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   Gold/Mining/EnergyMining News of Note


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To: LoneClone who wrote (162731)1/13/2022 12:01:31 PM
From: LoneClone
   of 168827
 
Manitou Gold Initiates Winter Drilling Program on Baltimore Deformation Zone on its Goudreau Project, Wawa, Ontario

ca.finance.yahoo.com

Manitou Gold Inc.
Tue., January 11, 2022, 4:00 a.m.·9 min read

SUDBURY, Ontario, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSX-V: MTU) (the “Company” or “Manitou”) is pleased to announce commencement of drilling of key targets on the Baltimore deformation zone (“BDZ”) grid as well as additional assay results from drill holes at the recently discovered Bald Eagle gold zone (“BEGZ”) at its 100% owned Goudreau project in northeastern Ontario.

Highlights:

  • The Company has been issued a water crossing permit, which allows new access to its key target area in the BDZ.

  • Bridge construction is nearly complete, the drill rig is on site, and the company is expecting to begin drilling next week.

  • Significant gold mineralization was intersected at the BEGZ in hole MTU-21-59, which returned 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au, approximately 250 m down plunge of hole MTU-21-39 which returned 9.0 m at 1.4 g/t, including 2.8 g/t Au over 1.5 m within a wider interval of 22.8 m at 0.9 g/t Au.

  • “Our winter drill program, which is set to commence in the coming week, will test the most attractive gold targets recognized at the Goudreau project to date,” stated Richard Murphy, President and CEO of Manitou Gold. “The winter drilling will test several distinct targets in a favourable section of the Baltimore deformation zone within a triple point junction and coincident low angle, crustal scale fault system. These drill targets were derived from the multi-million dollar geotechnical programs completed over a 10 km length of the BDZ in 2021. All drill targets rank as top priority with respect to the geological/structural setting, as well as their geophysical and geochemical signatures.”

    The Company has recently been issued a permit to construct a bridge which will create access to several key targets on the BDZ identified through the 2021 targeting work. The recently granted permit allows the Company to access its key target areas between the triple junction of the Easy Lake, Harcourt and recently identified Meath Lake intrusion on the BDZ grid. This area has never before been drilled for gold.

    The target area covers a six-kilometre segment of BDZ, extending east-northeast from the Meath Lake fault zone, where it is intersected by a low angle east-southeast striking splay. This structural intersection is the key target for orogenic-style gold mineralization and recent drilling success at the Stover zone, some 10 kilometres to the east-southeast, with wide drill intersections of 49.1 m @ 0.6 g/t Au incl. 3.3 m @ 3.5 g/t Au, highlights its mineralization potential.

    Bridge construction is nearly complete, and the drill rig has been moved into the target area. The Company is expecting to begin drilling next week.

    Gold mineralization at the BEGZ was initially identified during a surface program in late Summer of 2021, which returned up to 74.7 g/t Au from outcrops of highly strained and altered quartz-sericite schist proximal to a major structural intersection in the northeastern portion of the Goudreau project area. The surface program was followed up with a 33 line-kilometre induced polarization (“IP”) survey, which resulted in 1,804 m of drilling in six holes in the fall of 2021. The most significant results returned 3.3 g/t Au over 3.0 m, including 5.2 g/t Au over 1.5 m within wider gold mineralized interval of 20.6 m at 0.8 g/t Au in hole MTU-21-41 (see news release dated September 28, 2021), as well as 19.7 g/t Au over 1.0 m, 7.1 g/t Au over 1.0 m and 6.3 g/t Au over 1.0 m, all in hole MTU-21-44 (see news release dated September 28, 2021).

    An additional 11 holes totaling 1,863 m were completed in the winter of 2021 to test the strike and down-plunge extensions of mineralization encountered in the fall of 2021. The most significant intersections are from holes MTU-21-56, which intersected the BEGZ approximately 50 m down-plunge of hole MTU-21-39 and returned 90.5 m at 0.3 g/t Au, including 3.0 g/t over 0.9 m, and hole MTU-21-59, which tested the BEGZ 250 m down-plunge of MTU-21-39 and intersected three broad zones of gold mineralization, between 299 m and 419 m down hole, with the best intersection returning 3.4 g/t Au over 2.5 m within a wider interval of 27.9 m at 0.6 g/t Au.

    Table 1: Highlight Drill Intersections from the Bald Eagle Gold Zone

    Hole ID


    From

    To

    Core Length1
    (m)

    Au
    (g/t)

    Zone

    MTU-21-48


    164.5

    167.5

    3.0

    1.0

    Bald Eagle Gold Zone


    211

    227.5

    16.5

    0.3

    Bald Eagle Gold Zone

    incl.

    218.5

    223

    4.5

    0.6

    Bald Eagle Gold Zone


    269

    274

    5.0

    0.5

    Bald Eagle Gold Zone

    incl.

    272.5

    274

    1.5

    1.1

    Bald Eagle Gold Zone

    MTU-21-49


    19.7

    21

    1.3

    1.1

    Bald Eagle Gold Zone

    MTU-21-51


    20.5

    22

    1.5

    1.1

    Bald Eagle Gold Zone

    MTU-21-56


    23.6

    25

    1.4

    1.2

    Bald Eagle Gold Zone


    124

    125.5

    1.5

    1.1

    Bald Eagle Gold Zone


    175

    265.5

    90.5

    0.3

    Bald Eagle Gold Zone

    Incl.

    178

    179

    1.0

    1.0

    Bald Eagle Gold Zone

    & incl.

    254.1

    255

    0.9

    3.0

    Bald Eagle Gold Zone

    MTU-21-59


    299.3

    313

    13.7

    0.4

    Bald Eagle Gold Zone

    incl.

    308.5

    310

    1.5

    1.5

    Bald Eagle Gold Zone


    358

    385.9

    27.9

    0.6

    Bald Eagle Gold Zone

    incl.

    358

    360.5

    2.5

    3.4

    Bald Eagle Gold Zone


    414.4

    447

    32.6

    0.4

    Bald Eagle Gold Zone

    incl.

    416

    419

    3.0

    1.6

    Bald Eagle Gold Zone

    Released October 28, 2021


    MTU-21-43


    24.8

    25.5

    0.7

    10.9

    Bald Eagle Gold Zone


    61

    62.3

    1.3

    1.9

    Bald Eagle Gold Zone

    MTU-21-44


    19

    20

    1

    7.1

    Bald Eagle Gold Zone


    23.5

    26

    2.5

    8.2

    Bald Eagle Gold Zone

    incl.

    25

    26

    1

    19.7

    Bald Eagle Gold Zone


    253.6

    254.6

    1

    6.3

    Bald Eagle Gold Zone

    Released September 28, 2021


    MTU-21-39


    48.0

    49.5

    1.5

    2.8

    Bald Eagle Gold Zone


    181.9

    183.0

    1.1

    1.6

    Bald Eagle Gold Zone


    216.0

    238.8

    22.8

    0.9

    Bald Eagle Gold Zone

    incl.

    217.0

    226.0

    9.0

    1.4

    Bald Eagle Gold Zone

    incl.

    224.5

    226.0

    1.5

    2.8

    Bald Eagle Gold Zone

    MTU-21-40


    75.5

    77.0

    1.5

    1.1

    Bald Eagle Gold Zone


    116.9

    121.5

    4.6

    0.9

    Bald Eagle Gold Zone

    incl.

    120.0

    121.5

    1.5

    1.3

    Bald Eagle Gold Zone


    177.0

    179.0

    2.0

    1.7

    Bald Eagle Gold Zone


    198.0

    202.5

    4.5

    0.8

    Bald Eagle Gold Zone


    208.5

    227.0

    18.5

    0.5

    Bald Eagle Gold Zone

    incl.

    210.0

    211.5

    1.5

    1.3

    Bald Eagle Gold Zone

    MTU-21-41


    46.5

    49.5

    3.0

    1.0

    Bald Eagle Gold Zone

    incl.

    46.5

    48.0

    1.5

    1.5

    Bald Eagle Gold Zone


    122.0

    123.0

    1.0

    2.5

    Bald Eagle Gold Zone


    126.2

    127.0

    0.8

    1.8

    Bald Eagle Gold Zone


    197.5

    218.1

    20.6

    0.8

    Bald Eagle Gold Zone

    incl.

    209.5

    212.5

    3.0

    3.3

    Bald Eagle Gold Zone

    incl.

    209.5

    211.0

    1.5

    5.1

    Bald Eagle Gold Zone

    MTU-21-42


    78.7

    80.0

    1.3

    2.4

    Bald Eagle Gold Zone


    144.0

    145.5

    1.5

    1.8

    Bald Eagle Gold Zone


    155.5

    156.5

    1.0

    1.4

    Bald Eagle Gold Zone


    (1)Lengths are reported as core lengths. True thickness of the newly announced intersections have yet to be determined but are typically estimated at 85% of reported intervals based on observed core angles.

    All 17 holes completed at the BEGZ to date intersected significant gold mineralization and ongoing detailed ground magnetic data and pending results from detailed soil geochemistry survey will be integrated with the existing ground geophysical data and drill results to guide future drilling in the area.

    About the Goudreau Project

    The Goudreau project is located 50 kilometres northeast of Wawa, Ontario and is underlain by Archean-aged rocks of the Michipicoten greenstone belt. The project area is traversed by several broad-scale deformation corridors (such as the BDZ and GLDZ), which host the majority of the important regional gold deposits and showings in the region.

    The BDZ is an eastward trending fault offset extension of the GLDZ, the latter of which hosts two multi-million ounce gold deposits (1,2) and has seen over 1,000,000 metres of drilling for gold. As such, the BDZ is extremely under-explored along its 18 kilometre-long trend, with only 4,400 metres of historic gold drilling.

    The Goudreau project covers approximately 350 square kilometres in this re-emerging gold camp that hosts several multi-million ounce gold deposits (1,2).

    Manitou’s key strategic shareholders include Alamos Gold Inc. (TSX:AGI; NYSE:AGI) at 19.9% and O3 Mining Inc. (TSX.V: OIII; OTCQX: OIIIF) at 9.9%, each individually calculated on a partially diluted basis.

    (1) Azadbakht, Z. et al., 2021. Report of Activities, 2020 Resident Geologist Program. Ontario Geological Survey Open File Report 6374, 43 p.
    (2) Argonaut Gold Inc., (2021). Company website: globenewswire.com, September 26, 2021

    Sampling and Quality Control

    Samples were delivered to Activation Laboratories (“Actlabs") in Thunder Bay, Ontario. At the laboratory, samples were crushed up to 80% passing 2 mm, riffle split (250 g) and then pulverized to 95% passing 105 microns. Gold was analyzed by fire assay with an AA finish, using the 50 g sub-sample. Over limit analysis is performed on all primary assay results >3 g/t gold by fire assay with gravimetric finish using a 50 g sub-sample. Actlabs is a certified and ISO 17025 accredited laboratory. Standards and blanks were routinely inserted into the stream of core and channel samples. At least 20 percent of the core and channel samples submitted to the laboratory comprise samples used for quality control. Actlabs routinely inserts their own certified reference materials for at least 20 percent quality control in each batch.

    Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this release. He has reviewed and approved the content contained herein.

    For further information on Manitou Gold Inc. contact:

    Richard Murphy, President and CEO
    Telephone: 1 (705) 698-1962
    Email: info@manitougold.com

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

    Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including regulatory risk related to the receipt of final approval of the TSX Venture Exchange for the Offering. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the prospective nature of the Stover and Renabie-Easy Lake properties. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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    To: LoneClone who wrote (162732)1/13/2022 12:03:20 PM
    From: LoneClone
       of 168827
     
    New Gold Achieves Updated Consolidated Gold Equivalent Production Guidance


    newswire.ca

    New Gold Inc. Jan 12, 2022, 06:30 ET

    Provides Notice of Release of Fourth Quarter Financial Results and 2022 Operational Outlook

    (All amounts are in U.S. dollars unless otherwise indicated)

    TORONTO, Jan. 12, 2022 /CNW/ - New Gold Inc. ("New Gold" or the "Company") (TSX: NGD) (NYSE American: NGD) reports fourth quarter and annual operational results for the Company as of December 31, 2021. The Company is also providing notice that it will release its fourth quarter and full year 2021 financial results and 2022 operational outlook before markets open on Wednesday, February 23, 2022. A conference call and webcast will follow at 8:30 am Eastern Time (details are provided at the end of this news release).

    "2021 was not without its challenges for New Gold, but we continued to execute on our plans, with the fourth quarter representing our strongest quarter of the year, allowing us to meet our updated consolidated gold equivalent production guidance", stated Renaud Adams, President & CEO. "Rainy River's fourth quarter production was up 16% compared to the third quarter, representing Rainy River's strongest quarter over the last two years, despite a 3-day mill shutdown in December, mainly driven by improved grade due to lower contribution from the East Lobe. At New Afton, the team was able to execute on its plans and achieved both gold and copper production guidance."

    Fourth Quarter and Annual Highlights

    • Total production for the fourth quarter was 111,574 gold equivalent1 ("gold eq.") ounces consisting of 81,072 ounces of gold, 214,030 ounces of silver and 14.2 million pounds of copper. For the year, production was 418,933 gold eq.1 ounces (guidance of 405,000 to 450,000 gold eq.1 ounces) consisting of 286,921 ounces of gold (guidance of 287,000 to 312,000 ounces), 867,961 ounces of silver and 61.7 million pounds of copper (guidance of 56 to 66 million pounds). The Company achieved the updated consolidated gold equivalent guidance range.
    • The Rainy River Mine produced 70,500 gold eq.1 ounces for the quarter consisting of 68,356 ounces of gold and 154,364 ounces of silver. For the year, production was 242,961 gold eq.1 ounces (guidance of 240,000 to 255,000 gold eq.1 ounces) consisting of 234,469 ounces of gold (guidance of 235,000 to 250,000 ounces) and 611,433 ounces of silver. The Rainy River Mine achieved the low end of the updated gold equivalent guidance range.
    • The New Afton Mine produced 41,074 gold eq.1 ounces for the quarter consisting of 12,716 ounces of gold and 14.2 million pounds of copper. For the year, production was 175,972 gold eq.1 ounces (guidance of 165,000 to 195,000 gold eq.1 ounces) consisting of 52,452 ounces of gold (guidance of 52,000 to 62,000 ounces) and 61.7 million pounds of copper (guidance of 56 to 66 million pounds). The New Afton Mine achieved the gold equivalent guidance range.
    Consolidated Operational Highlights





    Q4 2021

    FY 2021

    2021 Guidance

    Gold eq. production (ounces)1

    111,574

    418,933

    405,000 - 450,000

    Gold production (ounces)

    81,072

    286,921

    287,000 - 312,000

    Copper production (Mlbs)

    14.2

    61.7

    56 - 66




    Rainy River Mine

    Operational Highlights




    Rainy River Mine

    Q4 2021

    FY 2021

    2021 Guidance

    Gold eq. production (ounces)1

    70,500

    242,961

    240,000 - 255,000

    Gold eq. sold (ounces)1

    68,380

    237,061

    -

    Gold production (ounces)

    68,356

    234,469

    235,000 - 250,000

    Gold sold (ounces)

    66,239

    228,693

    -




    Operating Key Performance Indicators




    Rainy River Mine (Open Pit Mine only)

    Q1 2021

    Q2 2021

    Q3 2021

    Q4 2021

    Tonnes mined per day (ore and waste)

    150,767

    158,556

    149,630

    129,775

    Ore tonnes mined per day

    35,681

    36,256

    52,917

    33,885

    Operating waste tonnes per day

    65,643

    71,124

    88,216

    62,348

    Capitalized waste tonnes per day

    49,442

    51,176

    8,497

    33,542

    Total waste tonnes per day

    115,085

    122,300

    96,713

    95,890

    Strip ratio (waste:ore)

    3.23

    3.37

    1.83

    2.83

    Tonnes milled per calendar day

    26,301

    25,349

    25,245

    24,492

    Gold grade milled (g/t)

    0.80

    0.82

    0.89

    1.03

    Gold recovery (%)

    89

    87

    89

    92

    Mill availability (%)

    89

    88

    91

    94

    Gold production (ounces)

    54,656

    52,901

    58,557

    68,356

    Gold eq. production (ounces)1

    56,513

    55,163

    60,785

    70,500




    New Afton Mine

    Operational Highlights




    New Afton Mine

    Q4 2021

    FY 2021

    2021 Guidance

    Gold eq. production (ounces)1

    41,074

    175,972

    165,000 - 195,000

    Gold eq. sold (ounces)1

    40,835

    165,387

    -

    Gold production (ounces)

    12,716

    52,452

    52,000 - 62,000

    Gold sold (ounces)

    12,507

    48,758

    -

    Copper production (Mlbs)

    14.2

    61.7

    56 - 66

    Copper sold (Mlbs)

    14.2

    58.4

    -




    Operating Key Performance Indicators




    New Afton Mine

    Q1 2021

    Q2 2021

    Q3 2021

    Q4 2021

    Tonnes mined per day (ore and waste)

    11,395

    15,104

    12,861

    13,705

    Tonnes milled per calendar day

    13,564

    13,795

    13,068

    13,125

    Gold grade milled (g/t)

    0.39

    0.43

    0.43

    0.41

    Gold recovery (%)

    79

    80

    83

    81

    Gold production (ounces)

    11,994

    14,088

    13,653

    12,716

    Copper grade milled (%)

    0.64

    0.79

    0.72

    0.67

    Copper recovery (%)

    80

    83

    82

    80

    Copper production (Mlbs)

    13.8

    18.2

    15.6

    14.2

    Mill availability (%)

    96

    98

    98

    97

    Gold eq. production (ounces)1

    39,512

    50,542

    44,843

    41,074




    Fourth Quarter 2021 Conference Call and Webcast

    The Company will release its fourth quarter and full year 2021 financial results and 2022 operational outlook before markets open on Wednesday, February 23, 2022. A conference call and webcast will follow at 8:30 am Eastern Time.

    • Participants may listen to the webcast by registering on our website at www.newgold.com or via the following link c212.net

    • Participants may also listen to the conference call by calling North American toll free 1-888-664-6383, or 1-416-764-8650 outside of the U.S. and Canada, passcode 70681110.

    • A recorded playback of the conference call will be available until March 23, 2022 by calling North American toll free 1-888-390-0541, or 1-416-764-8677 outside of the U.S. and Canada, passcode 681110. An archived webcast will also be available at www.newgold.com.
    About New Gold
    New Gold is a Canadian-focused intermediate mining Company with a portfolio of two core producing assets in Canada, the Rainy River gold mine and the New Afton copper-gold mine. The Company also holds a 5% equity stake in Artemis Gold Inc. and other Canadian-focused investments. New Gold's vision is to build a leading diversified intermediate gold company based in Canada that is committed to environment and social responsibility. For further information on the Company, visit www.newgold.com.

    Endnotes

  • Total gold eq. ounces include silver and copper produced/sold converted to a gold eq. based on a ratio of $1,800 per gold ounce, $25.00 per silver ounce and $3.50 per copper pound used for 2021 guidance estimates. All copper is produced/sold by the New Afton Mine. Gold eq. ounces for Rainy River in Q4 2021 includes production of 154,364 ounces of silver (154,144 ounces sold) converted to a gold eq. based on a ratio of $1,800 per gold ounce and $25.00 per silver ounce used for 2021 guidance estimates. Gold eq. ounces for New Afton in Q4 2021 includes 14.2 million pounds of copper produced (14.2 million pounds sold) and 59,666 ounces of silver produced 55,938 ounces of silver sold) converted to a gold eq. based on a ratio of $1,800 per gold ounce, $3.50 per copper pound and $25.00 per silver ounce used for 2021 guidance estimates.
  • Cautionary Note Regarding Forward-Looking Statements
    Certain information contained in this news release, including any information relating to New Gold's future financial or operating performance are "forward-looking". All statements in this news release, other than statements of historical fact, which address events, results, outcomes or developments that New Gold expects to occur are "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "projects", "potential", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved" or the negative connotation of such terms. Forward-looking statements in this news release include, among others, statements with respect to: the anticipated timing with respect to the release of its fourth quarter and full year 2021 financial results and 2022 operational outlook and the associated conference call and webcast.

    All forward-looking statements in this news release are based on the opinions and estimates of management that, while considered reasonable as at the date of this news release in light of management's experience and perception of current conditions and expected developments, are inherently subject to important risk factors and uncertainties, many of which are beyond New Gold's ability to control or predict. Certain material assumptions regarding such forward-looking statements are discussed in this news release, New Gold's latest annual management's discussion and analysis ("MD&A"), its most recent annual information form and technical reports on the Rainy River Mine and New Afton Mine filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. In addition to, and subject to, such assumptions discussed in more detail elsewhere, the forward-looking statements in this news release are also subject to the following assumptions: (1) there being no significant disruptions affecting New Gold's operations other than as set out herein; (2) political and legal developments in jurisdictions where New Gold operates, or may in the future operate, being consistent with New Gold's current expectations; (3) all required permits, licenses and authorizations being obtained from the relevant governments and other relevant stakeholders within the expected timelines; (4) there being no significant disruptions to the Company's workforce at either the Rainy River or New Afton Mine due to cases of COVID-19 or any required self-isolation requirements (due, among other things, to cross-border travel to the United States or any other country); and (5) the long-term economic effects of the COVID-19 outbreak not having a material adverse impact on the Company's operations or liquidity position.

    Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Such factors include, without limitation: significant capital requirements and the availability and management of capital resources; additional funding requirements; price volatility in the spot and forward markets for metals and other commodities; fluctuations in the international currency markets and in the rates of exchange of the currencies of Canada, the United States and, to a lesser extent, Mexico; volatility in the market price of the Company's securities; hedging and investment related risks; dependence on the Rainy River Mine and New Afton Mine; discrepancies between actual and estimated production, between actual and estimated mineral reserves and mineral resources and between actual and estimated metallurgical recoveries; risks related to early production at the Rainy River Mine, including failure of equipment, machinery, the process circuit or other processes to perform as designed or intended; risks related to construction, including changing costs and timelines; adequate infrastructure; fluctuation in treatment and refining charges; changes in national and local government legislation in Canada, the United States and, to a lesser extent, Mexico or any other country in which New Gold currently or may in the future carry on business; global economic and financial conditions; risks relating to New Gold's debt and liquidity; the adequacy of internal and disclosure controls; taxation; impairment; conflicts of interest; risks relating to climate change; controls, regulations and political or economic developments in the countries in which New Gold does or may carry on business; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining the validity and enforceability of the necessary licenses and permits and complying with the permitting requirements of each jurisdiction in which New Gold operates; the lack of certainty with respect to foreign legal systems, which may not be immune from the influence of political pressure, corruption or other factors that are inconsistent with the rule of law; the uncertainties inherent to current and future legal challenges New Gold is or may become a party to; risks relating to proposed acquisitions and the integration thereof; information systems security threats; diminishing quantities or grades of mineral reserves and mineral resources; competition; loss of, or inability to attract, key employees; rising costs of labour, supplies, fuel and equipment; actual results of current exploration or reclamation activities; uncertainties inherent to mining economic studies; changes in project parameters as plans continue to be refined; accidents; labour disputes; defective title to mineral claims or property or contests over claims to mineral properties; unexpected delays and costs inherent to consulting and accommodating rights of Indigenous groups; risks, uncertainties and unanticipated delays associated with obtaining and maintaining necessary licenses, permits and authorizations and complying with permitting requirements; disruptions to the Company's workforce at either the Rainy River Mine or the New Afton Mine, or both, due to cases of COVID-19 or any required self-isolation (due to cross-border travel, exposure to a case of COVID-19 or otherwise); the responses of the relevant governments to the COVID-19 outbreak not being sufficient to contain the impact of the COVID-19 outbreak; disruptions to the Company's supply chain and workforce due to the COVID-19 outbreak; an economic recession or downturn as a result of the COVID-19 outbreak that materially adversely affects the Company's operations or liquidity position; there being further shutdowns at the Rainy River or New Afton Mines; the Company not being able to complete its construction projects at the Rainy River Mine or the New Afton Mines on the anticipated timeline or at all; and the Company not being able to complete the exploration drilling program to be launched at the Rainy River Mine and Cherry Creek on the anticipated timeline or at all. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental events and hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion losses (and the risk of inadequate insurance or inability to obtain insurance to cover these risks) as well as "Risk Factors" included in New Gold's most recent annual information form, MD&A and other disclosure documents filed on and available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Forward looking statements are not guarantees of future performance, and actual results and future events could materially differ from those anticipated in such statements. All forward-looking statements contained in this news release are qualified by these cautionary statements. New Gold expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.

    Technical Information
    The scientific and technical information contained in this news release has been reviewed and approved by Eric Vinet, Senior Vice President, Operations of New Gold. Mr. Vinet is a Professional Engineer and member of the Ordre des ingénieurs du Québec. He is a "Qualified Person" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    SOURCE New Gold Inc.

    For further information: For further information, please contact: Ankit Shah, Vice President, Strategy & Business Development, Direct: +1 (416) 324-6027, Email: ankit.shah@newgold.com; Brandon Throop, Director, Investor Relations, Direct: +1 (647) 264-5027, Email: brandon.throop@newgold.com



    Share RecommendKeepReplyMark as Last ReadRead Replies (1)


    To: LoneClone who wrote (162733)1/13/2022 12:05:58 PM
    From: LoneClone
       of 168827
     
    Osisko Development Intersects 50.11 g/t Au Over 7.50 Meters Including 630 g/t Au Over 0.55 Meter at Lowhee Zone

    ca.finance.yahoo.com

    Osisko Development Corp
    Wed., January 12, 2022, 5:00 a.m.·21 min read

    Figure 1: Cariboo deposit areas overview map



    Figure 1: Cariboo deposit areas overview map

    Figure 2: Lowhee Zone select drilling highlights



    Figure 2: Lowhee Zone select drilling highlights

    MONTREAL, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Osisko Development Corp. (“Osisko Development” or the “Company”) (TSX.V-ODV) is pleased to announce drilling results from the 2021 exploration and category conversion drill campaign at its Cariboo Gold Project (“Cariboo”) in central British Columbia.

    Summary

  • A total of 28,000 meters were drilled in 92 holes at Lowhee Zone on Barkerville Mountain in 2021.

  • Recent assay results include holes BM-21-052 to BM-21-080 (Figure 1 & 2).

  • BM-21-072 intersected a mineralized vein corridor with visible gold and cosalite that assayed 50.11 g/t Au over 7.50 meters including high grade samples of 630.00 g/t Au over 0.55 meter and 48.80 g/t Au over 0.55 meter.

  • BM-21-062 assayed 227.00 g/t Au over 0.50 meter, located in the southeastern portion of the Lowhee Zone, further indicating exploration potential outside of the known veins.

  • BM-21-071 intersected mineralized vein corridors of 21.35 g/t Au over 6.75 meters including a sample of 61.40 g/t Au over 0.85 meter within a modelled vein corridor.

  • Additional high grade samples include 89.90 g/t Au over 0.60 meter in hole BM-21-056, 95.10 g/t Au over 0.70 meter in hole BM-21-058 and 94.00 g/t Au over 0.50 meter in hole BM-21-069.

  • Detailed drilling results and a drill hole location plan map are presented at the end of this release.

  • Assay Highlights

  • 57.10 g/t Au over 0.50 meter in hole BM-21-052 including

  • 46.60 g/t Au over 0.50 meter

  • 10.51 g/t Au over 5.65 meters in hole BM-21-053

  • 10.18 g/t Au over 4.65 meters in hole BM-21-053 including

  • 45.50 g/t Au over 0.70 meter

  • 23.90 g/t Au over 1.45 meters in hole BM-21-053

  • 51.10 g/t Au over 0.50 meter in hole BM-21-054

  • 13.62 g/t Au over 3.00 meters in hole BM-21-056 including

  • 55.10 g/t Au over 0.50 meter

  • 7.42 g/t Au over 4.30 meters in hole BM-21-056

  • 89.90 g/t Au over 0.60 meter in hole BM-21-056

  • 17.51 g/t Au over 4.20 meters in hole BM-21-058 including

  • 95.10 g/t Au over 0.70 meter

  • 7.66 g/t Au over 8.20 meters in hole BM-21-060

  • 8.38 g/t Au over 8.00 meters in hole BM-21-061 including

  • 72.60 g/t Au over 0.50 meter

  • 11.65 g/t Au over 2.90 meters in hole BM-21-061

  • 227.00 g/t Au over 0.50 meter in hole BM-21-062

  • 8.24 g/t Au over 4.85 meters in hole BM-21-062 including

  • 57.70 g/t Au over 0.50 meter

  • 10.97 g/t Au over 4.25 meters in hole BM-21-063

  • 16.09 g/t Au over 5.95 meters in hole BM-21-064 including

  • 65.00 g/t Au over 0.65 meter

  • 62.80 g/t Au over 0.55 meter

  • 28.10 g/t Au over 1.55 meters in hole BM-21-065 including

  • 80.70 g/t Au over 0.50 meter

  • 75.50 g/t Au over 0.60 meter in hole BM-21-068

  • 94.00 g/t Au over 0.50 meter in hole BM-21-069

  • 21.35 g/t Au over 6.75 meters in hole BM-21-071 including

  • 61.40 g/t Au over 0.85 meter

  • 60.50 g/t Au over 0.50 meter in hole BM-21-071

  • 50.11 g/t Au over 7.50 meters in hole BM-21-072 including

  • 630.00 g/t Au over 0.55 meter and

  • 48.80 g/t Au over 0.55 meter

  • 7.45 g/t Au over 5.30 meters in hole BM-21-077

  • Sean Roosen, CEO of Osisko Development commented, “The results from these 29 holes continue to add confidence within our ongoing mineral resource estimate to support the upcoming feasibility study. Multiple mineralized vein corridors in every hole shows how robust the gold system is at Lowhee.” The vein corridors at Lowhee are the same style of mineralization as seen on our Island Mountain and Cow Mountain deposits- mineralized quartz veins hosted within the sandstone

    Vein corridors are defined as a high-density network of mineralized quartz veins within the axis of the last folding event and hosted within a brittle meta-sandstone or calcareous meta-sandstone. Vein corridors are modelled at a minimum thickness of 2.00 meters and average about 4.50 meters true width. Individual mineralized veins within these corridors have widths varying from centimeters to several meters and strike lengths from a few meters to over 50 meters. These corridors have been defined from surface to a vertical depth averaging 300 meters and remain open for expansion at depth and along strike. Gold grades are intimately associated with quartz vein-hosted pyrite as well as pyritic, intensely silicified wall rock haloes in close proximity to the veins.

    True widths are estimated to be 60% to 75% of reported core length intervals. Intervals not recovered by drilling were assigned zero grade. Top cuts have not been applied to high grade assays. Complete assay highlights are presented in Table 1, drill hole locations are listed in Table 2.

    Qualified Persons

    Per National Instrument 43-101 Standards of Disclosure for Mineral Projects, Maggie Layman, P.Geo. Vice President Exploration of Osisko Development Corp., is a Qualified Person and has prepared, validated, and approved the technical and scientific content of this news release.

    Quality Assurance – Quality Control

    Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently stored on site at a secured facility in Wells, BC. Numbered security tags are applied to lab shipments for chain of custody requirements. Quality control (QC) samples are inserted at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd.

    Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, and 250 grams is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 1,000g screen metallic fire assay. A selected number of samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS).

    About Osisko Development Corp.

    Osisko Development Corp. is uniquely positioned as a premier gold development company in North America to advance the Cariboo Gold Project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo Gold Project, located in central British Columbia, is Osisko Development's flagship asset with measured and indicated resources of 21.44 Mt at 4.6 Au g/t for a total of 3.2 million ounces of gold and inferred resource of 21.69 Mt at 3.9 Au g/t for a total of 2.7 million ounces of gold (see NI 43-101 Technical Report and mineral resource estimate effective October 5th, 2020). The considerable exploration potential at depth and along strike distinguishes the Cariboo Gold Project relative to other development assets as does the historically low, all-in discovery costs of US $19 per ounce. The Cariboo Gold Project is advancing through permitting as a 4,750 tonnes per day underground operation with a feasibility study on track for completion in the first half of 2022. Osisko Development's project pipeline is complemented by potential near-term production targeted from the San Antonio gold project, located in Sonora Mexico and early exploration stage properties including the Coulon Project and James Bay Properties located in Québec as well as the Guerrero Properties located in Mexico. Osisko Development began trading on the TSX Venture Exchange under the symbol “ODV” on December 2, 2020 and the Company’s 14,789,373 outstanding share purchase warrants were listed on the TSX Venture Exchange under the symbol “ODV.WT” on October 25, 2021.

    For further information, please contact Osisko Development Corp.:

    Jean Francois Lemonde
    VP Investor Relations
    jflemonde@osiskodev.com
    Tel: 514-299-4926



    Forward-looking Statements

    Certain statements contained in this press release may be deemed “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. These forward-looking statements, by their nature, require Osisko Development to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of performance. Words such as “may”, “will”, “would”, “could”, “expect”, “believe”, “plan”, “anticipate”, “intend”, “estimate”, “continue”, or the negative or comparable terminology, as well as terms usually used in the future and the conditional, are intended to identify forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, results of further exploration work to define and expand mineral resources, expected conclusions of optimization studies, that vein corridors continue to be defined as a high-density network of mineralized quartz within the axis of the last folding event and hosted within the sandstones and that the deposit remains open for expansion at depth and down plunge, as well as other considerations that are believed to be appropriate in the circumstances. Osisko Development considers its assumptions to be reasonable based on information currently available, but cautions the reader that their assumptions regarding future events, many of which are beyond the control of Osisko Development, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affect Osisko Development and its business. Such risks and uncertainties include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of to complete further exploration activities, including drilling; property and royalty interests in the Cariboo gold deposit; the ability of the Corporation to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions and the responses of relevant governments to the COVID-19 outbreak and the effectiveness of such responses.

    For additional information with respect to these and other factors and assumptions underlying the forward- looking statements made in this news release concerning Osisko Development, see the Filing Statement available electronically on SEDAR (www.sedar.com) under Osisko Development's issuer profile. The forward-looking statements set forth herein concerning Osisko Development reflect management's expectations as at the date of this news release and are subject to change after such date. Osisko Development disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    Table 1: Cariboo Gold Project 2021 Length Weighted Drill Hole Gold Composites

    HOLE ID


    FROM (M)

    TO (M)

    LENGTH (M)

    AU (G/T)

    BM-21-052


    113.25

    113.75

    0.50

    57.10



    142.85

    144.00

    1.15

    4.87



    150.00

    152.85

    2.85

    8.59


    Including

    152.35

    152.85

    0.50

    46.60



    204.75

    205.25

    0.50

    4.26



    230.75

    232.05

    1.30

    21.60



    294.30

    296.00

    1.70

    3.52


    Including

    294.80

    295.40

    0.60

    6.44



    366.00

    366.55

    0.55

    5.98

    BM-21-053


    49.70

    50.20

    0.50

    5.69



    67.35

    67.85

    0.50

    3.94



    136.35

    142.00

    5.65

    10.51


    Including

    136.35

    137.25

    0.90

    11.10


    and

    137.25

    138.00

    0.75

    22.80


    and

    138.00

    139.30

    1.30

    12.50



    146.30

    150.95

    4.65

    10.18


    Including

    146.30

    147.00

    0.70

    45.50



    221.00

    221.50

    0.50

    5.54



    344.55

    346.00

    1.45

    23.90



    360.75

    361.30

    0.55

    17.25



    370.40

    371.10

    0.70

    25.50



    386.65

    389.60

    2.95

    5.63


    Including

    387.70

    388.80

    1.10

    12.30

    BM-21-054


    21.10

    21.60

    0.50

    7.07



    63.00

    64.50

    1.50

    3.89



    69.20

    69.80

    0.60

    10.10



    125.45

    125.95

    0.50

    41.60



    135.55

    137.95

    2.40

    9.87


    Including

    135.55

    136.05

    0.50

    26.80


    and

    137.45

    137.95

    0.50

    14.35



    184.00

    184.50

    0.50

    51.10



    218.50

    219.00

    0.50

    6.34



    287.50

    288.50

    1.00

    4.99

    BM-21-055


    45.10

    45.70

    0.60

    5.08

    BM-21-056


    56.00

    59.00

    3.00

    13.62


    Including

    56.00

    56.90

    0.90

    10.25


    and

    56.90

    57.40

    0.50

    55.10



    109.70

    114.00

    4.30

    7.42


    Including

    109.70

    110.50

    0.80

    14.35


    and

    113.00

    114.00

    1.00

    20.40



    130.30

    135.10

    4.80

    5.75


    Including

    132.40

    133.30

    0.90

    15.35


    and

    133.80

    134.60

    0.80

    12.20



    246.00

    246.60

    0.60

    89.90



    285.60

    286.10

    0.50

    4.42



    310.90

    312.20

    1.30

    8.66


    Including

    311.50

    312.20

    0.70

    10.95

    BM-21-057


    48.25

    48.80

    0.55

    4.17



    121.55

    124.80

    3.25

    3.52


    Including

    122.20

    123.00

    0.80

    9.16



    299.40

    299.90

    0.50

    22.80



    304.85

    305.50

    0.65

    12.35



    424.00

    424.85

    0.85

    3.21



    429.50

    430.05

    0.55

    11.20

    BM-21-058


    23.20

    24.00

    0.80

    6.57



    56.00

    57.20

    1.20

    17.15



    62.90

    63.85

    0.95

    9.70



    71.30

    71.90

    0.60

    4.81



    116.60

    117.45

    0.85

    4.45



    120.90

    121.50

    0.60

    15.15



    125.55

    126.10

    0.55

    4.10



    170.50

    171.00

    0.50

    33.50



    180.60

    181.10

    0.50

    4.07



    215.65

    219.85

    4.20

    17.51


    Including

    215.65

    216.35

    0.70

    95.10


    and

    219.35

    219.85

    0.50

    13.20



    307.15

    307.85

    0.70

    10.25



    354.00

    354.85

    0.85

    3.45

    BM-21-059


    146.50

    147.00

    0.50

    8.88



    150.50

    151.10

    0.60

    12.55



    325.65

    326.20

    0.55

    6.50



    375.50

    377.10

    1.60

    5.39


    Including

    375.50

    376.10

    0.60

    11.85



    381.20

    381.75

    0.55

    6.67

    BM-21-060


    20.30

    21.00

    0.70

    3.86



    22.80

    23.30

    0.50

    6.66



    61.00

    62.50

    1.50

    4.18


    Including

    61.00

    61.50

    0.50

    10.50



    67.80

    76.00

    8.20

    7.66


    Including

    67.80

    68.30

    0.50

    13.60


    and

    68.80

    69.50

    0.70

    18.05


    and

    70.00

    70.60

    0.60

    61.00



    102.00

    102.50

    0.50

    6.60



    103.50

    104.00

    0.50

    8.12



    107.00

    107.60

    0.60

    4.57



    115.00

    115.50

    0.50

    15.40



    122.60

    124.30

    1.70

    6.21


    Including

    122.60

    123.10

    0.50

    9.95



    180.10

    180.60

    0.50

    31.90



    205.30

    205.80

    0.50

    28.20



    221.50

    222.10

    0.60

    6.99



    333.50

    334.00

    0.50

    3.66



    336.00

    336.50

    0.50

    3.99



    341.85

    345.35

    3.50

    4.28


    Including

    341.85

    342.50

    0.65

    7.95


    and

    343.30

    344.30

    1.00

    7.26

    BM-21-061


    53.50

    54.00

    0.50

    3.16



    59.00

    67.00

    8.00

    8.38


    Including

    59.00

    59.50

    0.50

    72.60


    and

    63.40

    63.90

    0.50

    11.05


    and

    64.50

    65.00

    0.50

    11.85


    and

    66.50

    67.00

    0.50

    26.50



    99.00

    99.50

    0.50

    3.95



    104.00

    105.00

    1.00

    7.20



    112.50

    113.00

    0.50

    16.10



    119.45

    120.45

    1.00

    4.29



    136.75

    139.65

    2.90

    11.65


    Including

    136.75

    137.25

    0.50

    28.60


    and

    138.00

    138.65

    0.65

    24.80



    147.45

    148.75

    1.30

    3.78



    171.50

    172.00

    0.50

    10.30



    201.95

    202.45

    0.50

    4.05



    203.30

    203.85

    0.55

    3.87



    277.90

    278.65

    0.75

    5.06



    287.80

    290.80

    3.00

    2.90


    Including

    287.80

    288.70

    0.90

    8.66

    BM-21-062


    133.00

    133.50

    0.50

    5.81



    203.30

    203.80

    0.50

    227.00



    226.50

    227.00

    0.50

    4.17



    247.50

    248.00

    0.50

    7.91



    308.55

    309.10

    0.55

    15.65



    315.35

    315.90

    0.55

    6.85



    332.80

    337.65

    4.85

    8.24


    Including

    332.80

    333.30

    0.50

    10.65


    and

    333.30

    333.80

    0.50

    57.70



    346.70

    347.30

    0.60

    24.00

    BM-21-063


    26.20

    27.00

    0.80

    6.46



    58.50

    59.80

    1.30

    5.86


    Including

    58.50

    59.25

    0.75

    9.36



    64.00

    64.50

    0.50

    9.03



    71.10

    75.35

    4.25

    10.97


    Including

    71.10

    71.90

    0.80

    17.55


    and

    74.55

    75.35

    0.80

    37.50



    80.50

    81.10

    0.60

    23.90



    99.30

    99.80

    0.50

    4.80



    100.90

    101.40

    0.50

    4.17



    111.55

    112.05

    0.50

    4.91



    129.00

    129.50

    0.50

    4.87



    159.80

    160.45

    0.65

    6.64



    203.00

    203.50

    0.50

    12.80



    215.35

    216.25

    0.90

    9.87

    BM-21-064


    26.45

    27.00

    0.55

    28.10



    49.75

    50.50

    0.75

    10.40



    56.50

    60.90

    4.40

    5.57


    Including

    56.50

    57.00

    0.50

    14.15


    and

    57.00

    57.50

    0.50

    28.80



    81.70

    84.25

    2.55

    4.35


    Including

    81.70

    82.25

    0.55

    10.50



    107.00

    107.50

    0.50

    9.19



    127.20

    127.70

    0.50

    11.00



    133.90

    134.40

    0.50

    13.65



    160.10

    160.60

    0.50

    4.65



    199.80

    205.75

    5.95

    16.09


    Including

    201.65

    202.15

    0.50

    16.65


    and

    203.25

    203.90

    0.65

    65.00


    and

    205.20

    205.75

    0.55

    62.80



    224.05

    224.60

    0.55

    27.30



    270.50

    272.00

    1.50

    6.94

    BM-21-065


    75.95

    77.50

    1.55

    11.06


    Including

    76.55

    77.50

    0.95

    17.20



    81.30

    82.85

    1.55

    28.10


    Including

    81.30

    81.80

    0.50

    80.70



    87.50

    90.55

    3.05

    6.09


    Including

    87.50

    88.05

    0.55

    17.60


    and

    90.00

    90.55

    0.55

    15.95



    120.90

    121.50

    0.60

    12.75



    308.50

    309.00

    0.50

    4.27



    331.60

    334.45

    2.85

    7.62


    Including

    331.60

    332.15

    0.55

    7.64


    and

    333.95

    334.45

    0.50

    34.80

    BM-21-066


    24.50

    25.20

    0.70

    3.48



    43.10

    46.15

    3.05

    4.61


    Including

    45.25

    46.15

    0.90

    14.20



    85.45

    86.00

    0.55

    8.01



    92.50

    93.00

    0.50

    3.91



    150.55

    151.15

    0.60

    7.61



    163.40

    165.70

    2.30

    10.54


    Including

    163.40

    163.90

    0.50

    30.50


    and

    165.00

    165.70

    0.70

    8.55



    194.10

    194.60

    0.50

    8.12



    216.20

    217.00

    0.80

    10.80



    269.20

    269.85

    0.65

    8.56

    BM-21-067


    48.90

    49.40

    0.50

    5.25



    57.30

    58.00

    0.70

    3.65



    178.10

    178.80

    0.70

    8.44



    189.85

    190.50

    0.65

    3.29



    212.50

    213.00

    0.50

    6.56

    BM-21-068


    43.55

    44.25

    0.70

    4.50



    86.65

    87.15

    0.50

    3.49



    92.60

    93.10

    0.50

    14.30



    140.70

    141.50

    0.80

    26.30



    153.55

    154.05

    0.50

    11.60



    167.20

    168.45

    1.25

    11.84


    Including

    167.20

    167.70

    0.50

    27.30



    241.95

    242.45

    0.50

    4.32



    247.00

    247.60

    0.60

    75.50



    263.15

    263.65

    0.50

    4.25

    BM-21-069


    63.60

    64.10

    0.50

    94.00



    100.10

    100.60

    0.50

    9.90

    BM-21-070


    57.45

    57.95

    0.50

    5.43



    86.25

    86.75

    0.50

    5.02



    101.00

    102.00

    1.00

    6.80


    Including

    101.50

    102.00

    0.50

    10.20



    192.00

    192.50

    0.50

    3.55



    211.25

    211.75

    0.50

    8.43



    228.30

    230.25

    1.95

    6.46


    Including

    228.30

    229.55

    1.25

    8.75



    236.60

    237.30

    0.70

    5.85



    250.00

    250.70

    0.70

    4.25



    289.40

    290.15

    0.75

    4.37

    BM-21-071


    211.70

    212.25

    0.55

    4.71



    235.40

    235.90

    0.50

    25.50



    238.45

    239.05

    0.60

    10.70



    243.80

    244.30

    0.50

    24.70



    254.30

    255.00

    0.70

    6.88



    268.45

    275.20

    6.75

    21.35


    Including

    268.45

    269.00

    0.55

    19.10


    and

    271.05

    271.60

    0.55

    50.30


    and

    274.35

    275.20

    0.85

    61.40



    300.55

    301.05

    0.50

    60.50



    310.00

    311.30

    1.30

    5.67

    BM-21-072


    102.60

    103.10

    0.50

    7.77



    122.25

    122.75

    0.50

    5.49



    132.05

    132.80

    0.75

    4.21



    191.75

    195.80

    4.05

    3.98


    Including

    191.75

    192.85

    1.10

    7.75



    206.15

    206.65

    0.50

    10.40



    213.45

    220.95

    7.50

    50.11


    Including

    216.50

    217.05

    0.55

    630.00


    and

    220.40

    220.95

    0.55

    48.80

    BM-21-073

    No Significant Assays





    BM-21-074


    189.00

    190.00

    1.00

    12.38


    Including

    189.50

    190.00

    0.50

    22.40



    268.20

    268.90

    0.70

    3.47



    274.30

    274.80

    0.50

    17.95



    281.00

    281.60

    0.60

    24.40



    296.65

    297.15

    0.50

    3.01



    313.90

    314.40

    0.50

    30.50

    BM-21-075


    54.00

    54.50

    0.50

    4.33



    74.45

    75.00

    0.55

    16.50



    106.75

    109.25

    2.50

    4.20


    Including

    106.75

    107.25

    0.50

    17.90



    149.50

    150.10

    0.60

    3.46



    174.25

    175.50

    1.25

    10.34


    Including

    175.00

    175.50

    0.50

    24.10



    183.85

    184.35

    0.50

    7.03



    191.20

    192.00

    0.80

    13.40



    209.50

    210.00

    0.50

    4.39

    BM-21-076


    224.00

    224.60

    0.60

    5.28



    241.35

    248.75

    7.40

    7.23


    Including

    241.35

    242.30

    0.95

    23.50


    and

    245.50

    246.00

    0.50

    26.30


    and

    248.20

    248.75

    0.55

    11.00

    BM-21-077


    261.25

    261.75

    0.50

    7.44



    326.40

    327.00

    0.60

    3.37



    349.20

    351.00

    1.80

    3.27


    Including

    349.20

    349.70

    0.50

    10.05



    370.00

    370.60

    0.60

    6.80



    382.90

    388.20

    5.30

    7.45


    Including

    382.90

    383.65

    0.75

    29.00


    and

    384.75

    385.25

    0.50

    17.80


    and

    387.35

    388.20

    0.85

    9.33



    405.00

    405.50

    0.50

    3.57

    BM-21-078


    88.50

    89.00

    0.50

    4.77



    156.00

    158.00

    2.00

    3.02


    Including

    156.00

    156.55

    0.55

    7.46



    162.75

    164.20

    1.45

    4.32


    Including

    162.75

    163.35

    0.60

    7.35



    200.60

    206.50

    5.90

    3.55


    Including

    200.60

    201.10

    0.50

    17.45


    and

    202.10

    202.70

    0.60

    6.28


    and

    204.80

    205.45

    0.65

    9.52



    232.00

    232.50

    0.50

    27.70



    280.50

    282.25

    1.75

    10.59


    Including

    280.50

    281.00

    0.50

    3.13


    and

    281.70

    282.25

    0.55

    30.20



    299.80

    300.30

    0.50

    29.90

    BM-21-079


    74.55

    75.70

    1.15

    10.25



    79.85

    81.40

    1.55

    4.23


    Including

    80.90

    81.40

    0.50

    9.63



    93.00

    93.50

    0.50

    5.47



    115.30

    116.00

    0.70

    7.48



    119.50

    121.50

    2.00

    3.22


    Including

    119.50

    120.00

    0.50

    7.29



    147.70

    149.30

    1.60

    6.82


    Including

    147.70

    148.80

    1.10

    8.45



    208.85

    212.50

    3.65

    3.01


    Including

    208.85

    209.35

    0.50

    18.50



    221.25

    221.75

    0.50

    6.11



    242.20

    242.70

    0.50

    4.72



    246.00

    248.60

    2.60

    5.74


    Including

    246.00

    246.50

    0.50

    14.50


    and

    248.10

    248.60

    0.50

    12.95

    BM-21-080


    281.80

    282.30

    0.50

    3.23



    325.90

    326.40

    0.50

    6.95



    328.90

    329.65

    0.75

    19.85



    342.35

    342.85

    0.50

    16.75


    Table 2: Drill Hole Locations and Orientations

    HOLE ID

    EASTING

    NORTHING

    ELEV

    DIP

    AZI

    DEPTH (M)

    BM-21-052

    596633

    5882644

    1491

    -44

    310

    396

    BM-21-053

    596678

    5882635

    1498

    -48

    304

    450

    BM-21-054

    596632

    5882644

    1491

    -51

    314

    369

    BM-21-055

    596678

    5882634

    1500

    -55

    300

    144

    BM-21-056

    596633

    5882645

    1489

    -44

    305

    330

    BM-21-057

    596678

    5882636

    1500

    -45

    313

    540

    BM-21-058

    596632

    5882644

    1491

    -46

    304

    393

    BM-21-059

    596678

    5882636

    1501

    -53

    308

    489

    BM-21-060

    596632

    5882644

    1491

    -52

    298

    402

    BM-21-061

    596632

    5882644

    1491

    -49

    301

    327

    BM-21-062

    596677

    5882635

    1501

    -50

    315

    380

    BM-21-063

    596632

    5882644

    1490

    -54

    297

    258

    BM-21-064

    596599

    5882699

    1479

    -50

    290

    273

    BM-21-065

    596633

    5882644

    1490

    -56

    296

    381

    BM-21-066

    596599

    5882699

    1479

    -49

    303

    273

    BM-21-067

    596627

    5882600

    1491

    -54

    303

    222

    BM-21-068

    596599

    5882699

    1482

    -53

    304

    321

    BM-21-069

    596627

    5882601

    1491

    -59

    305

    306

    BM-21-070

    596599

    5882699

    1479

    -47

    316

    387

    BM-21-071

    596654

    5882695

    1490

    -50

    313

    372

    BM-21-072

    596626

    5882601

    1491

    -47

    305

    410

    BM-21-073

    596653

    5882697

    1492

    -47

    314

    105

    BM-21-074

    596655

    5882697

    1492

    -46

    319

    339

    BM-21-075

    596540

    5882783

    1455

    -45

    308

    351

    BM-21-076

    596626

    5882600

    1491

    -48

    296

    258

    BM-21-077

    596653

    5882696

    1492

    -48

    319

    426

    BM-21-078

    596626

    5882601

    1490

    -45

    297

    369

    BM-21-079

    596541

    5882783

    1456

    -46

    316

    300

    BM-21-080

    596654

    5882697

    1491

    -46

    325

    357


    Figure 1: Cariboo deposit areas overview map is available at globenewswire.com

    Figure 2: Lowhee Zone select drilling highlights is available at globenewswire.com

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    To: LoneClone who wrote (162734)1/13/2022 12:08:14 PM
    From: LoneClone
    1 Recommendation   of 168827
     
    NEVADA KING INTERCEPTS 5.34 G/T OF OXIDE GOLD OVER 54.9 METRES STARTING AT SURFACE IN A HOLE COLLARED WITHIN THE ATLANTA PIT, BATTLE MOUNTAIN TREND, NEVADA

    ca.finance.yahoo.com

    Wed., January 12, 2022, 10:20 a.m.·10 min read

    VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to announce that one of its reverse circulation ("RC") exploration drill holes intercepted 54.9 metres grading 5.34 g/t oxide gold, starting at surface from within the south-west corner of the Atlanta open pit, on its 100% owned Atlanta gold mine project, Battle Mountain Trend, Nevada. This hole is one of several vertical RC holes drilled along the western edge of the pit bottom (Figure 1) in an area that had not been drill-tested since the cessation of mining in 1985.

    Highlights

  • Vertical RC drill hole AT21-062, drilled from within the Atlanta pit, encountered 54.9m averaging 5.34 g/t Au starting at surface. The mineralized rock is oxide material and includes a high-grade intercept of 10.7m averaging 11.19 g/t Au from 30.5m to 41.2m. The true thickness of the reported intervals are uncertain, however, based on the Company's initial interpretation of the geometry of the gold mineralization (Figure 2) true thickness of the replacement-type mineralization is expected to be in the range of 70% to 85% of the reported 54.9m intercept length.

  • This high-grade intercept projects southward along the Atlanta Mine Fault zone into an area of low historical drill density measuring about 100m long by 50m wide that encompasses only one historical hole. Pit wall instability, lack of access, and the prospect of encountering shallow stopes limited previous exploration drilling in this area to the testing of deeper projected vein targets.

  • As a result there is no shallow drill data from prior drilling within this part of the property and gold mineralization in this area is not included in the current Atlanta resource estimate (Gustavson 2020 NI 43-101 pit constrained resource estimate), even though it occurs at surface and within the confines of the Gustavson resource constraining pit shell.

  • Similar potential for resource expansion is seen in holes AT21-038 and AT21-038A also reported today and drilled along the eastern margin of the open pit, where both intercepts confirm a 32m-thick zone of near-horizontal mineralization that connects with mineralization sampled along the pit walls (Figure 2).

  • Moving forward into 2022, Nevada King will be tracking the shallow high grade mineralization intercepted in AT21-062 with additional drilling stepping out to the south.

  • Cal Herron, Exploration Manager of Nevada King, stated, "In 1997, Kinross intercepted 38.1m grading 6.69 g/t Au in angle hole KR97-15, located to the west and just beneath today's high-grade intercept. Kinross never followed up on this high-grade hit and as such, it remained a point anomaly, attributing very little tonnage to the existing resource. Today's intercept of 5.34 g/t Au over 55m starting at surface is a game-changer, confirming and expanding upon Kinross' historical hit and demonstrating the strength of the high-grade Atlanta Mine Fault Zone. The Atlanta Mine Fault appears to be a prolific host for high-grade gold, running a known strike length of 1km. Further, this zone is open to the north and south, as well as to depth."


    Figure 1. Location of Nevada King’s 2021 RC drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone and pit perimeter. Drill section H-H’ crosses the centre of the historical open pit and ties the higher grade mineralization seen in the Gustavson resource model on the west to the lower grade mineralization seen along the eastern pit margin. (CNW Group/Nevada King Gold Corp.)

    Figure 1. Location of Nevada King's 2021 RC drill holes relative to historical drill holes and the 2020 Gustavson gold resource zone and pit perimeter. Drill section H-H' crosses the centre of the historical open pit and ties the higher grade mineralization seen in the Gustavson resource model on the west to the lower grade mineralization seen along the eastern pit margin.



    Figure 2. Cross section H-H’ showing gold distribution in the Nevada King RC holes drilled across the centre of the historical Atlanta open pit. Eastern margin of 2020 Gustavson gold resource model is located west and below intercept in AT21-062. Gold mineralization hit in AT21-062 extends the Gustavson resource model further eastward and up to the bottom of the pit. (CNW Group/Nevada King Gold Corp.)
    Figure 2. Cross section H-H' showing gold distribution in the Nevada King RC holes drilled across the centre of the historical Atlanta open pit. Eastern margin of 2020 Gustavson gold resource model is located west and below intercept in AT21-062. Gold mineralization hit in AT21-062 extends the Gustavson resource model further eastward and up to the bottom of the pit.

    Drill Results Along Section H-H' and in the Vicinity

    Assay results from Nevada King's RC drilling along Section H-H' and within the vicinity are reported below in Table 1. The reported intercepts are down-hole lengths and may not represent true thickness of mineralization. However, the intercepts in vertical holes AT21-62 and AT21-38 may be close to true thickness, but additional drilling is needed for ascertaining the actual geometry of the mineralized zone. Based on nearby Kinross hole KR97-15, the Company is confident that AT21-062 has not drilled down a narrower vein and that the high grade mineralization has significant thickness in this area, again as illustrated in Figure 2. Averaged intercepts utilize a 0.30 g/t external cut-off grade.

    Table 1.

    Drill

    Hole ID

    From (m)

    To (m)

    Averaged

    Length (m)

    Average

    Grade g/t
    Au


    AT21-062

    9.1

    64.0

    54.9

    5.341

    includes

    30.5

    41.2

    10.7

    11.191

    AT21-038

    0.0

    32.0

    32

    0.589

    AT21-038A^

    0.0

    36.6

    36.6

    0.653

    AT21-071

    0

    42.7

    42.7

    <0.300












    ^Denotes angle hole.


    Historical angle RC hole KR97-15 (Figure 2) drilled by Kinross in 1997 cut 38.1m grading 6.69g/t Au, including 7.6m grading 12.28g/t from 172.3 to 179.9m. This was one of the shallowest and highest grade gold intercepts within the Gustavson 2020 resource model, but the lack of hole data to the north, east, and south precluded Gustavson from laterally expanding this outstanding intercept, so it remained a point anomaly. Historical RC drilling west and down dip from KR97-15 produced conflicting grade averages that were difficult to rectify with the KR-97-15 intercept. The high grade intervals seen in KR-97-15 are not reflected in the nearby KR-97-05, and more importantly, the 45.7m @ 6.32 g/t reported in vertical Bobcat hole 88-14 cannot be rectified in any way with the 56.4m @ 1.46 g/t returned in the vertical twin hole drilled by Bobcat two years later. The large grade disparities seen in these four historical holes casted doubt on the validity of these reported higher grade intercepts, which in turn made it impossible for Gustavson to merge the high grade in KR97-15 downward into the 88-14 high grade intercept. Similar problems occurred when trying to rectifying gold grade between holes in other parts of the Gustavson resource model, raising the question of whether or not the discrepancies were due to erratic mineralization, drill recovery problems, assay lab problems, or all of the above.

    The Company's ongoing exploration and interpretative work is designed to resolve these questions. With this objective, initial work has included drilling a N-S panel of closely spaced shallow vertical holes above and slightly east of the KR97-15 intercept. AT21-062 was closest to the KR97-14 intercept, both with respect to geography and grade. The 10.7m @ 11.19 g/t in AT21-062 matches closely with the 7.6m @ 12.28g/t reported in KR97-1, which tends to validate the grades and thicknesses seen in both holes. It also lends credence to the high-grade intercept reported by Bobcat in 88-14. Aside from extending the mineralization from KR97-15 up to the bottom of the pit, AT21-062 more importantly confirmed the higher grade mineralization seen in KR97-15 and 88-14, which will figure prominently moving forward into the 2022 drilling program. Nevada King now sees good potential for expanding the shallow, oxidized, higher grade mineralization encountered in AT21-062 both laterally and down-dip to depth from the bottom of the existing pit. This higher grade mineralization now holds promise for establishing early cash flow in the event of an open pit operation. A larger proportion of the 2022 drilling program will consist of core holes dedicated to chasing this shallow, higher grade mineralization along strike and to depth.

    Nevada King's 2021 drilling program at Atlanta was designed to accomplish two primary objectives: (1) expand the Gustavson resource model to the north, south, and east of the historical pit, and (2) determine whether higher grade mineralization seen in deeper portions of the resource model extend upward toward the surface. NKG's drill holes along Section H-H' (Figure 2) cleary achieved both objectives. The AT21-062 intercept confirms similar high grade mineralization reported in historical RC hole KR98-15 and extends it to the present surface. Intercepts in AT21-038 and AT21-038A confirm the presence of low-grade mineralization along the pit's eastern wall that ties laterally to the same replacement zone drilled along adjacent Sections A-A' ( released November 16, 2021) and C-C' ( released December 1, 2021). Vertical hole AT21-071 was sited too far east of the mineralization and therefore drilled barren dolomite, so additional road work is necessary for accessing the low grade replacement exposed along the eastern pit wall for the definition drilling planned in 2022.

    Confirmation of near-surface, oxidized high grade gold mineralization in AT21-062 within the open pit adds a new element to Nevada King's Atlanta resource expansion program. Good potential now exists for significantly increasing both grade and tonnage of the current resource model with addition of hitherto unrecognized shallow high grade mineralization located above and immediately east of the Gustavson resource boundary. Nevada King recognizes the importance of expanding the shallow high grade intercept in AT21-062 laterally along strike of the Atlanta Mine Fault zone as well as from the surface down to the deep high grade intercepts seen in a number of historical holes, many of which are below the deepest extent of the Gustavson 2020 resource model. A mix of closely spaced, vertical core and RC holes will be used in this high grade expansion program in order to: (1) minimize drilling costs, (2) maximize sample quality, and (3) facilitate higher grade resource definition.

    Qualified Person

    The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

    About Nevada King Gold Corp.

    Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 the Company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

    The Atlanta Mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company's profile on SEDAR ( www.sedar.com).

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

    Cautionary Statements Regarding Forward Looking Information

    This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.


    Nevada King Gold Corp. logo (CNW Group/Nevada King Gold Corp.)
    SOURCE Nevada King Gold Corp.


    Cision
    View original content to download multimedia: newswire.ca

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    To: LoneClone who wrote (162735)1/13/2022 12:10:44 PM
    From: LoneClone
       of 168827
     
    79North Makes New High Grade Gold Discovery Intersecting 338.20 G/T Gold Over 1.5 M and 99.58 G/T Gold Over 1.0 M From Its Phase One Diamond Drilling Program at the Witlage Target, Nassau Project, Suriname

    ca.finance.yahoo.com

    79North Inc.
    Mon., January 10, 2022, 4:00 a.m.·10 min read

    Exhibit 1

    End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).
    End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).Exhibit 1

    End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).
    End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).Exhibit 2

    Drilling section, NP-21-15 and 16.

    TORONTO, Jan. 10, 2022 (GLOBE NEWSWIRE) -- 79North Inc. (CSE: JQ; OTCQB: SVNTF; FRA: 6120) (“79North” or the “Company”) is pleased to announce successful drilling results from the Nassau gold project, Suriname, confirming the presence of near surface high-grade gold in oxidized saprolite and sheared and hydrothermally altered volcanic rocks including assay results up to 338.20 grams gold per tonne over 1.50 metre in saprolite and 99.58 grams gold per tonne over 1.00 metre in bedrock. Phase 1 drilling operations commenced in early August and were completed mid-November. Eighteen holes were completed for a total of 1,472.73 metres. Twelve holes (933.23 metres) were drilled at the Carbonara Target, and six holes (539.50 metres) were drilled at the Witlage Target.

    Jon North, CEO of 79North commented: “We are very pleased to have encountered high grades of gold mineralization at Witlage in both saprolite and in bedrock in our first diamond drilling program. The very high grades reported exceed our expectations and confirm our belief that we are dealing with a potentially large gold-bearing system, potentially associated with a mineralized oxide blanket. We look forward to following up on these very encouraging results in 2022.”

    Witlage Target
    Drilling was completed on three sections over a strike length of 570 metres and a very strong shear zone was intersected over a strike length of 150 metres in NP-21-12 to 16 which are in the vicinity of surface rock chip samples that contain up to 27.98 grams gold per tonne reported previously (https://www.globenewswire.com/Tracker?data=3WqARUqMKFzpSS_0_KtI2cHFr-hM18mxMseq-S6hcY3qZRfL84csofpF9N3zczO-9aYPdlHcjZgaLKU9Icz5qoevpLdwAg4POQIkL_K5Qh9gVbbLMI9fhzT4MNLPncg8WphnVWtFZXRS-Joxp6XVA3HbmkALYRSspnArvI5K1P7VGM9pDR-MuVTxbs-2YzD8TOxIXf42CN_-juF6_t4jvzSYV6I84nNVdL85aIP32Mi0AuilN2-o1AajWdBANCKeOw5f_pEWERaGVNVtgdg4bBAQGku0j3MFqWN0Pr_zRuE=). Local gold-bearing intersections were obtained in NP-21-13 and 14 (see table below) and high-grade intersections were obtained in saprolite and below saprolite in bedrock on the section with scissor holes NP-21-15 and 16 (see tables below and Exhibits 1 and 2). The bedrock gold is associated with altered and sheared volcanic rocks, fine-grained felsic intrusive rocks, and fine-grained mafic dikes crosscut by quartz veins with associated pyrite. Gold values range up to 383.20 grams gold per tonne in highly oxidized saprolite and up to 99.58 grams gold per tonne in fresh bedrock. The highest gold grade of 383.20 grams gold per tonne occurs in a zone of highly oxidized saprolite that may be an oxide blanket associated with the shear zone observed in fresh bedrock. The gold-bearing oxide zone has an approximate thickness of 10 metres. The Company is evaluating further drilling of the oxide blanket with triple tube or hollow stem auger drilling to obtain greater core recovery of this material in the future.

    Significant Intercepts

    Hole NP-21-13

    Sample

    From m

    To m

    Core
    Length m

    Au ppb

    Au grams/tonne

    Comment

    59197

    40.00

    41.00

    1.00

    3,740

    3.74

    Pyrite and quartz veinlets in sheared felsic volcanic


    Hole NP-21-14

    Sample

    From m

    To m

    Core Length m

    Au ppb

    Au grams/tonne

    Comment

    59296

    84.00

    85.00

    1.00

    1,529

    1.53

    Pyrite and quartz veinlets in sheared felsic volcanic


    Hole NP-21-15

    Sample

    From m

    To m

    Core Length m

    Au ppb

    Au grams/tonne

    Comment

    59333

    33.00

    34.50

    1.5

    383,200

    383.20

    Saprolite with quartz veinlets, recovery 31%

    59334

    34.50

    36.00

    1.5

    510

    0.51

    Saprolite and duricrust with quartz veinlets, recovery 58%

    59335

    36.00

    37.50

    1.5

    121

    0.12

    Saprolite and duricrust with quartz veinlets, recovery 51 to 64%

    59336

    37.5

    39.5

    2.00

    69

    0.07

    Saprolite with quartz veinlets, recovery 51%

    No recovery

    39.50

    44.00

    4.50

    n/a

    n/a

    Saprolite, recovery 0%

    59337

    44.00

    45.50

    1.5

    345

    0.35

    Saprolite with quartz veinlets, recovery 26%

    59338

    45.50

    47.00

    1.50

    1,092

    1.09

    Saprolite with quartz veinlets, recovery 53%

    59339

    47.00

    48.50

    1.50

    220

    0.22

    Massive clay zone at base of saprolite, recovery 31%








    59364

    72.00

    73.00

    1.00

    3,150

    3.15

    Shear zone in foliated felsic volcanic








    59374

    82.00

    83.00

    1.00

    8,430

    8.43

    Sheared felsic volcanic rocks with disseminated pyrite


    Hole NP-21-16

    Sample

    From m

    To m

    Core Length m

    Au ppb

    Au grams/tonne

    Comment

    59413

    46.00

    47.00

    1.00

    2,080

    2.08

    Foliated chloritic schist with disseminated pyrite and quartz veinlets

    59414

    47.00

    48.00

    1.00

    720

    0.72

    Foliated chloritic schist with disseminated pyrite and quartz veinlets

    59415

    48.00

    49.00

    1.00

    420

    0.42

    Foliated chloritic schist with disseminated pyrite and quartz veinlets

    59416

    49.00

    50.00

    1.00

    550

    0.55

    Foliated chloritic schist with disseminated pyrite and quartz veinlets

    59417

    50.00

    51.00

    1.00

    <30

    <0.03

    Foliated chloritic schist with disseminated pyrite and quartz veinlets

    59418

    51.00

    52.00

    1.00

    60

    0.06

    Foliated leucocratic felsic schist with quartz veinlets and disseminated pyrite

    59419

    52.00

    53.00

    1.00

    1,000

    1.00

    Foliated leucocratic felsic schist with quartz veinlets and disseminated pyrite








    59452

    83.00

    84.00

    1.00

    99,580

    99.58

    Silicified, sheared felsic volcanic with disseminated pyrite


    Note: Drilling intersections are core length and may not be true width, 1,000 ppb = 1 gram/ton

    Summary for non-technical readers
    The drilling intersections reported herein were obtained in rocks that were very sheared, foliated, and altered. The main alteration mineral is in the form of quartz veins that contain gold. Oxidized rocks near the gold-bearing shear zone, which also contain quartz veins, also contain high grade gold concentrations and might be part of a horizontal “blanket” of gold-bearing oxide material.

    Carbonara Target
    A high silica alteration zone was intersected over a strike length of 2,500 metres. A secondary zone of hydrothermal alteration in mafic host rocks is associated with the high silica alteration zone. There were no commercially significant gold intercepts, although some core samples in drill holes NP-21-04 and NP-21-05 contained several hundred ppb gold, including 602 ppb gold over 2.00 metres in NP-21-06.

    About 79North Inc.
    79North, is led by a team with extensive mineral exploration expertise and a track record of discoveries and exits in South America and globally. 79North currently holds an indirect interest in mineral concessions in northern Suriname and aims to become the premier junior exploration company in this under explored district of the prolific Guiana Shield. 79North’s growing portfolio of high-quality targets which have not undergone modern exploration or drilling have a long history of artisanal mining and are strategically located near modern gold mines operated by major mining companies. 79North is a mineral exploration company focused on the acquisition, exploration, and development of properties for the mining of gold and other minerals. 79North has 91,547,241 common shares issued and outstanding and 145,759,276
    common shares on a fully diluted basis.

    Statement of the Qualified Person
    The scientific and technical information contained in this news release has been supervised, reviewed, and approved by Jon North, P.Geo., who is 79North’s Chairman, President, and CEO and a Qualified Person within the meaning of National Instrument 43-101.

    Please refer to the technical report of 79North entitled “NI-43-101 TECHNICAL REPORT – NASSAU GOLD
    EXPLORATION PROJECT, SIPALIWINI DISTRICT, SURINAME SOUTH AMERICA” dated effective May 14, 2020
    for further details. The technical report is available in 79North’s SEDAR profile at www.SEDAR.com.

    Further Information
    For further information please visit www.79North.ca or contact: Jon North, President and Chief Executive Officer

    Telephone:


    (416) 786-6348

    Email:


    jon@79north.ca



    info@79north.ca


    Analytical and QA/QC
    Drill core (nominally NTW diameter) was transported from the drill rig to the field camp by ATV and cut in half with a core saw with a diamond blade. Half core samples generally 1.0 to 1.5 m in length were bagged in a plastic sample bag with a waterproof assay tag and the bag was sealed with a single use cable tie. Five core samples at a time were placed in a rice bag which was sealed with a single use cable tie. Samples were securely stored under constant supervision until they were shipped to the Actlabs sample preparation lab in Paramaribo either by company vehicle or lab transport vehicle such that the chain of custody was maintained from the company drilling camp to the sample preparation lab.

    The drill core samples were analyzed by Actlabs Guyana Inc. Sample preparation was by code RX1 in which the sample is crushed to 80% passing a 2 mm screen and 95% of a pulverized 250 g split passing 105-micron screen. A 50 g assay charge of the pulp was assayed by 1A2-50 which is fire assay with an AA finish. Overlimit samples (>3 ppm Au) were re-assayed by fire assay with a gravimetric finish. Samples with suspected visible gold were prepared by code RX-1000 in which the entire sample is pulverized, and a 1,000 g split is sieved with a 100-micron screen. The entire + fraction was analyzed by fire assay with a gravimetric finish and a 50 charge of the minus fraction was assayed by fire assay with an AA finish. The weighted average of the two assays is reported as the gold value of the sample. Certified reference materials with known gold concentrations were inserted every twenty-five samples and a blank of sterile quartz sand to test for lab contamination was inserted at least 1 in every 100 samples.

    Cautionary Note Regarding Forward-Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, including information with respect to the exploration program at the Nassau gold project. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon several 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. Such factors include, but are not limited to general business, economic, competitive, political, and social uncertainties, including related to Covid-19; and the delay or failure to receive board, shareholder, or regulatory approvals. 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 the forward-looking statements and information contained in this news release. Except as required by law, 79North assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

    Exhibit 1. End of sample markers and photographs of Samples 59333 (383.20 g/t Au and 59338 (1.09 g/t Au).
    globenewswire.com
    https://www.globenewswire.com/Tracker?data=3WqARUqMKFzpSS_0_KtI2Y21-IZgZxdccxbNTF60kDoMWUDpMOAwMF_naZwIYG-e1W8XfabjMd8kprMZbQOCrx3AJPGgy9au5vL4ylH48-vhMC8w8xGxTg4WBdbnW474nmVS7o_lhCCn_r_szc_YfyPnGysjItfGu3SDu4db2rnbl-1NYSKePq_pHodPVxWRQFyHAG5OPpmoaWAcXggX959W45aMai3s6r-BNi-yeNIzgFqHclw9zZhsMlCRjzKpSWK0ebO6ugH29p5QX8GTXw==

    Exhibit 2. Drilling section, NP-21-15 and 16.
    globenewswire.com

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    To: LoneClone who wrote (162736)1/13/2022 12:12:26 PM
    From: LoneClone
       of 168827
     
    Heliostar Resumes 5,000 Metre Drill Program at Cumaro, Mexico

    newsfilecorp.com

    Vancouver, British Columbia--(Newsfile Corp. - January 12, 2022) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that core drilling re-commenced on January 7th after the year-end holiday break at the 100% owned Cumaro Project in northern Sonora, Mexico.

    Highlights

    • 5,000 metre Cumaro drilling program recommenced
    • Four holes for a total of 428 metres completed in December 2021
    • Veining intersected at expected depths in each 2021 drill hole, with assays pending
    • Drilling expected to continue to April with first results anticipated in late February
    Heliostar CEO, Charles Funk, commented: "Starting the Cumaro drill program in December last year sets Heliostar up very well for 2022. We start the year in the fortunate position of having both an ongoing drill program on a new discovery in Mexico and a suite of high-grade gold hits across the district at our flagship Unga project in Alaska. Our initial focus in 2022 is the fully funded drill program at Cumaro where we have hit veining as predicted in each of our completed drill holes. The project enjoys great access, the extensions of veins modern mining on the adjacent property and close proximity to mills within the district. Cumaro has the potential to be a significant exploration success story for Heliostar in the short term."

    Cumaro Project

    The Cumaro project is a five square kilometre claim within the El Picacho district. It hosts the El Salto, Dos Amigos, and Basaitegui Vein Corridors (Figure 1). In addition to those known systems, it holds the recently identified Verde and Palmita Vein Corridors.

    The geological model indicates that a north northeast trending fault (white broken line in Figure 1) has divided the Picacho-Cumaro district into western and eastern halves. West of the fault, veining and mineralization come to surface. On the eastern side of the fault, only the weakly altered, upper expression of the structures come to surface. The geologic interpretation is that the eastern side is downthrown relative to the western side, thus suggesting an extension of the mineralized vein system could be preserved at depth on the eastern side. Despite the presence of historical mine workings in the western part of the Cumaro claim, the property has never been drill tested prior to the ongoing program.

    Drilling Program

    Drilling commenced at the Verde Target in December with four holes totalling 427.5 metres completed prior to the Christmas break (Figure 2). All holes intersected veining and the associated structures as they tested the Verde and Orilla veins. The first hole intersected the Verde vein and structure below the historic tunnel. The second hole intersected the Orilla vein near surface. The third and fourth holes intersected the Verde and Orilla veins near surface where the two veins converge. Assays for all holes are pending and expected to be returned in late February.

    Drilling of the 5,000 metre program currently focuses on the Verde Vein Corridor. Once drilling in this corridor is completed the drill will move to test the Basaitegui Vein Corridor in the western block and the Palmita Vein Corridor in the eastern block.



    Figure 1: Cumaro Sampling and Mapping. (1 - SilverCrest Metals Inc. news release dated February 24, 2021.)

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

    Verde Vein Corridor

    The Verde Vein Corridor is over 1.3 kilometres long and comprises three veins which are consistently mineralized over 530 metres of strike and spread over 200 metres of width (Figure 2). The vein zones vary from 0.5 to 5 metres wide and have numerous medium to high grade surface channel samples. The veins returned values including;

  • 12.6 g/t AuEq (10.3 g/t gold and 168 g/t silver) over 5.0 metres
  • 13.1 g/t AuEq (11.5 g/t gold and 125 g/t silver) over 1.75 metres
  • 9.57 g/t AuEq (8.35 g/t gold and 92 g/t silver) over 2.1 metres
  • 5.49 g/t AuEq (4.68 g/t gold and 61 g/t silver) over 3.0 metres
  • 13.6 g/t AuEq (11.9 g/t gold and 130 g/t silver over 1.65 metres
  • 4.05 g/t AuEq (2.65 g/t gold and 105 g/t silver over 5.9 metres
  • Twenty channel samples returned a grade multiplied by vein thickness greater than 5 g/t metres
  • (Widths are true thicknesses and gold equivalent is calculated with a gold:silver ratio of 1:75)

    Within the Verde Vein Corridor, the Verde and Orilla veins (Figure 2) dip toward each other and intersect, forming a high potential drill target. The veins are epithermal veins with banded green to white quartz and calcite. Similar green quartz occurs within the high-grade areas of many mineralized systems in northern Sonora and this relationship holds true at Cumaro. Select sub-samples from the green quartz at the Verde target return values up to 41.2 g/t gold and 364 g/t silver.

    One historic tunnel descends 35 metres below surface on the Verde vein (Figure 2). It shows similar grades and widths to those on surface, thus providing confidence in the depth potential of the surface channel results.



    Figure 2: Detailed sampling and mapping from the Verde Vein Corridor with selected samples highlighted

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

    Basaitegui Vein Corridor

    The Basaitegui Vein Corridor runs parallel to the Verde Vein Corridor, about 600 metres northeast (Figure 1). Vein textures indicate that the level of exposure in the system is higher than at the Verde vein. This may indicate that the productive part of the system remains preserved at depth. Like Verde, small scale workings and gold mineralization at surface indicate the potential for high grades at depth. Drilling will test this target concept by testing the vein at depth below the most productive parts of the system.

    Palmita Vein Corridor

    The Palmita Vein Corridor stretches 1.7 kilometres in strike. A channel sample returned a grade of 390 g/t silver over 1 metre. This sample came from the Three-ninety vein; a 500 metre long, east-west trending vein, interpreted as a splay off the main vein corridor.

    We view the high-grade interval silver as a key result. Surface results and textures indicate that these rocks formed at a higher level in the epithermal system. Typically, this would be above the interpreted precious metals zone. However, this sample suggests leakage from a high-grade mineralized system at depth.

    The aim of this first drill program is to track the system at depth and intercept high-grade mineralization. Proving the concept will be a significant development at Cumaro and will open the entire eastern block to systematic exploration for new mineralized bodies.



    Figure 3: Location of Heliostar's projects in northern Sonora State, Mexico

    To view an enhanced version of Figure 3, please visit:
    orders.newsfilecorp.com

    About Heliostar Metals Ltd.

    Heliostar is a well-financed junior exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico.

    The company's flagship asset is the 100% controlled Unga Gold Project on Unga and Popof Islands in Alaska. The project hosts an intermediate sulfidation epithermal gold deposit, located within the district-scale property that encompasses 240 km2 across the two islands. Additional targets on the property include porphyry copper-gold targets, high sulphidation targets and intermediate sulphidation epithermal veins.

    On Unga Island, priority targets include: the SH-1 and Aquila, both on the Shumagin Trend, the former Apollo-Sitka mine, which was Alaska's first underground gold mine, and the Zachary Bay porphyry gold-copper prospect.

    Gold mineralization at the Centennial Zone is located on neighbouring Popof Island within four kilometres of infrastructure and services at Sand Point.

    In Mexico, the company owns 100% of three early-stage epithermal projects in Sonora that are highly prospective for gold and silver. Cumaro forms part of the El Picacho district, while the Oso Negro and La Lola projects are early-stage projects considered prospective for epithermal gold-silver mineralization.

    Quality Assurance / Quality Control

    Rock and core samples were shipped to ALS Limited in Hermosillo, Sonora for sample preparation and for analysis at the ALS laboratories in North Vancouver and Vientane, Laos. The ALS Hermosillo, Vientane and North Vancouver facilities are ISO/IEC 17025 certified. Silver and base metals were analyzed using a four-acid digestion with an ICP finish and gold was assayed by 30-gram fire assay with atomic absorption ("AA") spectroscopy finish and overlimits were analyzed by 50g fire assay with gravimetric finish.

    Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.

    Qualified Person

    The Company's disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo., Exploration Manager for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.

    For additional information please contact:

    Charles Funk
    Chief Executive Officer
    Heliostar Metals Limited
    Email: charles.funk@heliostarmetals.com

    Rob Grey
    Investor Relations Manager
    Heliostar Metals Limited
    Phone: +1 778 357 1313
    Email: rob.grey@heliostarmetals.com

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

    Forward-Looking Information. This release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "would", "may", "could" or "should" occur. Forward-looking statements in this press release include Our initial focus in 2022 is the fully funded drill program at Cumaro where we have hit veining as predicted in each of our completed drill holes. The project enjoys great access, the extensions of veins with declared resources on the adjacent property and close proximity to mills within the district. Cumaro has the potential to be a significant exploration success story for Heliostar in the short term. Although Heliostar believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, weather, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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    To: LoneClone who wrote (162737)1/13/2022 12:15:33 PM
    From: LoneClone
       of 168827
     
    IAMGOLD Announces Updated Strategic Focus & Asset Portfolio Optimization, Preliminary 2021 Operational Results & 2022 Guidance, Cote Q4 Activities and Rosebel Update

    newsfilecorp.com



    Strategic Focus

  • Prioritizing highest return portfolio assets with the strongest net free cash flow and value creation; commencing a strategic review process to evaluate options for Rosebel



  • 2021 Operational Results

  • 2021 attributable gold production of 601,000 ounces near the top of the updated production guidance
  • Cash costs1 expected to be within updated guidance range of $1,115 to $1,150 per ounce sold
  • All-in sustaining costs ("AISC")1 expected to be within updated guidance range of $1,395 to $1,435 per ounce sold2



  • 2022 Outlook

  • Attributable gold production guidance of 570,000 to 640,000 ounces
  • Cash costs guidance of $1,100 to $1,150 per ounce sold3 and AISC guidance of $1,650 to $1,690 per ounce sold



  • Côté Gold Project

  • Project completion at 43.4% and remains on track for H2 2023 commercial production



  • Rosebel Life of Mine Plan

  • Potential for extended mine life; expected to ramp up to over 300,000 ounces per year


  • Toronto, Ontario--(Newsfile Corp. - January 12, 2022) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD" or the "Company") today announced preliminary full year and fourth quarter 2021 operational results, 2022 operational outlook, a progress update for the Côté Gold Project ("Côté Gold"), updated Mineral Reserves and Mineral Resources estimates and a new life-of-mine plan (the "Rosebel 2022 LOMP") for the Rosebel Gold Mine, including the satellite Saramacca Mine (together, "Rosebel").

    As part of a focused strategy to prioritize the highest return assets within the portfolio to achieve the strongest net free cash flow and value creation for shareholders, while concentrating on core operating jurisdictions, the Company has been progressing a review of its portfolio of assets. The key objective of this review is to deliver an appropriate allocation of capital and resources between the Company's existing mines and its Côté Gold project to generate the best return on invested capital while advancing Côté Gold to production.

    "IAMGOLD finished with a strong quarter bringing production for the year to the upper end of revised guidance as we strive to deliver on our commitments," stated Gordon Stothart, President and Chief Executive Officer of IAMGOLD. "Looking ahead, we are fully focused on bringing Côté Gold into production and we remain on track to commence commercial production in the second half of 2023. Operationally, we expect continued strong performance at Essakane, following a record year of production in 2021, supporting the turnaround at Rosebel and continued ramp up of Westwood. At the same time, we will continue our review to ensure we focus on value generating assets, maximizing net free cash flow, and prudent management of IAMGOLD's capital - towards our goal of becoming a leading high-margin gold producer."

    OPERATIONS

    Fourth Quarter and Full Year 2021 Operational Results

    In 2021, IAMGOLD achieved attributable gold production of 601,000 ounces, in line with updated guidance of 565,000 to 605,000 ounces, and including 153,000 ounces produced in the fourth quarter. Annual revenues[4] were approximately $1.2 billion based on attributable gold sales of 590,000 ounces. Fourth quarter revenues were approximately $295 million based on attributable gold sales of 152,000 ounces.

    Quarter ended December 31, 2021EssakaneRosebelWestwoodConsolidated
    Q4 2021Q3 2021
    Gold produced, attributable*koz984213153153
    Material minedkt15,01613,788290

    Waste minedkt10,90311,594-

    Ore minedkt4,1132,194290

    Mill feedkt3,2922,449254

    Mill feed gradeg/t1.130.781.83

    Gold recovery%918690

    Full year 2021
    EssakaneRosebelWestwoodConsolidated

    20212020
    Gold produced, attributable*koz41215435601653
    2021 guidancekoz390 - 400140 - 16035 - 45565 - 605
    Material minedkt60,42043,1381,025

    Waste minedkt44,40537,163-

    Ore minedkt16,0155,9751,025

    Mill feedkt12,9489,887965

    Mill feed gradeg/t1.310.701.24

    Gold recovery%848592








    Cash costs1 $/oz


    $1,115 - $1,150$988
    AISC1$/oz


    $1,395 - $1,435$1,232


    Notes: The numbers contained in this document are subject to finalization.
    * Attributable ounces account for IAMGOLD ownership interests: Essakane - 90%; Rosebel (excluding Saramacca) - 95%, Saramacca - 66.5%; Westwood - 100%

    Annual attributable gold production for Essakane was 412,000 ounces (457,000 ounces on a 100% basis), exceeding the upper end of the updated guidance range of 390,000 to 400,000 ounces, as the mine continued to benefit from the mill debottlenecking project completed earlier in the year. In the fourth quarter, attributable production was 98,000 ounces based on a record mill feed of 3.3 million tonnes at a head grade of 1.13 grams per tonne gold ("g/t Au") and improved gold recoveries of 91% as mining activities moved into lower graphitic ore zones.

    Annual attributable gold production for Rosebel was 154,000 ounces (188,000 ounces on a 100% basis), at the upper end of the updated guidance range of 140,000 to 160,000 ounces. In the fourth quarter, attributable production was 42,000 ounces based on total mill feed of 2.4 million tonnes at an average head grade of 0.78 g/t Au and average recovery of 86%. Mining activities saw the Rosebel pits contribute 1.16 million ore tonnes with a strip ratio of 8.1 (waste to ore), and Saramacca contribute 1.03 million ore tonnes with a strip ratio of 2.1 (waste to ore). Efficiency improvements of the carbon adsorption/desorption circuit were completed at the end of the fourth quarter, with further improvements in the drawdown from gold-in-circuit expected in the first quarter of 2022.

    Annual gold production for Westwood was 35,000 ounces, at the lower end of updated guidance of 35,000 to 45,000 ounces, following the restart of underground operations in June 2021. In the fourth quarter, the operations produced 13,000 ounces, as ore production from Westwood underground ramped up and resulted in a higher average head grade of 1.83 g/t Au. Mill feed totaled 254,000 tonnes and gold recoveries were 90%. Although underground mine productivity is improving, the pace of the ramp up remains cautious in keeping with the safety-first culture of IAMGOLD, as the Company continues to prioritize the implementation of enhanced ground support and additional safety measures, coupled with continued pressures associated with general labour shortages in the region.

    The Company's consolidated cash costs and consolidated AISC for its three operating mines are expected to be between the 2021 updated guidance ranges of $1,115 and $1,150 per ounce sold and $1,395 and $1,435 per ounce sold, respectively, excluding the impact of potential net realizable value adjustments on long term stockpiles. Long term stockpiles include historic costs which relate to ore mined in prior periods not expected to be processed in 2022. Capital expenditures for 2021 are expected to come in line with expectations, with Côté Gold preliminary spending in the fourth quarter estimated at $147 million, comparing well with guidance estimates of $150 million.

    IAMGOLD ended 2021 with approximately $545 million in cash and cash equivalents, $42 million in restricted cash, $8 million in short term investments and $498 million in its undrawn credit facility.

    COVID-19 Response

    The global COVID-19 pandemic continues to evolve. Despite widespread mass immunization programs intended to limit the effect of the virus in many countries, including Canada and Suriname, the emergence of new variants, such as the new Omicron variant, has been causing rates of infection to rapidly increase again globally. The Company continues to closely monitor developments and is taking necessary measures to manage the impact of the COVID-19 pandemic on its personnel, operations, construction and development projects and exploration activities. The previously implemented protocols remain in place at our sites and are reviewed on an ongoing basis to adapt to the evolving situation.

    2022 Guidance

    IAMGOLD's operational guidance for 2022 is as follows:

  • Attributable gold production of 570,000 to 640,000 ounces;
  • Cash costs1 between $1,100 and $1,150 per ounce sold;
  • AISC1 between $1,650 and $1,690 per ounce sold. Sustaining capital expenditures have increased due to a higher proportion of stripping costs categorized as sustaining capital due to the particular areas that are mined and the stage of the mine's life to align with World Gold Council guidelines;
  • Sustaining capital expenditures1 of $310 million (± 5%) of which the majority is related to capital waste stripping and underground development;
  • Côté Gold expenditures of between approximately $590 to $620 million;
  • Other expansion capital expenditures1 (ex-Côté Gold) of approximately $70 million (± 5%) including approximately $20 million at Boto Gold project; and
  • Exploration expenditures of approximately $35 million, including near-mine and greenfield programs.
  • Operating Guidance
    ConsolidatedEssakaneRosebelWestwoodCôtéBoto
    Gold production, attributable*koz570 - 640360 - 385155 - 18055 - 75

    Cash costs1$/oz1,100 - 1,150




    AISC1,2$/oz1,650 - 1,690




    Sustaining capital1 expenditures
    (± 5%) incl. capitalized stripping*
    $M31016510540

    Expansion capital1 expenditures
    (± 5%)*
    $M660 - 69053510590 - 62020


    Notes: Figures may not add due to rounding. The 2022 guidance is based on the following full year assumptions: USD:CAD exchange rate of 1.25 (Côté 2022 capital expenditures assumes USD:CAD of 1.30), EUR:USD exchange rate of 1.20 and average crude oil price of $70 per barrel.
    * Attributable ounces and capital expenditures account for IAMGOLD ownership interests: Essakane - 90%; Rosebel (ex-Saramacca) - 95%, Saramacca - 66.5%; Westwood - 100%; The Company owns 64.75% of Côté Gold and is contributing 70% of the Côté Gold joint venture capital expenditures.

    In 2022, Essakane attributable gold production is forecast to be in the range of 360,000 to 385,000 ounces, with production expected to be relatively steady over the year as planned grades normalize closer to reserve grades, offset slightly by higher recoveries due to expected lower graphitic content. Cash costs are expected to increase slightly due to increased cost pressures and additional security measures. The increase in AISC reflects the increase in operating costs, as well as higher sustaining capital and capitalized waste stripping. Sustaining capital expenditures of $165 million include capitalized waste stripping, while expansion capital expenditures are expected to reduce accordingly to approximately $5 million. Looking beyond 2022, Essakane is expected to continue to produce in the range of 325,000 ounces and 375,000 ounces in each of 2023 and 2024.

    In 2022, Rosebel attributable gold production is forecast to be in the range of 155,000 to 180,000 ounces, with production expected to be stronger in the second half after the seasonal rains subside and as a result of expected increased recoveries from continuing refurbishment initiatives at the mill complex. Sustaining capital expenditures of $105 million include capitalized waste stripping, tailings facility expansion and maintenance. Expansion capital of $35 million includes the completion of non-critical path items related to Saramacca and investments in the processing facility. Looking beyond 2022, Rosebel is expected to produce 180,000 to 200,000 of attributable gold ounces in 2023 and 2024. The Company has completed an updated Mineral Resource and Mineral Reserve estimate and life-of-mine plan for Rosebel, details of which are outlined below in the section titled "Rosebel Update".

    In 2022, gold production at the Westwood complex is forecast to be in the range of 55,000 to 75,000 ounces, assuming the safe re-start of two additional underground zones (Central and West). Production levels are expected to increase each quarter benefitting from the continued ramp-up of underground mining activities and increasing grade from the adjacent Grand Duc open pit. Looking beyond 2022, the Company is continuing to evaluate potential strategic alternatives for Westwood, while ramping up mining activities and development, balanced with the need for the ground support activities implemented in 2021. The additional development and resumption of mining in the Central and West zones are expected to allow for the Westwood complex to ramp up to the 90,000 to 100,000 ounce per year production level with corresponding improvements in cost profile.

    Fourth Quarter and Full Year 2021 Financial Results

    IAMGOLD will release its fourth quarter and full year 2021 financial results after market hours on Wednesday, February 23, 2022. A conference call will be held on Thursday, February 24, 2022, at 8:30 a.m. (Eastern Time) for a discussion with management regarding IAMGOLD's 2021 fourth quarter and full-year operating performance and financial results.

    CÔTÉ GOLD - FOURTH QUARTER PROJECT UPDATE

    Project Activities

    In December 2021, the Company announced the appointment of Jerzy Orzechowski as Executive Project Director for Côté Gold. Mr. Orzechowski is a senior executive specializing in project development, management, engineering, construction and strategic planning with 40 years of experience working in various project execution strategies (EPC, EPCM, joint ventures, turn-key) and in all phases of large capital projects implementation and execution. His wealth of experience with large projects will be invaluable in bringing Côté Gold through construction completion to production. The management of the project now reports to Mr. Orzechowski and he reports directly to the CEO and is involved in the oversight by the Côté Project Review Committee of the Board.

    As of December 31, 2021, detailed engineering reached approximately 92.2% with plant civil and concrete deliverables principally completed and mechanical, piping, electrical and instrumentation continuing into the first quarter of 2022. Overall the Project was approximately 43.4% complete. The following provides an update on project activities for the fourth quarter of 2021:

    Project ActivityQ4 2021 Update
    Health and safetyThe Project surpassed 3.4 million hours with no lost time injuries. Our COVID-19 monitoring programs, including antigen, PCR and sewage testing, remain robust and we continue to assess site protocols in view of the emergence of the Omicron variant. The return of the workforce from the holiday period is being structured to adjust ramp up and permit close monitoring of the Omicron variant threats. Improvements in vaccination rates on site continued.
    Earthworks activitiesEarthwork activities continued with the main focus on ensuring major infrastructure for 2022 freshet are in place. Water realignment channel work continued. Clam Lake Dam #1 and #2 are now complete. Work on New Lake South Dam final lifts was completed prior to the end of the year and New Lake North Dam is progressing well. Tailings management facility starter dam foundation excavation commenced as planned in early December.
    Mining activitiesOverburden pre-stripping in the pit is advancing and during the period access to fresh rock was achieved to the east. The first ore blast was taken in October 2021 in the southern area of the pit and mining activities broke through elevation 382 throughout several areas of the pit - a significant milestone achieved for the project.
    Processing plantProcessing facility structural steel erection, which commenced in mid-October, has completed all major lifts with only a minor part of in-fill steel remaining to be erected for the high-bay grinding section of the building. Wall panel cladding installation has started with approximately 32% completed at quarter end. The Company remains on track for process building enclosure by the end of the first quarter of 2022. Other civil works associated with the processing facility including the HPGR/secondary crusher building and primary crushing building were completed during the quarter. The primary crusher feeder frames, chutes and associated supports are now on site. Fabrication of conveyors is progressing well with delivery as sections are completed. Major components of the ball mill such as motor, chillers and shells are progressing well and elements have started shipping.
    Other activities and
    supply chain
    Permanent camp commissioning is complete providing, along with the construction camp, a total of 1388 rooms. The project averaged approximately 800 workers at site prior to the ramp down for the holidays. The permanent potable water treatment plant has been commissioned and the camp is planning to switch to grid power early in the new year. Work on the 42 kilometer 115KV power line has started with tree clearing.

    Equipment delivery is ongoing and inventory on site continues to increase. We continue to closely monitor global logistics risks and, at this time, are not expecting material impacts on the project schedule, although challenges in the global supply chain persist which may be amplified by impacts from the current Omicron wave.
    Permitting and
    sustainability
    The Company secured a number of key operations phase permits during the quarter, including the provincial Environmental Compliance Authorization for operations, the key remaining permit, the permit to take water and permits required to support the construction of the transmission line. Community consultations and ongoing implementation of the impact benefit agreements signed with indigenous partners continue. Remaining, non-critical path, minor permits are expected to be received during the remainder of the project.
    Operational
    readiness
    Operational readiness continued to advance mainly focused on organizational design, and hiring, and initiation of training programs which are expected to ramp up in the first quarter of 2022. Other key activities included the ongoing work related to the identification of spare parts requirements for critical equipment and procurement strategies for key consumables.


    Project Expenditures

    At the end of the fourth quarter 2021, 87% of procurement and 79% of contracts packages have been awarded. The Company incurred $119 million and expended $147 million in project costs (at an average recorded USDCAD exchange rate, excluding the impact of hedges, of 1.27) in the fourth quarter of 2021 and expended $412 million (at an average recorded USDCAD exchange rate of 1.26) since July 1, 2020, including capital expenditures summarized in the table below and non-capital project costs.




    Q4 2021



    Q3 2021



    Q2 2021



    Q1 2021



    2021

    Since
    July 1, 2020
    Expended costs* ($ millions)$147
    $72
    $90
    $50
    $359
    $412


    * Project costs prior to July 1, 2020 are not included in the Company's portion of reported total expended costs. Project costs include (i) ore mined recorded as stockpiles which totaled $1.8 million in the fourth quarter 2021, and (ii) certain offsets including realized derivative gains of $4.8 million in the fourth quarter and $16.2 million in 2021.

    The Company's share of estimated remaining total costs to completion from January 1, 2022 onwards is $710 to $760 million and is estimated to be expended based on the following updated schedule: 2022 - approximately $590 to $620 million; and 2023 - approximately $120 to $140 million. These amounts are estimated at a USDCAD exchange rate of 1.30 and take into consideration working capital adjustments and the schedule and upcoming milestones set out below. Accordingly, actual reported results may vary.

    Schedule and Upcoming Milestones

    Construction of the project commenced in the third quarter 2020 and major earthworks commenced in the first quarter 2021. The project remains on track for commercial production in the second half of 2023 with the following remaining key milestones:

    Process building enclosed: Q1 2022
    Start of owner mining: Q3 2022
    Tailings Management Facility Phase 1: Q4 2022
    Permanent power available: Q4 2022
    Commissioning completed: Q3 2023
    Commercial production: H2 2023


    Although to the end of the fourth quarter 2021, no material delays due to the COVID-19 pandemic have been experienced at site, cases in Ontario and other provinces have risen rapidly into January 2022. The schedule and timing of expenditures going forward do not account for any potential delays or disruptions caused by the COVID-19 pandemic, including potential impacts on timing of activities, availability of workforce and productivity, supply chain and logistics.

    Other Developments in the Fourth Quarter 2021

    The Company reported in October 2021 an initial mineral resource estimate for the Gosselin deposit (on a 100% basis using a US$1,500 per ounce gold price) of 124.5 million tonnes of indicated resources averaging 0.84 grams of gold per tonne for 3.35 million ounces of gold and 72.9 million tonnes of inferred resources averaging 0.73 grams of gold per tonne for 1.71 million ounces of gold. This represents a 33% increase in total contained gold at Côté Gold in measured and indicated resource categories to 13.55 million ounces and a 45% increase in total contained gold in the inferred resources category to 5.5 million ounces. The Gosselin deposit has only been drilled to approximately half of the depth of the Côté Gold deposit and remains open at depth and along strike. This demonstrates the long-term district scale potential and the exploration upside of the Project. Please refer to the Company's news release dated October 18, 2021 for further details.

    Côté Construction Photos



    Côté Gold - Processing Plant Wall Panel Cladding (January 2022)

    To view an enhanced version of this graphic, please visit:
    orders.newsfilecorp.com



    Côté Gold - TMF Starter Dam Foundation Excavation (January 2022)

    To view an enhanced version of this graphic, please visit:
    orders.newsfilecorp.com

    ROSEBEL UPDATE

    The Company is reporting an updated Mineral Reserves estimate for Rosebel (on 100% basis) of 3.8 million ounces of gold and an updated Measured and Indicated Mineral Resources estimate (on a 100% basis and including Mineral Reserves) of 6.3 million ounces of gold as of December 31, 2021. Production is expected to ramp up to an estimated 300,000 ounces per year on a 100% basis starting in 2025 until the current expected end of mine life in 2033 based on the updated Mineral Reserves estimate.

    Over the last two years, Rosebel has encountered certain challenges that have resulted in delays in stripping, strategic pit pushbacks, maintenance and the completion of required infrastructure at Saramacca. The Rosebel 2022 LOMP requires material capital investment in 2022 and 2023 to implement projects and initiatives aimed at redressing some of these challenges. As a result of the Company's current capital allocation prioritization, the Company is commencing a strategic review process to evaluate options for Rosebel.

    The Rosebel 2022 LOMP is supported by the updated Mineral Reserves and Resources estimates as at December 31, 2021 contained in this news release. The Rosebel technical results will be incorporated in a new technical report titled "Technical Report on the Rosebel Gold Mine, Suriname" (the "Rosebel Technical Report") prepared by Rosebel Gold Mines N.V. ("RGM"), a subsidiary of the Company, in collaboration with WSP Global Inc. ("WSP") and SRK Consulting (Canada) Inc. ("SRK") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Rosebel Technical Report will be filed on SEDAR within 45 days of this news release and readers are encouraged to read the Rosebel Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release.

    Rosebel 2022 LOMP

    The Rosebel 2022 LOMP is based on revised geological models incorporating further drilling results for the Rosebel and Saramacca deposits, accounts for cost increases and is conservatively constrained given the other capital requirements of the Company at the present time. Two of the key priorities for Rosebel relate to stripping and mill capacity to treat hard rock. Considerable stripping is required to access deep, higher grade ore in existing pits resulting in the necessity for a material capital outlay in the next five years. The capacity for the mill to deal with the Rosebel ore hardness could be alleviated by the replacement and expansion of two crushers at an estimated cost of approximately $30 million.

    Various additional value-accretive scenarios were reviewed in connection with completing the Rosebel 2022 LOMP, including the acceleration of the investment in the comminution circuit, expansion of the mining fleet to accelerate stripping and access to higher grade ore, the advancement of throughput expansion opportunities within the processing facility, and the achievement of certain productivity and costs optimization opportunities. These scenarios assumed additional available capital and demonstrated material potential opportunities to improve the economics of the operations. Further, Rosebel is located in a geologically endowed region for gold with potential for further discovery through increased investment in exploration.

    The mining rate in the Rosebel 2022 LOMP is estimated at a rate of 59 million tonnes per year in 2022 and steadily increases to a rate of 64 million tonnes per year from the Rosebel and Saramacca pits until 2026 through a period of increased stripping. From 2027 the mining rate will further increase to 73 million tonnes per year with additional loading and hauling units and will start to decline from 2031 as pits are mined out.

    Appendix "A" to this news release outlines the Rosebel 2022 LOMP schedule including mining, stripping ratio, milling, head grades and capital and operating costs. The table below provides a summary of the key operating parameters for the Rosebel 2022 LOMP on a 100% basis:

    Rosebel 2022 LOMP - 100% basis*
    Life of Mineyrs
    12
    Rosebel Mining



    Ore minedMt
    74
    Waste minedMt
    421
    Strip ratiow:o
    5.7
    Ore gradeg/t
    0.98
    Saramacca Mining


    Ore minedMt
    22
    Waste minedMt
    165
    Strip ratiow:o
    7.6
    Ore gradeg/t
    1.76
    Processing


    Tonnes milledMt
    106
    Head Gradeg/t
    0.97
    Recovery%
    91
    Gold production000 oz
    3,327
    Gold sales000 oz
    3,274
    Cash costs$/oz
    993
    AISC$/oz
    1,350


    * Based on mineral reserves and mineral resources as at December 31, 2021.

    Capital Costs

    Capital costs include capitalized waste stripping, resource development costs, other sustaining capital expenditures (including mine equipment additions and replacements, tailings facility expansion) and expansion capital (including the crusher upgrades and completion of the development of Saramacca). A total of $1.24 billion of capital expenditures is estimated for the remaining 12 years of mine life, which equates to $11.70 per tonne milled or $374 per ounce produced.

    Operating Costs

    Average mine operating cost (inclusive of waste stripping) over the mine life is estimated at $2.70 per tonne mined based on assumed diesel costs: 2022 at $0.71 per liter, 2023 at $0.67 per liter, 2024-2033 at $0.66 per liter. The average total milling cost (inclusive of power) is estimated to be $10.51 per tonne milled. Mill consumables have seen significant increases, as increased hard rock ratios are expected to translate to an increase in power and grinding media consumption, while the addition of saprolite and laterite from Saramacca to the mill has increased cyanide and lime consumption. The average general and administrative cost is estimated at $4.37 per tonne milled and assumes an average annual spend of $38 million.

    Mineral Reserves

    The updated Mineral Reserves estimate for Rosebel and Saramacca (on 100% basis using $1,300 per ounce gold price) is 109 million tonnes comprised of Proven and Probable reserves and existing stockpiles at an average grade of 1.1 g/t Au for 3.8 million ounces of contained gold as of December 31, 2021, a decrease of 20% in terms of contained ounces from the prior update (refer to Company press release dated February 17, 2021).

    Rosebel and Saramacca
    Mineral Reserves Estimate
    At December 31, 2021
    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces
    100%

    (000s)
    Attributable
    Contained Ounces
    (000s)
    Rosebel



    Proven & Probable77,1351.02,4272,306
    Stockpiles9,6670.5168160
    Saramacca



    Proven & Probable21,8631.71,225814
    Stockpiles4990.586
    Total Proven & Probable, incl. stockpiles109,1641.13,8293,286


    Notes:

  • CIM (2014) definitions were followed for Mineral Reserves.
  • Attributable ounces calculated as 95% for Rosebel and 66.5% for Saramacca. Mineral Reserves include material from Rosebel and Saramacca concession.
  • Mineral Reserves were estimated assuming open pit mining methods using an average long-term gold price of $1,300/oz.
  • Mineral Reserves are estimated at a cut-off grade of 0.23 to 0.67 g/t Au depending on material and pits.
  • Mineral Reserves include a dilution between 3% and 21% at a grade of 0.1 g/t to 0.29 g/t Au.
  • Mineral Reserves include a mining recovery between 94% and 99% depending of the zone.
  • Average weighted CIL process recovery is estimated at 89.2%.
  • Proven and Probable Reserves are included in the Measured and Indicated Resources.
  • Numbers may not add due to rounding.
  • Ore grades reported on 100% basis and attributed represents planned mill head grades and have not been reduced for the respective ownership agreement/royalties.
  • Mineral Resources

    The updated Mineral Resources estimate for Rosebel and Saramacca (on 100% basis using $1,500 per ounce gold price and including Mineral Reserves) is comprised of Measured and Indicated resources totalling 174 million tonnes at an average grade of 1.1 g/t Au for 6.3 million ounces of contained gold as of December 31, 2021, a decrease of 34% from the prior update (refer to Company press release dated February 17, 2021).

    Rosebel and Saramacca
    Mineral Resources (incl. Mineral Reserves)
    At December 31, 2021
    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces
    100%
    (000s)
    Attributable Contained
    Ounces
    (000s)
    Rosebel



    Measured10,7360.6223212
    Indicated139,8131.04,5674339
    Inferred16,0510.9455432
    Saramacca



    Measured4990.586
    Indicated22,6672.11,5071,002
    Inferred5,9661.2233155
    Total Measured & Indicated173,7151.16,3055,558
    Total Inferred22,0171.0687587


    Notes:

  • CIM (2014) definitions were followed for Mineral Resources.
  • Attributable ounces calculated as 95% for Rosebel (excluding Saramacca) and 66.5% for Saramacca.
  • Mineral Resources are estimated at a cut-off grade which varies between 0.18 and 0.54 g/t Au depending on material type and pit. Mineral Resources are estimated using an average long-term gold price of US$1,500/oz.
  • Mineral Resources are constrained by Whittle optimized pit shells using economic parameters consistent with those used for Mineral Resources estimates in the Rosebel Technical Report.
  • A minimum mining width of 5m was used for 2021.
  • Bulk density is estimated by Ordinary Kriging (OK) by weathering type except for PC - RB - MA which is a mean value based on SG dataset.
  • Mineral Resources are inclusive of Mineral Reserves.
  • Mineral Resources that are not Mineral Reserves do not demonstrate economic viability.
  • Numbers may not add due to rounding.
  • Mineral Reserves and Resources - 2021 vs 2020

    MINERAL RESERVES COMPARISON

    20202021?

    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces
    100%
    (000s)
    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces 100%
    (000s)
    Contained Ounces
    100%
    (000s)
    %
    Proven11,4790.72641,1611.451-213-80%
    Probable111,6571.24,28297,8371.13601-681-15%
    Stockpiles14,5020.525110,1660.5177-74-29%
    Total Proven & Probable + Stockpiles137,6381.14,797109,1641.13,829-968-20%


    The majority of the decrease in the Mineral Reserves estimate was primarily in the Rosebel pits incorporating an updated geologic model, new cost model, pit optimization assumptions and 2021 production depletion offset by an increase in the long-term gold price assumption from $1,200 to $1,300/oz.

    MINERAL RESOURCES COMPARISON

    20202021?

    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces
    100%
    (000s)
    Tonnes
    (000)
    Grade
    (g/t)
    Contained Ounces 100%
    (000s)
    Contained Ounces
    100%
    (000s)
    %
    Stockpiles14,5020.525110,1660.5177-74-29%
    Measured17,1030.73851,0691.655-330-86%
    Indicated267,8971.08,941162,4811.26,074-2,867-32%
    Total Measured and Indicated299,5031.09,578173,7161.16,305-3,273-34%









    Total Inferred73,9680.92,02522,0171.0687-1,338-66%


    The Measured and Indicated Resources estimate for the Rosebel deposits and Saramacca decreased by 3.1 million ounces and 160,000 ounces, respectively, from the end of 2020 to the end of 2021. The decrease in mineral resources at Rosebel is attributed to: 2021 production depletion; a revised optimization methodology incorporating fixed cost distribution (versus dynamic cost accounting used previously); changes to the cost model which translated in an increase in mining, processing and general and administrative costs; and an updated resource block model incorporating the results of infill and conversion drilling programs completed in 2021 and applying a different block model interpolation methodology (Ordinary Kriging versus Uniform Conditioning).

    The net result was the reduction in both size and depth of resource and reserve pit shells, notably Royal Hill and Pay Caro, with some ore zones excluded in the pit shells (at $1,500/oz) that could re-enter the mine plan in the future under different financial conditions and commodity price assumptions.

    Impairment

    In accordance with IFRS, the Company has been reviewing the carrying amount of the Rosebel cash generating unit and, based on preliminary analysis, is estimating a potential non-cash asset impairment charge to be recorded in its year-end financial results.

    QUALIFIED PERSONS

    Rosebel Technical Report Quality Control

    The Rosebel Technical Report is being prepared by representatives of IAMGOLD, WSP and SRK, each of whom is a "qualified person", as defined in NI 43-101 (a "QP"). WSP and SRK QPs are independent of IAMGOLD and have reviewed and approved the information contained in this news release that is derived from their respective sections of disclosure to be contained in the Rosebel Technical Report. The affiliation and areas of responsibility for each QP involved in preparing the Rosebel Technical Report are provided below.

    WSP QPs

    • Bruno Perron, during evaluation: Senior Engineer at WSP Canada 2010 Powell St Jonquière, Québec, Canada, G7S-2Z3. Currently: Chief Geologist - Mine Technical Services at Rosebel Gold Mines, in the Brokopondo District, Suriname (President da Costalaan 2, P.O. Box 2973, Paramaribo, Suriname)5.
    • Ian Crundwell, Senior Geologist at: WSP Canada Inc. 2300 Yonge Street Toronto, Ontario, M4P 1E4
    SRK QPs

  • Oy Leuangthong, PhD, P.Eng., Principal Consultant (Geostatistics) with the firm of SRK Consulting (Canada) Inc. at: Suite 1500 - 155 University Avenue, Toronto, Ontario, Canada.
  • Aleksandr Mitrofanov, P.Geo., formerly Senior Consultant (Geostatistics) with the firm of SRK Consulting (Canada) Inc. at: Suite 1500 - 155 University Avenue, Toronto, Ontario, Canada.
  • IAMGOLD QPs

  • Alain Mouton, P.Geo., Manager - Mine Technical Services at Rosebel Gold Mines, in the Brokopondo District, Suriname (President da Costalaan 2, P.O. Box 2973, Paramaribo, Suriname).
  • Caroline Laplante, P.Geo. M.Sc., Country Exploration Manager Suriname (President da Costalaan 2, P.O.Box 2973, Paramaribo, Suriname).
  • Gilles Ferlatte, P.Eng., Vice President, International Operations at IAMGOLD Corporation offices, 1111, St. Charles Street West, Longueuil, QC, Canada, J4K 5G4.
  • Martin Perron, P.Eng., Director, Geology with the firm of Innovexplo Inc. at: 725, boul. Lebourgneuf, #317, Quebec City, QC, Canada, G2J 0C4. Formerly Manager Resources Technical Services, IAMGOLD Corporation offices, 1111 St. Charles Street West, Longueuil, QC, Canada, J4K 5G4 (Nov 2020-Oct 2021).
  • Michel Dromacque, CENG MIMMMM., Chief Engineer Long Term Planning at Rosebel Gold Mines, in the Brokopondo District, Suriname (President da Costalaan 2, P.O.Box 2973, Paramaribo, Suriname).
  • Stéphane Rivard, P.Eng., Senior Director Technical Services at IAMGOLD Corporation offices, 1111 St. Charles Street West, Longueuil, QC, Canada, J4K 5G4.
  • Quality Control Notes

    The QPs who have reviewed and approved the information in this news release are (i) L-B Denoncourt, P. Eng. Project Manager, Côté Gold for IAMGOLD in respect of the Côté Project activities, (ii) Craig MacDougall, P.Geo., Executive Vice President, Growth for IAMGOLD in respect of the Gosselin Mineral Resource summary and related exploration results, (iii) Gilles Ferlatte P.Eng. Vice President, International Operations in respect of the Rosebel Update, (iv) Alain Mouton, P.Geo. Manager, Mine Technical Services at Rosebel Gold Mines in respect of the Rosebel Update.

    ABOUT IAMGOLD

    IAMGOLD is a mid-tier gold mining company operating in three regions globally: North America, South America and West Africa. Within these regions the Company is developing high potential mining districts that encompass operating mines and construction, development and exploration projects. The Company's operating mines include Essakane in Burkina Faso, Rosebel (including Saramacca) in Suriname and Westwood in Canada. A solid base of strategic assets is complemented by the Côté Gold construction project in Canada, the Boto Gold development project in Senegal, as well as greenfield and brownfield exploration projects in various countries located in the Americas and West Africa.

    IAMGOLD employs approximately 5,000 people. IAMGOLD is committed to maintaining its culture of accountable mining through high standards of Environmental, Social and Governance practices, including its commitment to Zero Harm®, in every aspect of its business. IAMGOLD ( www.iamgold.com) is listed on the New York Stock Exchange (NYSE: IAG) and the Toronto Stock Exchange (TSX: IMG) and is one of the companies on the Jantzi Social Index ("JSI"), a socially screened market capitalization-weighted consisting of companies which pass a set of broadly based environmental, social and governance rating criteria.

    IAMGOLD Contact Information

    Graeme Jennings, Vice President, Investor Relations
    Tel: 416 360 4743 | Mobile: 416 388 6883

    Philip Rabenok, Manager, Investor Relations
    Tel: 416 933 5783 | Mobile: 647 967 9942

    Toll-free: 1 888 464 9999

    info@iamgold.com

    This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through Newsfile's website at www.newsfilecorp.com. All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov.

    Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le www.iamgold.com/French/accueil/default.aspx.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    All information included in this news release, including any information as to the Company's future financial or operating performance, and other statements that express management's expectations or estimates of future performance, including statements in respect of the prospects and/or development of the Company's projects, other than statements of historical fact, constitutes forward-looking information or forward-looking statements, within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements") and such forward-looking statements are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements are generally identifiable by, but are not limited to, the use of the words "may", "on track", "will", "should", "continue", "expect", "budget", "forecast", "anticipate", "estimate", "believe", "intend", "plan", "schedule", "guidance", "outlook", "potential", "seek", "target", "strategy", or "project" or the negative or other variations of these words or comparable terminology. Forward-looking statements contained in this news release include, without limitation, statements with respect to: the Company's guidance for production at its operating mine sites, including estimated timing and amounts thereof; total cash costs; all-in sustaining costs; the estimation of mineral reserves and mineral resources; the realization of mineral reserve and mineral resource estimates; the intention of the Company to file the Rosebel Technical Report; the intention of the Company to commence strategic review processes in respect of Rosebel, Westwood and certain other of its directly- or indirectly-owned assets; estimated costs of production; estimated impairment charges; expected capital expenditures; operations outlook; the progress of development at Côté Gold, including progress of project expenditures and contracting processes; the timing for commencement of commercial production at Côté Gold; the Company's plans and expectations with respect to liquidity management; the future price of gold and other commodities; permitting timelines; exchange rates and currency fluctuations; requirements for additional capital; and the Company's decisions with respect to capital allocation.

    The Company cautions the reader that forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, financial, operational and other risks, uncertainties, contingencies and other factors, including those described below, which could cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements and, as such, undue reliance must not be placed on them. Such risks, uncertainties, contingencies and other factors include, but are not limited to: the Company's business strategies and its ability to execute thereon; the condition and results of the mining industry as a whole, and the gold mining industry in particular; changes in the global prices for gold or other commodities (such as diesel and electricity); the ongoing impact of COVID-19 and its variants on the Company and its workforce, the availability of labour and contractors, key inputs for the Company and global supply chains; government actions taken in response to COVID-19, including new variants of COVID-19, and any worsening thereof; legal, litigation, legislative, political or economic developments in the jurisdictions in which the Company carries on business; the volatility of the Company's securities; assessment of carrying values for the Company's assets, including the ongoing potential for material impairment and/or write-downs of such assets; title disputes; input in the management of certain of the Company's assets by other companies or joint venture partners; the lack of availability of insurance covering all of the risks associated with the Company's operations; unexpected geological conditions; potential shareholder dilution; potential activist engagements; increasing competition and consolidation in the mining sector; changes in tax laws, including mining tax regimes; the failure to obtain in a timely manner from authorities key permits, authorizations or approvals necessary for exploration, development or operations at the Company's operations; the inability to participate in any gold price increase above the cap in any collar transaction entered into in conjunction with a gold sale prepayment arrangement; the availability of necessary capital and impacts on the Company's liquidity levels; access to capital markets and financing; the Company's level of indebtedness; the Company's ability to satisfy covenants under its credit facilities and other debt instruments; changes in interest rates; adverse changes in the Company's credit rating; the Company's choices in capital allocation; effectiveness of the Company's ongoing cost containment efforts; the ability to execute on the Company's de-risking activities and measures to improve operations; risks related to third-party contractors, including reduced control over aspects of the Company's operations and/or the failure of contractors to perform as expected; risks arising from holding derivative instruments; changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; capital and currency controls in foreign jurisdictions; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; the fact that reserves and resources, expected metallurgical recoveries, capital and operating costs are estimates which may require revision; the presence of unfavourable content in ore deposits, including clay and coarse gold; inaccuracies in life of mine plans; failure to meet operational targets; geotechnical difficulties and major equipment failure; security risks, including civil unrest, war or terrorism; information systems security threats and cybersecurity; laws and regulations governing the protection of the environment; employee relations and labour disputes; the maintenance of tailings storage facilities and the potential for a major spill or failure of the tailings facilities due to uncontrollable events, such as extreme and unpredictable weather or seismic events; lack of reliable infrastructure, including access to roads, bridges, power sources and water supplies; physical and regulatory risks related to climate change; attraction and retention of key employees and other qualified personnel; availability and increasing costs associated with mining inputs and labour; the availability of qualified contractors and the ability of contractors to timely complete projects on acceptable terms; the relationship with the communities surrounding the Company's operations and projects; indigenous rights or claims; illegal mining; and the inherent risks involved in the mining industry generally. Please see the Company's AIF or Form 40-F available on www.sedar.com or www.sec.gov/edgar.shtml for a comprehensive discussion of the risks faced by the Company and which may cause actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by forward-looking statements.

    Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.

    The 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 applicable law.

    NON-GAAP FINANCIAL MEASURES

    This news release contains non-GAAP financial measures, including cash costs per ounce sold ("COC"), AISC per ounce sold, sustaining and expansion capital expenditures, average realized gold price and available liquidity. The Company believes that, in addition to conventional financial measures prepared in accordance with IFRS, certain investors use these non-GAAP financial measures to assess the performance of the Company. These non-GAAP financial measures do not have any standardized meaning prescribed by IFRS, may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

    Cash costs include mine site operating costs such as mining, processing, administration, royalties, production taxes, and realized derivative gains or losses, exclusive of depreciation, reclamation, capital expenditures and exploration and evaluation costs. AISC include cost of sales exclusive of depreciation expense, sustaining capital expenditures, which are required to maintain existing operations, capitalized exploration, sustaining lease principal payments, environmental rehabilitation accretion and depreciation, by-product credits, and corporate general and administrative costs. These costs are then divided by the Company's attributable gold ounces sold by mine sites in commercial production in the period to arrive at COC and AISC per ounce sold. The Company believes that the use of COC and AISC per ounce sold metrics will assist analysts, investors and other stakeholders of the Company in assessing its operating performance and its ability to generate free cash flow.

    The Company presents its sustaining capital expenditures in its all-in sustaining costs to reflect the capital related to producing and selling gold from its mine operations. The distinctions between sustaining and expansion capital used by the Company align with the guidelines set out by the World Gold Council. Expansion capital is capital expenditures incurred at new projects and capital expenditures related to major projects or expansion at existing operations where these projects will materially benefit the operations. This non-GAAP financial measure provides investors with transparency regarding the capital expenditures required to support the ongoing operations at its mines, relative to its total capital expenditures.

    CAUTIONARY NOTE TO U.S. INVESTORS REGARDING DISCLOSURE OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

    The mineral resource and reserve estimates contained in this news release have been prepared in accordance with NI 43-101. These standards are similar to those used by the United States Securities and Exchange Commission (the "SEC") Industry Guide No. 7, as interpreted by the SEC staff. However, the definitions in NI 43-101 differ in certain respects from those under Industry Guide 7. Accordingly, mineral resource and reserve information contained in this news release may not be comparable to similar information disclosed by United States companies. Under the SEC's Industry Guide 7, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.

    As a result of the adoption of amendments to the SEC's disclosure rules (the "SEC Modernization Rules"), which more closely align its disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards, including NI 43-101, and which became effective on February 25, 2019, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended definitions of "proven mineral reserves" and "probable mineral reserves" in its amended rules, with definitions that are substantially similar to those used in NI 43-101. Issuers must begin to comply with the SEC Modernization Rules in their first fiscal year beginning on or after January 1, 2021, though Canadian issuers that report in the United States using the Multijurisdictional Disclosure System ("MJDS") may still use NI 43-101 rather than the SEC Modernization Rules when using the SEC's MJDS registration statement and annual report forms.

    United States investors are cautioned that while the SEC now recognizes "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under the SEC Modernization Rules, investors should not assume that any part or all of the mineral deposits in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Under Canadian regulations, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in limited circumstances.

    Investors are cautioned not to assume that any "measured mineral resources", "indicated mineral resources", or "inferred mineral resources" that the Company reports in this news release are or will be economically or legally mineable. Further, "inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that any part or all of an inferred mineral resource will ever be upgraded to a higher category.

    The mineral reserve and mineral resource data set out in this news release are estimates, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized.

    Appendix A: Rosebel 2022 LOMP Schedule (click here for download of table)



    To view an enhanced version of this table, please visit:
    orders.newsfilecorp.com

    Note: Totals may not add up due to rounding

    1 Certain non-GAAP financial measures, including cash costs, all-in sustaining cost ("AISC"), and sustaining and expansion capital are included in this press release. Refer to "Non-GAAP Financial Measures" below.
    2 Excluding potential impact of non-cash net realizable value adjustments to stockpiles
    3 Cash costs and cost of sales in 2022 expected to be between $1,100 and $1,150 per ounce.
    4 Unaudited.
    5 Bruno Perron was employed by WSP Canada during evaluation, but is now employed at Rosebel Gold Mines and therefore cannot be considered an independent QP.

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    To: LoneClone who wrote (162738)1/13/2022 12:16:51 PM
    From: LoneClone
       of 168827
     
    Australia's Liontown signs lithium supply deal with S.Korea's LG Chem, shares jump

    ca.finance.yahoo.com

    Tue., January 11, 2022, 4:31 p.m.·1 min read

    (Reuters) - Australian lithium miner Liontown Resources Ltd said on Wednesday it signed a deal to sell lithium spodumene from its flagship project to the battery unit of South Korea's LG Chem, sending its shares soaring 13%.

    LG Energy Solution, which counts Tesla Inc and General Motors Co as its customers, will buy 100,000 dry metric tonnes (DMT) of lithium spodumene — a key raw material for making electric vehicle batteries — from Liontown's Kathleen Valley project.

    Liontown joins other lithium players in the country, like Vulcan Energy, to strike major supply deals with EV makers as the sector assumes centre stage amid a global push by companies and governments towards a greener future.

    The company also said the deal — a first for its Western Australia-based project — will account for nearly 30% of its annual output after year one of production and is expected to be operating from 2024.

    Liontown added that it had received "strong interest from a range of parties in long-term offtake from the Kathleen Valley Lithium Project," without offering details.

    Its shares witnessed their biggest jump since October 2021 on Wednesday, building on a nearly 5-fold rise in the past year.

    Share RecommendKeepReplyMark as Last ReadRead Replies (1)


    To: LoneClone who wrote (162739)1/13/2022 12:18:30 PM
    From: LoneClone
       of 168827
     
    Puma Exploration Launches Its 2022 Exploration Program and Announces up to 51.70 G/T Gold in Surface Grab Samples*

    ca.finance.yahoo.com

    Puma Exploration Inc.
    Wed., January 12, 2022, 3:00 a.m.·5 min read

    Figure 1. Location of Reported Grab Samples at the OTG and Associated First Priority Drilling Targets



    Location of Reported Grab Samples at the OTG and Associated First Priority Drilling Targets

    RIMOUSKI, Quebec, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Puma Exploration Inc. (TSXV: PUMA, OTC: PUXPF) (the "Company" or "Puma") is pleased to announce the launch of its 2022 Exploration Program at its Flagship Williams Brook Gold Property located in New Brunswick, Atlantic-Canada. The 2022 program (see December 17, 2021, News Release) includes an initial 10,000 metres diamond drilling program that will target the most prospective areas identified to date of the O'Neil Gold Trend ("OGT").

    The drilling program, expected to begin on January 17, will target the most promising gold zones of the OGT discovered in 2021 through surface exploration work (see Figure 1). The inaugural 2,300 metres of drilling at the OGT's Lynx Zone returned 5.50 g/t Au over 50.15 m in hole WB21-02 (see Sept.15, 2021, News Release). Building on that success, the 2022 drilling at the OGT will focus on the currently excavated, mapped, and sampled 750-metres trend to maximize success.

    Last fall, 750 grab samples were collected along the favourable rhyolite/sediment contact to confirm the continuity of gold mineralization at surface along the O'Neil Gold Trend (see Dec.8, 2021, News Release). Results from 50 grab samples received to date include 51.70 g/t Au, 28.70 g/t Au, 27.20 g/t Au, 23.10 g/t Au, 18.50 g/t Au* (see Table 1) and show that high-grade gold mineralization is both significant and appears continuous along the OGT. The first target of the 2022 10,000 metres drilling program will be an area northeast of the Lynx Gold Zone, where new grab samples returned up to 51.70 g/t Au*.

    Table 1: Selected High-Grade Gold Results (over 1g/t Au) from Reported Grab Samples


    Au-AA24

    Au-GRA22

    Sample ID

    Au g/t

    Au g/t

    D248073

    6.41


    D248088

    3.89


    D248089

    4.11


    D248090

    >10.0

    51.70

    D248091

    8.95


    D248092

    >10.0

    18.55

    D248093

    5.05


    D248094

    >10.0

    28.70

    D248095

    1.30


    D248096

    5.18


    D248007

    >10.0

    23.10

    D248013

    4.55


    D247671

    6.64


    D247672

    1.88


    D247673

    7.91


    D247674

    3.55


    D247675

    1.76


    D247676

    5.31


    D247677

    >10.0

    27.2


    *The reader is cautioned that grab samples are selective by nature and may not represent the true metal content of the mineralized zone.

    "Our technical team has been very systematic in its approach to exploration over the last 18 months. The knowledge we acquired led to a very successful inaugural drilling program at the Lynx area of the O'Neil Gold Trend ("OGT"). As we embark on drilling this follow-up 10,000 metres at the OGT, the compilation of grab sample results, geophysical data, geology, and structural mapping will enable us to optimize our targets and maximize our chance of success. 2022 will be a transformational year for Puma, and investors can expect regular news as we aggressively develop the Williams Brook Gold Project." commented Marcel Robillard, President & CEO of Puma Exploration.

    UPCOMING WEBINAR
    Puma is providing an opportunity for shareholders and other interested parties to participate in a webinar on Monday, January 17, 2022, at 4:00 pm EST. Marcel Robillard, President and CEO, will provide an overview of the 2022 Exploration Program and answer questions.

    Click on the following link globenewswire.com to register. After registering, you will receive a confirmation email containing information about joining the webinar.

    CHANGES IN AUDIT COMMITTEE
    The Company announces that Michel Fontaine, an independent director, has replaced Marcel Robillard to join Laura Arenada and Richard Thibault on the Audit Committee.

    INVESTOR RELATIONS CONTRACT
    Puma is pleased to announce that it has retained the services of MI3 Communications Inc. ("MI3"), a Montreal-based financial communications company to spearhead Puma's investor relations. MI3 will provide various services: lead market awareness campaigns and facilitate meetings with new investors (institutional, brokers, pro-traders, mining analysts, and active high net worth investors).

    Under the terms of the engagement, Puma has agreed to pay MI3 C$5,000/month for an initial 12-months term beginning December 1, 2021, and has granted MI3 100,000 Stock Options exercisable at C$0.40 per common share until December 1, 2023 (see Dec. 1, 2021, News Release) The MI3 agreement and all stock options granted are subject to TSXV regulatory approval.

    QUALIFIED PERSON
    Dominique Gagné, PGeo, a qualified person as defined by Canadian National Instrument 43-101 standards, has reviewed and approved the geological information reported in this news release.

    ON-SITE QUALITY ASSURANCE/QUALITY CONTROL ("QA/QC") MEASURES
    Grab samples were bagged, sealed and sent to the facility of ALS CHEMEX in Moncton, New Brunswick, where each sample was dried, crushed, and pulped before being fire assayed (Au-ICP21). The remaining coarse reject portions of the samples remain in storage for further work or verification as needed. As part of its QA/QC program, the Company inserts external gold standards (low to high grade) and blanks for every batch of surface samples. All samples over 10 g/t gold or with abundant visible gold are analyzed using gravity finish (Au-GRA22). Check assays are routinely performed for samples with visible gold to ascertain the gold content of the mineralization zone.

    COVID-19 PRECAUTIONS
    Puma has developed and implemented precautions and procedures compliant with Québec and New Brunswick's health guidelines. Strict protocols are in place to ensure the safety of all staff, thereby reducing the potential for community contact and spreading of the virus.

    ABOUT PUMA EXPLORATION
    Puma Exploration is a Canadian-based mineral exploration company with precious metals projects in early to advanced stages located in the Famous Bathurst Mining Camp (BMC) in New Brunswick, Canada. The Company is committed to its DEAR strategy (Development, Exploration, Acquisition and Royalties) to generate maximum value for shareholders with low share-dilution.

    Connect with us on Facebook / Twitter / LinkedIn

    Visit www.explorationpuma.com for more information or contact:

    Marcel Robillard,
    President, (418) 750-8510;
    president@explorationpuma.com

    Mia Boiridy,
    Head of Investor Relations and Corporate Development, (250) 575-3305;
    mboiridy@explorationpuma.com

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

    Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.

    A photo accompanying this announcement is available at globenewswire.com

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    To: LoneClone who wrote (162740)1/13/2022 12:22:19 PM
    From: LoneClone
       of 168827
     
    Romios Acquires Significant Gold-Silver-Copper Prospects in Nevada

    newsfilecorp.com

    Toronto, Ontario--(Newsfile Corp. - January 12, 2022) - Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has acquired 109 claims over numerous historic gold-silver-copper prospects in the Kinkaid area of Mineral County, Nevada. The Kinkaid claims are 18 km east of the town of Hawthorne and largely accessible by road.

    "International focus on Nevada as one of the world's leading gold districts continues, and plans are underway at Romios to develop a significant offering for this investor market and our shareholders," stated Stephen Burega, President. "This property bolsters our existing asset base which includes the former producing Scossa mine ( see Press Release November 11, 2020) where high-grade intercepts of 10.6 oz/t Au over 1.8 m, 8.6 oz/t Au over 2 m and 2.0 oz/t Au over 1.5 m were returned (drilled widths)."

    Burega continued, "The geological units found at Kinkaid host a variety of mineral showings with historic workings including the Montreal Ag-Au mine workings, several skarn deposits that were reportedly mined for gold and/or tungsten prior to the mid-1940s, and numerous copper-rich zones of unknown extent that do not appear to have been fully evaluated in the past."

    Property Highlights:

  • The claim block is underlain largely by north-trending Late Triassic to Early Cretaceous shale, sandstone and volcanic rocks plus younger Oligocene-Miocene felsic volcanics on the west side and limestone and granitic intrusions on the northern claims.
  • These diverse geological units host an impressive variety of mineral showings that appear to have potential well beyond the historic workings, including Au-Ag vein systems up to 500 m long at the old Montreal mine sites, several gold-tungsten skarn horizons that extend much farther than the historic workings, numerous high-grade copper zones that are largely unexplored, and a possible VMS style copper-barite horizon that apparently has not been explored as such.
  • 6 major prospects have been identified to date, and several other unnamed prospects occur throughout the claims, often with underground workings and substantial dumps of mined material visibly mineralized with copper, silver, lead, barite, etc. (see descriptions below).
  • Sampling by the former claim holder, High Desert Gold Corp., in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along the NW Montreal Gold-Silver Mine vein system (Romios has not verified these results as our sample results are still pending).
  • The Montreal Silver Mine (on a single claim held by a 3rd party) with its >3 km of underground workings is within the same rock units and is surrounded by, but not included in, the Romios claims (see map below).
  • The claims form a roughly N-S rectangular block 5 km N-S x 1.3-2.6 km E-W and covers approximately 911.2 Hectares (2,252 acres) consisting of 87 claims staked by Romios and 22 claims acquired pursuant to a Vending Agreement with two individuals.



  • Vending Agreement Highlights:

  • Romios has agreed to acquire 22 Lode claims in consideration for $10,000 USD and 300,000 shares of Romios. The 300,000 shares will be subject to a 4 month and 1 day resale restriction when issued. The Vendors will retain a 2% Net Smelter Return Royalty (NSR) on the entire amalgamated claim block comprising the 109 claims.
  • At any time, the Company has the right to purchase from the Vendors a 1% NSR for $500,000 USD leaving the Vendors with a 1% NSR on the entire property. The Company also retains a right of first refusal (ROFR) on the same terms as the Vendors are prepared to sell the ROFR Interest pursuant to a bona fide offer from a third party.


  • "We spent four days on the ground in November 2021, mapping and sampling many of the old workings and assays are pending at this time," stated John Biczok, VP of Exploration. "I believe that the true potential of many of the historic prospects has not been recognized as many of them have not been explored since the 1920s-1940s - when metal prices were much lower. The impressive surface showings lead me to believe that the property holds significant potential for mineralization across various geological units."

    He continued, "We are very excited to have acquired such a large land package in a mining friendly jurisdiction like Nevada, a block of claims that covers literally dozens of old showings and mine workings of varying deposit types, most of which have not been worked for decades in spite of being largely accessible by road. We believe that basic tools like detailed geological mapping and ground geophysical surveys will yield significant drill targets."

    Background on Kinkaid Claims

    Descriptions of the major prospects below are taken from the USGS database supplemented with information from Romios' field examination.

    Major Prospects on the Kinkaid Claims:

  • NW Montreal Gold-Silver Mine workings:
  • Located ~250m NW of and parallel to the main Montreal Silver mine along a series of veins stretching over at least 500 m. Numerous underground workings, mine dumps and pits occur along the veins (Photos 1, 2, 3), apparently not worked since the 1940's. The veins are typically developed along the contacts of felsic dykes with the local sediments in strong alteration/fault zones up to 7 m wide in outcrop (Photo 3). Sampling by High Desert Gold Corp. in 2008 returned multiple assays between 6 g/t Au and 17 g/t Au from chip and composite grab samples from several dumps and pits along this vein system (Romios has not verified these results as our sample results are still pending).



    Map 1: Romios' Kinkaid claims and mineralized prospects

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

  • Dry Gulch Gold-Tungsten Prospect:
  • Small shafts, adits and pits along a garnet skarn horizon at least 200 m long, reportedly mined for tungsten and gold pre-WWII (Photo 4). The host limestone is exposed for a width of at least 4 m and trends off under thin cover towards a nearby granitic pluton providing an excellent target for larger skarn bodies at the granitic contact.

  • The PM Gold Skarn Prospect:
  • Located in the northernmost claims, this is another coarse-grained garnetiferous skarn horizon mined from several adits and shafts, likely pre-WWII. Exposures of the skarn >4 m wide were observed over a length of at least 50 m and are believed to continue for >200 m. Limestone exposures are extensive in this area and appear to be cut by granitic intrusions nearby under thin cover, providing additional large untested targets. Several nearby adits and pits developed on quartz veins were reportedly mined for gold.

  • Copper-Barite Horizon:
  • An intriguing prospect on the southern claims that was apparently mined for barite in the past with workings and restored dumps stretching over a length of ~150 m. A thin (~30 cm?) layer of massive barite riddled with secondary copper minerals and minor sulphides is exposed in one of the trenches and a nearby stockpile (Photo 5). The nearest outcrops appear to be felsic volcanics. The association of copper-barite zones with felsic volcanics is suggestive of a Kuroko-style massive sulphide deposit with potential for thicker zones of high-grade mineralization over a central core nearby. There is no indication that any exploration for this type of deposit has been conducted in the area.

  • Thrust Fault Target:
  • This target is based on the premise that the older sedimentary and volcanic rocks are thrust over the limestones exposed to the north, and that the near vertical mineralized structures, such as the Montreal Mine veins, would have intersected this shallow-dipping fault and potentially spread mineralization laterally along it, much like the setting of the Isabella-Pearl mine 16 km to the SE. This model is easily testable with a series of short drill holes.

  • Bismark Mine Area:
  • Two unnamed and undocumented high-grade copper prospects were found near the old Bismark aluminosilicate workings. Both prospects consist of high-grade chrysocolla, one in a series of trenches and one as mineralized boulders in gravel beds eroded from an unknown, presumably nearby source (Photo 6).

    Numerous other old mine workings and prospects occur on the property and have not been examined by Romios personnel as yet, including the Silver King Mine, a small underground mine 1.1 km SE of the Montreal Mines with similar geology that was worked in the 1920's; its size potential is unknown at this point.



    Photo 1: View of the old mine workings on the NW Montreal Mine Vein System

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



    Photo 2 (left): Open stopes along the NW Montreal veins, southern end. Photo 3 (right): Highly altered, mineralized zone at the NW Montreal mine site. One of many such workings.

    To view an enhanced version of Photo 2 and 3, please visit:
    orders.newsfilecorp.com.



    Photo 4: Old mine workings at the Dry Gulch Gold-Tungsten prospect

    To view an enhanced version of Photo 4, please visit:
    orders.newsfilecorp.com.



    Photo 5 (left): Massive copper-rich barite zone. Photo 6: (right) Copper rich, chrysocolla stained boulders from unnamed prospect

    To view an enhanced version of Photo 5 and 6, please visit:
    orders.newsfilecorp.com.

    2022 Exploration Plans

    Romios plans to undertake a program of detailed geological mapping and sampling across the Kinkaid property in the spring of 2022 with emphasis on the numerous mineralized showings. Ground magnetic surveys are expected to be particularly useful in tracing the skarn horizons under cover. Diamond drilling of several showings and the thrust fault target are anticipated.

    Qualified Person

    The technical information in this news release has been reviewed and approved by John Biczok, P. Geo., VP-Exploration for Romios Gold and a Qualified Person as defined by National Instrument 43-101. In addition to his extensive experience with several major mining companies exploring for a wide variety of ore deposit types across Canada and India, Mr. Biczok spent 12 years conducting exploration and research at the Musselwhite gold mine in NW Ontario.

    About Romios Gold Resources Inc.

    Romios Gold Resources Inc. is a progressive Canadian mineral exploration company engaged in precious- and base-metal exploration, focused primarily on gold, copper and silver. It has a 100% interest in the Lundmark-Akow Lake gold-copper property in northwestern Ontario and extensive claim holdings covering several significant porphyry copper-gold prospects in the "Golden Triangle" of British Columbia. Additional interests include two former producers, the La Corne molybdenum mine property (Quebec) and a former high-grade gold producer, the Scossa mine property (Nevada). The Company also retains an ongoing interest in several properties including a 20% carried interest in five claim blocks in the Thunder Bay silver district of northwestern Ontario and a 2% NSR on the Hislop gold property in Ontario.

    For more information, visit www. romios.com.

    This News Release contains forward-looking statements which are typically preceded by, followed by or include the words "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. Forward-looking statements are not guarantees of future performance as they involve risks, uncertainties and assumptions. We do not intend and do not assume any obligation to update these forward-looking statements and shareholders are cautioned not to put undue reliance on such statements. TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) do not accept responsibility for the adequacy or accuracy of this release.

    For further information, please contact:

    Stephen Burega, President - 647-515-3734 or sburega@romios.com

    John Biczok, P. Geo., VP of Exploration - 613-410-7877 or jbiczok@romios.com

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