Blue Lagoon CEO Vig boosts holding to 4.5%
Blue Lagoon Resources Inc.’s president and chief executive officer, Rana Vig, has added one million shares to his holdings of Blue Lagoon, bringing his total to 3,264,268 shares, representing approximately 4.5 per cent of the company’s total issued and outstanding common shares.
Read More“As gold pulls back and some investors with short-term horizons panic and begin to exit the sector, I am more excited than ever to increase my position in a company that I founded with a vision to be the next gold and silver producer in British Columbia,” said Rana Vig, president and chief executive officer of Blue Lagoon Resources. “And currently, with more than $5-million in treasury and no debt, we have more than 20 people working at the site in a combined effort to complete this year, the three key required mining permit amendments as set out by the ministry, one of which has already been completed, and the remaining two scheduled for completion before the end of this summer,” he added.
Please note that the company will evaluate a production decision once all permit requirements are in place. Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
The Dome Mountain gold project, an all-year-accessible property located a short 50-minute drive from Smithers, B.C., holds both an Environmental Management Act permit (EMA) and a mining permit providing for up to 75,000 tonnes of production annually. In addition, the property has 15 known high-grade gold veins (see the company’s news release dated May 4, 2020) with more than 90 per cent of the property yet to be explored.
Furthermore, on Nov. 18, 2020, the company announced that after careful analysis of the data received from its first-ever property-wide flown airborne geophysical survey, the company decided to significantly expand its land package by staking an additional 7,646 hectares, thereby nearly doubling its previous land position to 18,934.55 hectares.
Mr. Vig further commented: “We are in a unique position — first at Dome Mountain — with the key permits in hand; a large prospective land package, 90 per cent of which has never been explored; a healthy treasury with no debt; a 20,000-metre drill program, the largest ever conducted on the property currently under way; additional value derived from the 100-per-cent-owned Pellaire high-grade gold project; plus, exposure to copper with our 100-per-cent-owned, drive-to Big Onion porphyry copper project. All of this leads me to believe that we are undervalued, which is why I intend to continue to buy shares in the company.”
Mr. Vig’s previous share position of 2,264,268 shares is escrowed over three years. His current acquisition of one million shares was through the exercise of options.
The scientific and technical disclosure in this news release was approved by William Cronk, PGeo, a qualified person as defined in National Instrument 43-101 and a consultant to the company.
About Mr. Vig
With over 30 years of business experience, Mr. Vig has been involved in several publicly traded companies since 2010, first serving as president of an Idaho gold- and copper-focused exploration company and then as president and chairman of a Toronto Stock Exchange senior-board-listed uranium-focused company with one of the largest uranium assets in the world located in Sweden. A keen observer of market trends, in 2018 he became the chief executive officer of Lead Ventures Inc., overseeing and executing the acquisition and over $5-billion reverse takeover of Curaleaf Holdings Inc., which raised $520-million, making it the largest Canadian cannabis financing in history. Shortly after that he took the helm of Rockbridge Resources, which he successfully restructured by acquiring, through a reverse takeover, the over $2-billion Harvest Health & Recreation, which closed a $300-million financing — making it the third-largest cannabis financing of 2018.
Believing that the mining industry, and gold in particular, was ready to make a comeback, in 2019 he turned his entrepreneurial skills and focus to his latest venture, Blue Lagoon Resources, which he founded and listed on the Canadian Securities Exchange under the symbol BLLG, in the United States on the OTCQB under BLAGF, and in Frankfurt, Germany, under 7BL.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a mineral exploration company focused on its high-grade gold-silver project — the formerly producing Dome Mountain mine. The drive-to mine site can be accessed all year and is just a short 50-minute drive from the town of Smithers, located in northwestern British Columbia. The company also owns 100 per cent of the Big Onion porphyry copper project, also located near the town of Smithers (20-minute drive to property).
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
Revival drills 45.7m of 2.29 g/t Au at Beartrack-Arnett
Revival Gold Inc. has released results from the final 10 holes of the company’s 2020 drilling program at the Beartrack-Arnett gold project located in Idaho.
Read MoreHighlights from today’s drill results include two core holes drilled in the Joss target area at the southern end of Beartrack. The holes were drilled to test for high-grade sulphide mineralization and to validate a conceptual underground mining target hosted within the main shear zone as well as in cross structures. Summary results below:
2.29 g/t gold over 45.7 meters 1 including 4.58 g/t gold over 10.1 meters in BT20-235D 2.41 g/t gold over 43.9 meters 1 including 6.84 g/t gold over 3.9 meters in BT20-227D
1 Drilled width; true width is unknown at this time.
An additional five core holes were drilled between the North and South Pits in the central Beartrack area and successfully confirmed the continuity of mineralized structure over 400-600 meters of strike in this previously untested area. Mineralization in this location remains open at depth.
Finally, three core holes were drilled in the greenfield exploration target at Rabbit, approximately two to three kilometers south of the footprint of the existing Beartrack mineral resource. Difficult drilling conditions limited the 2020 program at Rabbit however, one hole, BT20-234D, intersected fracture-controlled sericite alteration with associated anomalous trace elements, including anomalous gold, that mirror the signature of mineralization at Beartrack. The results are encouraging and warrant follow-up drilling.
“Today’s drill results from Joss have transformed our understanding of the potential for high-grade underground gold mineralization at Beartrack-Arnett. We now have fourteen drill holes over approximately one kilometer of strike in the vicinity of Joss being assessed for the presence of a continuous high-grade core of mineralization. Results of the assessment are expected shortly. The Joss zone remains open to the south towards the anomalous gold intercept encountered at Rabbit, some two kilometers further south. These results, together with those between the North and South Pits, extend the potential for economic gold mineralization at Beartrack-Arnett to fully seven to eight kilometers of prospective structure,” commented President and CEO Hugh Agro.
Revival Gold is currently planning its 2021 exploration and engineering field program with drilling expected to commence in May. Further details will be available in March.
Drill Results
Fire Assay Fire Assay
Drilled Gold Grade Gold Grade
Hole No. From To Width (1) Uncapped Capped
(m) (m) (m) (g/t) (g/t)
BT20-226D 367.9 374.0 6.1 0.36
415.1 421.2 6.1 0.39
433.4 441.0 7.6 0.20
BT20-227D2 122.2 127.1 4.9 1.02
207.4 226.8 19.4 0.68
235.3 253.1 17.8 1.20
259.5 265.5 5.9 1.32
312.1 325.2 13.1 1.85 1.60
Incl. 318.8 320.0 1.2 10.70 8.00
352.3 396.2 43.9 2.41 2.40
Incl. 358.1 363.0 4.9 3.90 3.76
Incl. 358.1 358.5 0.3 10.05 8.00
383.1 387.0 3.9 6.84
390.4 393.2 2.8 3.84
BT20-228D 135.6 168.9 33.2 0.32
BT20-229D3 150.9 157.3 6.4 1.10
166.7 182.9 16.2 0.78
Incl. 171.3 173.7 2.4 3.40
BT20-230D 154.5 185.3 30.8 0.51
Incl. 154.5 169.0 14.5 0.68
BT20-232D4 330.7 333.6 2.9 0.83
Difficult drilling conditions.
Hole TD-ed at 367 m short of target.
BT20-231D No significant results.
BT20-232D-W5 299.8 303.6 3.8 0.24
311.7 325.5 13.9 0.54
Difficult drilling conditions.
Hole TD-ed at 157 m short of target.
BT20-233D No significant results.
Difficult drillin g conditions.
Hole TD-ed at 382 m short of target.
BT20-234D No significant results.
BT20-235D6 261.5 265.2 3.7 3.47
302.5 307.1 4.6 1.19
327.1 347.8 20.7 0.79
Incl. 334.4 336.8 2.4 1.67
353.7 362.7 9.0 2.39 1.99
Incl. 353.7 355.4 1.7 10.30 8.00
367.3 370.3 3.0 3.01
377.3 423.1 45.7 2.29
Incl. 410.9 420.9 10.1 4.58
1 True width is unknown at this time. Numbers may not add up due to rounding.
2 Core recovery for the intervals 125.6 meters to 127.1 meters, 355.7 meters to 356.3 meters, 356.3 meters to 357.2 meters and 394.8 meters to 396.2 meters was 30%, 25%, 17% and 30% respectively. The interval with less than 2 0% recovery was included at 0 g/t Au.
3 Core recovery for the intervals 150.9 meters to 152.1 meters, 152.1 meters to 152.7 meters, 152.7 meters to 154.2 meters and 170.7 meters to 171.3 meters was 40%, 20%, 0% and 40% respectively. The two intervals with less than 2 0% recovery were included at 0 g/t Au.
4 Core recovery for the interval 331.6 meters to 332.5 meters was 17%. This interval was included at 0 g/t Au.
5 Core recovery for interval 302.0 meters to 303.6 meters was 42%.
6 Core recovery for interval 380.4 meters to 381.9 meters was 30%.
Qualified Person
Steven T. Priesmeyer, C.P.G., Vice President Exploration, Revival Gold Inc., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved its scientific and technical content.
About Revival Gold Inc.
Revival Gold Inc. is a growth-focused gold exploration and development company. The Company is advancing the Beartrack-Arnett Gold Project located in Idaho, USA.
Beartrack-Arnett is the largest past-producing gold mine in Idaho. A Preliminary Economic Assessment has been completed for a first phase restart of heap leach operations to produce 72,000 ounces of gold per year over an initial seven-year mine life at an AISC of $1,057 per ounce of gold. Meanwhile, exploration continues, focused on expanding the current Indicated Mineral Resource of 36.6 million tonnes at 1.15 g/t gold containing 1.36 million ounces of gold and Inferred Mineral Resource of 47.1 million tonnes at 1.08 g/t gold containing 1.64 million ounces of gold. The mineralized trend at Beartrack extends for over five kilometers and is open on strike and at depth. Mineralization at Arnett is open in all directions.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
GoviEX appoints Seetaroo, Krafft to board
After many years of commitment and support for the company and its stakeholders, Matthew Lechtzier and Robert Hanson have decided to retire from GoviEX Uranium Inc.’s board of directors.
Read More“Matthew and Robert have steadfastly supported GoviEx for the past decade helping guide the Company from its early days as an explorer in Niger to a company now moving towards the development-stage with projects in Niger, Zambia and Mali. Their stewardship and contributions have been greatly appreciated through the many years of the Company’s consolidation and growth,” noted Govind Friedland, Executive Chairman.
The experience and familiarity that Mr. Matthew Lechtzier and the Hon. Robert Hanson have with GoviEx will not be lost to the Company as both have agreed to act as strategic advisors to the Board going forward.
The Company is very pleased to announce the appointments of Ms. Salma Seetaroo and Mr. Eric Krafft to fill the vacancies on the Board.
“As we now look forward to a strengthened uranium market and the potential development of our uranium projects, we are very pleased to have Salma and Eric, who have been long acquainted with the Company, join our Board to complement the existing GoviEx team, bringing with them their particular skillsets and considerable experience in commodities, financing, investment banking and Africa,” noted Daniel Major, CEO & Director.
About Salma Seetaroo
Ms. Seetaroo has spent the last 17 years working on debt, equity and special situations investments in Africa as an investment banker and is the Chief Executive Officer of Ivoirienne de Noix de Cajou S.A, a 9000T cashew processing plant in Cote d’Ivoire, employing 520+ people and supporting 5,000 farmers. She is also a director of Canadian listed gold explorer and has previously sat on the board of a Canadian listed agrichemical company operating in Africa. She is a member of the Global Advisory Board of the Cass Business School, City University London, UK, where she earned her Executive MBA, and is a trained lawyer, previously an associate with the global law firm, Norton Rose Fulbright
Until 2018, Ms. Seetaroo ran Gold and General Limited, an investment holding that controlled Zimbabwe’s largest gold producer and led the acquisition and turn-around of a distressed fibre optic business in the Democratic Republic of Congo. Prior to this, she founded and grew Medea Capital Partners, a successful FCA regulated resource advisory business in London, which she successfully exited in 2014, and was an investment banker at Societe Generale, focused on mining finance.
About Eric Krafft
Mr. Krafft is a Swedish private investor with business interests across a number of different industries, including natural resources positioned to benefit from the trends of increased electrification, electric mobility and energy storage. In particular, he has since 2017 built one of the largest individual exposures to Uranium – physical, producers and developers. As a consequence of which he is also a substantial shareholder of the Company.
Mr. Krafft is a Non-Executive Director and largest shareholder of a Canadian listed issuer, which is developing European projects focussed on materials such as rare earth elements and graphite needed for the electrification of society.
Mr. Krafft serves on the boards of numerous private financial holding and ship-owning companies, which includes family-owned Star Clippers Cruises, a sailing ship cruise line.
Until 2006, Mr. Krafft was the managing owner of Trafalgar Shipping/ Dragon Maritime, a China based dry bulk shipping operation. Prior to this, he worked in corporate finance for DVB Bank AG, a German specialist transportation finance bank. Mr. Krafft worked mainly in Mergers & Acquisitions in London and Equity Capital Markets in New York.
Mr. Krafft holds a Master of Science; Shipping, Trade & Finance, from City University London, UK.
The appointment of Ms. Seetaroo and Mr. Krafft remain subject to TSX Venture Exchange acceptance.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
About GoviEx Uranium
GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx’s principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.
© 2021 Canjex Publishing Ltd. All rights reserved.
Generation Mining Appoints Jennifer Wagner to Its Board of Directors
Toronto, Ontario–(Newsfile Corp. – February 22, 2021) – Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company“) is pleased to announce the appointment of Jennifer Wagner to the Company’s Board of Directors. The appointment of Ms. Wagner increases the board to eight members, five of whom are independent of management.
Read MoreMs. Wagner is a lawyer with extensive experience in the corporate mining sector. She is currently Senior Vice-President, Corporate Affairs, Legal Counsel and Corporate Secretary at Kirkland Lake Gold Ltd., a position she has held for five years. Prior to joining Kirkland Lake Gold in 2015, Ms. Wagner held similar positions with various TSX and TSXV listed mining companies from 2008, including Apogee Silver, where she was also interim President and Chief Executive Officer.
“The Board is pleased to welcome Jennifer,” said Executive Chairman, Kerry Knoll. “Her knowledge and experience further expand the considerable range of expertise on our board, and will help us to navigate the transition from a mineral developer to a producer over the next couple of years.”
About the Company
Gen Mining’s focus is the development of the Marathon Deposit in northwestern Ontario, the largest undeveloped platinum group metal Mineral Resource in North America. A Feasibility Study is under way with completion expected in the current quarter. Gen Mining announced on Nov. 30, 2020 that it has increased its interest in the property to 80%. As a result, Gen Mining and partner Sibanye Stillwater (Sibanye) will be required to fund future expenditures on a pro rata basis (80% funded by the Company and 20% by Sibanye) in order to maintain their respective interests in the Project, subject to standard dilution provisions. Upon completion o the Feasibility Study and a positive production decision, Sibanye will have certain back-in rights that can bring its interest to 51% (see the Company’s press release of July 11, 2019 for more details).
For further information, please contact:
Jamie Levy
President and Chief Executive Officer
(416) 640-2934
(416) 567-2440
jlevy@genmining.com
Forward-Looking Information
This news release includes certain information that may be deemed “forward-looking information” under applicable securities laws. All statements in this release, other than statements of historical facts, that address the ability of the Company and Sibanye Stillwater to vary their respective participating interests in the Marathon Project, Mineral Resource and Reserve potential, exploration activities and events or developments that the Company expects are forward-looking information. Although the Company believes that the expectations expressed in such 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 statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information. These include, among other factors, market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking information. For more information on the Company, investors are encouraged to review the Company’s public filings at www.sedar.com. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75060
© 2021 Canjex Publishing Ltd. All rights reserved.
Metals & Mining Investor Conference Presentations Now Available for On-Demand Viewing
Individual and institutional investors as well as advisors are invited to log-on to VirtualInvestorConferences.com to view presentations
NEW YORK, Feb. 22, 2021 /CNW/ – Virtual Investor Conferences, the leading proprietary investor conference series and co-sponsor Amvest Capital, today announced that the presentations from the February Metals & Mining Virtual lnvestor Conference are now available for on-demand viewing.
Read MoreREGISTER OR LOGIN NOW TO VIEW THE PRESENTATIONS: https://bit.ly/3siwpUf
The company presentations will be available 24/7 for 90 days. Investors, advisors and analysts may download shareholder materials from the “virtual trade booth” for the next three weeks.
Participating Companies:
| Presentation | Ticker(s) |
| Keynote Presentations:Why Gold Should be Considered an ESG Compliant AssetTerry Heymann, CFO, World Gold Council Introduction to the Silver Institute and Silver’s Role in Green TechnologiesMichael DiRienzo, Executive Director, The Silver Institute Implications of Global Climate Policy Announcements within the TechMetals Complex in 2021 Daniel Mamadou, Partner at Welsbach Holdings | |
| Pan African Resources PLC | OTCQX: PAFRF| AIM: PAF | JSE: PAN |
| Battle North Gold Corp. | OTCQX: BNAUF | TSX: BNAU |
| Golden Valley Mines Ltd. | OTCQX: GLVMF | TSX-V: GZZ |
| Newcore Gold Ltd. | OTCQX: NCAUF | TSX-V: NCAU |
| First Vanadium Corp. | OTCQX: FVANF | TSX-V: FVAN |
| Arizona Gold Corp. | OTCQB: AGAUF | TSX: AZG |
| Gold Terra Resource Corp. | OTCQX: YGTFF | TSX-V: YGT |
| Skeena Resources Ltd. | OTCQX: SKREF | TSX: SKE |
| Cassiar Gold Corp. | OTCQB: CGLCF | TSX-V: GLDC |
| Josemaria Resources Inc. | OTCQB: JOSMF | TSX: JOSE |
| Amex Exploration Inc. | OTCQX: AMXEF |TSX-V: AMX |
| O3 Mining Inc. | OTCQX: OIIIF | TSX-V: OIII |
| Orezone Gold Corp. | OTCQX: ORZCF | TSX-V: ORE |
| Minera Alamos, Inc. | OTCQX: MAIFF | TSX-V: MAI |
| Anaconda Mining Inc. | OTCQX: ANXGF | TSX: ANX |
| Reyna Silver Corp. | OTCQB: RSNVF | TSX-V: RSLV |
| Starcore International Mines Ltd. | OTCQB: SHVLF | TSX: SAM |
| Aftermath Silver Ltd. | OTCQB: AAGFF | TSX-V: AAG |
| Outcrop Gold Corp. | Pink: MRDD.F | TSX-V: OCG |
| Fabled Silver Gold Corp. | Pink: FBSGF | TSX-V: FCO |
| Silver One Resources Inc. | OTCQX: SLVRF | TSX-V: SVE |
| Southern Silver Exploration Corp. | OTCQB: SSVFF | TSX-V: SSV |
| Apollo Gold & Silver Corp. | OTCQB: APGOF | TSX V: APGO |
| Ascot Resources Ltd. | OTCQX: AOTVF | TSX: AOT |
| Metallic Minerals Ltd. | OTCQB: MMNGF | TSX-V: MMG |
| Blackrock Gold Corp. | OTCQB: BKRRF | TSX-V: BRC |
| Avidian Gold Corp. | OTCQB: AVGDF | TSX-V: AVG |
| Canagold Resources Ltd. | OTCQB: CRCUF | TSX: CCM |
| Blue Thunder Mining Inc. | OTCQB: BLTMF | TSX-V: BLUE |
| Peninsula Energy Ltd. | OTCQB: PENMF | ASX: PEN |
| Canada Nickel Co Inc | OTCQB: CNIKF | TSX-V: CNC |
| Arizona Metals Corp. | OTCQX: AZMCF | TSX-V: AMC |
| Vimy Resources Ltd. | OTCQB: VMRSF | ASX: VMY |
| Ion Energy Ltd. | OTCQB: IONGF | TSX-V: ION |
| Aurania Resources Ltd. | OTCQB: AUIAF | TSX-V: ARU |
| UEX Corp. | OTCQB: UEXCF | TSX: UEX |
| Ceylon Graphite Corp. | OTCQB: CYLYF | TSX-V: CYL |
| Lake Resources N.L. | OTCQB: LLKKF | ASX: LKE |
| South Star Mining Corp. | OTCQB: STSBF | TSX-V: STS |
| Frontier Lithium Inc. | OTCQB: LITOF | TSX-V: FL |
| Medallion Resources Ltd. | OTCQB: MLLOF | TSX-V: MDL |
| Blackstone Minerals Ltd. | OTCQX: BLSTF | ASX: BSX |
To facilitate investor relations scheduling, for more information about the program and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors. A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group’s suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
SOURCE VirtualInvestorConferences.com
View original content: http://www.newswire.ca/en/releases/archive/February2021/22/c7069.html
Contact:
Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com; Virtual Investor Conferences Contact: John M. Viglotti, SVP Corporate Services, Investor Access, OTC Markets Group, (212) 220-2221, johnv@otcmarkets.com
© 2021 Canjex Publishing Ltd. All rights reserved.
Frontier Lithium Hires Lithium Expert Dr. Naizhen Cao as Vice President of Technology
SUDBURY, ON, Feb. 22, 2021 /CNW/ – Frontier Lithium Inc. (TSXV: FL) (OTCQB: LITOF) (FSE: HL2) is pleased to announce the hiring of Dr. Naizhen Cao as Vice President Technology. Dr. Cao is an industry veteran having worked both in China and Canada as senior technical leader with expertise in lithium and battery materials. During his career, he held several key positions within the lithium industry including: Chief Scientist at Tianqi Lithium, a global lithium producer, where he managed the Technical Division and established the Key Lab of Lithium resources and lithium materials of the Sichuan Province of China. In addition, Dr. Cao launched and led key project on lithium materials production. Most recently Dr. Cao was Chief Technology Officer for a subsidiary of CATL, where he participated in all aspects of lithium mining and concentrate production. Mr. Cao published more than 50 scientific papers and filed more than 60 patents with particular proficiency in battery materials with specific focus on lithium chemicals and metal/alloys. Dr. Cao holds a Ph.D., from Tsinghua University, China, in Materials Science and engineering and held a Postdoc at Laval University, Canada in Chemical Engineering.
Read More
“Dr. Cao will be assuming the new role of VP Technology at Frontier Lithium as we grow and transition from an exploration company towards development of lithium chemicals from the Great Lakes region of North America.” commented Trevor Walker, President & CEO of Frontier Lithium. “Dr. Cao brings a rare combination of technical and operational skill sets that perfectly suits our current and future stages of development. He will be working closely with our technology partners on our patent pending process which is currently being piloted, as well future demonstration and commercialization stages. We have built very strong technical partnerships and now with the addition of Dr. Cao we are significantly de-risking our project execution with the goal of producing premium chemicals.”
Other Matters
The Company also announces that pursuant to its “Stock Option Plan” it has re-established 6,813,334 stock options, previously cancelled on September 9, 2020, to certain employees, officers, directors and strategic advisors. The options are set for a period of five years, expiring on February 23, 2026. The options are priced at $1.05 and are subject to regulatory approval.
About Frontier
Frontier Lithium ( TSX.V: FL ) ( OTCQB: LITOF ) ( FSE: HL2 ) is a Sudbury Ontario based, publicly listed, junior mining company with the largest land position in an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario . The company maintains 100% interest in the PAK Lithium Project which contains one of North America’s highest-grade, large tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The Project has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 30% of the Company.
About PAK Lithium Project
The PAK Lithium Project encompasses 26,774 hectares at the south end of Ontario’s Electric Avenue, the largest land package hosting lithium bearing pegmatites in Ontario. The Project covers 65 km of the Avenue length and remains largely unexplored; however, since 2013 the company has delineated two premium spodumene bearing lithium deposits located 2.3 km from each other at the southwestern end of the project. The recent Preliminary Economic Assessment initial results announced an post-tax NPV(8%) of USD 974M with a 21% IRR.
The PAK deposit hosts a rare “technical grade” spodumene maintaining low inherent iron levels (below 0.1% Fe2O3) and contains a pit constrained mineral resource in the measured and indicated categories of 5.4 million tonnes averaging 1.99% Li2O and a pit constrained inferred mineral resource of 0.60 million tonnes averaging 1.97% Li2O. The PAK deposit also contains an underground constrained mineral resource in the measured and indicated categories of 1.3 million tonnes averaging 2.15% Li2O and an underground constrained mineral resource in the inferred category of 2.1 million tonnes averaging 2.38% Li2O. The Spark deposit is located only 2km northwest of the PAK deposit and contains a pit constrained mineral resource estimate of 3.3 million tonnes averaging 1.59% Li2O in the indicated category and a pit constrained mineral resource of 15.7 million tonnes averaging 1.31% Li2O in the inferred category., as per the initial results supporting an upcoming NI 43-101 Technical Report, “2020 Preliminary Economic Assessment, Fully Integrated PAK Lithium Project” by BBA Engineering Ltd.
Frontier has also confirmed the presence of spodumene with the Bolt pegmatite, between PAK and Spark deposits and the Pennock Lake pegmatite occurrence a further 30 km along the Project. Frontier’s premier Great Lakes location is advantaged by favorable geology, proven metallurgy with access to intermodal hubs, infrastructure, power, and mining along with downstream lithium processing expertise and auto OEM’s.
SOURCE Frontier Lithium Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2021/22/c4800.html
Contact:
Bora Ugurgel, Manager, Investor Relations, 2736 Belisle Drive, Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001 705.897.7618
© 2021 Canjex Publishing Ltd. All rights reserved.
Atico Restarts Mining Operations at El Roble, Intercepts Massive Sulfide Extension at La Plata and Provides Exploration plans for 2021
VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) — Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) reports that the final systems inspection at the El Roble mine was successful and ramp up to steady state throughput has been attained. The Company is also reinitiating its plans for an aggressive exploration campaign at both projects with a budget of up to 30,000 meters of drilling for 2021.
Read More“We are pleased to report a successful restart of operations at the El Roble mine along with announcing the most aggressive exploration program the Company has managed since inception,” said Fernando E. Ganoza, CEO. “Given the current metal price environment we are continuing to see exceptionally robust cashflow generation as 2021 is on track to be another record-breaking year for the Company. At this pace, we will be in an even stronger position to further reevaluate the 2021 exploration budget with the intent to increase it for the second half of the year.”
Successful ramp up at El Roble
As part of the Company’s transparency policy and bringing additional information on the news release dated February 16th, the Company inspected all components of the tailing pipe system, including the relief valve systems where some components were replaced ahead of schedule and subjected to the rigorous testing protocols. The inspection also confirmed that the incident didn’t pose any material threat to the health of employees, communities, or the environment. A restart protocol of the plant was then coordinated with the provincial authorities, including testing the new piping systems followed by methodically ramping-up the plant production to its normal capacity. This incident has also demonstrated the agility and effectiveness of the safety protocols in place at the El Roble Mine as the safety of people and the environment remains a top priority for Atico.
Exploration and Engineering
The program will be divided between the two projects. At El Roble the plan is to drill up to 18,000 meters on both regional and near mine exploration targets. While at La Plata project in Ecuador, the team’s plan is to drill up to 12,000 meters for the year. The program at La Plata is already beginning to yield good results. The explorations team has completed 2 successful diamond drill holes located outside of the existing polygon, in the zone called the “Guatuza Extension”. These holes have intercepted additional semi-massive sulfide structures reporting visual copper and zinc mineralization. These cores are being logged, split and sent to the preparation laboratory required for their geochemistry analysis. Our partner, ALS Chemex Laboratories, is working at reduced capacity at this moment due to the existing COVID restrictions and we are expecting certified results in due course.
At the El Roble project, the exploration team is focused on regional exploration and has awarded InnovExplo a mandate for their collaboration in the target generation process. The exercise will consist of processing 30 years of existing data (production, drilling and geochem results, geophysics, structural analysis, regional geology, etc) and processing all that information with specialized computers and softwares. This exercise will optimize the 3D analysis resulting in the generation of high priority regional targets. InnovExplo is a highly recognized geology firm which has worked with more than 175 mining companies; on roughly 500 different mandates; covering North America, South America, Africa, and Europe. InnovExplo brings their scientific approach and successful past experience in large data compilations, interpretation and target generation.
Qualified Control
Dr. Michael Druecker, CPG, is a qualified person under NI 43-101 standards and independent of the company, is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Atico Mining Corporation. Dr. Druecker has approved the scientific and technical content of this news release.
About Atico Mining Corporation
Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor Relations
Igor Dutina
Tel: +1.604.633.9022
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.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a “U.S. person” (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Cautionary Note Regarding Forward Looking Statements
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com
© 2021 Canjex Publishing Ltd. All rights reserved.
Goldsource Announces Updated Mineral Resource Estimate for Eagle Mountain Project; MRE Expanded to 848,000 Ounces of Gold (Indicated Resource) and 868,000 Ounces of Gold (Inferred Resource)
Vancouver, British Columbia–(Newsfile Corp. – February 22, 2021) – Goldsource Mines Inc. (TSXV: GXS) (OTCQB: GXSFF) (FSE: G5M) (“Goldsource” or the “Company”) is pleased to announce the results of an updated Mineral Resource Estimate (“MRE”) for its 100%-owned Eagle Mountain Gold Project (“Project”) in Guyana, South America. Details of the Mineral Resource Estimate, which include the Eagle Mountain and Salbora deposits, will be provided in a Technical Report prepared in accordance with National Instrument 43-101 (“NI 43-101”) filed under the Company’s SEDAR profile within 45 days of the release with an effective date of February 17, 2021. The updated MRE was prepared by CSA Global (“CSA”) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition.
Read MoreHighlights:
- Estimated 23 million tonnes (“Mt”) grading 1.14 grams per tonne (“gpt”) gold for 848,000 ounces (“oz”) of gold contained in Indicated Resources and 25 Mt grading 1.09 gpt gold for 868,000 oz of gold in Inferred Resources.
- The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock. The saprolite is estimated to contain 42% of the gold in Indicated Resources and 16% of the gold in Inferred Resources.
- Mineral resources, employing cut-off grades of 0.30 gpt gold for the saprolite and 0.50 gpt gold for the fresh rock, are contained within a conceptual open pit. Gold in surficial saprolite and the shallow sub-horizontal zones of the Eagle Mountain deposit result in a low average strip ratio. The strip ratio of the saprolite is estimated to be below 1:1.
- The updated MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which includes infill and exploration drilling up to November 6, 2020.
- In comparison to the 2014 Preliminary Economic Assessment (“PEA”)[1], the updated MRE delivers a 349% increase in gold contained in Indicated Resources and a 9% increase in gold contained in Inferred Resources.
- Additional infill and expansion drilling since the 2014 PEA contributed to the significant increase in Indicated Resources, while the discovery of the Salbora deposit and extensions to the Eagle Mountain deposit with the Friendly and No. 1 Hill areas being added to mineral resources.
- The Company is planning a second resource update in the second half of 2021. This will incorporate results from expansionary and infill drilling at the Eagle Mountain deposit, including the Baboon and Ounce Hill areas, and exploration drilling along the prospective Salbora-Powis trend targeting Salbora-style mineralization. Three drill rigs are currently active on the property.
Steve Parsons, P.Eng., CEO of Goldsource, commented, “This updated resource estimate is a very strong result both in terms of the increase in contained ounces of gold and the quality of the resource. Specifically, the ounces are hosted within a conceptual open pit that is shallow and features soft-rock saprolite at surface. These attributes point to a project that offers the potential for resource scale and tangible opportunities for production scalability.
“We look forward to our second resource update planned for later in 2021. This resource will reflect the results of drilling after the MRE cut-off date of November 6, 2020 and include the impact of step-out drilling at the Eagle Mountain deposit and further exploration drilling along the Salbora-Powis trend. The second update will form the basis for a Pre-feasibility Study (“PFS”) which is intended to be completed in 2022. The Company’s in-country team in Guyana continues to deliver, growing the scale and quality of Eagle Mountain.”
Yannis Tsitos, President of Goldsource, added, “Since 2019, Goldsource has had a stated objective of building a mineral resource of 1.3 to 1.6 million ounces of gold in a shallow open pit configuration with a grade greater than 1.0 gpt gold. The Company has delivered with a resource exceeding the top end of that range through expansion of the Eagle Mountain deposit to the Friendly and No. 1 Hill areas and with the inclusion of the recently discovered Salbora deposit. Furthermore, newly announced discoveries provide opportunities to grow and enhance the quality of the resource. These opportunities will be the subject of further drilling in 2021.”
Mineral Resources:
Together, the Eagle Mountain and Salbora deposits contain an estimated 23 Mt of Indicated Mineral Resources grading 1.14 gpt gold, and 25 Mt of Inferred Mineral Resources grading 1.09 gpt gold. Table 1 shows Project total updated mineral resources and resources per deposit and by weathering type (saprolite and fresh rock).
Table 1: Eagle Mountain Project Mineral Resources (Combined Eagle Mountain and Salbora Deposits)
| Classification | Tonnes (000 t) |
Gold (gpt) |
Ounces Au (oz) |
| Indicated | |||
| Saprolite | 11,000 | 0.95 | 353,000 |
| Fresh rock | 12,000 | 1.32 | 495,000 |
| Total | 23,000 | 1.14 | 848,000 |
| Inferred | |||
| Saprolite | 5,000 | 0.82 | 140,000 |
| Fresh rock | 20,000 | 1.16 | 728,000 |
| Total | 25,000 | 1.09 | 868,000 |
Eagle Mountain Deposit Mineral Resource
| Classification | Tonnes (000 t) |
Gold (gpt) |
Ounces Au (oz) |
| Indicated | |||
| Saprolite | 11,000 | 0.95 | 346,000 |
| Fresh rock | 11,000 | 1.23 | 436,000 |
| Total | 22,000 | 1.09 | 782,000 |
| Inferred | |||
| Saprolite | 5,000 | 0.81 | 134,000 |
| Fresh rock | 19,000 | 1.15 | 701,000 |
| Total | 24,000 | 1.08 | 835,000 |
Salbora Deposit Mineral Resource
| Classification | Tonnes (000 t) |
Gold (gpt) |
Ounces Au (oz) |
| Indicated | |||
| Saprolite | 150 | 1.45 | 7,000 |
| Fresh rock | 660 | 2.82 | 60,000 |
| Total | 810 | 2.57 | 67,000 |
| Inferred | |||
| Saprolite | 200 | 0.99 | 6,000 |
| Fresh rock | 500 | 1.74 | 27,000 |
| Total | 700 | 1.52 | 33,000 |
- Numbers have been rounded to reflect the precision of a Mineral Resource Estimate. Totals may vary due to rounding.
- Gold cut-off has been calculated based on a gold price of US$1,500/oz, mining costs of US$1.5/tonne (“t”) for saprolite and US$2.0/t for fresh rock, processing costs of US$6/t for saprolite and US$12/t for fresh rock, and mine-site administration costs of US$3/t. Metallurgical recoveries of 95% are based on prior test work.
- Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
- The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these Mineral Resource estimates.
- Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured Resources, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Table 2: MRE Sensitivity to Gold Cut-Off Grade (Combined Eagle Mountain and Salbora Deposits)
| Classification | Cut off (Au gpt) | Tonnes (000 t) |
Gold (gpt) |
Ounces Au (000 oz) | |
| Saprolite |
Indicated |
0.2 | 14,000 | 0.84 | 370 |
| 0.3 | 11,000 | 0.95 | 353 | ||
| 0.4 | 9,000 | 1.08 | 330 | ||
| 0.5 | 8,000 | 1.21 | 307 | ||
| 0.6 | 7,000 | 1.34 | 284 | ||
| Inferred | 0.2 | 7,000 | 0.71 | 150 | |
| 0.3 | 5,000 | 0.82 | 140 | ||
| 0.4 | 4,000 | 0.95 | 127 | ||
| 0.5 | 3,000 | 1.07 | 116 | ||
| 0.6 | 3,000 | 1.22 | 103 | ||
| Fresh Rock |
Indicated |
0.3 | 15,000 | 1.1 | 542 |
| 0.4 | 14,000 | 1.19 | 524 | ||
| 0.5 | 12,000 | 1.32 | 495 | ||
| 0.6 | 10,000 | 1.47 | 462 | ||
| Inferred | 0.3 | 27,000 | 0.95 | 828 | |
| 0.4 | 24,000 | 1.04 | 788 | ||
| 0.5 | 20,000 | 1.16 | 728 | ||
| 0.6 | 16,000 | 1.28 | 671 |
- Numbers have been rounded to reflect the precision of a Mineral Resource Estimate. Totals may vary due to rounding.
- Gold cut-off has been calculated based on a gold price of US$1,500/oz, mining costs of US$1.5/tonne (“t”) for saprolite and US$2.0/t for fresh rock, processing costs of US$6/t for saprolite and US$12/t for fresh rock, and mine-site administration costs of US$3/t. Metallurgical recoveries of 95% are based on prior test work.
- Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
- The Company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these Mineral Resource estimates.
- Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured Resources, however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The mineral resource estimate is based on the Company’s exploration programs and validated historical results. Mineral Resources are classified as Indicated and Inferred based on CIM Definition Standards. The effective date for the Mineral Resource Estimate is February 17, 2021. The most significant component of the data, collected by Goldsource and others, and validated by CSA and previous qualified persons represents 674 drill holes (57,550 metres), as well as 158 auger drillholes (532 metres) used in a portion of the Eagle Mountain deposit where core drilling was widely spaced. This auger data has been subject to similar quality assurance and quality control (“QA/QC”, see section below) to the core drilling. Details of the Company drill results can be found in various press releases from August 28, 2017 to the cut-off date of November 6, 2020 and the 2014 PEA.
Images showing the resource classification, oxidation type and sub-horizontal zones of the Eagle Mountain deposit are available with the following links:
Figure 1 https://www.goldsourcemines.com/_resources/news/nr-20210222-figure1.jpg
Figure 2 https://www.goldsourcemines.com/_resources/news/nr-20210222-figure2.jpg
Figure 3 https://www.goldsourcemines.com/_resources/news/nr-20210222-figure3.jpg
Images showing the resource classification and oxidation type of the Salbora deposit are available with the following links:
Figure 4 https://www.goldsourcemines.com/_resources/news/nr-20210222-figure4.jpg
Figure 5 https://www.goldsourcemines.com/_resources/news/nr-20210222-figure5.jpg
Resource Estimation Parameters and Methodology
Gold cut-off has been calculated based on a gold price of US$1,500/oz, mining costs of US$1.5/t for saprolite and US$2.0/t for fresh rock, processing costs of US$6.0/t for saprolite and US$12.0/t for fresh rock, and mine-site administration costs of US$3.0/t. Metallurgical recoveries of 95% are based on test work.
Gold grades were interpolated based on 10m x 10m x 3m blocks for the Eagle Mountain deposit and 5m x 10m x 5m blocks for Salbora. The interpolation used ordinary kriging for the Eagle Mountain deposit and the inverse of the squared distance (“ID2”) for Salbora. Both models used the geological domains and sub domains for mineralized grade shells.
Specific gravity for saprolite is 1.7 t/m3 and 1.6 t/m3 at the Eagle Mountain deposit and Salbora, respectively. Fresh rock specific gravity of granitoid and basaltic units is 2.7 t/m3. Both saprolite and fresh rock figures are based on laboratory test work.
Variography, interpolations and estimate validations were carried out separately for each estimation domain. Estimates were validated visually using sections and 3D visualization, and using swath plots, comparison of averages in drill hole and blocks, and global change of support. For the Eagle Mountain deposit, several estimation methodologies were used for validation including ID2, uniform conditioning, and nearest neighbour estimation.
Resource classification for the Eagle Mountain deposit used blocks with at least three drillholes within 90 metres to classify as Indicated Resources. Blocks between 90 metres and 160 metres from three drillholes were classified as Inferred Resources. For the Salbora deposit, blocks with at least three drillholes used for estimation, and within 30 metres of a drillhole, were classified as Indicated Resources, with remaining blocks classified as Inferred Resources.
Mineral Resources are constrained by a pit shell optimized with the software, SimSched, with block net values estimated using the same price, metal recovery, and cost assumptions used to define the reporting cutoffs (see Table notes), and assuming a maximum pit slope angle of 45°. Resources for both the Eagle Mountain and Salbora deposits are shallow (0 to 160 metres).
2014 Mineral Resource Estimate
The prior mineral resource estimate, as used as the basis for the 2014 PEA saprolite study, comprised 3.9 Mt grading 1.49 gpt gold for 188,000 ounces contained in Indicated Resources and 20.6 Mt grading 1.20 gpt gold for 792,000 ounces contained in Inferred Resources. The grade was higher in both categories due in large part to the use of a 0.5 gpt gold cut-off grade for both saprolite and fresh rock. The effect of a 0.5 gpt cut-off grade on the 2021 MRE is shown in Table 2. All other key parameters and a description of the resource methodology are detailed in the 2014 PEA report (effective date June 15, 2014), which is located on the Company’s website (goldsourcemines.com) or SEDAR.com.
Qualified Assurance Program and Quality Control Measures
Goldsource has implemented QA/QC protocols including insertion of duplicate, blank and standard samples in all drill holes. The samples were submitted directly to Actlabs Guyana Inc. in Georgetown, Guyana, for preparation and analysis. Additional duplicate test work has been conducted on mineralized samples to assess variability of coarse reject and pulp samples. A CSA independent qualified person visited the Eagle Mountain Project between 21st to 25th November 2020. Independent sampling was completed. CSA has reviewed the QA/QC work completed by Goldsource and believes the database is reliable for estimating Mineral Resources.
Eagle Mountain Gold Project Geology
The Eagle Mountain Project comprises two gold deposits, Eagle Mountain and Salbora, in addition to several other exploration targets. The deposits are structurally controlled and considered to be part of the same mineralizing system. They are affected by a zone of saprolitic weathering up to 50 metres thick and overprints earlier-formed mineralization in both the granodiorite and basalt but has not resulted in enrichment of gold in the saprolite horizon.
Eagle Mountain Deposit
Gold mineralization at the Eagle Mountain deposit is associated with a series of tabular to gently undulating, shallow, dip-slope shear zones developed within a granodioritic host rock. The deposit has a lateral extent that covers an area of approximately 2.5 kilometres by 1.0 kilometre. Three discrete zones of alteration and mineralization have been delineated. Zone 1 is shallowest and outcrops at surface across much of the deposit. Zones 2 and 3 lie at depth below Zone 1 separated by low grade material. Zone 1 contains 92% of the gold in the indicated resource category; and 77% of the gold in the inferred resource category. Zone 2 and Zone 3 make up the balance.
Salbora Deposit
Gold mineralization at Salbora is formed by a series of north to northwest-trending, steeply-dipping structures within a basaltic host rocks, on the margin of a monzonite intrusion. These steep structures (shear zones and breccia bodies) coalesce into a broader zone of brecciation that forms a near-surface sub-horizontal lens up to 100 metres thick and approximated 200 metres by 200 metres in area, where higher-grade gold mineralization occurs, and which represents almost 100% of the mineral resources of this deposit.
2021 Drill Program
For 2021, the Company’s exploration program has three primary growth objectives:
1) Follow-up exploration of several new target areas along the prospective Salbora-Powis trend, such as the Toucan, Powis, Ann and Montgomery prospects where the potential exists for Salbora-style mineralization;
2) Testing for new lateral extensions of the dip slope sub-horizontal zones of the Eagle Mountain deposit, notably to the north, west and southwest currently outside of the 2021 MRE; and
3) In-fill drilling of the 2021 MRE to upgrade a significant portion of mineralization currently classified as Inferred Resource to the Measured and Indicated categories to be used as the basis for a Pre-feasibility Study.
Three drill rigs are currently operating at the Eagle Mountain Gold Project. In all, the base case budget calls for 16,500 metres to be drilled over 2021, with approximately 40-50% of the budgeted metres earmarked for in-fill drilling of the 2021 MRE. With increased geological knowledge, several areas previously un-explored have become targets and will be tested with surface auger sampling and trenching to concentrate further drilling programs in new areas as discussed above.
Qualified Persons
Adrian Martinez (P.Geo.) of CSA is the independent Qualified Person for the mineral resource estimates presented in this press release, has approved its publication, and will be the principal QP for the NI 43-101 technical report that will be filed on SEDAR within 45 days.
The Company QP under NI 43-101 for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and VP Finance for Goldsource, who has reviewed and approved its contents.
ABOUT GOLDSOURCE MINES INC.
Goldsource Mines Inc. (www.goldsourcemines.com) is a Canadian resource company working aggressively to develop its advanced-stage, 100%-owned Eagle Mountain saprolite and hard-rock gold project in Guyana, South America. From 2016 to 2017, through a gravity pilot plant initiative, the Company completed testing on gravity-only gold production and both dry and wet mining open-pit techniques. Goldsource is now focused on expanding gold resources and delivering subsequent studies for decision-making on a large-scale gold production at Eagle Mountain. Goldsource is led by an experienced management team, proven in making exploration discoveries and in project construction.
Steve Parsons
CEO
Goldsource Mines Inc.
For Further Information:
Goldsource Mines Inc.
Contact: Steve Parsons, CEO
Yannis Tsitos, President
Jacy Zerb, Investor Relations
Telephone: +1 (604) 694-1760
Fax: +1 (604) 357-1313
Toll Free: 1-866-691-1760 (Canada & USA)
Email: info@goldsourcemines.com
Website: www.goldsourcemines.com
570 Granville Street, Suite 501
Vancouver, British Columbia V6C 3P1
CAUTIONARY STATEMENT AND FORWARD-LOOKING DISCLAIMER
This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements concern Goldsource’s strategic plans, timing of filing of the Technical Report, timing and expectations for release of an updated mineral resource, timing and expectations for the Company’s exploration and drilling programs at Eagle Mountain; and information regarding high grade areas projected from sampling results and drilling results. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results and availability of mining equipment; availability of skilled labour; timing and amount of capital expenditures; performance of available laboratory and other related services; the impact of the COVID 19 pandemic on operations and future operating costs. The actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors including: the timing and content of work programs; the ultimate impact of the COVID 19 pandemic on operations and results, results of exploration activities and development of mineral properties; the interpretation of drilling results and other geological data; the uncertainties of resource estimations; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; delays in release of an undated mineral resource, availability of funds and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
[1] Preliminary Economic Assessment of the Eagle Mountain Saprolite Gold Prospect, Guyana, June 15, 2014.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75056
© 2021 Canjex Publishing Ltd. All rights reserved.
FenixOro Identifies Potential Bulk Tonnage Exploration Target at Abriaqui
TORONTO, Feb. 22, 2021 (GLOBE NEWSWIRE) — FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce the recently received results of additional infill sampling of core from drill holes P001 – P004. The eight-hole, 4029 meter Phase 1 drilling program has been finished at Abriaqui and final assays are awaited for holes P005 – P008. Highlights of the new results include:
Read More- New discoveries increase the number of vein structures, and decrease the average spacing of veins underground to outline a potential bulk tonnage exploration target area 400 – 500 meters long and 250 meters wide.
- Six additional intercepts in P003 with grades up to 13.2 g/t gold bring the total in that hole to 24 veins within the 250 meter wide East-West Corridor (EWC).
- A new 3.85 meter intercept in hole P001 lends additional confirmation that the main northwest trending vein corridor (NWC) is the principal zone of interest in the area drilled to date.
- Two additional vein intercepts in hole P002 further validate the use of surface soil sampling as a drill targeting technique and expand the area of potential along the EWC.
The Phase 1 diamond drilling program has been finished and the drill was demobilized in early February. Final core logging, sampling, and assaying are underway, and all results are expected by the end of February.
The initial results for holes P001 – P004 were reported in press releases dated November 24 and December 17, 2020. They were based on the initial sampling of the most visually promising core intervals in the holes. The current results, shown in the bold font in Table 1, come from numerous zones with less visually obvious mineralization which were not prioritized the first time through the core.
FenixOro CEO John Carlesso commented: “Though the high grade veins are clearly the highest priority for Phase 2 drilling, we are pleasantly surprised by the prospect of an additional bulk tonnage target in an area of lower grade but more tightly spaced veins. As additional assay results are received, we continue to gain a more subtle understanding of the mineralization of the project. We remain very encouraged by the potential at Abriaqui.
As seen in Figure 1, mapped veins in the area of P003 and P004 form a corridor of east-west trending structures 400-500 meters long and 250 meters wide (the EWC). Core samples from drilling have significantly tightened the average spacing of veins underground, originally believed to be roughly 40 meters after surface mapping and sampling. The colored dots along the trends of the holes represent individual 1+ g/t gold samples in core projected vertically to the surface. This tighter spacing of veins raises the possibility of a bulk-tonnage exploration target in the area of the EWC, an idea to be tested in future drilling.
Hole P002 was drilled to the northeast in an area of little known mineralization (Figure 1). The area however hosts multiple gold-in-soil anomalies on surface and the hole was designed as a test of the soil sampling technique. The hole cut a total of 18 veins with assays of at least 1.0 g/t Au with those not listed in Table 1 being <2.0 g/t. P003 was similar with six new veins reported in Table 1 for a total of 24 veins of >1.0 g/t. Two additional veins are reported from P004. Gold grades in the newly reported veins range from 1.96 to 33.30 g/t.
Figure 1. Intercepts > 1 g/t gold in holes P001 – P004. is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/98e45092-9ca2-4caa-b77e-3be8e9500731
Table 1. Significant intercepts in holes P001 – P004. Newly reported intercepts shown in bold. Numerous additional veins between 1-2 g/t gold not listed. is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/8946d52f-787c-4d02-bc6c-8103ba4133d0
Technical Information
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 by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits.
Reported grade intervals are calculated using uncut gold values as the current database is too small to calculate statistically valid levels for cutting high grade assays. Maximum sample length is one meter. Intervals which include multiple samples are calculated using the full geologic interval of mineralization and are not subject to specific rules for cutoff grades. As such, quoted thickness and grade of these intervals do not necessarily represent optimized economic intervals in a potential future mine. 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 sometimes 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 regardless of when they are received.
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.
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
Toronto, ON
Telephone: 1-833-ORO-GOLD
John Carlesso, CEO
Email: info@FenixOro.com
Website: www.FenixOro.com
Figure 1
Intercepts > 1 g/t gold in holes P001 – P004.Table 1
Significant intercepts in holes P001 – P004. Newly reported intercepts shown in bold. Numerous additional veins between 1-2 g/t gold not listed.
© 2021 Canjex Publishing Ltd. All rights reserved.
GR Silver Mining begins San Marcial geophysics program
GR Silver Mining Ltd. has undertaken the first-ever ground geophysical program on the San Marcial project, located in Sinaloa, Mexico. The program is centered on the San Marcial Resource Area and will incorporate a 3D Induced Polarization (“IP”) survey as well as ground magnetometry.
Read MoreThe survey is scheduled to cover an area of approximately 8.1 km2, approximately 64% of the concession area. As the key structures and mineralization on the concession are oriented NW-SE, the geophysical survey lines are designed perpendicular to these structures, in a SW-NE orientation (Figure 1). This way the best geological information is obtained from the geophysical results.
In addition to the Resource Area, the program will also encompass high priority target areas identified by recent lithogeochemical sampling and follow-up mapping and sampling.
The survey will initially focus on the Resource Area to characterize the known Ag-Pb-Zn mineralization therein, which hosts the NI 43-101 resource. A higher line density for the survey is planned over the Resource Area, which allows higher resolution of geophysical data and geological information. This will deliver a guide as to potential extensions to the mineralization along strike, and the 3D IP will provide additional insight into depth extensions to the deposit. The geophysical response of the Resource Area will then be used to identify similar buried anomalies that could host hidden Ag-Pb-Zn resources, particularly along the key contact between the lower dacitic units in the SW and the upper volcanic units in the N and E.
GR Silver Mining President and CEO, Marcio Fonseca, commented, “We are excited to be undertaking the first major geophysical investigation of the San Marcial Project. The ground based survey of 3D IP and magnetometry will assist our technical team to better understand the underlying geology, map key structures – particularly those not apparent at surface – and to identify potentially mineralized zones both in the vicinity of the San Marcial Ag resource as well as on some of the key target areas identified by the Company over the past two years. We expect new anomalies derived from this study to generate additional drill targets for follow up later this year.
The Company estimates that the survey will highlight a number of structural and lithological features in addition to the key contact hosting the San Marcial resource. Recent reconnaissance geological mapping has identified intrusive rocks (granodioritic), particularly S of the Resource Area. It is expected that the extent of these intrusive rocks will be prominent from the geophysical survey, thus aiding in lithological mapping of these units.
The survey will also support mapping of mineralized zones that contain chargeable metal sulphide mineralization, that will then allow for interpretation based on the nature of the known mineralized structures on the property. As the survey moves away from the Resource Area, it will cover many of the targets already highlighted by previous GR Silver Mining exploration campaigns, such as: Guacamayo and Limoncillos to the S, and Faisanes, Mariposa, Nava, Micuines and Chachalaca in the W and NW.
Figure 1: San Marcial – Concession, Geology, Targets and Geophysical Survey Lines
The IP survey is being conducted by DIAS Geophysical of Saskatoon, SK (“DIAS”) using the company’s DIAS32 direct current resistivity and induced polarization (“DCIP”) distributed array system. This methodology is expected to provide a continuous 3D model over the property, with lines spaced at 200 m, and more intense 100 m spacing over the San Marcial Resource Area (Figure 1). In addition, a ground magnetic survey is being conducted along the same lines as the IP survey.
Line cutting for the survey was initiated in December, and completed in early February. The field crew is working out of the San Marcial camp, located approximately in the center of the property and grid, under a COVID-19 protocol developed by the Company in compliance with the requirements of the Mexican authorities.
Data Processing
The Company has contracted the services of Condor Consulting Inc. to process and analyze the results of the DIAS 3D IP and ground magnetic survey to produce 3D inversion models of the resistivity, chargeability and magnetic data, with indications of potential structures and mineralized zones for regional exploration targeting.
Future Drilling Program
The footwall of the NI 43-101 resource is where the Company is currently integrating all data, aiming to study un-tested areas close to the current mineralization with the potential to expand the San Marcial Resource. Future drilling will further test this footwall zone, while providing information on the orientation, continuity and grade of mineralization at depth.
Qualified Person
The scientific and technical data contained in this news release related to the San Marcial project were reviewed and/or prepared under the supervision of Marcio Fonseca, PGeo. He has approved the disclosure herein.
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.
PLOMOSAS SILVER PROJECT
GR Silver Mining owns 100% of the Plomosas Silver Project located near the historic mining village of La Rastra, within the Rosario Mining District. The Project is a past-producing asset where only one mine, the Plomosas silver-gold-lead-zinc underground mine, operated a 600 tpd crush milling flotation circuit from 1986 to 2001, producing approximately 8 million ounces of silver, 73 million pounds of lead and 28 million pounds of zinc.
The Project has an 8,515-hectare property position and is strategically located within 5 km of the Company’s San Marcial Silver Project in the southeast of Sinaloa State, Mexico.
The March 2020 acquisition of the Plomosas Silver Project included 563 historical and recent drill holes from both surface and underground locations. These drill holes represent an extensive database allowing the Company to advance towards resource estimation and potential project development in the near future.
The Company has commenced an 11,900 m drilling program with surface holes focused on expanding known mineralization along strike in two initial areas, the Plomosas Mine Area and the San Juan Area. Underground drilling included in the program will target the extension of recent polymetallic discoveries at the lowest level (775 m RL, or ~250 m below surface) of the Plomosas Mine Area and six low sulphidation epithermal veins at San Juan Area. Both areas will be the subject of NI 43-101 resource estimations following completion of this drill program.
The 100%-owned assets include all facilities and infrastructure including: access roads, surface rights agreement, water use permit, 8,000 m of underground workings, water access, 60 km – 33 KV power line, offices, shops, 120-person camp, infirmary, warehouses and assay lab representing approximately US$30 million of previous capital investments. The previous owners invested approximately US$18 million in exploration, including extensive geophysics and geochemistry programs.
The silver and gold mineralization on this Project display the alteration, textures, mineralogy and deposit geometry characteristics of a low sulphidation epithermal silver-gold-base metal vein/breccia mineralized system. Previous exploration was focused on Pb-Zn-Ag-Au polymetallic shallow mineralization, hosted in NW-SE structures in the vicinity of the Plomosas mine. The E-W portion of the mineralization and extensions for the main N-S Plomosas fault remain under-explored.
In addition to the resource potential at Plomosas, a review of the existing drill hole database, geophysical surveys and geochemical data covering most of the concession, has defined 16 new exploration targets from which 11 have high priority for future exploration programs.
SAN MARCIAL PROJECT
San Marcial is a near-surface, high-grade Ag-Pb-Zn open-pit-amenable project, which contains a 36-million-ounce AgEq (indicated) and 11 million oz AgEq (inferred) NI 43-101 resource estimate. The Company has filed a National Instrument 43-101 (“NI 43-101”) report entitled “San Marcial Project Resource Estimation and Technical Report, Sinaloa, Mexico ” having an effective date of March 18, 2019 and an amended date of June 10, 2020 (the “Report”). The Report was prepared by Todd McCracken and Marcelo Filipov of WSP Canada Inc. and is available on SEDAR. The company recently completed over 320 m of underground development in the San Marcial resource area, from which underground drilling is planned to expand the high-grade portions of the resource down dip. The company recently discovered additional mineralization in the footwall, outside of the existing resource, and will also be drilling this area. GR Silver Mining is the first company to conduct exploration at San Marcial in over 10 years. The NI 43-101 resource estimate (San Marcial project — resource estimation and technical report) was completed by WSP Canada Inc. on March 18, 2019, and amended on June 10, 2020. Plomosas and San Marcial collectively represent a geological setting resembling the multimillion-ounce San Dimas Mining District which has historically produced more than 600 Moz Ag and 11 Moz Au over a period of more than 100 years.
Recent exploration has identified Ag and Au mineralization in areas previously defined as non-mineralized, discovering evidence of pervasively altered rocks with intense silicification, veining and associated wide, Ag and Au mineralized zones on the footwall of the NI 43-101 resource.
OTHER PROJECTS
GR Silver Mining’s other projects are situated in areas attractive for future discoveries and development in the same vicinity of Plomosas and San Marcial in the Rosario Mining District.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.
FPX Nickel to hold webinar Feb. 24
FPX Nickel Corp. will be participating in Renmark Financial Communications Inc.’s live Virtual Non-Deal Roadshow Series to provide a company overview and discuss its 2021 plans on Wednesday, Feb. 24, 2021, at 4 p.m. ET. FPX welcomes stakeholders, investors and other individual followers to register and attend this live event.
Read MoreFPX is focused on the advancement of the Baptiste project at its wholly owned Decar nickel district in central British Columbia. A recent preliminary economic assessment for Baptiste 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 the PEA base case of $7.75 (U.S.) per pound nickel, the project is expected to generate an after-tax net present value (8 per cent) of $1.7-billion (U.S.) and internal rate of return of 18.3 per cent. Based on the sensitivity analysis performed for the PEA, at a nickel price of $8.52 (U.S.)/lb (10 per cent higher than the base case of $7.75 (U.S.)/lb), the project is expected to generate an after-tax NPV of $2.2-billion (U.S.) and IRR of 20.7 per cent. At the close of trading on Feb. 19, 2021, the LME nickel spot price was $8.84 (U.S.)/lb.
A summary of the PEA highlights is provided.
BAPTISTE PROJECT PEA RESULTS AND ASSUMPTIONS
(ALL IN U.S. DOLLARS)
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 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 U.S. to Canadian
1.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.
2.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.
3.Nickel price is based on the average of six long-term analyst
forecast prices.
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.
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 the Company’s news release dated September 9, 2020.
About the Decar Nickel District
The Company’s Decar Nickel District claims cover 245 square kilometres of the Mount Sidney Williams ultramafic/ophiolite complex, 90 km northwest of Fort St. James in central British Columbia. The District is a two-hour drive from Fort St. James on a high-speed logging road.
Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite, which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste Deposit, the B target, the Sid target and Van target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, approximately US $24 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste Deposit, which was initially the most accessible and had the biggest known surface footprint, has been the main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.
As reported in the current NI 43-101 resource estimate, having an effective date of September 9, 2020, the Baptiste Deposit contains 1.996 billion tonnes of indicated resources at an average grade of 0.122% DTR nickel, containing to 2.4 million tonnes of nickel, plus 593 million tonnes of inferred resources with an average grade of 0.114% DTR nickel, containing 0.7 million tonnes of nickel, both reported at a cut-off grade of 0.06% DTR nickel. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
About FPX Nickel Corp.
FPX Nickel is focused on the exploration and development of the Decar Nickel District, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.
We seek Safe Harbor.
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