 10 greater than 1%, copper, 5 greater than 5% copper, 5 greater than 10% copper and 2 greater than 20% copper, (1% copper = 22.20 pounds). See Table 1 below.
Figure 2- Neil Property, Lady Luck Location
 Sample # D-723002 taken at the lowest elevation of 1,320 meters was composed of quartz veining, breccia and stockwork, with black shale fragments in a white quartz matrix which is mineralized with patches and seams of copper sulphides measuring 5% (bornite - chalcopyrite), abundant malachite staining, and returned 8.17% copper over 0.15 meters of exposed veining thru the valley floor rubble. See Table 1 below.
Sample # D- 723260 was taken 87 meters vertically above D-723002 at a vertical elevation of 1,407 meters where the Lady Luck Structure surfaced again. A grab sample of the rubble at the base of the structure returned 20.20% copper, The sample consisted of weathered, dark brassy brown quartz on the surface and mottled white, brassy yellow on a fresh surface. Moderate malachite, and contained 60% chalcopyrite. See Photo1, 2, Table 1 below.
Photo 1 - Lady Luck
 Photo 2 - Lady Luck
 At the 1,411-meter elevation, only 4 meters above of that previously described, 2 float samples, D-723259 and D-723258 were taken and reported 2.80 % copper and 1.91% copper respectively. See Table 1 below.
The next mineralized occurrence of the vein structure was at 1,679 meters, 268 meters vertically above, where rubble sample D-723250 returned 3.28% copper. See Table 1 below.
At 1,715 meters the mineralized structure continued and rubble sample D-723005 assayed 26.10% copper, 36 meters vertically above that which was last sampled. This incredible copper sample consisted of semi-massive sulphides, rusty dark - light brown on the surface, minor malachite staining, 95% sulphides, 2% quartz, 3% sheared shale host rock. See Photo 2, Table 1 below.
Photo 3 - Lady Luck
 At the final vertical elevation of 1,764 meters, 24 meters above that last sampled two samples were taken,
A grab sample, # D-723003, taken at the base of the mineralized outcropping of the Lady Luck vein structure and returned 16.50% copper. The sample contained a white quartz carbonate vein with patches of carbonated ribboned with seams and patches of sulphides and iron carbonate, limonite alteration common, vuggy with crystal growth in the cavities, abundant malachite staining, non-magnetic, 6% sulphides, (chalcopyrite - bornite), see Photo 3, Table 1 below.
Photo 4 - Lady Luck
 At the same vertical elevation, a composite sample D-723004 was taken over a total of 4.60 meters which returned 14.30% copper.The area sampled consisted of a quartz carbonate vein, with white quartz containing patches of iron carbonate, abundant malachite staining, 7% copper sulphides as semi-massive patches, blebs and disseminated chalcopyrite and bornite.
See Photo 4 below of in-place mineralization, note helicopter below and pitch for steepness
Photo 5 - Lady Luck
 Table 1 - Lady Luck 2021 Surface Samples
Sample No.
| Elevation (m)
| Type of Sample
| Copper (Cu) Grade %
| D - 723002
| 1,320
| Chip / 0.15 m
| 8.1
| D - 723260
| 1,407
| Float
| 20.20
| D - 723259
| 1,411
| Float
| 2.80
| D - 723258
| 1,411
| Float
| 1.91
| D - 723252
| 1,533
| rubble
| 0.01
| D - 723250
| 1,679
| rubble
| 3.28
| D - 723005
| 1,715
| rubble
| 26.10
| D - 723251
| 1,733
| rubble
| 0.01
| D - 723247
| 1,738
| Chip / 0.70
| 0.18
| D - 723248
| 1,740
| Chip / 0.50 m
| 1.66
| Sample No.
| Elevation (m)
| Type of Sample
| Copper (Cu) Grade %
| D - 723001
| 1,743
| Grab
| 0.01
| D - 723003
| 1,764
| Grab
| 16.50
| D - 723004
| 1,764
| Composite / 4.60 m
| 14.30
|
- Samples taken over 444 meters vertically
Moving Forwards
Needless to say, the impressive grades over 444 meters vertically on the Lady Luck certainly warrants following up in the 2022 season. The Lady Luck vein structure has never been drilled and remain open in all directions.
QA QC Procedure
Analytical results of sampling reported by Fabled Copper Corp represent rock samples submitted by Fabled Copper Corp. staff directly to ALS Chemex, Vancouver, British Columbia Canada. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
Over Limit Methods
For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Copper Corp. monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
Investor Relations Agreement with Machai Capital Inc.
Fabled Copper Corp. further announces it has entered into a digital awareness services agreement (the "Machai Agreement") with Machai Capital Inc. ("Machai") pursuant to which Machai will provide certain digital awareness services (including branding and content and data optimization) in compliance with the policies and guidelines of the Canadian Securities Exchange and other applicable legislation. The engagement is effective January 5, 2021 and has an initial term of six months. Thereafter, the engagement will automatically renew for another six month term if not cancelled within 15 days after the expiry of the first 6 month period. Under the terms of the Machai Agreement, Machai will receive $50,000 in cash for each 6 month term, plus applicable taxes.
Machai is a marketing, advertising and public awareness firm based out of Vancouver, British Columbia, specializing in the mining and metals, technology and special situation sectors. It assists companies in branding, content creation and data-optimization to create powerful marketing campaigns. Machai is able to track, organize and execute its plan through Search Engine Optimization (SEO), Search Engine Marketing (SEM), Lead Generation, Digital Marketing, Social Media Marketing, Email Marketing and Brand Marketing.
About Fabled Copper Corp.
Fabled Copper is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing copper properties located in northern British Columbia. The Muskwa Project comprises a total of 76 claims in two non-contiguous blocks and totals approximately 8,064.9 hectares, located in the Liard Mining Division in northern British Columbia.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
info@fabledcopper.org
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability
to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Copper Corp. |
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| To: LoneClone who wrote (162690) | 1/11/2022 1:36:19 PM | | From: LoneClone | | | | Golden Lake Expands North Copperview Property to Cover Targets Adjacent to Gold Mountain Mining Corp’s Elk Property
accesswire.com
Tuesday, January 11, 2022 8:00 AM
VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / Golden Lake Exploration Inc. (CSE:GLM) ("GLM" or the "Company") is pleased to announce the acquisition of two claims blocks that expands the North Copperview property by over 50% and covers a historic soil-in-copper geochemical anomaly and the northward extension of a recently defined airborne MT geophysical anomaly. The two claims are located north and northeast of the Company's Copperview North property, which is located north of, and contiguous to the "MPD Property" owned by Kodiak Copper Corp. ("Kodiak") (TSX-V: KDK).
The two new claims comprise 4,017 hectares, with the total North Copperview property nearly 120 square kilometers (11,979 hectares). Claim "1078594" is contiguous to the northern boundary of the Company's North Copperview property and covers the following targets:
- ULC Target - located wholly on the newly acquired claims, this target is defined by historic soil geochemistry completed in 1991 by Fairfield Minerals Inc., the owners and operator of the Elk Gold Mine (Siwash) property, currently being developed for production by Gold Mountain Mining Corp., (GMTN). The ULC Target is approximately 8.0 kilometers due west of the past producing Elk Gold mine, and 800 meters west of the boundary with GMTN's Elk Gold Property. Data on the ULC target was reported in BC Assessment Report # 22259 , and indicated copper-in-soil values of + 100 parts per million copper ("ppm Cu") over an area of 500 meters by 600 meters, with a peak value of 324 ppm Cu. This geochemical anomaly is similar in copper values and area to the Conglin Creek targets on the North Copperview property, where recent sampling by the Company compared well with history geochemical results, are completed by Fairfield in the 1990's. Company personnel have not yet visited nor investigated the ULC target area in the field. While remote in the 1990's, the target area is now readily accessible by a network of active logging roads.
- MT Anomaly "B" -- In June 2021 the Company commissioned Expert Geophysics Ltd to carry out a helicopter-borne MobileMT electromagnetic and magnetic geophysical survey over the North Copperview property (see Press Release September 7, 2021). The purpose of the survey was mapping bedrock structure and lithology, including possible alteration and mineralization zones by observing apparent conductivity corresponding to different frequencies, inverting EM data to obtain the distribution of resistivity with depth, and using very low frequency electromagnetic and magnetic data to study properties of the bedrock units. A north-south resistivity low trends off the property into the newly acquired claim "1078594". This anomaly is mostly coincident with low magnetic susceptibilities, and has strong low resistivities on all altitude slices, from 1000 meters to -500 meters. The Company's consulting geophysicist indicated: "Anomaly "B" is a north-south tending resistivity low with unlimited depth extent that is coincident with low magnetic susceptibilities, and as such is considered as a moderate to high priority target."
 Location map of the newly acquired claims and targets
Mike England, president of Golden Lake, reports: "The recent acquisition of additional claims near the North Copperview property strengthens our strategic position, between Kodiak Copper to the south and Gold Mountain Mining to the east. Compilation and interpretation of our work completed in 2021 continues, directed towards an aggressive field season in 2022. Exploration activities are expected to be at a high level this year in this area of BC."
Golden Lake will issue 200,000 shares and grant a 1% NSR to acquire a 100% interest in the claims.
About Golden Lake Exploration Inc.
Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property. The Jewel Ridge property is located on the south end of Nevada's prolific Battle Mountain - Eureka trend, along strike and contiguous to Barrick Gold's Archimedes/Ruby Hill gold mine to the north and Timberline Resources' advanced-stage Lookout Mountain project to the south.
Qualified Person
Golden Lake Exploration's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.
ON BEHALF OF THE BOARD
"Mike England"
Mike England, CEO & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Golden Lake Exploration Inc. |
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| To: LoneClone who wrote (162691) | 1/11/2022 1:38:29 PM | | From: LoneClone | | | | LUNDIN GOLD BEATS 2021 GUIDANCE WITH GOLD PRODUCTION OF 428,514 OUNCES
newswire.ca
Lundin Gold Inc. Jan 10, 2022, 17:00 ET
VANCOUVER, BC, Jan. 10, 2022 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) ("Lundin Gold" or the "Company") is pleased to report fourth quarter 2021 gold production of 107,915 ounces ("oz") from its Fruta del Norte gold mine ("Fruta del Norte") in southeast Ecuador, resulting in total gold production of 428,514 oz for the year, exceeding the Company's 2021 guidance of 380,000 to 420,000 oz. Of the total quarterly gold production, 75,299 oz were produced as a concentrate and 32,616 oz as doré. During the same quarter in 2020, the Company produced 96,830 oz of gold. view PDF version
In the fourth quarter of 2021, the mill processed approximately 379,166 tonnes at an average throughput rate of 4,121 tonnes per day ("tpd"), the average grade of ore milled was 9.9 grams per tonne, and average recovery was 89.7%. Recoveries have improved every quarter during 2021.
Ron Hochstein, President and CEO commented, "I am extremely happy with our production of over 428,000 oz of gold in 2021, Fruta del Norte's first full year of operations. This achievement would not have been possible without our team's hard work at Fruta del Norte that resulted in improving recoveries and completing the plant expansion on time and on budget to increase the average plant throughput from 3,500 tpd to 4,200 tpd. 2021 was a successful year for Lundin Gold, and I look forward to another strong year in 2022."
Production Results
| Q4 2021
| FY 2021
| Q4 2020
| FY 20201
| Ore processed (tonnes)
| 379,166
| 1,415,634
| 337,146
| 905,780
| Average throughput (tonnes per day)
| 4,121
| 3,878
| 3,665
| 3,355
| Average head grade (grams per tonne)
| 9.9
| 10.6
| 10.1
| 9.5
| Recovery (%)
| 89.7%
| 88.6%
| 88.6%
| 85.9%
| Gold ounces produced
| 107,915
| 428,514
| 96,830
| 242,400
| Concentrate
| 75,299
| 289,499
| 56,900
| 161,300
| Doré
| 32,616
| 139,015
| 39,930
| 81,100
|
Year End 2021 Results Conference Call and Webcast
Lundin Gold will publish its year end 2021 results on Wednesday, February 23, 2022, after market close in North America. The Company will host a conference call and webcast to discuss its results on Thursday, February 24 at 8:00 a.m. PT, 11:00 a.m. ET, 5:00 p.m. CET. Conference call details and a link to the webcast will be published with the year end 2021 results.
Qualified Persons
The technical information relating to Fruta del Norte contained in this News Release has been reviewed and approved by Ron Hochstein P. Eng, Lundin Gold's President and CEO who is a Qualified Person under National Instrument 43-101.
About Lundin Gold
Lundin Gold, headquartered in Vancouver, Canada, owns the Fruta del Norte gold mine in southeast Ecuador. Fruta del Norte is among the highest-grade operating gold mines in the world.
The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador.
Additional Information
The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on January 10, 2022 at 2:00 p.m. Pacific Time through the contact persons set out below.
__________________________
| 1 FY 2020 is the entire year's production, including the pre-commercial production period from January 1 to February 28. Also note that the operations at Fruta del Norte were suspended during Q2 2020 due to the COVID-19 pandemic.
|
SOURCE Lundin Gold Inc.
 For further information: Ron F. Hochstein, President and CEO, Tel (Ecuador): +593 2-299-6400, Tel (Canada): +1-604-806-3589, ron.hochstein@lundingold.com; Finlay Heppenstall, Director, Investor Relations, Tel: +1 604 806 3089, finlay.heppenstall@lundingold.com
|
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