Metals Update 9/9/2020

Highgold drills 74.1 m of 17.9 g/t Au at Johnson

Highgold Mining Inc. has released assay results for the first two holes of a 15,000-metre drill program currently under way at its flagship Johnson Tract gold project in Alaska. Results are reported for drill holes that targeted the lower and northeast side of the JT Deposit. Wide intervals of high-grade mineralization were intersected in both holes (Table 1 and Figure 1). A complete list of assay sample results for the JT20-092 intersection is provided in Table 2.

Significant new JT Deposit expansion drill intersections
Drill HoleFrom(meters)To(meters)Length(meters)ETW(meters)Au(g/t)Ag(g/t)Cu%  Zn% Pb% AuEq(g/t)
JT20-092     269.4      343.5        74.1        37.1     17.89   7.1  0.487.28 1.31  23.8   
Including    317.5      331.5        14.0         7.0     53.22   8.1  0.192.34 0.59  55.31  
JT19-093     256.9      300.4        43.5        28.0     1.35   12.1  1.988.54 0.80   9.9   
Including    256.9      275.0        18.1        11.8     1.22   11.7  2.4714.911.14  14.5

Notes: Estimated true width (“ETW”) is the width of the mineralized interval measured perpendicular to average dip of the zone. Length-weighted intervals are uncapped and calculated based on a 2 g/t gold equivalent cut-off. Gold equivalent (“AuEq”) is calculated by the same formula and assumptions used to report the JT Deposit NI43-101 Resource (effective date April 29, 2020) with metal prices of $1350/oz gold, $16/oz silver, $2.80/lb copper, $1.20/lb zinc, $1.00/lb lead and does not consider metal recoveries.

“HighGold’s 2020 drill program has started right where we left off last season with the intersection of exceptional widths of high-grade mineralization,” commented President and CEO Darwin Green. “These intersections continue to confirm and expand the mineralized zone and, more importantly, include higher-grade mineralization than the closest neighboring drill holes. The results also support our exploration model which suggests that the lower part of the known JT Deposit, the thickest and highest-grade portion, is open to expansion. One drill rig continues to systematically test this resource expansion target, while two other drill rigs remain focused on surrounding targets including the high-priority NE Offset area.”

Discussion of Drill Results

Drill hole JT20-092 tested an area below the last hole of the 2019 season with the objective of better defining the down-dip extent of the JT Deposit and confirming a subzone of very high-grade gold. Hole JT20-092 successfully intersected 74.1 meters grading 17.89 g/t gold, 7.1 g/t silver, 0.48% copper, 7.28% zinc and 1.31% lead (23.8 g/t AuEq; estimated true width 37.1m). The gold grade of this intersection (17.89 g/t) is 79% higher than JT19-90, located approximately 15 to 20 meters up-dip, which returned 75.1 meters grading 10.01 g/t gold, 6.0 g/t silver, 0.57% copper, 9.36% zinc and 1.11% lead (estimated true width 40.6m). The zone of thick high-grade mineralization is open to expansion and remains a focus of ongoing drilling.

Hole JT20-093 intersected strong base metal grades along the open northeast edge of the JT Deposit, including 43.5 meters grading 1.98% copper, 8.45% zinc and 1.35 g/t gold (9.9 g/t AuEq; estimated true width of 28.0m). This drill intersection expanded both the width and up-dip extent of the mineralized zone in the area that was tested.

Location of the new drill intersections are presented on a long section in Figure 1.

Drill Progress Update

A total of 8,000 meters (15 holes) out of a planned minimum 15,000 meters has been completed to date. This includes the completion of eight drill holes at the JT Deposit expansion targets, four drill holes at the NE Offset target, and three drill holes at the North Trend target. Assay results are pending for all but the first two drill holes reported in this news release. Assay turnaround times are significantly longer than normal due to a large increase in sample volumes at sample preparation facilities and analytical labs following a rapid industry-wide resurgence in mineral exploration, further compounded by impacts related to government and industry mandated Covid-19 policies. The Company is working with its commercial laboratory contractors to shorten turn-around times; however, neither the Company nor the labs can give accurate guidance on timing for the receipt of future assay results.

About HighGold

HighGold is a mineral exploration company focused on high-grade gold projects located in North America. HighGold’s flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in accessible Southcentral Alaska, USA that contains an Indicated Resource of 2.14 Mt grading 10.93 g/t gold equivalent (AuEq) for 750,000 ounces AuEq and an additional Inferred Resource of 0.58 Mt grading 7.16 g/t gold equivalent for 134,000 ounces AuEq (for additional details see notes below and Technical Report titled “Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska” dated June 15, 2020) along with excellent exploration potential indicated by several other prospects over a 12-kilometer strike length. The Company also controls a portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada that includes the Munro-Croesus Gold property, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold’s experienced Board and senior management team, are committed to creating shareholder value through the discovery process, careful allocation of capital, and environmentally/socially responsible mineral exploration.

Ian Cunningham-Dunlop, P.Eng., VP Exploration for HighGold Mining Inc. and a qualified person (“QP”) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

Complete list of sample results for drill hole JT20-092 intersection 
of 74.1 meters grading 17.89 g/t gold, 7.1 g/t silver, 0.48% copper, 
7.28% zinc, 1.31% lead (Part 1)
From(meters)To(meters)Length(meters)Au(g/t)Ag(g/t)Cu%  Zn%  Pb% AuEq(g/t)
   269.4      270.4        1.0       0.16    2.4  0.2416.350.03   10.5   
   270.4      271.3        0.9       0.53   23.7  1.7245.617.06   34.6   
   271.3      271.7        0.4       0.09    1.2  0.071.87 0.19    1.4   
   271.7      272.7        1.0       2.38   35.5  0.4244.088.46   34.6   
   272.7      273.7        1.0       4.64   18.7  0.5553.634.00   40.4   
   273.7      274.7        1.0       25.30   10   0.7921.801.66   40.7   
   274.7      275.7        1.0       6.09    6.2  0.4322.402.23   21.6   
   275.7      276.7        1.0       9.55    5.4  0.4217.351.11   21.3   
   276.7      277.5        0.8       8.69    4.2  0.2511.350.66   16.3   
   277.5      278.3        0.8       5.46   13.9  0.3643.904.92   35.4   
   278.3      279.3        1.0       4.74     2   0.086.43 0.29    8.9   
   279.3      280.3        1.0       9.39    3.4  0.128.53 0.48    15    
   280.3      281.3        1.0       3.45    2.7  0.063.32 0.95    6.1   
   281.3      282.3        1.0       2.25    8.2  2.168.61 1.06   11.2   
   282.3      283.3        1.0       8.90   20.7  2.408.03 0.54   17.7   
   283.3      284.3        1.0       22.20   4.8  0.267.75 0.28   27.5   
   284.3      285.1        0.8       2.05    1.4  0.122.54 0.26    3.9   
   285.1      285.6        0.5       0.08    0.3  0.060.52 0.09    0.5   
   285.6      286.8        1.2       1.06     5   0.715.75 1.52    6.4   
   286.8      287.3        0.5       7.58    3.2  0.146.08 0.83   11.9   
   287.3      288.0        0.7       1.24    1.5  0.064.60 0.28    4.3   
   288.0      289.0        1.0       32.30  18.6  3.089.81 2.65   44.2   
   289.0      290.0        1.0       6.46   22.8  0.5319.9513.40  26.4   
   290.0      291.0        1.0       32.70  41.1  0.9534.065.54   58.1   
   291.0      292.0        1.0       2.25   27.3  1.2624.408.53   23.6   
   292.0      293.0        1.0       7.38   15.9  0.9214.306.64    21    
   293.0      294.0        1.0       8.71    3.4  0.3215.500.06   18.7   
   294.0      295.0        1.0       0.96    0.6  0.070.56 0.05    1.4   
   295.0      296.0        1.0       10.10   2.6  0.092.10 0.99    12    
   296.0      297.0        1.0       5.91    2.8  0.234.70 1.48    9.9   
   297.0      298.0        1.0       12.15   4.8  0.6511.250.48   20.2   
   298.0      299.0        1.0       8.69   20.2  3.662.10 0.18   15.5   
   299.0      300.0        1.0       8.98    2.9  0.491.04 0.05   10.4   
   300.0      301.0        1.0       2.87    1.6  0.580.52 0.04    4.1   
   301.0      302.0        1.0       28.50  10.3  2.020.81 0.24   32.1   
   302.0      303.0        1.0       31.30   7.3  1.180.61 0.28   33.6   
   303.0      304.0        1.0       54.00   8.3  0.220.99 0.93   55.5   
   304.0      305.0        1.0       22.30   3.9  0.321.92 0.30   24.1   

 Complete list of sample results for drill hole JT20-092 intersection 
of 74.1 meters grading 17.89 g/t gold, 7.1 g/t silver, 0.48% copper, 
7.28% zinc, 1.31% lead (Part 2)
From(meters)To(meters)Length(meters)Au(g/t)Ag(g/t)Cu% Zn% Pb% AuEq(g/t)
   305.0      306.0        1.0       46.00   6.8  0.301.951.96  48.7   
   306.0      307.0        1.0       15.75   2.8  0.200.450.06  16.4   
   307.0      308.0        1.0       26.80   4.3  0.251.890.14  28.4   
   308.0      309.0        1.0       5.80     4   0.412.450.10    8    
   309.0      310.0        1.0       2.77    1.8  0.150.530.03   3.3   
   310.0      311.0        1.0       5.02    8.4  0.157.695.85   13    
   311.0      312.0        1.0       4.31    3.5  0.425.172.06   9.1   
   312.0      313.0        1.0       2.98    1.4  0.210.940.34    4    
   313.0      314.0        1.0       2.80    1.1  0.100.410.11   3.3   
   314.0      315.0        1.0       11.90   1.7  0.120.510.09  12.4   
   315.0      315.5        0.5       2.18    0.3  0.080.130.01   2.4   
   315.5      316.5        1.0       5.55    1.7  0.180.820.34   6.5   
   316.5      317.5        1.0       12.55   3.2  0.351.360.43  14.1   
   317.5      318.5        1.0       25.50   5.8  0.343.530.40  28.4   
   318.5      319.5        1.0       43.10   7.7  0.301.770.54   45    
   319.5      320.5        1.0       17.45   3.6  0.291.000.16  18.6   
   320.5      321.5        1.0       27.50   7.8  0.141.403.26  30.3   
   321.5      322.5        1.0       0.45    0.3  0.071.200.29   1.4   
   322.5      323.5        1.0       91.30   10   0.331.600.33   93    
   323.5      324.5        1.0      179.00  22.6  0.234.410.55  182.6  
   324.5      325.5        1.0      122.00  18.4  0.231.470.59  123.7  
   325.5      326.5        1.0       8.57    1.6  0.061.340.22   9.6   
   326.5      327.5        1.0       43.90   7.4  0.133.500.45  46.5   
   328.5      329.5        1.0       15.65   2.5  0.101.500.19  16.8   
   329.5      330.5        1.0       80.90  11.8  0.216.100.47  85.3   
   330.5      331.5        1.0       27.90   4.5  0.091.800.47  29.4   
   331.5      332.5        1.0       2.96    1.1  0.081.170.48    4    
   332.5      333.5        1.0       3.55     1   0.332.580.04   5.6   
   333.5      334.5        1.0       0.35    0.7  0.182.230.04    2    
   334.5      335.5        1.0       1.20    1.3  0.435.760.01   5.3   
   335.5      336.5        1.0       0.25    0.3  0.061.900.00   1.5   
   336.5      337.5        1.0       5.71    1.2  0.191.420.00   6.9   
   337.5      338.5        1.0       0.43    0.3  0.111.010.00   1.2   
   338.5      339.5        1.0       13.95   1.8  0.040.620.00  14.4   
   339.5      340.5        1.0       7.28    1.2  0.120.660.00   7.9   
   340.5      341.5        1.0       1.67    0.6  0.070.120.00   1.9   
   342.5      343.5        1.0       3.50    0.9  0.200.680.00   4.2

* Gold equivalent (“AuEq”) is calculated by the same formula and assumptions used to report the JT Deposit NI43-101 Resource (effective date April 29, 2020) with metal prices of $1350/oz gold, $16/oz silver, $2.80/lb copper, $1.20/lb zinc, $1.00/lb lead and does not consider metal recoveries.

Additional notes:

Starting azimuth and dip for drill holes JT19-092 and 093 are 306/-79.2 and 310/-82. Samples of drill core were cut by a diamond blade rock saw, with half of the cut core placed in individual sealed polyurethane bags and half placed back in the original core box for permanent storage. Sample lengths typically vary from a minimum 0.5 meter interval to a maximum 2.0 meter interval, with an average 1.0 to 1.5 meter sample length. Drill core samples are shipped by air and transport truck in sealed woven plastic bags to ALS Minerals sample preparation facility in Fairbanks, Alaska for sample preparation and from there by air to ALS Minerals laboratory facility in North Vancouver, BC for analysis. ALS Minerals operate according to the guidelines set out in ISO/IEC Guide 25. Gold is determined by fire-assay fusion of a 50 g sub-sample with atomic absorption spectroscopy (AAS). Samples that return values >100 ppm gold from fire assay and AAS are determined by using fire assay and a gravimetric finish. Samples with visible gold or suspected of having exceptionally high grade are submitted for metallic screen gold analysis on a larger sub-sample. Various metals including silver, gold, copper, lead and zinc are analyzed by inductively-coupled plasma (ICP) atomic emission spectroscopy, following multi-acid digestion. The elements copper, lead and zinc are determined by ore grade assay for samples that return values >10,000 ppm by ICP analysis. Silver is determined by ore grade assay for samples that return >100 ppm.

The Company has a robust QAQC program that includes the insertion of blanks, standards and duplicates.

The Indicated Resource of 2.14 Mt grading 10.93 g/t gold equivalent (AuEq) is comprised of 6.07 g/t Au, 5.8 g/t Ag, 0.57% Cu, 0.80% Pb and 5.85% Zn. The Inferred Resource of 0.58 Mt grading 7.16 g/t gold equivalent is comprised of 2.05 g/t Au, 8.7 g/t Ag, 0.54% Cu, 0.33% Pb, and 6.67% Zn. Gold Equivalent (“AuEq”) is based on assumed metal prices and 100% recovery and payabilities for Au, Ag, Cu, Pb, and Zn. Assumed metal prices are US$1350/oz for gold (Au), US$16/oz for silver (Ag), US$2.80/lb for copper (Cu), US$1.00/lb for lead (Pb), and US$1.20/lb for zinc (Zn) and are based on nominal 3-year trailing averages as of April 1, 2020.

Galway Metals drills 16 m of 4.1 g/t Au at Clarence

Galway Metals Inc. has released assay results from drilling on the west side of the Richard zone at the company’s Clarence Stream project in southwestern New Brunswick, Canada.

The latest results are highlighted by:Hole 106 intersected 54.7 grams per tonne (g/t) Au over 2.5 metres (m), including 191.0 g/t Au over 0.5m Visible Gold (VG) (previously released), plus 0.9 g/t Au over 54.2m (VG at 200.45m assayed 14.6 g/t Au over 0.5m), plus 10.0 g/t Au over 4.5m, starting at vertical depths of 86m, 196m, and 330m below surface, respectively (Figure 3).The VG at 200.45m is 30m west of an intersection of 44.1 g/t Au over 9.5m (within 10.6 g/t Au over 47.0m) in hole 87. The 10.0 g/t Au over 4.5m is the deepest intersection in the Richard Zone and is generally in-line with the deepest intersects in hole BL20-88 at the neighboring George Murphy Zone that returned 6.5 g/t Au over 14.05m and 4.9 g/t Au over 2.35m at vertical depths of 321m and 335m, respectively.Hole 109 is the first of 5 new holes located 100 metres west of the Richard Zone (Figure 4, and Figure 5). It intersected 4.1 g/t Au over 16.0m, including 22.7 g/t Au over 1.0m, and 65.7 g/t Au over 0.5m, plus 1.0 g/t Au over 14.0m, including 7.6 g/t Au over 1.0m, plus 1.3 g/t Au over 5.0m (VG assayed 2.2 g/t), including 3.4 g/t Au over 1.0m starting at a vertical depths of 180m, 221m, and 155m below surface. The other 4 holes are pending assays.

Robert Hinchcliffe, President and CEO of Galway Metals, said, "The Richard Zone has been extended 100 metres west with continuous mineralization now over 400 metres along strike. It has also been extended to depths in-line with the deepest intersections in the George Murphy Zone, and all Zones at Clarence Stream remain open at depth, along strike and laterally. With $22M in cash, Galway's recently expanded 75,000m drill program is fully-funded through the end of 2021. Our aim is to not only expand the existing zones, but to also continue making new discoveries to further demonstrate that Clarence Stream is an important new gold district in North America."

Hole 109 is the first of 5 new holes located 100 metres west of the previous western limit of the Richard Zone; the rest are pending assays (Figure 5). The mineralization lines up nicely with the main (middle) vein. Hole 106 also intersected the main (middle) vein with 0.9 g/t Au over 54.2m, and an interpreted splay structure that returned an interval of 10.0 g/t Au over 4.5m. This latter intersection is the deepest in the Richard Zone. The southern zone (previously-released 54.7 g/t Au over 2.5m) was also intersected in hole 106, and this intersection is interpreted to be the western extension of the discovery hole intersection that returned 7.3 g/t Au over 36.7m, located 184m to the east. Hole 94 was drilled out of the western plunge of the zones, and so missed the mineralization.

Galway's drill program over the next several months is to utilize 5 rigs, up from 3, in the following ways:to continue drilling the 2 gaps between the George Murphy, Richard and Jubilee Zones;to tighten drill spacings in these zones – generally to 50 metres for inclusion in the Q1/21 resource update;to follow-up on the recent new discovery that returned 186.5 g/t Au over 0.6m located 950m SW and along strike of the western-most intersection of the Jubilee Zone;to follow-up on the recent new discovery that returned 13.4 g/t Au over 12.95m located 320 metres NE of a previously-reported new vein intersection of 11.4 g/t Au over 2.0m, including 43.5 g/t Au over 0.5m, which is part of several new veins that had been discovered 75 metres north of the George Murphy Zone (GMZ) and will also be followed up, andwildcat drilling will also take place north of the North Zone, east and north of the GMZ, the new properties acquired in August (following up on historical intersections of 5.2 g/t Au over 2.5m and 3.7 g/t Au over 3.0m, etc., 20 km west of the South Zone), and on the 4km+ high-grade gold-in-soil anomaly beginning 1km on strike to the SW of the new 186.5 g/t Au over 0.6m discovery.

Assay ResultsHole ID     From(m)To(m) Intercept(m)Intercept(m) TW(Unknown if not noted)Aug/t     
RICHARD ZONE                                                                        
GWM-20BL-10680.0   81.0  1.0         0.7                                  0.6**     
            87.3   89.8  2.5         1.8                                  54.7**    
incl.       87.8   88.3  0.5         0.4                                  46.1**    
incl.       88.3   88.8  0.5         0.4                                  191.0 VG**
incl.       88.8   89.8  1.0         0.7                                  13.5**    
            146.3  200.5 54.2        38.5                                 0.9       
incl.       151.85 153.351.5         1.1                                  6.9       
incl.       158.0  159.0 1.0         0.7                                  2.2       
incl.       175.0  177.0 2.0         1.4                                  2.5       
incl.       180.0  181.0 1.0         0.7                                  3.0       
incl.       200.0  200.5 0.5         0.4                                  14.6      
            213.0  214.0 1.0                                              1.0       
            226.0  227.0 1.0                                              0.5       
            243.0  244.0 1.0                                              1.3       
            246.0  247.0 1.0                                              0.5       
            262.0  263.0 1.0                                              1.5       
            269.0  272.0 3.0                                              0.7       
            274.0  275.0 1.0                                              0.9       
            287.75 288.3 0.55                                             0.6       
            304.5  306.0 1.5                                              1.9       
            336.0  340.454.45                                             10.0      
incl.       336.0  337.0 1.0                                              42.0      
            347.0  348.0 1.0                                              2.5       
            367.0  370.0 3.0                                              0.6       
GWM-20BL-1090      128.0                                                  PENDING   
            166.0  171.0 5.0                                              1.3       
incl.       170.0  171.0 1.0                                              3.4       
            174.0  175.0 1.0                                              0.6       
            181.0  182.0 1.0                                              0.7       
            193.0  209.0 16.0                                             4.1       
incl.       196.0  197.0 1.0                                              22.7      
incl.       206.0  206.5 0.5                                              65.7      
            237.0  251.0 14.0                                             1.0       
incl.       240.0  241.0 1.0                                              7.6       
            271.0  350.0                                                  PENDING   
GWM-20BL-94 99.0   100.0 1.0                                              1.1       
            137.0  138.0 1.0                                              0.6       
            338.0  339.351.35                                             0.7

New Brunswick Junior Mining Assistance Program

Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the GMZ, Jubilee, and Richard Zones.

Geology and Mineralization

The recent discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. Richard Zone contains multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. The Jubilee mineralization consists of 2%-5% disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite, and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10% sphalerite and semi-massive galena veinlets. The 2.5 km trend that hosts the GMZ, Richard and Jubilee Zones contains a mineralized mafic intrusive locally – similar to the South Zone, which currently hosts most of the property's last reported gold resources (September 2017). A more complete description of Clarence Stream's geology and mineralization can be found at http://www.galwaymetalsinc.com.

Review by Qualified Person, Quality Control and Reports

Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company's QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.Figure 1: Plan Map of the George Murphy, Richard and Jubilee ZonesImage: https://galwaymetalsinc.com/wp-content/uploads/2020/09/Figure-1-1-300×182.jpgFigure 2: Plan Map of the Richard ZoneImage: https://galwaymetalsinc.com/wp-content/uploads/2020/09/Figure-2-300×232.jpgFigure 3: Section C of the Richard Zone Image: https://galwaymetalsinc.com/wp-content/uploads/2020/09/Figure-3-300×232.jpgFigure 4: Section E of the Richard Zone Image: https://galwaymetalsinc.com/wp-content/uploads/2020/09/Figure-4-300×232.jpgFigure 5: Longitudinal Section BImage: https://galwaymetalsinc.com/wp-content/uploads/2020/09/Figure-5-300×232.jpg

Fiore Gold’s Pan Mine Receives Mine Operator Safety Award from Nevada Mining Association for Fifth Consecutive Year

VANCOUVER, BC / ACCESSWIRE / September 9, 2020 / FIORE GOLD LTD. (TSXV:F)(OTCQB:FIOGF)(FSE:2FO) (“Fiore” or the “Company”) is pleased to announce that the Pan Mine has been awarded the 2020 Nevada Mining Association (“NVMA”) Mine Operator Safety Award in the small mines category (Nevada Mining Association Announces 2020 Operator Safety Awards). The Pan Mine also received this award in 2019, 2018, 2017 and 2016.

Los Andes finds Vizcachitas mineralization extensions

Los Andes Copper Ltd. has provided an update on the geological mapping and geophysics work programs conducted on the company’s Vizcachitas project.

Roscan Gold recovers 90% of Au from Mankouke South

Roscan Gold Corp. has provided information on bottle roll test work recently completed on crushed rejects of diamond drill samples from the Mankouke South target. Test work has been completed at ALS Laboratory in Ouagadougou, Burkina Faso in August 2020 and recorded an overall metallurgical recovery of 90% from 139 samples (Table 1).

The preliminary test work (bottle roll) in 2020 was focused on defining the cyanide recoveries that are expected from the Mankouke South project material. Additional work is still required for the metallurgical process at Mankouke South, but no significant metallurgical issues related to gold recovery have been identified from the work to date.

Nana Sangmuah, President and CEO, stated, “Preliminary metallurgical testing shows high recoveries of up to 96.5% in the Mankouke South Target. Further metallurgical test work will be completed in 2021 to determine the variation in gold recoveries between the oxide, transition zones and fresh rock.

We are very excited and encouraged about these initial results, which clearly indicate the potential to recover the gold in a conventional manner.”

Lithology Code   WeatheringFresh Rock (py %)Recovery (%)No. of Samples
Laterite         Laterite                       92.8          7       
Greywacke        Saprolite No fresh pyrite      96.5          45      
Greywacke/Shale  Saprolite No fresh pyrite      91.6          4       
Greywacke        Saprolite With fresh pyrite    84.0          57      
Greywacke/Shale  Saprolite With fresh pyrite    82.0          12      
Polymitic BrecciaFresh                          90.5          14      
                           Total                 90          139      

Table 1: Summary of Preliminary Metallurgical Result for Mankouke South

Gregory Isenor, P.Geo., a Qualified Person as defined by National Instrument 43-101, reviewed the bottle roll test work completed at ALS, and this news release. Gregory Isenor, P.Geo., an Officer and Director of Roscan, has reviewed and approved the scientific and technical disclosure in this news release.

Moneta Announces Positive Results from Preliminary Economic Assessment Study on South West Deposit

Toronto, Ontario–(Newsfile Corp. – September 9, 2020) – Moneta Porcupine Mines Inc. (TSX: ME) (OTC Pink: MPUCF) (FSE: MOP) (“Moneta” or the “Company”) is pleased to announce the excellent results from the Company’s Preliminary Economic Assessment (“PEA”) of the South West deposit at its 100% owned Golden Highway Project located in Timmins, Ontario. The PEA study demonstrates robust economics and is based on a stand-alone, owner-operated mine and mill with an 11-year mine life which produced an after-tax Net Present Value (“NPV”) of C$236 million using a 5% discount rate. The financial model shows an after-tax Internal Rate of Return (“IRR”) of 30% and a capital payback period of 3.4 years. All amounts are shown in Canadian dollars unless otherwise stated.

Tinka prepares for 7,000 m drilling at Ayawilca

Tinka Resources Ltd. has provided an update on exploration activities at its 100-per-cent-owned Ayawilca zinc-silver project in Peru. Preparations are underway for a ~7,000 metre drill program consisting of approximately 20 diamond drill holes. Three drill rigs are expected to mobilize to site and commence drilling by the end of September 2020. The program will target areas where earlier drilling identified high grade zinc and silver mineralization, often outside of the known resources.

FPX’s Baptiste PEA pegs NPV at $1.72-billion (U.S.)

FPX Nickel Corp. has received positive results from the 2020 preliminary economic assessment (PEA) for the Baptiste project at its wholly owned Decar nickel district in central British Columbia. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by BBA Inc. of Montreal, Canada with work on mine planning and tailings by Stantec Inc. of Vancouver, Canada.

Production and Economic Highlights

Mine life of 35 years and after-tax payback of 4.0 years After-tax net present value (“NPV”) (8%) of US$1.72 billion and internal rate of return (“IRR”) of 18.3% Average nickel production of 99 million lbs. per year Average C1 operating costs of US$2.74/lb nickel and all-in sustaining costs (“AISC”) of US$3.12/lb nickel Average US$481 million of annual earnings before royalties, taxes and depreciation

Cautionary Statement: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the conclusions or results as reported in the PEA will be realized.

“This PEA establishes Baptiste as a premier large-scale nickel project,” commented FPX Nickel’s President and CEO, Martin Turenne. “The Project has the potential to be a significant global nickel operation, with a multi-generational operating life and average annual production of 99 million pounds of contained nickel. Baptiste’s enormous scale, combined with low C1 operating costs of US$2.74/lb, has the potential to deliver robust operating margins throughout the nickel price cycle, generating average earnings (before royalties, taxes and depreciation) of US$481 million per year and an after-tax NPV of US$1.7 billion. With its proximity to zero-carbon hydroelectric power, the fact that its nickel product can bypass smelters for direct sale to end users, and the carbon-absorbing properties of Baptiste host rock, the Project is well positioned to address the growing market demand for environmentally sustainable nickel production.”

The Company has also identified a number of optimization opportunities to be investigated in the next phase of project development, including but not limited to:

Potential suitability of Baptiste nickel products for the electric vehicle battery market Sale of by-product iron ore concentrate or pellets Additional drilling to expand the Baptiste Deposit, which remains open with strong grades at depth over the entire mineralized footprint Potential discovery of additional large-scale nickel deposits within the 245 square kilometre Decar Nickel District on three known targets, most notably at the Van target Ongoing research in collaboration with the University of British Columbia on the ability of Baptiste waste rock and tailings to naturally sequester atmospheric carbon dioxide (“CO2 “)

With its lengthy mine life and rapid payback, Baptiste ranks favourably among global development-stage nickel projects, providing potential exposure to multiple cycles in the nickel market while efficiently repaying upfront capital. Figure 1 demonstrates the strategic value of Baptiste in comparison to other pre-production nickel projects, as expressed by its high ratio of projected mine life (35 years) to after-tax payback period (4 years).

Figure 1 {ᆎ } Comparison of Global Nickel Projects is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac76086b-b582-473e-9414-b10ee68223bc

Source: Company economic studies; see Table 11 below.

Overview of PEA Results and Assumptions

The Baptiste PEA demonstrates the potential for establishing a greenfield open-pit mine and an on-site magnetic separation and flotation processing plant, using conventional technology and equipment. At a throughput rate of 120,000 tonnes per day (or 43.8 million tonnes per year), annual production is projected to average 99 million pounds nickel contained in ferronickel (“FeNi”) briquettes at C1 operating costs of US$2.74 per pound of nickel. It is anticipated that the Baptiste FeNi briquette will be sold directly to stainless steel producers and garner 98% of the London Metal Exchange (“LME”) nickel price, in line with payabilities earned by standard FeNi products in the global marketplace.

All amounts are in United States dollars unless otherwise specified; table totals may not sum due to rounding.

Table 1 {᜘ } Baptiste Project PEA Results and Assumptions (all in US$)

  
 
 Results                                                              
Pre-tax NPV (8% discount rate)                 $2.93 billion         
Pre-tax IRR                                    22.5%                 
Payback period (pre-tax)                       3.5 years             
After-tax NPV (8% discount rate)               $1.72 billion         
After-tax IRR                                  18.3%                 
Payback period (after-tax)                     4.0 years             
Net cash flows (after-tax, undiscounted)       $8.73 billion         
C1 operating costs 1                           $2.74/lb nickel       
AISC costs 2                                   $3.12/lb nickel       
Assumptions                                                          
Processing throughput                          120,000 tonnes per day
Mine life                                      35 years              
Life-of-mine stripping ratio (tonnes:tonnes)   0.40:1                
Life-of-mine average annual nickel production  99 million lbs.       
Nickel price 3                                 $7.75/lb              
Baptiste product payability (% of nickel price)98%                   
Pre-production capital expenditures            $1.67 billion         
Sustaining capital expenditures                $1.11 billion         
Exchange rate                                  0.76 US$/C$

C1 operating costs are the costs of mining, milling and concentrating, on-site administration and general expenses, metal product treatment charges, and freight and marketing costs less the net value of by-product credits, if any. These are expressed on the basis of per unit nickel content of the sold product.

AISC of all-in sustaining costs comprise the sum of C1 costs, sustaining capital, royalties and closure expenses. These are expressed on the basis of per unit nickel content of the sold product.

Nickel price based on the average of six long-term analyst forecast prices.

Capital Costs

The total pre-production capital costs, including direct costs, indirect costs and contingency was estimated at $1.67 billion. This represents the pre-production capital expenditure required to support start-up of operations in year 1. The capital cost related to the implementation of in-pit tailings deposition in year 22 was estimated at $103 million. This is the capital expenditure specifically required to allow for finer primary grinding (resulting in improved nickel recovery) and for pumping tailings to the mined-out pits for in-pit deposition, and other associated costs (see further discussion under Metallurgy and Mineral Processing and Tailings Management below). Sustaining capital costs (which excludes the capital cost related to the implementation of finer primary grinding and in-pit deposition) were estimated at $1.01 billion. These costs include items such as mine equipment fleet additions and replacements, facilities additions and improvements and costs relating to tailings storage facility and surface water management which are incurred over the life-of-mine (“LOM”).

Capital Costs
                                                  In-Pit Tailings
                            PreProduction    Deposition (Year 21)    Sustaining       Total LOM
Category                      US$ million             US$ million   US$ million     US$ million
Direct Costs
Mobile Equipment                     $155                       -          $354            $509
Tailings                             $138                     $15          $534            $687
Mine and tailings
site preparation                      $96                       -           $90            $186
Mineral processing                   $610                     $88           $18            $717
Off-site infrastructure               $64                       -             -             $64
On-site infrastructure                $66                       -            $7             $73
Total direct costs                $ 1,129                   $ 103       $ 1,003         $ 2,235
Indirect costs                       $292                       -            $8            $300
Contingency                          $254                       -             -            $254
Total project
capital costs                     $ 1,675                   $ 103       $ 1,012         $ 2,789

Operating Costs

Table 3 presents a summary of the estimated average operating costs for the initial Phase 1 (Years 1 to 21), Phase 2 (Years 22 to 35, during which period the Project will adopt finer primary grinding and in-pit tailings deposition) and for the life-of-mine, expressed in US$/tonne of dry material processed (milled).

Table 3 {&#11679; &#150;} Total Estimated Phase and Average LOM Operating Costs (US$/t milled)
 
 Estimated average LOM operating costsPhase 1(Years 1-21)Phase 2 (Years 22-35)Average  (LOM)
Mining                                      $2.28               $2.66            $2.43     
Mineral processing                          $2.71               $2.91            $2.79     
Product transport                           $0.19               $0.18            $0.19     
Rail terminal and access road               $0.05               $0.05            $0.05     
General site services                       $0.62               $0.62            $0.62     
General and administration                  $0.25               $0.25            $0.25     
Total operating costs                      $ 6.09              $ 6.66            $ 6.32

Table 4 presents estimated phase and average LOM operating costs stated on a per unit of nickel production basis.

Table 4 {&#12710; &#150;} C1 costs and AISC costs (US$/lb nickel)
 
 Phase 1(Years 1-21)Phase 2 (Years 22-35)Average  (LOM)
C1 costs         $2.61               $2.94            $2.74     
AISC costs       $3.13               $3.11            $3.12

Mineral Resource Estimate

The PEA incorporates an updated 2020 resource estimate for the Baptiste Deposit including all data from the 83 surface drillholes completed since 2010 and 2,053 samples from a re-sampling program of 2010/2011 drill core that was carried out in 2012. The estimate is geologically constrained within four mineralized domains and is reasonably comparable among different estimation methods (i.e., ordinary kriging, inverse distance squared weighting, nearest neighbour).

The 2020 resource model comprises a large, delta shaped volume that measures approximately 3.0 km in length and 150 to 1,080 m in width and extends to a depth of 540 m below the surface. The Baptiste Deposit remains open at depth over the entire system and is covered by an average of 12 metres of overburden.

Table 5: 2020 Baptiste Deposit Pit-Constrained Mineral Resource Estimate * 
 
 Category Tonnes (000's)Davis Tube Recoverable ("DTR") Nickel Content
                          % Ni     Tonnes Ni     Pounds Ni (000's)  
Indicated  1,995,873     0.122     2,434,965         5,368,173      
Inferred    592,890      0.114      675,895          1,490,092

* See Notes for Tables 5 and 6 below.

2020 Baptiste Deposit Block Model Tonnage and Grades 
Reported at a Range of Cut-off Grades (Base Case 0.06% DTR Ni) *
 
 Cut-off Grade (DTR Ni %)          Indicated                      Inferred           
                        Tonnes (000's)DTR Ni Grade (%)Tonnes (000's)DTR Ni Grade (%)
          0.02            2,076,969        0.119         750,633         0.098      
          0.04            2,055,578        0.120         659,900         0.107      
          0.06            1,995,873        0.122         592,890         0.114      
          0.08            1,871,412        0.126         499,993         0.122      
          0.10            1,617,364        0.131         399,801         0.130

* Notes for Tables 5 and 6:

Updated mineral resource estimate prepared by GeoSim Services Inc. using ordinary kriging with an effective date of September 9, 2020. Davis Tube magnetically-recovered (“DTR”) nickel is the nickel content recovered by magnetic separation using a Davis Tube, followed by fusion XRF to determine the nickel content of the magnetic fraction; in effect a mini-scale metallurgical test. The Davis tube method is the global, industry standard metallurgical testing apparatus for recovery of magnetic minerals. Indicated mineral resources are drilled on approximate 200 x 200 metre drill spacing and confined to mineralized lithologic domains. Inferred mineral resources are drilled on approximate 300 x 300 metre drill spacing. An optimized pit shell was generated using the following assumptions: US $6.35 per pound nickel price; a 45degree pit slope; assumed mining recovery of 97% DTR Ni and process recovery of 85% DTR Ni, an exchange rate of $1.00 CAN = $0.76 US; and mining costs of US$2.75 per tonne, processing costs of US$4.00 per tonne. A US$1.00 per tonne minimum profit was also imposed to exclude material close to the break-even cut-off. A base case cut-off grade of 0.06% DTR Ni represents an in-situ metal value of approximately US$7.00 per tonne which is believed to provide a reasonable margin over operating and sustaining costs for open-pit mining and processing. Totals may not sum due to rounding. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Mining

The PEA mine plan is based on the mineral resource estimate and its underlying geological block model. The mine plan envisions a three-phased open pit mine development, with the Phase 1 pit covering the first 21 years of mine life. During this phase, tailings will be deposited in an external tailings storage facility (“TSF”). The Phase 2 and 3 pits expand laterally towards the northwest and northeast from the Phase 1 pit, providing mill feed for years 22 to 35, allowing tailings to be placed in the mined-out Phase 1 pit. A pit rim dam will be constructed in year 25 to allow access from the phase 3 pit to the plant and to accommodate the additional tailings that will be stored in the Phase 1 and Phase 2 pits after they are mined out.

Mining will be conducted using conventional truck and shovel methods. Large-scale open pit mining will provide the mineral processing plant feed at a rate of 120,000 tonnes per day, or 43.8 million tonnes per annum. Annual mine production of mill feed and waste will peak at 80.1 Mt/a with a life-of-mine stripping ratio of 0.40:1 including preproduction (0.32 during the first 10 years of operation, and 0.22 over the first 16 years of operation). Ultimate pit quantities with corresponding DTR nickel grades are shown in Table 7.

  Table 7 {&#18423; &#150;} Ultimate Design Pit Quantities
 
 Material ClassificationTonnage (Mt)Grade (% DTR Ni)
Indicated                 1,326         0.124%     
Inferred                   177          0.102%     
Total for processing      1,503        0.121 %     
Waste rock                 540                     
Overburden                  55                     
Total waste                596                     
Total material mined      2,098                    
Stripping ratio (LOM)    0.40 :1

Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability

Pit phasing (Phases 1 through 3) was developed to maximize grade early in the mine life, with a starter pit being developed at the beginning of Phase 1 to target a shallow higher-grade zone of nickel mineralization. A production schedule showing tonnage and grade by mining phase is presented in Table 8.

  Table 8 {&#19484; &#150;} Mining Schedule by Phase
 
 Material Classification              Tonnage (Mt)Grade (% DTR Ni)
Phase 1 (Years 1-21)                                             
Indicated                                803          0.128%     
Inferred                                  42          0.114%     
Total for processing {&#19841; &#150;} Phase 1           845         0.127 %     
                                                                 
Phases 2 and 3 (Years 22-35)                                     
Indicated                                523          0.117%     
Inferred                                 135          0.099%     
Total for processing {&#20180; &#150;} Phases 2 and 3    658         0.113 %     
Total for processing {&#20255; &#150;} LOM              1,503        0.121 %

Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability

Metallurgy and Mineral Processing

The metallurgical testwork for the PEA was performed at ALS in Kamloops, British Columbia and was focused on the following: Magnetic separation tests at a range of primary grind sizes (P80 from 57 microm to 360 microm); Magnetic cleaning tests to 25 microm final regrind size; Flotation testwork on the magnetic cleaner concentrate under various conditions and reagent additions; Mineralogical assessment of the head sample and some products generated in the testwork.

A conceptual mineral processing flowsheet was developed as the basis for the PEA. The process flowsheet is based on traditional grinding, magnetic separation and flotation processes. Unit operations in this flowsheet include crushing and grinding, magnetic separation, magnetic concentrate re-grinding to 25 microns (P80), further magnetic cleaning stages, followed by rougher and cleaner flotation stages to produce a final nickel concentrate grading 63% nickel.

The metallurgical testwork results indicated that at a primary grind of 300 microm, it is possible to produce a 63% nickel concentrate with a nickel recovery of 85% of the DTR nickel feed grade. In Year 22, when in-pit tailings deposition is implemented, a finer primary grind of 170 microm can be achieved through the addition of a third ball mill resulting in a DTR nickel recovery of 90%.

Subsequent to the flotation process, the 63% nickel concentrate is dewatered, filtered to a filter cake and briquetted into a final saleable ferronickel product. The flotation process also produces a magnetite-rich tailings stream which has the potential to be sold or further valorized as a saleable iron ore product. For the PEA, no by-product revenues have been recognized for the potential sale of this magnetite-rich product.

Product Marketing

Metallurgical testwork performed for the PEA Study has shown that the Baptiste Project can produce a clean, high-grade, ferronickel concentrate through a conventional mineral processing flowsheet. The FeNi concentrate, agglomerated in briquette form, constitutes the final saleable product generated by the Project for consumption by stainless steel producers. The projected product specification for the Baptiste briquettes is presented in Table 9.

Table 9: Projected Product Specification for Baptiste FeNi Briquettes
 
 Elements and Minerals     Content   
Ni                        60-65%    
Fe (total)                30-32%    
Awaruite (Ni3Fe alloy)    77-83%    
Metallic Fe in awaruite   19-21%    
Magnetite (Fe3O4)         13-18%    
Co                      1% typical  
Cu                     0.7% typical 
P                      0.02% typical
S                      0.6% typical 
MgO                     1% typical  
SiO2                   1.5% typical 
Cr2O3                  0.4% typical

The selling price to be obtained from the sale of the Baptiste FeNi briquettes to stainless steel producers will generally be a function of two variables: (1) the LME nickel price and (2) a discount or premium to the LME nickel price, based on the market positioning of the Baptiste FeNi briquettes in relation to competing sources of nickel feedstock to stainless producers, including stainless steel scrap, nickel pig iron, standard FeNi and Class 1 nickel briquettes or cathode. The selling price determined by the analysis of these two components is the price used for the economic analysis performed for the PEA.

A long-term LME base nickel price assumption of $7.75 per pound is assumed in the PEA which is consistent with the average long-term nickel price of forecasts provided by six base metals analysts. In order to assess the potential payability for the Baptiste product, stated as a percentage of the LME base price, the following sources of information were considered:

The results of the Company’s preliminary product market testing undertaken with stainless steel and ferronickel producers; Preliminary market feedback based on informal discussions with nickel consumers and traders, including an independent consultant to the Company and representatives of large international trading houses specializing in nickel products; Benchmarking with typical specifications for standard FeNi and nickel pig iron (“NPI”) products from various producers; Historic premium / discount data for standard FeNi.

The analysis, in consideration of the aforementioned information sources, concluded that a discount of 2% applied to the LME nickel price provides a reasonable assumption for determining the selling price to be used for the PEA.

Off-Site Infrastructure

The Decar District site access road, having a total length of 121 km, consists of an existing paved road segment and an existing forestry service road (“FSR”). A new 110-m span bridge and a new 4.5 km FSR segment will be required to access the property. Also, upgrades will be required to an existing 20-m span bridge and to 12 km of existing FSR segments.

A road-to-rail transfer facility is proposed to be constructed off-site in the vicinity of the existing CN Rail branch line. The transfer facility is to be used primarily for transloading containerized FeNi briquettes onto railcars for transport to the Prince Rupert port terminal for eventual delivery to ports in Asia. The FeNi briquettes will be loaded into containers at the mine site and trucked by the Company to the transfer facility. The Project will, on average, produce about 72,000 tonnes of FeNi briquettes annually, or an average of approximately 200 tonnes per day.

Electric power to the Project will be provided through a new hydro-electric power transmission line with a capacity of 120 MW and a transmission voltage of a single, 230 kV circuit. The proposed power transmission line is based on a tie-in point located approximately 98 km from the Project.

Tailings Management

The proposed tailings disposal strategy for the Baptiste Project is based on two phases. For Phase 1, spanning from years 1 to 21, tailings are disposed of within a conventional external tailings storage facility. The proposed external TSF is proposed to be constructed using the centerline construction method with a downstream slope of 3H:1V. It will be constructed primarily with cycloned sand tailings generated in the mineral processing plant and designed to retain tailings produced during the first 21 years of production based on the mine schedule. Geotechnical design criteria are based on regional experience as no site investigations related to the TSF structures have been completed to date.

Thereafter, tailings are proposed to be disposed within the exhausted open pit based on an in-pit disposal strategy. Upon completion of mining of the Phase 1 pit in year 21, the pit would then start being backfilled with tailings produced while processing material mined in the Phases 2 and 3 pits, starting in year 22. A pit rim dam will be required in order to accommodate the tailings produced while mining the Phase 3 pit to the end of the 35-year mine life.

Sensitivity Analysis

A sensitivity analysis was performed on a pre-tax and after-tax basis, whereby pre-production capital cost, annual operating costs and product selling price were individually varied between +/-20% to determine the impact on the Project’s IRR and NPV at an 8% discount rate. Results are presented in Table 10.

Table 10 {&#28626; &#150;} Sensitivity Analysis
 
 Sensitivity  -20%    -10%  Base Case  +10%    +20%  
Operating Costs                                     
Pre-Tax                                             
NPV        $3,449 M$3,188 M$2,927 M $2,666 M$2,406 M
IRR         24.6 %  23.6 %  22.5 %   21.5 %  20.4 % 
After-Tax                                           
NPV        $2,057 M$1,889 M$1,721 M $1,552 M$1,384 M
IRR         19.9 %  19.1 %  18.3 %   17.4 %  16.5 % 
Capital Costs                                       
Pre-Tax                                             
NPV        $3,233 M$3,080 M$2,927 M $2,774 M$2,621 M
IRR         27.2 %  24.6 %  22.5 %   20.8 %  19.2 % 
After-Tax                                           
NPV        $2,002 M$1,862 M$1,721 M $1,579 M$1,437 M
IRR         22.4 %  20.1 %  18.3 %   16.7 %  15.3 % 
Ni Selling Price                                    
Pre-Tax                                             
NPV        $1,426 M$2,177 M$2,927 M $3,678 M$4,428 M
IRR         15.7 %  19.2 %  22.5 %   25.7 %  28.6 % 
After-Tax                                           
NPV         $750 M $1,237 M$1,721 M $2,202 M$2,680 M
IRR         12.8 %  15.6 %  18.3 %   20.7 %  23.0 %

At the LME spot nickel price of $6.86/lb. (closing price on September 7, 2020), the Project’s after-tax IRR and NPV (8% discount rate) would be 15.2% and US$1.16 billion, respectively.

Project Opportunities

Several project optimization opportunities requiring further study have been identified which may further enhance project economics, including the following:

Electric Vehicle Battery Application: Based on batch pressure leach tests performed on a sample of Baptiste flotation concentrate, it is expected that the nickel-cobalt leach solution produced will be an ideal feedstock for the production of nickel sulphate and cobalt sulphate for the electric vehicle (“EV”) battery market. These positive test results provide the Company with an opportunity to pursue an alternative marketing route for part of its nickel production, which would allow the Company to become a player in the EV battery value chain. As the Project advances, this opportunity will need to be supported with more testwork and a validation of process economics.

Sale of Iron Ore Concentrate: The process flowsheet developed in the PEA generates a flotation tailing with a high iron content (in the form of magnetite), which can potentially be marketable as a magnetite iron ore concentrate and generate additional financial benefit to the Project. A detailed logistics and marketability analysis to further develop this opportunity is required to incorporate the potential benefit of this product stream into the Project’s economics.

Mineral Exploration: Assay results of outcropping bedrock samples have defined a promising drill-ready target at the Van target, which is located 6 km north of the Baptiste Deposit at similar elevations, and accessible via logging roads. These results demonstrate that the surface expression of the Van target is larger in area and similar in DTR nickel values to the Baptiste Deposit. A drill program is recommended for the Van target to test its potential to comprise a standalone deposit to complement the Baptiste Deposit.

CO2 Sequestration: Laboratory testing by researchers from the University of British Columbia has demonstrated that the Baptiste Deposit’s mineralization can absorb significant quantities of carbon dioxide when exposed to air through a natural process of mineral carbonation. FPX is undertaking further research in collaboration with UBC to assess and advance the potential development of a low-carbon or carbon-neutral operation at Baptiste (see FPX Nickel news release dated September 1, 2020). The potential benefits of carbon sequestration have not been incorporated into the present PEA.

Webinar

The Company’s management will host a live webinar on Thursday, September 10 at 1:00 p.m. Eastern (10:00 a.m. Pacific) to provide an overview of the PEA results and to answer questions from participants. Participants can access the live webinar at the following link: https://zoom.us/j/99574244901

Notes Regarding the PEA

The PEA was produced by a team of independent consultants who possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of this news release.

The effective date of the 2020 PEA is September 9, 2020 and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.

Notes Regarding Figure 1

Information in Figure 1 regarding the mine life and payback period of global nickel projects is taken from company reports and economic studies, as shown in Table 11 below.

Maple Gold Provides Exploration Update and Outlook at Douay Gold Project

Montreal, Quebec–(Newsfile Corp. – September 9, 2020) – Maple Gold Mines Ltd. (TSXV: MGM) (OTCQB: MGMLF) (FSE: M3G) (“Maple Gold” or the “Company“) is pleased to provide a recap of its exploration programs during the first half of 2020 and an outlook on exploration work planned at its Douay Gold Project (the “Project”) in northern Quebec, Canada.

Excellon produces 198,458 oz AgEq from Platosa in July

Excellon Resources Inc. has provided an operations update following the resumption of mining and milling activities at its Mexican operations in mid-June, 2020.

“We realized strong production in July after restarting the Platosa Mine in mid-June and that trend continued through August,” stated Brendan Cahill, President & CEO. “The cost reduction measures we implemented in Q2 are delivering results, even prior to the pending switch to a private electricity supplier. Underground exploration has resumed at Platosa and we are about to resume surface drilling on potential extensions to the Platosa resource and the Jaboncillo and PDN targets north of the mine. With silver prices at 10 year highs, we expect to have positive cashflow from our Platosa operation going forward.”

    July 2020 Production Results 
  
  
   Production in Dry Metric Tonnes (DMT)July 2020
Tonnes Mined from Platosa            7,044    
Tonnes Processed*                    7,408    
Ore Grades                                    
Silver (g/t)                         528      
Lead (%)                             5.85     
Zinc (%)                             7.66     
Recoveries                                    
Silver (%)                           92.4     
Lead (%)                             85.7     
Zinc (%)                             77.6     
Metal Production**                            
Silver (oz)                          116,324  
Lead (lb)                            972,066  
Zinc (lb)                            818,730  
AgEq (oz)**                          198,458  
Average July 2020 Commodity Prices            
Silver ($)                           20.42    
Lead ($)                             0.82     
Zinc ($)                             0.98

* Processed tonnes includes June 2020 stockpile

** Subject to final settlement prices and assays with concentrate purchaser/AgEq ounces calculated using average July 2020 metal prices

Cost reduction measures at Platosa included material reductions to the workforce, changes to shift schedules and mining methods, and the renegotiation of treatment charges on zinc concentrates. The changes to shift schedules resulted in a more productive operation despite reductions in the workforce; as a result, the Company continues to benefit from lower operating costs and higher commodity prices. The shift to a private electricity provider is expected to be completed in the third quarter, with further reductions to operating costs expected in Q4.

COVID-19 Mitigation and Response Plans

On the restart of operations, following the government-mandated suspension of non-essential business activities in Q2, the Company provided two days of safety and COVID-19 exposure prevention training, reorganized the workforce and implemented more efficient work schedules and various ventilation, mining method and other business improvements. COVID-19 prevention, hygiene and safety measures, health screening, travel restrictions, contact tracing, testing and quarantine protocols are in place and have so far proven effective in protecting the workforce from confirmed COVID-19 cases that originated from community spread.

To date there has been no material impact to production or shipment of concentrate from any of the Company’s operations as a result of COVID-19. Additionally, there has been no significant disruption to the supply chain of the Company’s operations. Excellon continues to monitor and implement business continuity measures to mitigate and minimize to the extent possible any potential impacts of the pandemic that might emerge in our operations, procurement and commercial activities.

Almaden Announces Court Decision in respect of Environmental Permit Application for the Ixtaca Precious Metals Project, Mexico

VANCOUVER, British Columbia, Sept. 09, 2020 (GLOBE NEWSWIRE) — Almaden Minerals Ltd. (“Almaden” or “the Company”; TSX: AMM; NYSE American: AAU) is pleased to report that the second district court in Puebla (the “Court”) has issued a decision in respect of the “incident” filed by Almaden’s Mexican subsidiary on February 4 of this year.

American Creek’s JV Partner Tudor Gold Discovers a Significant New Gold-Silver-Copper Mineralized System at the Perfectstorm (PSZ) at Treaty Creek, as Well as, Expands the Goldstorm Mineralization Along the Northeast Axis to 1100 Meters

Drill Hole GS-20-73 Expands the 300 Horizon with a 229.5 Meter Intercept Averaging 1.506 Gpt AuEq Within a 775.5 Meter Interval Averaging 0.932 Gpt AuEq.

Drill Hole GS-20-66 Expands the CS-600 System 100 Metres to the Southeast with a 75 Meter Intercept Averaging 2.150 Gpt AuEq.

Dynacor Declares Its Q3-2020 Quarterly Dividend

MONTREAL, Sept. 09, 2020 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX: DNG) (Dynacor or the Corporation) is pleased to announce the declaration of a dividend payment of CA $0.015 per common share which will be payable on October 5, 2020, to shareholders of record as of the close of business on September 18, 2020. This dividend represents the 9th quarterly dividend payment made to shareholders.

Economics	Pre-Tax	Post-Tax
Net present value (NPV5%)	C$ million	$368.2	$236.4
Internal rate of return (IRR)	%	39.2 %	29.7 %
Payback Period (undiscounted)	years	2.9 years	3.4 years
LOM avg. annual cash flow	C$ million	$66.9	$ 48.6
LOM cumulative cash flow (undiscounted)	C$ million	$556.3	$371.3
LOM Average cash costs	US$ per ounce	US$590
LOM Average AISC – All in Sustaining Costs	US$ per ounce	US$747
LOM Average AIC – All in Costs	US$ per ounce	US$902
Initial Capital Costs	C$ Million	C$144.2
Sustaining Capital Costs (LOM)	C$ Million	C$135.7
Profitability Index	NPV/Initial Capital	1.64
Peak Investment	C$ million	C$114.3
Gold price assumption	US$ per ounce	US$1,500
Exchange rate	US$/C$	0.77
Royalty	per ounce	nil
Mine life	years	11
Mill Head Grade (diluted) and Recovery	g/t Au, %	3.93 g/t Au, 94.2%
Average annual mining rate	tonnes/day (tpd)	1,750tpd
Average annual gold production	thousand ounces/yr	76Koz/pa
Total LOM recovered gold	thousand ounces	719.2koz

Year	-1	1	2	3	4	5	6	7	8	9	10	Totals
Tonnes (t)	213	462	603	621	620	617	622	621	621	621	417	6,035
Grade (g/t)	3.93	4.05	3.91	3.90	4.57	3.73	3.56	3.95	4.19	3.70	3.77	3.93
Contained Au	26.8	60.1	75.9	77.8	91.0	73.9	71.2	78.8	83.6	73.7	50.4	763.5
Recovery (%)	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%	94.2%
Recovered Au	25.3	56.6	71.5	73.3	85.7	69.7	67.1	74.3	78.8	69.4	47.5	719.2

Mine Plan Summary
Mine Life	Years	11
Including Ramp-up	Years	2
Mining rate	tpd	1,750
Height between sub-levels	m	20.00
Minimum mining width	m	3.00
Length of stopes	m	15.00
Dilution	m	0.5 / 0.5
Average width of stopes	m	~8.00
Dilution grade	g/t Au	0.00
Cut-off grade	g/t Au	2.60
Total mill-feed mined	Million tonnes	6.035
Diluted Grade	g/t Au	3.93
Contained Ounces	Thousand ounces	763.49
Recovered ounces	Thousand ounces	719.21

Operating Costs
Cost Centre	LOM (C$MM)	(C$/t)
Mining	$393.2	$65.16
Processing	$112.9	$18.70
G&A	$36.8	$6.10
Total	$542.9	$89.96

Capital Costs
Cost Centre	C$MM
Mining Equipment	6.05
Auxiliary	43.64
Processing	40.39
Infrastructure	21.50
In-directs	15.68
Contingency	16.91
Total Initial Capital	144.16
Sustaining Capital (LOM)	135.72
Closure	10.00
Total Capital Costs	289.88

MARBURG