Metals Update 4/8/2020

Abcourt’s Elder breaks 10,010 t Au mineralization in May

After a temporary closure of almost one month due to COVID-19, mining operations at Abcourt Mines Inc.’s Elder mine were restarted successfully. The necessary sanitary measures and distancing were respected, as requested by Quebec Health. When distancing is not possible, for example in the cage, masks are used. No COVID-19 cases were reported by the company’s employees.

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Canada Silver closes acquisition of Polymet assets

Canada Silver Cobalt Works Inc. has completed its previously announced acquisition of the assets of Polymet Resources Inc., including an assay laboratory and a bulk-sampling plant located in Cobalt, Ont. The asset acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly owned subsidiary of Canada Silver Cobalt.

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Maple Gold closes $4-million first tranche of financing

Maple Gold Mines Ltd. has closed a $4-million first tranche of its previously announced hard-dollar non-brokered financing (see press releases on July 23 and July 29, 2020). The Company has issued approximately 23,530,000 common shares (the “Shares”) at a price of C$0.17 per Share in conjunction with this first tranche. The Company previously increased its financing for aggregate gross proceeds of up to C$4,750,000 (the “Offering”) and expects to close its second tranche in approximately one week.

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Euro Sun shareholders elect seven directors at AGM

In accordance with the policies of the Toronto Stock Exchange, the nominees listed in Euro Sun Mining Inc.’s management information circular dated July 3, 2020, for the 2020 annual meeting of shareholders of the company have been elected as directors of the company. 40.33% of all of the issued and outstanding shares of the Company were represented at the Meeting.

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Critical Elements arranges $3-million placement

Critical Elements Lithium Corp. has arranged a non-brokered private placement of up to 10 million common share units of the corporation at a price of 30 cents per unit for aggregate gross proceeds of $3-million.

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Galway Metals, Jubilee Gold property agreement

The TSX Venture Exchange has accepted for filing the documentation relating to an acquisition agreement dated July 27, 2020, between the company and Jubilee Gold Exploration Ltd. (the vendor), an arm’s-length party to the company, to buy back a 1-per-cent net smelter return (NSR) royalty covering certain mineral claims at the company’s Clarence Stream property in southwest New Brunswick.

Pursuant to the acquisition, the company will pay the vendor $100,000 in cash and shall issue 400,000 common shares upon closing of the acquisition in order to buy back the 1-per-cent royalty.

Alpha Lithium clarifies promotional nature of article

Alpha Lithium Corp. is clarifying certain promotional third party disclosures made about the company.

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Globe says new coverage rates Prime Mining “neutral”

The Globe and Mail reports in its Saturday, Aug. 1, edition that Desjardins Securities analyst David Stewart rates Prime Mining “buy” in new coverage. The Globe’s David Leeder writes in the Eye On Equities column that Mr. Stewart target the shares at $2.75. Mr. Leeder notes that Mr. Stewart is currently the lone analyst on the Street covering the stock. The Globe points out that Prime Mining is focused on its Los Reyes gold-silver project in Sinaloa, Mexico. Mr. Stewart says in a note: “We believe the current valuation is underpinned by the existing resource, but the shares are not pricing in the true exploration potential to significantly grow the resource and make new discoveries. Prime introduced trenching to the property and that has shown to be a low-cost method for adding plenty of resource ounces. Los Reyes has not been drilled since 2015; however, later this year Prime will begin drilling not only near surface to rapidly expand current resources, but also at depths of 350 metres to increase pit shell depths and potentially delineate high-grade underground resources. The 2020 exploration program will be crucial in paving the path toward potentially 2–3 million ounces or more.”

Excellon closes $17.9M debenture placement

Excellon Resources Inc. has closed the previously announced private placement of secured convertible debentures for total proceeds of $17.91-million. The proceeds will be used for (i) repayment of the US$6 million bridge loan with Sprott Private Resource Lending II (Collector), LP entered into in connection with the acquisition of Otis Gold Corp., (ii) exploration on the Silver City, Platosa and Kilgore projects and (iii) general corporate purposes. All amounts are in Canadian dollars, unless otherwise indicated.

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Amerigo Resources appoints Amezquita CFO

Amerigo Resources Ltd. has appointed Carmen Amezquita, CPA, CA, as chief financial officer, effective Aug. 1, 2020.

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Kincora arranges $5-million private placement

Kincora Copper Ltd. has arranged a non-brokered private placement of units at 10 cents per unit to raised up to $5-million. The units will be comprised of one share and one warrant, each warrant entitling the holder to acquire a further share at a price of 25 cents for a term of two years.

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Millrock Resources, Capstone settlement agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a settlement and release agreement dated July 27, 2020, between Millrock Resources Inc. and Capstone Mining Corp., whereby the company has agreed to issue 500,000 common shares to Capstone in return for the relinquishment and elimination of a net smelter return (NSR) royalty on the Sharp, Ster, Par, Cen and PC claim blocks, located in the Goodpaster mining district, Alaska, that the company had purchased from Kiska Metals Corp. in 2016. A Kiska predecessor company had granted the NSR to Capstone.

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