| To: LoneClone who wrote (168961) | 12/7/2022 3:03:56 PM | | From: LoneClone | | | | Ascendant Resources Intersects 58m @ 20.51% Zn Equivalent and 14m @ 2.34% Cu at the Venda Nova North Zone, Lagoa Salgada Project, Portugal
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Ascendant Resources Inc.
Mon, December 5, 2022 at 3:00 a.m.·8 min read
Figure 1
Plan view of the Venda Nova with location of the reported drill holes
Figure 2
Cross section North zones (Trace locations included in Figure 1)
Metallurgical drill program at North Zone of Venda Nova now complete
Additional high-grade intercepts at North Zone (Massive Sulphides), including:
58 meters (“m”) @ 20.51% Zinc Equivalent (Zn Eq.) from 165m
Extension of copper rich subdomain below the North Zone with new intercept of:
14m @ 2.34% Copper or 12.53 % Zn Eq. from 252m
TORONTO, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Ascendant Resources Inc. (TSX: ASND, OTCQB:ASDRF) (“Ascendant” or the “Company”) is pleased to report assay results from an additional three holes drilled to support metallurgical variability testing in the North Zone of Venda Nova at the Lagoa Salgada VMS Project, Portugal.
As of November 29, Ascendant has completed 23 drill holes (11 Metallurgy holes reported and 12 infill holes) totalling 10,453 meters as part of the overall drill program to support the completion of the Bankable Feasibility Study expected to be completed by the end of Q1/23. Two additional infill holes are currently in progress in the South Zone for a total of 985m. Assays reported today represent full results received as of November 22, 2022 and include three metallurgical holes collared in the North zone: Met_MS_05, Met_MS_06, and Met_MS_07.
Mark Brennan, Executive Chairman commented: “As we near completion of our Metallurgical and Infill drill program at Venda Nova, results continue to confirm high-grade mineralisation in the North Zone and extend the potential for a new high grade copper feeder zone at depth, substantially enhancing future resource potential. Further exploration in the future will aim to more fully define this copper rich zone as we look to continue to grow the overall resource potential we see at the Lagoa Salgada property.”
The intersections of these drill holes display outstanding thicknesses and grade, which continue to highlight the significant scale and quality of the Venda Nova Deposit. In addition to the grade profile, the assay results provide support to the ongoing Feasibility Study for the metallurgical variability testing which is part of the final stages of the metallurgical program that is underway to optimize mill design, flowsheets and confirm the recoveries to produce clean and saleable zinc, lead and copper concentrates.
The three holes collared in the North zone confirm the existing domains and support our revised expectation for grades in each of the domains. Notably hole Met_MS_07 intercepted 58.1 m of Primary Massive Sulphide from 165.0m (averaging 20.51% ZnEq1) following 6.2m @ 13.9% Zn Eq. of Transition Massive Sulphide.
Additionally, both holes Met_MS_06 and Met_MS_07 confirmed the high grade Cu-Ag mineralization within the newly domained Transition zone. Met_MS_06 intercepting 7.2m @ 2.01% Cu and 149.4 g/tonne Ag and Met_MS_07 intercepting 6.2m @ 1.24% Cu and 210.5 g/tonne Ag.
Met_MS_05 intercepted a notable high grade copper zone of 14m of apparent width starting at 252m averaging 12.53% ZnEq (including 2.34% Copper alone). High grade copper in the stringer domain has been previously reported in other holes (e.g. MS_41A), spatially always adjacent to the contact with the overlaying massive sulphides. Ascendant is planning additional holes targeting this copper endowed area to further refine and subdomain the stringer zone. The Company believes the higher-grade copper mineralization found in this part of the stringer zone could be a potential feeder zone as is typically found in many VMS style deposits on the Iberian Pyrite Belt.
Hole location and collar positions are shown in Figure 1 and Table 1 below.
Figure 1 – Plan view of the Venda Nova with location of the reported drill holes
Plan view of the Venda Nova with location of the reported drill holes
Figure 2 – Cross section North zones (Trace locations included in Figure 1)
Cross section North zones (Trace locations included in Figure 1)
Table 1 - Collar Info
Hole Id
| UTM
East*
| UTM
North*
| Elevation
| Dipº
| Azimuthº
| Depth
| Met_MS_05
| 546881
| 4232176
| 88.3
| 60
| 290
| 414.7
| Met_MS_06
| 546798
| 4231996
| 86.2
| 60
| 355
| 489.8
| Met_MS_07
| 546896
| 4231922
| 87.3
| 60
| 315
| 300
|
Datum: WGS 84 Zone 29N
Table 2 Relevant Economic Intercepts by Domain
Hole
ID
| Intercept
# *
| Domain
| From
m
| To
m
| Apparent
width m
| Zn
%
| Cu
%
| Pb
%
| Ag
g/t
| Au
g/t
| Sn
%
| ZnEq
%
| Met_MS_05
| 1
| Gossan
| 163.2
| 172.1
| 8.9
| 0.58
| 0.14
| 2.90
| 28.4
| 0.49
| 0.38
| 9.05
| 2
| Transition MS
| 172.1
| 178
| 5.9
| 0.20
| 1.68
| 4.40
| 47.6
| 0.90
| 0.25
| 14.50
| 3
| Primary MS
| 178
| 250
| 72
| 3.48
| 0.27
| 2.24
| 36.2
| 0.31
| 0.20
| 9.75
| 4
| Stringer
| 252
| 266
| 14
| 0.97
| 2.34
| 0.11
| 41.9
| 0.02
| 0.35
| 12.53
| 5
| Stringer
| 290
| 300
| 10
| 3.28
| 0.20
| 1.68
| 68.6
| 0.79
| 0.08
| 9.64
| Met_MS_06
| 6
| Gossan
| 154
| 163.8
| 9.8
| 0.24
| 0.06
| 2.38
| 115.1
| 5.01
| 0.67
| 23.23
| 7
| Transition MS
| 163.8
| 171
| 7.2
| 0.05
| 2.01
| 0.97
| 149.4
| 1.24
| 0.19
| 15.32
| 8
| Primary MS
| 171
| 179
| 8
| 1.26
| 0.22
| 1.21
| 13.3
| 0.06
| 0.06
| 4.01
| 9
| Primary MS
| 191
| 213.1
| 22.1
| 0.42
| 0.44
| 0.12
| 16.0
| 0.11
| 0.06
| 3.10
| 10
| Primary MS
| 240.9
| 246.7
| 5.8
| 0.52
| 0.49
| 0.12
| 18.3
| 0.08
| 0.04
| 3.15
| Met_MS_07
| 11
| Gossan
| 135.05
| 158.8
| 23.75
| 0.50
| 0.04
| 2.28
| 49.4
| 0.12
| 0.11
| 5.25
| 12
| Transition MS
| 158.8
| 165
| 6.2
| 0.18
| 1.24
| 2.40
| 210.5
| 0.48
| 0.14
| 13.90
| 13
| Primary MS
| 165
| 223.1
| 58.1
| 6.33
| 0.23
| 6.47
| 127.4
| 1.22
| 0.20
| 20.51
|
* Intercept labeled in Longitudinal Section
Equivalency calculations are based on in-situ values only. Commodity prices used are as follows: Zn: US$1.20/lb, Pb: US$1.00/lb, Cu: US$3.50/lb, Ag: US$20/Oz, Au: US$1,650/Oz and Sn: US$12/lb.
Quality Assurance and Quality Control
Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85 % passing 75 µm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au-AA25), and for the other elements by two different ICP Multi element analysis: 1) (ME-ICPORE) - base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer 2) ME-MS61r: Four-acid digestion paired with ICP-MS and ICP-AES with REE analytes included.
ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. No significant QAQC failure issues were identified in the reported batches.
Review of Technical Information
The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Ascendant Resources Ltd, who is a Qualified Person as defined in National Instrument 43-101.
About Ascendant Resources Inc.
Ascendant Resources is a Toronto-based mining company focused on the exploration and development of the highly prospective Lagoa Salgada VMS project located on the prolific Iberian Pyrite Belt in Portugal. Through focused exploration and aggressive development plans, the Company aims to unlock the inherent potential of the project, maximizing value creation for shareholders.
The Venda Nova deposit at Lagoa Salgada contains over 10.33 million tonnes of Measured and Indicated Resources @ 9.06 % ZnEq and 2.50 million tonnes of Inferred Resources @ 5.93 % ZnEq in the North Zone; and 4.42 million tonnes of Indicated Resources @ 1.50 % CuEq and 10.83 million tonnes of Inferred resources @ 1.35 % CuEq in the South Zone. The deposit demonstrates typical mineralization characteristics of Iberian Pyrite Belt VMS deposits containing zinc, copper, lead, tin, silver and gold. Extensive exploration upside potential lies both near deposit and at prospective step-out targets across the large 7,209ha property concession. The project also demonstrates compelling economics with scalability for future resource growth in the results of the Preliminary Economic Assessment. Located just 80km from Lisbon, Lagoa Salgada is easily accessible by road and surrounded by exceptional Infrastructure. Ascendant holds a 50% interest in the Lagoa Salgada project through its position in Redcorp - Empreendimentos Mineiros, Lda, ("Redcorp") and has an earn-in opportunity to increase its interest in the project to 80%. The Company's interest in the Lagoa Salgada project offers a low-cost entry to a potentially significant exploration and development opportunity, already demonstrating its mineable scale.
The Company's common shares are principally listed on the Toronto Stock Exchange under the symbol "ASND". For more information on Ascendant, please visit our website at www.ascendantresources.com.
Additional information relating to the Company, including the Preliminary Economic Assessment referenced in this news release, is available on SEDAR at www.sedar.com.
Forward Looking Information
This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business, the Project, future drill programs, mineral potential and resource expectations. In making the forward- looking statements contained in this press release, Ascendant has made certain assumptions, including, but not limited to the Company’s ability to execute future drill programs, the Company’s ability to expand existing resources and the potential for a new high grade copper zone. Although Ascendant believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Ascendant disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risks Factors" in the Company's Annual Information Form dated March 24, 2022 and under the heading "Risks and Uncertainties" in the Company's Management’s Discussion and Analysis for the years ended December 31, 2021 and 2020 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR at www.sedar.com. The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. The Company's statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
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| From: LoneClone | 12/7/2022 3:06:20 PM | | | | | | Emerita Intersects 19.7 Meters Grading 10.9% Zinc, 1.7% Lead and 74.6 G/T Silver at La Romanera Deposit 150 Meters West of Historical Drilling
ca.finance.yahoo.com
Emerita Resources Corp.
Wed, December 7, 2022 at 4:40 a.m.·13 min read
Figure 1
Plan map showing the projection to surface of the historical La Romanera deposit in red, the outline of the surface projection based on Emerita’s drilling to date in blue and the projection of the conductive plate from the geophysical survey in yellow. The deposit remains open along strike and at depth. As illustrated on the longitudinal sections below, the extent of the massive sulphide deposits has been expanded, although as with the historic estimate, a portion of the massive sulphide is low grade and will fall below cut-off grades.
Figure 2
Drill hole location map.
Figure 3
Vertical Longitudinal projection of the Upper Lens at the La Romanera Deposit. Note drill hole LR038 approximately 150 m west of the outline representing the limit of the historical drill hole data base.
Figure 4
Vertical Longitudinal projection of the Lower Lens at La Romanera Deposit. The blue ovals indicate the extensive area where historical drilling indicates thicker mineralization and higher grades relative to the averages for the deposit at that time. Much of this area had no gold assays. Emerita is commencing the delineation of this portion of the deposit presently.
TORONTO, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to announce additional assay results from the 2022 delineation drilling at the La Romanera Deposit at its wholly owned Iberian Belt West project (“IBW” or the “Project”). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth.
The Company is highly encouraged by the results to date. Drilling continues to extend the deposit east and west of the historical drilling as indicated on the longitudinal sections Figures 3 and 4 below (see also news releases dated September 30, 2022, October 13, 2022 and November 3, 2022). Figure 1 below illustrates how the surface projection of the deposit has expanded significantly relative to the projection of the historical resources. Joaquin Merino, P.Geo., President of Emerita, notes: “Given the increasing dimensions of the lenses in longitudinal section and plan, we anticipate an increase in tonnes relative to the historical calculation. Keep in mind, not all of the massive sulphide will be above the cut off grade so no direct comparison can be made until we complete the drill program and model the deposit. However, drills are now targeting a very important area of the deposit that hosts some of the thickest and highest grade sections based on the historical drilling and much of this area was not assayed for gold. Presently, there are approximately 60 additional drill holes between the core shack and the assay labs with results pending.”
Emerita is now expecting that the drill program will continue into early 2023. The remainder of the program will focus on the relatively shallow area with thick high grade intercepts that represented approximately 5 million tonnes in the historical resource estimate by Rio Tinto and target specific areas that need additional infill drilling to ensure a high level of confidence in the mineral resource estimate to be produced by the Company. At the appropriate point, likely in February 2023, the Company will lock in the program and complete the initial independent NI 43-101 mineral resource estimate. An independent qualified person (QP) has already been to site, reviewed the data base structure and QA/QC protocols. Given the time required for assays this is expected to be completed in early Q2 2023. The initial NI 43-101 compliant mineral resource estimate for La Infanta will be completed at the same time. It is expected that the La Romanera deposit will remain open at that time, and drilling is expected to continue to support an updated mineral resource estimate at some point in the future.
221207 Fig 1v2
Figure 1: Plan map showing the projection to surface of the historical La Romanera deposit in red, the outline of the surface projection based on Emerita’s drilling to date in blue and the projection of the conductive plate from the geophysical survey in yellow. The deposit remains open along strike and at depth. As illustrated on the longitudinal sections below, the extent of the massive sulphide deposits has been expanded, although as with the historic estimate, a portion of the massive sulphide is low grade and will fall below cut-off grades.
View Figure 1 here: globenewswire.com
The Company has received drill results for four additional drillholes from the ongoing drilling program on the La Romanera deposit. Holes LR035 and LR041 are located in the western part of the deposit about 200 m below surface. Hole LR034 is in the center of the known deposit about 150 m below surface and hole LR038 is located in the easter side of the deposit and about 350 m below surface (Figure 2). Drill hole data is reported in Table 1 below.
221107 Fig 2
Figure 2: Drill hole location map.
View Figure 2 here: globenewswire.com
Drill Hole LR034:
Drillhole LR034 hit massive sulphide mineralization 150 m vertically below surface corresponding to the Lower Lens. The intercept consists of 5.8 m grading 0.1 % Cu; 1.3 % Pb; 3.2 % Zn; 1.3 g/t Au and 51.4 g/t Ag including 2.8 m grading 0.1 % Cu; 2.3 % Pb; 5.9 % Zn; 2.5 g/t Au and 79.5 g/t Ag. Drillhole LR034 is the first of a series of planned drillholes in the upper part of the deposit, from surface to a depth of about 150 m. Historical drill holes in this part of the deposit demonstrated thicker mineralization and strong base metal grades relative to the average of the historical estimate by Rio Tinto.
Drill Hole LR035:
Drillhole LR035 intercepted mineralization 200 m vertically below surface and only the Lower Lens. From 186.4 m the drillhole encountered 21.1 m of massive sulphide, mostly pyrite grading 0.4 % Cu; 0.3 % Pb; 0.5 % Zn; 0.4 g/t Au and 14.0 g/t Ag (including 2.0 m grading 0.4 % Cu; 0.9 % Pb; 2.2 % Zn; 2.1 g/t Au and 27.5 g/t Ag). Although of low grade, the presence of massive sulphide in this part of the deposit is significant as it demonstrates continuity to the west (Figure 4).
Drill Hole LR038:
Drillhole LR038 intercepted massive sulphide mineralization in both the Upper and Lower Lenses. The intercepts are located about 350 m vertically below surface in the easternmost section of drillholes drilled so far and outside of the historical drilling footprint (Figure 3 and 4). The Upper Lens occurs from 340.6 m and is 19.7 m thick grading 0.2 % Cu; 1.7 % Pb; 10.9 % Zn; 0.6 g/t Au and 74.6 g/t Ag including 6.9 m grading 0.2 % Cu; 1.9 % Pb; 18.2 % Zn; 0.9 g/t Au and 68.3 g/t Ag. The Lower Lens was intercepted at 362.3 m down the hole and had 8.8 m grading 0.8 % Cu; 1.8 % Pb; 9.9 % Zn; 0.1 g/t Au and 66.4 g/t Ag including 3.2 m grading 1.8 % Cu; 1.4 % Pb; 9.9 % Zn; 0.1 g/t Au and 111.4 g/t Ag. There is 6 m of weakly mineralized rock between the two lenses. The Upper Lens in this drill hole is located approximately 150 meters to the west outside of the area of the historical data (Figure 3), marking a significant increase in the strike length of the Upper Lens to the west.
Drill Hole LR041:
Drillhole LR041 intercepted massive sulphide mineralization 200 m vertically below surface in the western part of the deposit, which has been interpreted as the Upper Lens (Figure 3). The hole encountered mineralization at 259.7 m down the hole intersecting 18.3m grading 0.3 % Cu; 1.6 % Pb; 4.6 % Zn; 1.7 g/t Au and 51.9 g/t Ag including 4.9 m grading 0.2 % Cu; 2.5 % Pb; 8.6 % Zn; 1.9 g/t Au and 64.0 g/t Ag.
221207 Fig 3
Figure 3: Vertical Longitudinal projection of the Upper Lens at the La Romanera Deposit. Note drill hole LR038 approximately 150 m west of the outline representing the limit of the historical drill hole data base.
View Figure 3 here: globenewswire.com
221207 Fig 4
Figure 4: Vertical Longitudinal projection of the Lower Lens at La Romanera Deposit. The blue ovals indicate the extensive area where historical drilling indicates thicker mineralization and higher grades relative to the averages for the deposit at that time. Much of this area had no gold assays. Emerita is commencing the delineation of this portion of the deposit presently.
View Figure 4 here: globenewswire.com
DDH
| Easting
| Northing
| Elevation
| azimuth
| dip
| depth
(m)
| FROM
| TO
| Width
(m)
| Cu_%
| Pb_%
| Zn_%
| Au_g/t
| Ag_g/t
| LENS
| LR034
| 646817
| 4172418
| 150
| 224
| -50
| 212.3
| 142.1
| 147.9
| 5.8
| 0.1
| 1.3
| 3.2
| 1.34
| 51.4
| LL
| incl.
|
|
|
|
|
|
| 145.1
| 147.9
| 2.8
| 0.1
| 2.3
| 5.9
| 2.51
| 79.5
| LL
| LR035
| 646414
| 4172539
| 142
| 204
| -65
| 231.7
| 186.4
| 207.4
| 21.1
| 0.4
| 0.3
| 0.5
| 0.41
| 14.0
| LL
| incl.
|
|
|
|
|
|
| 191.2
| 193.2
| 2.0
| 0.4
| 0.9
| 2.2
| 2.06
| 27.5
| LL
| LR041
| 646593
| 4172590
| 148
| 216
| -45
| 320.9
| 259.7
| 278.0
| 18.3
| 0.3
| 1.6
| 4.6
| 1.70
| 51.9
| UL
| incl.
|
|
|
|
|
|
| 270.1
| 275.0
| 4.9
| 0.2
| 2.5
| 8.6
| 1.86
| 64.0
| UL
| LR038
| 646845
| 4172507
| 154
| 182
| -70
| 397.0
| 340.6
| 360.3
| 19.7
| 0.2
| 1.7
| 10.9
| 0.58
| 74.6
| UL
| incl.
|
|
|
|
|
|
| 349.4
| 356.3
| 6.9
| 0.2
| 1.9
| 18.2
| 0.88
| 68.3
| UL
| LR038
|
|
|
|
|
|
| 362.3
| 371.2
| 8.8
| 0.8
| 1.8
| 9.9
| 0.10
| 66.4
| LL
| incl.
|
|
|
|
|
|
| 367.3
| 370.5
| 3.2
| 1.8
| 1.4
| 9.9
| 0.10
| 111.4
| LL
|
Table 1: Drill hole data.
Quality Assurance/Quality Control
Drilling at La Romanera is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita’s coreshack (15KM) from La Romanera and (8KM) from La Infanta. Once the cores are received at Emerita's coreshack they are photographed and geotechnical logging is performed. Geological, mineralogical and structural logging follows and mineralized zones are identified. The samples are marked every 1m or less, and respecting lithological contacts, with most of the samples 1.0m long. The zone immediately above and below the mineralized zones are also sampled. Core samples are sawed in half and half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and tagged, they are shipped to the ALS laboratory in Seville by Emerita personnel where sample preparation is done. In Seville, ALS performs the mechanical preparation of the samples and then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (Gold). ALS is independent of Emerita.
10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC protocol identifies any deviation or anomaly in the results and the entire batch is re-assayed in such case. Once the data is approved by the QA/QC protocol assays are entered digitally directly into the database.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
A qualified person, as defined in National Instrument 43-101, has not done sufficient work on behalf of Emerita to classify the historical estimate reported above as current mineral resources or mineral reserves and Emerita is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimate should not be relied upon.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information contact:
Joaquin Merino
+34 (628) 1754 66 (Spain)
Vincent Chen
+1 778 990 9433 (Toronto)
info@emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization of the IBW Project; the Company’s drill program; the timing of assay results; the prospectivity of the Project; the timing and ability of the Company to produce an NI 43-101 compliant mineral resource estimate and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Photos accompanying this announcement are available at
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| To: LoneClone who wrote (168963) | 12/7/2022 3:07:36 PM | | From: LoneClone | | | | FREEGOLD INTERSECTS 1.43 G/T AU OVER 317.8 METRES INCLUDING 3.69 G/T AU OVER 45M
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Freegold Ventures Limited Dec 07, 2022, 08:51 ET
as well as numerous high-grade intercepts including:
47.6 G/T AU OVER 1.8M 27.8 G/T AU OVER 1.3M20.2 G/T AU OVER 3.0 M
VANCOUVER, BC, Dec. 7, 2022 /CNW/ - Freegold Ventures Limited (Freegold) (TSX: FVL) (OTCQX: FGOVF) is pleased to report results from an additional seven holes (5,997.7m) from its drill program designed to expand, upgrade and increase the overall resource grade at the Golden Summit Project ("Golden Summit" or the "Project") through systematic drilling. Results continue to demonstrate a robust mineralized system at Golden Summit.
Drilling is complete for the 2022 season. A total of 44 holes (35,520.5 metres) were drilled; the 2020 – 2022 drill program (83,826 metres) targeted higher-grade mineralization and the surrounding moderate to lower-grade gold that forms broad zones. Results continue to successfully delineate broader zones of higher-grade mineralization below the depths of the proposed pit outlined in the 2016 pit-constrained resource. Additional assays are expected to be reported in the coming weeks. A significant number of results from the expanded 2022 program are expected to be included in an updated mineral resource estimate in early 2023.
Drilling and historical shallow underground mining have extended gold mineralization over 1.5 km along strike to depths of over 1,000 metres. Mineralization in the Dolphin/Cleary is hosted within a broad structural corridor of gold mineralization comprised of the Dolphin stock, a multiphase intrusive complex, and metasedimentary rocks comprised of various schists within which are discrete high-grade veins, veinlets, and areas of vein stockwork which effectively form a vein swarm. The main Cleary Hill Vein swarm (CVS) mineralization dips to the south. It plunges southwest towards the Dolphin intrusive, with the mineralization increasing in intensity closer to the Dolphin intrusive and especially along the contact margins.
Zone
| Hole
Number
| Depth (m)
| Dip
| Azimuth
| From (m)
| To (m)
| Interval
(m)
| Au g/t
| Dolphin
| GS2225
| 679.8
| -70
| 360
| 56.5
| 64.3
| 7.8
| 7.0
|
|
| including
|
|
| 60.7
| 62
| 1.3
| 27.8
|
|
|
|
|
| 161
| 164
| 3
| 11.85
|
|
|
|
|
| 259
| 576.8
| 317.8
| 1.43
|
|
| including
|
|
| 428
| 473
| 45
| 3.69
|
|
| including
|
|
| 470
| 473
| 3
| 25.1
|
|
|
|
|
| 552.1
| 576.8
| 24.7
| 4.17
|
|
| including
|
|
| 567.6
| 569.9
| 2.3
| 28.9
|
Zone
| Hole
Number
| Depth (m)
| Dip
| Azimuth
| From (m)
| To (m)
| Interval (m)
| Au g/t
|
| GS2217
| 1167.6
| -70
| 360
| 477.6
| 822
| 344.4
| 1.03
|
| including
|
|
|
| 477.6
| 593.4
| 115.8
| 0.99
|
| including
|
|
|
| 718.4
| 720.2
| 1.8
| 47.6
|
| including
|
|
|
| 712.3
| 769.5
| 57.2
| 2.63
|
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
|
GS2225 was drilled to the north and lies within the projected higher-grade CVS. The results again demonstrate the potential for substantial tonnage of higher-grade material.
GS2217, part of a series of large step-out holes to the south, was collared approximately 130 metres southeast of GS2143. GS2217 was one of the deepest holes (1167.6m) drilled.
CLEARY
Drilled in a north-south fence line, GS2214, GS2160, GS2162, and GS2164 were aimed at testing the downdip extent of the CVS. Drilled to the north, holes GS2160 – GS2164, were a series of progressively deeper holes aimed at confirming the plunge of the mineralization to the southwest. Hole GS2162 was the southernmost hole drilled in this fence. It intersected Dolphin style intrusive at depth, the first time a significant intrusive presence has been noted on the Cleary side further substantiating Freegold's interpretation that the Dolphin intrusive may underlie Cleary at depth.
Zone
| Hole
Number
| Depth (m)
| Dip
| Azimuth
| From (m)
| To (m)
| Interval (m)
| Au g/t
| Cleary
|
|
|
|
|
|
|
|
|
| GS2218
| 867.2
| -70
| 360
| 239
| 502.3
| 263.3
| 0.86
|
| including
|
|
|
| 239
| 242
| 3
| 20.2
|
| including
|
|
|
| 357.7
| 390.4
| 32.7
| 2.51
|
| including
|
|
|
| 376.9
| 379.4
| 2.5
| 13.75
|
|
|
|
|
|
|
|
|
|
| GS2214
| 832.5
| -70
| 360
| 61.8
| 65.9
| 4.1
| 4.52
|
|
|
|
|
| 91.5
| 482
| 390.5
| 0.8
|
| including
|
|
|
| 91.5
| 206.3
| 114.8
| 1.2
|
| including
|
|
|
| 122.8
| 166.2
| 43.4
| 2.16
|
| including
|
|
|
| 347.3
| 348
| 0.7
| 15.55
|
|
|
|
|
| 460.7
| 482
| 21.3
| 2.54
|
|
|
|
|
|
|
|
|
|
| GS2160
| 637.5
| -70
| 360
| 170.4
| 171.8
| 1.4
| 10.7
|
|
|
|
|
| 239.4
| 274.5
| 35.1
| 0.9
|
|
|
|
|
| 415.5
| 454.5
| 39
| 0.92
|
|
|
|
|
| 532.5
| 549.8
| 17.3
| 1.21
|
|
|
|
|
|
|
|
|
|
| GS2164
| 782
| -70
| 360
| 284.4
| 320.5
| 36.1
| 0.99
|
|
|
|
|
| 383.5
| 671.5
| 288
| 0.73
|
| including
|
|
|
| 392.5
| 395.5
| 3
| 10.95
|
| including
|
|
|
| 591.8
| 615.6
| 23.8
| 1.58
|
| including
|
|
|
| 591.8
| 652.5
| 60.7
| 1.02
|
Zone
| Hole
Number
| Depth (m)
| Dip
| Azimuth
| From (m)
| To (m)
| Interval
(m)
| Au g/t
| Cleary
| GS2162
| 1030.1
| -70
| 360
| 283.4
| 1030.1
| 746.7
| 0.54
|
| including
|
|
|
| 283.4
| 412.7
| 129.3
| 0.9
|
| including
|
|
|
| 377.7
| 412.7
| 35
| 2.45
|
| including
|
|
|
| 403.4
| 406.5
| 3.1
| 11
|
| including
|
|
|
| 689
| 756.5
| 67.5
| 0.92
|
| including
|
|
|
| 792.9
| 866
| 73.1
| 0.66
|
| including
|
|
|
| 920
| 1025.6
| 105.6
| 0.68
|
The width refers to drill hole intercepts; true width cannot be determined due to the uncertain geometry of mineralization.
|
Exploration remains ongoing and focused on developing additional targets and target areas for the 2023 drill program. One of the newly targeted areas is the Saddle Zone.
The Saddle Zone lies 4km east of the Dolphin/Cleary Zone and is comprised of a series of narrow veins that correlate well with strong gold in soil geochemistry. Like the Cleary Hill Zone, the Saddle also hosts a historic high-grade gold producer, the American Eagle (60,000 ounces at 1.6 oz/t Au).
Several lines of CSAMT (controlled source audio magnetotellurics) were completed aimed at outlining broader silicified zones surrounding these narrow veins to delineate additional high-priority targets as part of an ongoing effort to systematically explore this highly prospective property which hosts over 80 documented gold occurrences. Gold mineralization at Cleary/Dolphin is hosted within high-grade quartz veins and silicified zones within a broader lower-grade envelope of quartz stockwork mineralization. Preliminary 3d modeling has defined large high-resistivity features proximal to known vein occurrences. Given the proximity of these features to the historic veins and the strong gold in soil geochemical anomalies Freegold is highly encouraged by the results as it plans the 2023 drill program.
Targeting work continues in the Dolphin/Cleary Zone, where an initial test NSAMT (natural source audio magnetotellurics) survey was undertaken over the core of the deposit. Preliminary 3D results complement the known geology very well. Given the success of this exercise, additional lines have been added to expand the survey outside of the known mineralization to generate other targets for the 2023 program. The deposit remains open to the west/southwest, where Freegold outlined a strong gold in soil geochemical anomaly, which has not yet been drill tested. Further southwest lies the historic Newsboy Mine, which produced 40,000 ounces at an average grade of 1oz/t.
To the north of the central Dolphin Cleary Zone, 527 soil samples were collected over a broadly spaced grid. This sampling is the first program undertaken in that area since Freegold acquired the property early in 2022. Assays are pending.
Links to Drill Plan Map & Cross Section – 479600E & 479550E
c212.net
c212.net
c212.net
The highway-accessible Golden Summit project is located approximately 32 km northeast of Fairbanks, Alaska, and was the subject of an intensive drill campaign between January 2011 and August 2013 in which 36,159 metres were drilled. Three resource updates were completed each in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). In January 2016, a preliminary economic assessment ("2016 PEA") prepared in accordance with NI 43-101 was produced for the Company by Tetra Tech. Limited drilling was conducted between 2013 – 2020 (1,890 metres – shallow oxide drilling). Since 2020 over 83,826 metres meters have been drilled which represents the most focused exploration effort ever undertaken on the Golden Summit project.
The terms "mineral resources," "indicated mineral resources," "inferred mineral resources," and "mineral reserves" are defined per NI 43-101. Though indicated mineral resources have been estimated for the Project, the 2016 PEA includes inferred mineral resources that are too speculative for use in defining mineral reserves. Standalone economics have not been undertaken for the measured and indicated resources, and as such, no reserves have been estimated for the Project. Please note that the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would allow them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the price of mineral market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.
Drill cores were cut in half using a diamond saw, with one-half placed in sealed bags for preparation and subsequent geochemical analysis by ALS Chemex. All assays were performed by ALS Global Ltd., with sample preparation carried out at the ALS facility in Fairbanks, Alaska, with subsequent studies conducted primarily using its Vancouver and Reno laboratories. A sample quality control/quality assurance program was implemented.
Core samples were prepared using the PREP-31BY package in ALS's Fairbanks facility. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-AES (method code ME-ICP61). Fire Assay analyzes all samples with an AAS finish, method code Au-AA23 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, Au-GRAV21. Additional Au screening is performed using ALS's Au-SCR24 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, as well as an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Analytical and assay procedures are conducted in ALS's North Vancouver and Reno facilities. Core Samples submitted to the Bureau Veritas (BV) facility in Fairbanks were prepped using the PRP80-1Kg. Each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 1kg is taken and pulverized to better than 85 % passing a 75-micron (Tyler 200 mesh, US Std. No. 200) screen; a portion of this pulverized split is digested by Four Acid and analyzed via ICP-ES (method code MA200). Fire Assay analyzes all samples with an AAS finish, method code FA-430 (30g sample size) and over 10 g/t are automatically assayed using a FA Grav method, FA530. Additional Au screening is performed using BV's FA632 method; select samples are dry-screened to 100 microns. A duplicate 50g fire assay is conducted on the little fraction, as well as an assay on the entire oversize fraction. Total Au content, individual assays, and weight fractions are reported. Crushing was conducted at BV's Fairbanks facility, with subsequent analysis conducted by its Vancouver, Reno and/or Hermosillo facilities. A QA/QC program included laboratory and field standards inserted every ten samples. Blanks are inserted at the start of the submittal, and at least one blank every 25 standards, with additional blanks inserted following samples of visible gold.
Freegold has a full-service camp at Golden Summit with COVID-19 protocols in place.
The Qualified Person for this release is Alvin Jackson, PGeo – Vice President of Exploration and Development for Freegold.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska and holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021, filed under Freegold's profile at www.sedar.com, for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020, the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While there has been a reduction in these effects in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions, cannot be reasonably estimated at this time. The risks to Freegold of such public health crises also include risks to employee health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
 For further information: Kristina Walcott, President and CEO, Telephone: 1.604.662.7307, jkw@freegoldventures.com
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| To: LoneClone who wrote (168964) | 12/7/2022 3:09:22 PM | | From: LoneClone | | | | SILVER MOUNTAIN REPORTS NEW UNDERGROUND CHANNEL SAMPLING RESULTS FROM ITS RELIQUIAS MINE
newswire.ca
Silver Mountain Resources Inc. Dec 07, 2022, 07:00 ET
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN OR INTO THE UNITED STATES/
Highlights:
2.87m @ 476 g/t Ag, 15.34 g/t Au, 5.71% Pb, 6.21% Zn, and 0.24% Cu1.94m @ 544 g/t Ag, 1.62 g/t Au, 12.83% Pb, 18.26% Zn, and 1.62% Cu1.16m @ 157 g/t Ag, 8.16 g/t Au, 7.67% Pb, 12.79% Zn, and 1.20% Cu
TORONTO, Dec. 7, 2022 /CNW/ - Silver Mountain Resources Inc. (TSXV: AGMR) (OTCQB: AGMRF) (BVL: AGMR) ("Silver Mountain", "AGMR" or the "Company") is pleased to announce new results from underground channel sampling at the Reliquias silver mine in Huancavelica, central Peru. To complement the drill campaign and to facilitate the conversion of additional historic resources into a National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant mineral resource, an extensive underground mapping and sampling program is in progress at Reliquias. Several existing drifts, sublevels, and raises were mapped and systematically sampled in channels cut across the exposed veins.
Figure1: Oblique three-dimensional view of the 390 m – level, Matacaballo Vein, and the two sublevels 735-1 and 735-2 developed above. The location of channel samples collected across the back of the drifts are indicated in green. Surveying of underground workings was carried out utilizing a drone-based LIDAR system (3D laser scanning). Inset map shows location of detailed view within the Reliquias mine. (CNW Group/Silver Mountain Resources Inc.)
Table 1: Weighted assay results from systematic channel sampling in Sublevel 735-1 along the Matacaballo Vein, calculated for each of the zones displayed in Fig.1. To calculate the average gold value for Zone 1, a cap of 30 g/t Au was used. (CNW Group/Silver Mountain Resources Inc.)
Figure 2: Plan view of sublevel 735-1 at the Reliquias silver mine, showing the location of systematic channel sampling along the Matacaballo vein. Individual channel samples are shown within three contiguous zones, colour-coded according to Ag values. Length, average thickness, and metal grades of each zone are provided in the table displayed in the upper part of the map. The mapped vein structure is shown in light red. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed. (CNW Group/Silver Mountain Resources Inc.)
Figure 3: Plan view of sublevel 735-1 at the Reliquias silver mine, showing the location of systematic channel sampling along the Matacaballo vein. Individual channel samples are shown within three contiguous zones, colour-coded according to Au values. A high-grade sample containing 98.5 g/t gold in channel CHN1 is highlighted by an arrow. Length, average thickness, and metal grades of each zone are provided in the table displayed in the upper part of the map. The mapped vein structure is shown in light red. In the inset map, underground workings, main mineralized veins, and drill hole traces from the ongoing drill program are displayed. (CNW Group/Silver Mountain Resources Inc.)
Table 2: Assay results of systematic channel sampling, Sublevel 735-1, 390m level, Matacaballo Vein, Reliquias mine. Channels cut along sublevel 735-1 are numbered CHN 1-29, while three channels across vein splays (prepared in access drifts outside the main sublevel) are labelled RCR 1-3. (CNW Group/Silver Mountain Resources Inc.)
Assays have been received for 263 rock channel samples taken from three zones along Sublevel 735-1, part of the 390 m level of the Matacaballo structure (Fig.1 to 3). This zone of well-developed mineralization in the Matacaballo Vein is exposed over 112 m along sublevel 735-1. The unmined stopes of this drift are located above the main 390 m level and have already been developed for mining (Fig.1). The extensions of the Matacaballo vein to the west and east at the same depth were exploited in the past, which indicates that well-developed mineralization was present along strike as well.
Samples were taken using an electric percussion hammer to produce a channel perpendicular across the veins and mineralized structures. By cutting a continuous channel approximately 3-5 cm deep by 10 cm wide, the channel samples are essentially equal to a drill core in their significance for future resource estimation. Where the structure is exposed along the back of the drift, channels were cut across the vein systematically every 4 m. Channel lengths range between 0.87 m and 2.88 m.
The underground sampling results from this part of the Matacaballo Vein confirm the continuity of well-developed polymetallic mineralization within the structure, with significant concentrations of silver (Ag), lead (Pb), zinc (Zn), and copper (Cu). To highlight the continuity of this vein system, the grades and widths of channels were averaged over each of the three zones shown in Fig. 2 and 3. Weighted gold grades over sample channels – on average 2.49 g/t Au in zone 1– were higher than expected, ranging between 0.07 g/t and 15.34 g/t (data uncapped). A total of 26 individual rock channel samples returned over 1 g/t Au, with a maximum value of 98.5 g/t Au. When applying a cap of 30 g/t Au to the sample results to avoid overestimation of the gold content, the average gold grade for zone 1 still reaches 1.76 g/t Au (Tab.1).
Alfredo Bazo, President and CEO, commented: "The underground sample results from sublevel 735-1 provide verification of the continuity of high-grade Ag-Pb-Zn-Cu mineralization in the Matacaballo Vein. We are strongly encouraged by the encountered gold grades, which most likely will positively impact the results of our future resource estimate. Since this sublevel of the Matacaballo structure is already developed for extraction, it will certainly be considered for the mine start-up in late 2023."
The Matacaballo structure exhibits brecciation, irregular banding and crustiform textures typical of intermediate sulphidation veins. Sulphide minerals are present as semi-massive pods, fine veinlets, or in disseminated form, within a matrix composed of several generations of quartz, with minor rhodochrosite. Galena, sphalerite, silver sulpho-salts, chalcopyrite, and minor pyrite were encountered. In the hanging as well as the foot wall, the central Matacaballo vein is accompanied by 20 to 50 cm wide splays, which show brecciation and contain sulphides as matrix or in cockade textures around argillized wall rock clasts.
The following table provides more detail regarding the channel sample results from sublevel 735-1 of the Matacaballo Vein structure.
On Behalf of the Board of Directors of Silver Mountain Resources Inc.
Alfredo Bazo, Chief Executive Officer and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Antonio Cruz, an independent consultant of the Company and a Qualified Person within the meaning of NI 43-101.
About Silver Mountain
Silver Mountain Resources Inc. is a silver explorer and mine developer planning to restart production at the Reliquias underground mine and undertake exploration activities at its prospective silver camps at the Castrovirreyna Project in Huancavelica, Peru.
For additional information in respect of the Castrovirreyna Project, please refer to the Company's technical report, titled National Instrument 43-101 Technical Report—Castrovirreyna Project, Peru, dated October 6, 2021, amended November 18, 2021, effective date August 17, 2021, available at c212.net.
Silver Mountain's subsidiary Sociedad Minera Reliquias S.A.C. owns 100% of its concessions and holds more than 27,000 hectares in the district of Castrovirreyna, Huancavelica, Peru.
Sampling, QA/QC and Analytical Procedures
Silver Mountain follows systematic and rigorous sampling and analytical protocols which meet industry standards. These protocols are summarized below.
All channel samples were collected with an electric percussion hammer and do not exceed 1.0 m in length. Channels are broken at obvious geologic boundaries to correctly separate rock types and mineralization styles. The sample bags were sealed with a plastic zip tie and identified with a unique sample number, pending shipment to a certified laboratory sample preparation facility. Samples are sent by batch to the ALS laboratory in Lima for assaying. Silver Mountain independently inserts certified control standards (purchased from OREAS and Target Rocks), fine and coarse blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted "blindly" to the laboratory in the sample sequence prior to departure from the storage facilities. At the laboratory samples are dried, crushed, and pulverized and then analyzed using a fire assay-AA finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for the main elements of interest (Ag, Zn, Pb, Cu, Au) are re-analyzed using precise ore-grade ICP analytical techniques, while high gold values are re-analyzed by fire assay with a gravimetric finish.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to Silver Mountain's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Silver Mountain's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors set forth under "Forward-Looking Statements" and "Risk Factors" in the Company's final prospectus dated January 26, 2022, and other disclosure documents available on the Company's profile at www.sedar.com. Silver Mountain undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Silver Mountain to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
SOURCE Silver Mountain Resources Inc.
 For further information: Alfredo Bazo, President, CEO & Director, abazo@agmr.ca; Jean Pierre Fort, Chief Financial Officer, jpfort@agmr.ca; Silver Mountain Resources Inc, 82 Richmond Street East, Toronto, ON M5C 1P1, +647-2624017, info@agmr.ca , www.agmr.ca
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| To: LoneClone who wrote (168965) | 12/7/2022 3:11:25 PM | | From: LoneClone | | | | ANACORTES PROVIDES AN UPDATE REGARDING ITS STRATEGIC REVIEW PROCESS
anacortesmining.com
VANCOUVER, BC, December 1, 2022 – Anacortes Mining Corp. (“Anacortes” or the “Company”) (TSXV:XYZ, OTCQX:XYZFF) is pleased to provide an update on its recent efforts to build shareholder value through an on-going strategic review process.
The Board of Directors and Management of Anacortes regularly review the Company’s overall corporate strategy and long-term strategic initiatives with a view of strengthening its business and identifying opportunities to maximize shareholder value. As part of this process, the Anacortes Board and Management continuously review the relative strategic benefits of (i) continuing as a single-asset company or (ii) corporate transactions that could involve acquisitions of complementary assets or the sale of the Company to logical suitors. Due to considerable inbound interest regarding a possible corporate transaction, the Company decided to undertake a strategic review process to evaluate the landscape of potential transaction opportunities.
As a consequence, Anacortes has been engaged in meaningful discussions with a certain party (the “Counterparty”) over the past five months regarding a possible transaction that could provide several strategic benefits to Anacortes, including a logical fit of quality assets, near-term production and cash flow generation, and a stronger financial position to fund the development of Anacortes’ Tres Cruces Project.
A non-binding letter of intent (the “LOI”) was executed with the Counterparty, which included a commitment for Anacortes to deal exclusively with the Counterparty. Given the compelling terms of the LOI, the Anacortes Board and Management agreed to enter into exclusive negotiations for a limited period of time. Since signing the LOI, both parties have conducted extensive technical, financial, legal, and tax due diligence, and negotiated a definitive agreement.
In an effort to conserve cash while discussions regarding this potential transaction were advanced, the Company temporarily suspended drilling operations at Tres Cruces.
Execution of the definitive agreement and closing of the transaction, as contemplated in the LOI, is conditional upon the resulting issuer securing the necessary working capital to advance its assets upon closing. The Counterparty continues to work diligently with various capital providers to obtain a favourable financing commitment.
Anacortes remains interested in the proposed transaction with the Counterparty and discussions between the parties are ongoing. However, given the length of engagement with the Counterparty, the Company has decided to let the exclusivity period lapse in order to investigate other alternatives that also have the potential to provide Anacortes shareholders with meaningful value-generating opportunities.
Anacortes looks forward to providing its shareholders with ongoing updates as its strategic review process is advanced. In the meantime, drilling operations at Tres Cruces will continue to be suspended, although certain metallurgical test work and environmental baseline studies will continue as part of a planned feasibility study on the highly prospective gold oxide project at Tres Cruces.
About Anacortes
Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Tres Cruces is one of the highest-grade undeveloped gold oxide deposits globally and hosts oxide plus sulphide indicated resources of 2,474,000 oz at 1.65 g/t gold, inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold and inferred resources of 104,000 oz at 1.26 g/t gold. The PEA on the leachable resource at Tres Cruces released earlier in 2022 indicates a robust open-pit, heap leach project. Anacortes intends to advance the Tres Cruces Oxide Project through feasibility, permitting and to production while continuing to seek further growth opportunities in the Americas, with the goal of creating a mid-tier multi-asset gold producer.
Cautionary Statement on Forward-Looking Information
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward–looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.
The Forward-looking Statements in this news release include the Company’s view of the synergies of a transaction with the Counterparty, the potential for the resulting issuer to secure the necessary working capital, the Company’s intent to provide ongoing updates, and, finally, the Company’s intent to advance Tres Cruces through feasibility, permitting and to production while continuing to seek further growth opportunities in the Americas with the goal of creating a mid-tier multi-asset gold producer. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “anticipated”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of the Company to control or predict and which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. These risks include changes in general economic conditions and financial markets; political risks; risks relating to the current and potential adverse impacts of the COVID-19 pandemic on the economy, financial markets and the Company’s operations; and risks inherent in mineral exploration and development. Although Forward-looking Statements contained in this news release are based upon what each of the parties believe are reasonable assumptions at the time they were made, such statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place undue reliance on Forward-looking Statements.
The TSXV has in no way approved or disapproved of the contents of this press release.
Qualified Person
The technical content of this news release has been reviewed and validated by James (“Jim”) Currie, P. Eng., a qualified person as that term is defined in National Instrument 43-101. Mr. Currie is the President and CEO of Anacortes Mining Corp.
For more information visit: www.anacortesmining.com
Twitter: @anacortesmining
LinkedIn: Anacortes Mining
On Behalf of the Board James A. (Jim) Currie
President & CEO
Investor Relations Contact Kin Communications Inc.
604-684-6730
XYZ@kincommunications.com
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| To: LoneClone who wrote (168966) | 12/7/2022 3:13:20 PM | | From: LoneClone | | | | DLP Resources Intersects 214m of 0.43% CuEq* (0.35% Cu, 113.88ppm Mo and 3.95g/t Ag) on the Aurora Project in Southern Peru
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Cranbrook, British Columbia--(Newsfile Corp. - December 5, 2022) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) ("DLP" or the "Company") announces receipt of complete drill results for the first two holes, A22-001 and A22-002 on the Aurora porphyry copper-molybdenum project in southern Peru (Figure 1). In addition, hole A22-003 was completed to a depth of 702.30m on November 30.
Results for the initial 179.2m of Hole A22-001 were released on September 29, 2022 (see DLP Resources Inc. news release of September 29, 2022).
Highlights
In addition to the 123.35m (22.45m to 145.80m) of 0.54% CuEq* (0.49% Cu, 36.49ppm Mo and 4.20ppm Ag) intersected in A22-001 an additional 215.10m of 0.33% CuEq* (0.24% Cu, 167.96ppm Mo and 3.47g/t Ag), was intersected from 179.2m to 388m. The complete set of results for A22-001 are summarized in Table 1 below.
Hole A22-002 returned 214.40m (209m to 422.4m) with 0.43% CuEq* (0.35% Cu, 113.88ppm Mo and 3.95g/t Ag). Within this interval a higher-grade intersection of 52m (244m to 296m) returned 0.61% CuEq* (0.52% Cu, 130.55ppm Mo and 4.53g/t Ag). The complete set of results for A22-002 are summarized in Table 3 below.
Results from these first two holes on the Aurora project have confirmed this is a copper-molybdenum rich porphyry system with copper equivalent grades between 0.33% and 0.91% Cu (Table 1).
Hole A22-003 ended at 702.30m with visually encouraging copper and molybdenum mineralization observed throughout the hole. Samples are in the laboratory for assaying and results are expected at the end of December. Secondary enrichment of copper (chalcocite and covellite) is logged from 112m to 271m with molybdenite-rich veins throughout the lower 300m in quartz feldspar porphyry (see Figure 5).
Mr. Gendall President and CEO commented: "With geological information and results received for two of the three holes drilled to date we are extremely encouraged with the continued definition of the Aurora porphyry copper-molybdenum-silver system. This is a multiphase porphyry with higher grade copper mineralization observed in some narrow, earlier porphyry dykes at higher elevations. We will continue to target the higher-grade porphyry phases at depth".
Aurora Cu-Mo Project - Summary of Drill Results for A22-001 and A22-002
A22-001
Hole A22-001 was drilled to the NE of the mapped porphyry and hornfels contact at an angle of 70 degrees towards an azimuth of 170 degrees (Table 2, Figures 2, 3 and 4). The logged geology is summarized as follows:
Partially leached polymictic breccia from 0.50m to 22.45m.Mixed limonitic zone of partially leached sulphides consisting mainly of chalcopyrite and pyrite with copper oxides and secondary covellite and chalcocite on fractures in a polymictic breccia with occasional quartz-eye-feldspar porphyry down to 61.60m.Mixed limonitic zone of partially leached sulphides (chalcopyrite and pyrite) in silicified siltstone, hornfels and brecciated hornfels with secondary covellite and chalcocite on sulphides and fractures down to 124.30m. Narrow 1-4m thick porphyry rock units cross-cut hornfels.Quartz-eye-feldspar porphyry from 124.30m to 135.33m with limonite after chalcopyrite and pyrite and chalcocite and native copper at base of oxidation zone around 128.80m.Silicified siltstone and hornfels with occasional porphyry intervals from 128.80m down to 172.90m with chalcopyrite and pyrite and secondary copper sulphides along fractures. A fault zone extends from approximately 145.80m to 172.90m.Quartz-sericite altered hornfels, intrusive breccias and quartz-eye feldspar porphyry dykes of 4-7m wide in the upper 27m of the interval from 172.90m to 388.00m. Mineralization included disseminated chalcopyrite, molybdenite, pyrite and pyrrhotite.
Table 1. Summary of Initial Drill Results for Diamond Drill Hole A22-001. All grades are length-weighted averages of samples within the interval reported.
| Hole | From | To | Interval1 | Description | Cu (total) | Mo | Ag | Cueq* | | ID | m | m | m |
| % | ppm | ppm | % | | A22-001 | 0.50 | 22.45 | 21.95 | Partially Leached | 0.12 | 51.23 | 2.98 | 0.17 |
| 22.45 | 388.00 | 365.55 | Oxidized/Mixed/Primary | 0.33 | 114.16 | 3.64 | 0.41 | | Includes | 22.45 | 145.80 | 123.35 | Oxidized/Mixed | 0.49 | 36.49 | 4.20 | 0.54 | | Includes | 100.35 | 145.80 | 45.45 | Enriched | 0.64 | 17.41 | 3.40 | 0.68 | | Includes | 100.35 | 124.30 | 23.95 | Enriched | 0.87 | 23.70 | 3.43 | 0.91 | | Includes | 108.65 | 124.30 | 15.65
| Enriched | 1.09 | 32.75 | 3.00 | 1.10 |
| 145.80 | 172.90 | 21.10 | #Fault zone/Mixed | 0.23 | 68.79 | 1.16 | 0.27 |
| 172.90 | 388.00 | 215.10 | Primary | 0.24 | 167.96 | 3.47 | 0.33 | | Includes | 298.85 | 326.00 | 27.15 | Primary | 0.48 | 31.15 | 7.01 | 0.56 | | Includes | 366.00 | 388.00 | 22.00 | Primary - Mo rich | 0.21 | 573.45 | 1.43 | 0.42 |
Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% for the first 145.80m and from 172.90m to 388m as the project is at an early stage of exploration and there is insufficient metallurgical data for estimation of metal recoveries.
# From 145.80m to 172.90m core recovery is estimated to be 78% of interval due to the fault zone and is "incomplete" and "not representative" of metal grades reported. Cueq value for this interval is "not representative".
*Copper-equivalence is calculated as: CuEq (%) = Cu (%) + [3.55 × Mo (%)] + [0.0095 × Ag (g/t)], utilizing metal prices of Cu - US$3.34/lb, Mo - US$11.86/lb and Ag - US$21.87/oz.
1 Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Assay values are uncut.
Table 2: A22-001 Diamond drill hole location, depth, orientation and dip.
| Hole | Easting | Northing | Elevation | Length | Azimuth | Dip | | ID |
|
| m | m | Degrees | Degrees | | A22-001 | 190,082 | 8,566,230 | 2801 | 388 | 170 | 70 |
Co-ordinates are in WGS84 Zone 19S
A22-002
Hole A22-002 was drilled to the NE of the mapped porphyry and hornfels contact at an angle of 60 degrees towards an azimuth of 235 degrees (Table 4, Figures 2, 3 and 4). The logged geology is summarized as follows:
Leached hornfels, intermineral porphyry dyke and intrusive breccia from 0.10m to 89.40m. Quartz-sericite with intermediate argillic alteration predominates with limonite throughout. Limonite occurs throughout with trace sulphides of pyrite and chalcopyrite.Partially leached zone within hornfels and intrusive breccias occur from 89.40m to 208.00m Mixed limonitic zone of partially leached sulphides consisting mainly of chalcopyrite and pyrite with secondary covellite and chalcocite on fractures in intrusive breccia. Molybdenite veinlets up to 2cm in width are scattered throughout. Sericite and intermediate argillic alteration predominate with limonite.From 208.00m to 422.40 is a mixed zone of partially leached sulphides (chalcopyrite and pyrite) in quartz-sericite and intermediate argillic altered hornfels, intrusive breccias and quartz-eye feldspar porphyries with secondary covellite and chalcocite on sulphides and fractures from 208.00m to 251.3. Enriched copper zone.Quartz-sericite with overprint of intermediate argillic alteration of hornfels, intrusive breccias and quartz-eye feldspar porphyry dykes of 4-20m wide occur throughout this interval from 251.3m to 422.40m. Mineralization included disseminated chalcopyrite, molybdenite, pyrite and pyrrhotite. Quartz veinlets occur throughout.A late, poor mineralized quartz-eye feldspar porphyry and intermineral porphyry occur from 422.40m to 479.00m. Quartz-sericite alteration predominates with intermediate argillic overprint. Mineralization includes pyrite, chalcopyrite, molybdenite disseminated and in quartz veins in the intermineral quartz-eye feldspar porphyry.In the last 82.60m of the hole from 479.00m to 561,60m a quartz-eye feldspar porphyry (intermineral) with abundant Mo veinlets is logged.
Table 3. Summary of Initial Drill Results for Diamond Drill Hole A22-002. All grades are length-weighted averages of samples within the interval reported.
| Hole | From | To | Interval1 | Description | Cu (total) | Mo | Ag | Cueq* | | ID | m | m | m |
| % | ppm | ppm | % | | A22-002 | 0.10 | 89.40 | 89.30 | Leached | 0.04 | 48.38 | 0.55 | 0.06 |
| 89.40 | 208.00 | 118.60 | Partially Leached | 0.22 | 67.24 | 2.53 | 0.26 |
| 208.00 | 422.40 | 214.40 | Oxidized/Mixed/Primary | 0.35 | 113.88 | 3.95 | 0.43 | | Includes | 244.00 | 296.00 | 52.00 | Primary | 0.52 | 130.55 | 4.53 | 0.61 |
| 422.40 | 479.00 | 56.60 | Primary (Late Porphyry) | 0.09 | 72.09 | 1.29 | 0.13 |
| 479.00 | 561.60 | 82.60 | Primary - Mo rich | 0.19 | 349.49 | 1.34 | 0.33 |
Note: *Copper equivalent grades (CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% for the 561.60m as the project is at an early stage of exploration and there is insufficient metallurgical data for estimation of metal recoveries.
*Copper-equivalence is calculated as: CuEq (%) = Cu (%) + [3.55 × Mo (%)] + [0.0095 × Ag (g/t)], utilizing metal prices of Cu - US$3.34/lb, Mo - US$11.86/lb and Ag - US$21.87/oz.
1 Intervals are downhole drilled core lengths. Drilling data to date is insufficient to determine true width of mineralization. Assay values are uncut.
Table 4: A22-002 Diamond drill hole location, depth, orientation and dip.
| Hole | Easting | Northing | Elevation | Length | Azimuth | Dip | | ID |
|
| m | m | Degrees | Degrees | | A22-002 | 190,176 | 8,566,179 | 2885 | 561.6 | 235 | 60 |
Co-ordinates are in WGS84 Zone 19S
Quality Control and Quality Assurance
DLP Resources Peru S.A.C a subsidiary of DLP Resources Inc. supervises drilling and carries out sampling of HTW and NTW core. Logging and sampling are completed at a secured Company facility situated on the project site. Sample intervals are nominally 1.5 to 2m in length. Drill core is cut in half using a rotary diamond blade saw and samples are sealed on site before transportation to the ALS Peru S.A.C. sample preparation facility in Arequipa by Company vehicles and staff. Prepared samples are sent to Lima by ALS Peru S.A.C. for analysis. ALS Peru S.A.C. is an independent laboratory. Samples are analyzed for 48 elements using a four-acid digestion and ICP-MS analysis (ME-MS61). In addition, sequential copper analyses are done and reports, soluble copper using sulphuric acid leach, soluble copper in cyanide leach, residual copper and total copper. ALS meets all requirements of International Standards ISO/IEC 17025:2005 and ISO 9001:2015 for analytical procedures.
DLP Resources independently monitors quality control and quality assurance ("QA/QC") through a program that includes the insertion of blind certified reference materials (standards), blanks and pulp duplicate samples. The company is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data reported to 145.80m in A22-001. From 145.80m to 172.90m in A22-001 core recovery is estimated to be 78% of the total sampled interval and data maybe considered to be "incomplete" and "not representative" for this interval.
Aurora Project
Aurora Project as an advanced stage porphyry copper-molybdenum exploration project in the Province of Calca, SE Peru (Figure 1). The Aurora Project was previously permitted for drilling in 2015 but was never executed. Thirteen historical drill holes, drilled in 2001 and 2005 totaling 3,900m were drilled over an area of approximately 1000m by 800m, cut significant intervals of copper and molybdenum mineralization. From logging of the only three remaining holes DDA-01, DDA-3A and DDA-3 and data now available, it appears that only three of the thirteen holes tested the enriched copper zone and only one hole drilled deep enough to test the primary copper and molybdenum zone (see DLP Resources Inc. news release of May 18, 2021)
Salient historic drill hole data of the Aurora Project are:
- 190m @ 0.57% Cu, 0.008% Mo in DDA-1 with a high-grade intercept of 20m @ 1.01% Cu related to a supergene enrichment zone of secondary chalcocite;
- 142m @ 0.5% Cu, 0.004% Mo in DDA-3;
- 71.7m @ 0.7% Cu, 0.007% Mo in DDA-3A (see historical Focus Ventures Ltd. news release July 11, 2012); and
- One of the historical holes ABC-6 drilled on the edge of the system intersected 64m @ 0.49% Cu and 0.087ppm Mo (Figure 2)
A review of the historical drilling indicates that the majority of the thirteen holes were drilled in the leached and partially leached zones of the porphyry system. Ten of the thirteen holes never fully tested the oxide and secondary enrichment zone and/or the primary copper zone at depth encountered in DDA-01. Copper-molybdenum mineralization is hosted by quartz-feldspar porphyries intruded into slates-hornfels and pelitic sandstones belonging to the Ordovician (439 - 463 ma) Sandia Formation.
Figure 1: DLP Project areas in Peru with Aurora Project Shown.
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Figure 2. Aurora Project - Simplified geology showing historic drilling and A22-001, A22-002 and A22-003 location
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Figure 3. Aurora Project - Simplified diagram showing historic drilling and proposed DLP drill holes with A22-001 and A22-002 and A22-003
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Figure 4: Aurora porphyry copper-molybdenum project - Drill core mineralization from A22-002
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Figure 5: Aurora porphyry copper-molybdenum project - Drill core mineralization from A22-003
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Qualified Person
David L. Pighin, consulting geologist and co-founder of DLP Resources, is the qualified person of the Company as defined by National Instrument 43-101. Mr. Pighin has reviewed and approved the technical contents of this news release.
About DLP Resources Inc.
DLP Resources Inc. is a mineral exploration company operating in Southeastern British Columbia and Peru, exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site www.dlpresourcesinc.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
DLP RESOURCES INC.
Ian Gendall, CEO & President
Jim Stypula, Executive Chairman
Robin Sudo, Chief Financial Officer and Corporate Secretary
Maxwell Reinhart, Investor Relations
Telephone: 250-426-7808
Email: iangendall@dlpresourcesinc.com
Email: jimstypula@dlpresourcesinc.com
Email: robinsudo@dlpresourcesinc.com
Email: maxreinhart@dlpresourcesinc.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to drilling on Aurora Project in Peru.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things drill results expected from the Aurora Project in Peru.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor. |
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| To: LoneClone who wrote (168967) | 12/7/2022 3:16:33 PM | | From: LoneClone | | | | Nevada Lithium Resources/Iconic Minerals Find Strong Correlation Between Drill Holes at Bonnie Claire Lithium Project
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Vancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the "Company" or "Iconic") and its 50% partner in the Bonnie Claire Lithium Project (the 'Project' or 'Property') Nevada Lithium Resources Inc. (CSE: NVLH) (OTCQB: NVLHF) (FSE: 87K) ("Nevada Lithium"), are pleased to provide an update on the 2022 drill program for the Bonnie Claire Lithium Project (the 'Project' or 'Property'), located in Nye County, Nevada. Lab tests results confirm that the rock types and assay values between core hole BC2201C and core hole BC2203C correlate well. These correlating rock types are identified as an upper mudstone unit underlain by sandstone, which is underlain by additional mudstone.
Iconic Minerals Ltd CEO, Richard Kern, comments: "The key to moving from resource to reserve is to show continuity between our widely spaced drill holes. These two holes are a good start in this process."
The assays for hole BC2203C, which is located roughly one-half mile from BC2201C, have been certified by ALS Laboratories. The assay lengths from BC2203C average 19.6 feet (6 meters), which is roughly three times longer than the 6.9 foot (2 meter) average length of assays taken from the first hole, resulting in a smoother assay value curve. For example, the highest lithium assay in BC2203C was 4,740ppm Li where BC2201C had a high of 5,570 ppm. The assay values of the two holes are shown graphed below.
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Assay values correlate well between the two holes, despite the gaps in results and variable sample lengths from BC2201C. The chart below shows weighted average lithium values for the two drill holes.
| Drill Hole | Entire Hole Average Li ppm | 80 - 380 feet (24-16 meters) Average Li ppm | 1040 - 2000 feet (317 - 610 meters) Average Li ppm | | BC 2201C | 1231 | 1056 | 2061 | | BC 2203C | 1315 | 1029 | 2213 |
All Averages are Weighted Averages
BC2203C has a "Shallow Zone" between roughly 80 and 380 feet (24 and 116 meters) from the surface which has assays averaging 97% of the previous hole's values. BC2203C's "Deep Zone" is located between approximately 1040 feet and 2,000 feet (317 and 610 meters) and has assays averaging 107% of the previous hole's values. Overall, hole BC2203C's assays averaged 107% of BC2201C's assays, which is very close considering roughly 15% of BC2201C's material has yet to be assayed. This shows the partial results from BC2201C are probably close to the final results in values. Barr Engineering Company is working with the unassayed samples. Based on geologic logging of the core from other nearby holes, future assays are expected so show a similar correlation.
Quality Assurance / Quality Control (QAQC)
As core was being drilled at Bonnie Claire it was moved to a secure warehouse after each shift. It was logged and split by core saw and securely shipped to the geochem lab. Standards, blanks and sample repeats totaling 10% of the samples that were submitted were disguised within each lab shipment. All samples in the lab were crushed, pulverized, and dissolved in aqua regia before being analyzed by Inductively Coupled Plasma Mass Spectrometry ("ICP-MS"). This method determines elemental values for 52 elements, including Lithium.
The Company is currently completing additional analytical testing of its drilling samples with American Assay Laboratories Inc. in Sparks, Nevada for secondary independent testing. In addition, Global Resource Engineering (GRE) is collecting and assaying new quarter-core samples in preparation for writing the Project's Prefeasibility Study (PFS).
Qualified Person
Richard Kern, Certified Professional Geologist, a qualified person as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Kern is not independent of the Company as he is the Chief Executive Officer of Iconic.
Bonnie Claire Property
The Bonnie Claire Property is located within Sarcobatus Valley, which is approximately 30 km (19 miles) long and 20 km (12 miles) wide. Quartz-rich volcanic tuffs containing anomalous amounts of lithium occur within and adjacent to the valley. Drill results from the salt flat have included lithium values as high as 5570 ppm Li and a 1560 foot (roughly 475 meter) vertical intercept that averaged 1153 ppm Li. The current 43-101 resource from the PFS report for borehole mineable portion of the resource is 3,407 million tonnes grading 1,013 ppm Li or 18,372 million kilograms of lithium carbonate equivalent. (though this is a resource, not a reserve, and has not yet proven economic viability). The gravity low within the valley is 20 km (12 miles) long, and the current estimates of depth to basement rocks range from 600 to 1,200 meters (2,000 to 4,000 feet). The current claim block covers an area of 74 km2 (28.6 mi2) with potential for brine systems and further sediment resources.
On behalf of the Board of Directors
SIGNED: "Richard Kern"
Richard Kern, President and CEO
Contact: Keturah Nathe, VP Corporate Development (604) 336-8614
For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the future business plans and exploration activities of the Company, are forward-looking statements. 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: "will", "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that investor interest will be sufficient to close the Offering, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals required for the Option Agreement and the future development of the Company's projects in a timely manner.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Smith Creek Property, requirements for additional capital, future prices of lithium and gold, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the business, financial condition and exploration and development activities of the Company, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the TSX Venture Exchange in respect of the Option Agreement and the Offering, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest interim Management's Discussion and Analysis and filed with the Canadian Securities Authorities. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law. |
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| To: LoneClone who wrote (168968) | 12/7/2022 3:17:45 PM | | From: LoneClone | | | | Blackrock Discovers Bonanza Grades in New Vein at Silver Cloud - 52.6 g/t Gold and 606 g/t Silver over 1.5 Metres in Northwest Canyon
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Vancouver, British Columbia--(Newsfile Corp. - December 7, 2022) - Blackrock Silver Corp. (TSXV: BRC) (the "Company" or "Blackrock") is pleased to announce the results of its recently completed diamond exploration drill program on its 100% controlled Silver Cloud project situated 20 kilometres south of the Midas mine and 3 kilometres west of Hollister mine, along the prolific Northern Nevada Rift in north-central Nevada.
The Company completed three diamond core holes, SBC22-019, -020, AND -021, totalling 1,447 metres (4,746 ft) in two target areas on the Silver Cloud project. Two holes totalling 927 metres were completed adjacent to the Silver Cloud mine and one hole, 520 metres, was drilled at Northwest Canyon.
Highlights:
Bonanza grades were returned from SBC22-020, which intersected 52.62 g/t gold (1.53 opt) and 606 g/t silver (17.68 opt) over 1.5 metres in the Northwest Canyon area, representing a new high-grade vein discovery now known as Zeus;
SBC22-020 was directed at a conceptually projected structure based on results received from Blackrock's SBC19-002 (8.32 g/t gold over 1.52m) and Placer Dome's SCP-15 (5.61 g/t gold over 12.2m). These assay intercepts represent a high-grade drill defined structure separated by 425 metres;
The bonanza grades are associated with a banded quartz vein which contains black sulphides, and the 606 g/t silver is the highest-grade silver intercept on the Silver Cloud property to date;
SBC22- -021 drilled at Silver Cloud Mine returned significant thickness of low-grade gold returning 20.6 metres grading 0.458 g/t gold; and
Coarse gold is known to occur on the property, and all significant gold intervals will be re-submitted to the assay laboratory for metallic-screen analysis.
Andrew Pollard, Blackrock President and CEO, commented, "Silver Cloud was the project Blackrock was built around in its current form beginning three years ago, and though our Tonopah West property has now become a globally significant silver discovery, it's Silver Cloud that has returned our highest-grade gold intercept as a Company to date, in the process, establishing a new bona fide high-grade discovery on one of the most prolific gold belts in Nevada. Our understanding of the rich ore deposits along the Northern Nevada Rift were key to making the Zeus discovery. The Midas mine, located 20 kilometres to the north, which started with a similar intercept, ultimately lead to the discovery of the Colorado Grande and Gold Crown veins which were 0.3 to 6 metres wide, yet managed to form the basis for one of Nevada's most iconic historic gold mines. Making a blind discovery of this magnitude on such a limited round of drilling is a testament to the caliber of our geologic team. The discovery of Zeus may have just parted the Silver Clouds once and for all, with indications that the system has plenty of room to grow from here."
Table 1: Silver Cloud significant diamond drill hole assays above 0.3 g/t gold
| Hole ID | Area | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | AgEq g/t | | SBC22-019 | Silver Cloud Mine | 218.85 | 221.90 | 3.05 | 0.442 | 0.385 | 44.6 | | SBC22-019 | Silver Cloud Mine | 224.94 | 227.99 | 3.05 | 0.377 | 0.360 | 38.0 | | SBC22-019 | Silver Cloud Mine | 266.24 | 267.31 | 1.07 | 0.578 | 0.49 | 58.3 | | SBC22-020 | Northwest Canyon | 307.54 | 309.07 | 1.52 | 52.617 | 606.00 | 5959.3 | | SBC22-021 | Silver Cloud Mine | 178.61 | 187.91 | 9.30 | 0.397 | 0.131 | 39.8 | | SBC22-021 | Silver Cloud Mine | 197.97 | 198.73 | 0.76 | 0.465 | 0.03 | 46.5 | | SBC22-021 | Silver Cloud Mine | 203.30 | 204.83 | 1.52 | 0.361 | 0.03 | 36.1 | | SBC22-021 | Silver Cloud Mine | 215.49 | 217.02 | 1.52 | 0.486 | 0.18 | 48.8 | | SBC22-021 | Silver Cloud Mine | 256.64 | 257.86 | 1.22 | 0.411 | 0.93 | 42.0 | | SBC22-021 | Silver Cloud Mine | 287.73 | 290.78 | 3.05 | 0.494 | 0.24 | 49.6 | | SBC22-021 | Silver Cloud Mine | 296.88 | 299.31 | 2.44 | 0.389 | 0.030 | 39.0 | | SBC22-021 | Silver Cloud Mine | 359.82 | 380.39 | 20.57 | 0.458 | 3.491 | 49.3 | | SBC22-021 | Silver Cloud Mine | 391.36 | 391.67 | 0.31 | 1.590 | 10.43 | 169.4 | | AgEq_g/t = Ag_g/t + Au_g/t*100; True thickness unknown; NSV = No significant values |
At Northwest Canyon, SBC22-020 cut bonanza grades, 52.62 g/t gold (1.53 opt) and 606 g/t silver (17.68 opt) over 1.5 metres, representing a new high-grade vein discovery. The high-grade interval is associated with a banded and stockwork quartz veins containing black sulphides from 307.5 to 309.1 metres (1,009 to 1,014 ft) down the drillhole. The 606 g/t silver is the highest-grade silver drill intercept on the Silver Cloud property to date.
SBC22-020 was completed to 464 metres (1,523 ft). The core hole targeted the projection of the NNW structure encountered in the Company's 2019 drilling (SBC19-002: 8.32 g/t gold over 1.52m), and Placer Dome's 2002 drillhole (SCP-15: 5.61 g/t gold over 12.2m). SBC22-020's collar location is a 366 metre step out, drillhole collar to drillhole collar, to the SSE along the interpreted structure; however, and the assay intercepts are separated by 425 metres.
At the Silver Cloud mine, SBC22-019 and SBC22-021 targeted an interpreted structural zone and tested 170 metres of strike. SBC22-019 encountered a zone of pyrite-cemented breccia from 357 to 360 metres down the hole. The zone was mineralized but below the 0.3 g/t gold cut off grade. An additional three zones of gold mineralization were encountered between 219 and 267 metres down the hole. These zones range from one to three metres in thickness and have gold values from 0.377 g/t to 0.578 g/t gold. The intervals have been submitted for metallic-screen analysis.
SBC22-021 was drilled 170 metres to the SSE of SBC22-019, and it encountered oxidized breccia and fault gouge with intermittent quartz veining from 165 to 174 metres (540 to 572 ft) down the hole. The alteration suggests the drillhole penetrated the intended NNW structure which is mineralized over a thick zone and returned assays yielding 20.6 metres returning 0.438 g/t gold. The intervals have also been submitted for metallic-screen analysis.
Additional work is being planned for Northwest Canyon to follow up on the new discovery. This area has limited drilling and shows potential for a large vein-hosted deposit similar to Midas. At the Silver Cloud mine, more exploration is warranted to understand the thick zones of alteration with lower-grade gold mineralization.
Figure 1: 2022 drillhole location map
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Figure 2: Cross Section between SCP-15, SBC19-002 and SBC22-020 looking northeast
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Table 2: Drillhole location information
| Hole ID | UTMNAD27 E | UTMNAD27 N | Elevation (m) | Total Depth (m) | Azimuth | Inclination | | SBC22-019 | 531554 | 4544421 | 1615.1 | 462.5 | 273 | 78 | | SBC22-020 | 530149 | 4544148 | 1631.0 | 520.0 | 272 | 74 | | SBC22-021 | 531648 | 4544259 | 1556.3 | 464.2 | 268 | 73 |
Quality Assurance/ Quality Control
All sampling is conducted under the supervision of the Company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The core samples are hauled from the project site to a secure and fenced facility in Battle Mountain, Nevada, where they are loaded on to American Assay Laboratory's (AAL) flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions.
The core and QA/QC samples are crushed and pulverized, then the pulverized material is digested and analyzed for Au using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split. Silver is determined using five-acid digestion and ICP analysis. Over limits for gold and silver are determined using a gravimetric finish. Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or certified reference material approximately every 15th to 20th sample. In addition, a random selection of pulps are sent to ALS Minerals in Reno, Nevada, for check assays.
Blackrock's exploration activities at the Silver Cloud, Tonopah North and Tonopah West projects are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101. He has reviewed and approved the contents of this news release.
About Blackrock Silver Corp.
Blackrock is a junior precious metals focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned Board, the Company is focused on its Nevada portfolio of properties consisting of low-sulphidation epithermal gold & silver projects located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
For further information, please contact:
Andrew Pollard, President & CEO
Blackrock Silver Corp.
Phone: 604 817-6044
Email: andrew@blackrocksilver.com
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern the Company's strategic plans, timing and expectations for the Company's exploration and drilling programs, estimates of mineralization from drilling, geological information projected from sampling results and the potential quantities and grades of the target zones. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; and the historical basis for current estimates of potential quantities and grades of target zones. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors, the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data, and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
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| To: LoneClone who wrote (168969) | 12/7/2022 3:23:56 PM | | From: LoneClone | | | | Colibri Provides Exploration Update at the Evelyn Gold Property
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Dieppe, New Brunswick--(Newsfile Corp. - December 6, 2022) - Colibri Resource Corporation (TSXV: CBI) (OTC Pink: CRUCF) ("Colibri" or the "Company") is pleased to report that the Company recently re-commenced Phase 2 exploration drilling at the Evelyn Gold Property having received its exploration permit from SEMERNAT (Mexican environmental authority). Company geologists have also recently submitted soil samples for a Soil Gas Hydrocarbon ("SGH") program. The soil sampling was designed to test for the southern extension of the Main Zone structure under an apron of relatively thick colluvium. Analyses and interpretation will be completed at Activation Laboratories Ltd. ("Actlabs") located in Ancaster, Ontario. The locations of the soil samples collected are indicated on Figure 1.
The Company intends to complete two drill programs. The first program will be following up on the Company's Phase 1 reverse circulation ("RC") drilling program completed in early 2022 and will include a planned 2,000 metres ("m") in 5 holes designed to test the results of the Induced Polarization ("IP") Survey completed in 2021. The primary target is a chargeability anomaly that underlies the Main Zone, and the program will include testing a chargeability and resistivity target west of the Main Zone. The locations of the holes planned to test the IP results are indicated in figure 1.
The second drill program is planned to explore under extensive alluvial cover north of the Main Zone and will comprise drilling a number of short, relatively closely spaced RC holes designed to penetrate the alluvium and sample the top of bedrock. The objective of this program is to locate the northern extension of the Main Zone and to test for the location of other potentially mineralized structures interpreted by the Company. The locations of the areas planned for drill testing bedrock covered by alluvium are indicated in figure 1.
Upon completion of the short hole program, the Company will complete a series of trenches across the "West Sahuaro" target. The West Sahuaro target is based on a discrete soil anomaly whose location and orientation is coincident with a strong resistivity gradient evident in the 2021 IP survey results.
Figure 1 - Main Zone Drill Intercepts on Apparent Chargeability at -100m
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MAIN ZONE EXPLORATION AND PLAN
The Main Zone mineralization occurs as a quartz vein that is discontinuously exposed over a strike length of approximately 120 m. The quartz vein pinches and swells along the strike length on surface reaching a maximum exposed thickness of approximately 1.5 m. Grab samples from surface exposures of the vein have returned assay values of 43.9 g/t Au and 40.1 g/t Au. During Phase 1 RC drilling at Evelyn, the Company completed a total of 872 m in 6 holes at the Main Zone. Four of the holes were directed at the Main Zone vein and two of the holes were drilled in the footwall of the Main Zone vein in a direction away from the Main Zone vein. Highlights of the Main Zone vein drilling include 12.19 g/t Au over an intersection length of 3 m which includes an assay of 30 g/t Au over 1 m in hole EVE21-027 and an intersection of 3.28 g/t Au over an intersection length of 2 m in hole EVE22-029. Hole EVE22-030 was drilled in the footwall of the Main Zone vein and intersected 87 m at an average grade of 0.127 g/t Au including 8 m at an average grade of 0.336 g/t Au. Planned to reach a target depth of 250 metres, Hole EVE22-030 was lost due to drilling conditions at a depth of 129 m. Hole EVE22-042 was drilled beside EVE22-030 as an attempt to extend the hole to the target depth of 250 m. The hole intersected multiple zones of mineralization including 0.165 g/t Au over an intersection length of 86 m which included an intersection of 0.551 g/t Au over 10 m. EVE22-042 did not reach target depth as it was also abandoned due to drilling conditions at 177 m. An assay of 0.374 g/t Au over an interval of 1 m was returned from a sample at 174 m depth: 4 m from the end of the hole. Complete Phase 1 drilling results from the Main Zone are contained in the table below.
| Hole ID | From | To | Length | Au gpt | Cutoff | | EVE21-026 | 3 | 7 | 4 | 0.257 | .1 g/t Au | | includes | 3 | 4 | 1 | 0.446 | .2 g/t Au | | EVE21-026 | 65 | 66 | 1 | 0.237 | .2 g/t Au | | EVE21-026 | 64 | 79 | 15 | 0.196 | .1 g/t Au | | includes | 72 | 77 | 5 | 0.412 | .2 g/t Au | | EVE21-027 | 12 | 13 | 1 | 0.322 | .2 g/t Au | | EVE21-027 | 32 | 46 | 14 | 2.818 | .1 g/t Au | | includes | 38 | 46 | 8 | 4.823 | .2 g/t Au | | includes | 41 | 44 | 3 | 12.19 | 3 g/t Au | | includes | 42 | 43 | 1 | 30 | 5 g/t Au | | EVE21-027 | 55 | 56 | 1 | 0.287 | .2 g/t Au | | EVE21-027 | 99 | 100 | 1 | 0.204 | .2 g/t Au | | EVE22-028 | 24 | 43 | 19 | 0.129 | .1 g/t Au | | includes | 37 | 43 | 6 | 0.182 | .2 g/t Au | | EVE22-028 | 55 | 57 | 2 | 0.115 | .1 g/t Au | | EVE22-028 | 73 | 76 | 3 | 0.240 | .1 g/t Au | | EVE22-028 | 83 | 84 | 1 | 0.293 | .2 g/t Au | | EVE22-028 | 117 | 118 | 1 | 0.295 | .2 g/t Au | | EVE22-029 | 36 | 41 | 5 | 1.393 | .2 g/t Au | | includes | 36 | 38 | 2 | 3.275 | .2 g/t Au | | EVE22-029 | 122 | 125 | 3 | 0.337 | .2 g/t Au | | EVE22-029 | 129 | 131 | 2 | 0.160 | .1 g/t Au | | EVE22-030 | 25 | 112 | 87 | 0.127 | .1 g/t Au | | includes | 24 | 49 | 25 | 0.201 | .1 g/t Au | | includes | 25 | 43 | 18 | 0.230 | .1 g/t Au | | includes | 28 | 36 | 8 | 0.336 | .2 g/t Au | | includes | 101 | 106 | 5 | 0.215 | .2 g/t Au | | EVE22-042 | 19 | 105 | 86 | 0.165 | .1 g/t Au | | includes | 19 | 41 | 22 | 0.316 | .1 g/t Au | | includes | 22 | 32 | 10 | 0.551 | .2 g/t Au | | includes | 60 | 68 | 8 | 0.184 | .1 g/t Au | | includes | 100 | 105 | 5 | 0.232 | .1 g/t Au | | EVE22-042 | 125 | 131 | 6 | 0.178 | .1 g/t Au | | EVE22-042 | 173 | 174 | 1 | 0.324 | .2 g/t Au | | Note: Reported lengths for all holes are intersection lengths. True widths are not known. |
Table 1 - Drill Highlights from Phase 1 Drilling at Main Zone Area
The Main Zone mineralization, including mineralization intersected in holes EVE22-030 and EVE22-042 directly overlies a discrete Induced Polarization ("IP") chargeability anomaly (Figures 1 and 2). The chargeability anomaly is coincident with an apparent resistivity anomaly and is most strongly developed at a depth greater than 200 m (Figure 2). The exploration model relates Main Zone mineralization, exposed on surface and intersected in Phase 1 drilling, to an altered rock body with elevated disseminated sulphide at depth which is controlled by the intersection of the northeast and northwest structures. Phase 2 drilling is planned in the near term to test this model to a depth of at least 500 metres. (Figure 2). In addition, 2 holes are planned to test a weaker IP anomaly on the flank of a resistive high west of the Main Zone.
Figure 2 - Main Zone Drill Holes Over Apparent Chargeability
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WEST EL SAHUARO TARGET EXPLORATION AND PLAN
El Sahuaro Zone is located in the northeastern part of the property and is characterized by north-northeast trending magnetic anomalies. Detailed structural mapping in the northeast part of the property indicates a dominant north-northwestern strike and easterly dip to foliation and veins. The structural orientations observed are consistent with north-northwest trending structures interpreted from magnetic intensity contrasts and an apparent dislocation and offset of the north-northeastern magnetic trend. The El Sahuaro area is underlain by Jurassic rhyolite and andesite and by Proterozoic (?) metasedimentary rocks. All holes drilled at El Sahuaro have intersected Au mineralization. Highlights of Phase 1 drilling at El Sahuaro include: (also see Figure 3 below)
EVE21-025 - 0.172 g/t Au over an intersection length of 22 m
EVE21-018 - 0.103 g/t Au over an intersection length of 25 m
EVE21-019 - 2.36 g/t Au over an intersection length of 15 m
EVE22-043 - 0.92 g/t Au over an intersection length of 3 m
EVE22-044 - 0.627 g/t Au over an intersection length 6 m
EVE22-046 - 1.943 g/t Au over an intersection length of 2 m and 0.51 g/t Au over an intersection length of 4 m
West of El Sahuaro zone, a sharp north-northwest trending gradient in apparent resistivity (Figure 3) is interpreted as a fault zone that separates dominantly rhyolite to the southwest with a mixed succession of rhyolite and andesite with Proterozoic metamorphic rocks to the northeast.
To further explore the interpretation of apparent resistivity, the Company completed in-fill soil sampling of the historical soil geochemistry survey which resulted in a coherent soil anomaly over an approximately 500 m length and 200 m width with a north-northwest trend: parallel to the resistivity gradient (Figure 3). Anomalous soil samples in the anomaly area are interpreted to be locally derived. The consistently elevated Au grades generated from this soil anomaly (> 100 ppb) with one sample returning 1.52 g/t Au is considered statistically very significant within the property wide dataset. It is noteworthy that the cutoff grades for several mines and deposits in the area are generally in the 0.2 g/t Au range.
The model being explored by the Company relates mineralization intersected in Phase 1 drilling at El Sahuaro, and the Au soil anomaly, to a major controlling structure indicated by the apparent resistivity gradient. Trenches currently being permitted will be excavated over the soil anomaly with the objective of advancing the target to the drill stage.
Figure 3 - Evelyn Assay Values on Apparent Resistivity
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ABOUT SGH
SGH is a deep penetrating geochemical exploration method that involves the analysis of surficial samples from over potential (buried) mineral or petroleum targets. The analysis involves the testing for 162 hydrocarbon compounds in the C5-C17 carbon series range applicable to a wide variety of sample types. Samples are collected in the target area in a systematic manner generally at sample stations spaced at 25 m along 100 m spaced lines. Actlabs has developed an in-depth understanding of the unique SGH signatures associated with different target metals. Using a forensic approach based on scientific research, orientation surveys over known (buried) mineralization, and the results of exploration projects, Actlabs has developed commodity target signatures, or templates, for identification of the expected analytical results exhibited by each class of SGH compounds.
EVELYN GEOLOGY AND EXPLORATION
The Evelyn Gold Project is an Orogenic-type gold target located in the Caborca Gold Belt of northwestern Sonora. The property is located approximately 25 kilometres ("km") east of La Herradura, Mexico's largest open pit gold mine, which produced 425,288 ounces of gold in 2020 at an average grade of 0.77 grams per tonnes ("g/t") Au and is also approximately 9 km northeast of the Noche Buena mine which produced 87,988 ounces Au at an average grade of 0.52 g/t Au in 2020. The setting and style of mineralization at Evelyn is similar to that reported from La Herradura and Noche Buena. Higher grade mineralization on the Evelyn property consists of quartz veins and veinlets, ranging from 2 - 3 centimeters up to 1.5 m hosted by fault and fracture zones with minor oxidized pyrite, iron oxide, copper bearing oxide and carbonate minerals, and locally minor to trace amounts of galena, chalcopyrite, and sphalerite. Alteration of the host rocks includes iron bearing carbonate minerals, quartz, sericite, and chlorite. Lower grade mineralization is associated with altered volcanic rocks containing minor amounts of oxidized sulfide. Mineralization is hosted dominantly by Jurassic volcanic rocks consisting of andesite and rhyolite.
The exploration model being developed and tested by the Company relates the mineralization consisting of higher-grade veins and veinlets hosted by altered and sulphide bearing lower grade metamorphic and volcanic rocks, to north-northeast trending stratigraphy and layer-parallel fault zones and southeast striking, moderately southwest dipping fault zones.
QUALIFIED PERSON
Jamie Lavigne, P. Geo and a Director for Colibri is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
ABOUT COLIBRI RESOURCE CORPORATION:
Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed 2021 and 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures - (CSE: TOC), (3) the El Mezquite Gold & Silver Project , (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4,and 5 are subject to earn-in agreements by Silver Spruce Resources - (TSXV: SSE).
For more information about all Company projects please visit: newsfilecorp.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.
For information contact: Ronald J. Goguen, President, Chairperson and Director, Tel: (506) 383-4274, rongoguen@colibriresource.com |
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| To: LoneClone who wrote (168970) | 12/7/2022 3:25:32 PM | | From: LoneClone | | | | Amex Reports New Significant Drill Hole Intersections from the Team Gold Zone Including 6.75 g/t Au over 14.50 m and 1.08 g/t Au over 163.5 m at Perron
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Montreal, Quebec--(Newsfile Corp. - December 6, 2022) - Amex Exploration Inc. (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF) ("Amex or the Company") is pleased to announce updated and upgraded results on the newly discovered Team Zone on the Perron project in the Abitibi region of Quebec. Today's results include the pending fire assays as well as previously released high-grade intervals from the metallic sieve assaying technique. The Team Zone delivers a combination of both high grade gold over narrow intervals as well as wide zones of disseminated gold. The near-surface Team Zone occurs ~600 m to the northeast of the High Grade Zone (HGZ) and ~300 m northeast of the E2 Gold Zone (Figure 1). To date, Amex has intercepted visible gold mineralization in 17 of 23 holes targeting the Team Zone over an area of approximately 300 m by 150 m from surface to a depth of ~380 m. Additional results are pending from the ongoing drill program at this important target.
Today's highlight results include:
PE-22-548: 6.75 g/t Au over 14.50 m at a vertical depth of ~180 m
Including: 26.34 g/t Au over 1.50 m
And including: 32.60 g/t Au over 1.50 m
And: 1.74 g/t Au over 17.0 m at a vertical depth of ~250 m
PE-22-554: 1.08 g/t Au over 163.50 m beginning at a vertical depth of ~110 m
Including: 4.55 g/t Au over 3.50 m at a vertical depth of ~110 m
And including: 11.17 g/t Au over 3.0 m
And including: 2.71 g/t Au over 37.0 m
Which includes: 7.90 g/t Au over 8.50 m
PE-22-545: 2.09 g/t Au over 7.0 m at a vertical depth of ~160 m
And: 1.07 g/t Au over 11.80 m
And: 22.10 g/t Au over 0.50 m
And: 68.66 g/t Au over 1.40 m
PE-22-546: 1.69 g/t Au over 12.75 m at a vertical depth of ~95 m
PE-22-552: 1.56 g/t Au over 15.0 m at a vertical depth of ~165m
PE-22-555: 1.70 g/t Au over 6.0 m at a vertical depth of ~25m
And: 1.95 g/t Au over 8.70 m at a vertical depth of ~180m
PE-22-556: 19.04 g/t Au over 2.25 m at a vertical depth of ~20 m
PE-22-560: 1.15 g/t Au over 11.10 m at a vertical depth of ~100 m
PE-22-561: 1.78 g/t Au over 24.0 m at a vertical depth of ~80 m.
On September 27, 2022, Amex announced partial results from metallic sieve assays for the new Team Zone discovery. Today's results represent the entirety of the sampled intervals of the reported holes. The new results exceed the Company's early expectations as many areas that looked weakly mineralized at best have returned appreciable disseminated gold. This results in a unique system which provides flexibility for future mining, with respect to underground or open pit mining. See Table 1 for a list of the today's drill results, Table 2 for drill hole coordinates, Figure 1 for a map of the Perron project geology showing the location of the Team Zone, Figure 2 for a map showing the assay results as well as the distribution of visible gold identified to date throughout the Team Zone, and Figure 3 for photos of visible gold in several holes in the Team Zone.
Jacques Trottier, Executive Chairman of Amex, commented "With the receipt of the balance of the fire assays on the Team Zone, we are now starting to understand the geometry of the system. The volume of rock that has been affected by this mineralizing event, consisting of stockwork-type and tension-type veins and veinlets along with associated alteration, is quite extensive and I believe it has significant potential to grow both along strike and to depth. The fact that we have seen multiple occurrences of visible gold in the majority of holes targeting this zone is also very exciting. This is also the most significant discovery made to date along the northern limb of the Beaupre rhyolite. The Team Zone has become a priority for Amex and we will begin aggressively drilling it through the winter season."
The Team Zone is situated along the northern limb of the Beaupre rhyolite block, which is the host to the majority of gold identified to date on the Perron project. Gold mineralization is associated with quartz-carbonate veins & tension veinlets which are at times folded and/or brecciated. In addition to the vein-hosted mineralization, there is a component of disseminated pyrite-associated gold (as evident by today's results). The gold-bearing quartz veins are found in both rhyolite and mafic intrusive bodies, unlike many of the other gold zones at Perron which are lithologically controlled. The mineral assemblage however, comprising pyrite-pyrrhotite +/- chalcopyrite +/- sphalerite +/- molybdenite +/- visible gold, is similar to the Eastern Gold Zone mineralization. As shown in Figure 2, Amex has drilled the Team Zone at multiple orientations to identify the geometry of the system. The geological team has been utilizing oriented drill core to determine the orientation of the veins and overall mineralizing system. As additional assay results are received and additional drill holes are completed, the 3-dimensional shape and size potential of the Team Zone will be revealed.
Table 1: Assay results from the Team Zone at Perron. Note these results are completed. Also note that true width is currently unknown and thus core lengths are shown.
| Hole ID | From (m) | To (m) | Core Length (m) | Au g/t | Vertical depth (m) | | PE-22-537W1 | 208.50 | 209.50 | 1.00 | 18.69 | ~160 to 365 | | And | 449.60 | 452.00 | 2.40 | 4.60 | | And | 481.50 | 483.00 | 1.50 | 1.17 | | PE-22-545* | 177.50 | 184.50 | 7.00 | 2.09 | ~150 to 295 | | And | 213.50 | 225.30 | 11.80 | 1.07 | | And | 249.00 | 249.50 | 0.50 | 22.10 | | And | 365.60 | 367.00 | 1.40 | 68.66 | | PE-22-546* | 107.50 | 115.50 | 8.00 | 0.56 | ~80 to 180 | | And | 127.25 | 140.00 | 12.75 | 1.69 | | And | 198.30 | 202.00 | 3.70 | 1.35 | | And | 230.50 | 238.00 | 7.50 | 0.55 | | PE-22-547* | 63.50 | 72.00 | 8.50 | 0.67 | ~50 to 260 | | And | 109.00 | 122.50 | 13.50 | 0.57 | | And | 160.50 | 173.50 | 13.00 | 0.49 | | And | 329.60 | 330.10 | 0.50 | 31.97 | | PE-22-548* | 214.00 | 228.50 | 14.50 | 6.75 | ~180 to 250 | | Including | 221.00 | 222.50 | 1.50 | 26.34 | | Including | 224.00 | 225.50 | 1.50 | 32.60 | | And | 276.00 | 293.00 | 17.00 | 1.74 | | PE-22-549* | 176.50 | 178.00 | 1.50 | 1.14 | ~130 to 210 | | And | 212.50 | 217.10 | 4.60 | 1.61 | | And | 236.50 | 243.15 | 6.65 | 0.34 | | And | 287.50 | 288.50 | 1.00 | 1.49 | | PE-22-552 | 101.00 | 102.50 | 1.50 | 5.34 | ~65 to 165 | | And | 241.00 | 256.00 | 15.00 | 1.56 | | Including | 254.50 | 256.00 | 1.50 | 12.69 | | PE-22-553 | 132.00 | 133.50 | 1.50 | 2.43 | ~90 | | PE-22-554* | 149.50 | 313.00 | 163.50 | 1.08 | ~110 to 230 | | Including | 149.50 | 153.00 | 3.50 | 4.55 | | And including | 170.40 | 173.50 | 3.10 | 1.02 | | And including | 203.20 | 207.00 | 3.80 | 2.10 | | And including | 236.00 | 239.00 | 3.00 | 11.17 | | And including | 270.00 | 307.00 | 37.00 | 2.71 | | Which includes | 270.00 | 270.80 | 0.80 | 30.86 | | And includes | 298.50 | 307.00 | 8.50 | 7.90 | | PE-22-555* | 40.00 | 46.00 | 6.00 | 1.70 | ~25 to 180 | | And | 73.90 | 75.90 | 2.00 | 2.62 | | And | 91.40 | 94.90 | 3.50 | 1.99 | | And | 218.50 | 227.20 | 8.70 | 1.95 | | PE-22-556* | 26.25 | 28.50 | 2.25 | 19.04 | ~20 to 270 | | And | 162.50 | 163.30 | 0.80 | 1.38 | | And | 201.00 | 202.00 | 1.00 | 1.35 | | And | 247.00 | 275.50 | 28.50 | 0.55 | | And | 308.50 | 314.00 | 5.50 | 1.09 | | And | 334.80 | 335.90 | 1.10 | 1.60 | | PE-22-557 | 29.50 | 35.00 | 5.50 | 0.77 | ~15 to 235 | | And | 86.00 | 90.00 | 4.00 | 0.99 | | And | 256.50 | 286.50 | 30.00 | 0.50 | | And | 330.00 | 333.00 | 3.00 | 1.35 | | PE-22-558 | 49.00 | 50.00 | 1.00 | 22.97 | ~36 to 200 | | And | 199.00 | 200.50 | 1.50 | 2.14 | | And | 277.50 | 280.00 | 2.50 | 1.64 | | PE-22-559 | 16.70 | 18.00 | 1.30 | 1.12 | ~10 to 295 | | And | 48.00 | 49.50 | 1.50 | 1.63 | | And | 85.00 | 86.50 | 1.50 | 1.17 | | And | 203.40 | 208.00 | 4.60 | 0.88 | | And | 230.70 | 231.40 | 0.70 | 2.95 | | And | 400.90 | 401.50 | 0.60 | 1.51 | | PE-22-560 | 36.50 | 37.00 | 0.50 | 1.34 | ~25 to 220 | | And | 146.50 | 157.60 | 11.10 | 1.15 | | Including | 146.50 | 148.00 | 1.50 | 7.20 | | And | 221.50 | 223.00 | 1.50 | 1.11 | | And | 316.00 | 316.60 | 0.60 | 7.20 | | PE-22-561* | 44.80 | 45.50 | 0.70 | 2.74 | ~35 to 200 | | And | 116.00 | 140.00 | 24.00 | 1.78 | | Including | 129.50 | 140.00 | 10.50 | 3.31 | | And | 163.90 | 165.00 | 1.10 | 2.13 | | And | 248.00 | 252.50 | 4.50 | 0.57 |
*Hole updated since the last press release
Table 2: Team Zone drill hole coordinates
| Hole ID | Azimuth (°) | Dip (°) | Length (m) | Easting (m) | Northing (m) | Elevation (m) | | PE-22-537W1 | 167 | -54 | 628 | 615274 | 5430989 | 196 | | PE-22-545 | 162 | -55 | 570 | 615234 | 5431037 | 351 | | PE-22-546 | 165 | -50 | 508 | 615284 | 5431032 | 351 | | PE-22-547 | 179 | -52 | 670 | 615299 | 5430995 | 353 | | PE-22-548 | 165 | -58 | 625 | 615333 | 5431034 | 351 | | PE-22-549 | 165 | -52 | 511 | 615385 | 5431037 | 355 | | PE-22-552 | 170 | -45 | 418 | 615385 | 5431036 | 355 | | PE-22-553 | 163 | -45 | 481 | 615177 | 5431035 | 351 | | PE-22-554 | 120 | -50 | 331 | 615177 | 5431038 | 351 | | PE-22-555 | 120 | -55 | 352 | 615160 | 5430979 | 357 | | PE-22-556 | 118 | -57 | 364 | 615176 | 5431039 | 351 | | PE-22-557 | 118 | -48 | 336 | 615160 | 5430978 | 357 | | PE-22-558 | 118 | -45 | 301 | 615238 | 5431038 | 351 | | PE-22-559 | 120 | -48 | 423 | 615125 | 5431035 | 351 | | PE-22-560 | 168 | -45 | 328 | 615284 | 5431031 | 351 | | PE-22-561 | 163 | -55 | 355 | 615285 | 5431033 | 351 |
Figure 1. Geological map of the Perron Project, with the location of existing zones and the newly discovered Team Zone.
To view an enhanced version of Figure 1, please visit:
images.newsfilecorp.com
Figure 2. Geological compilation map of the Team Zone area. Shown are all of the areas with identified visible gold (VG) and significant assays, across a widespread area of approximately 300 m x 150 m.
To view an enhanced version of Figure 2, please visit:
images.newsfilecorp.com
Figure 3. Examples of visible gold in three holes of the Team Zone. PE-22-556 showing visible gold and the sheeted vein / stockwork type system. PE-22-558 showing a dispersion of visible gold within a quartz vein. PE-22-554 showing visible gold grains in a quartz vein associated with pyrite and pyrrhotite.
To view an enhanced version of Figure 3, please visit:
images.newsfilecorp.com
Qualified Persons
Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752) and Jérôme Augustin P.Geo. Ph.D., (OGQ 2134), Independent Qualified Persons as defined by Canadian NI 43-101 standards, have reviewed and approved the geological information reported. The drilling campaign and the quality control program have been planned and supervised by Maxime Bouchard and Jérôme Augustin.
The quality assurance and quality control protocols include insertion of blank or standard samples every 10 samples on average, in addition to the regular insertion of blank, duplicate, and standard samples accredited by Laboratoire Expert or ALS Canada Ltd. during the analytical process.
For all analyses targeting gold mineralization, gold values are estimated by fire assay with finish by atomic absorption. Values over 3 ppm Au are reanalyzed by fire assay with finish by gravimetry by Laboratoire Expert Inc, Rouyn-Noranda. Samples containing visible gold mineralization are analyzed by metallic sieve. For additional quality assurance and quality control, all samples were crushed to 90% less than 2 mm prior to pulverization, in order to homogenize samples which may contain coarse gold.
For analyses targeting VMS mineralization, zinc, copper and silver values are estimated by four acid digestion multi-elements Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES), ME-ICP61 at ALS Canada Ltd. Zinc values over 1%, copper values over 1%, and silver values over 100 g/t are estimated by four acid digestion ICP-AES, OG62. Gold values are estimated by fire assay with atomic absorption finish.
About Amex
Amex Exploration Inc. has made significant gold discoveries on its 100% owned high-grade Perron Gold Project located ~110 kilometres north of Rouyn-Noranda, Quebec, consisting of 117 contiguous claims covering 4,518 hectares. The project is well-serviced by existing infrastructure, on a year-round road, 10 minutes from an airport and just outside the town of Normétal (~8 km). In addition, the project is in close proximity to a number of major gold producers' milling operations. The project hosts both disseminated and high-grade vein-hosted gold style mineralization. Since January 2019, Amex has intersected significant gold mineralization in multiple gold zones and discovered copper-rich VMS zones.
For further information please contact:
Victor Cantore
President and Chief Executive Officer
Amex Exploration: +1-514-866-8209
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.
Forward-looking statements
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the HGZ and Denise Zone, the expected positive exploration results, the extension of the mineralized zones, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law. |
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