|To: LoneClone who wrote (162751)||1/13/2022 1:55:01 PM|
|Calibre Mining Completes Acquisition of Fiore Gold|
Calibre Mining Corp.
Wed., January 12, 2022, 5:37 a.m.·2 min read
VANCOUVER, British Columbia, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) and Fiore Gold Ltd. (“Fiore”) (TSXV: F; OTCQB: FIOGF) are pleased to announce the successful completion of the previously announced transaction pursuant to which, among other things, Calibre acquired all of the issued and outstanding common shares of Fiore (the “Fiore Shares”) pursuant to a court-approved plan of arrangement (the “Arrangement”).
Pursuant to the Arrangement, former Fiore shareholders received 0.994 of a Calibre common share (each whole share, a “Calibre Share”) and a cash payment of C$0.10 in exchange for each Fiore Share held. As a result of the Arrangement, Calibre issued an aggregate of 101,321,923 Calibre Shares and made an aggregate cash payment of approximately C$10.2 million. Upon closing of the Arrangement, existing Calibre and former Fiore shareholders own approximately 77% and 23% of the issued and outstanding Calibre Shares, respectively.
As a result of the Arrangement, Calibre acquired a 100% interest in Fiore’s operating Pan Gold Mine, adjacent advanced-stage Gold Rock Project and the past producing Illipah Gold Project in Nevada, as well as the Golden Eagle project in Washington State.
Delisting of the Fiore Shares
Calibre intends to cause Fiore to delist the Fiore Shares from the TSX Venture Exchange, to submit an application to cease to be a reporting issuer and to otherwise terminate its public company reporting requirements as soon as possible thereafter. The Calibre Shares issued under the Arrangement are expected to be listed and posted for trading on the Toronto Stock Exchange.
About Calibre Mining Corp.
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
For further information, please contact:
SVP Corporate Development & IR
The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of Calibre and Fiore with respect to future business activities and operating performance. All statements in this news release that address events or developments that Calibre and Fiore expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are often identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur, and include information regarding: (i) expectations regarding the potential benefits and synergies of the Arrangement and the ability of the combined company to successfully achieve business objectives, including integrating the companies or the effects of unexpected costs, liabilities or delays, (ii) expectations regarding the delisting of Fiore Shares from the TSX Venture Exchange and the listing of Calibre Shares issued under the Arrangement on the Toronto Stok Exchange, (iii) expectations regarding future exploration and development, growth potential for Calibre’s and Fiore’s operations, and (iv) expectations for other economic, business, and/or competitive factors.
Calibre’s and Fiore’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management of Calibre and Fiore at such time. Calibre and Fiore do not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
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|To: LoneClone who wrote (162752)||1/13/2022 2:25:28 PM|
|Tinka Increases Scale of The High-Grade Copper-Gold Discovery at Silvia NW |
Thursday, January 13, 2022 6:00 AM
VANCOUVER, BC / ACCESSWIRE January 13, 2022 / Tinka Resources Limited ("Tinka" or the "Company") (TSXV & BVL: TK) (OTCQB: TKRFF) is pleased to announce an exploration update at its 100% owned zinc-silver and copper-gold projects in Central Peru.
Silvia NW copper-gold project:
Ayawilca zinc-silver project:
- Copper-gold mineralization at ‘Area A' has been significantly expanded with the discovery of high-grade copper-gold veins ("Skarn Veins") in limestone up to 100 metres across-strike from previously sampled mineralized skarn. The footprint of the skarn mineralization now covers an area of 550 metres by 400 metres including areas of shallow cover;
- Skarn Veins grade up to 1.1% copper and 7.9 g/t gold from 17 grab and rock chip samples over intervals of 0.1 to 0.3 metres - individual samples range between 0.02% and 1.1% copper, and between 0.05 g/t and 7.4 g/t gold;
- Previous sampling across the original skarn discovery outcrop at Area A included 46 metres at 1.9 g/t gold and 0.8% copper, including 6 metres at 2.7% copper and 12.8 g/t gold ( see release dated November 10, 2021);
- A preliminary mineralogical study of a high-grade copper-gold sample from Area A shows that gold occurs as fine-grained native gold up to 20 microns in size inside chalcopyrite, while primary copper mineralization occurs almost entirely as chalcopyrite with trace amounts of late covellite;
- At Silvia NW, Areas A, B and C define a potential footprint of 3 x 1 kilometres. Sampling results from Area B (including trenches and soils) are currently being collated and interpreted by our technical team;
- Field work has commenced in preparation for an Environmental Impact Declaration (or "DIA") to obtain the necessary permits for drilling at Silvia NW.
Dr. Graham Carman, Tinka's President and CEO, stated: "Tinka's field work at Silvia NW continues to expand the scale of this exciting new copper-gold skarn prospect. The discovery of Skarn Veins in the limestone surrounding the original discovery outcrop is very important because it shows that the mineralized system is significantly wider than previously thought. Skarn deposits in Peru have formed some of the largest and highest-grade copper deposits in the world, prime examples being Antamina (a global top-10 copper mine) some 90 km to our north, and Las Bambas in southern Peru. A preliminary mineralogical study of the copper-gold mineralization at Silvia NW shows that copper occurs almost exclusively as chalcopyrite, while gold appears to occur mostly in the form of fine-grained native gold. Also, the mineralization at Zone A does not appear to contain significant levels of deleterious elements. Our team has continued its sampling and mapping program at Areas B and C, and we look forward to reporting progress once all results are received."
- The Company continues to advance its flagship Ayawilca zinc-silver project, following the update of the project's PEA in October 2021, which highlighted the potential for Ayawilca to become a global top-10 zinc producer (see PEA news release dated October 14, 2021). Tinka is planning a resource extension and definition drill program at South Ayawilca during the first half of 2022. Details of this program will be announced soon.
"At our flagship Ayawilca zinc-silver project, a geological reinterpretation of near vertical structures discovered at South Ayawilca in 2020 suggests that there is further potential to expand the high-grade silver-lead-zinc mineralization. We are planning to commence a resource extension and definition drill program during the first half of 2022, which will include drill holes aimed at expanding this style of mineralization, " Dr. Carman continued.
Updated Results at Silvia NW
Tinka's exploration program at Silvia NW has focused on the mapping and sampling of Area A, believed to expose the deepest and highest grade portion of the skarn system along the 3 km x 1 km trend.
Copper-gold mineralization at Area A lies in the base of a valley and has been mapped over a 550 metre by 400 metre area (see Geology map - Figure 2). Skarns are hosted by limestone of the Jumasha Formation (Cretaceous age) and within intrusive dikes (Tertiary age). Mineralized skarn is exposed in the central part of the area, surrounded by marble (recrystallized limestone). There are substantial areas of scree cover between outcrops of skarn, due to the steepness of the valley walls. Mineralized skarn is developed within both the limestone and intrusive dikes of quartz-feldspar-biotite porphyry. Multiple, subparallel structures orientated ENE-WSW and NE-SW, are believed to control the copper-gold mineralization.
"Skarn Veins" reported here have been mapped and sampled in the surrounding limestones on the western and southern side of Area A, some 100 metres from outcrops of continuous skarn near the centre of the valley (previously trench sampled - see Figures 2 and 3). Skarn Veins are hosted in a north-south oriented garnet skarn measuring up to 50 metres in strike length and up to 20 metres in thickness, developed in Jumasha Formation limestone. Strongly mineralized veins, which are largely oxidized, have multiple orientations and individual thicknesses up to 0.3 metres.
Skarn mineralization consists of garnet-magnetite-pyroxene-amphibole and other calcsilicates with chalcopyrite and pyrite. Copper mineralization occurs predominantly as chalcopyrite, while gold appears to occur mostly as native gold with possible telluride minerals (yet to be formally identified). The location and form of the Skarn Veins is shown in Figure 3. A photomicrograph of high-grade copper and gold mineralization from Area A, including native gold within chalcopyrite, is shown in Figure 4. Table 1 highlights the new copper-gold rock sample results from Area A.
Table 1. New surface sampling results from Area A in this release
Figure 1 - Location of Silvia NW and Ayawilca Projects in central Peru
|Sample type||No. of Samples|| Length m||Cu %||Au g/t||Ag g/t|
|Skarn vein - selected||1||0.2 ||0.85||6.94||15.2|
|Skarn vein - selected||1||0.2||0.91||5.96||22.0|
|Skarn vein - selected||1||0.1||1.49||1.88||25.8|
|Skarn vein - selected||1||0.1||1.55||7.37||28.4|
Figure 2 - Area A, highlighting copper-gold trench and rock chip results
Figure 3 - Area A, highlighting the discovery of Skarn Veins in limestone and high-grade Cu-Au trench results
Figure 4 - Photomicrograph of gold - copper minerals in high grade sample from Area A
Notes: Au = gold. cpII = chalcopyrite. TLRs_Bi = possible tellurides with bismuth. Bmt = Bismuthinite. GGs = gangue minerals (mostly garnet and calc-silicates)
Notes on sampling and assaying
Trenches were dug up to a depth of 1 metre, where possible, across areas of outcrop (partially weathered) to test the grade of skarn and adjacent limestone and intrusions. Trench samples are continuous samples collected with hammer and chisel over 1 to 2 metre intervals. In areas of sporadic outcrop, samples are taken as semi-continuous rock chips. Tinka believes that the trench samples are representative of the outcrop and are non-selective. Selective samples were collected across narrow mineralized structures and are not necessary representative. Samples were bagged and labelled in the field. Samples were sent to Certimin laboratory in Lima where samples were dried, crushed to 90% passing 2mm, then 1 kg pulverized to 85% passing 75 microns. Gold was analysed by fire assay on 30 g (method G0108) and multi-element analysis by ICP using multi-acid digestion (method G0176). Gold assays above 10 g/t Au were re-assayed by a high grade fire assay method and a gravimetric finish (method G0014). Copper assays over 1% Cu were re-assayed by atomic absorption (method G0039). Standards and blanks were not inserted by Tinka but were inserted at the laboratory.
The Qualified Person, Dr. Graham Carman, Tinka's President and CEO, and a Fellow of the Australasian Institute of Mining and Metallurgy, has reviewed and verified the technical contents of this release.
About Tinka Resources Limited
Tinka is an exploration and development company with its flagship property being the 100%-owned Ayawilca zinc-silver-tin project in central Peru. The Zinc Zone deposit has an estimated Indicated Mineral Resource of 19.0 Mt @ 7.15% Zn, 16.8 g/t Ag & 0.2% Pb and Inferred Mineral Resource of 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag & 0.4% Pb (dated August 30, 2021 - see news release). The Ayawilca Tin Zone has an estimated Inferred Mineral Resource of 8.4 Mt grading 1.0% Sn. Tinka holds 46,000 hectares of mining claims in Central Peru, one of the largest holders of mining claims in the belt. Tinka is actively exploring for copper-gold skarn mineral deposits at its 100%-owned Silvia project.
Forward Looking Statements: Certain information in this news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively "forward-looking statements"). All statements, other than statements of historical fact are forward-looking statements. Forward-looking statements are based on the beliefs and expectations of Tinka as well as assumptions made by and information currently available to Tinka's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations: timing of planned work programs and results varying from expectations; delay in obtaining results; changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; equipment failure, unexpected geological conditions; imprecision in resource estimates or metal recoveries; success of future development initiatives; competition and operating performance; environmental and safety risks; the Company's expectations regarding the Ayawilca Project PEA; the political environment in which the Company operates continuing to support the development and operation of mining projects; risks related to negative publicity with respect to the Company or the mining industry in general; the threat associated with outbreaks of viruses and infectious diseases, including the novel COVID-19 virus; delays in obtaining or failure to obtain necessary permits and approvals from local authorities; community agreements and relations; and, other development and operating risks. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Although Tinka believes that assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, Tinka disclaims any intent or obligation to update any forward-looking statement.
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.
SOURCE: Tinka Resources Ltd.
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|To: LoneClone who wrote (162753)||1/13/2022 2:34:17 PM|
|Fireweed Drills 6.9% Zinc, 5.0% Lead, and 48.7 g/t Silver over 11.7 m True Width at Tom East |
Vancouver, British Columbia: FIREWEED ZINC LTD. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF) is pleased to announce further assay results from the 2021 drilling program at the Macmillan Pass project, Yukon, Canada where an infill hole at Tom East (see Maps 1 & 2) encountered high-grade laminated mineralization.
- Hole TS21-001 intersected 10.41% zinc, 11.58% lead, and 149.9 g/t silver over 7.99 m (true width 2.46 m) within a broader interval of 6.92% zinc, 5.03% lead, and 48.7 g/t silver over 37.99 m (11.70 m true width).
- Tom East is the highest-grade deposit on the property and remains open for expansion.
- Assay results from the last two holes at Boundary West are pending.
Table 1: Drill Results, Tom East Zone
Brandon Macdonald, CEO, stated
“Tom East continues to deliver high-grade results consistent with previous drilling in the area. As we continue to develop the resource, it is highly encouraging that we continue to intersect these wide high-grade zones. These results will be used to guide future drilling, enhance existing geological models, and upgrade the resource. In the coming weeks, we look forward to more drill results from the last two holes at Boundary West.”
Tom East Drilling Results
Hole TS21-001 was drilled at Tom East, a high-grade zone within the Tom deposits area (Maps 1 and 2). Tom East hosts a current Mineral Resource of 0.81 Mt at 8.74% zinc, 8.62% lead, and 110.0 g/t silver Indicated Resource in addition to 1.68 Mt at 9.86% zinc, 12.86% lead and 170.0 g/t silver Inferred Resource (see Fireweed news releases dated January 10th, 2018, and reports filed on www.sedar.com for details). The Tom East Zone is hosted within and around the hinge of a tight north-plunging syncline fold containing stratiform laminated sphalerite, galena, and barite mineralization. The mineralization is hosted by late-Devonian diamictite and carbonaceous mudstones in the Portrait Lake Formation (Earn Group).
Photo 1: Hole TS21-001 at 148.53-148.73 m illustrating laminated high-grade mineralization.
The mineralization comprises laminated to massive sulphides, predominantly consisting of thinly laminated sphalerite, galena, barite, and chert. Soft-sediment deformation has created chaotic laminae (Photo 1) further distorted by regional folding. Mineralization is consistent with other intervals encountered within the Tom East and Tom West zones. Geological information from this hole will inform ongoing geological models for resource expansion.
Notes on sampling, assaying, and data aggregation:
The diamond drill core logging and sampling program was carried out under a rigorous quality assurance / quality control program using industry best practices. Drill intersections in this release are all HQ3 (split tube) size core (61.1mm / 2.4-inch diameter) with recoveries typically above 85% unless otherwise noted in the table of results. After drilling, core was logged for geology, structure, and geotechnical characteristics, then marked for sampling and photographed on site. The cores for analyses were marked for sampling based on geological intervals with individual samples 1.5 m or less in length. Drill core was cut lengthwise in half with a core saw; half-core was sent for assays reported in this news release, and the other half is stored on site for reference. Bulk density was determined on site for the entire length of each sample assayed by measurement of mass in air and mass in water. Sample duplicate bulk density determinations and in-house bulk density standard determinations were each made at a rate of 5%. Since 2017, four in-house bulk density standards (mineralized drill core from the Tom deposit that span a range of densities) have been used and show an acceptable long-term precision. Certified standard masses are used to calibrate the scale balance used for bulk density determinations.
A total of 5% assay standards or blanks and 5% core duplicates are included in the sample stream as a quality control measure and are reviewed after analyses are received. Standards and blanks in 2021 drill results to date have been approved as acceptable. Duplicate data add to the long-term estimates of precision for assay data on the project and precision for drill results reported is deemed to be within acceptable levels. Samples were sent to the Bureau Veritas preparation laboratory in Whitehorse, Yukon, where the samples were crushed and a 500 g split was sent to the Bureau Veritas laboratory in Vancouver, B.C to be pulverized to 85% passing 200 mesh size pulps. Clean crush material was passed through the crusher and clean silica was pulverized between each sample. The pulps were analyzed by 1:1:1 Aqua Regia digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/ICP-MS) multi-element analyses (BV Code AQ270). All samples were also analyzed for multiple elements by lithium borate fusion and X-ray fluorescence analysis (XRF) finish (BV Code LF725). Over-limit Pb (>25.0%) and Zn (>24.0%) were analyzed by lithium borate fusion with XRF finish (BV Code LF726). Silver is reported in this news release by method AQ270, and zinc and lead are reported by LF725 or LF726. Bureau Veritas (Vancouver) is an independent, international ISO/IEC 17025:2005 accredited laboratory.
Results in this news release are length and bulk-density weighted averages as would be used in a Mineral Resource estimate. Readers are cautioned that in Fireweed news releases prior to 2020, only length weighted assay averages were reported which may result in slightly lower (under-reported) average values. Length and bulk-density weighted averages have been reported as these most accurately represent the average metal-content of the intersections.
Qualified Person Statement
Technical information in this news release has been approved by Jack Milton, P.Geo., Ph.D., Chief Geologist and a ‘Qualified Person’ as defined under Canadian National Instrument 43101.
About Fireweed Zinc Ltd. (TSXV: FWZ)
Fireweed Zinc is a public mineral exploration company managed by a highly experienced team of mining industry professionals. The Company is advancing its district-scale 940 km2 Macmillan Pass Project in the Yukon, Canada, which is host to the 100% owned Tom and Jason zinc-lead-silver deposits with current Mineral Resources and a PEA economic study (see Fireweed news releases dated January 10, 2018, and May 23, 2018, respectively, and reports filed on www.sedar.com for details) as well as the Boundary Zone, Tom North Zone and End Zone which have significant zinc-lead-silver mineralization drilled but not yet classified as mineral resources. The project also includes large blocks of adjacent claims (MAC, MC, MP, Jerry, BR, NS, Oro, Sol, Ben, and Stump) which cover exploration targets in the district where previous and recent work identified zinc, lead and silver prospects, and geophysical and geochemical anomalies in prospective host geology.
In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the USA, Fireweed (OTCQB: FWEDF) trades on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) trades on the Frankfurt Stock Exchange.
Additional information about Fireweed Zinc and its Macmillan Pass Zinc Project including maps and drill sections can be found on the Company’s website at www.FireweedZinc.com and at www.sedar.com.
ON BEHALF OF FIREWEED ZINC LTD.
CEO & Director
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.
This news release may contain “forward-looking” statements and information relating to the Company and the Macmillan Pass Project that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including but not limited to, without limitations, exploration and development risks, expenditure and financing requirements, general economic conditions, changes in financial markets, pandemics, the ability to properly and efficiently staff the Company’s operations, the sufficiency of working capital and funding for continued operations, title matters, First Nations relations, operating hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners, governmental regulations and oversight, permitting, seasonality and weather, technological change, industry practices, and one-time events. Additional risks are set out in the Company’s prospectus dated May 9, 2017, and filed under the Company’s profile on SEDAR at www.sedar.com. Should any one or more risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
Map 1: Location of Macmillan Pass deposits and exploration targets.
Map 2: Location of Tom East drill hole TS21-001, for results reported in the release.
Table 2: 2021 drill hole results and observations.
Table 3: 2021 drill collar details
*UTM Zone 9 NAD83. Final RTK GPS surveyed locations.
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|To: LoneClone who wrote (162754)||1/13/2022 2:40:07 PM|
|Element79 Gold Increases Capital Position, Stakes Additional Claims |
Wednesday, January 12, 2022 5:00 AM
VANCOUVER, BC / ACCESSWIRE / January 12, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) ("Element79 Gold", the "Company") is pleased to provide an update on its ongoing progress within the Abitibi Subprovince targeting bulk tonnage style gold mineralization at the Dale Property in Ontario, Canada.
The Company has made all payments required to satisfy the existing agreement on the Dale Property until December 31, 2022 and, following the completion of its Phase 1 Exploration Program, Element79 Gold has increased the size of its existing 1,735 hectare property by staking an additional 245.5 hectares directly adjacent to the Western and North-Western borders of its existing claims, bringing the total land package to 1,980.5 hectares.
"Further interpretation of magnetic surveys and historic prospecting has reinforced the value of these newly-staked claims on the West-Northwest borders of the Dale Property," stated President and CEO of Element79 Gold, James Tworek. "With the completed acquisition of our Nevada gold assets, the Company is on track to meet all short-term and mid-term development goals across our growing portfolio of properties."
Work Program Leadership and Team: A Long History of Mining
Element79 Gold is pleased to have the experienced leadership of its director, Mr. Neil Pettigrew, M.Sc, P.Geo., and his team at Fladgate Exploration Consulting Corporation ("Fladgate") managing the Phase 1 program on the Dale Gold Property. The Fladgate team has historically worked with clients such as Barrick Gold Corporation ("Barrick Gold") (NYSE listed) and Newmont Corporation ("Newmont") (NYSE listed) and several names which have gone on to be acquired including Goldcorp, Inc. (acquired by Newmont), PC Gold Inc. (acquired by First Mining), and Placer Dome (acquired by Barrick Gold).
2021 Dale Gold Property Phase I Exploration Program Highlights in Ontario
Following up on the high-resolution data obtained from the drone-based magnetic survey completed by Element79 Gold in 2021, Element79 Gold has completed its Phase 1 Exploration Program, consisting of trenching, channel sampling, prospecting, mapping and soil sampling following up on historic prospecting by the vendors of the property which has yielded up to 3.82 g/t gold, including several highly anomalous samples grading greater than 0.1 g/t gold, with assay results pending. The mineralization present on the Dale property is associated with zones of strong silicification and disseminated pyrite, which the Company believes are prospective for bulk tonnage style gold mineralization. The Company intends to pursue the Phase 2 work program (including 1,500m of diamond drilling) as recommended within the 43-101 Technical Report following favourable results from Phase 1.(1)
Surrounding Area Hosts Some of the World's Largest Gold Deposits
The Dale Property is a highly prospective early-stage gold project located in the Swazye greenstone belt, which is turn is part of the Abitibi Subprovince which hosts some of the world's largest gold deposits, e.g. the Timmins camp which has produced over 70 million ounces of gold (Figure 1). The Swazye greenstone belt is best known for hosting IamGold's Côté Lake deposit which contains 10.2 million ounces Measured and Indicated and 3.8 million ounces Inferred(2), and is located 50 km southeast of the Dale Property (Figure 1). The Côté Lake project received a Positive Construction Decision in July 2020(3) and plans to achieve commercial production in 2023.
Figure 1. Simplified Regional Geology of the Dale Project Area, showing nearby significant deposits and producing mines.(4)
Update on Upcoming NI 43-101 Technical Report
Element79 Gold is also pleased to provide an update on the in-progress NI 43-101 Technical Reports (each, a "Technical Report") for the Maverick Springs Project in Nevada and the Snowbird High-Grade Gold Project in British Columbia. The Technical Report for the Maverick Springs Project, in progress by SGS Canada Inc., is expected to be completed by the end of January 2022. The Technical Report for the Snowbird High-Grade Gold Project, in progress by Axiom Exploration Group Inc., is expected to be completed by the end of February 2022.
Crescita Capital Equity Line Drawdown
In order to ensure adequate working capital on hand, Element79 Gold's board and management have elected to draw down additional capital from its Crescita Capital equity line facility. The funds will be directed towards ongoing development on the Company's growing portfolio of properties.
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a "qualified person" as defined by National Instrument 43-101.
About Element79 Gold
Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals within the mining-friendly jurisdictions of Nevada, British Columbia, and Ontario. In Nevada, the Company is closing on its acquisition of the flagship Maverick Springs Project, which consists of 247 unpatented mining claims on the border of Elko County and White Pine County, Nevada, and the Battle Mountain Portfolio, which consists of 2,203 unpatented mining claims in Elko County, Eureka County, Humbolt County, Lander County, and Nye County, Nevada. In British Columbia, the Company has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Ontario, the Company has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1 (604) 200-3608
This news release and related maps contain information about adjacent properties and properties with similar characteristics on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties or properties that share similar characteristics are not indicative of mineral deposits on the Company's properties. Readers are also cautioned that this news release contains historical technical information which is based on prior data prepared by previous property owners. A qualified person has not done sufficient work to confirm such information; significant data compilation, re-drilling, re-sampling and data verification may be required to do so.
Cautionary Note Regarding Forward Looking Statements
This press contains "forward-looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward-looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements".
Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company's other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.
Element 79 Gold makes no warranty as to the completeness, accuracy, verifiability, or suitableness of any of the information contained on the following third-party links and expressly undertakes no obligation to update the following links.
(1) Element79 Gold Corp., May 4, 2021, 43-101 Technical report on the Dale Property, Section 9.6, available on SEDAR
(2) IamGold Corp., February 17, 2021, Annual Information Form s2.q4cdn.com
(3) IamGold Corp., July 21 2020, News Release iamgold.com
(4) Figure 1.
A. Cote Lake Deposit: IamGold Corp., February 17, 2021, Annual Information Form s2.q4cdn.com
B. Island Gold Deposit: Alamos Gold Inc., March 23, 2021, Annual Information Form, s24.q4cdn.com
C. Borden Deposit: Probe Mines Ltd., June 10, 2014, 43-101 Technical Report: Mineral Resource Estimate Update, Borden Gold Project, Project No. V1393, available on SEDAR
D. Jerome Deposit: Augen Gold Corp., August 6, 2011, 43-101 Technical Report on a Resource Estimate on the Jerome Mine Property, available on SEDAR
E. Timmins Camp Gold Production: DigiGeoData, June 2021 Map pr.report
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Element79 Gold Corp.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162755)||1/13/2022 2:40:51 PM|
|Delta Resumes Drilling at the Delta-2 VMS Property in Chibougamau, Quebec, in Search of the Lemoine Mine "2.0" |
Kingston, Ontario--(Newsfile Corp. - January 12, 2022) - Delta Resources Limited (TSXV: DLTA) (OTC Pink: DTARF) ("Delta" or "the Company") is pleased to announce that it has returned to the field to begin a comprehensive drilling program at the Delta-2 VMS Property, 35 kilometres southeast of Chibougamau, Quebec.
Crews are mobilizing today from Delta, Miikan Drilling and Native Exploration Services of Ouje- Bougoumou, for the start of an exciting first phase of drilling that will likely be ongoing until the spring breakup.
Delta will be targeting up to 30 high-priority VTEM conductors showing geophysical signatures typical of VMS deposits as well as three (3) deep gravity anomalies with responses comparable to those over known world-class VMS deposits (see press release June 22, 2021).
Up to 36 drill holes are planned at the property-scale for a possible total of 7,400m, with highest priority holes drilled first.
Andre Tessier, P.Eng and P.Geo. and President of Delta Resources Limited is a Qualified Person as defined by NI-43-101 and is responsible for the technical information presented in this press release.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral exploration company focused on growing shareholder value through the exploration of two very high-potential gold and base-metal projects in Canada.
Delta has 49M shares outstanding is currently fully funded for its 2022 exploration program and in addition, is set to receive $400,000 on March 1st, 2022, through the sale of its Bellechasse-Timmins gold project in SE Quebec.
- DELTA-1, 45 km2 located 50km west of Thunder Bay, Ontario where an extremely high gold-in-till anomaly and kilometre-scale gold-bearing alteration halo point to a never-tested regional structure.
- DELTA-2 GOLD and DELTA-2 VMS, 200 km2 in the prolific Chibougamau District of Quebec, with a potential for hydrothermal-gold and gold-rich VMS deposits.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
We seek safe harbor. 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. The TSX Venture Exchange has not approved nor disapproved of the information contained herein.
For Further Information:
Delta Resources Limited
Frank Candido, Chairman, VP Corporate Communications
Andre Tessier, CEO and President
Cautionary Note Regarding Forward-Looking Information
Some statements contained in this news release are "forward-looking information" within the meaning of Canadian securities laws. Forward-looking information includes, but is not limited to, statements regarding: the samples may be proximal to a rich bedrock source for the gold; the possibility of the same source for gold mineralization; and the initiation of a property-scale till survey in September. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Investors are cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties that could cause actual facts to differ materially. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forward-looking information contained in this press release constitutes management's current estimates, as of the date of this press release, with respect to the matters covered thereby. We expect that these estimates will change as new information is received. While we may elect to update these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any particular event.
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|To: LoneClone who wrote (162756)||1/13/2022 2:42:35 PM|
|Evergold Samples Up to 16.2% Copper, 735 g/t Silver With a Man-Portable Drill, Highlighting Exploration Potential in Areas Adjacent to GL1 Main Zone, B.C.|
Thu., January 13, 2022, 4:00 a.m.·9 min read
Drill Sites - Portable Drill
TORONTO, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Evergold Corp. (“Evergold” or the “Company”) (TSX-V:EVER, WKN:A2PTHZ) is pleased to report that sampling carried out with a small man-portable diamond core drill at five mineralized outcrop sites within a 1.5 km radius of the emerging GL1 Main gold-silver zone, located on the Golden Lion property, north-central B.C., has returned strong to locally very high grades of copper and/or silver, and some gold. The drilling was focused on mineralized outcrop at four sites (Figure 1) within the broad GL2 target area, which is located across a prominent ridge and fault which separates the host Lower Jurassic rocks to the southwest at GL1 Main from mainly older Triassic and Paleozoic(?) rocks to the northeast. Sampling also took place at one location toward the southern end of GL1 Main.
Portable Drilling Highlights:
16.2% copper, 1.88 g/t gold and 92.1 g/t silver over 0.5 metres in hole GL-21-BPD-014b
11.5% copper, 0.92 g/t gold and 31.1 g/t silver over 1.14 metres in hole GL-21-BPD-022
11.9% copper, 0.69 g/t gold and 37.9 g/t silver over 1.47 metres in hole GL-21-BPD-024
15.1% copper, 1.36 g/t gold and 43.9 g/t silver over 0.7 metres in hole GL-21-BPD-030
735 g/t silver over 0.3 metres in hole GL-21-BPD-012
Readers should note that sampling with a man-portable drill generally drills short, shallow holes and the results are not necessarily representative of the overall mineralization to depth or along trend at any particular site.
“These strong sampling results demonstrate the exploration potential of areas adjacent to the developing GL1 Main zone, in particular for copper, but also for gold and silver,” said Kevin Keough, President & CEO. “We observe high-grade polymetallic mineralization in outcrop at several sites lateral to the prominent N-S trending ridge that bisects the GL1 and GL2 target areas, and to the north as well. As we focus in the coming field season on unfolding the high-grade gold-silver story at the GL1 Main zone, we’ll be keeping in mind the potential of these nearby targets, and their possible relationship to the large GL1 Main epithermal system.”
Details of Portable Drill Program
The objective of the portable drill program was to better evaluate surface prospects and showings located across the Golden Lion Property, outside of the GL1 Main zone, some of which had been partially tested in 2020 (see news, January 26, 2021). The drill produces BQ diameter (36 mm) rock core from shallow drill holes. The shallow drill holes provide a more representative sample than surface chip or channel sampling and allow for collection of important geological data. A total of 65 holes ranging from 0.5 to 6.4 metres in depth were completed, with assay results ranging from nil to 16.2% Cu, nil to 735 g/t Ag, and nil to 1.96 g/t Au. The results confirm the presence of high-grade mineralization in the immediate sub-surface at the sampled prospects, and that the potential for precious metals enriched skarn, porphyry and vein-style mineralization in the GL2 target area remains high. Plans for further exploration, including detailed ground magnetometer work, geologic mapping, and soil geochemical sampling and prospecting, are being formulated. Should this work provide further encouragement, emerging targets may be drill-tested.
GL1 South Showing
Holes BPD-012 and 013 from the GL1 South area (see Table 1) were drilled into weakly stockwork-veined outcrops located within a strong silver-rich soil geochemical anomaly near the southern end of the known GL1 Main trend. The quartz veining was hosted within trachytic volcanic rocks that were locally silicified and generally strongly clay altered. Mineralization within the veins consisted chiefly of limonite although trace pyrite and chalcopyrite were noted. The veins were located near to where prospectors employed by Newmont in the mid-1980’s discovered veins in outcrop which contained the very high-grade silver-bearing mineral linarite, but unfortunately the specific mineralized zone was snow-covered at the time of the portable drill program.
GL2 East Ridge Showing
Most of the man-portable holes drilled in this area targeted dense stockwork vein-style mineralization hosted within chlorite-sericite-silica altered granitic rocks (diorite?). The veins host chalcopyrite and the results are intriguing in that both the granitic rocks and nearby limestone are mineralized, perhaps during an event more or less synchronous with emplacement of the granitic rocks. Elevated silver grades are also notable.
GL2 Skarn Showing
Holes GL-21-BPD-014a and 014b returned limestone (locally recrystallized)-hosted intercepts of chalcopyrite and pyrite bearing lenses, quartz veins with locally massive and more commonly semi-massive to disseminated sulphides, and disseminated sulphides also hosted locally within the wallrocks. The intercepts hosting heavier sulphides (chiefly chalcopyrite) show appreciable thicknesses (up to 1.42m) and also clearly show that gold and silver are closely associated with the copper mineralization. This showing was also tested with a single hole in 2020 (GL-20-014) which returned a 1-metre intercept of chalcopyrite-rich sulphides within brecciated limestone between 44.36 and 45.36 metres, and assayed an encouraging 3.66 g/t Au, 33.89 g/t Ag, and 3.34% Cu.
GL2 Claw Pond Showing
The two samples drilled at GL2 Claw Pond lie along trend from an area characterized by encouraging copper and gold soil geochemical values. The results clearly show that precious metals (gold and silver) are closely associated with copper and that there is clearly potential for vein, skarn and porphyry-style(?) copper-gold-silver mineralization east of the fault bounding the GL1 Main area on its northeast side.
Table 1 – Significant Portable Drill Results
|Site & Hole ID||From |
|GL2 EAST RIDGE|
|GL2 EP ZONE|
|GL2 CLAW POND|
Notes: Widths reported above are drilled core lengths. True widths are unknown.
A photo accompanying this announcement is available at globenewswire.com
Evergold Corp. has been assembled by a team with a record of recent success in B.C., namely the establishment of GT Gold Corp. in 2016 and the discovery in 2017-18 of the Saddle epithermal and porphyry copper-gold deposits near Iskut B.C., which hold more than 20 million ounces of gold equivalent in all categories (Saddle North NI 43-101 Technical Report, August 20, 2020). GT Gold was acquired in 2021 by Newmont Corporation. Evergold combines four 100%-owned properties in prime B.C. geological real estate from well-known geologist C.J. (Charlie) Greig, with the recently optioned Rockland property in Nevada, seasoned management, and a qualified board. The Company’s flagship assets consist of the Golden Lion property, the Snoball property, and the past-producing high-grade Rockland gold-silver property in Nevada. All three properties host zones of precious metals that the Company believes offer considerable upside.
Charles J. Greig, P.Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
The company has a robust quality assurance/quality control program that includes the insertion of blanks, standards and duplicates. Samples of drill core are cut by a diamond-blade rock saw, with half of the cut core placed in individually sealed polyurethane bags and half placed back in the original core box for permanent storage. With the rare exception, sample lengths generally vary from a minimum 0.5-metre interval to a maximum 2.0-metre interval, with an average of 0.5 to 1.0 metres in heavily mineralized sections of core, where precise identification of the mineralogical source of metal values is important. Drill core samples are shipped by truck in sealed woven plastic bags to the ALS sample preparation facility in Terrace, BC, and thereafter taken by ALS to their North Vancouver analytical laboratory. ALS operates according to the guidelines set out in International Organization for Standardization/International Electrotechnical Commission Guide 25. Gold is determined by fire assay fusion of a 50-gram subsample with atomic absorption spectroscopy (AAS). Samples that return values greater than 10 parts per million gold from fire assay and AAS (atomic absorption spectroscopy) are determined by using fire assay and a gravimetric finish. Various metals including silver, gold, copper, lead and zinc are analyzed by inductively coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc are determined by ore-grade assay for samples that return values greater than 10,000 ppm by ICP (inductively coupled plasma) analysis. Silver is determined by ore-grade assay for samples that return greater than 100 ppm.
For additional information, please contact:
Kevin M. Keough
President and CEO
Tel: (613) 622-1916
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 Statement Regarding Forward-Looking Information
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restrictions on labour and international travel and supply chains, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162757)||1/13/2022 2:46:29 PM|
|EXCELLON DRILLS 2,490 G/T SILVER EQUIVALENT OVER 2.9 METRES AT PLATOSA |
Excellon Resources Inc. Jan 13, 2022, 07:00 ET
TORONTO, Jan. 13, 2022 /CNW/ - January 13, 2022 – Excellon Resources Inc. (TSX: EXN) (NYSE: EXN) (FRA: E4X2) ("Excellon" or the "Company") is pleased to announce results from underground drilling at the Platosa Mine in Durango, Mexico.
PLATOSA MINE - UG Infill and Expansion Drilling (CNW Group/Excellon Resources Inc.)
"Drilling at Platosa following up on the 817 Zone has defined vertically-oriented, high-grade mineralization over approximately 30 metres of strike and 30 metres of vertical extent," stated Jorge Ortega, Vice President Exploration. "The proximity of existing infrastructure should allow access to this zone in the coming months and supplement first and second quarter production. We continue underground drilling to target areas ahead of production, test the extent of mineralization around mine workings and test for vertical zones of mineralization."
- Follow-up drilling on the 817 Zone below Manto 623 defined a zone of high-grade silver mineralization, with underground diamond drilling results including:
- 2,490 g/t silver equivalent ("AgEq") over 2.9 metres (1,430 g/t Ag, 12.0% Pb, 21.7% Zn) and 5,089 g/t AgEq over 0.4 metres (4,035 g/t Ag, 25.2% Pb, 11.8% Zn) in EX21UG761;
- 3,905 g/t AgEq over 1.8 metres (2,398 g/t Ag, 14.2% Pb and 33.2% Zn) in EX21UG760;
- 2,124 g/t AgEq over 2.8 metres (1,267 g/t Ag, 7.5% Pb and 19.0% Zn) in EX21UG812;
- 4,939 g/t AgEq over 0.9 metres (4,060 g/t Ag, 29.7% Pb, 3.3% Zn) in EX21UG769;
- 3,158 g/t AgEq over 1.0 metres (2,956 g/t Ag, 6.1% Pb and 1.3% Zn) in EX21UG770;
- Underground drilling continues to test below historically-mined areas for potential vertical zones.
The following table shows highlighted intervals from the current definition and infill program being conducted from underground at Platosa:
|Hole ID(1) |
| EX21UG758 |
| EX21UG759 |
| EX21UG760 |
| EX21UG761 |
| EX21UG770 |
|Highlighted intervals include holes intersecting >0.2m and over 500 g/t AgEq from a total of 30 drill holes (1,388 metres). |
|From-to intervals are measured from the drill collar. All holes were drilled from underground stations. |
|All intervals are reported as core length; true width is estimated to range from 50-90% of core length. |
|AgEq in drill results assumes $24.00 Ag, $0.90 Pb, $1.20 Zn and $1,800 Au with 100% metallurgical recovery. |
Follow up drilling on the high-grade interval intersected in EX21UG690 (2,860 g/t AgEq over 7.5 metres) has defined a high-grade, vertical zone on approximately 30 metres of vertical extent. The 817 Zone provides additional dry tonnes to the current mine plan, with production expected to commence from the area as early as February 2022.
Drilling from underground continues ahead of production at the NE-1 Manto, and will continue to target areas ahead of production, test the extent of mineralization around mine workings and test for vertical zones of mineralization at the 623, NE-1, Guadalupe Sur, Guadalupe Norte, 4, and 6A/B mantos.
As referenced on January 5, 2022, Excellon continues to assess whether maintaining a consistent production schedule at the Platosa Mine is feasible beyond mid-2022 at achievable dewatering rates and with acceptable capital expenditures.
Technical Information and Quality Control Notes
The drilling results contained in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
Platosa drill core samples are prepared and assayed by SGS Minerals Services in Durango, Mexico. The lab is accredited to ISO/IEC 17025. Assay turnarounds have been impacted recently by supply and labour shortages related to COVID-19. The Company has a comprehensive QA/QC program, supervised by an independent Qualified Person.
The sampling of, and assay data from, the core sampling and reporting is monitored through a quality assurance and quality control (QAQC) program designed according to best industry practice. Samples from HQ sized drill core are selected by Excellon geologists and cut into halves at the project site. Half of the core is retained at the site for reference purposes. Sample intervals vary from 0.2 to 1.5 metres in length with samples being selected to honour geological contacts. Samples are labeled and packed into sealed plastic bags which are grouped into larger fiber bags for shipping. A formal chain-of-custody procedure is in place for security of samples from project to laboratory.
Samples are shipped to SGS Laboratories in Durango City. Samples then undergo crushing to two millimetres followed by pulverizing to homogenize samples before a 50-gram sub sample is selected for analysis. The samples are then analyzed using fire assay for gold and silver with a gravimetric finish and multi-element analysis performed by ICP analysis for base metals and multi-element data.
Mr. Jorge Ortega, P. Geo., Vice President Exploration, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in this press release.
Excellon's vision is to create wealth by realizing strategic opportunities through discipline and innovation for the benefit of our employees, communities and shareholders. The Company is advancing a precious metals growth pipeline that includes: Platosa, a high-grade silver mine producing in Mexico since 2005; Kilgore, an advanced gold exploration project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration. The Company also aims to continue capitalizing on current market conditions by acquiring undervalued projects.
Additional details on Excellon's properties are available at www.excellonresources.com.
|Forward-Looking Statements |
|The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this Press Release, which has been prepared by management. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding mineral resources estimates, the future results of operations, performance and achievements of the Company, including potential strategic transactions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans, business trends and future operating revenues. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States. |
|Cautionary Note to U.S. Investors: The terms "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource," as used on Excellon's website and in its press releases are Canadian mining terms that are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). These Canadian terms are not defined terms under United States Securities and Exchange Commission ("SEC") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company's "mineral resources" is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in the Company's Form 40-F which may be secured from the Company, or online at https://c212.net/c/link/?t=0&l=en&o=3411812-1&h=633606556&u=http%3A%2F%2Fwww.sec.gov%2Fedgar.shtml&a=http%3A%2F%2Fwww.sec.gov%2Fedgar.shtml. |
SOURCE Excellon Resources Inc.
For further information: Please Contact: Excellon Resources Inc., Brendan Cahill, President & Chief Executive Officer, Jorge Ortega, Vice President Exploration, (416) 364-1130, email@example.com, www.excellonresources.com
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162758)||1/13/2022 2:48:32 PM|
|Endeavour Silver to Acquire the Pitarrilla Project, One of the World’s Largest Undeveloped Silver Projects¹, Leveraging Regional Platform and Operating Expertise in Mexico|
Endeavour Silver Corporation
Thu., January 13, 2022, 4:00 a.m.·9 min read
VANCOUVER, British Columbia, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (TSX: EDR, NYSE: EXK) has entered into a definitive agreement to purchase the Pitarrilla project (“Pitarrilla”) in Durango State, Mexico by acquiring all of the issued and outstanding shares of SSR Durango, S.A. de C.V. (the “Transaction”) from SSR Mining Inc. (NASDAQ/TSX: SSRM; ASX: SSR) ("SSR Mining") for total consideration of $70 million and a 1.25% net smelter returns royalty (“NSR Royalty”). All references to dollars ($) in this news release are to United States dollars (US$).
Pitarrilla is a large undeveloped silver, lead, and zinc project located 160 kilometres north of Durango City, in northern Mexico. The Pitarrilla property consists of 4,950 hectares across five concessions and has significant infrastructure in place with direct access to utilities. SSR Mining filed a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “NI 43-101 Technical Report on the Pitarrilla Project” dated December 14, 2012 (the “2012 Technical Report”). The 2012 Technical Report provided a feasibility study outlining a large, mainly open-pit operation and a mineral resource estimate, which has since been updated by SSR Mining for its Annual Information Form for the financial year ended December 31, 2020 (the “SSR Mining 2020 AIF”) (together, the “Historical Estimate”)2.
“The acquisition of Pitarrilla, one of the world’s largest undeveloped silver projects1, accelerates our vision to become a premier senior silver producer,” said Dan Dickson, Endeavour’s Chief Executive Officer. “We now have a tremendous growth pipeline, which in addition to Pitarrilla includes the Terronera and Parral projects, in a country where we have extensive experience and expertise. While Terronera is the next project to be developed, we anticipate that Pitarrilla will be a significant asset in our portfolio and may take priority over the advancement of Parral. We will be in a position to make such a decision once we complete further drilling and analyze the economics of various scales and options for production.”
Total consideration payable on closing of the Transaction is $70 million, consisting of $35 million in Endeavour shares and a further $35 million in cash or in Endeavour shares at the election of SSR Mining and agreed to by Endeavour. The number of Endeavour shares to be issued will be based on a deemed price of $4.0805 per share, being the volume weighted average price of Endeavour’s common shares on the New York Stock Exchange (“NYSE”) for the 10 business days immediately preceding the date of signing the definitive agreement. The shares will be subject to a hold period of four months and one day following the date of closing.
SSR Mining will retain a 1.25% NSR Royalty on Pitarrilla. Endeavour will have matching rights to purchase the NSR Royalty in the event SSR Mining proposes to sell it.
Any cash component will be satisfied with cash on hand. As at September 30, 2021, Endeavour had $101 million in cash and cash equivalents and $129 million in working capital.
Strategic Rationale for Acquisition
Acquiring One of the World’s Largest Undeveloped Silver Projects
As outlined in the 2012 Technical Report and updated in the SSR Mining 2020 AIF, Pitarrilla has the following mineral resource estimate which Endeavour is treating as a Historical Estimate3:
a measured & indicated mineral resource (open-pit and underground) of 525.27 million ounces (oz) silver (Ag) in 164.79 million tonnes grading 99.1 grams per tonne (gpt) Ag.
an open-pit inferred mineral resource of 21.21 million oz Ag in 8.52 million tonnes at an average grade of 77.4 gpt and underground inferred mineral resource of 5.46 million oz Ag in 1.23 million tonnes at a grade of 138.1 gpt.
By way of comparison, Endeavour Silver has the following mineral reserve and resource estimates4 as outlined in its Annual Information Form for the year ended December 31, 2020:
a proven and probable mineral reserve of 86.3 million oz silver equivalent (AgEq) from 6.99 million tonnes at 380 gpt AgEq.
a measured & indicated mineral resource of 43.7 million oz AgEq in 4.40 million tonnes at an average grade of 309 gpt AgEq.
an inferred mineral resource of 87.13 million oz AgEq in 8.04 million tonnes at an average grade of 337 gpt AgEq.
Pitarrilla Leverages Endeavour’s Platform and Experience in Mining-Friendly Mexico
Acquisition is an excellent fit for Endeavour’s experienced regional team, which has a successful development, exploration and underground mining track record.
Accretive Acquisition at an Attractive Valuation
Once a current resource is defined, Pitarrilla is expected to be substantially accretive on a silver equivalent resource per share metric -- anticipate announcing a current resource in 2022.
Endeavour expects to maintain significant silver exposure, silver beta and trading multiples.
Pitarrilla provides additional optionality in a rising silver price environment.
Enhances Endeavour’s Attractive Growth Pipeline
Pitarrilla, together with Endeavour’s Terronera and Parral projects, form the key cornerstones of Endeavour’s mid to long-term growth profile.
Over the next several years, analyze the economics of various scales of production, including underground option, and then advance towards potential development and production to strengthen Endeavour’s long-term production and free cash flow profile.
Currently categorized as a development asset, Pitarrilla has been de-risked by SSR Mining as follows:
several key exploration and mining permits have been obtained; and
collaboration agreements are in place with the local community.
Potential Exploration Upside as Land Package Remains Largely Underexplored
Deposit remains open with minimal drilling completed to explore the deposit at depth.
Significant underexplored land package with an opportunity to make new discoveries.
The geology at Pitarrilla and at Endeavour’s underground mines – Guanacevi and Bolanitos – is broadly similar.
Upside potential from upper oxide resource as well as open-pit and underground optionality.
Approvals and Timing
The Transaction has been approved by the board of directors of Endeavour.
Closing of the Transaction remains subject to TSX and NYSE regulatory approvals and receipt of Mexican Federal Economic Competition Commission approval, as well as customary closing conditions for a transaction of this kind, which is expected to occur in the first half of 2022.
On closing, Endeavour plans to prepare a current mineral resource estimate for Pitarrilla, develop exploration targets and analyze the economics of various scales of production.
Advisors and Counsel
PI Financial acted as Endeavour’s financial advisor. Koffman Kalef LLP acted as the Company’s legal counsel.
Conference Call and Webcast
Management will host a live conference call and audio webcast later today to discuss the highlights of the Transaction as follows:
|Date & Time:||Thursday, January 13, 2022 at 1:00 p.m. PT / 4:00 p.m. ET|
|Telephone:||Toll-free in Canada and the US +1-800-319-4610|
|Local or International +1-604-638-5340|
|Please allow 10 minutes to be connected to the conference call.|
|Webcast:|| Pitarrilla Acquisition Webcast|
|Replay:||A replay of the conference call will be available by dialing +1-800-319-6413 in Canada and the US (toll-free) or +1-604-638-9010 outside of Canada and the US. The required passcode is 8339#. The replay will also be available on the Company’s website at www.edrsilver.com.|
|Note:||A slide presentation will be available for download at www.edrsilver.com in advance of the call.|
Endeavour Qualified Person and QA/QC
The scientific and technical data contained in this news release relating to the Pitarrilla project has been reviewed and approved by Dale Mah, P.Geo., a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Mah is Vice President Corporate Development of Endeavour.
About Endeavour Silver
Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. The Company’s philosophy of corporate social integrity creates value for all stakeholders.
SOURCE Endeavour Silver Corp.
Interim Head of Investor Relations
Tel: (416) 564-4290
Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the timing and completion of the Transaction, estimates of mineral resources including the Historical Estimate, future plans and objectives of the Company, proposed operations of the Company at Pitarrilla including mine development and future events and conditions that are not historical facts. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Forward-looking statements are based on assumptions management believes to be reasonable including, but not limited to, the ability to obtain regulatory approvals required for completion of the Transaction, the reliability of mineral resource estimate, the continuation of exploration and mining operations, no material adverse change in the market price of commodities, mining operations and production will be completed in accordance with management’s expectations and achieve their stated production outcomes, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the inability or failure of the Company or SSR Mining to satisfy the conditions for closing the Transaction including regulatory approvals; the availability of funds; the financial position of the Company, timing and content of work programs; results of exploration activities and development of mineral properties; the calculation of mineral resources including the Historical Estimate; the receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses; currency fluctuations; the ultimate impact of the COVID 19 pandemic on operations and results; national and local governments’ legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; financial risks due to precious metals prices; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; the speculative nature of mineral exploration and development and risks in obtaining necessary licenses and permits.
Although the forward-looking statements contained herein reflect management's current beliefs and reasonable assumptions based upon information available to management as of the date hereof, Endeavour cannot be certain that actual results will be consistent with such forward-looking information. As a result, the Company cannot guarantee that the Transaction will be completed on the terms and within the time disclosed herein or at all.
1 One of the world’s largest undeveloped silver deposits is based on publicly filed data available on SNL Metals and Mining and company disclosure as at December 31, 2021 and includes the following projects: Navidad project (Argentina), Cordero (Mexico) and Escobal (Guatemala). Other companies may calculate their respective resource base differently.
2 For more information on the Historical Estimate and related notes, please refer to the 2012 Technical Report and the SSR Mining 2020 AIF, which are available at www.ssrmining.com and on SEDAR at www.sedar.com. The economic analysis presented in the 2012 Technical Report is not considered current, is not being relied upon by Endeavour and should not be considered as representing the expected economic outcome under Endeavour’s ownership. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves. The Company is not treating this information as current mineral resources or reserves, has not verified this information and is not relying on it. Following closing of the Transaction, Endeavour plans to prepare a current mineral resource estimate for Pitarrilla, develop exploration targets and analyze the economics of various scales of production.
3 For more information on the Historical Estimate and related notes, please refer to the 2012 Technical Report and SSR Mining’s 2020 AIF, which are available at www.ssrmining.com and on SEDAR at www.sedar.com. The economic analysis presented in the 2012 Technical Report is not considered current and is not being relied upon by Endeavour and should not be considered as representing the expected economic outcome under Endeavour’s ownership. A qualified person has not done sufficient work to classify the Historical Estimate as current mineral resources or mineral reserves. The Company is not treating this information as current mineral resources or reserves, has not verified this information and is not relying on it. Following closing of the Transaction, Endeavour plans to prepare a current mineral resource estimate for Pitarrilla, develop exploration targets and analyze the economics of various scales of production.
4 For more information regarding Endeavour’s mineral reserve and mineral resource estimates and related notes, please refer to the Company’s annual information form for the year ended December 31, 2020 dated February 25, 2021 available on the Company’s website at www.edrsilver.com and SEDAR at www.sedar.com.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162759)||1/13/2022 2:50:09 PM|
|Equinox Gold Reports Record Production with 210,400 Ounces of Gold Produced in Fourth Quarter, Achieves Guidance with 602,100 Ounces of Gold Produced in 2021 |
Equinox Gold Corp. Jan 13, 2022, 07:30 ET
all dollar figures are in US dollars, unless otherwise indicated
VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) ("Equinox Gold" or the "Company") is pleased to announce record production in Q4 2021 of 210,400 ounces ("oz") of gold. Equinox Gold achieved fiscal 2021 guidance with 602,100 oz of gold produced, a 26% increase over 2020 production. Full financial and operating results will be reported in late February.
Christian Milau, CEO of Equinox Gold commented: "Equinox Gold had a strong fourth quarter. Outstanding performance at Mesquite and Aurizona was supported by a full quarter of operations at Los Filos and consistent performance at our other mines. During the quarter we commenced construction at our Greenstone project in Ontario, Canada and made significant construction progress at Santa Luz in Brazil. These new mines will produce more than 400,000 ounces (of which 60% is attributable to Equinox Gold) and 100,000 ounces of gold annually, respectively. We drew no additional debt during 2021 and also announced the sale of our Mercedes Mine, an agreement that will further strengthen both our balance sheet and investment portfolio.
"During 2021, Equinox Gold produced its millionth ounce of gold as a company and realized over $1 billion in revenue. In addition to strong cash flow from our operating mines, Equinox Gold has more than $300 million in cash, $200 million available to draw on our revolving credit facility, expected proceeds from the Mercedes sale and an investment portfolio worth approximately $450 million at current market prices. Equinox Gold is in a strong position to deliver on our ambitious growth strategy in 2022, including commencing production at our new Santa Luz mine, advancing construction at Greenstone and conducting exploration programs across our operations."
The Company's Los Filos mine outperformed expectations and exceeded the top end of guidance following five months of consistent operations in H2 2021 and the commencement of mining the new Guadalupe and Bermejal deposits. The Mesquite and Aurizona mines had strong fourth quarters, with 66,900 and 41,300 ounces of production, respectively, underpinning total Q4 2021 production of 210,400 oz of gold.
| ||2021 Production (oz of gold) |
| ||Actuals |
|130,000 - 140,000 |
|130,000 - 140,000 |
|60,000 - 65,000 |
|60,000 - 65,000 |
|Los Filos |
|120,000 - 140,000 |
|30,000 - 35,000 |
|Castle Mountain |
|20,000 - 30,000 |
|Total – Mines4 |
|560,000 - 625,000 |
|1. Guidance updated on May 5th to reflect the acquisition of Premier Gold and sale of Pilar and again on August 4th to reflect solid performance at the Brazil sites and the disruption to mining and development activities at Los Filos as the result of blockades, which were removed at the end of July. 2. Production attributable to Equinox Gold post completion of the Premier Gold acquisition on April 7, 2021. Full-year production was more than 42,000 oz of gold. 3. Actuals attributable to Equinox Gold prior to completion of the Pilar Mine sale on April 19, 2021. 4. Totals may not sum due to rounding. |
The 2021 production, cash balance and cost figures are preliminary and subject to change when the Company releases its Q4 2021 and audited full-year 2021 financial and operating results in late February. Equinox Gold expects to provide 2022 production and cost guidance around the end of January.
- Achieved guidance (560,000 to 625,000 oz) with total production of 602,100 oz of gold
- Cash costs and all-in-sustaining costs1 are expected to be within guidance of $1,025 to $1,075 per oz and $1,300 to $1,375 per oz sold, respectively
- Achieved 17% and 60% better safety and environmental performance compared to 2020, respectively, released an inaugural ESG report, continued quarterly online reporting of safety and environmental data
- Continued proactive COVID-19 health and safety protocols with no production days lost due to COVID-19
- Completed acquisition of Premier Gold, increasing diversification and scale with the multi-million-ounce, low-cost, long-life Greenstone project in Canada
- Increased Greenstone ownership interest to 60% of what will become a cornerstone asset for the Company
- Commenced Greenstone construction with first gold pour targeted for H1 2024
- Advanced Santa Luz construction with first gold pour targeted for late Q1 2022
- Increased Aurizona Mineral Reserves by 73% and completed a positive pre-feasibility study for the addition of an underground mine to the existing open-pit operation, extending the Aurizona mine life to 11 years and increasing annual production
- Increased Castle Mountain Mineral Reserves by 17% and completed a positive feasibility study for the Phase 2 expansion, extending the Castle Mountain mine life to 21 years with production increasing to more than 200,000 oz annually during Phase 2
- Advanced Los Filos expansion projects: commenced mining the new Guadalupe open-pit and Bermejal underground deposits
- Strengthened balance sheet by selling a portion of the Company's shares in Solaris Resources (TSX: SLS) for gross proceeds of C$82.5 million with potential for an additional C$50 million in Q1 2022
- Strengthened balance sheet and investment portfolio by selling the Pilar Mine for $38 million, a 1% net smelter return royalty and 11.6 million shares of Pilar Gold Inc.
- Invested C$51 million in i-80 Gold (TSX: IAU) to maintain an approximate 25% interest on a fully diluted basis
- Announced agreement to sell the Mercedes Mine for $100 million, a 2% net smelter return and 24.73 million common shares of Bear Creek Mining Corporation (TSX-V: BCM)2
- Current market value of Equinox Gold's investment portfolio, not including shares in Bear Creek Mining that will be issued upon completion of the Mercedes sale, is approximately $450 million
- Cash balance (unrestricted) at December 31, 2021 of approximately $310 million (unaudited) with an additional $200 million available to draw under the revolving credit facility
|1. AISC per oz sold is a non-IFRS measure. See Non-IFRS Measures and AISC per Ounce Sold in Cautionary Notes. 2. Subject to completion of definitive documentation, customary closing conditions and regulatory approvals. |
About Equinox Gold
Equinox Gold is a growth-focused Canadian mining company operating entirely in the Americas, with seven operating gold mines (including Mercedes) and a clear path to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects. Equinox Gold's common shares are listed on the TSX and the NYSE American under the trading symbol EQX. Further information about Equinox Gold's portfolio of assets and long-term growth strategy is available at www.equinoxgold.com or by email at firstname.lastname@example.org.
Doug Reddy, Msc, P.Geo., Equinox Gold's COO, is the Qualified Person under National Instrument 43-101 for Equinox Gold and has reviewed and approved the technical information in this document.
This news release refers to all-in sustaining costs ("AISC") per ounce sold, which is a measure with no standardized meaning under International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures presented by other companies. Its measurement and presentation is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are widely used in the mining industry as measurements of performance and the Company believes that they provide further transparency into costs associated with producing gold and will assist analysts, investors and other stakeholders of the Company in assessing its operating performance, its ability to generate free cash flow from current operations and its overall value. Refer to the "Non-IFRS measures" section of the Company's Management's Discussion and Analysis for the period ended September 30, 2021, for a more detailed discussion of this non-IFRS measure and its calculation.
Cautionary Note to U.S. Readers Concerning Estimates of Mineral Reserves and Mineral Resources
Information about mineral reserve and resource estimates in this news release has not been prepared in accordance with the requirements of U.S. securities laws. The technical information in this news release has been prepared in accordance with Canadian reporting standards and certain estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and resource estimates contained in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves (CIM Definition Standards). Canadian standards, including NI 43-101, differ significantly from the historical requirements of the Securities and Exchange Commission (the SEC), and mineral reserve and resource estimates contained in this news release, or incorporated by reference, may not be comparable to similar information disclosed by U.S. companies. The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC (the SEC Modernization Rules). The SEC Modernization Rules replace the historical property disclosure requirements for mining registrants that are included in SEC Industry Guide 7. U.S. companies must provide disclosure on mineral properties under the SEC Modernization Rules for fiscal years beginning January 1, 2021 or later. Under the SEC Modernization Rules, the definitions of proven mineral reserves and probable mineral reserves have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize measured mineral resources, indicated mineral resources and inferred mineral resources which are also substantially similar to the corresponding CIM Definition Standards; however, there are still differences in the definitions and standards under the SEC Modernization Rules and the CIM Definition Standards. Therefore, the Company's mineral resources and reserves as determined in accordance with NI 43-101 may be significantly different than if they had been determined in accordance with the SEC Modernization Rules.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information. Forward-looking statements and forward-looking information in this news release relate to, among other things: the strategic vision for the Company and expectations regarding exploration potential, production capabilities and future financial or operating performance; the Company's ability to successfully advance its growth and development projects, including the construction of Santa Luz and Greenstone and the expansions at Los Filos, Aurizona and Castle Mountain; the expectations for the Company's investments in Solaris Resources, i-80 Gold and Pilar Gold; completion of the sale of the Mercedes Mine; the duration, extent and other implications of the novel coronavirus (COVID-19); and the Company's production and cost guidance. Forward-looking statements or information generally identified by the use of the words "will", "strategy", "expects", "expected", "advancing", "clear path", and similar expressions and phrases or statements that certain actions, events or results "could", "would" or "should", or the negative connotation of such terms, are intended to identify forward-looking statements and information. Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. The Company has based these forward-looking statements and information on the Company's current expectations and projections about future events and these assumptions include: Equinox Gold's ability to achieve the production, cost and development expectations for its respective operations and projects; prices for gold remaining as estimated; currency exchange rates remaining as estimated; construction at Santa Luz and Greenstone being completed and performed in accordance with current expectations, expansion projects at Los Filos, Castle Mountain and Aurizona being completed and performed in accordance with current expectations; tonnage of ore to be mined and processed; ore grades and recoveries; availability of funds for the Company's projects and future cash requirements; capital, decommissioning and reclamation estimates; Mineral Reserve and Mineral Resource estimates and the assumptions on which they are based; prices for energy inputs, labour, materials, supplies and services; no labour-related disruptions and no unplanned delays or interruptions in scheduled construction, development and production, including by blockade; the Company's working history with the workers, unions and communities at Los Filos; that all necessary permits, licenses and regulatory approvals are received in a timely manner; the Company's ability to comply with environmental, health and safety laws; the strategic vision for i-80 Gold and its ability to successfully advance its projects; the strategic vision for Solaris Resources and its ability to successfully advance its projects; the exercise of the Solaris Resources warrants; and the ability of Pilar Gold to successfully operate the Pilar mine and to meet its payment commitments to the Company. While the Company considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Accordingly, readers are cautioned not to put undue reliance on the forward-looking statements or information contained in this news release.
The Company cautions that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements and information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in gold prices; fluctuations in prices for energy inputs, labour, materials, supplies and services; fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); inadequate insurance, or inability to obtain insurance to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and Indigenous populations; the Company's ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner or at all; changes in laws, regulations and government practices, including environmental, export and import laws and regulations; legal restrictions relating to mining including those imposed in connection with COVID-19; risks relating to expropriation; increased competition in the mining industry; a successful relationship between the Company and Orion; the failure by Pilar Gold to meet one or more of its payment commitments to the Company; and those factors identified in the Company's MD&A dated March 19, 2021 and its Annual Information Form dated March 24, 2021, both of which relate to the year-ended December 31, 2020, and in the Company's MD&A dated November 3, 2021 for the three and nine months ended September 30, 2021, all of which are available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar. Forward-looking statements and information are designed to help readers understand management's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, the Company assumes no obligation to publicly announce the results of any change to any forward-looking statement or information contained or incorporated by reference to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements and information. If the Company updates any one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements and information contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE Equinox Gold Corp.
For further information: Equinox Gold Contacts: Christian Milau, Chief Executive Officer; Rhylin Bailie, Vice President, Investor Relations; Tel: +1 604-558-0560, Email: email@example.com
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162760)||1/13/2022 2:52:14 PM|
|Royal Fox Reports Additional 2021 Drill Results Including 0.98 g/t Gold over 20.0 Metres, and Commences the 2022 Diamond Drill Program |
Toronto, Ontario--(Newsfile Corp. - January 13, 2022) - Royal Fox Gold Inc. (TSXV: FOXG) ("Royal Fox" or the "Company") is pleased to report assay results from the 2021 diamond drilling campaign and results from historically drilled core not previously sampled on the Philibert gold deposit, Chibougamau, Quebec.
Highlights (Grades uncut; lengths measured along hole, Table 1):
Simon Marcotte, President and CEO of Royal Fox, commented: "As we aim to deliver a maiden NI 43-101 resource estimate in 2022, we couldn't be more excited to commence the 2022 drill program and untap the full potential of the Philibert deposit."
- DDH PB-21-318 returned 0.98 g/t Au over 20.0 metres, including 3.68 g/t over 4.0 metres, from 319.0 metres to 339.0 metres
- DDH PB-21-318 returned 0.73 g/t Au over 18.0 metres from 288.0 metres to 306.0 metres
- Royal Fox Gold is pleased to announce the commencement of the 2022 diamond drill program on the Philibert Deposit
The Philibert deposit, located 60 kilometres southwest of Chibougamau, Quebec, is defined by 60,000 metres of historic diamond drilling, including approximately 25,000 metres of unsampled drill core from campaigns completed between 1984 and 2014.
2021 DIAMOND DRILLING CAMPAIGN
As part of the due diligence process, and to expand its knowledge of the deposit, Royal Fox drilled five diamond drill holes, totalling 1,147 metres during the property acquisition process in March and April 2021. The campaign focused on four key areas - N1, N7, S1_S2, and S3_S4 associated with 15 northwest-trending mineralized domains related to the Opawica-Guercheville Deformation Zone, a large system of anastomosing shear and fault zones, and host to numerous mines including the former Joe Mann Mine. Even more significant is the nearby Nelligan Project host to an inferred resource of 3,194,000 oz averaging 1.02 g/t Au (NI 43-101 Technical Report and Initial Mineral Resource Estimate for the Nelligan Project, Québec, Canada. Alain Carrier et al., December 4, 2019), with a mineralization style having similarities to Philibert.
Adree DeLazzer, Vice-President Exploration of Royal Fox, commented: "We are extremely pleased with the results released today which continue to demonstrate unidentified and unmodeled gold mineralization in the upper portions of the Philibert deposit. The 2022 drill program is designed to define the upper portions of the deposit which was not the focus during historical campaigns."
To date, 731 assays from the 921 samples sent for analysis in June have been received from the labs. Table 1 sets out the highlights from the results reported today. The results from the 190 outstanding samples will be released as they are received.
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Domain|
|NA - no zones previously modeled|
Table 1: Highlights from the assays received to date.
Note: drill results are presented uncapped; lengths represent core lengths.
Results reported today include the most northwestern drill hole, PB-21-318, drilled from section L11920W to test 8 stacked domains, including 137, 137SUD, 137NORD, G, 37-1W, 106, 106SUD, and 106SSUD. Results include 0.98 g/t Au over 20.0 metres from 319.0 metres to 339.0 metres from domain G including 3.68 g/t Au over 4.0 metres. Hole PB-21-318 also returned anomalous gold outside any modeled domains including 0.73 g/t Au over 18.0 metres from 288.0 metres to 306 metres, including 1.79 g/t Au over 3.0 metres.
PB-21-317 drilled from section L10320W to test area S1_S2, returned 0.82 g/t Au over 6.0 meters between 168.0 metres and 174.0 metres. The intersection was associated with domain JSUD at the western limit of the zone.
See Figure 1: long section of the Philibert trend looking northeast, Figure 2: Section 11920W, and Figure 3: Section 10320W.
Figure 1: Looking Northeast across the Philibert trend (50 metre cut width). Excludes N1 area intercepts.
To view an enhanced version of Figure 1, please visit:
Figure 2: Section 11920W, looking southeast (40 metres section width) with PB-21-318 plotted off section
To view an enhanced version of Figure 2, please visit:
Figure 3: Section 10320W, looking southeast (40 metres section width)
To view an enhanced version of Figure 3, please visit:
Historical Drill Core Sampling
Today's results include 56 assays reported from unsampled historical core, while another 216 samples remain pending. No significant values are being reported today but the company plans to continue the sampling campaign in March of 2022.
2022 Drill Program
One drill commenced drilling on the Philibert property on January 8, 2022 and a second on January 12, 2022. A third drill is expected to follow in the next week. The company is completing a 12,000-metres drill program designed to test the upper 200 metres of the 3-kilometres strike of the Philibert deposit. Approximately 5,000 metres will be designated to test high grade zones at depth, and along plunge, as well as exploration targets identified by utilizing existing modeling, geochemical data, high resolution drone magnetic survey, and other targeting tools. The drilling contract has been awarded to Les Forages Géo-Nord from Dolbeau-Mistassini, Québec.
This drilling program is fully funded following the closing on December 13, 2021 of a non-brokered private placement through the issuance of 28.3 million charity flow-through units at a price of 10 cents per flow-through unit for aggregate gross proceeds of $2.83 million.
Sampling and Laboratory
True widths of the intercepts reported in this press release have yet to be determined but are estimated to be 60% to 70% of reported core lengths. All NQ-size split core assays reported for 2021 were obtained by fire assay with atomic absorption finish and samples returning values over 5 ppm Au are re-analyzed, utilizing standard Fire Assay-Gravimetric methods. Samples were shipped to AGAT Laboratories with sample preparation done in Val-d'Or, QC and sample analysis done in Mississauga, ON. The quality assurance and quality control protocol include insertion of blank or standard every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples inserted by AGAT Laboratories during the analytical process.
The technical content and scientific aspects of this press release have been reviewed and approved by Mrs. Adree DeLazzer, P. Geo., a Qualified Person as defined by the National Instrument 43-101. Mrs. DeLazzer is Vice-President Exploration of Royal Fox Gold and is not considered independent.
About Royal Fox Gold Inc.
Royal Fox Gold Inc. is a mineral exploration company focused on the development of the Philibert Project near Chibougamau, Québec. The Philibert Project comprises 110 mineral titles having a total approximate area of 5,393 hectares of highly prospective ground, 9km from IAMGOLD's Nelligan Gold project which was awarded the "Discovery of the Year" by the Quebec Mineral Exploration Association (AEMQ) in 2019.
To date, more than $10M (historical value) have been spent on the Philibert Project, with more than 60,000 metres of drilling completed. The Company is focused on de-risking the asset and releasing a maiden NI 43-101 resource estimate which will incorporate results from both brownfield and greenfield exploration, combined with extensive historical data. The Philibert Project is owned by SOQUEM. Royal Fox is currently undergoing an ownership option process, details of which can be found in the corporate presentation available on the Company's website. More details are available in the corporate presentation of Royal Fox at: www.royalfoxgold.com.
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery, and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. Proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.
ON BEHALF OF THE BOARD OF DIRECTORS
"Simon Marcotte", CFA
Simon Marcotte, President and Chief Executive Officer of Royal Fox Gold Inc.
For further information, please contact:
Simon Marcotte, CFA
President and Chief Executive Officer of Royal Fox Gold Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the TSXV listing, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.
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