|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.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|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, firstname.lastname@example.org, 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 email@example.com.
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: firstname.lastname@example.org
|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.
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162761)||1/13/2022 2:53:40 PM|
|ESSEX OPTIONS MT TURNER COPPER-MOLYDENUM PROJECT TO ASX-LISTED FIRST AU LIMITED|
Thu., January 13, 2022, 5:00 a.m.·8 min read
VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Essex Minerals Inc. (the "Company") (TSXV: ESX) (OTCQB: ESXFM) (FRA: EWX1) is pleased to announce that has entered into binding terms with First Au Limited (ASX: FAU) ("FAU"), a company listed on the Australian Stock Exchange, for an arm's length option, earn-in and acquisition of the Mt Turner project in north Queensland, Australia, where preliminary exploration by the Company has outlined a very large copper-molybdenum (with gold and silver) porphyry target.
Upon execution of a formal agreement once certain conditions are met, FAU shall pay Essex an Option Fee comprising 5,000,000 fully paid ordinary FAU shares and 5,000,000 two-year share purchase options exercisable at AUD$0.03 per option and within 220 days fund a minimum AUD$500,000 on exploration of the Mt Turner Project, including a detailed induced polarization program over the main Mt Turner mineralized anomaly. Payment of the Option Fee is conditional on 60 days due diligence by FAU, completion by Essex of its share purchase of KNX Resources Limited, signing of a formal agreement, and TSX Approval (if required).
Subject to completing the minimum expenditure during the Option period and their willingness to proceed, FAU shall pay Essex a further 10,000,000 fully paid ordinary FAU shares and then shall have the right to earn a 51% interest in the Mt Turner project by spending a further AUD$2,000,000 on exploration over two-years from exercise date of the Option.
At completion of the earn-in, FAU shall then have the right to acquire the remaining 49% interest in Mt Turner by issuing to Essex either 49% of the equity in a special purpose vehicle formed to hold the Mt Turner project, or that number of shares in FAU equivalent to an independent valuation of the 49%.
Essex shall retain a 1.5% net smelter return royalty over the project, which FAU can acquire for the payment of AUD$3,000,000 cash.
FAU considers Mt Turner a strategic acquisition that complements the Australian explorer's existing copper prospects of Dogwood in Victoria and Mabel Creek in South Australia.
Essex Minerals President and CEO Paul Loudon: said: "Copper is expected to play a critical role in the electrification of the global economy and the transition to green energy. An independent report by Goldman Sachs last year indicated the worldwide demand for copper for transitioning to green energy alone will increase from under 1Mt in 2020 to approximately 5.4Mt by 2030 (16% of total global copper demand).
"We are very pleased that our initial exploration has demonstrated the potential for the discovery of a large copper-molybdenum (with silver and gold) deposit at Mt Turner and resulted in favourable option, earn-in and acquisition terms with FAU.
"Having incubated the project with initial exploration expenditure, Essex is now leveraging its position in the project by joint venturing the next round of exploration expenditure then monetizing the project with a spin out or sale.
"This project incubation then spinout, particularly where we can retain a royalty and a right to provide stream or project finance, is fundamental to the Company's business growth model."
On October 26, 2021, the Company reported as follows:
Summary Geology and Mineralization of the Mt Turner Project
The Mount Turner Property lies in the western portion of the Georgetown Inlier, which constitutes the bulk of the proclaimed Etheridge Goldfield. It consists of variably metamorphosed and deformed sedimentary and volcanic rocks of Palaeo- to Mesoproterozoic age, intruded by Mesoproterozoic granites.
The Proterozoic rocks have been intruded by Siluro-Devonian age granitic rocks during a period of subduction and underplating that is thought to have occurred during the Tabberabberan cycle of the Tasman Orogen (ca 430-380 Ma).
The Georgetown Inlier subsequently experienced a period of felsic intrusion and accompanied sub-aerial volcanism during the Carboniferous to Permian period (ca 350-230 Ma) associated with extension and rifting that developed during the Hunter-Bowen cycle of the Tasman Orogeny. This magmatism is termed the Kennedy Association, which consists of widespread and voluminous extrusive and intrusive igneous rocks, producing a number of large volcanic subsidence structures. This magmatic event was responsible for the 5 million-ounce Kidston gold deposit located some 70 kilometres to the SE of Mt Turner.
The Permo-Carboniferous Mt Turner intrusive complex, which is centred within the property, consists of multiple phases of rhyolite to micro-granodiorite dykes, stocks and associated breccias, hosted by Meso-Proterozoic Mount Turner Granite and metasediments of the Palaeo-Proterozoic Lane Creek Formation. The overlying subaerial volcanics are postulated to have preserved the porphyry-style mineralisation.
The property was initially examined during the 1975 field season by geologists of the Australian Government's Bureau of Mineral Resources (now Geoscience Australia) and the Geological Survey of Queensland after discovery of extensive hydrothermal alteration around Mt Turner.
The subsequent report (Baker & Horton, 1982) described the intrusive complex as a porphyry copper- molybdenum system with zoned polymetallic mineralisation. The report was based on 11 widespread, shallow vertical drill holes, <100 metres in depth and four diamond holes, only one of which was located near the intrusive centre. None of the drill holes were assayed in their entirety.
A portion of Mt Turner was held by Kidston Gold Mines ("KGM") in 1994-1998 and assessed for gold only, then held by Mega Uranium in 2006-2007 and explored for uranium. No follow-up exploration has been undertaken on the porphyry copper-molybdenum potential identified in the 1970s until the ground was staked in 2019 by KNX Resources Limited ("KNX") and subsequently joint ventured to Essex in 2020.
Essex and KNX each own 50% of the Mt Turner property. On September 22, 2021, Essex announced that it had agreed to acquire all the issued and outstanding shares in KNX in exchange for the issuance of 5,000,000 ordinary shares and 5,000,000 two-year share purchase warrants in Essex to the shareholders of KNX. The purchase is subject to the approval of the TSX Venture Exchange. On completion of the acquisition, Essex will own 100% of Mt Turner.
Exploration results to date by Essex-KNX Joint Venture
The ESX-KNX Mt Turner Property comprises two granted exploration permits totaling approximately 100 sq km.
Soil sampling in a 100m x 100m grid by KGM (2,336 minus 80 mesh and 2,462 BCL samples) and Essex (719 samples) has outlined a 4km x 4km soil anomaly which shows classic Cu-Mo zonation – copper in soil flanking a molybdenum core (See Figure 1). This area is sufficient to contain a very large (+500Mt) deposit.
An aeromagnetic survey (100m flight lines) flown by Mega Uranium in 2006-7 shows a curvilinear NW trending magnetic low corresponding to magnetite destruction alteration, with complex magnetite highs in the centre, which is the classic copper porphyry around a molybdenum rich core signature (See Figure 2). The features in the magnetics are coincident with the copper and molybdenum soil anomalies.
Gold-silver and base metal soil anomalies occurs on the periphery of the copper-molybdenum core zone associated with breccia bodies at Balaclava Hill, immediately to the north west of Mt Turner, in major faults such as the 14 km Drummer Hill Fault, and in association with historically mined, high-grade Ag-Pb-Zn veins. The peripheral breccias and Drummer Fault remain excellent targets for gold mineralization.
Rock samples collected during detailed mapping by Essex field team demonstrate the property has been subjected to multi-phase intrusive events which provides the potential for multi-stage mineralization episodes, therefore potential for higher grades.
One Queensland Government drill hole (NS4) to 295m in 1977 drilled peripheral to the porphyry target ended in near ore grade mineralization – 0.187% Cu, 0.075% Mo.
Re-logging of the core from this hole by Essex has shown multi-lithological intrusive clasts in breccia at depth which also suggest a poly-phasal intrusive history.
The re-logging has also demonstrated early widespread potassic alteration then an overprinting phyllic event (sericite) then a late stage second potassic event associated with multi-stage vein mineralization. This pattern of alternation conforms to the classic model for multi-stage mineralization. The later stage second potassic event towards the end of the hole also suggests that the hole ended above the main mineralization target zone.
The next phase of exploration will involve detailed ground geophysics to define the targets ahead of an initial drilling program.
Essex Minerals is an exploration and development company focused on mineral exploration and mine development and finance opportunities where it can adopt an option earn-in and joint venture model. The company identifies geological teams that have already expended the time and capital to assemble top quality, advanced projects, with a particular emphasis on gold projects in Tier 1 jurisdictions, where the Company can earn an interest by funding exploration. Management's time is shared across several different projects, as the geological teams already in place at the project level manage the approved exploration and development programs. This strategy has the potential to accelerate the growth in shareholder value for Essex by earning an interest in a range of projects of merit in a much shorter time frame than otherwise would be possible.
All of the scientific and technical information contained in this news release has been reviewed and/or prepared by Mr Lee K. Spencer, BSc (Hons), MSc, MAusIMM, a "Qualified Person" within the meaning of National Instrument 43-101 - Standards of Disclosure for Minerals Projects.
ISSUED ON BEHALF OF ESSEX MINERALS INC.
President & CEO
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.
Figure 1 (CNW Group/Essex Minerals Inc)
Figure 2 (CNW Group/Essex Minerals Inc)
SOURCE Essex Minerals Inc
View original content to download multimedia: newswire.ca
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162762)||1/13/2022 2:58:14 PM|
|Hot Chili: Wide & Shallow Copper-Gold Results Lift Cortadera’s Open Pit Potential|
Thu., January 13, 2022, 5:00 a.m.·16 min read
Perth, Australia --News Direct-- Hot Chili Limited
HighlightsNew drill results from the Cortadera copper-gold porphyry deposit in Chile confirm growth of shallow resources at both Cuerpo 1and 2. These include:
CRP0148 - 156m grading 0.4% CuEq* (0.4% copper (Cu), 0.1g/t gold (Au)) from surface, including 32m grading 0.6%CuEq* (0.5% copper (Cu), 0.2g/t gold (Au))from 90m depth
CRP0183 - 80m grading0.4% CuEq* (0.4% copper (Cu),0.1g/t gold (Au)) from 10m depth including 12m grading0.6%CuEq* (0.6% copper (Cu), 0.1g/t gold (Au)) from 44m depth
CRP0178 - 72m grading0.4% CuEq* (0.4% copper (Cu), 0.1g/t gold (Au)) from surface including 28m grading0.7%CuEq* (0.7% copper (Cu), 0.1g/t gold (Au)) from surface
CRP0176 - 114m grading 0.3% CuEq* (0.3% copper (Cu), 0.1g/t gold (Au)) from surface including 24m grading0.6%CuEq* (0.6% copper (Cu), 0.1g/t gold (Au)) from surface
CRP0158 - 62m grading0.4% CuEq* (0.4% copper (Cu), 0.1g/t gold (Au)) from 4m depth including 18m grading0.7%CuEq (0.6% copper (Cu), 0.2g/t gold (Au)) from 26m depth
Exploration drilling commenced across the Productora central porphyry target, immediately adjacent to the Productora Mineral Resource – several large copper-gold targets scheduled for testing this year
Further assay results from Cortadera being compiled for release in advance of a major resource upgrade in Q1 this year, following over 46,000m of additional drilling completed in 2021
Hot Chili Limited (ASX: HCH) (TSXV:HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) is pleased to announce that recent drill results from its Cortadera copper-gold discovery continue to expand the deposit ahead of a global resource upgrade for the Company’s Costa Fuego coastal copper development in Chile.
Three months of drilling results from the end of the Company’s 2021 drilling campaign at Cortadera are being compiled and further announcements are expected.
Hot Chili’s Managing Director, Christian Easterday, said 2022 is shaping up to be an exciting year following a very strong set of achievements in 2021.
“We commence the year with $34 million in treasury, 100 percent ownership of Cortadera, Glencore as a strategic investor and our Company now consolidated and dual-listed in Canada.
“It is pleasing to see further growth in Cortadera’s open pit potential with these new drill results and we look forward to announcing further results soon.
“A resource upgrade this quarter and a combined pre-feasibility study in the third quarter will position Costa Fuego as a production front-runner in the senior copper development space this year.
“In addition, we have kicked off our next phase of growth, with first drilling well underway across the first of several large exploration targets we will be testing this year, all capable of materially lifting the scale and economics of Costa Fuego even further.”
New Drill Results Expand Shallow Resource Potential at Cortadera
Drilling in late 2021, focussed on expanding any remaining open flanks on each of Cortadera’s three porphyries and completing required in-fill drill holes for upgrading resource classification.
Initial results analysed from shallow Reverse Circulation (RC) drilling across Cuerpo 1 and Cuerpo 2 has confirmed wide intersections of copper-gold mineralisation from surface across both porphyries.
Cuerpo 2 has recorded some of the highest grade copper results at Cortadera and the recent campaign to delineate the shallow mineralisation has proven successful. Expansion of the +0.4% CuEq mineralisation from surface was bolstered by several drillholes, particularly to the south and east of Cuerpo 2.
So far, up to five drillholes have recorded significant intercepts of +0.3% CuEq mineralisation at a maximum of 36 m downhole with the majority from less than 10 m downhole. This material is predominately within the oxidised weathering zone and suggests that an expansion of the +0.4% Cu material laterally and vertically is likely at Cuerpo 2.
In addition, several wide intersections of mineralisation were recorded across Cuerpo 1, further expanding the +0.3 CuEq* mineralisation extent.
2022 Drilling Campaign Underway
Hot Chili has commenced an initial 20,000m exploration drilling programme to test several prioritised, large copper-gold targets within its combined Costa Fuego landholding in Chile.
RC drilling commenced in late December 2021 across the Productora central target, located immediately adjacent to the Productora resource and measuring 1.2km by 1.0km in dimension.
Three of eight first-pass RC drill holes are complete, and several diamond hole extensions are planned once RC drill results are received.
Additional targets located within the consolidated Costa Fuego landholdings (Productora, Santiago Z and El Fuego) are scheduled for drilling over the coming months. The Company has received regulatory approval for platform clearing at Santiago Z, which is planned to commence in the coming month.
In addition, drilling is planned across multiple extensional targets located within the Cortadera landholding, outside of the Cortadera resource window.
All priority targets have been selected based on their potential to add further bulk tonnage scale to the Costa Fuego development or alternatively provide higher grade ore sources for early production.
News Flow and Key Catalysts in 2022
Hot Chili is fully funded for 18 months to accelerate its growth and development plan for Costa Fuego. The Company expects to provide further news flow over the coming weeks, including:
• Further Cortadera drilling results being received, reviewed and compiled from 2021 resource drilling.
• Development study updates related to advances in mining optimisations and metallurgical workstreams for the Costa Fuego combined Pre-feasibility study,
• Corporate updates, and
• Exploration drilling updates as results are received Key
Catalysts expected this year include:
1. Global Mineral Resource upgrade for Costa Fuego expected in Q1
2. Off-take agreement with Glencore (60% of first 8 years of production) expected in Q1
3. Pre-feasibility study for Costa Fuego expected in Q3
This announcement is authorised by the Board of Directors for release to ASX. For more information please contact:
or visit Hot Chili’s website at www.hotchili.net.au
Table 1 New Significant RC Drill Results at Cortadera
|North||East||RL||From||To||(m)||(% Cu)||(g/t Au)||(ppm Ag)||(ppm Mo)||(% Cu Eq)|
Significant intercepts are calculated above a nominal cut-off grade of 0.2% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.2% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.2% Cu for significant intersection cut-off grade is aligned with marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. Average Metallurgical Recoveries used were: Cu=83%, Au=56%, Mo=82%, and Ag=37%
Figure 1 Location of Productora and the Cortadera discovery in relation to the coastal range infrastructure of Hot Chili's combined Costa Fuego copper project, located 600km north of Santiago in ChileRefer to ASX Announcement “Costa Fuego Becomes a Leading Global Copper Project” (12th October 2020) for JORC Table 1 information related to the Cortadera JORC compliant Mineral Resource estimate by Wood and the Productora re-stated JORC compliant Mineral Resource estimate by AMC Consultants
* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Reported on a 100% Basis - combining Cortadera and Productora Mineral Resources using a +0.25% CuEq reporting cut-off grade
Figure 2 Plan view across the Cortadera discovery area displaying the location of new RC drill results (cyan) in relations to significant historical copper-gold DD intersections across Cuerpo 1, 2, and 3 tonalitic porphyry intrusive centres (represented by modelled copper envelopes, yellow- +0.1% Cu and magenta +0.4% Cu).
Figure 3 Plan view across the Cuerpo 1 of the Cortadera discovery area displaying significant copper-gold DD intersections since the October 2020 resource estimate. The plan view displays the Mineral Resource extents (represented by modelled copper envelope, yellow- +0.1% Cu). Note the new significant results reported including CRP0183, CRP0176 and CRP0178. All new results are shown by cyan collars.
Figure 4 Plan view across the Cuerpo 2 of the Cortadera discovery area displaying significant copper-gold DD intersections since the October 2020 resource estimate. The plan view displays the Mineral Resource extents (represented by modelled copper envelope, yellow- +0.1% Cu). Note the new significant results reported including CRP0158, and CRP0148. All new results are shown by cyan collars.
Figure 5 View across Productora resource looking SE. The figure displays the location of the Productora Central target where first-pass RC drilling is underway
Qualifying StatementsThe Mineral Resource summary for the Costa Fuego Project is presented in the following tables.
Productora Mineral Resource Summary - reported by classification (open pit, using +0.25% CuEq cut-off grade), 28 October 2021
Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI-101. Metal rounded to nearest thousand, or if less, to the nearest hundred.
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula:: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%
Cortadera Mineral Resource Summary – reported by classification (using +0.25% CuEq cut-off grade) and by open pit (top), underground (middle) and total (bottom), 28th October 2021
Reported at or above 0.25% CuEq*. Figures in the above table are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred.
Copper Equivalent (CuEq) reported for the drill holes were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. Average Metallurgical Recoveries used were: Cu=83%, Au=56%, Mo=82%, and Ag=37%
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate
Competent Person’s Statement- Exploration Results
Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person’ as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Competent Person’s Statement- Productora Mineral Resources
The information in this Announcement that relates to the Productora Project Mineral Resources, is based on information compiled by Mr N Ingvar Kirchner. Mr Kirchner is employed by AMC Consultants (AMC). AMC has been engaged on a fee for service basis to provide independent technical advice and final audit for the Productora Project Mineral Resource estimates. Mr Kirchner is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a Member of the Australian Institute of Geoscientists (AIG). Mr Kirchner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code 2012). Mr Kirchner consents to the inclusion in this report of the matters based on the source information in the form and context in which it appears.
Competent Person’s Statement- Cortadera and Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for the Cortadera and combined Costa Fuego Project is based on information compiled by Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Elizabeth Haren is employed as an associate Principal Geologist of Wood, who was engaged by Hot Chili Limited. Elizabeth Haren has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Elizabeth Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1 % per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,550 USD/oz, Mo=12 USD/lb, and Ag=18 USD/oz. For Cortadera (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
Forward Looking Statements
This Announcement is provided on the basis that neither the Company nor its representatives make any warranty (express or implied) as to the accuracy, reliability, relevance or completeness of the material contained in the Announcement and nothing contained in the Announcement is, or may be relied upon as a promise, representation or warranty, whether as to the past or the future. The Company hereby excludes all warranties that can be excluded by law. The Announcement contains material which is predictive in nature and may be affected by inaccurate assumptions or by known and unknown risks and uncertainties and may differ materially from results ultimately achieved.
The Announcement contains “forward-looking statements”. All statements other than those of historical facts included in the Announcement are forward-looking statements including estimates of Mineral Resources. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to, copper, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade recovery rates from those assumed in mining plans, as well as political and operational risks and governmental regulation and judicial outcomes. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statement” to reflect events or circumstances after the date of the Announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. All persons should consider seeking appropriate professional advice in reviewing the Announcement and all other information with respect to the Company and evaluating the business, financial performance and operations of the Company. Neither the provision of the Announcement nor any information contained in the Announcement or subsequently communicated to any person in connection with the Announcement is, or should be taken as, constituting the giving of investment advice to any person
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.
Appendix 1. JORC Code Table 1 for CortaderaSection 1 Sampling Techniques and Data
|Criteria||JORC Code explanation||Commentary|
|Sampling techniques||Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.|
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report.
In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
|Drilling undertaken by Hot Chili Limited (“HCH” or “the Company”) includes both Diamond and Reverse Circulation (RC). Drilling has been carried out under Hot Chili (HCH) supervision by an experienced drilling contractor (BlueSpec Drilling).|
The majority of DD drilling completed by HCH comprises RC pre-collars to an average depth of 300), followed by HQ3 DD core to an average depth of 660m, followed by NQ2 DD core at depths greater than approximately 660 metres.
Samples were obtained using both reverse circulation (RC) and diamond drilling (DD).
RC drilling produced a 1m bulk sample and representative 2m cone split samples (nominally a 12.5% split) were collected using a cone splitter, with sample weights averaging 5 kg.
Geological logging was completed, and mineralised sample intervals were determined by the geologists to be submitted as 2m samples for RC. In RC intervals assessed as unmineralised, 4m composite (scoop) samples were collected for analysis. If these 4m composite samples return results with anomalous grade the corresponding original 2m split samples are then submitted to the laboratory for analysis.
HQ3 and NQ2 diamond core were drilled on a 3m run. The core was cut using a manual core-saw and half core samples were collected on 2m intervals.
Both RC and DD samples were crushed and split at the laboratory, with up to 1kg pulverised, and a 150g pulp sample analysed by industry standard methods - ICP-OES (33 element, 4 acid digest) and Au 30 gram fire assay.
Sampling techniques used are deemed appropriate for exploration and resource estimation purposes for this style of deposit and mineralisation.
Data compiled from historical drilling has been collated from documents supplied by SCM Carola.
All historical drilling was diamond core (DD) from surface. Historical diamond sampling was predominantly HQ3 half core. 99% of the sample data comprises 2m composited samples (taken at 2m intervals).
Assay techniques for legacy data comprise 30g fire assay for gold, and for copper, either 4-acid or 3-acid digest followed by either an ICP-OES, ICP-MS, ICP-AAS or HF-ICP-AES.
HCH has verified as much as possible the location, orientation, sampling methods, analytical techniques, and assay values of legacy data. HCH has completed a review of SCM Carola QA/QC data with no issues detected in that review.
|Drilling techniques||Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).||HCH drilling consisted of RC with face sampling bit (140 to130mm diameter) ensuring minimal contamination during sample extraction.|
HCH DD drilling uses NQ2 bits (50.5mm internal diameter) and HQ3 bits (61.24mm internal diameter). DD core was oriented using a Reflex ACT III RD tool. At the end of each run, the low side of the core was marked by the drillers and this was used at the site for marking the whole drill core with a reference line.
Historical DD drilling used HQ bits (61.24mm internal). Historical drill core was not oriented.
|Drill sample recovery||Method of recording and assessing core and chip sample recoveries and results assessed.||Core recovery was measured and recorded continuously from the start of core drilling to the end of the hole for each drill hole. The end of each 3m length run was marked by a|
|Measures taken to maximise sample recovery and ensure representative nature of the samples.|
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
|core block which provided the depth, the core drilled and the core recovered. Generally, the core recovery was >99%|
All DD drilling utilised HQ3 and NQ2 core with sampling undertaken via half core cutting and 2m sample intervals.
Drilling techniques to ensure adequate RC sample recovery and quality included the use of “booster” air pressure. Air pressure used for RC drilling was 700-800psi.
Logging of all samples followed established company procedures which included recording of qualitative fields to allow discernment of sample quality. This included (but was not limited to) recording: sample condition (wet, dry, moist), sample recovery (poor, moderate, good), sample method (RC: scoop, split; DD core: half, quarter, whole).
The majority of HCH drilling had acceptable documented recovery and expectations on the ratio of wet and dry drilling were met, with no bias detected between the differing sample conditions.
Historical DD core recovery has not been quantitatively assessed. However, inspection of core photography has been undertaken, with good core recovery observed, and no material issues noted.
Methods taken to maximise historical sample recovery, quality and condition are unknown, however it is noted that the drill method (HQ3 DD) is consistent with best practice for sample recovery. No analysis of historical samples weights, sample condition or recovery has been undertaken.
Twin analysis of RC and DD drilling has identified a slight sample bias. RC samples appear to display a negative bias for assay results, meaning that RC samples appear to under call the assay grades. This is not yet fully understood or confirmed, and requires further analysis and investigation with future twin holes.
|Logging||Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.|
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
The total length and percentage of the relevant intersections logged.
|HCH Drilling: Detailed descriptions of RC chips and diamond core were logged qualitatively for lithological composition and texture, structures, veining, alteration and copper speciation. Visual percentage estimates were made for some minerals, including sulphides.|
Geological logging was recorded in a systematic and consistent manner such that the data was able to be interrogated accurately using modern mapping and 3D geological modelling software programs. Field logging templates were used to record details related to each drill hole.
|Historical Drilling: Geological logs were provided as part of historical data from SCM Carola. These logs have been reviewed and are deemed to be of an appropriate standard. HCH has also completed a verification and re-logging programme of historical diamond drill core and has aligned the codification of both generations of geological data to one unified coding system.|
|Core reconstruction and orientation was completed where possible prior to structural and geotechnical observations being recorded. The depth and reliability of each orientation mark is also recorded.|
|All logging information is uploaded into an acQuire™ database which ensures validation criteria are met upon upload.|
|Sub- sampling techniques and sample preparation||If core, whether cut or sawn and whether quarter, half or all core taken.|
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
|HQ3 (85mm) and NQ2 (63.5mm) diamond core was sawn in half, with half core collected in a bag and submitted to the laboratory for analysis, the other half was retained in the tray and stored. All DD core was sampled at 2m intervals.|
RC drilling was sampled at two metre intervals by a fixed cone splitter with two nominal 12.5% samples taken: with the primary sample submitted to the laboratory, and the second sample retained as a field duplicate sample. Cone splitting of RC drill samples occurred regardless of the sample condition. RC drill sample weights range from 0.6kg to 17kg, but typically average 5kg.
All HCH samples were submitted to ALS Coquimbo (Chile) for multi-element analysis. The sample preparation included:
DD half core and RC samples were weighed, dried and crushed to 70% passing 2 mm and then split using a rotary splitter to produce a 1kg sub-sample. The crushed sub-
|For all sample types, the nature, quality and appropriateness of the sample preparation technique.|
|Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.|
|Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.|
|Whether sample sizes are appropriate to the grain size of the material being sampled.|
|sample was pulverised with 85% passing 75 µm using a LM2 mill and a 110 g pulp was then subsampled, 20 g for ICP and 90g for Au fire assay analysis.|
ALS method ME-ICP61 involves a 4-acid digestion (Hydrochloric-Nitric-Perchloric-Hydrofluoric) followed by ICP- AES determination.
Samples that returned Cu grades >10,000ppm were analysed by ALS “ore grade” method Cu-AA62, which is a 4- acid digestion, followed by AES measurement to 0.001%Cu.
Samples determined by geologists to be either oxide or transitional were also analysed by Cu-AA05 method to determine copper solubility (by sulphuric acid).
Pulp samples were analysed for gold by ALS method Au- ICP21; a 30g lead-collection Fire Assay, followed by ICP- OES to a detection limit of 0.001ppm Au.
Historical half DD core was routinely sampled on 2m intervals. All samples were submitted to accredited laboratories- ACTLAB, ACME Labs (now Bureau Veritas), ALS Global and Andes Analytical Assay.
Typical analysis methods used for historical samples included;
For copper and multi-element; either 4-acid or 3-acid digest followed by either an ICP-MS, ICP-AAS, or a HF digest with ICP-AES. E.g. ACTLAB method 3ACID-AAS, ALS method Cu-AA61, Andes Analytical Assay method (4A-AAS1E01 or ICP_AES_HH22).
Gold grades were analysed for Fire Analysis (30g charge).
E.g. ACTLABS method FA-AAS, ALS method Au-AA23, Andes Analytical Assay method AEF_AAS1EE9.
HCH has verified historical sampling methods, analytical techniques, and assay values with no material issues identified.
Field duplicates were collected for RC drill samples at a rate of 1 in 50 drill meters ie. 1 in every 25 samples (when 2m sampling intervals observed). The procedure involves placing a second sample bag on the cone splitter to collect a duplicate sample.
Field duplicates for DD samples were submitted at a rate of 1 in 50 drill metres (ie. 1 in 25 samples). The procedure involves cutting the half core and the lab (instructed by Hot Chili) collected a second coarse duplicate sample after the initial crushing process of the original sample. Crushed samples were split into two halves, with one half flagged as the original sample and the other half flagged as the duplicate sample.
Review of duplicate results indicates that there is good correlation between the primary and duplicate assay values, implying that the selected sample size is reasonable for this style of mineralisation.
The selected sample sizes and sample preparation techniques are considered appropriate for this style of mineralisation, both for exploration purposes and MRE.
|Quality of assay data and laboratory tests||The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.|
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
|All HCH drill samples were assayed by industry standard methods through accredited laboratories in Chile. Typical analytical methods are detailed in the previous section and are considered ‘near total’ techniques.|
HCH undertakes several steps to ensure the quality control of assay results. These include, but are not limited to, the use of duplicates, certified reference material (CRM) and blank media:
Routine ‘standard’ (mineralised pulp) Certified Reference Material (CRM) was inserted at a nominal rate of 1 in 25 samples.
Blank certified material is inserted every 100 samples (Coarse unmineralised quartz) at the logging geologist’s discretion- with particular weighting towards submitting blanks immediately following mineralised field samples. Routine field duplicates for RC and DD samples were submitted at a rate of 1 in 25 samples.
Analytical laboratories provided their own routine quality controls within their own practices. No significant issues have been noted.
|All results are checked in the acQuire™ database before being used, and analysed batches are continuously reviewed to ensure they are performing within acceptable tolerance for the style of mineralisation. Any QC failures require the batch to be re-analysed prior to acceptance into the database.|
No umpire laboratory checks have been undertaken by HCH. It is a recommendation of the MRE that umpire checks be completed.
Assessment of historical QA/QC data was undertaken as part of the MRE. CRM and duplicate assay data were reviewed with no significant issues identified. Umpire laboratory checks were undertaken on historical drilling, however the results of this have not yet been assessed. Historical assay data comprised approximately 10% QA/QC data.
|Verification of sampling and assaying||The verification of significant intersections by either independent or alternative company personnel.|
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
|All DD sample intervals were visually verified using high quality core photography, with selected samples taken within mineralised intervals for petrographic and mineragraphic microscopy.|
All assay results have been compiled and verified by an independent database consultant to ensure veracity of assay results and the corresponding sample data. This includes a review of QA/QC results to identify any issues prior to incorporation into the Company’s geological database.
|No adjustment has been made to assay data following electronic upload from original laboratory certificates to the database. Where samples returned values below the detection limit, these assay values were set to half the lowest detection limit for that element for the purposes of MRE.|
|The capture of drill logging data was managed by a computerised system and strict data validation steps were followed. The data is stored in a secure acQuire™ database with access restricted to an external database manager.|
|Documentation of primary data, data entry procedures, data verification and data storage protocols have all been validated through internal database checks and by a third- party audit as part of the Cortadera MRE.|
|Visualisation and validation of drill data was also undertaken in 3D through the use of multiple software packages- Surpac, Datamine and Leapfrog with no errors detected.|
|Twinned drilling was completed by HCH, to compare the results of RC samples to historical HQ DD samples. Four sets of twin drill holes were completed, with no appreciable assay variance observed between the different drilling and associated sampling methodologies.|
|A slight negative bias was observed for RC samples in select intervals, however overall, the twin hole assay results correlated well for both techniques. This supports the use of both RC or DD samples as being representative and appropriate for mineral exploration and resource estimation for this style of mineralisation.|
|Hot Chili has undertaken quarter core duplicate sampling across selected intervals of historical half DD core and its own DD core to test assay repeatability and to provide metallurgical samples.|
|An analysis of field duplicate samples was undertaken, with results from duplicates returned within acceptable range for this type of mineralisation and for classification of the MRE. The comparison showed no evidence of bias, with a robust correlation achieved between duplicate samples.|
|All retained core and pulp samples are stored in a secured site and are available for verification if required.|
|Location of data points||Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.|
Specification of the grid system used. Quality and adequacy of topographic control.
|The WGS84 UTM zone 19S coordinate system was used for all undertakings.|
Drill hole collar locations were surveyed on completion of each drill hole using a handheld Garmin GPS with an accuracy of +/-5 m. On completion of each HCH drill campaign an independent survey company was contracted to survey drill collar locations using a CHCNAV model i80 Geodetic GPS, dual frequency, Real Time with 0.1cm accuracy.
|Drill collar survey methods used by SCM Carola are unknown, however all collars were located by HCH and have been surveyed using the same method as HCH drilling.|
|Downhole surveys for HCH drilling were completed by the drilling contractor every 30m using an Axis Champ Navigator north seeking gyroscope tool. Downhole surveys for historical drilling were completed every 10m by gyroscope. Exact specifications for the gyroscope tool are unknown.|
Some drill holes could not be surveyed due to downhole blockages, these holes used planned survey or compass bearing/ dip measurements for survey control, and the majority of these holes lie outside of the resource area.
The topographic model used at Cortadera is deemed adequate for topographic control. It comprises a high resolution topographical elevation model as supplied by SCM Carola.
Validation of the final topographical model used for resource estimation was completed via visual validation against: high resolution drone orthophotography, drill collars, and known infrastructure (roads, tenement pegs etc.)
Topography at the project ranges from ~900m to 1050m ASL.
PSAD56 zone 19S coordinate system was used for all historical undertakings, with all data since converted to WGS84 zone 19S.
|Data spacing and distribution||Data spacing for reporting of Exploration Results.|
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
|Drill spacing is nominally 80 metres across strike by 80 metres along strike. In total there were 82 drillholes used to inform the Cortadera geological model, of which 72 were contained within the mineralisation wireframe used to constrain the MRE.|
The current drilling density provides sufficient information to support a robust geological and mineralisation interpretation as the basis for Indicated and Inferred Mineral Resources for the majority of the drill defined deposit.
The mineralisation is still open laterally and at depth and further drilling is planned to explore these zones in 2021 and beyond.
Compositing of drillhole samples was undertaken on 2 metre intervals, and in some cases 4 metre intervals in unmineralised areas.
|Orientation of data in relation to geological structure||Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.|
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
|The spacing and location of drilling at Cortadera is variable, ranging from 80m to 300m. The selected drill spacing and orientation over the resource area ensures that drilling is optimised to intersect perpendicular to mineralisation.|
The majority of drilling was oriented from -60 to -80° toward northeast, with some scissor holes drilled to the southwest. In addition, some other drill orientations were used to ensure geological representivity and to maximise the use of available drill platforms.
The orientation of drilling is considered appropriate for this style of mineralisation, and no sampling bias is inferred from drilling completed as part of the MRE. In addition, copper-gold porphyry mineralisation is typically fairly homogenous meaning a limited chance of bias likely to be caused from drilling orientation.
The coordinates and orientations for all of the historical Cortadera drill holes have been reported to ASX in Table 1, Section 2 of the Company’s previous drilling announcements, most recently 10th July 2020.
|Sample security||The measures taken to ensure sample security.||HCH has strict chain of custody procedures that are adhered to. All samples have the sample submission number/ticket inserted into each bulk polyweave sample bag with the id number clearly visible. The sample bag is stapled together such that no sample material can spill out and no one can tamper with the sample once it leaves Hot Chili’s custody.|
Measures taken to ensure sample security during historical drilling are unknown. All retained core and pulp samples are currently stored in a secured warehouse facility and are available for verification if required.
|Audits or reviews||The results of any audits or reviews of sampling techniques and data.||As part of the Cortadera MRE WoodPLC have conducted an independent review of the drill database. This review has|
|found the data to be accurate and acceptable for MRE purposes.|
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity.The Costa Fuego landholdings, contains an Indicated Resource of 391Mt grading 0.52% CuEq (copper equivalent), containing 1.7 Mt Cu, 1.5 Moz Au, 4.2 Moz Ag, and 37 kt Mo and an Inferred Resource of 334Mt grading 0.44% CuEq containing 1.2Mt Cu, 1.2 Moz Au, 5.6 Moz Ag and 27 kt Mo, at a cut-off grade of 0.25% CuEq.The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward-looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward-looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.
All forward-looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
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.
Contact DetailsInvestor Relations
Hot Chili, CEO
View source version on newsdirect.com: newsdirect.com
|RecommendKeepReplyMark as Last ReadRead Replies (1)|
|To: LoneClone who wrote (162763)||1/13/2022 3:31:59 PM|
|Filo Mining Reports 64m at 1,214 g/t Silver at Filo del Sol|
Tue., January 11, 2022, 9:01 p.m.·10 min read
VANCOUVER, BC, Jan. 12, 2022 /CNW/ - Filo Mining Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) ("Filo Mining", or the "Company") ("Filo Mining", or the "Company") is pleased to provide initial assay results and an update on the Filo del Sol drilling program. Highlights are listed below, along with drillhole locations on the accompanying plan map: View PDF.
Drillhole FSDH055A returned 64.0 m at 1,213.8 g/t Ag and 0.49 g/t Au from a depth of 362m; this represents the best intersection of high-grade silver on the project to date.
A total of 5,000m of diamond drilling has now been completed during the current program, with one hole (FSDH054) completed to a depth of 1,370m and five holes currently underway.
Commenting on the initial results, Jamie Beck, President and CEO stated, "Hole 55A is one of the longest, highest-grade silver intercepts seen globally in a long time. It is a great reminder of the outstanding precious metal content of this remarkable deposit and demonstrates that we've got a significant silver deposit contained within the major copper-gold deposit at Filo del Sol. This hole also adds to the evidence that the area around hole FSDH041 is one of the centres of the system and we look forward to assays from additional step-out holes in this area."
FSDH055A is located 50m to the west of, and parallel to, FSDH041. It intersected the high-grade silver zone as shown in the table below, before being abandoned at a depth of 485m due to drilling difficulties. FSDH055C is currently underway at the same location to re-drill this hole to target depth.
|HOLE-ID||From (m)||To (m)||Length (m)||Cu %||Au g/t||Ag g/t|
This is the best intersection of the high-grade silver zone at Filo del Sol drilled to date and sits completely outside the current mineral resource. This intersection is open in several directions, with a 420m undrilled gap to the north, between FSDH055A and FSDH037 (104m at 120 g/t Ag, see News Release dated April 12, 2021) which is currently being tested by holes FSDH057 and FSDH059. To the east, this intersection correlates with the silver zone in hole FSDH041 (46m at 75 g/t Ag, see News Release dated April 12, 2021). The intersection is completely open to the west. Additional drilling is required to fully understand the geometry of this intersection, however based on correlation with other holes it is interpreted to be approximately true width.
Initial holes for this program were designed to explore the area around the high-grade intersection in FSDH041 from the 2020/2021 season, with holes FSDH054, FSDH055 and FSDH056 as 50m step-outs to the east, west and south respectively. FSDH054 was completed at a depth of 1,370m in early December, and this drill has been moved to FSDH059 located 100m north of FSDH041. Two larger step-outs are also underway, FSDH057 located 200m north of FSDH041 and FSDH058 located 450m to the south of FSDH041.
Drilling will continue year-round at Filo del Sol in 2022 with our most ambitious field program ever. The Company plans to add an additional two drill rigs in early February, bringing the total rig count to seven drills operating throughout the year. Assay results have been received for approximately 2,100m of the length drilled to date, and additional results will be released as they are received, analyzed and confirmed by the Company.
On behalf of Filo Mining,
President and CEO
About Filo del Sol
Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with one or more large porphyry copper-gold systems. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including structurally-controlled and breccia-hosted gold, manto-style high-grade silver (+/- copper) and high-grade supergene enriched copper within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization. This complex geological history has created a heterogeneous orebody which is characterized by zones of very high-grade copper +/- gold +/- silver mineralization within a large envelope of more homogeneous, lower-grade mineralization.
Qualified Persons and Technical Notes
The scientific and technical disclosure for the Filo del Sol Project included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company. Samples were cut at Filo Mining's operations base near the town of Guañizuil, Argentina by Company personnel. Diamond drill core was sampled in 2 metre intervals (except where shortened by geological contacts) using a rock saw for sulphide mineralization. Oxide mineralization was cut with a core splitter in order to prevent dissolution of water-soluble copper minerals during the wet sawing process. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged and tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared samples were sent to the ALS assay laboratory in Santiago, Chile for copper, gold and silver assays, with a second split sent to the ALS laboratory in Lima, Peru for multi-element ICP and sequential copper analyses. ALS is an accredited laboratory which is independent of the Company. Gold assays were by fire assay fusion with AAS finish on a 30g sample. Copper and silver were assayed by atomic absorption following a 4 acid digestion. Samples were also analyzed for a suite of 36 elements with ICP-ES and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Copper and gold standards as well as blanks and duplicates (field, preparation and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 9% of the submitted samples are Quality Control samples.
About Filo Mining
Filo Mining is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in Chile's Region III and adjacent San Juan Province, Argentina. The Company's shares are listed on the TSX and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF". Filo Mining is a member of the Lundin Group of Companies.
The Company's certified adviser on the Nasdaq First North Growth Market is Aktieinvest FK AB, +46 8 506 51703, email@example.com.
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s). The Company is under no obligation nor does it intend to update or revise the forward-looking information, whether as a result of new information, future events or otherwise.
This information was submitted by Filo Mining Corp. for publication, through the agency of the contact person set out below, on January 12, 2022 at 00:01 EST.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "goals", "objectives", "potential", "possible", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "should", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof. All statements other than statements of historical fact may be forward-looking statements.
The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Information contained in this news release is as of the date of this press release. In particular, this press release contains forward-looking information pertaining to assumptions made in the interpretation of drill results, geology, grade, geochemistry and continuity of mineral deposits; expectations regarding access and demand for equipment, skilled labour and services needed for exploration and development of mineral properties; and that activities will not be adversely disrupted or impeded by exploration, development, operating, regulatory, political, community, economic, environmental and/or healthy and safety risks. In addition, this news release may contain forward-looking statements or information pertaining to: potential exploration upside at the Filo del Sol Project, including the extent and significance of the porphyry copper-gold system underlying the current Mineral Resource and the prospectivity of exploration targets; exploration and development plans and expenditures, including a transition to year-round operations and the timing thereof; the ability of the Company's COVID-19 operating protocol to continue to meet government-mandated health and safety guidelines enabling it to conduct its field programs as planned; the success of future exploration activities; potential for resource expansion; the impact of the Company's winterization efforts at Filo del Sol, and whether such efforts will enable year-round operations and have adequately anticipated and prepared for the challenges of winter operation at Filo del Sol, including but not limited to weather and potential supply chain disruptions; ability to build shareholder value; expectations with regard to adding to its Mineral Reserves or Resources through exploration; expectations with respect to the conversion of inferred resources to an indicated resources classification; ability to execute planned work programs; plans or ability to add additional drill rigs; timing or anticipated results of an update to the mineral resource estimate for Filo del Sol; government regulation of mining activities; environmental risks; unanticipated reclamation expenses; title disputes or claims; limitations on insurance coverage; and other risks and uncertainties.
Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future.
The forward-looking statements contained in this news release are made as at the date of this news release and Filo does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Forward-looking information is based on certain assumptions that the Company believes are reasonable, including that the current price of and demand for commodities will be sustained or will improve, the supply of commodities will remain stable, that the general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed on reasonable terms and that the Company will not experience any material labour dispute, accident, or failure of plant or equipment. These factors are not, and should not be construed as being, exhaustive. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.
Plan Map - Silver Zone (CNW Group/Filo Mining Corp.)
Filo Mining Reports 64m at 1,214 g/t Silver at Filo del Sol (CNW Group/Filo Mining Corp.)
SOURCE Filo Mining Corp.
View original content to download multimedia: newswire.ca
|RecommendKeepReplyMark as Last ReadRead Replies (1)|