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   Gold/Mining/EnergyMining News of Note


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To: LoneClone who wrote (162685)1/11/2022 1:16:55 PM
From: LoneClone
   of 168835
 
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
   of 168835
 
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
       of 168835
     
    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
       of 168835
     
    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
       of 168835
     
    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
       of 168835
     
    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
       of 168835
     
    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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    To: LoneClone who wrote (162692)1/11/2022 1:39:56 PM
    From: LoneClone
       of 168835
     
    K92 Mining Announces Record Annual and Quarterly Production, Exceeding Updated Guidance, and Strong Performance From Judd

    ca.finance.yahoo.com

    K92 Mining Inc.
    Tue., January 11, 2022, 3:30 a.m.·7 min read

    Figure 1



    Judd Vein #1 Long Hole Stope

  • Record quarterly production in Q4 of 36,145 oz of gold equivalent (“AuEq”)(1) or 33,220 oz gold, 1,048,100 lbs copper and 28,218 oz silver.

  • Record annual production of 104,196 oz of AuEq or 95,055 oz gold, 3,375,528 lbs copper and 70,792 oz silver, exceeding the updated guidance range of 96,000 to 102,000 oz of AuEq.

  • Record quarterly material movements, with 99,713 tonnes processed, representing a 45% increase from Q4 2020 and the mine exceeding mill throughput with 108,461 tonnes of total mill feed mined.

  • Positive reconciliation continues for gold grades versus resource model, with an average Q4 head grade of 11.2 g/t gold, 0.51% copper and 10 g/t silver (12.1 g/t AuEq). Gold grades exceeded budget for both 2021 and Q4.

  • Strong metallurgical recoveries in Q4 of 92.8% gold and 92.9% copper, exceeding budget and representing the highest recoveries since Q1 2020 for gold and Q4 2019 for copper. Plant capabilities are expected to further benefit from the gravity circuit targeting full integration in Q1 2022.

  • During the quarter, the first stope from the Judd #1 Vein was mined and delivered strong performance including solid geotech, high grades delivered to the plant, and robust drill and blast characteristics.

  • Significant advance of twin incline in Q4, in line with budget, with incline #2 (6m x 6m) advanced to 803 metres and #3 (5m x 5m) advanced to 893 metres as of December 31, 2021.

  • Note (1): Gold equivalent for 2021 is based on the following prices: gold $1,800 per ounce; silver $25 per ounce; and copper $4.35 per pound.

    VANCOUVER, British Columbia, Jan. 11, 2022 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX: KNT; OTCQX: KNTNF) announces production results for the fourth quarter (“Q4”) of 2021 at its Kainantu Gold Mine in Papua New Guinea, of 36,145 oz AuEq or 33,220 oz gold, 1,048,100 lbs copper and 28,218 oz silver. Annual production also achieved a record of 104,196 oz AuEq or 95,055 oz gold, 3,375,528 lbs copper and 70,792 oz silver, exceeding the updated guidance range of 96,000 to 102,000 oz AuEq.

    During the fourth quarter, the process plant delivered record throughput of 99,713 tonnes. Excluding 5 consecutive days of downtime due to scheduled plant maintenance, the mill operated at an average throughput of 1,146 tonnes per day (“tpd”), exceeding Stage 2 Expansion design throughput of 1,100 tpd. Multiple daily records were set during the quarter, with 21 days exceeding 1,300 tpd throughput and a daily record of 1,538 tonnes set on October 24, 2021.

    Importantly, recoveries were also strong during the quarter at 92.8% for gold and 92.9% for copper, both exceeding budget. Gold and copper recoveries represent the highest recoveries since Q4 2020 and Q4 2019, respectively. Plant capabilities are expected to also further improve with the full integration of the gravity circuit planned for Q1 2022.

    With the process plant continuing to deliver significantly above design throughput and a notably finer than required product size, a Stage 2A Expansion to increase throughput from 400,000 tonnes per annum (1,100 tpd) to a nameplate of 500,000 tonnes per annum (1,370 tpd) has been approved (see October 7, 2021 press release: K92 Mining Announces Stage 2A Expansion to Increase Throughput +25% to 500,000 Tonnes Per Annum at Kainantu Gold Mine). Works are already underway targeting commissioning in Q3 2022, with an estimated plant expansion capital cost of US$2.5 million.

    Mining operations also achieved record material movements in the fourth quarter with 108,461 tonnes of mill feed material movements. The mining rate exceeded our target of achieving the Stage 2 target throughput of 1,100 tpd at year end, averaging ~1,180 tpd (mill feed), and the strong performance resulted in an increase to our stockpiles.

    During the quarter, the first production stope from the Judd #1 (“J1”) Vein was mined and has delivered strong performance thus far, including solid geotech, high grades, and strong drill and blast characteristics (see Figure 1). Judd has also shown that it is capable of delivering large stopes (first stope 40 m strike x 30 m height x 4.5-5m thickness) and large blasts with a fast turnaround cycle, including a stoping single blast record of 4.1 kt in December 2021. The establishment of the Judd Vein System as a new major mining front has provided a significant boost to operational flexibility and material movements. Judd is located ~150-200m from existing infrastructure at the Kora high-grade deposit, making it highly efficient to access going forward.

    The operation delivered head grades of 11.2 g/t gold, 0.51% copper and 10 g/t silver (12.1 g/t AuEq) in Q4. Gold grades delivered a positive reconciliation against the resource model and were also above budget. Long hole stoping continued to perform to design, with operations focused on Kora’s K1 and K2 veins and also Judd’s J1 Vein for a total of 7 levels mined. Mining on Kora was conducted on the 1150, 1170, 1205, 1225 and 1265 levels and Judd on the 1235 and 1265 levels.

    The new twin incline development resumed in late May, after the COVID-19 Papua New Guinea and Australia travel restrictions were lifted and the COVID-19 situation in Papua New Guinea improved. Twin incline development advancement has continued to progress well, exceeding budget for the second half of 2021 and in line with budget during Q4. The #2 (6m x 6m) incline has now advanced a total of 803 metres and the #3 (5m x 5m) incline has now advanced a total of 893 metres as of December 31, 2021.

    COVID-19 Operational Resiliency

    The Kainantu Gold Mine operates under a comprehensive COVID-19 Management Plan and has continuously operated during the pandemic. A considerable focus is on health and safety and risk-mitigation. Under the COVID-19 Management Plan, K92 has established a Government-recognized testing lab facility utilizing qualified medical personnel on site, established quarantine and isolation facilities for incoming staff, and implemented enhanced hygiene, disinfecting and training systems and procedures. Additional controls were implemented in 2021, requiring external COVID-19 testing prior to travel to quarantine at site in addition to on arrival at site before reporting to quarantine. A focus has been supporting Government efforts at a national, provincial and local level through the 1.5 million PGK (Papua New Guinea Kina) COVID-19 Assistance Fund and a further 1.0 million PGK of additional assistance funding to Eastern Highlands Province.

    In addition to various control measures, K92 continues to make considerable progress increasing our resiliency through vaccinations of our expatriate and PNG national workforce, with vaccinations administered on site well underway. Over 65% of our workforce (employees and contractors) have received at least one vaccine dose. The Company is in close communications with the provincial and national health authorities of Papua New Guinea and the Government of Australia, in addition to the Papua New Guinea Chamber of Mines and Petroleum to deliver an effective pandemic response.

    Table 1 – Q4 2021 & 2020 and Annual 2021 Production Data



    2020

    Q1 2021

    Q2 2021

    Q3 2021

    Q4 2021

    2021

    Tonnes Processed

    T

    230,365

    73,221

    75,667

    87,621

    99,713

    336,221

    Feed Grade Au

    g/t

    14.0

    8.5

    10.3

    9.0

    11.2

    9.8

    Feed Grade Cu

    %

    0.40%

    0.31%

    0.76%

    0.48%

    0.51%

    0.51%

    Recovery (%) Au

    %

    91.8%

    88.9%

    88.3%

    86.1%

    92.8%

    89.4%

    Recovery (%) Cu

    %

    90.9%

    86.2%

    87.2%

    87.2%

    92.9%

    88.8%

    Metal in Conc Prod Au

    Oz

    95,109

    17,774

    22,153

    21,908

    33,220

    95,055

    Metal in Conc Prod Cu

    T

    841

    193

    498

    364

    475

    1,531

    Metal in Conc Prod Ag

    Oz

    36,067

    7,925

    14,914

    19,736

    28,218

    70,792

    Gold Equivalent Production

    Oz

    98,872

    18,914

    25,015

    24,121

    36,145

    104,196


    Note - Gold equivalent for 2021 is based on the following prices: gold $1,800 per ounce; silver $25 per ounce; and copper $4.35 per pound. Gold equivalent for 2020 is based on the following prices: gold $1,500 per ounce; silver $17.75 per ounce; and copper $2.70 per pound.

    John Lewins, K92 Chief Executive Officer and Director, stated, “The fourth quarter delivered our strongest quarter to date at the Kainantu Gold Mine, with record production, record mill throughput, record mine throughput, above budget processing recoveries and an excellent start to stoping activities at Judd, our new mining front.

    We believe that Q4 represented a major inflection point for Kainantu both operationally and with exploration. Operationally, we met our beginning of year goal of achieving Stage 2 Expansion mine and mill throughput by year-end and exceeded our updated production guidance. In 2022, we look to take another step forward with the Stage 2A Expansion, increasing nameplate throughput by +25% to 500,000 tonnes per annum, targeting commissioning in Q3 2022.

    On exploration, activities have recently shifted from an extended period of infill drilling at Kora to now almost entirely focused on resource growth. Step-out drilling is underway at Judd, Judd South, Kora, Kora South and also the Blue Lake Porphyry. We certainly are excited about our 2022 exploration program.

    It is also important to highlight that COVID-19 was certainly a factor in Q4, with a record surge of cases during the first two months driven by the Delta Variant in Papua New Guinea. K92 has a tremendous attachment to our communities, the people of Papua New Guinea, a strong sense of responsibility and it was especially painful to see the impact that COVID-19 has had. We are proud to have provided an additional 1.0 million PGK of COVID-19 assistance funding to Eastern Highlands province in Q4, in addition to our 1.5 million PGK COVID-19 Assistance Fund created in April 2020. Our site logistics team was active in rapid procurement and delivery of medical oxygen plants from Australia to the local Goroka hospital, and we strongly believe that our efforts made a difference and saved lives.

    I am also pleased to report that our COVID-19 control measures on site held up very well, although there were impacts from absenteeism. Encouragingly, our COVID-19 resiliency continues to improve with over 65% of our workforce vaccinated with at least one dose, and a progressive easing of restrictions has begun within the resources sector in Papua New Guinea. We have also seen a significant improvement in international travel for our expatriate workforce, consultants and suppliers over the last three months that is beginning to benefit the operation.

    Lastly, I would like to once again thank the K92 workforce for their extraordinary commitment, dedication and resourcefulness. The support of the Government of Papua New Guinea, and also the Australian Government has been a major factor in our success as well.”

    Qualified Person

    K92 Mine Geology Manager and Mine Exploration Manager, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.

    On Behalf of the Company,

    John Lewins, Chief Executive Officer and Director

    For further information, please contact David Medilek, P.Eng., CFA at +1-604-687-7130.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Kainantu Mine, expectations of future cash flows, the planned plant expansion, production results, cost of sales, sales of production, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations in PNG, mitigation of the COVID-19 pandemic, removal of travel restrictions, continuation of the lifted state of emergency, and regulations and other matters. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Figure 1 – Judd Vein #1 Long Hole Stope, viewing from the top of the stope at the 1265 Level. The stope delivered solid geotechnical performance with sizeable geometry: 30 m high, 40 m strike, thickness between 4.5-5.0 m. Available at globenewswire.com


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    To: LoneClone who wrote (162693)1/11/2022 1:44:05 PM
    From: LoneClone
       of 168835
     
    Torex Gold Delivers Record Annual Production in 2021

    ca.finance.yahoo.com

    Torex Gold Resources Inc.
    Tue., January 11, 2022, 3:00 a.m.·8 min read

    Full Year Output at the Upper End of Guidance
    (All amounts expressed in U.S. Dollars unless otherwise stated)

    TORONTO, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Torex Gold Resources Inc. (the “Company” or “Torex”) (TSX: TXG) reports record annual gold production of 468,200 ounces at El Limón Guajes (ELG) for the full year 2021, including 109,410 ounces in the last quarter of the year. Gold sold during 2021 was 468,820 ounces at an average realized gold price1 of $1,790 per ounce, including 109,390 ounces during the fourth quarter at an average realized price of $1,795 per ounce.

    TABLE 1: FOURTH QUARTER AND FULL YEAR 2021 OPERATIONAL HIGHLIGHTS



    Q4 2021

    FY 2021

    Gold Produced

    oz

    109,410

    468,200

    Average Plant Throughput

    tpd

    12,610

    12,360

    Average Underground Ore Mined

    tpd

    1,030

    1,260

    Average Open Pit Ore Mined

    tpd

    9,390

    13,040

    Strip Ratio

    waste:ore

    10.4

    7.3


    Torex plans to release its fourth quarter and year-end 2021 financial and operational results after market close on Wednesday February 23, 2022, followed the next morning by a conference call hosted by senior management. Gold grades mined, gold grades processed, and gold recoveries will be reported with the quarterly results.

    Jody Kuzenko, President & CEO of Torex, stated:

    “We had an exceptional year in 2021, with annual gold production of 468,200 ounces – a new record for Torex. The full year result lands squarely on plan, at the upper end of the guided range of 430,000 to 470,000 ounces and beats the prior annual record of 454,811 ounces achieved in 2019. During the year, the Company also set a record milling rate of more than 12,360 tpd and a record underground mining rate of 1,260 tpd, both demonstrating the continuous improvement approach applied by our various operating teams.

    “True to Torex form, our safety performance was also remarkable in the year as we closed out 2021 recording only one contractor lost time injury, with almost 6 million hours worked lost time injury free. That said, Q4 specific results out of the mines were impacted by a short-term suspension of blasting activities owing to a high potential uncontrolled blasting incident at the Media Luna project on the South Side of the Balsas River. While there were no injuries or infrastructure damage, as always, we took the steps to investigate and ensure that all standards were in order prior to resuming production. Additionally, our robust controls around in-process inventory enabled us, once again, to deliver on our Q4 production plan.

    “The year ahead will be pivotal for Torex as we deliver an updated Technical Report for the broader Morelos property, which will include an integrated mine plan and associated economics of the combined ELG and Media Luna operations. Development activities at Media Luna are expected to significantly ramp-up this year as we advance the Guajes Tunnel and South Portal Lower and Upper, place orders for long-lead items, and begin integrating operations on the north side of the Balsas River with development on the south side. In addition, with exploration and drilling now forming a fundamental part of our go forward strategy, we will look to demonstrate the resource potential we know exists at Morelos.

    “With a new annual production record set despite the ongoing challenges associated with COVID-19, our team continues to demonstrate the consistent and reliable results that people have come to expect of Torex, and I am confident that 2022 will bring more of the same.”

    2022 OPERATIONAL GUIDANCE TO BE RELEASED NEXT WEEK

    The Company expects to release operational guidance for 2022 next week. Guidance will include production, costs, as well as non-sustaining and sustaining capital expenditure expectations for ELG only. Capital expenditure guidance specific to the development of Media Luna will be released with the updated Technical Report, which is expected to be released by the end of Q1.

    FOURTH QUARTER AND YEAR-END 2021 CONFERENCE CALL AND WEBCAST DETAILS

    Torex plans to release its fourth quarter and year-end financial and operational results after market close on Wednesday, February 23, 2022. A conference call and webcast hosted by senior management will be held on Thursday, February 24, 2022 at 9:00 AM ET.

    Telephone Access

    Please join the conference call approximately ten minutes prior to the scheduled start time. Dial-in details for the conference call are as follows:

  • Toronto local or International: 1-416-915-3239

  • Toll-Free (North America): 1-800-319-4610

  • Webcast Access

    A live webcast will be available on the Company’s website at www.torexgold.com/investors/upcoming-events/. The webcast will be archived on the Company’s website at www.torexgold.com/investors/financial-reports/.

    ABOUT TOREX GOLD RESOURCES INC.
    Torex is an intermediate gold producer based in Canada, engaged in the exploration, development, and operation of its 100% owned Morelos Gold Property, an area of 29,000 hectares in the highly prospective Guerrero Gold Belt located 180 kilometers southwest of Mexico City. The Company’s principal assets are the El Limón Guajes mining complex (“ELG” or the “ELG Mine Complex”) comprising the El Limón, Guajes and El Limón Sur open pits, the El Limón Guajes underground mine including zones referred to as Sub-Sill and El Limón Deep (“ELD”), and the processing plant and related infrastructure, which commenced commercial production as of April 1, 2016, and the Media Luna deposit, which is an advanced stage development project, and for which the Company issued an updated preliminary economic assessment in September 2018. The property remains 75% unexplored.

    FOR FURTHER INFORMATION, PLEASE CONTACT:

    TOREX GOLD RESOURCES INC.
    Jody Kuzenko
    President and CEO
    Direct: (647) 725-9982
    jody.kuzenko@torexgold.com

    Dan Rollins
    Vice President, Corporate Development & Investor Relations
    Direct: (647) 260-1503
    dan.rollins@torexgold.com

    CAUTIONARY NOTES

    Non-IFRS Financial Performance Measures
    Average realized gold price is a financial performance measure with no standard meaning under International Financial Reporting Standards (“IFRS”) and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the “Non-IFRS Financial Performance Measures – Average Realized Price and Average Realized Margin” and “Non-IFRS Financial Performance Measures – Reconciliation of Average Realized Price and Average Realized Margin to Revenue” sections (the “MD&A Information”) in the Company’s management’s discussion and analysis (the “MD&A”) for the quarter ended September 30, 2021, dated November 2, 2021, available on the Company’s SEDAR profile at www.sedar.com for further information with respect to average realized gold price and a detailed reconciliation of this non-IFRS financial performance measures to revenue, the most directly comparable measure under IFRS. The MD&A Information is incorporated by reference into this press release.

    Forward-Looking Statements
    This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. While pending the results of the feasibility study on the Media Luna project, the Company is advancing the project to and continues the early works program to maintain the schedule to first production. However, the Company has not taken a production decision in advance of completing the feasibility study for Media Luna. Forward-looking information includes, but is not limited to, statements that: the expected release of the updated Technical Report in Q1 2022 and the ramp-up of development activities at Media Luna in 2022. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects",” “planned” or variations of such words and phrases or statements that certain actions, events or results “will”, or “is expected to" occur. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, without limitation, risks and uncertainties associated with: skarn deposits, the ability of the Company’s mining and exploration operations to operate as intended due to shortage of skilled employees or shortages in supply chains; government or regulatory actions or inactions; and those risk factors identified in the Company’s annual information form and management’s discussion and analysis or other unknown but potentially significant impacts. Notwithstanding the Company's efforts, there can be no guarantee that the Company’s mitigation measures to protect employees and surrounding communities from COVID-19 will be effective. Forward-looking information is based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, whether as a result of new information or future events or otherwise, except as may be required by applicable securities laws.

    1 See “Cautionary Notes – Non-IFRS Financial Performance Measures”

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    To: LoneClone who wrote (162694)1/11/2022 1:45:39 PM
    From: LoneClone
       of 168835
     
    Americas Gold and Silver Provides Cosalá Production Update

    ca.finance.yahoo.com

    Mon., January 10, 2022, 1:30 p.m.·6 min read

    TORONTO, January 10, 2022--( BUSINESS WIRE)--Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) ("Americas" or the "Company") is pleased to provide a December production update for the Company’s Cosalá Operations following the Q4-2021 re-opening.

    Key production accomplishments for December 2021 ramp-up include:

  • Milled approximately 47,000 ore tonnes or 1,695 tonnes milled per operating day.

  • Approximate average mill feed grades of 54 g/t silver, 4.0% zinc and 1.8% lead.

  • Production of approximately 46 thousand ounces of silver, 3.2 million pounds of zinc and 1.3 million pounds of lead.

  • Achievement of free-cash flow during the December ramp-up period.

  • Following the successful re-start of the operations, the Los Braceros mill is now processing just under 1,800 tonnes per day. The Company will provide production guidance for the Cosalá Operations and the Galena Complex for 2022 in February 2022.

    Initial production at the Cosalá Operations will focus on maximizing near-term free cash flow by mining high-grade zinc areas of the Main Zone which were fully developed prior to the illegal blockade. Over the course of the next six months, the mine will continue development into the Upper Zone, which carries silver grades approximately 5-6 times higher than the Main Zone. Mining the silver-rich areas of the Cosalá Operations is expected to significantly increase silver production to over 2.5 million ounces of silver on an annualized basis.

    About Americas Gold and Silver Corporation
    Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company owns and operates the Cosalá Operations in Sinaloa, Mexico, manages the 60%-owned Galena Complex in Idaho, USA, and is re-evaluating the Relief Canyon mine in Nevada, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR or www.americas-gold.com.

    Cautionary Statement on Forward-Looking Information:
    This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas Gold and Silver’s expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver and other precious metals, the expected prices of gold, silver and other precious metals, as well as the related costs, expenses and capital expenditures; the reopening at the Cosalá Operations, including the expected production levels and potential additional mineral resources thereat; the expected continued resolution of the illegal blockade at the Company’s Cosalá Operations and the maintained restart of mining operations. Often, but not always, forward-looking information can be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "intend", "potential’, "estimate", "may", "assume" and "will" or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas Gold and Silver as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas Gold and Silver to be materially different from those expressed or implied by such forward-looking information. With respect to the business of Americas Gold and Silver, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic; interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’s operations ; and risks associated with the mining industry such as economic factors (including future commodity prices, currency fluctuations and energy prices), ground conditions and other factors limiting mine access, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments and other risks of the mining industry. The potential effects of the COVID-19 pandemic on our business and operations are unknown at this time, including the Company’s ability to manage challenges and restrictions arising from COVID-19 in the communities in which the Company operates and our ability to continue to safely operate and to safely return our business to normal operations. The impact of COVID-19 on the Company is dependent on a number of factors outside of its control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of the disease, global economic uncertainties and outlook due to the disease, and the evolving restrictions relating to mining activities and to travel in certain jurisdictions in which it operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas Gold and Silver’s filings with the Canadian Securities Administrators on SEDAR and with the SEC. Americas Gold and Silver does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Americas Gold and Silver does not give any assurance (1) that Americas Gold and Silver will achieve its expectations, or (2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas Gold and Silver are expressly qualified in their entirety by the cautionary statements above.

    View source version on businesswire.com: businesswire.com

    Contacts

    Stefan Axell
    VP, Corporate Development & Communications
    Americas Gold and Silver Corporation
    416-874-1708

    Darren Blasutti
    President and CEO
    Americas Gold and Silver Corporation
    416-848-9503

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