Canada Nickel Announces MacDiarmid Exploration Target – Approximately 15% Larger Than Crawford Main Zone
- Completion of regional geophysics and interpretation of historical drilling has yielded multiple targets including the MacDiarmid target in excess of 1.8 km long and an average of 400 metres wide – a similar quality target and approximately 15% larger than the size of original Crawford Main Zone discovery
- Entire MacDiarmid target has now been acquired through a binding letter of intent with Noble Mineral Exploration to consolidate additional mining claims around entire target
TORONTO, Feb. 17, 2021 /PRNewswire/ – Canada Nickel Company Inc. (“Canada Nickel” or “TheCompany“) (TSX-V: CNC) (OTCQB: CNIKF) and Noble Mineral Exploration (“Noble“) today announced that they have entered into a binding letter of intent (“LOI”) to consolidate ownership of a recently identified high priority nickel target in MacDiarmid township.
The LOI options additional claims adjacent to the original MacDiarmid property option previously announced on July 13, 2020. Canada Nickel has identified prospective targets on the Option Properties it obtained from Noble: Kingsmill, Mahaffy-Aubin, Nesbitt North, and Crawford Nesbitt-Aubin and drilling on several of these targets is expected to begin during the current winter season.
“With MacDiarmid’s location just west of the Kidd Creek Mine, we are thrilled by the district-scale potential of this rapidly emerging nickel sulphide corridor along Highway 655 and we look forward to unlocking the potential of MacDiarmid in addition to the other properties optioned from Noble.” said Mark Selby, Chair and CEO of Canada Nickel.
Airborne geophysics and a compilation of historical exploration activities led to the identification of the MacDiarmid target, 1.8 km long and an average 400 metre wide geophysical footprint, 15% larger than Canada Nickel’s original Crawford Main Zone discovery. The geophysics results were further confirmed by review of historical drill logs (no assays were completed) for all seven holes drilled entirely within the target coincident anomaly which all intersected dunite or peridotite (the mineralized host rock at Crawford) across the bulk of the core length. All seven of the holes also indicated presence of magnetite and sulphides in abundances consistent with that seen in Crawford core logs.
Vance White, President & CEO of Noble added “Today’s results support our belief that the nickel exploration potential on the set of properties that were optioned to Canada Nickel has the potential to generate as much or more return for our shareholders as the original Crawford transaction. Noble has always been very confident that the Project 81 land package has the potential to generate multiple large tonnage Nickel Sulphide deposits and with the expertise of CNC, we think we are well on our way to realize this potential.”
The Crawford Nickel-Cobalt Sulphide Project is located in the heart of the prolific Timmins-Cochrane mining camp in Ontario, Canada, and is adjacent to well-established, major infrastructure associated with over 100 years of regional mining activity.
MacDiarmid Nickel-Cobalt Sulphide Target
As Canada Nickel continues to advance its Crawford discovery, the Company has been working through the interpretation of an airborne geophysics survey program completed in September 2020, on the set of properties optioned from Noble Mineral Exploration (see Canada Nickel announcement dated July 13, 2020). The company has identified a number of nickel-cobalt targets on the MacDiarmid, Kingsmill, Mahaffy-Aubin, and Nesbitt properties – the MacDiarmid target being the most attractive. Drilling on each of the targets is expected during the current winter season. (See Figure 4 for map of properties.)
Drill results from the Crawford Ultramafic Complex have demonstrated that coincidental strong magnetic high and gravity low geophysics anomalies have generally delivered mineralization with higher grades from the Crawford project. The Crawford Main Zone Measured & Indicated resource of 606 Mt grading 0.26% nickel, including 201 Mt grading 0.34% nickel at a 0.30% cutoff (see Canada Nickel announcement dated January 18, 2021), is hosted mainly in serpentinized dunite or peridotite.
The coincident MacDiarmid anomaly is 15% larger than Crawford, measuring a combined 1.8 km long by average 400 metres wide. Based on historic drill hole logs, the MacDiarmid target is an ultramafic intrusion with identified serpentinized dunite and peridotite, much of it was not assayed (as the historic target was not nickel sulphides).
Over 50 holes have been drilled in the area since the original Inco hole in 1946 but only eleven holes ever intersected the ultramafic intrusion. Of those only seven holes intersected the coincident magnetic and gravity anomaly portion of the intrusion. These seven holes all intersected dunite and/or peridotite over their entire length, interrupted only by narrow dykes and faults. All seven of the drill holes had similar quantities of visible magnetite and sulphides as in the Crawford drill holes, magnetite being an indicator of serpentinization which is the process that generates nickel mineralization in this type of ultramafic body. Four holes drilled outside the anomaly (MCD32-02, MCD41-02, MAC-3, MAC-4) intersected significant sulphides within much of the volcanic rocks intersected. While these holes did not intersect dunite or peridotite across their entire length, the presence of sulphides is a good indicator of the presence of sulphur inside the intrusion, which is critical to the formation of nickel sulphide minerals.
See below caution regarding Historical Information.
Table 1 – Historical Drill Hole Orientation, MacDiarmid Nickel-Cobalt Sulphide Target, Ontario*
Historical drillholes are not NI43-101 compliant. All references to UTMs are in NAD-83 Datum and Zone 17N Projection.
In exchange for the option, Canada Nickel has agreed to (i) issue 200,000 common shares of CNC to Noble, (ii) forgive the $160,224 amount currently owed by Noble to CNC, (iii) take all steps as are commercially reasonable to transfer $500,000 in assessment credits to Noble, and (vi) Noble to retain an NSR of up to 1.75%. Under the terms of the Option, a 60% interest in the Claims will vest in CNC provided CNC funds at least $100,000 of exploration and development expenditures on the Claims within 18 months. An 80% interest in the Claims will vest in CNC provided CNC funds at least an additional $150,000 (for a total of $250,000) of exploration and development expenditures on the Claims within 36 months. CNC will also be responsible for exploration expenditures and other costs required to maintain the Claims in good standing (and to make certain related filings).
If the conditions to earn a 60% interest or 80% interest have been satisfied, a joint venture would be formed between CNC and Noble on such proportionate basis.
The transaction is subject to certain specific conditions, including prior approval of the TSX Venture Exchange, Board approvals and third party approvals.
Canada Nickel has applied for exploration permits and expects to begin drilling MacDiarmid in early March.
Cautionary Statement Concerning Historical Information
The historical information referenced in this press release is based primarily on drilling results reported by Inco Ltd. and Noble Mineral Exploration Inc. The information has also been filed with the Ontario Government and is available on-line though the Mining Lands Administration System (MLAS) website. The company believes this information is relevant, as it was completed by reputable companies using industry standard drilling and sampling practices. The company or its “qualified person” (for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects) has reviewed the information to confirm it has been correctly reproduced from the public MLAS database, but given the company’s and its qualified person’s inability to access the underlying data, the company or its qualified person has not done sufficient work to verify the historical information contained in this news release.
Qualified Persons and Data Verification
Stephen J. Balch P.Geo. (ON), VP Exploration of Canada Nickel and a “qualified person” as such term is defined by National Instrument 43-101, has verified the data disclosed in this news release, and has otherwise reviewed and approved the technical information in this news release on behalf of Canada Nickel Company Inc.
Randy S C Singh P.Geo. (ON), P.Eng. (ON), VP Exploration & Project Development of Noble and a “qualified person” as such term is defined by National Instrument 43-101, has verified the technical data disclosed in this news release on behalf of Noble Mineral Exploration Inc.
About Canada Nickel Company
Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero NickelTM, NetZero CobaltTM, NetZero IronTM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. For more information please visit www.canadanickel.com.
About Noble Mineral Exploration Inc.:
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in Canada Nickel Company Inc., Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds approximately 72,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. More detailed information is available on the website at www.noblemineralexploration.com.
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB”.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, drill results relating to the Crawford Nickel-Cobalt Sulphide Project, the potential of the Crawford Nickel-Cobalt Sulphide Project, timing of economic studies and resource estimates, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to 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 information. Factors that could affect the outcome include, among others: future prices and the supply of metals, the future demand for metals, the results of drilling, inability to raise the money necessary to incur the expenditures required to retain and advance the property, environmental liabilities (known and unknown), general business, economic, competitive, political and social uncertainties, results of exploration programs, risks of the mining industry, delays in obtaining governmental approvals, failure to obtain regulatory or shareholder approvals, and the impact of COVID-19 related disruptions in relation to the Company’s business operations including upon its employees, suppliers, facilities and other stakeholders. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Canada Nickel disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Canada Nickel Company Inc.
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Falco Resources to Attend BMO Global Metals & Mining Conference and the Prospectors & Developers Association of Canada (PDAC)
MONTREAL, Feb. 17, 2021 (GLOBE NEWSWIRE) — Falco Resources Ltd. Falco” or the “Corporation”) (TSX-V: FPC) is pleased to announce that it will be participating in two upcoming conferences.Read More
BMO 30TH GLOBAL METALS & MINING CONFERENCE
March 1-5, 2021
BMO Global Metals & Mining Conference is one of the sector’s premier events. This five-day invitation-only conference brings together mining industry leaders and institutional investors from around the globe.
Luc Lessard, President and Chief Executive Officer of Falco, will present at the BMO Global Metals & Mining Conference on Thursday, March 4 at 11:45am and will be available for one-on-one meetings throughout the conference. Meeting requests can be made through the conference website.
PROSPECTORS & DEVELOPERS ASSOCIATION OF CANADA (PDAC)
March 8-11, 2021
Falco will also be attending the virtual PDAC 2021 Convention from March 8-11, 2021. Please visit our virtual booth in the Investors Exchange to arrange one-on-one meetings with our team.
For more information and/or to register for the convention please visit:
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 70,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda (now Glencore Canada Corporation) from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd’s subsidiary, Osisko Development Corp. is Falco’s largest shareholder owning 18.2% interest.
For further information, please contact:
President and Chief Executive Officer
Jeffrey White, LL.B, MBA
Director, Investor Relations
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 press release.
© 2021 Canjex Publishing Ltd. All rights reserved.
GR Silver drills 2.5 m of 2,316 g/t AgEq at Plomosas
GR Silver Mining Ltd. has released results from the current drilling program in the San Juan area, as well as new sampling results from historic drilling, also at San Juan, within the 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico.Read More
Following on from new mineralized zones drilled at San Juan earlier in the program (see News Release November 23, 2020 ), the latest drilling results continue to define high-grade Ag-Au epithermal mineralization in the San Juan Area and expansion of the mineralized trend southwards towards the nearby San Francisco Vein. They also demonstrate near-surface high-grade Ag vein zones that will be integrated in the upcoming resource estimation (Figure 1).
1 AgEq is based on long term gold, silver, zinc, lead and copper prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “The Company continues to outline a much larger epithermal system in the San Juan Area of the Plomosas Project. The recent drilling data at the San Francisco Vein delineates additional zones of epithermal veining and hydrothermal breccias, extending existing structures 200 m to the south. The integration of the San Juan Area with the potential acquisition of concessions between the San Marcial and Plomosas Projects delineates an initial 4 km long, 100%-controlled north-south mineralized corridor. This corridor represents only one of the nine mineralized corridors under exploration by the Company inside the Plomosas Silver Project. Our 2021 drilling program is focused on the resource estimation for the San Juan and Plomosas Mine Areas, and it will also target potential high-grade Ag-Au discoveries in the nine mineralized corridors that have been identified to date in the Plomosas Project.”
The high-grade Ag intersections in the San Juan Area, as confirmed by the drilling, define a predominantly Ag-rich epithermal system (Table 1). Recent work by the Company indicates that the San Juan Area appears to be a highly prospective epithermal system, supported by field reconnaissance, which has identified several shallow precious metals-rich old workings. The San Juan Area contains a 2 km long north-south trending epithermal system parallel to the vein system in the Plomosas Mine Area (Figure 1 and 2).
Results of drilling at the San Francisco Vein indicate a north-south trend with a series of outcrops exhibiting multiple phases of veining, stockwork and brecciation. These outcrops are located approximately 200 m south of the San Juan Vein, indicating an opportunity for expansion of the mineralized system along strike (Figure 1). The drilling results in this news release also suggest that a large epithermal system continues towards the under acquisition concessions located between the Plomosas and San Marcial Projects (see News Release February 1, 2021 ).
The following table shows the drill results that are expected to be included in the upcoming resource estimation for the San Juan Area.
Table 1: Surface and Underground Drill Hole Assay Results - News Release February 17, 2021 Hole No TypeFrom (m)To (m)Drilled width (m)Ag g/tAu g/tPb %Zn %Cu %AgEq g/t SJS-16 SURF236.4 238.9 2.5 2,195 1.12 na na 0.3 2,316 includes 238.0 238.9 0.9 5,600 1.04 na na 0.1 5,709 SJS17-01 SURF132.5 141.3 8.8 87 0.31 0.8 1.9 na 201 SJS18-03 SURF260.3 261.4 1.1 244 0.53 1.0 2.1 0.4 418 SFS20-01 SURF0.0 22.0 22.0 70 0.15 0.3 0.3 na 108 SFS20-02 SURF0.0 15.0 15.0 42 0.10 0.3 0.2 na 69 LR2D-06 SURF157.3 160.7 3.4 578 0.20 0.5 1.3 na 655 includes 157.3 159.7 2.4 770 0.07 0.7 1.8 0.1 854 LCS18-15 SURF316.8 325.5 8.7 0.3 0.03 na 0.4 na LCS18-14-ASURF446.2 464.5 18.3 2.0 0.06 0.1 0.7 na
As final interpretation of the 3D orientation of mineralization is incomplete, true widths are unknown at this time and are reported as drilled widths. AgEq is based on long term gold, silver, zinc and lead prices of US$1600 per ounce gold, US$16.50 per ounce silver, US$0.85 per pound zinc, US$0.95 per pound lead and US$2.00 per pound copper. The metallurgical recoveries are assumed as 90% Ag, 95% Au, 78% Pb, 70% Zn and 70% Cu. All numbers are rounded. Results are uncut and undiluted. SURF: Surface Drill Hole; “na” = no relevant assays
These very encouraging drill hole results not only confirm the presence of high-grade Ag-predominant epithermal veins at the San Juan Area, but also open up the opportunity for additional continuity of the mineralized trend to the south. The potential to increase the strike of the mineralization from the existing 2 km to 4 km and achieve new discoveries is still conceptual in nature. However, recent field mapping and sampling provides strong support for a 4 km long structural corridor.
GR Silver Mining believes that Plomosas represents a district-scale project. The Company is carrying out a 10,000 m diamond core drilling program and plans to complete a resource estimation in two areas (Plomosas and San Juan) in the second quarter of 2021. Work to date has already resulted in success in expanding the known zones of mineralization within these two areas. The Plomosas Mine Area displays evidence of a 600 m long epithermal system, potentially extending up to 1.2 km, where multiple veins and discoveries have so far defined a much larger high-grade Ag and Au mineralized footprint. Through surface exploration and drilling, the San Juan Area, initially thought to consist of only one 400 m long epithermal vein, now appears as a 2 km long epithermal system, with at least six epithermal veins.
The Plomosas Mine Area and San Juan Area, currently undergoing resource estimations, each have a geological footprint similar to the nearby San Marcial Project, where the company has estimated a NI 43-101 resource of 29 million ounces Ag (Indicated) and 10 million ounces Ag (Inferred). The NI 43-101 resource represents only the initial 500 m long structural corridor, part of a 6 km trend under exploration inside the San Marcial Project.
The integration of the Plomosas Project and the San Marcial Project, together with concessions under acquisition located between them, provides the company full control of all major structural corridors on the eastern edge of the Rosario Mining District (Figure 2). GR Silver Mining will continue to explore new mineralized zones close to the surface in the remaining part of the exploration concessions in 2021, supporting constant resource growth.
The scientific and technical data contained in this News Release related to the Plomosas Project was reviewed and/or prepared under the supervision of Marcio Fonseca, P.Geo. He has approved the disclosure herein.
Quality Assurance Program and Quality Control Procedures (“QA/QC”)
The Company has implemented QA/QC procedures which include insertion of blank, duplicate and standard samples in all sample lots sent to SGS de Mexico, S.A. de C.V laboratory facilities in Durango, Mexico, for sample preparation and assaying. For every sample with results above Ag >100 ppm (over limits), these samples are submitted directly by SGS de Mexico to SGS Canada Inc at Burnaby, BC. The analytical methods are 4-acid Digest and Inductively Coupled Plasma Optical Emission Spectrometry with Lead Fusion Fire Assay with gravimetric finish for silver above over limits. For gold assays the analytical methods are Lead Fusion and Atomic Absorption Spectrometry Lead Fusion Fire Assay and gravimetric finish for gold above over limits.
The recent drill holes, completed by First Majestic from 2016 to 2018, followed QA/QC protocols reviewed and validated by GR Silver Mining, including insertion of blank and standard samples in all sample lots sent to First Majestic’s Laboratorio Central facilities in La Parilla, Durango, for sample preparation and assaying. Additional validation and check assays were performed by an independent laboratory at SGS de Mexico, S.A. de C.V. facilities in Durango, Mexico. The analytical methods applied for these recent holes for Ag and Au assays comprised of Fire Assay with Atomic Absorption finish for samples above Au >10ppm and Ag >300ppm and Gravimetric Finish. Lead and Zn were analyzed using Inductively Coupled Plasma Optical Emission Spectrometry. GR Silver Mining has not received information related to the Grupo Mexico QA/QC and assay protocols and at this stage is considering the information historic for news release purposes.
About GR Silver Mining Ltd.
GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District, Sinaloa, Mexico.
We seek Safe Harbor.
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IsoEnergy Grants Stock Options
VANCOUVER, BC, Feb. 17, 2021 /CNW/ – IsoEnergy Ltd. (“IsoEnergy“) (TSXV: ISO) (OTCQX: ISENF) announces today that in connection with the appointment of Tim Gabruch as the Company’s President and Chief Executive Officer, Mr. Gabruch has been granted 250,000 incentive stock options (the “Options“). The Options are exercisable at a price of $2.44, vest in three equal annual instalments commencing on the grant date and have a term of five years. The Options were granted pursuant to the Company’s incentive stock option plan and are subject to regulatory approval.Read More
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof 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” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the price of uranium, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, the limited operating history of the Company, the influence of a large shareholder, alternative sources of energy and uranium prices, aboriginal title and consultation issues, reliance on key management and other personnel, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, availability of third party contractors, availability of equipment and supplies, failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by 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 forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
SOURCE IsoEnergy Ltd.
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Tim Gabruch, Chief Executive Officer, IsoEnergy Ltd., +1 306 261-6284, firstname.lastname@example.org, http://www.isoenergy.ca; Investor Relations, Kin Communications, +1 604 684 6730, email@example.com, http://www.isoenergy.ca
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FenixOro Closes Private Placement With Significant Shareholders
TORONTO, Feb. 17, 2021 (GLOBE NEWSWIRE) — FenixOro Gold Corp. (CSE: FENX; OTCQB: FDVXF; Frankfurt: 8FD) is pleased to announce that it has closed its non-brokered private placement (the “Private Placement”), previously announced on February 2, 2021. The Company has issued a total of 3,495,216 Units (“Units”) at a subscription price of $0.30 per Unit for gross proceeds of $1,048,564. The Private Placement has been subscribed for by a small number of significant shareholders of the Company. Each Unit consists of one common share of the Company and one whole common share purchase warrant, with each warrant being exercisable for one additional common share at an exercise price of $0.35 for a period of two years from the date of issuance. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance. The Company intends to use the net proceeds of the Private Placement to continue its Phase 1 drilling program at the Abriaqui Project and for general working capital purposes.Read More
FenixOro CEO John Carlesso commented: “We appreciate this vote of confidence from our significant shareholders and look forward to continuing with the success of the ongoing drill program at Abriaqui. Drilling to date has intercepted “Buritica style” mineralization, known for high grade gold in vein structures and wider zones of lower grade mineralization, in multiple locations across the northern block of the project. The next phase of drilling will consist of depth extensions and step-out holes along the 1.2 km surface extent of the principal Santa Teresa Vein. The intent of this phase is to begin the process of quantifying resource potential on the Santa Teresa, in addition to the multiple veins surrounding and parallel to the Santa Teresa that drilling has intercepted so far.
Figure 1. Phase 1 Drill Holes Completed through January, 2021
Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists.
Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed using 50 gram fire assays and the additional elements are analyzed by ICP with appropriate follow-up for over- limits.
Reported grade intervals are calculated using uncut gold values at a minimum grade cutoff of two grams per tonne gold. The two gram level was chosen as being reasonable for reporting purposes but it has no necessary relation to potential future resource/reserve calculations. The current database is too small to calculate statistically valid levels for cutting of high grade. Maximum sample length is one meter and the length of sub-cutoff grade core contained within a given interval is restricted to one sample length. Reported sample and interval widths are based on lengths of individual samples in core and do not necessarily represent true widths of mineralization. True widths will generally be less than the quoted interval lengths.
The currently reported results may not represent full results for a given drill hole as some additional sampling may be required. All material drill results will be publicly reported in due course.
About FenixOro Gold Corp.
FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia”(December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. A Phase 1 drilling program has begun at Abriaqui following the completion of surface and underground geological mapping and sampling, as well as a preliminary magnetometry survey.
FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion.
FenixOro Gold Corp
350 Bay St. Suite 700
The comparison between Abriaqui and the nearby Buritica project is meant only to indicate the similarities between the two in terms of geological setting. FenixOro does not imply that exploration results and/or economic characteristics of a potential future mine at Abriaqui will be similar to those seen at Buritica. The sampling done at Abriaqui is in the form of rock chip and channel samples on surface and in shallow underground workings on vein exposures. The samples were prepared and analyzed at ALS laboratories in Medellin and Lima respectively. Samples were taken, prepared, shipped and analyzed following, industry standard QA/QC protocols and were submitted with certified reference standards.
Stuart A Moller, P. Geol. (British Colombia) Vice President of Exploration of FenixOro and a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical information contained within this press release. Mr, Moller is a geologist with over 40 years of experience in world-wide mineral exploration including 10 years in Colombia.
Cautionary Statement on Forward-Looking Information
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of FenixOro’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “will”, “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 may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein include, but are not limited to information concerning the closing of the Private Placement, and Abriaqui. Although FenixOro believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. In particular, there is no guarantee that Abriaqui will produce viable quantities of minerals, that the Company will pursue Abriaqui or that any mineral deposits will be found, or that the Private Placement will close. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this press release, and FenixOro does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accept responsibility for the adequacy or accuracy of this release.
Phase 1 Drill Holes Completed through January, 2021
Aftermath Silver Announces Commencement of Work at Challacollo Silver-Gold Project, Chile
Vancouver, British Columbia–(Newsfile Corp. – February 17, 2021) – Aftermath Silver Ltd. (TSXV: AAG) (OTCQB: AAGFF) (the “Company” or “Aftermath Silver”) is pleased to announce that field work has commenced at the Challacollo Silver-Gold project in northern Chile. Field crews have commenced cutting and sampling 3,200 metres of previously unsampled historic core.Read More
This program is designed to test the material outside of the high-grade structures that formed the Mineral Resource Estimate (see news release dated December 15, 2020), sampling disseminated breccia style mineralisation within the optimised pit shell that constrains the current Mineral Resource. Previous sampling of these drill holes was focused only on the Lolón Structure and visual sub-parallel structures. The Company also plans to undertake preliminary metallurgical leach testwork on composites from this sampling program.
The results will provide data to investigate the potential to bulk mine and potentially heap leach the lower grade material at Challacollo, and conceptually, separately processing the high-grade structures through an agitated leach flow sheet.
The program will meet all COVID19 guidelines and protocols, the Company is committed to safely managing the sampling with a focus on health and safety for our field crew and the local communities in which they work.
Ralph Rushton, President and CEO of the Company, commented “Following the highly successful resource estimate which added tremendous value to Challacollo, the next phase of our concept for the project is to test the hangingwall sequence where historically only visible structures were sampled. This sampling program is an important next step in our exploration and engineering efforts at Challacollo. If successful, the program will help further refine the objectives of the planned drilling at Challacollo. “
About Challacollo Silver-Gold Project
The Company has an option to acquire 100% interest in the Challacollo silver-gold project through a binding agreement with Mandalay Resources, see Company news release dated June 27th, 2019. The Company announced a CIM compliant Mineral Resource for Challacollo on December 15th, 2020. For full details of the Mineral Resource please see the NI 43-101 Technical Report titled “Challacollo Silver-Gold Mineral Resource Estimate” with an effective date of December 15, 2020, available on SEDAR and on the Company’s web page for full details.
Table 1. Summary of the Mineral Resource Estimate for the Challacollo Silver-Gold Project
|Tonnes (Kt)||Silver (g/t)||Gold (g/t)||Silver (Koz)||Gold (Koz)|
Source: AMC Mining Consultants (Canada) Ltd, (2020)
Notes on the Challacollo Mineral Resource Estimate
- CIM Definition Standards (2014) were used for reporting the Mineral Resources.
- The effective date of the estimate is December 15, 2020, incorporating data to November 30, 2020.
- The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd.
- Mineral Resources are constrained by an optimized pit shell at a long-term metal price of US$20/oz Ag with recovery of 92% Ag and metal price of US$1,400/oz Au with recovery of 75%.
- Silver equivalency formula is AgEq (g/t) = Ag (g/t) + 57.065 *Au (g/t).
- The open pit mineral resources are based on a pit optimization using the following assumptions:
– Plant feed mining costs of US$3.5/t and waste mining cost of $2.5/t.
– Processing costs of US$17/t and General and Administration costs of $2.5/t.
– Edge dilution of 7.5% and 100% mining recovery.
– 45-degree slope angles
– Cut-off grade is 35 g/t AgEq g/t.
- The underground mineral resources are reported within Datamine MSO stopes based on the following assumptions:
– Mining costs of US$35/t.
– Processing costs of US$17/t and General and Administration costs of US$2.5/t.
– Minimum width of 2.5 m
– No dilution or mining recovery.
– Cut-off grade is 93 AgEq g/t
- Bulk density used was 2.47 t/m3
- Drilling results up to 31 December 2016.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The numbers may not compute exactly due to rounding.
- Mineral Resources are depleted for historic mined out material.
About Aftermath Silver Ltd
Aftermath Silver Ltd is a leading Canadian junior exploration company focused on silver, and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The Company’s projects have been selected based on growth and development potential.
- Berenguela Silver-Copper project. The Company has an option to acquire a 100% interest through a binding agreement with SSR Mining. The project is located in the Department of Puno, in southern central Peru. An NI 43-101 Technical Report on the property is in progress. The company is planning to advance the project through a pre-feasibility study.
- Challacollo Silver-Gold project. The Company has an option to acquire 100% interest in the Challacollo silver-gold project through a binding agreement with Mandalay Resources, see Company news release dated June 27th, 2019. A NI 43-101 mineral resource was released on December 15, 2020.
- Cachinal Silver-Gold project. The Company own 80% interest, with an option to acquire the remaining 20% from SSR Mining. Cachinal is located 2.5 hours south of Antofagasta. On September 16, 2020 the company released a CIM compliant Mineral Resource and accompanying NI 43-101 Technical Report (available on SEDAR and on the Company’s web page).
Aftermath is well funded to advance its programs in 2021, with approximately $15 million in the treasury.
Peter Voulgaris, MAIG, MAusIMM, a consultant to the Company, is a non-independent qualified person as defined by NI 43-101. Mr. Voulgaris has reviewed the technical content of this news release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain of the statements and information in this news release constitute “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to interpretation of exploration programs and drill results, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the Feasibility Study; and general economic, market or business conditions. In addition, forward‐looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate. The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Aftermath Silver’s profile at www.sedar.com.
There is no certainty that any forward‐looking statement will come to pass and investors should not place undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to any of the forward‐looking statements in this release, except as required by law.
Cautionary Note to US Investors – Mineral Resources
This News Release has been prepared in accordance with the requirements of Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (”NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the “SEC”), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74698
© 2021 Canjex Publishing Ltd. All rights reserved.
American Manganese Inc. Grants Stock Options
SURREY, BC / ACCESSWIRE / February 17, 2021 / American Manganese Inc. (“American Manganese” or the “Company”), (TSXV:AMY)(OTC PINK:AMYZF)(FSE:2AM), reports that the Company has granted 5,950,000 incentive stock options to certain of its directors, officers and consultants. The options are exercisable at a price of $2.63 per share for a five-year term. Any shares issued on the exercise of these stock options will be subject to a four- month holding period from the date of the grant. The stock option grants are subject to acceptance by the TSX Venture ExchangeRead More
American Manganese Inc. is a critical metals company focused on recycling of lithium-ion batteries (RecycLiCo™) and the production of electrolytic manganese metal from low grade U.S. resources. The recycling process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. American Manganese Inc. aims to commercialize its breakthrough RecycLiCo™ patented process and become an industry leader in recycling cathode materials from lithium-ion battery manufacturing waste.
On behalf of Management
AMERICAN MANGANESE INC.
Larry W. Reaugh
President and Chief Executive Officer
Telephone: 778 574 4444
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. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
SOURCE: American Manganese Inc.
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