Metals Update 15/9/2020

Southern Silver closes $456,000 private placement

Southern Silver Exploration Corp. has closed the recently announced non-brokered private placement for 1.2 million units at a price of 38 cents per unit for gross proceeds of $456,000. Each unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share for a period of three years at an exercise price of 50 cents per share. The common shares and warrants carry a legend that restricts the trading of the securities until Jan. 12, 2021. Net proceeds from the private placement will be used for working capital. The private placement is subject to TSX Venture Exchange approval.

American Manganese arranges $2M private placement

American Manganese Inc. intends to complete a non-brokered private placement for gross proceeds of up to $2-million by way of a unit offering at a price of 24 cents per unit. Each unit will consist of one common share and one purchase warrant. Each warrant will be exercisable for one common share at a price of 30 cents per common share for a period of two years from the date of closing of the offering.

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Orca Gold releases revised Block 14 feasibility study

Orca Gold Inc. has released a revised feasibility study indicating a material improvement in operating costs on the company’s 70-per-cent-owned Block 14 gold project in the Republic of the Sudan. The revised feasibility study incorporates updated costs and other economics from the original feasibility study released on Nov, 7, 2018.

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Amarillo trenches 20 m of 1.03 g/t Au at Posse North

Amarillo Gold Corp. has noted that results from a surface exploration program support the theory that there are additional near-surface gold deposits along the Posse North gold trend. Since February, 2020, surface work at the company’s Mara Rosa property in Brazil has focused on trenching and auger drilling to delineate the higher-grade zones of anomalous gold on surface along the trend. The continuing aim is to identify potentially economic gold deposits that could add to existing resources and reserves, which could enhance the production profile of the Posse gold project.

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Aftermath investor Sprott acquires 9.2 M shares

2176423 Ontario Ltd., a corporation that is beneficially held by Eric Sprott, has acquired 9.2 million common shares of Aftermath Silver Ltd., pursuant to a private placement, at a price of 65 cents per share for aggregated consideration of $5.98-million.

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Entree Resources closes $4.41M private placement

Entree Resources Ltd. has closed the non-brokered private placement announced on Aug. 20, 2020.

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Canada Nickel Company increases financing to $13.04M

Canada Nickel Company Inc. has amended its agreement with Echelon Wealth Partners Inc., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Eight Capital and Haywood Securities Inc., to increase the size of the previously announced bought deal offering from approximately $6.5-million to approximately $13-million. The underwriters have agreed to purchase, on a bought deal private placement basis, 5.35 million units of the company at a price of $1.50 per unit for total gross proceeds of $8,025,000 and 2.95 million flow-through (FT) shares of the company at a price of $1.70 per FT share for total gross proceeds of $5,015,000.

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Canada Silver Cobalt terminates IR agreement with GRA

Canada Silver Cobalt Works Inc. has terminated its investor relations agreement dated July 24, 2020, with GRA Enterprises LLC.

Int’l Speculator downgrades Almaden to sell from hold

The International Speculator, in its Aug. 27, 2020, issue, downgrades Almaden Minerals Ltd. (recently 97 cents) to “sell” from “hold.” The newsletter said buy 11 times between March 4, 2003, and Sept. 1, 2010, at prices ranging from 68 cents to $3.25. It then said sell some — perhaps half — on March 4, 2011, at $3.99. Assuming a $1,000 investment for each of the 11 buys, selling half the $11,000 investment at $3.99 yielded a profit of $8,497 and left shares, which cost $5,500, worth $13,997. The Speculator then said buy 12 more times between July 7, 2011, and Aug. 23, 2019, at prices ranging from 98 cents to $3.28. Assuming 12 more investments of $1,000, and taking into account the remaining $5,500 investment after the March 4, 2011, one-half sale, selling the $17,500 position at 97 cents would yield a loss of $6,188. The Speculator’s advice comes with a brief commment, “Almaden [has] gained nearly 65% since mid-July.”

Int’l Speculator downgrades Orea Mining to “sell”

The International Speculator, in its Aug. 27, 2020, issue, downgrades Orea Mining Corp., the former Columbus Gold Corp. (recently 15.5 cents), to “sell” from “hold.” This is the newsletter’s second go-round with the French Guianese explorer. The Speculator said buy Columbus Gold on April 2, 2007, at $1.48 and again on Oct. 1, 2007, at $1.21. It then said sell on May 1, 2008, at 63 cents. Assuming an investment of $1,000 for each of the two buys, selling the $2,000 position at 63 cents yielded a loss of $1,073. The newsletter then said buy 14 more times between Feb. 7, 2011, and March 26, 2020, at prices ranging from 12 cents to 95 cents. Assuming 14 investments of $1,000 each, selling the $14,000 position at 15.5 cents yields a loss of $7,506. The sell comes without commentary.

Serengeti to add second drill rig to Kwanika Sept. 16

Serengeti Resources Inc.’s drilling program at Kwanika is now progressing well with the addition of a second drilling rig due to start on Sept. 16 in order to expedite completion of the program by late September. Serengeti expects that the total program will include up to 4,300m of drilling in eight to nine drill holes testing a number of exploration targets and resource expansion opportunities. Two holes have been completed to date with the third currently underway. Initial core samples have been submitted to the analytical laboratory and initial results are expected in late September or early October. The advanced resource-stage Kwanika project is ~26,000 hectares, held by Kwanika Copper Corporation (KCC)* and is located in the northern Quesnel Trough of British Columbia which hosts numerous porphyry copper-gold deposits.

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Steppe Gold drills 22m of 2.4 g/t Au at ATO in 2019

Steppe Gold Ltd. has provided an update on the exploration drilling and trenching programs at the ATO gold mine and Uudam Khundii (UK) gold project.

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Nighthawk’s Colomac amenable to all recovery tech

Nighthawk Gold Corp. has provided results from the latest metallurgical testwork collected in 2019 from the Colomac gold project, centrally located within the company’s 100-per-cent-owned Indin Lake gold property, Northwest Territories, Canada. Four (4) bulk drill core samples were submitted for SAGDesign, gravity concentration, flotation, bottle roll cyanide leaching, and column heap leach testing with results reported herein.

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Atico Continues to Intercept High Grade Massive Sulphides Near Surface and at Depth Reporting 8.6g/t Au, 73.4g/t Ag, 10.9% Cu, and 5.6% Zn Over 5.33 Meters, Extending High Grade Zones Beyond Known Mineralization at La Plata Project in Ecuador

VANCOUVER, British Columbia, Sept. 15, 2020 (GLOBE NEWSWIRE) — Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) (“Atico” or the “Company”) is pleased to announce results of the first six holes from its North Block drill program at the La Plata precious metals-rich volcanogenic massive sulphide (“VMS”) project in Ecuador. These holes have significant implications as numerous holes have reported wider intercepts than the anticipated mineralized zone included in the initial mineral resource polygon of the North block.

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Orvana Announces Participation at Precious Metals Summit Virtual Conference & Denver Gold Forum Americas/EXPL-DEV 2020 Virtual Conference

TORONTO, Sept. 15, 2020 /CNW/ – Orvana Minerals Corp. (TSX: ORV) (the “Company” or “Orvana”) “) is pleased to announce that it will be participating at the Precious Metals Summit and the Denver Gold Forum Americas, both in virtual format.

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Freeman Gold acquires two Idaho mining claims

Freeman Gold Corp. has acquired the Moon No. 100 and Moon No. 101 unpatented mining claims, located within the historical resource area of the company’s 100-per-cent-owned Lemhi gold project, located in Idaho, United States. The Moon Claims are located towards the northern portion of the historical resource area in the immediate vicinity of historical drill holes 86065, 93002 and 93005 which contain significant gold mineralization including both broad (193.55 meters of 1.8 grams per tonne gold (‘g/t Au’)) and high grade (57.91 meters of 4.09 g/t Au) gold intercepts (Table 1).

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Oroco Resource closes $7.26-million private placement

Oroco Resource Corp. has closed a non-brokered private placement of 12.1 million units at a price of 60 cents per unit, for gross proceeds of $7.26-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 24 months from closing at a price of $0.90 per share. The exercise period for the share purchase warrants may be accelerated to 30 days if, at any time after the first 6 months of the warrant exercise period, the volume-weighted trading average of the Company’s shares exceeds $1.50 over a period of 20 consecutive trading days.

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